FIRST TRUST DYNAMIC EUROPE EQUITY INCOME FUND

                             SUBSCRIPTION AGREEMENT

      This Agreement made this 20th day of August, 2015 by and between First
Trust Dynamic Europe Equity Income Fund, a Massachusetts business trust (the
"Fund"), and First Trust Portfolios L.P., an Illinois limited partnership (the
"Subscriber");

                                  WITNESSETH:

      WHEREAS, the Fund has been formed for the purposes of carrying on business
as a closed-end non-diversified management investment company; and

      WHEREAS, the Subscriber wishes to subscribe for and purchase, and the Fund
wishes to sell to the Subscriber, 5,236 common shares for a purchase price of
$19.10 per share;

      NOW THEREFORE, IT IS AGREED:

       l. The Subscriber subscribes for and agrees to purchase from the Fund
5,236 common shares for a purchase price of $19.10 per share. Subscriber agrees
to make payment for these shares at such time as demand for payment may be made
by an officer of the Fund.

       2. The Fund agrees to issue and sell said shares to Subscriber promptly
upon its receipt of the purchase price.

       3. To induce the Fund to accept its subscription and issue the shares
subscribed for, the Subscriber represents that it is informed as follows:

              (a) That the shares being subscribed for have not been and will
      not be registered under the Securities Act of l933 ("Securities Act");

              (b) That the shares will be sold by the Fund in reliance on an
      exemption from the registration requirements of the Securities Act;

              (c) That the Fund's reliance upon an exemption from the
      registration requirements of the Securities Act is predicated in part on
      the representations and agreements contained in this Subscription
      Agreement;

              (d) That when issued, the shares will be "restricted securities"
      as defined in paragraph (a)(3) of Rule l44 of the General Rules and
      Regulations under the Securities Act ("Rule l44") and cannot be sold or
      transferred by Subscriber unless they are subsequently registered under
      the Securities Act or unless an exemption from such registration is
      available; and

              (e) That there do not appear to be any exemptions from the
      registration provisions of the Securities Act available to the Subscriber
      for resale of the shares. In the future, certain exemptions may possibly
      become available, including an exemption for limited sales in accordance
      with the conditions of Rule l44.

      The Subscriber understands that a primary purpose of the information
acknowledged in subparagraphs (a) through (e) above is to put it on notice as to
restrictions on the transferability of the shares.

       4. To further induce the Fund to accept its subscription and issue the
shares subscribed for, the Subscriber:

              (a) Represents and warrants that the shares subscribed for are
      being and will be acquired for investment for its own account and not on
      behalf of any other person or persons and not with a view to, or for sale
      in connection with, any public distribution thereof; and

              (b) Agrees that any certificates representing the shares
      subscribed for may bear a legend substantially in the following form:

              The shares represented by this certificate have been acquired for
              investment and have not been registered under the Securities Act
              of l933 or any other federal or state securities law. These shares
              may not be offered for sale, sold or otherwise transferred unless
              registered under said securities laws or unless some exemption
              from registration is available.

       5. This Subscription Agreement and all of its provisions shall be binding
upon the legal representatives, heirs, successors and assigns of the parties
hereto.

       6. The Fund's Declaration of Trust is on file with the Secretary of the
Commonwealth of Massachusetts. This Agreement is executed on behalf of the Fund
by the Fund's officers as officers and not individually and the obligations
imposed upon the Fund by this Agreement are not binding upon any of the Fund's
Trustees, officers or shareholders individually but are binding only upon the
assets and property of the Fund.

      IN WITNESS WHEREOF, this Subscription Agreement has been executed by the
parties hereto as of the day and date first above written.

                                        FIRST TRUST DYNAMIC EUROPE EQUITY INCOME
                                           FUND


                                          By /s/ Mark R. Bradley
                                             ---------------------------
                                             Name:   Mark R. Bradley
                                             Title:  President & CEO



                                          FIRST TRUST PORTFOLIOS L.P.


                                          By /s/ James M. Dykas
                                             ---------------------------
                                             Name:   James M. Dykas
                                             Title:  Controller