RiverNorth Flexible Municipal Income Fund, Inc. (RFM)

One of the only downsides to passive income from stocks and bonds is that the revenue generated from those investments is subject to federal and state income tax.

One of the only downsides to passive income from stocks and bonds is that the revenue generated from those investments is subject to federal and state income tax.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--In accordance with the RiverNorth closed-end funds (the “Funds”) level distribution policies, the Funds have declared distributions for October, November and December 2024, as detailed below. Ex Date Record Date Payable Date October 15, 2024 October 15, 2024 October 31, 2024 November 15, 2024 November 15, 2024 November 29, 2024 December 13, 2024 December 13, 2024 December 31, 2024 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Net Asset.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--In accordance with the RiverNorth closed-end funds (the “Funds”) level distribution policies, the Funds have declared distributions for April, May and June 2024, as detailed below. Ex Date Record Date Payable Date April 12, 2024 April 15, 2024 April 30, 2024 May 14, 2024 May 15, 2024 May 31, 2024 June 14, 2024 June 14, 2024 June 28, 2024 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Net Asset Value (NAV) as of 3/28/2024 Annualized Curr.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--In accordance with the RiverNorth closed-end funds (the “Funds”) level distribution policies, the distribution rates have been reset for the calendar year 2024, as detailed below. Further, the Funds have declared distributions for January, February, and March 2024. Ex Date Record Date Payable Date January 12, 2024 January 16, 2024 January 31, 2024 February 14, 2024 February 15, 2024 February 29, 2024 March 14, 2024 March 15, 2024 March 28, 2024 Tax-Exempt.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--The RiverNorth closed-end funds (the “Funds”) have declared monthly distributions for October, November and December 2023 in accordance with each Fund's level distribution policy. Details below.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--The RiverNorth closed-end funds (the “Funds”) have declared monthly distributions for July, August and September 2023 in accordance with each Fund's level distribution policy. Details below. Ex Date Record Date Payable Date July 13, 2023 July 14, 2023 July 31, 2023 August 14, 2023 August 15, 2023 August 31, 2023 September 14, 2023 September 15, 2023 September 29, 2023 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Change From Prior Dist.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--The RiverNorth closed-end funds (the “Funds”) have declared monthly distributions for April, May and June 2023 in accordance with each Fund’s level distribution policy. In addition, the RiverNorth Flexible Municipal Income Fund, Inc. has declared a capital gain distribution. Details below. Ex Date Record Date Payable Date April 13, 2023 April 14, 2023 April 28, 2023 May 12, 2023 May 15, 2023 May 31, 2023 June 14, 2023 June 15, 2023 June 30, 2023 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 3/31/2023 Annualized Current Distribution Rate at NAV Market Price as of 3/31/2023 Annualized Current Distribution Rate at Market RiverNorth Opportunistic Municipal Income Fund, Inc.1,2 RMI $0.0974 -- $17.39 6.72% $16.75 6.98% RiverNorth Managed Duration Municipal Income Fund, Inc.1,2 RMM $0.0911 -- $16.38 6.67% $15.07 7.25% RiverNorth Flexible Municipal Income Fund, Inc.1,2 RFM $0.0985 -- $17.64 6.70% $15.49 7.63% RiverNorth Flexible Municipal Income Fund II, Inc.1,2 RFMZ $0.0865 -- $15.41 6.74% $13.50 7.69% RiverNorth Managed Duration Municipal Income Fund II, Inc.1,2 RMMZ $0.0971 -- $17.38 6.70% $15.07 7.73% Taxable Distributions Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 3/31/2023 Annualized Current Distribution Rate at NAV Market Price as of 3/31/2023 Annualized Current Distribution Rate at Market RiverNorth Opportunities Fund, Inc.3 RIV $0.1278 -- $12.43 12.34% $11.36 13.50% RiverNorth Capital and Income Fund, Inc.4* RSF $0.1424 -- $16.74 10.21% $15.43 11.07% RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.5 OPP $0.1021 -- $9.82 12.48% $8.56 14.31% * Formerly known as RiverNorth Specialty Finance Corporation. Effective December 7, 2022 the Fund changed its name to RiverNorth Capital and Income Fund, Inc. Capital Gain Distribution RiverNorth Flexible Municipal Income Fund’s capital gain distribution is in addition to its regular monthly distribution. It represents previously undistributed net long-term capital gains realized in 2022. Ex Date Record Date Payable Date Long-Term Capital Gain Distribution Per Share April 13, 2023 April 14, 2023 April 28, 2023 $0.396714 RMI, RMM, RFM, RFMZ, RMMZ, RIV, RSF and OPP are closed-end funds. Holders of each Fund’s common stock will receive the distribution under one of two options: 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 $5.1 billion6 in assets under management as of February 28, 2023, 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. 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 their level distribution policies, the annual distribution rates for RMI, RMM, RFM, RFMZ and RMMZ have been set equal to 6.75% of the average of each Fund’s NAV per share as reported for the final five trading days of the preceding calendar year. 3 In accordance with its level distribution policy, RIV’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. 4 In accordance with its level distribution policy, RSF’s annual distribution rate has been set equal to 10.00% of the average of the Fund’s NAV per common share reported on the final five trading days of the preceding calendar year. 5 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. 6 Firm AUM reflects Managed Assets which includes the effects of leverage and investments in affiliated funds. 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. Member Firm ALPS Distributors Inc. Chris Lakumb is a registered representative of ALPS Distributors, Inc. Marketing services provided by ALPS Distributors Inc. RiverNorth Capital Management, LLC is not affiliated with DoubleLine Capital LP, or ALPS Distributors, Inc. 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. ©2000-2023 RiverNorth Capital Management, LLC. All rights reserved. RMI000310

