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PRESS RELEASE                                 SOURCE:  First Trust Advisors L.P.

FIRST TRUST ADVISORS L.P. ANNOUNCES PORTFOLIO MANAGER UPDATE FOR FIRST TRUST
SPECIALTY FINANCE AND FINANCIAL OPPORTUNITIES FUND

WHEATON, IL -- (BUSINESS WIRE) -- September 11, 2017 -- First Trust Advisors
L.P. ("FTA") announced today that Confluence Investment Management, LLC
("Confluence"), investment sub-advisor for First Trust Specialty Finance and
Financial Opportunities Fund (NYSE: FGB) (the "Fund"), will release an update on
the market and the Fund for financial advisors and investors. The update will be
available WEDNESDAY, SEPTEMBER 13, 2017, AT 5:00 P.M. EASTERN TIME UNTIL 11:59
P.M. EASTERN TIME ON THURSDAY, OCTOBER 12, 2017. To listen to the update, follow
these instructions:

--    Dial: (888) 203-1112; International (719) 457-0820; and Passcode #
      2608942. The update will be available from Wednesday, September 13, 2017,
      at 5:00 P.M. Eastern Time until 11:59 P.M. Eastern Time on Thursday,
      October 12, 2017.

The Fund is a non-diversified, closed-end management investment company that
seeks to provide a high level of current income. As a secondary objective, the
Fund seeks to provide attractive total return. The Fund pursues these investment
objectives by investing at least 80% of its managed assets in a portfolio of
securities of specialty finance and other financial companies that the Fund's
investment sub-advisor believes offer attractive opportunities for income and
capital appreciation.

First Trust Advisors L.P., the Fund's investment advisor, along with its
affiliate, First Trust Portfolios L.P., are privately-held companies which
provide a variety of investment services, including asset management and
financial advisory services, with collective assets under management or
supervision of approximately $109 billion as of August 31, 2017 through unit
investment trusts, exchange-traded funds, closed-end funds, mutual funds and
separate managed accounts.

Confluence Investment Management LLC ("Confluence"), an SEC registered
investment advisor, serves as the Fund's investment sub-advisor. The investment
professionals at Confluence have over 350 years of combined financial market
experience. Confluence provides portfolio management and advisory services to
both institutional and individual clients. As of June 30, 2017, Confluence
managed or supervised $7.4 billion in assets.

Investment return and market value of an investment in the Fund will fluctuate.
Shares, when sold, may be worth more or less than their original cost.

Principal Risk Factors: The Fund is subject to risks, including the fact that it
is a non-diversified closed-end management investment company. The Fund invests
in business development companies (BDCs) which may be subject to a high degree





of risks, including management's ability to meet the BDC's investment objective,
and to manage the BDC's portfolio when the underlying securities are redeemed or
sold, during periods of market turmoil and as investors' perceptions regarding a
BDC or its underlying investments change.

Investing in real estate investment trusts (REITs) involves certain unique risks
in addition to investing in the real estate industry in general. REITs are
subject to interest rate risk and the risk of default by lessees or borrowers.

The Fund may invest in a variety of other mortgage-related securities. Rising
interest rates tend to extend the duration of mortgage-related securities,
making them more sensitive to changes in interest rates, and may reduce the
market value of the securities. In addition, mortgage-related securities are
subject to the risk that borrowers may pay off their mortgagees sooner than
expected, particularly when interest rates decline. This can reduce the Fund's
returns. The Fund's investments in other asset-backed securities are subject to
risks similar to those associated with mortgage-backed securities, as well as
additional risks associated with the nature of the assets and the servicing of
those assets.

Because the Fund is concentrated in the financials sector, it will be more
susceptible to adverse economic or regulatory occurrences affecting this sector,
such as changes in interest rates, availability and cost of capital funds, and
competition.

Use of leverage can result in additional risk and cost, and can magnify the
effect of any losses.

The information presented is not intended to constitute an investment
recommendation for, or advice to, any specific person. By providing this
information, First Trust is not undertaking to give advice in any fiduciary
capacity within the meaning of ERISA and the Internal Revenue Code. First Trust
has no knowledge of and has not been provided any information regarding any
investor. Financial advisors must determine whether particular investments are
appropriate for their clients. First Trust believes the financial advisor is a
fiduciary, is capable of evaluating investment risks independently and is
responsible for exercising independent judgment with respect to its retirement
plan clients.

The risks of investing in the Fund are spelled out in the prospectus,
shareholder report and other regulatory filings.

The Fund's daily New York Stock Exchange closing price and net asset value per
share as well as other related information can be found at www.ftportfolios.com
or by calling 1-800-988-5891.

CONTACT: JEFF MARGOLIN - (630) 915-6784

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Source:  First Trust Advisors L.P.