Market Overview

First Trust Dynamic Europe Equity Income Fund Declares its Monthly Common Share Distribution of $0.121 Per Share for August

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First Trust Dynamic Europe Equity Income Fund (the "Fund") (NYSE:FDEU)
has declared the Fund's regularly scheduled monthly common share
distribution in the amount of $0.121 per share payable on August 15,
2018, to shareholders of record as of August 2, 2018. The ex-dividend
date is expected to be August 1, 2018. The monthly distribution
information for the Fund appears below.

First Trust Dynamic Europe Equity Income
Fund (FDEU):

Distribution per share:     $0.121
Distribution Rate based on the July 18, 2018 NAV of $17.64: 8.23%
Distribution Rate based on the July 18, 2018 closing market price of
$16.22:
8.95%
 

The Fund's Board of Trustees has approved a managed distribution policy
for the Fund (the "Plan") in reliance on exemptive relief received from
the Securities and Exchange Commission which permits the Fund to make
periodic distributions of long-term capital gains more frequently than
otherwise permitted with respect to its common shares subject to certain
conditions. Under the Plan, the Fund intends to continue to pay a
monthly distribution in the amount of $0.121 per share. A portion of
this monthly distribution may include long-term capital gains. This may
result in a reduction of the long-term capital gain distribution
necessary at year end by distributing long-term capital gains throughout
the year. The annual distribution rate is independent of the Fund's
performance during any particular period. Accordingly, you should not
draw any conclusions about the Fund's investment performance from the
amount of any distribution or from the terms of the Plan.

This distribution may consist of net investment income earned by the
Fund, net short-term and long-term capital gains and/or tax deferred
return of capital. The final determination of the source and tax status
of all distributions paid in 2018 will be made after the end of 2018 and
will be provided on Form 1099-DIV.

The Fund is a non-diversified, closed-end management investment company
that seeks to provide a high level of current income. As a secondary
objective, the Fund seeks to focus on capital appreciation. The Fund
will seek to achieve its investment objective by investing at least 80%
of its Managed Assets in a portfolio of equity securities of European
companies of any market capitalization, including, but not limited to,
common and preferred stocks that pay dividends, depositary receipts and
real estate investment trusts. The Fund will seek to focus its equity
investments on income-producing securities. The Fund will also seek to
utilize a dynamic currency hedging process, which will include, at the
discretion of the portfolio managers, the use of forward foreign
currency exchange contracts to hedge a portion of the Fund's currency
exposure. To generate additional income, the Fund will write (or sell)
call options on portfolio equity securities and certain broad-based
securities indices in an amount up to 40% of the value of its Managed
Assets.

First Trust Advisors L.P. ("FTA") is a federally registered investment
advisor and serves 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 $126 billion as of June 30, 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.

Janus Capital Management LLC, a legal entity of Janus Henderson
Investors, serves as the Fund's investment sub-advisor. Janus Henderson
Investors is headquartered in London and is a global investment
management firm that provides a full spectrum of investment products and
services to clients around the world. With offices in 27 cities with
more than 2,000 employees, Janus Henderson Investors managed
approximately $371.9 billion in assets as of March 31, 2018.

Past performance is no assurance of future results. 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.

Principal Risk Factors: The Fund is subject to risks, including the fact
that it is a non-diversified closed-end management investment company.

Because the Fund will invest primarily in securities of non-U.S.
issuers, which are generally denominated in non-U.S. currencies, there
are risks not typically associated with investing in securities of U.S.
issuers. Non-U.S. issuers are subject to higher volatility than
securities of U.S. issuers. An investor may lose money if the local
currency of a non-U.S. market depreciates against the U.S. dollar.

Investments in securities of issuers located in emerging market
countries are considered speculative and there is a heightened risk of
investing in emerging markets securities.

The Fund will engage in practices and strategies that will result in
exposure to fluctuations in foreign exchange rates, thus subjecting it
to foreign currency risk.

The Fund's use of derivatives may result in losses greater than if they
had not been used, may require the Fund to sell or purchase portfolio
securities at inopportune times, may limit the amount of appreciation
the Fund can realize on an investment, or may cause the Fund to hold a
security that it might otherwise sell.

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 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.

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