First Trust Advisors LP Announces Partial Redemption of
First Trust/Four Corners Senior Floating Rate Income
Fund II Auction Market Preferred Shares 
First Trust Advisors, LP


Lisle, IL, June 17, 2008 -- First Trust Advisors L.P. ("FTA") announced today that First Trust/Four Corners Senior Floating Rate Income Fund II (FCT) , a closed-end fund managed by FTA, intends to redeem $20 million of its $100 million outstanding Auction Market Preferred Shares ("AMP Shares"), consisting of $10 million Series A AMP Shares and $10 million Series B AMP Shares. The Fund expects to effect such redemption of AMP Shares, subject to satisfying the notice and other requirements that apply to redemption on July 2, 2008. The auction rate period is seven days for the Series A AMP Shares and 28 days for the Series B AMP Shares. Approximately $40 million of each of the Fund's Series A AMP Shares and Series B AMP Shares will remain outstanding following the redemption.

The Depository Trust Company ("DTC"), holder of record of the AMP Shares, determines how a partial series redemption will be allocated among each participant broker-dealer account. Each participant broker-dealer, as nominee for underlying beneficial owners (street name shareholders), in turn determines how redeemed shares are allocated among its underlying beneficial owners. The procedures used by different broker-dealers to allocate redeemed shares among beneficial owners may differ from each other as well as from the procedures used by DTC.

FTA is continuing to seek methods for refinancing the AMP Shares that will remain outstanding following the redemption and also is seeking methods for refinancing other auction rate securities of the closed-end funds managed by FTA that are experiencing failed auctions. The ability to obtain this refinancing is contingent on finding third parties willing to provide such financing on a cost effective basis. There is no assurance that FTA will be successful in finding such financing and any such financing arrangements would be subject to approval of each fund's Board of Trustees.

For additional information about any closed-end fund managed by FTA, including risks, charges and expenses, please see the fund's annual and semi-annual shareholder reports or contact your financial advisor.

FTA and 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 $34 billion as of May 31, 2008 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.


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