First Trust Senior Floating Rate Income Fund II Increases its Monthly Common Share Distribution to $0.08125 Per Share for July

First Trust Senior Floating Rate Income Fund II (the "Fund") (NYSE: FCT) has increased the Fund’s regularly scheduled monthly common share distribution to $0.08125 per share from $0.08 per share. The distribution will be payable on July 16, 2012 to shareholders of record on July 5, 2012. The ex-dividend date is expected to be July 2, 2012. The monthly distribution information for the Fund appears below.

First Trust Senior Floating Rate Income Fund II (FCT):

Distribution per share: $0.08125
Distribution Rate based on the June 19, 2012 NAV of $14.44: 6.75%
Distribution Rate based on the June 19, 2012 closing market price of $14.37: 6.78%
Increase from previous distribution of $0.08: 1.56%

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 all 2012 distributions will be made after the end of 2012.

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 attempts 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., 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 $53 billion as of May 31, 2012 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.

Past performance is no assurance of future results. Investment return and principal 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: This closed-end fund invests in below investment grade senior loans. Investment in the Fund involves the risk that borrowers may default on obligations, or that lenders may have difficulty liquidating the collateral securing the loans or enforcing their rights under the terms of the senior loans. Senior loans are subject to credit risks and the potential for non-payment of scheduled principal or interest payments, which may result in a reduction of the Fund’s NAV. The use of leverage for investment purposes increases both investment opportunity and investment risk. In the event of a default on one or more loans or other interest-bearing instruments held by the Fund, the use of leverage would exaggerate the loss to the Fund and may exaggerate the effect on the Fund's NAV. The risks of investing in the Fund are spelled out in the prospectus, shareholder reports and other regulatory filings.

The Fund's daily New York Stock Exchange closing price and daily net asset value, as well as other information are available at www.ftportfolios.com or by calling 1-800-988-5891.

Contacts:

First Trust Senior Floating Rate Income Fund II
Press Inquiries: Jane Doyle, 630-765-8775
Analyst Inquiries: Jeff Margolin, 630-915-6784
Broker Inquiries: Jeff Margolin, 630-915-6784
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