RiverNorth Opportunities Fund, Inc. Announces the Declaration of Monthly Distributions of $0.21 Per Share and the Approval of a 12.5% Level Distribution Policy

DENVER–(BUSINESS WIRE)–RiverNorth Opportunities Fund, Inc. (the “Fund”) (NYSE: RIV) announces
today that its Board of Directors (the “Board”) has approved the
declaration of monthly distributions for the months of November 2018 and
December 2018, and a new level distribution policy effective January 1,
2019. More information on each matter can be found below.

Declaration of Monthly Distributions

The Board has approved November 2018 and December 2018 distributions of
$0.21 per share of common stock, payable to the Fund’s stockholders on
the dates noted below. Based on the Fund’s current net asset value
(“NAV”) per share of $18.63 (as of market close September 24, 2018), the
distributions represent an annualized distribution rate of 13.53%.

The following dates apply to the distributions declared:

Ex Date			Record Date			Payable Date
November 15, 2018			November 16, 2018			November 30, 2018
December 17, 2018			December 18, 2018			December 31, 2018

Level Distribution Policy

The Board has also approved an amended level distribution policy (the
“Level Distribution Policy”) for the Fund, effective January 1, 2019,
under which the Fund intends to continue its current practice of making
monthly distributions to stockholders, but at a constant and fixed (but
not guaranteed) rate that is reset annually to a rate equal to 12.5% of
the average of the Fund’s NAV per share (the “Distribution Amount”), as
reported for the final five trading days of the preceding calendar year
(the “Distribution Rate Calculation”). The Fund’s intention under the
Level Distribution Policy is that monthly distributions paid to
stockholders throughout a calendar year will be at least equal to the
Distribution Amount (plus any additional amounts that may be required to
be included in a distribution for federal or excise tax purposes) and
that, on the close of the calendar year, the Distribution Amount
applicable to the following calendar year will be reset based upon the
new results of the Distribution Rate Calculation.

The Board, assisted by the advice of ALPS Advisors, Inc. and RiverNorth
Capital Management, LLC, believes that the Fund’s Level Distribution
Policy will better allow the Fund to maintain stable, consistent and
predictable rates of distribution that are more sustainable over the
long-term, since the Distribution Amount is tied to the Fund’s NAV and
will be adjusted each calendar year (as compared to a set distribution
amount not tied to the Fund’s NAV). However, there can be no guarantee
that the distribution policy will be successful in its goals. The Fund’s
ability to maintain a stable level of distributions to stockholders will
depend on a number of factors, including changes in the financial
market, market interest rates, and performance of overall equity and
fixed income markets. As portfolio and market conditions change, the
ability of the Fund to continue to make distributions in accordance with
the Level Distribution Policy may be affected.

The Board may amend the Level Distribution Policy, the Distribution
Amount or distribution intervals, or the Fund may cease distributions
entirely, at any time, without prior notice to stockholders. The
announcement of, amendment to, or later termination of this Level
Distribution Policy may have an adverse effect on the market price of
the Fund’s shares of common stock.

The Board expects that any declaration of distributions to stockholders,
including final amounts and dates applicable to each, will continue to
be made and announced quarterly. All Fund distributions may be payable
in cash or shares of common stock, with stockholders having the option
to receive additional common stock in lieu of cash. The Fund may at
times, in its discretion, pay out less than the entire amount of net
investment income earned in any particular period and may at times pay
out such accumulated undistributed income in addition to net investment
income earned in other periods in order to permit the Fund to maintain a
stable level of distributions. As a result, the dividend paid by the
Fund to stockholders for any particular period may be more or less than
the amount of net investment income earned by the Fund during such
period. For federal income tax purposes, the Fund is required to
distribute substantially all of its net investment income each year both
to reduce its federal income tax liability and to avoid a potential
federal excise tax. The Fund intends to distribute all realized net
capital gains, if any, at least annually.

To the extent that sufficient investment income is not available on a
monthly basis, the Fund’s distributions may consist of return of capital
in order to maintain the Distribution Amount. A return of capital occurs
when some or all of the money that stockholders 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, the Level Distribution Policy may require
the Fund to sell its portfolio securities at a less than opportune time
to meet the Distribution Amount.

Investors should not make any conclusions about the Fund’s investment
performance from the amount of the Fund’s distributions or the Fund’s
Level Distribution Policy. With each distribution that does not consist
solely of net investment income, the Fund will issue a notice to
stockholders 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
stockholders are only estimates and are not being provided for tax
reporting purposes. The actual amounts and sources of the distributions
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 individual stockholders a
Form 1099-DIV for the calendar year that will tell them how to report
these distributions for federal income tax purposes.

RiverNorth Opportunities Fund, Inc.

The investment objective of the Fund is total return consisting of
capital appreciation and current income. The Fund had approximately $101
million of net assets and 5.3 million shares of common stock outstanding
as of August 31, 2018.

The Fund is a closed-end fund and does not continuously issue stock for
sale as open-end mutual funds do. The Fund now trades in the secondary
market. Investors wishing to buy or sell stock need to place orders
through an intermediary or broker. The share price of a closed-end fund
is based on the market value. ALPS Advisors, Inc. is the investment
adviser to the Fund. RiverNorth Capital Management, LLC is the
investment sub-adviser to the Fund. RiverNorth is not affiliated with
ALPS or any of its affiliates.

An investor should consider the Fund’s investment objectives, risks,
charges and expenses carefully before investing. To obtain an annual
report or semi-annual report which contains this and other information,
visit www.rivernorthcef.com
or call 855.830.1222. Please read them carefully before investing.

SS&C Technologies

SS&C is a global provider of investment and financial software-enabled
services and software for the global financial services and healthcare
industries. Founded in 1986, SS&C is headquartered in Windsor,
Connecticut and has offices around the world. Some 13,000 financial
services and healthcare organizations, from the world’s largest
institutions to local firms, manage and account for their investments
using SS&C’s products and services.

ALPS Advisors, Inc.

ALPS, which was acquired by SS&C in April 2018, provides customized
asset servicing and asset gathering solutions to the financial services
community through an entrepreneurial culture based on the commitment to
“Do Things Right.” Founded in 1985, ALPS continues to actively promote
all of its various business segments, from asset servicing through ALPS
Fund Services, Inc. to asset gathering through ALPS Distributors, Inc.
and ALPS Advisors, Inc. Headquartered in Denver, with offices in Boston,
New York, Seattle, and Toronto, ALPS, a wholly-owned subsidiary of DST
Systems, Inc., today represents more than 400 employees, over 200
clients, and an executive team that has been in place for more than 18
years. For more information about ALPS and its services, visit www.alpsinc.com.
Information about ALPS products is available at www.alpsfunds.com.

RiverNorth Capital Management, LLC

RiverNorth is an investment management firm founded in 2000 that
specializes in opportunistic strategies in niche markets where the
potential to exploit inefficiencies is greatest. RiverNorth is the
manager to multiple registered and private funds.

ALPS Portfolio Solutions Distributor, Inc., FINRA Member.

NOT FDIC INSURED | May Lose Value | No Bank Guarantee

Contacts

SS&C Technologies
Jen Molgano, +1 617-648-0948
Public
Relations
jmolgano@sscinc.com