Corrected year-end capital acquire data for RiverNorth Versatile Municipal Earnings Fund, Inc. and RiverNorth Opportunistic Municipal Earnings Fund, Inc.

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Corrected year-end capital gain information for RiverNorth Flexible Municipal Income Fund, Inc. and RiverNorth Opportunistic Municipal Income Fund, Inc.

CHICAGO–(BUSINESS WIRE) – RiverNorth Flexible Municipal Income Fund, Inc. (NYSE: RFM) and RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE: RMI) announce corrections to information discussed in relation to the distribution of capital gains at the end of each fund below. This corrects the information previously announced in a press release dated December 4, 2020.

The RiverNorth Flexible Municipal Income Fund, Inc. has determined that no distribution of capital gains is required at year end. The December 4, 2020 news release incorrectly contained a dividend amount that consisted of short-term capital gains of $ 0.22830 and long-term capital gains of $ 0.04687.

The correct dividend amount for year-end capital gains distribution for RiverNorth Opportunistic Municipal Income Fund, Inc. is as follows:

RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE: RMI) 1

Short-term capital gains distribution per share

Long-term capital gains distribution per share

Revised

$ 0.00000

$ 0.19489

  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.

The December 4, 2020 press release originally disclosed a dividend amount consisting of long-term capital gains of $ 0.31355. There are no changes to the data for the distribution, which are adjusted below:

Ex date

Recording date

date of payment

December 16, 2020

17th December 2020

December 31, 2020

All changes described are made in response to corrected excise tax calculations provided by the Fund Administrator. There are no changes to the regular monthly distributions of the Funds which are expected to be paid on December 31, 2020 to shareholders of record on December 17, 2020. All other information in the press release dated December 4, 2020 remains unchanged.

Disclosure

For every distribution that does not consist solely of the investment result, the respective fund will send the unitholders a notification with detailed information on the amount and composition of the distribution and other related information. The amounts and sources of dividends disclosed in the notice to shareholders are estimates only and are not provided for tax reporting purposes. The actual amounts and sources of amounts for tax reporting purposes will depend on the investment experience of the Fund throughout its financial year and are subject to change due to tax regulations. Each Fund will send Shareholders a Calendar Year 1099-DIV Form instructing 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 on investment. A return on investment occurs when some or all of the money that Shareholders have invested in the Fund is returned to them. A return on investment does not necessarily reflect the investment performance of the Fund and should not be confused with “return” or “income”. Such a return on investment reduces the total assets of the Fund and could therefore increase the Fund’s expense ratio. In addition, the Fund may need to sell its portfolio securities at a less convenient time in order to meet the dividends required under its plan.

About RiverNorth

RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $ 4.4 billion of assets under management2 as of October 31, 2020, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to capitalize on inefficiencies is greatest. RiverNorth is an institutional investment manager for registered funds, private funds, and separately managed accounts.

These data are for informational purposes only and should not be construed as an official tax form, nor as tax or investment advice. RiverNorth is not a tax advisor and investors should consult a tax advisor for information about their specific tax situation. Information on how to prepare your tax return can be found in your Form 1099-DIV. Contact your legal or tax advisor.

A portion of the distribution may be treated as being paid from sources other than net income including, but not limited to, short-term capital gain, long-term capital gain and return on capital.

Past performance is no guarantee of future results.

Investors should carefully consider the investment objective, risks, fees and expenses of the Fund before investing. The prospectus should be read carefully before investing. Further information is available in the prospectus, from your financial professional or on 844.569.4750.

The above funds are closed-end funds, and closed-end funds do not continuously issue stocks for sale as they do with mutual funds. Since the IPOs ended, every fund has been on the secondary market. Investors wishing to buy or sell stocks must place orders through an intermediary or broker. A closed-end fund’s share price is based on market value.

Closed-ended investment company shares often trade at a discount to their net asset value and initial issue price. The risk of loss from this discount can be greater for first-time investors who expect to sell their shares in a relatively short time after the IPO is complete.

Investments in the Fund are not suitable for all investors and are not intended as a complete investment program. The Funds are designed as a long-term investment and not a trading instrument.

The risk is associated with every investment. Investing in the safety of an investment company carries risk, including the risk that you may get little or no return on your investment, or even lose some or all of your investment. Therefore, before investing in the common stocks of any Fund, you should consider the risks and other information in the prospectus for each Fund.

2 Firm AUM reflects managed assets, including the effects of leverage and investments in affiliated funds.

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.

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