First Trust Strategic High Income Fund II Declares its Monthly Common Share Distribution of $0.09 Per Share for May

First Trust Strategic High Income Fund II (the “Fund”) (NYSE: FHY) has
declared the Fund’s regularly scheduled monthly common share
distribution in the amount of $0.09 per share payable on May 15, 2017,
to shareholders of record as of May 3, 2017. The ex-dividend date is
expected to be May 1, 2017. The monthly distribution information for the
Fund appears below.

First Trust Strategic High Income Fund II
(FHY):

Distribution per share:     $0.09
Distribution Rate based on the April 19, 2017 NAV of $14.34: 7.53%
Distribution Rate based on the April 19, 2017 closing market price
of $13.07:
8.26%
 

A portion of this distribution may come from net investment income, net
short-term realized capital gains or return of capital. The final
determination of the source of tax status of all 2017 distributions will
be made after the end of 2017 and will be provided on Form 1099-DIV.

The Fund is a 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 capital growth. The Fund seeks to
achieve its investment objectives by investing in a diversified
portfolio of below-investment grade and investment grade debt
securities, and equity securities that the investment sub-advisor
believes offer attractive yield and/or capital appreciation potential.
The Fund may invest up to 100% of its managed assets in below-investment
grade debt securities (commonly referred to as “high-yield” or “junk”
bonds).

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 $104 billion as of March 31,
2017 through unit investment trusts, exchange-traded funds, closed-end
funds, mutual funds and separate managed accounts.

Brookfield Investment Management Inc. (“Brookfield”) serves as the
Fund’s investment sub-advisor. Brookfield is a wholly-owned subsidiary
of Brookfield Asset Management, a global alternative asset manager with
approximately $250 billion in assets under management as of December 31,
2016. Brookfield Asset Management has over a 100-year history of owning
and operating assets with a focus on property, renewable power,
infrastructure and private equity. Brookfield Asset Management’s public
market activities are conducted by Brookfield, a registered investment
advisor, with approximately $13 billion of assets under management as of
December 31, 2016.

Past performance is no assurance of future results. 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 debt securities in which the Fund invests
are subject to certain risks, including issuer risk, reinvestment risk,
prepayment risk, credit risk, and interest rate risk. Issuer risk is the
risk that the value of fixed-income securities may decline for a number
of reasons which directly relate to the issuer. Reinvestment risk is the
risk that income from the Fund’s portfolio will decline if the Fund
invests the proceeds from matured, traded or called bonds at market
interest rates that are below the Fund portfolio’s current earnings
rate. Prepayment risk is the risk that, upon a prepayment, the actual
outstanding debt on which the Fund derives interest income will be
reduced. Credit risk is the risk that an issuer of a security will be
unable or unwilling to make dividend, interest and/or principal payments
when due and that the value of a security may decline as a result.
Interest rate risk is the risk that fixed-income securities will decline
in value because of changes in market interest rates. Residential
mortgage-backed securities may have less potential for capital
appreciation than comparable fixed-income securities due to the
likelihood of increased prepayments of mortgages as interest rates
decline.

The Fund invests in non-investment grade debt instruments, commonly
referred to as “high-yield securities”. High yield securities are
subject to greater market fluctuations and risk of loss than securities
with higher ratings. Lower-quality debt tends to be less liquid than
higher-quality debt.

The Fund invests in securities of non-U.S. issuers which are subject to
higher volatility than securities of U.S. issuers. Risks may be
heightened for securities of companies located in, or with significant
operations in, emerging market countries. Because the Fund invests in
non-U.S. securities, you may lose money if the local currency of a
non-U.S. market depreciates against the U.S. dollar.

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

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

The 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.

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