First Trust Advisors Announces Shareholder Approval of New Investment Sub-Advisor for FHI, FHY and FHO.

Shareholders of First Trust Strategic High Income Fund, First Trust Strategic High Income Fund II and First Trust Strategic High Income Fund III Approve 1) Brookfield Investment Management Inc. (formerly known as Hyperion Brookfield Asset Management, Inc.) as Investment Sub-Advisor and 2) Change in Industry Concentration Policy

WHEATON, Ill. -- First Trust Advisors L.P. ("FTA") announced today that the shareholders of First Trust Strategic High Income Fund (NYSE: FHI), First Trust Strategic High Income Fund II (NYSE: FHY) and First Trust Strategic High Income Fund III (NYSE: FHO) (each a "Fund") have voted to approve a new investment sub-advisory agreement for each Fund with Brookfield Investment Management Inc., formerly known as Hyperion Brookfield Asset Management, Inc. ("Brookfield"), as the Fund's investment sub-advisor. Brookfield has been serving as each Fund's investment sub-advisor pursuant to an interim sub-advisory agreement since June 29, 2009.

Shareholders of each Fund also approved a change in each Fund's industry concentration policy so that each Fund may not purchase any security if, as a result of the purchase, 25% or more of the Fund's total assets (taken at current value) would be invested in the securities of borrowers and other issuers having their principal business activities in the same industry; provided that this limitation shall not apply with respect to obligations issued or guaranteed by the U.S. government or by its agencies or instrumentalities. Previously, each Fund's industry concentration policy stated that it would invest at least 25% of its total assets in residential mortgage-backed securities under normal market conditions.

FTA has served as each Fund's investment advisor since each Fund's inception. FTA, along with 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 $24 billion as of September 30, 2009 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.

On October 1, 2009, Hyperion Brookfield Asset Management, Inc. and Brookfield Redding LLC, both subsidiaries of Brookfield Asset Management Inc., announced the completion of their integration. The combined registered investment advisor is now known as Brookfield Investment Management Inc. ("Brookfield"). Brookfield is a registered investment advisor that specializes in fixed income, high yield, structured products (Commercial MBS, Residential MBS and ABS) as well as global REITs and listed infrastructure securities. Headquartered in New York, the firm has approximately $20 billion of assets under management as of October 1, 2009. Brookfield Investment Management is a subsidiary of Brookfield Asset Management Inc., a global asset manager focused on property, power and other infrastructure assets with approximately $80 billion of assets under management as of June 30, 2009. From Brookfield, Dana Erikson and Anthony Breaks are Portfolio Managers for each Fund.

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