First Trust Advisors L.P. (“FTA”) announced today that, at joint special meetings held yesterday, shareholders of First Trust Strategic High Income Fund (NYSE: FHI) and First Trust Strategic High Income Fund III (NYSE: FHO) approved the reorganizations of each of FHI and FHO into First Trust Strategic High Income Fund II (NYSE: FHY) and shareholders of FHY approved the issuance of additional common shares of FHY in connection with the reorganizations. FHI, FHO and FHY are closed-end funds managed by FTA (the “Funds”).

In connection with the reorganizations, FHY will acquire all of the assets and liabilities of FHI and FHO in separate tax-free transactions for common shares of FHY. Each reorganization, if completed, will occur based on the relative net asset values of FHY, FHI and FHO. It is currently expected that the reorganizations will be concluded in the third quarter of 2011, subject to all regulatory requirements and customary closing conditions being satisfied. The Funds will issue a press release announcing the closing date of the reorganizations and the final distributions for FHI and FHO shareholders.

This press release is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the Funds, including FHY, the surviving fund in the reorganizations. Investors should consider the investment objectives, risks, charges and expenses of the Funds carefully and consider in its entirety the Joint Proxy Statement/Prospectus relating to the reorganizations which contains important information regarding the investment objectives and policies, risks, charges, expenses and other important information about FHY.

FHY is a diversified, closed-end management investment company that seeks to provide a high level of current income. As a secondary objective, FHY seeks to provide capital growth. FHY pursues these investment objectives by investing up to 100% of its managed assets in a diversified portfolio of high income producing securities that the investment sub-advisor believes offer attractive yield and capital appreciation potential.