PRESS RELEASE                                 SOURCE:  First Trust Advisors L.P.

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

WHEATON, IL -- (BUSINESS WIRE) -- February 13, 2019 -- First Trust Advisors L.P.
("FTA") announced today that its Leveraged Finance Investment Team, portfolio
manager for the First Trust Senior Floating Rate Income Fund II (NYSE: FCT) and
First Trust Senior Floating Rate 2022 Target Term Fund (NYSE: FIV) (each a
"Fund" or collectively, the "Funds"), will release an update on the market and
the Funds for financial advisors and investors. The update will be available
FRIDAY, FEBRUARY 15, 2019, AT 5:00 P.M. EASTERN TIME UNTIL 11:59 P.M. EASTERN
TIME ON MONDAY, MARCH 18, 2019. To listen to the update, follow these
instructions:

--   Dial: (888) 203-1112; International (719) 457-0820; and Passcode # 1767787
     and PIN # 6305. The update will be available from Friday, February 15,
     2019, at 5:00 P.M. Eastern Time until 11:59 P.M. Eastern Time on Monday,
     March 18, 2019.

FCT is a diversified, closed-end management investment company whose 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 its
objectives by investing in a professionally managed portfolio of senior secured
floating rate corporate loans ("Senior Loans"). The Fund invests in below
investment grade Senior Loans. This involves the risk that borrowers may default
on obligations, or that lenders may have difficulty liquidating the collateral
securing the loans, or difficulty enforcing their rights under the terms of the
Senior Loans. Senior loans are subject to credit risk and the potential for
non-payment of scheduled principal or interest payments, which may result in a
reduction of the Fund's net asset value ("NAV"). The Fund utilizes leverage. 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 can magnify
the effect of any losses.

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.

FTA is a federally registered investment advisor and serves as the Funds'
investment advisor. FTA and its affiliate First Trust Portfolios L.P. ("FTP"), a
FINRA registered broker-dealer, are privately-held companies that provide a
variety of investment services. FTA has collective assets under management or
supervision of approximately $113 billion as of December 31, 2018 through unit
investment trusts, exchange-traded funds, closed-end funds, mutual funds and
separate managed accounts. FTA is the supervisor of the First Trust unit
investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual
fund shares and exchange-traded fund creation units. FTA and FTP are based in
Wheaton, Illinois.

Investment return and market value of an investment in the Fund will fluctuate.
Shares, when sold, may be worth more or less than their original cost. There can
be no assurance that the Fund's investment objectives will be achieved. The Fund
may not be appropriate for all investors.

Principal Risk Factors: The Funds are subject to various risks including: the
Funds 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 a fund, and such defaults could reduce a 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 Funds 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. If the Funds' Borrowings have floating dividend or interest
rates, its costs of leverage will increase as rates increase. In this situation,
the Funds 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 Funds.

FIV'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 FIV 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 each 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.

Each 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.

CONTACT: JEFF MARGOLIN - (630) 915-6784

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Source: First Trust Advisors L.P.