Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 26

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 26
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 greater than the net asset value per Common Share, the Plan Administrator will invest the Dividend amount in Newly Issued
Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant’s account
will be determined by dividing the dollar amount of the Dividend by the Fund’s net asset value per Common Share on the payment date.
If, on the payment date for any Dividend, the net asset value per Common Share is greater than the closing market value plus estimated
brokerage commissions (i.e., the Fund’s Common 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 net asset value per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the
net asset value 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 net asset value per Common Share at
the close of business on the Last Purchase Date.

RiverNorth Opportunities Fund, 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