On March 13, 2023, Bulldog Investors, LLP announced that the materials pertain to First Trust Dynamic Europe Equity Income Fund's self-serving position that shareholders that vote for any nominee other than the incumbent trustees will not have their votes counted. In the material, Special Opportunities Fund, Inc. c/o Bulldog Investors, LLP stated that it is in receipt of the letter dated December 3, 2022, regarding a purported nomination of 2 individuals to be submitted for election as trustees of the Company at the upcoming annual meeting of shareholders of the Company. Special Opportunities Fund added that the Board of Trustees of the Company has received the purported notice and after due consideration, evaluation and consultation with legal counsel has determined that the purported notice is materially deficient and does not meet numerous of the requirements in the by-laws of the Company, including without limitation, the failure to provide all information regarding the purported nominees that would be required by various rules and forms under the federal securities laws to be provided in a proxy statement, as required by the By-Laws.

Special Opportunities Fund added that as a result, such nominations will be disregarded and both purported nominees are deemed ineligible to be elected at the 2023 meeting, and any votes submitted for a purported nominee at the 2023 meeting shall not be counted. Further, Special Opportunities Fund stated that Dan Lindquist requested that it has not submit an advance notice letter to nominate trustees until the Company NDA expired, which was just 2 days before the advance notice deadline of December 3, 2022, a deadline that it asked -- but the Board declined -- to extend. Special Opportunities Fund added that since it views the Board was acting in good faith, it agreed to hold off on submitting nominations while the NDA was in effect.

Special Opportunities Fund stated that the Board evaluated the purported notice in good faith, acting in the best interests of the Company's shareholders in accordance with its fiduciary duties. Special Opportunities Fund added that the Board hereby reiterates that after due consideration, evaluation and consultation with legal counsel, the Board determined that the submission of the purported nominees was materially deficient and that under the authority granted to it under the By-Laws, the Board determined that the purported nominees are deemed ineligible to be elected at the 2023 meeting, and that any votes submitted for a purported nominee at the 2023 meeting shall not be counted.