1) First Trust Dynamic Europe Equity Income Fund (FDEU) Investment Objective/Strategy - First Trust Dynamic Europe Equity Income Fund (the "Fund") is a non-diversified, closed-end management investment company. The Fund's investment objective is to provide a high level of current income with a secondary focus on capital appreciation. Under normal market conditions, 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 stock 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 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 currently expects to 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. There can be no assurance that the Fund's investment objectives will be achieved. Fund Overview Portfolio Composition Ticker FDEU Fund Type Equity Income Investment Advisor First Trust Advisors L.P. Portfolio Manager/SubAdvisor Henderson Global Investors (North America) Inc. Investor Servicing Agent Computershare Trust Company, N.A. CUSIP 33740D107 Fiscal Year-End NYSE The Fund will adhere to the following portfolio limits: 12/31 Exchange Under normal market conditions, 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 stock that pay dividends, depositary receipts and real estate investment trusts ( "REITs"). The Fund will seek to focus its equity investments on dividend-paying securities. Inception l l 9/24/2015 l Inception Price $20.00 l Inception NAV $19.10 l Contact Fund 1.800.988.5891 Website www.ftportfolios.com Current Fund Data (as of 3/4/2016) Closing NAV1 $17.79 Closing Share Price2 $15.38 Discount to NAV 13.55% Total Managed Assets $403,899,719 Common Shares Outstanding 17,231,908 Dividend Frequency Dividend Per Share Amt Monthly 3 $0.1210 Distribution Rate4 23,386 Average 30-Day Daily Volume 71,139 Top 10 Holdings (as of 1/31/2016)7 Holding Orange SA (EUR) Roche Holding AG (CHF) Novartis AG (CHF) Vodafone Group PLC (GBP) Zurich Insurance Group AG (CHF) Nestle SA (CHF) Imperial Tobacco Group PLC (GBP) Syngenta AG (CHF) Sanofi (EUR) SGS S.A. (CHF) Percent 4.16% 4.04% 3.55% 3.34% 3.15% 3.12% 3.09% 2.91% 2.70% 2.65% 9.44% Daily Volume A single country’s equities will not exceed 40% Equities of emerging markets will not exceed 20% Preferred securities will not exceed 20% REITs will not exceed 20% Depositary receipts will not exceed 20% Closing Share Price 52-Week High/Low $20.50 / $14.11 Closing NAV 52-Week High/Low $20.11 / $16.19 Leverage 5 24.11% Cumulative Total Returns (as of 2/29/2016)6 Period Share Price NAV 3 Months -12.82% -8.81% Year to Date -10.89% -7.14% Inception to Date -23.02% -6.65% Portfolio Information (as of 1/31/2016)7 % of Portfolio with Call Options 28.50% 

2) First Trust Dynamic Europe Equity Income Fund (FDEU) Sector Breakdown (as of 1/31/2016)7 Top Countries (as of 1/31/2016)7 Country United Kingdom France Switzerland Germany Netherlands Italy Luxembourg Spain Norway Sector Financials Health Care Consumer Staples Consumer Discretionary Telecommunication Services Industrials Utilities Materials Energy Percent 25.64% 14.89% 13.73% 10.86% 10.64% 8.03% 7.51% 4.82% 3.88% Percent 27.66% 23.41% 21.20% 10.10% 5.25% 4.59% 3.78% 2.08% 1.93% Footnotes The NAV represents the fund's net assets (assets less liabilities) divided by the fund's common shares outstanding. 2 Fund shares are purchased and sold on an exchange at their share price rather than net asset value (NAV), which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount). 3 Most recent distribution paid or declared to today's date. Subject to change in the future. There is no guarantee that the fund will declare dividends. 4 Distribution rates are calculated by annualizing the most recent distribution paid or declared through today's date and then dividing by the most recent market price. The distribution consists of the sum of net investment income, net realized short-term capital gains, net realized long-term capital gains, and return of capital. Distribution rates may vary. Any distribution adjustment will not be reflected until after the declaration date for the next distribution. See the fund's 19a-1 Notices, if any, located under the "News & Literature" section of the website for estimates of distribution sources. Final determination of the source and tax status of all distributions paid in the current year will be made after year-end. 5 Leverage is a technique where a closed-end fund's manager borrows assets at one rate and invests the proceeds from the borrowed assets at another rate, seeking to increase yield and total return. Use of leverage can result in additional risk and cost, and can magnify the effect of any losses. 6 Total return is the combination of reinvested dividend income and reinvested capital gains distributions, at prices obtained by the Dividend Reinvestment Plan, if any, and changes in the NAV and Share Price. The NAV total return takes into account the fund's total annual expenses and does not reflect sales load. Past performance is not indicative of future results. 7 Risk Considerations 1 Market value information used in calculating the percentages is based upon trade date plus one recording of transactions, which can differ from regulatory financial reports (Forms N-CSR and N-Q) that are based on trade date recording of security transactions. Holdings are subject to change. The fund is subject to risks, including the fact that it is a nondiversified closed-end management investment company. 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. 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 report and other regulatory filings. Not FDIC Insured • Not Bank Guaranteed • May Lose Value