First Trust Senior Floating Rate 2022 Target Term Fund (NYSE: FIV) (the “Fund”) completed its termination and liquidation following the close of business on December 15, 2021. The termination and liquidation were performed in accordance with the Fund’s investment objectives and governing documents, consistent with the Fund’s previously announced liquidation plans.

The Fund commenced its initial public offering on December 21, 2016 with investment objectives to seek a high level of current income and to return $9.85 per common share of beneficial interest of the Fund (the “Original NAV”) to holders of such shares on or about February 1, 2022. The investment objective to return Original NAV was not a guarantee.

As previously announced, due in part to the impact of the COVID-19 pandemic on market conditions and the U.S. economy, the Fund did not return the Original NAV at its termination. The Fund is returning to shareholders a net asset value (“NAV”) of $9.753232 per common share of beneficial interest as its liquidating distribution. Over its five-year term, the Fund paid 57 monthly distributions and 0 long-term capital gain distributions totaling $1.6732 per common share of beneficial interest, which equates to an average distribution rate of 3.613% on NAV and 3.62% on market price as of December 14, 2021. The annualized total return on NAV for shareholders who invested at the initial public offering was 3.52% and the market price total return was 3.16%.

Shareholders may recognize gain or loss for U.S. tax purposes as a result of the Fund’s liquidation. Investors should consult a professional tax advisor regarding their specific tax situation.

First Trust Advisors L.P. (“FTA”) is a federally registered investment advisor and served as the Fund’s 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 $216 billion as of November 30, 2021 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. For more information, visit https://www.ftportfolios.com.

Analyst Inquiries Jeff Margolin 630-915-6784

Broker Inquiries Sales Team 866-848-9727

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