Vivaldi Opportunities Fund (NYSE: VAM) and Angel Oak Financial Strategies Income Term Trust (NYSE: FINS) Announce Shareholder Approvals for Reorganization

Vivaldi Opportunities Fund (NYSE: VAM) has announced that a merger proposal with Angel Oak Financial Strategies Income Term Trust (NYSE: FINS) was approved at a Special Meeting of VAM shareholders held on May 26, 2020. Similarly, Angel Oak Financial Strategies Income Term Trust announced that the issuance of additional common shares of beneficial interest of FINS in connection with the merger proposal was approved by its shareholders at a Special Meeting of FINS shareholders held today.

With shareholder approval, the closing of the transaction is anticipated for the close of business on Friday, June 5, 2020. After June 5, 2020, VAM shares will no longer be available to purchase or sell on the New York Stock Exchange. Holders of VAM shares will exchange their shares for FINS shares based on the funds’ relative net asset values ("NAV") at the close of business on June 5, 2020. When the New York Stock Exchange opens on June 8, 2020, the shareholders of VAM will hold newly issued common shares of FINS, issued at FINS NAV as of close of business on June 5, 2020, with the same value as their VAM shares, with any fractional shares to be paid out in cash.

In anticipation of the reorganization transaction, the VAM Board of Directors voted to cease any further distributions after the May 2020 distribution that was paid on May 15, 2020. The first post-closing monthly distribution by FINS is anticipated to have an ex-dividend date of June 15, 2020.

For more information about VAM, visit www.vivaldifunds.com. For more information about FINS, visit www.angeloakcapital.com.

About VAM

Vivaldi Asset Management, LLC is the Investment Manager to the Fund. Angel Oak Capital Advisors, LLC and RiverNorth Capital Management, LLC each serve as a Sub-Advisor to the Fund.

About Vivaldi Asset Management, LLC

Vivaldi Asset Management, LLC is an SEC-registered investment adviser which, together with its affiliates, has approximately $3 billion of assets under management. Founded in 2013, Vivaldi specializes in structuring and managing both single and multi-strategy registered public funds. Vivaldi prides itself on its ability to combine rigorous research and risk management processes with disciplined portfolio construction and management. Vivaldi is headquartered in Chicago, Illinois. For more information about Vivaldi and their other registered fund solutions, please visit vivaldifunds.com.

About FINS

Led by Angel Oak’s experienced financial services team, FINS invests predominantly in community bank debt as well as selective opportunities in nonbank financial services debt. Under normal circumstances, at least 50% of FINS’s depository institution debt investments are publicly rated investment grade or, if unrated, scored as investment grade by Angel Oak.

About Angel Oak Capital Advisors, LLC

Angel Oak Capital Advisors is an investment management firm focused on providing compelling fixed-income investment solutions to its clients. Backed by a value-driven approach, Angel Oak Capital Advisors seeks to deliver attractive, risk-adjusted returns through a combination of stable current income and price appreciation. Its experienced investment team seeks the best opportunities in fixed income, with a specialization in mortgage-backed securities and other areas of structured credit.

VAM and FINS (together, the "Funds") are closed-end funds and do not continuously issue shares for sale as open-end mutual funds do. 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 for each Fund’s share.

An investment in a Fund is not appropriate for all investors and is not intended to be a complete investment program. The Funds are designed as a long-term investment and not as a trading vehicle. Investing in the Funds involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. A Fund’s net asset value will vary, its distribution rate may vary, and both may be affected by numerous factors, including changes in the market spread over a specified benchmark, market interest rates, and performance of the broader equity markets. Fluctuations in net asset value may be magnified as a result of a Fund’s use of leverage. Therefore, before investing you should carefully consider the risks that you assume when you invest in a Fund’s common shares.

Each Fund’s investment objective and policies are not designed to seek to return the initial investment to investors that purchase shares. Past performance is no guarantee of future results. An investor should consider a Fund’s investment objectives, risks, charges, and expenses carefully before investing. To obtain an annual report, semi-annual report or prospectus which contains this and other information for VAM, visit www.vivaldicef.com or call 866-668-6567. For more information regarding FINS, please contact your investment representative or Destra Capital Investments LLC at 877.855.3434. Please read documents carefully before investing.

NOT FDIC INSURED | May Lose Value | No Bank Guarantee

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Contacts

CONTACTS FOR VAM
MEDIA RELATIONS:
Monica Mehta, Director
info@vivaldifunds.com
312-248-8300

VAM TRANSFER AGENT:
American Stock Transfer & Trust Company, LLC
866-668-6567

DISTRIBUTOR:
Foreside Fund Services, LLC

CONTACTS FOR FINS
Randy Chrisman
Chief Marketing Officer, Angel Oak Capital Advisors
P: 404.953.4969
E: randy.chrisman@angeloakcapital.com

FINS TRANSFER AGENT:
U.S. Bank Global Fund Services