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First Trust/Four Corners Senior Floating Rate Income Fund II
Declares Monthly Common Share Distribution
First Trust Advisors, LP

Lisle, IL, January 22, 2007--First Trust/Four Corners Senior Floating Rate Income Fund II (the "Fund") (NYSE: FCT) has declared the Fund's regularly scheduled monthly common share distribution, payable on February 15, 2007 to shareholders of record on February 5, 2007. The ex-dividend date is expected to be February 1, 2007. The monthly distribution information for the Fund appears below

First Trust/Four Corners Sr. Floating Rate Income Fund II (FCT)
Distribution per share	$0.1268
Distribution Rate based on the January 19, 2007 NAV of $18.83	8.08%
Distribution Rate based on the January 19, 2007 closing market price of $18.27	8.33%

The majority, and possibly all, of this distribution will be paid out of net investment income earned by the Fund. A portion of this distribution may come from net short-term realized capital gains or return of capital. The final determination of the source and tax status of 2007 distributions will be made after the end of 2007.

The Fund is a diversified, closed-end management investment company. The Fund's primary investment objective is to seek a high level of current income. As a secondary objective, the Fund will attempt to preserve capital. The Fund pursues these investment objectives by investing in senior secured U.S. dollar-denominated floating-rate corporate loans.

First Trust Advisors L.P. acts as the Fund’s investment advisor and currently manages or supervises approximately $28 billion in assets.

Four Corners Capital Management, LLC (“Four Corners”) structures and manages a variety of alternative fixed income products with a specialization in senior secured floating-rate corporate loans. Four Corners serves as investment manager or sub-adviser to approximately $3.6 Billion in assets across a variety of retail and institutional products distributed around the globe.

View more information on First Trust Advisors, LP or other Closed-End Funds.