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RiverNorth Closed-End Funds Declare Monthly Distributions

Several RiverNorth closed-end funds (the “Funds”) have announced the declaration of monthly distributions for July, August and September 2022 in accordance with each Fund’s level distribution policy, as detailed below.

Ex Date

Record Date

Payable Date

July 14, 2022

July 15, 2022

July 29, 2022

August 16, 2022

August 17, 2022

August 31, 2022

September 15, 2022

September 16, 2022

September 30, 2022

Tax-Exempt Distributions1

Fund Name

Ticker

Distribution

Per Share

Change

From Prior

Distribution

Net Asset

Value (NAV)

as of

6/30/2022

Annualized

Current

Distribution

Rate at NAV

Market Price

as of

6/30/2022

Annualized

Current

Distribution

Rate at

Market

RiverNorth Opportunistic Municipal Income Fund, Inc.1,2

RMI

$0.1040

$17.77

7.02%

$17.50

7.13%

RiverNorth Managed Duration Municipal Income Fund, Inc.1,3

RMM

$0.0929

$16.42

6.79%

$15.80

7.06%

RiverNorth Flexible Municipal Income Fund, Inc.1,4

RFM

$0.1062

$18.15

7.02%

$16.70

7.63%

RiverNorth Flexible Municipal Income Fund II, Inc.1,5

RFMZ

$0.0928

$15.77

7.06%

$14.54

7.66%

RiverNorth Managed Duration Municipal Income Fund II, Inc.1,6

RMMZ

$0.1042

$17.63

7.09%

$16.16

7.74%

Taxable Distributions

Fund Name

Ticker

Distribution

Per Share

Change

From Prior

Distribution

Net Asset

Value (NAV)

as of

6/30/2022

Annualized

Current

Distribution

Rate at NAV

Market Price

as of

6/30/2022

Annualized

Current

Distribution

Rate at

Market

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.7

OPP

$0.1478

$11.27

15.74%

$10.89

16.29%

RiverNorth Specialty Finance Corporation8

RSF

$0.1662

$18.01

11.07%

$18.03

11.06%

RMI, RMM, RFM, RFMZ, RMMZ, OPP and RSF are closed-end funds.

1

Monthly distributions from RMI, RMM, RFM, RFMZ and RMMZ are expected to be generally exempt from regular U.S. federal income taxes, however, portions of these Funds’ distributions may (i) be subject to U.S. federal income tax, (ii) be includable in taxable income for purposes of the federal alternative minimum tax, or (iii) constitute a return of capital. Such distributions will also generally be subject to state and local taxes. RiverNorth does not provide tax advice; consult a professional tax advisor regarding your specific tax situation.

2

In accordance with its level distribution policy, RMI’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year.

3

In accordance with its level distribution policy, RMM’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year.

4

In accordance with its level distribution policy, RFM’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year.

5

In accordance with its level distribution policy, RFMZ’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year.

6

In accordance with its level distribution policy, RMMZ’s annual distribution rate has been set equal to 6.25% of the of the Fund’s initial public offering price.

7

In accordance with its level distribution policy, OPP’s annual distribution rate has been set equal to 12.50% of the average of the Fund’s NAV per common share reported on the final five trading days of the preceding calendar year.

8

In accordance with its level distribution policy, RSF’s annual distribution rate has been set equal to 10.00% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year.

Holders of each Fund’s common stock will receive the distribution under one of two options:

1. Receive additional full and fractional shares of the respective Fund’s common stock

or,

2. Elect to receive cash for the distribution.

Contact your broker-dealer where you hold the shares to confirm your distribution reinvestment election.

With each distribution that does not consist solely of net investment income, the respective Fund will issue a notice to shareholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders 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 its full fiscal year and may be subject to changes based on tax regulations. Each Fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes.

Each Fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. A return of capital occurs when some or all of the money that shareholders invested in the Fund is paid back to them. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ Any such returns of capital will decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make the level of distributions called for under its plan, the Fund may have to sell its portfolio securities at a less than opportune time.

About RiverNorth

RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $5.7 billion9 in assets under management as of May 31, 2022, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is an institutional investment manager to registered funds, private funds and separately managed accounts.

9

Firm AUM reflects Managed Assets which includes the effects of leverage and investments in affiliated funds.

Member Firm ALPS Distributors Inc. Chris Lakumb is a registered representative of ALPS Distributors, Inc.

RiverNorth Capital Management, LLC is not affiliated with DoubleLine Capital LP, or ALPS Distributors, Inc.

An investment in the Funds involves risk, including loss of principal.

Investors should consider a Fund's investment objective, risks, charges and expenses carefully before investing. Each Fund’s prospectus and most recent periodic reports contain this and other important information about the respective Fund and may be obtained by visiting rivernorth.com/literature or by calling your financial professional or RiverNorth at 844.569.4750.

Not FDIC Insured | May Lose Value | No Bank Guarantee

RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC.

DoubleLine® is a registered trademark of DoubleLine Capital LP.

©2000-2022 RiverNorth Capital Management, LLC. All rights reserved.

RMI000263

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