13D Filing: Saba Capital and First Trust Strategic High Income Fund II (FHY)

The Reporting Persons intend to review
their investment in the Issuer on a continuing basis. Depending on various
factors, including, without limitation, the outcome of any discussions
referenced above, the Issuer’s financial position and strategic direction,
actions taken by management or the Board of Directors, price levels of the
Common Shares, other investment opportunities available to the Reporting
Persons, conditions in the securities market and general economic and industry
conditions, the Reporting Persons may in the future take such actions with
respect to their investment in the Issuer as they deem appropriate, including,
without limitation, purchasing additional Common Shares or selling some or all
of their Common Shares, engaging in short selling of or any hedging or similar
transactions with respect to the Common Shares and/or otherwise changing their
intention with respect to any and all matters referred to in Item 4 of Schedule
13D. The Reporting Persons may, at any time and from time to time, review or
reconsider their position and/or change their purpose and/or formulate plans or
proposals with respect to their investment in the Common Shares.

The Reporting Persons have not entered
into any agreement with any third party to act together for the purpose of
acquiring, holding, voting or disposing of the Common Shares reported
herein.