Company: RFMZ
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009954
Chunk: 17

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-05-21
Form: 424B5
Chunk 17
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 for the Fund’s Common Shares.
Shares of common stock of closed-end investment companies frequently trade at a discount from NAV. See “Risks — Market Discount”
on page 24 of the accompanying Prospectus.

The following table shows, for
each fiscal quarter since the quarter ended June 30, 2020: (i) high and low NAVs per Common Share, (ii) the high and low sale prices per
Common Share, as reported as of the close of trading on the NYSE in the consolidated transaction reporting system, and (iii) the percentage
by which the Common Shares traded at a premium over, or discount from, the high and low NAVs per Common Share (using the closing market
price of each trading date compared to that day’s NAV per Common Share). The Fund’s NAV per Common Share is determined on
a daily basis. See “Net Asset Value” on page 28 of the accompanying Prospectus for information as to the determination of
the Fund’s NAV.

| Quarter Ended      
 March 31, 2021     | MARKET PRICE 
         High 
       $20.35 |    Low 
 $20.00 | NET ASSET VALUE 
            High 
          $20.00 |    Low 
 $20.04 | PREMIUM/(DISCOUNT) 
 TO NET ASSET VALUE 
 High               
 1.75%              | Low     
 -0.20%  |
|:-------------------|-------------:|-------:|----------------:|-------:|:-------------------|:--------|
| June 30, 2021      |       $20.79 | $19.94 |          $20.89 | $20.47 | -0.48%             | -2.58%  |
| September 30, 2021 |       $21.85 | $20.18 |          $20.52 | $20.39 | 6.48%              | -1.03%  |
| December 31, 2021  |       $20.97 | $19.38 |          $19.98 | $20.15 | 4.93%              | -3.82%  |
| March 31, 2022     |       $19.83 | $15.85 |          $20.36 | $17.47 | -2.60%             | -9.27%  |
| June 30, 2022      |       $16