Cornerstone Strategic Value Fund, Inc. and Cornerstone Progressive Return Fund Announce Proposed Merger

NEW YORK, NY--(Marketwired - Feb 27, 2015) - Cornerstone Strategic Value Fund, Inc. (NYSE MKT: CLM) and Cornerstone Progressive Return Fund (NYSE MKT: CFP), (individually the "Fund" or, collectively, the "Funds"), each a closed-end management investment company, today announced that the Board of Directors/Trustees of each Fund (the "Board") has approved a merger proposal to be considered by stockholders/shareholders (individually "shareholder" or, collectively "shareholders") of each Fund at a Special Meeting of Shareholders expected to be held in the second quarter. The proposed fund merger is as follows:

Acquired Fund	Symbol	Acquiring Fund	Symbol
Cornerstone Progressive Return Fund	CFP	Cornerstone Strategic Value Fund, Inc.	CLM

BASIC TERMS OF THE MERGER SUBJECT TO SHAREHOLDER APPROVAL:

1. The Funds would be merged based on the relative net asset value of each Fund on the date the merger is consummated on an equivalent dollar basis for full shares and fractional shares. It is currently anticipated that the merger would be effective by the end of the second quarter. Specific details will be provided at a future date.
2. The investment objective of CLM, as the surviving Fund, is to seek long-term capital appreciation through investment primarily in equity securities of U.S. and non-U.S. companies. This objective will remain unchanged.
3. It is the intention of the Board of CLM to continue the managed distribution policy, so that all shareholders of the merged Fund would continue to receive regular monthly distributions.