Four Corners Capital Management Announces IPO of New Closed-End Fund on New York Stock Exchange LOS ANGELES, May 27 /PRNewswire-FirstCall/ -- Four Corners Capital Management, LLC ("Four Corners") today announced the successful pricing and launch of trading of common shares in a new closed-end fund, the First Trust/Four Corners Senior Floating Rate Income Fund II (the "Fund"). The Fund is issuing 23 million common shares at an initial price of $20.00 per share, resulting in gross proceeds of $460 million (exclusive of the underwriters' overallotments). Additionally, the fund expects to issue preferred shares or some other form of leverage within 90 days, which is expected to bring the total fund size to approximately $700 million. The Fund's shares began trading on the New York Stock Exchange (NYSE:FCT) yesterday and the Fund's listing will be formally acknowledged with the ringing of the NYSE Opening Bell by management on Tuesday June 1, 2004. The Lead Manager of the underwriting syndicate was Merrill Lynch & Co. Wachovia Securities and Raymond James were Co-Lead Managers. The Fund will be advised by First Trust Advisors, L.P. ("First Trust") of Lisle, IL and sub-advised by Four Corners. "Four Corners has believed for some time that the economy is getting stronger, and with economic strength we tend to see increases in interest rates," said Michael P. McAdams, President and Chief Investment Officer of Four Corners and Co-Portfolio Manager of the Fund. "The Fund is well-timed and appropriately designed to help investors achieve an attractive level of current income without the negative price impact typically associated with a rising interest rate environment," added Robert I. Bernstein, Chief Credit Officer of Four Corners and Co-Portfolio Manager of the Fund. The First Trust/Four Corners Senior Floating Rate Income Fund II is a newly organized, diversified closed-end management investment company that seeks a high level of current income, while attempting to preserve capital as a secondary objective, through investing in a diversified and actively managed portfolio of senior secured floating rate corporate loans ("Senior Loans"). The Fund is designed for investors who want the potential to benefit from a rising interest rate environment and offers enhanced yield potential for its common shareholders through the issue of preferred shares, commercial paper or notes. "We are delighted with the level of investor support for FCT which will bring Four Corners' Senior Loan assets under management to approximately $1.5 billion," commented Mr. McAdams. ABOUT FOUR CORNERS Four Corners Capital Management LLC, headquartered in Los Angeles and a member of the Macquarie group, specializes in managing corporate credit through portfolios of Senior Loans and structured finance assets. Four Corners was founded in 2001 by an experienced team of U.S. investment professionals and by the Macquarie group who, through affiliates, is a majority owner of Four Corners. Effective with the closing of the Fund, Four Corners will manage and advise approximately $1.8 billion of assets under management across seven Senior Loan portfolios and one structured investment vehicle. ABOUT FIRST TRUST First Trust Advisors L.P. is a leader in providing financial services to the unit investment trust and closed-end fund marketplace. For its closed-end product line, First Trust Advisors has chosen to partner with respected asset managers with a strong track record in the asset class targeted. First Trust Advisors served as investment adviser or portfolio supervisor of over $11.8 billion in assets as of April 30, 2004 ABOUT THE MACQUARIE GROUP The Macquarie group comprises Macquarie Bank Limited (MBL), a company authorized under the Banking Act 1959 (Cth) to conduct banking business in Australia, and its worldwide affiliated entities. MBL is not licensed to conduct banking business in the U.S. MBL maintains a Representative Office in New York and Texas. Macquarie Bank Limited is publicly listed on the Australian Stock Exchange, with a market capitalization of approximately $5 billion. The Macquarie group has assets under management of over $47 billion (as of March 31, 2004). The Macquarie group has been active in the North America for more than a decade and has over 250 employees in offices in twelve locations across the United States. DATASOURCE: Four Corners Capital Management, LLC CONTACT: Robert Beatty, Senior Vice President of Four Corners Capital Management, LLC, +1-213-233-4465

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