RFM is at a much better valuation, but the fund also has a lot of negatives. They've changed their managed distribution plan so that the hit to the payout this year was lower.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--In accordance with the RiverNorth closed-end funds' (the “Funds”) level distribution policies, the distribution rates have been reset for the calendar year 2023, as detailed below. Further, the Funds have declared distributions for January, February and March 2023. Ex Date Record Date Payable Date January 12, 2023 January 13, 2023 January 31, 2023 February 14, 2023 February 15, 2023 February 28, 2023 March 14, 2023 March 15, 2023 March 31, 2023 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 12/30/2022 Annualized Current Distribution Rate at NAV Market Price as of 12/30/2022 Annualized Current Distribution Rate at Market RiverNorth Opportunistic Municipal Income Fund, Inc.1,2 RMI $0.0974 ($0.0066) $17.40 6.72% $16.35 7.15% RiverNorth Managed Duration Municipal Income Fund, Inc.1,3 RMM $0.0911 ($0.0018) $16.26 6.72% $14.40 7.59% RiverNorth Flexible Municipal Income Fund, Inc.1,4 RFM $0.0985 ($0.0077) $17.61 6.71% $15.68 7.54% RiverNorth Flexible Municipal Income Fund II, Inc.1,5 RFMZ $0.0865 ($0.0063) $15.48 6.71% $13.53 7.67% RiverNorth Managed Duration Municipal Income Fund II, Inc.1,6 RMMZ $0.0971 ($0.0071) $17.38 6.70% $15.18 7.68% Taxable Distributions Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 12/30/2022 Annualized Current Distribution Rate at NAV Market Price as of 12/30/2022 Annualized Current Distribution Rate at Market RiverNorth Opportunities Fund, Inc.7 RIV $0.1278 ($0.0422) $12.27 12.50% $12.28 12.49% RiverNorth Capital and Income Fund, Inc.8* RSF $0.1424 ($0.0238) $17.12 9.98% $16.93 10.09% RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.9 OPP $0.1021 ($0.0457) $9.80 12.50% $8.68 14.12% * Formerly known as RiverNorth Specialty Finance Corporation. Effective December 7, 2022 the Fund changed its name to RiverNorth Capital and Income Fund, Inc. 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 6.75% of the average of the Fund’s NAV per share as reported for the final five trading days of the preceding calendar year. 3 In accordance with its level distribution policy, RMM’s annual distribution rate has been set equal to 6.75% of the average of the Fund’s NAV per share as reported for the final five trading days of the preceding calendar year. 4 In accordance with its level distribution policy, RFM’s annual distribution rate has been set equal to 6.75% of the average of the Fund’s NAV per share as reported for the final five trading days of the preceding calendar year. 5 In accordance with its level distribution policy, RFMZ’s annual distribution rate has been set equal to 6.75% of the average of the Fund’s NAV per share as reported for the final five trading days of the preceding calendar year. 6 In accordance with its level distribution policy, RMMZ’s annual distribution rate has been set equal to 6.75% of the average of the Fund’s NAV per share as reported for the final five trading days of the preceding calendar year. 7 In accordance with its level distribution policy, RIV’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 average of the Fund’s NAV per common share reported on the final five trading days of the preceding calendar year. 9 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. 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 $5.0 billion10 in assets under management as of November 30, 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. 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. Marketing services provided by ALPS Distributors Inc. ALPS and RiverNorth are not affiliated. 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. ©2000-2023 RiverNorth Capital Management, LLC. All rights reserved. RMI000293

