Cornerstone Progressive Return Fund Announces Record Date for Rights Offering

NEW YORK, NY--(Marketwire - May 11, 2012) - Cornerstone Progressive Return Fund (NYSE Amex: CFP) (the "Fund") announced today that it has fixed the close of business on May 22, 2012 as the record date for determination of shareholders entitled to participate in the Fund's 1-for-3 rights offering. Each shareholder will receive one non-transferable right for each share held as of the record date. For every three rights a common shareholder receives, they will be entitled (but not required) to purchase one new share of the Fund at a subscription price equal to the greater of (i) 107% of net asset value per share as calculated at the close of trading on the expiration date of the offering or (ii) 90% of the market price per share at such time. Fractional shares will not be issued. In addition to the shares offered in the primary subscription, the Fund will offer a 100% over-allotment to oversubscribing shareholders. Shareholders who fully subscribe in the primary offering will have the option to oversubscribe for additional shares which may be available.

The offering is subject to an effective registration statement covering the rights and shares to be issued and to other customary regulatory filings and approvals. Any rights offering conducted by the Fund will be made only by means of a prospectus.

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

Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price that is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund's investment objective, risks, charges and expenses. Please read the Fund's disclosure documents before investing.

In addition to historical information, this release contains forward-looking statements, which may concern, among other things, domestic and foreign markets, industry and economic trends and developments and government regulation and their potential impact on the Fund's investment portfolio. These statements are subject to risks and uncertainties, including the factors set forth in the Fund's disclosure documents, filed with the SEC, and actual trends, developments and regulations, in the future and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.