PRESS RELEASE                                 SOURCE:  First Trust Advisors L.P.

FIRST TRUST ADVISORS L.P. ANNOUNCES PORTFOLIO MANAGER UPDATE FOR FIRST TRUST
SENIOR FLOATING RATE 2022 TARGET TERM FUND

WHEATON, IL -- (BUSINESS WIRE) -- December 20, 2017 -- First Trust Advisors L.P.
("FTA") announced today that its Leveraged Finance Investment Team, portfolio
manager for the First Trust Senior Floating Rate 2022 Target Term Fund (NYSE:
FIV) (the "Fund"), will release an update on the market and the Fund for
financial advisors and investors. The update will be available FRIDAY, DECEMBER
22, 2017, AT 5:00 P.M. EASTERN TIME UNTIL 11:59 P.M. EASTERN TIME ON SUNDAY,
JANUARY 21, 2018. To listen to the update, follow these instructions:

--    Dial: (888) 203-1112; International (719) 457-0820; and Passcode #
      9744711. The update will be available from Friday, December 22, 2017, at
      5:00 P.M. Eastern Time until 11:59 P.M. Eastern Time on Sunday, January
      21, 2018.

FIV is a diversified, closed-end management investment company. The Fund's
investment objectives are to seek a high level of current income and to return
$9.85 per common share of beneficial interest ("Common Share") of the Fund (the
original net asset value ("Original NAV") per Common Share before deducting
offering costs of $0.02 per Common Share) to the holders of Common Shares on or
about February 1, 2022 (the "Termination Date"). The Fund will attempt to strike
a balance between the two objectives, seeking to provide as high a level of
current income as is consistent with the Fund's overall credit performance, on
the one hand, and its objective of returning the Original NAV on or about the
Termination Date on the other. However, as the Fund approaches the Termination
Date, its monthly distributions are likely to decline, and there can be no
assurance that the Fund will achieve either of its investment objectives or that
the Fund's investment strategies will be successful. Under normal market
conditions, the Fund will seek to achieve its investment objectives by investing
at least 80% of its Managed Assets in senior, secured floating-rate loans
("Senior Loans") of any maturity. Senior Loans are made to U.S. and non-U.S.
corporations, partnerships and other business entities which operate in various
industries and geographical regions. Senior Loans are typically rated below
investment grade. As it nears the Termination Date, the Fund may invest in
higher credit quality instruments with maturities extending beyond the
Termination Date to seek to improve the liquidity of its portfolio and reduce
investment risk. Investing in higher credit quality instruments may reduce the
amount available for distribution to Common Shareholders.

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 $117 billion as of November 30, 2017 through unit
investment trusts, exchange-traded funds, closed-end funds, mutual funds and
separate managed accounts.

Investment return and principal value of an investment in each Fund will
fluctuate. Shares, when sold, may be worth more or less than their original
cost.

Principal Risk Factors: The Fund will typically invest in senior loans rated
below investment grade, which are commonly referred to as "junk" or "high yield"
securities and considered speculative because of the credit risk of their
issuers. Such issuers are more likely than investment grade issuers to default





on their payments of interest and principal owed to the Fund, and such defaults
could reduce the Fund's NAV and income distributions. An economic downturn would
generally lead to a higher non-payment rate, and a senior loan may lose
significant market value before a default occurs. Moreover, any specific
collateral used to secure a senior loan may decline in value or become illiquid,
which would adversely affect the senior loan's value.

Senior Loans are structured as floating rate instruments in which the interest
rate payable on the obligation fluctuates with interest rate changes. As a
result, the yield on Senior Loans will generally decline in a falling interest
rate environment, causing the Fund to experience a reduction in the income it
receives from a Senior Loan. In addition, the market value of Senior Loans may
fall in a declining interest rate environment and may also fall in a rising
interest rate environment if there is a lag between the rise in interest rates
and the reset. Many Senior Loans have a minimum base rate, or floor (typically,
a "LIBOR floor"), which will be used if the actual base rate is below the
minimum base rate. To the extent the Fund invests in such Senior Loans, the Fund
may not benefit from higher coupon payments during periods of increasing
interest rates as it otherwise would from investments in Senior Loans without
any floors until rates rise to levels above the LIBOR floors. As a result, the
Fund may lose some of the benefits of incurring leverage. Specifically, if the
Fund's Borrowings have floating dividend or interest rates, its costs of
leverage will increase as rates increase. In this situation, the Fund will
experience increased financing costs without the benefit of receiving higher
income. This in turn may result in the potential for a decrease in the level of
income available for dividends or distributions to be made by the Fund.

The Fund's limited term may cause it to invest in lower-yielding securities or
hold the proceeds of securities sold near the end of its term in cash or cash
equivalents, which may adversely affect the performance of the Fund or the
Fund's ability to maintain its dividend.

A second lien loan may have a claim on the same collateral pool as the first
lien or it may be secured by a separate set of assets. Second lien loans are
typically secured by a second priority security interest or lien on specified
collateral securing the Borrower's obligation under the interest. Because second
lien loans are second to first lien loans, they present a greater degree of
investment risk. Specifically, these loans are subject to the additional risk
that the cash flow of the Borrower and property securing the loan may be
insufficient to meet scheduled payments after giving effect to those loans with
a higher priority. In addition, loans that have a lower than first lien priority
on collateral of the Borrower generally have greater price volatility than those
loans with a higher priority and may be less liquid. However, second lien loans
often pay interest at higher rates than first lien loans reflecting such
additional risks.

Because the assets of the Fund will be liquidated in connection with its
termination, the Fund may be required to sell portfolio securities when it
otherwise would not, including at times when market conditions are not
favorable, or at a time when a particular security is in default or bankruptcy,
or otherwise in severe distress, which may cause the Fund to lose money.
Although the Fund has an investment objective of returning Original NAV to
Common Shareholders on or about the Termination Date, the Fund may not be
successful in achieving this objective. The return of Original NAV is not an
express or implied guarantee obligation of the Fund. There can be no assurance
that the Fund will be able to return Original NAV to Common Shareholders, and
such return is not backed or otherwise guaranteed by the Advisor or any other
entity.

Use of leverage can result in additional risk and cost, and can magnify the
effect of any losses.

The risks of investing in the Fund are spelled out in the prospectus,
shareholder reports and other regulatory filings.

The information presented is not intended to constitute an investment
recommendation for, or advice to, any specific person. By providing this





information, First Trust is not undertaking to give advice in any fiduciary
capacity within the meaning of ERISA and the Internal Revenue Code. First Trust
has no knowledge of and has not been provided any information regarding any
investor. Financial advisors must determine whether particular investments are
appropriate for their clients. First Trust believes the financial advisor is a
fiduciary, is capable of evaluating investment risks independently and is
responsible for exercising independent judgment with respect to its retirement
plan clients.

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

CONTACT: JEFF MARGOLIN - (630) 915-6784

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Source:  First Trust Advisors L.P.