RiverNorth Opportunistic Municipal Income Fund, Inc. (the “Fund”) (NYSE: RMI) announced the declaration of monthly distributions of $0.0917 per common share for the months of April, May and June 2020, payable on the dates noted below. In accordance with the level distribution policy, the rate has been set equal to 5.50% based on the Fund’s initial public offering price of $20.00 per share (as of market close on October 26, 2018). Based on the Fund’s current net asset value (NAV) per share of $21.47 (as of market close March 31, 2020), the distributions represent an annualized distribution rate of 5.13%. Based on the Fund’s current market price per share of $20.12 the annualized market price distribution rate is 5.47%.

The following dates apply to the distributions declared:

Ex Date

Record Date

Payable Date

Per Share

April 15, 2020

April 16, 2020

April 30,2020

$0.0917

May 14, 2020

May 15, 2020

May 29,2020

$0.0917

June 15, 2020

June 16, 2020

June 30, 2020

$0.0917

Monthly distributions from the Fund are generally exempt from regular Federal income taxes. Unless otherwise stated in the Fund’s objectives, monthly distributions of the Fund may be subject to the Federal Alternative Minimum Tax for some shareholders. RiverNorth does not provide tax advice; consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

With each distribution that does not consist solely of net investment income, the Fund will issue a notice to shareholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its full fiscal year and may be subject to changes based on tax regulations. The Fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes.

The Fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. A return of capital occurs when some or all of the money that shareholders invested in the Fund is paid back to them. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ Any such returns of capital will decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make the level of distributions called for under its plan, the Fund may have to sell its portfolio securities at a less than opportune time.

About RiverNorth

RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $4.6 billion1 in assets under management as of February 29,2020, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is an institutional investment manager to registered funds, private funds and separately managed accounts.

This data is for information only and should not be construed as an official tax form, nor should it be considered tax or investment advice. RiverNorth is not a tax advisor and investors should consult a tax professional for guidance regarding their specific tax situation. When preparing your tax return, please refer to your Form 1099-DIV and consult your legal or tax advisor.

A portion of the distribution may be treated as paid from sources other than net income, including but not limited to short‐term capital gain, long‐term capital gain and return of capital.

Past performance is no guarantee of future results.

Investors should consider the Fund's investment objective, risks, charges and expenses carefully before investing. The prospectus should be read carefully before investing. For more information, please read the prospectus, call your financial professional or call 844.569.4750.

The Fund is a closed-end fund, and closed-end funds do not continuously issue shares for sale as open- end mutual funds do. Since the initial public offering has closed, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value.

Shares of closed-end investment companies frequently trade at a discount to their net asset value and initial offering price. The risk of loss due to this discount may be greater for initial investors expecting to sell their shares in a relatively short period after completion of the initial public offering.

An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.

Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing in the common shares of the Fund, you should consider the risks as well as the other information in the prospectus.

1 Firm AUM reflects Managed Assets, which includes assets attributable to leverage.

Not FDIC Insured | May Lose Value | No Bank Guarantee

ALPS Distributors, Inc. is the FINRA Member Firm

RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC.

©2000-2020 RiverNorth Capital Management, LLC. All rights reserved.

RMI000134

Investor Contact Chris Lakumb, CFA, CAIA 312.445.2336 clakumb@rivernorth.com

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