2 out of 23 CEF sectors positive on price and 4 out of 23 sectors positive on NAV last week. DEX will merge with AGD.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--The RiverNorth Flexible Municipal Income Fund, Inc. (the “Fund”) has declared a year-end capital gain distribution, as detailed below. This year-end capital gain distribution is in addition to the Fund’s regular monthly distribution and is being paid to allow the Fund to meet its 2022 distribution requirement. Ex Date Record Date Payable Date December 22, 2022 December 23, 2022 December 30, 2022 Ticker Fund Name Short-Term Capital Gain Distribution Per Share Long-Term Capital Gain Distribution Per Share RFM1 RiverNorth Flexible Municipal Income Fund, Inc. $0.00000 $0.04001 1. RiverNorth does not provide tax advice; consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes as well as the AMT. Determination as to taxability will be provided in early 2023. Holders of the Fund’s common stock will receive the distribution under one of two options: 1. Receive additional full and fractional shares of the Fund’s common stock or, 2. Elect to receive cash for the dividend and distribution. Contact your broker-dealer where you hold the shares to confirm your distribution reinvestment election. As of the date of this release, the RiverNorth Opportunities Fund, Inc., the RiverNorth Capital and Income Fund, Inc., the RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., the RiverNorth Opportunistic Municipal Income Fund, Inc., the RiverNorth Managed Duration Municipal Income Fund, Inc., the RiverNorth Flexible Municipal Income Fund II, Inc., and the RiverNorth Managed Duration Municipal Income Fund II, Inc. do not anticipate having to make year-end capital gain distributions. Such determinations are based on then current estimates and are subject to change. About RiverNorth RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $4.9 billion2 in assets under management as of October 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. This data is for information only and should not be construed as an official tax form, nor should it be considered tax or investment advice. RiverNorth is not a tax advisor and investors should consult a tax professional for guidance regarding their specific tax situation. When preparing your tax return, please refer to your Form 1099-DIV and consult your legal or tax advisor. A portion of the distribution may be treated as paid from sources other than net income, including but not limited to short‐term capital gain, long‐term capital gain and return of capital. The final determination of the source of all distributions, including the percentage of qualified dividend income, is made after year‐end. Past performance is no guarantee of future results. Investors should consider the Fund's investment objective, risks, charges and expenses carefully before investing. The prospectus should be read carefully before investing. For more information, please read the prospectus, call your financial professional or call 844.569.4750. The Fund referenced above is a closed-end fund, and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering period has closed, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value. Shares of closed-end investment companies frequently trade at a discount to their net asset value and initial offering price. The risk of loss due to this discount may be greater for initial investors expecting to sell their shares in a relatively short period after completion of the initial public offering. Investments in the Fund is not appropriate for all investors and is not intended to be complete investment programs. The Fund is designed as a long-term investment and not as a trading vehicle. Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing in the common shares of the Fund, you should consider the risks as well as the other information in the Fund’s prospectus. 2 Firm AUM reflects Managed Assets which includes the effects of leverage and investments in affiliated funds. Chris Lakumb is a registered representative of ALPS Distributors, Inc. Not FDIC Insured | May Lose Value | No Bank Guarantee ALPS Distributors, Inc. is the FINRA Member Firm. 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. RMI000292

