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First Trust Dynamic Europe Equity Income Fund Issues Notice Regarding August 2018 Distribution

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The Board of Trustees of First Trust Dynamic Europe Equity Income Fund
(the "Fund") (NYSE:FDEU), CUSIP 33740D107, previously approved a
managed distribution policy for the Fund (the "Managed Distribution
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 as frequently as monthly each
tax year.

The Fund has declared a distribution payable on August 15, 2018, to
shareholders of record as of August 2, 2018, with an ex-dividend date of
August 1, 2018. This Notice is meant to provide you information about
the sources of your Fund's distributions. You should not draw any
conclusions about the Fund's investment performance from the amount of
its distribution or from the terms of its Managed Distribution Plan.

The following tables set forth the estimated amounts of the current
distribution and the cumulative distributions paid this fiscal year to
date for the Fund from the following sources: net investment income
("NII"); net realized short-term capital gains ("STCG"); net realized
long-term capital gains ("LTCG"); and return of capital ("ROC"). These
estimates are based upon information as of July 31, 2018, are calculated
based on a generally accepted accounting principles ("GAAP") basis and
include the prior fiscal year-end undistributed net investment income.
The amounts and sources of distributions are expressed per common share.

                             
5 Yr. Avg.
Annualized Current Annual Total
Fund Fund Fiscal Total Current Current Distribution ($) Current Distribution (%) Dist. Rate as a Return

Ticker

Cusip

Year End

Distribution

NII

STCG

LTCG

ROC (2)

NII

STCG

LTCG

ROC(2)

% of NAV(3)

on NAV(4)

FDEU 33740D107 12/31/2018 $0.12100 $0.08315 $0.02022 - $0.01763 68.72% 16.71% - 14.57% 8.07% 6.91%
 
 
Total Cumulative Cumulative Fiscal
Fund Fund Fiscal Cumulative Fiscal YTD Cumulative Distributions Fiscal YTD ($) Cumulative Distributions Fiscal YTD (%) Fiscal YTD Distributions as YTD Total Return

Ticker

Cusip

Year End

Distributions(1)

NII

STCG

LTCG

ROC (2)

NII

STCG

LTCG

ROC(2)

a % of NAV(3)

on NAV(4)

FDEU 33740D107 12/31/2018 $0.96800 $0.66521 $0.16175 - $0.14104 68.72% 16.71% - 14.57% 5.38% -5.02%
 
 

(1) Includes the most recent monthly distribution paid on August 15,
2018.

(2) The Fund estimates that it has distributed more than its income and
net realized capital gains; therefore, a portion of your distribution
may be a return of capital. A return of capital may occur, for example,
when some or all of the money that you invested in the Fund is paid back
to you. A return of capital distribution does not necessarily reflect
the Fund's investment performance and should not be confused with
"yield" or "income."

(3) Based on Net Asset Value ("NAV") as of July 31, 2018.

(4) Total Returns are through July 31, 2018. The return included in the
5 Year Average Annual Total Return on NAV column is from the Fund's
first public offering, which was September 24, 2015.

The amounts and sources of distributions reported in this Notice are
only estimates and are not being provided for tax reporting purposes.
The actual amounts and sources of the amounts for tax reporting purposes
will depend upon the Fund's investment experience during the remainder
of its fiscal year and may be subject to changes based on tax
regulations. The Fund will send you a Form 1099-DIV for the calendar
year that will tell you how to report these distributions for federal
income tax purposes. You should not use this Notice as a substitute for
your Form 1099-DIV.

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 $130 billion as of July 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.

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 28 cities with
more than 2,000 employees, Janus Henderson Investors managed
approximately $370.1 billion in assets as of June 30, 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 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.

Forward-Looking Statements

Certain statements made in this press release that are not historical
facts are referred to as "forward-looking statements" under the U.S.
federal securities laws. Actual future results or occurrences may differ
significantly from those anticipated in any forward-looking statements
due to numerous factors. Generally, the words "believe," "expect,"
"intend," "estimate," "anticipate," "project," "will" and similar
expressions identify forward-looking statements, which generally are not
historical in nature. Forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ from
those anticipated in any forward-looking statements. You should not
place undue reliance on forward-looking statements, which speak only as
of the date they are made. The Fund undertakes no responsibility to
update publicly or revise any forward-looking statements.

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