Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 37

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 37
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ems advisable and furnishes
or arranges to be furnished a continuous investment program for the Fund consistent with the Fund’s investment objective and policies.
The Board reviewed the Form ADV of the Sub-Adviser, which provided details regarding the experience of the Sub-Adviser’s investment
personnel. The Sub-Adviser also provided additional information regarding its operations and experience managing other investment accounts.
Based on the foregoing information, the Board, including the Independent Directors, concluded that the Sub-Adviser had provided quality
services and would continue to do so for the Fund.

Profitability and Other Benefits

As to the cost of the services provided and the
profits to be realized by the Sub-Adviser, the Board reviewed the Sub-Adviser’s financial condition. The Board noted that the financial
condition of the Sub-Adviser was stable. The Board, including the Independent Directors, determined that the Sub-Advisory Agreement and
the compensation to the Sub-Adviser was reasonable and the financial condition of the Sub-Adviser was adequate. The Board noted that the
Sub-Adviser had no affiliations with the Fund’s transfer agent, fund accountant, custodian, or distribution related service providers
utilized by the Fund and therefore does not derive any benefits from the relationships these parties may have with the Fund.

| 42 | (888) 848-7569 | www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

Conclusion

Having requested and received such information
from the Adviser and Sub-Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement,
and as assisted by the advice of independent counsel, the Board, including the Independent Directors, concluded that renewal of the Sub-Advisory
Agreement was in the best interests of the Fund and its shareholders.

Board of Directors

Patrick W. Galley, CFA, Chairman

John K. Carter

J. Wayne Hutchens

David M. Swanson

Jerry R. Raio

Lisa B. Mougin

Investment Adviser

RiverNorth Capital Management, LLC

Sub Adviser

MacKay Shields LLC

Fund Administrator

ALPS Fund Services, Inc.

Transfer Agent and

Dividend Disbursing Agent

DST Systems, Inc.

Custodian

State Street Bank and Trust Company

Independent Registered

Public Accounting Firm

Cohen & Company, Ltd.

River