Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 36

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 36
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 experience
and qualifications of the personnel providing such services, (iv) the costs of the services provided and the profits to be realized by
the Sub-Adviser and any of its affiliates from the relationship with the Fund, (v) the extent to which economies of scale will be realized
by the Fund as it grows, and (vi) whether the fee level of the Fund reflected the economies of scale to the benefit of the Fund’s
shareholders.

The Directors relied upon the advice of independent
legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement
and the weight to be given to each such factor. The Directors’ conclusions were based on an evaluation of all of the information
provided and were not the result of any one factor. Moreover, each Director may have afforded different weight to the various factors
in reaching conclusions with respect to the Sub-Advisory Agreement. Although not meant to be all-inclusive, the following discussion summarizes
the factors considered and conclusions reached by the Directors in determining to renew the Sub-Advisory Agreement at the Meeting, and
at the November 4, 2024 special meeting of the Board that was held to review and discuss the materials and information the Board requested
from the Sub-Adviser related to the Sub-Advisory Agreement.

RiverNorth Flexible Municipal Income Fund II, Inc.

Performance, Fees and Expenses

The Board reviewed the performance of the portion
of the Fund managed by the Sub-Adviser. The Board recalled its deliberations regarding the Fund’s performance while considering
the renewal of the Advisory Agreement.

As to the comparative fees and expenses, the Board
considered the management fee paid by the Fund to the Adviser and noted that the Adviser pays the Sub-Adviser from its fee, which the
Board had previously determined was reasonable. The Board also compared the sub-advisory fee paid by the Adviser to the Sub-Adviser against
the fees the Sub-Adviser charges other clients to manage similar strategies.

Nature, Extent and Quality of Services

As to the nature, extent and quality of the services
provided by the Sub-Adviser, the Board considered that under the terms of the Sub-Advisory Agreement, the Sub-Adviser, subject to the
supervision of the Board, provides to the Fund such investment advice as the Sub-Adviser, in its discretion, de