Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 29

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 29
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 shares
are trading at a discount), the Plan Administrator will invest the Dividend amount in common shares acquired on behalf of the participants
in Open-Market Purchases.

In the event of a market discount on the payment
date for any Dividend, the Plan Administrator will have until the last business day before the next date on which the common shares trade
on an “ex-dividend” basis or 30 days after the payment date for such Dividend, whichever is sooner (the “Last Purchase
Date”), to invest the Dividend amount in common shares acquired in Open-Market Purchases. It is contemplated that the Fund will
pay monthly income Dividends. If, before the Plan Administrator has completed its Open-Market Purchases, the market price per common share
exceeds the NAV per common share, the average per common share purchase price paid by the Plan Administrator may exceed the NAV of the
common shares, resulting in the acquisition of fewer common shares than if the Dividend had been paid in Newly Issued Common Shares on
the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan
Administrator is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount
shifts to a market premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may invest the
uninvested portion of the Dividend amount in Newly Issued Common Shares at the NAV per common share at the close of business on the Last
Purchase Date.

| 36 | (888) 848-7569 | www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

The Plan Administrator maintains all shareholders’
accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders
for tax records. Common shares in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant,
and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all
proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the
participants.

Beneficial owners of common shares who hold their
common shares in the name of a broker or nominee should contact the broker or nominee to determine whether and how they may participate
in the Plan. In the case of common shareholders such as banks, brokers