First Trust Senior Floating Rate 2022 Target Term Fund Declares its Monthly Common Share Distribution of $0.0128 Per Share for March

First Trust Senior Floating Rate 2022 Target Term Fund (the "Fund") (NYSE: FIV) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.0128 per share payable on March 15, 2021, to shareholders of record as of March 2, 2021. The ex-dividend date is expected to be March 1, 2021. The monthly distribution information for the Fund appears below.

First Trust Senior Floating Rate 2022 Target Term Fund (FIV):

Distribution per share:

$0.0128

Distribution Rate based on the February 19, 2021 NAV of $9.64:

1.59%

Distribution Rate based on the February 19, 2021 closing market price of $9.33:

1.65%

The majority, and possibly all, of this distribution will be paid out of net investment income earned by the Fund. A portion of this distribution may come from net short-term realized capital gains or return of capital. The final determination of the source and tax status of all distributions paid in 2021 will be made after the end of 2021 and will be provided on Form 1099-DIV.

The Fund 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, under normal market conditions, pursues its objectives by primarily investing at least 80% of its Managed Assets in a portfolio of senior secured floating-rate loans of any maturity. "Managed Assets" means the total asset value of the Fund minus the sum of its liabilities, other than the principal amount of borrowings. There can be no assurance that the Fund's investment objectives will be achieved.

As a result of the sharp and sudden economic shock resulting from the unprecedented shut down of significant parts of the U.S. economy in March 2020 due to the COVID-19 pandemic, the value of the Fund's assets experienced a significant decline. Consequently, the Fund was required to sell assets and pay down outstanding indebtedness in order to remain in compliance with applicable limitations on leverage imposed on the Fund by applicable law. While the market for the Fund's assets has improved, sales of the Fund's investments during the downturn had a negative impact on the Fund's NAV. In addition, due to the Federal Open Market Committee lowering the Federal Funds target rate to 0%-.25% from 1.50% - 1.75% in March 2020, LIBOR rates declined significantly which reduced the income earning potential of the Fund and its ability to increase NAV through withholding Fund income. As a result, based on current market conditions and expectations, the Fund believes that it is unlikely to achieve its objective of returning $9.85 per Common Share upon its termination. The ultimate NAV of the Fund that will be returned to shareholders upon termination of the Fund will be dependent on a number of factors including, but not limited to, the severity of the economic contraction, the level of income earned in the portfolio, default losses experienced in the portfolio, trading losses in the portfolio and the use of leverage. As indicated above, the recent decline in interest rates, with 3-month LIBOR falling to 0.20% as of January 29, 2021 from 1.45% as of March 31, 2020, has reduced the income generated by the portfolio. Moreover, the portfolio management team anticipates actively reducing the Fund's leverage and shifting the portfolio composition to shorter dated higher quality holdings as the Fund approaches its termination date. As a result of these actions, investors should anticipate periodic reductions in the Fund's distribution per share going forward.