RiverNorth/DoubleLine Strategic Opportunities Fund, Inc. Announces Adoption of Managed Distribution Plan of $0.15 Per Share

CHICAGO–(BUSINESS WIRE)–RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (the “Fund”),
which is traded on the New York Stock Exchange under the symbol “OPP”,
announced today that its Board of Directors has approved the adoption of
a managed distribution plan in accordance with RiverNorth Capital
Management, LLC Section 19(b) exemptive order whereby the Fund will,
beginning in October 2017, make monthly distributions to common
shareholders set initially at a fixed monthly rate of $0.15 per common
share. Distributions for the months of October, November, and December
2017 have been announced. The distribution is subject to the following
ex-distribution, record and payable dates below set by the Fund’s Board
of Trustees. Based on the Fund’s current share price of $19.10 (as of
market close September 29, 2017), the distribution represents an
annualized distribution rate of 9.42%.

The following dates apply to the distributions declared:

             
Ex Date     Record Date     Payable Date
October 12, 2017     October 13, 2017     October 31, 2017
November 16, 2017     November 17, 2017     November 30, 2017
December 14, 2017     December 15, 2017     December 29, 2017
       

The primary purpose of the managed distribution plan is to provide
shareholders with a constant, but not guaranteed, fixed minimum rate of
distribution each month. The managed distribution plan is intended to
narrow the discount between the market price and the NAV of the Fund’s
common shares, but there is no assurance that the plan will be
successful in doing so.

Under the managed distribution plan, to the extent that sufficient
investment income is not available on a monthly basis, the Fund’s
distributions may consist of long-term capital gains and/or return of
capital in order to maintain the distribution rate. Investors should not
make any conclusions about the Fund’s investment performance from the
amount of the Fund’s distributions or from the terms of the Fund’s
managed distribution plan. The Board may amend the terms of the plan or
terminate the plan at any time without prior notice to the Fund’s
shareholders. The amendment or termination of the managed distribution
plan could have an adverse effect on the market price of the Fund’s
common shares. The managed distribution plan will be subject to periodic
review by the Board, including a yearly review of the annual minimum
fixed rate to determine if an adjustment should be made.

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 $3.6 billion1 in assets under
management as of August 31, 2017, 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 800.617.0004.

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.

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

Not FDIC Insured | May Lose Value | No Bank Guarantee

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

©2000-2017 RiverNorth Capital Management, LLC. All rights reserved.

Contacts

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
Investor
Contact

Allen Webb, CFA
312.445.2266
awebb@rivernorth.com