Board of Directors of First Trust Specialty Finance and Financial Opportunities Fund approves conversion to an ETF and sets date for annual shareholder meeting Page 1

First Trust Advisors LP (“FTA”) announced today that the Board of Directors of First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB), a closed-end fund managed by FTA, has approved the reorganization (the “Reorganization”) of FGB into FT Confluence BDC & Specialty Finance Income ETF, a newly created exchange-traded fund (“ETF”) traded on the NYSE that will be an actively managed ETF managed by FTA and advised by Confluence Investment Management LLC (“Confluence” or the “Sub-Adviser”), FGB’s current sub-adviser.

Under the terms of the reorganization, which is expected to be tax-free, FGB’s assets would be transferred to, and FGB’s liabilities assumed by, the new ETF, and FGB’s shareholders would receive shares of the new ETF equal to the aggregate net asset value of the FGB shares they hold. The reorganization is currently expected to be completed during 2025, subject to the required approval of FGB’s shareholders and the satisfaction of applicable regulatory requirements and approvals and customary closing conditions. There is no certainty as to when or if these approvals or any other approvals required for the reorganization will be received. Additional information regarding the reorganization will be included in the registration statement and/or proxy materials to be filed with the SEC in the coming weeks.

FGB’s Board of Directors has also set the date for FGB’s 2024 annual meeting of shareholders. FGB’s annual meeting of shareholders (the “Meeting”) will be held on November 12, 2024 at the offices of First Trust Advisors LP, 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187. Additional information regarding the Meeting will be included in the proxy materials that will be mailed to FGB shareholders in the coming weeks. A separate special meeting of shareholders will be scheduled at a later date to discuss the Reorganization.

FGB is a diversified, closed-end investment company that seeks high current income with a secondary focus on total return. Under normal market conditions, FGB pursues its investment objectives by investing at least 80% of its assets under management in a portfolio of securities of specialty finance and other financial companies that Confluence believes offer attractive opportunities for income and capital appreciation. “Assets under Management” means FGB’s total asset value less the sum of FGB’s liabilities, excluding the principal amount of loans, if any.