Cornerstone Funds Increase Monthly Distribution Amounts, Reaffirm Distribution Policies.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 24, 2003

The Boards of Directors of Cornerstone Strategic Value Fund, Inc. (AMEX: CLM), Cornerstone Total Return Fund, Inc. (AMEX: CRF), and Progressive Return Fund, Inc. (AMEX: PGF), (the "Cornerstone Funds") each announced an increase in their respective fixed monthly distribution amounts. Commencing with distributions to be paid on December 31, 2003 with a record date of December 15, 2003, Cornerstone Strategic Value Fund, Inc. will increase its fixed monthly distribution to $0.087 per share ($1.044 per year) from the current level of $0.0825 per share, the distribution from Cornerstone Total Return Fund, Inc. will increase to $0.176 ($2.112 per year) from $0.165, and the Progressive Return Fund, Inc. distribution will increase to $0.282 ($3.384 per year) from $0.2675. Distributions may consist of a combination of income, capital gains and return-of-capital.

In response to recent action taken by other closed-end funds resulting in reductions to their distribution levels, and articles in the press suggesting that additional funds may follow suit, the Boards of Directors of the Cornerstone Funds believe it is important to reaffirm their intention to continue the respective fixed-payout distribution policies of each of their Funds indefinitely. Recent announcements from The Zweig Fund, Inc. (ZF) and The Zweig Total Return Fund, Inc. (ZTR), indicated that their fixed distribution policies "will be gradually phased to a variable distribution by the end of the year", and further stated that their long-standing fixed distribution policy "is now considered no longer appropriate in light of current conditions in the capital markets and economy." In contrast to this position, the respective Boards of the Cornerstone Funds intend to maintain the total annual amount of their fixed distributions at or above the announced levels, regardless of current or future economic or market conditions.

We believe that stockholders are well served by a fixed-payout policy that provides regular distributions whether markets are up or down. These distributions demonstrate our on-going commitment to enhancing shareholder value, they increase liquidity and provide flexibility by allowing each shareholder to choose between receiving each distribution in cash or reinvesting in additional shares of the Funds. These fixed-payout policies, coupled with significant improvements in the Funds' expense ratios and portfolio performance, have been enthusiastically supported by our stockholders, as measured by increases in the market prices of the underlying shares of our Funds.

Cornerstone Strategic Value Fund, Inc. (CLM), Cornerstone Total Return Fund, Inc. (CRF), and Progressive Return Fund, Inc. (PGF) are all traded on the American Stock Exchange, LLC. The Fund's investment manager is Cornerstone Advisors, Inc.