RiverNorth Launches RiverNorth Flexible Municipal Income Fund II, Inc. With MacKay Municipal Managers™*

RiverNorth Capital Management, LLC ("RiverNorth"), an investment management firm specializing in opportunistic strategies, announced the launch of the RiverNorth Flexible Municipal Income Fund II, Inc.
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RiverNorth Capital Management, LLC ("RiverNorth"), an investment management firm specializing in opportunistic strategies, announced the launch of the RiverNorth Flexible Municipal Income Fund II, Inc. (the "Fund"), a new municipal focused closed-end fund. RiverNorth will act as the investment adviser to the Fund and MacKay Shields LLC ("MacKay Shields") will act as subadviser. This is the fourth fund co-managed by the investment firms. The Fund will use the load waived pricing structure pioneered by RiverNorth. As a result, investors will not pay any upfront expenses, which allows the Fund to be priced at its initial net asset value (NAV) of $20.00 per share. Trading on the New York Stock Exchange began on February 24, 2021 under the symbol "RFMZ."

"We are delighted to announce the successful launch of the Fund, which was driven by strong investor demand for additional access points to the municipal asset class," said Patrick Galley, RiverNorth's Chief Executive Officer and Chief Investment Officer. "We view the current market environment as an attractive entry point for our investment strategy and fertile ground for active trading. In our experience, an opportunistic approach to buying closed-end funds has the potential to provide excess return. When discounts widen, we intend to allocate more of the Fund's capital to closed-end funds and when discounts narrow, we would monetize that return by selling closed-end funds and rotating capital to MacKay Municipal Managers for direct investments in municipal securities."

The Fund's primary investment objective is current income exempt from regular U.S. federal income taxes (but which may be includable in taxable income for purposes of the Federal alternative minimum tax). The Fund's secondary investment objective is total return. As the investment adviser, RiverNorth will strategically allocate the Fund's assets between two principal investment strategies: the Tactical Municipal Closed-End Fund Strategy, managed by RiverNorth, and the Municipal Bond Income Strategy, managed by MacKay Shields. As a means to potentially add trading support in the secondary market, the Fund intends to implement a common share repurchase plan, which is expected to start approximately 60 calendar days following the overallotment period. The repurchase plan will continue until the earlier of (i) repurchases of 2,200,000 of its outstanding shares in the open market or (ii) 90 calendar days following the start of the plan.

"We are thrilled to join RiverNorth for a fourth time on this new closed-end fund," said Robert DiMella, Executive Managing Director and Portfolio Manager of MacKay Shields. "We think this specific type of municipal closed-end fund is about as ideal as it gets. What I mean by that is it has two active money managers coming together to try to extract the full value and the best opportunities that are in the municipal marketplace. In our view, it's really a best ideas kind of strategy, from closed-end funds to individual municipal bonds."

The Fund raised $440 million in its initial public offering of shares of common stock. Should the underwriters exercise the overallotment option in full, which may or may not occur, the Fund will raise approximately $506 million.

The lead managers of the underwriting syndicate were UBS Investment Bank, Wells Fargo Securities, RBC Capital Markets and Stifel.

For more information, please visit us at www.rivernorth.com.

About RiverNorth

RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With approximately $4.4 billion in assets under management as of January 31, 2021, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is the investment manager to multiple registered and private funds.

About MacKay Shields LLC

MacKay Shields LLC ("MacKay Shields") is an indirect wholly-owned subsidiary of New York Life Insurance Company and a wholly-owned subsidiary of New York Life Investment Management Holdings LLC. MacKay Shields is a fixed-income and equity investment management firm with approximately $158.6 billion in assets under management as of January 31, 2021. MacKay Shields manages fixed-income and equity strategies for high-net worth individuals, institutional clients, and mutual funds.

The Fund has no operating history. An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.

This document is not an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus. The information in this press release is not complete and is subject to change.

Investors should read the Fund's prospectus and 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 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 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.

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 prospectus.

Although the fund is load waived, normal fund expenses still apply.

Please consult your personal tax advisor regarding the tax implications of owning this fund.

*MacKay Municipal Managers™ is a trademark owned by MacKay Shields LLC used to describe a portfolio management team within Mackay Shields LLC. ©2021, MacKay Shields LLC. All Rights Reserved.

RiverNorth is not affiliated with MacKay Shields, UBS Investment Bank, Wells Fargo Securities, RBC Capital Markets and Stifel.

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

©2000-2021 RiverNorth Capital Management, LLC. All rights reserved.

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RMI000199 Exp. 3.31.23

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