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: