2014 RiverNorth Equity Opportunity Fund Review & 2015 Outlook

On 2.4.2015, Portfolio Specialist Allen Webb and CIO Patrick Galley discussed the 2014 year-in-review for the RiverNorth Equity Opportunity Fund and the outlook for 2015.

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Video recorded 2.4.2015. Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This information is provided for informational purposes only and should not be considered tax, legal, or investment advice. References to specific securities, asset classes, and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations. Opinions referenced are as of the day recorded and are subject to change due to changes in the market, economic conditions, or changes in the legal and/or regulatory environment and may not necessarily come to pass.

Fund Risks

Please see the prospectus for a more detailed description of these risks.

Convertible Security Risk - the market value of convertible securities adjusts with interest rates and the value of the underlying stock.

Currency Risk - foreign currencies will rise or decline relative to the U.S. dollar.

Equity Risk - the value of equity securities changes frequently.

Fixed Income Risk - the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default.

Foreign/Emerging Market Risk - foreign securities may be subject to inefficient or volatile markets, different regulatory regimes or different tax policies. These risks may be enhanced in emerging markets.

Investment Style Risk - investment strategies may come in and out of favor with investors and may underperform or outperform at times.

Mid-Cap Risk - mid-cap companies may be more susceptible to adverse business or economic events than large-cap companies.

Management Risk - there is no guarantee that the adviser's investment decisions will produce the desired results.

Market Risk - economic conditions, interest rates and political events may affect the securities markets.

Portfolio Turnover Risk - increased portfolio turnover results in higher brokerage expenses and may impact the tax status of distributions.

Preferred Stock Risk - preferred stocks generally pay dividends, but may be less liquid than common stocks, have less priority than debt instruments and may be subject to redemption by the issuer.

Small-Cap Risk - small-cap companies are more susceptible to failure, are often thinly traded and have more volatile stock prices.

Swap Risk - swap agreements are subject to counterparty default risk and may not perform as intended.

Tax Risk - new federal or state governmental action could adversely affect the tax-exempt status of securities held by the Fund, resulting in higher tax liability for shareholders and potentially hurting Fund performance as well.

Underlying Fund Risk - underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values.

Definitions

The price at which a closed-end fund trades often varies from its NAV. Some funds have market prices below their net asset values - referred to as a discount. Conversely, some funds have market prices above their net asset values - referred to as a premium.

Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta).

Beta reflects the sensitivity of a fund's return to fluctuations in the market index. A beta of 0.5 reflects half of the market's volatility as represented by the Fund's primary benchmark, while a beta of 2.0 reflects twice the volatility. The Fund's beta was 0.89 as of 12/31/2014 (RNDIX).

The S&P 500 Total Return Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy based on the changing aggregate market value of these 500 stocks. The index cannot be invested in directly and does not reflect fees and expenses.

The Russell 1000 Value Index measures performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. The index cannot be invested in directly and does not reflect fees and expenses.

Standard deviation is a measure of the volatility of a fund's returns.

30-Day SEC Yield (or Current Yield): The yield figure reflects the dividends and interest earned during the period, after the deduction of the Fund's expenses. Unsubsidized 30-Day SEC Yield excludes contractual expense reimbursements, resulting in a lower yield. As of 12.31.2014, 30-Day SEC Yield (net): RNDIX 3.86%, RNEOX 3.56%; 30-Day SEC Yield (unsubsidized): RNDIX 3.22%, RNEOX 2.93%.

Past performance is not a guarantee of future results. Diversification does not ensure a profit or guarantee against loss.

Investing involves risk. Principal loss is possible.

An investor should consider the investment objectives, risks, charges and expenses of the Funds (or of the Investment Company) carefully before investing. To obtain a prospectus containing this or other information, please call (888) 848-7569 or download the file from www.rivernorth.com. Read the prospectus carefully before you invest.

The Funds are distributed by ALPS Distributors, Inc. Member FINRA.

ALPS Distributors, Inc. is not affiliated with RiverNorth Capital Management, LLC.

NOT FDIC INSURED * NO BANK GUARANTEE * MAY LOSE VALUE

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