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--The RiverNorth closed-end funds (the “Funds”) have announced the declaration of monthly distributions for October, November and December 2022 in accordance with each Fund’s level distribution policy as detailed below. The following dates apply to the distribution declarations for RMI, RMM, RFM, RFMZ, RMMZ, OPP and RSF. Ex Date Record Date Payable Date October 13, 2022 October 14, 2022 October 31, 2022 November 14, 2022 November 15, 2022 November 30, 2022 December 14, 2022 December 15, 2022 December 30, 2022 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 9/30/2022 Annualized Current Distribution Rate at NAV Market Price as of 9/30/2022 Annualized Current Distribution Rate at Market RiverNorth Opportunistic Municipal Income Fund, Inc.1,2 RMI $0.1040 - $16.69 7.48% $15.60 8.00% RiverNorth Managed Duration Municipal Income Fund, Inc.1,3 RMM $0.0929 - $15.43 7.22% $14.62 7.63% RiverNorth Flexible Municipal Income Fund, Inc.1,4 RFM $0.1062 - $16.89 7.55% $15.55 8.20% RiverNorth Flexible Municipal Income Fund II, Inc.1,5 RFMZ $0.0928 - $14.82 7.51% $13.25 8.40% RiverNorth Managed Duration Municipal Income Fund II, Inc.1,6 RMMZ $0.1042 - $16.58 7.54% $15.33 8.16% Taxable Distributions Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 9/30/2022 Annualized Current Distribution Rate at NAV Market Price as of 9/30/2022 Annualized Current Distribution Rate at Market RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.7 OPP $0.1478 - $10.14 17.49% $9.20 19.28% RiverNorth Specialty Finance Corporation8 RSF $0.1662 - $17.29 11.53% $17.18 11.61% The following dates apply to the distribution declarations for RIV. Ex Date Record Date Payable Date October 13, 2022 October 14, 2022 October 31, 2022 November 18, 2022 November 21, 2022 November 30, 2022 December 14, 2022 December 15, 2022 December 30, 2022 Taxable Distributions Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 9/30/2022 Annualized Current Distribution Rate at NAV Market Price as of 9/30/2022 Annualized Current Distribution Rate at Market RiverNorth Opportunities Fund, Inc.9 RIV $0.1700 - $12.29 16.60% $12.18 16.75% 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. 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. 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. 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. 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. 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. 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. 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. In accordance with its level distribution policy, RIV’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. 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 $5.3 billion10 in assets under management as of August 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. 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. Marketing services provided by ALPS Distributors Inc. ALPS and RiverNorth are not affiliated. 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. RMI000281

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--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% 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

CHICAGO--(BUSINESS WIRE)--Several RiverNorth closed-end funds (the “Funds”) have announced the declaration of monthly distributions for April, May and June 2022 in accordance with each Fund’s level distribution policy, as detailed below. Ex Date Record Date Payable Date April 13, 2022 April 14, 2022 April 29, 2022 May 12, 2022 May 13, 2022 May 31, 2022 June 15, 2022 June 16, 2022 June 30, 2022 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 3/31/2022 Annualized Current Distribution Rate at NAV Market Price as of 3/31/2022 Annualized Current Distribution Rate at Market RiverNorth Opportunistic Municipal Income Fund, Inc.1,2 RMI $0.1040 ‒ $19.64 6.35% $18.55 6.73% RiverNorth Managed Duration Municipal Income Fund, Inc.1,3 RMM $0.0929 ‒ $18.16 6.14% $17.19 6.49% RiverNorth Flexible Municipal Income Fund, Inc.1,4 RFM $0.1062 ‒ $20.19 6.31% $18.58 6.86% RiverNorth Flexible Municipal Income Fund II, Inc.1,5 RFMZ $0.0928 ‒ $17.57 6.34% $16.40 6.79% RiverNorth Managed Duration Municipal Income Fund II, Inc.1,6 RMMZ $0.1042 ‒ $19.43 6.44% $19.29 6.48% Taxable Distributions Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 3/31/2022 Annualized Current Distribution Rate at NAV Market Price as of 3/31/2022 Annualized Current Distribution Rate at Market RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.7 OPP $0.1478 ‒ $12.89 13.76% $12.46 14.23% RiverNorth Specialty Finance Corporation8 RSF $0.1662 ‒ $19.35 10.31% $19.41 10.28% 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 $5.9 billion9 in assets under management as of February 28, 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

RFM has been declining along with other long-duration assets, which we would expect when the expectation is higher rates.