RFM RiverNorth Flexible Municipal Income Fund Inc

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20221213006069/en/

Investor Contact Chris Lakumb, CFA, CAIA 312.445.2336 clakumb@rivernorth.com

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