First Trust Announces Shareholder Approval of the New Sub-Advisory Agreement and Adjournment of Special Shareholder Meeting for First Trust Horizon Funds

First Trust Advisors L.P. (“FTA”) announced today that shareholders of First Trust Horizon Managed Volatility Small/Mid ETF (NYSE Arca: HSMV), a series of First Trust Exchange-Traded Fund III (the “Trust”), voted to approve a new investment sub-advisory agreement with Horizon Investments, LLC (“Horizon”). FTA also announced today that the special shareholder meeting for First Trust Horizon Managed Volatility Domestic ETF (NYSE Arca: HUSV) and First Trust Horizon Managed Volatility Developed International ETF (NYSE Arca: HDMV), both series of the Trust, has been adjourned in order to allow shareholders additional time to vote to approve a new Investment Sub-Advisory Agreement for each of HUSV and HDMV and to permit additional solicitation of shareholders. The special shareholder meeting for HUSV and HDMV will reconvene on Tuesday, January 11, 2022 at 12:00 p.m. Central time at the offices of FTA at 120 East Liberty Drive, Suite 400 in Wheaton, Illinois. Each of HSMV, HUSV and HDMV is referred to as a “Fund” and, collectively the “Funds”.

ACP Horizon Holdings, L.P., an entity affiliated with Altamont Capital Partners, a private investment firm located in Palo Alto, California, acquired a majority ownership interest in Horizon (the “Transaction”), which closed in November 2021 (the “Closing”). The Closing operated as an “assignment” (as defined in the Investment Company Act of 1940, as amended) of each Fund’s applicable existing investment sub-advisory agreement with Horizon (each a “Current Sub-Advisory Agreement” and collectively, the “Current Sub-Advisory Agreements”), which resulted in the automatic termination of the Current Sub-Advisory Agreements in accordance with their respective terms. The Board previously approved a new investment sub-advisory agreement (the “New Sub-Advisory Agreement”) among the Trust, on behalf of each Fund, FTA and Horizon. There can be no assurance that the shareholders of HUSV and HDMV will vote to approve the New Sub-Advisory Agreement for their Fund. In addition, to avoid any interruption of investment sub-advisory services for a Fund, the Board approved interim investment sub-advisory agreements with Horizon which were effective upon the Closing and will remain in effect for a maximum period of 150 days.