Cornerstone Progressive Return Fund Announces the Commencement of Its Rights Offering

NEW YORK, NY--(Marketwire - May 22, 2012) - Cornerstone Progressive Return Fund (the "Fund") (NYSE MKT: CFP) (NYSE Amex: CFP) announced today that the subscription period for its rights offering to holders of the Fund's common shares will commence on Friday, June 1, 2012.

The Fund is issuing to its shareholders non-transferable rights entitling the holders to subscribe for an aggregate of 5,258,703 common shares. Each shareholder is to be issued one right for each whole share owned on the record date, May 22, 2012.

The rights entitle shareholders to acquire one share for each three rights held. The subscription period will commence on Friday, June 1, 2012, and will expire at 5:00 p.m., New York time, on Friday, June 22, 2012, unless extended (the "Expiration Date"). The actual subscription price per share, as determined on the Expiration Date, will be the greater of (i) 107% of the net asset value per share as calculated at the close of trading on the Expiration Date and (ii) 90% of the market price per share at such time.

Cornerstone Progressive Return Fund is a diversified, closed-end management company organized as an unincorporated Delaware statutory trust and is registered with the Securities & Exchange Commission under the Investment Company Act of 1940, as amended. The Fund is listed on the NYSE MKT under the ticker symbol "CFP".

For further information regarding the Fund's rights offering, or to obtain a Prospectus, please contact AST Fund Solutions, LLC, the Fund's Information Agent, toll free at (800) 581-4001.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.

Please consider the Fund's investment objective, risks and charges and expenses carefully before investing. The prospectus, which contains this and other information about the Fund, can be obtained by calling (800) 581-4001 and should be read carefully before investing.