Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 32

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 32
---
 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 Adviser, the Board reviewed the Adviser’s estimates of its profitability and its financial condition. The
Board reviewed the Adviser’s financial statements and noted the Adviser’s financial condition is stable as income from its
asset management operations have contributed to higher revenues for the Adviser. The Board acknowledged the Adviser’s management
fees were comparable to those charged to other funds to which the Adviser provides advisory or sub-advisory services. The Board, including
the Independent Directors, determined that the Advisory Agreement, with respect to the Fund was not overly profitable to the Adviser and
the financial condition of the Adviser was adequate.

| 46 | www.rivernorth.com |

RiverNorth Opportunities Fund, Inc.

The Board noted that the Adviser has 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.

Conclusion

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

RiverNorth Opportunities Fund, Inc.

Data Privacy Policies and Procedures

| FACTS | WHAT DOES RIVERNORTH OPPORTUNITIES FUND DO WITH YOUR PERSONAL INFORMATION?                                                                                                                                                                                                                                       |
| WHY?  | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| WHAT? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:                                                                                                                                                                          |

| ●    Social         
 Security number     
 ●    Assets         
 ●    Retirement     
 Assets              
 ●    Transaction    
 History             
 ●    Checking       
 Account Information | ●    Purchase         
 History               
 ●    Account          
 Balances              
 ●    Account          
 Transactions          
 ●    Wire             
 Transfer Instructions |

|      | When you are no longer our customer, we continue to share your information