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

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.

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