Cornerstone Progressive Return Fund Announces the Commencement of Its Rights Offering

NEW YORK, NY--(Marketwired - May 1, 2014) - Cornerstone Progressive Return Fund (the "Fund") (NYSE MKT: CFP) announced today that the subscription period for its rights offering to holders of the Fund's common shares of beneficial interest will commence on Tuesday, May 6, 2014.

The Fund is issuing to its shareholders non-transferable rights entitling the holders to subscribe for an aggregate of 13,181,638 common shares of beneficial interest. Each shareholder is to be issued one right for each whole share owned on the record date, May 1, 2014.

The rights entitle shareholders to acquire one share for each three rights held. The subscription period will commence on or about Tuesday, May 6, 2014, and will expire at 5:00 p.m., EDT, on Friday, May 30, 2014, (the "Expiration Date") unless extended. 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 or (ii) 90% of the market price per share at such time.

Cornerstone Progressive Return Fund is a closed-end, diversified management investment company and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended.

Cornerstone Progressive Return Fund is traded on the NYSE MKT LLC under the trading symbol "CFP". Cornerstone Advisors, Inc., the Fund's investment adviser, also serves as the investment adviser to two other closed-end funds, Cornerstone Strategic Value Fund, Inc. (NYSE MKT: CLM) and Cornerstone Total Return Fund, Inc. (NYSE MKT: CRF). For more information regarding Cornerstone Progressive Return Fund, Cornerstone Strategic Value Fund, Inc. and Cornerstone Total Return Fund, Inc. please visit www.cornerstoneprogressivereturnfund.com, www.cornerstonestrategicvaluefund.com, and www.cornerstonetotalreturnfund.com.

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 toll-free at (800) 581-4001 and should be read carefully before investing.