2008-06-05 23:55:29 -

www.ftadvisors.com - First Trust/Gallatin Specialty Finance and Financial Opportunities Fund (NYSE: FGB) (the "Fund") announced that, effective July 31, 2008, Gallatin Asset Management, Inc. ("Gallatin"), will no longer serve as the investment sub-advisor to the Fund. Following recent personnel changes within the Gallatin equity team, Gallatin conducted an internal review of capabilities and resources and determined it was in the best interests of shareholders and Gallatin to resign from the business. First Trust Advisors L.P. ("First Trust"), the Fund's investment advisor, is currently evaluating the impact of Gallatin's resignation on the Fund, and is assessing long-term alternatives to ensure continuity of portfolio management for the Fund.

The Fund is a non-diversified, closed-end management investment company that seeks to provide

a high level of current income and, as a secondary objective, attractive total return. The Fund seeks to achieve its objectives by investing at least 80% of its managed assets in a portfolio of securities of specialty finance and other financial companies that offer attractive opportunities for income and capital appreciation. Under normal market conditions, the Fund concentrates its investments in securities of companies within industries in the financial sector.

First Trust and its affiliate First Trust Portfolios L.P. are privately-held companies which provide a variety of investment services, including asset management, financial advisory services, and municipal and corporate investment banking, with collective assets under management or supervision of over $34 billion as of May 31, 2008 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds. Gallatin has served as the Fund's investment sub-advisor since the Fund's inception.

First Trust/Gallatin Specialty Finance
and Financial Opportunities Fund
Jeff Margolin, 630-915-6784