Cornerstone Total Return Fund, Inc. Announces Earnings for the Quarter and Year Ended December 31, 2003.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 13, 2004

Cornerstone Total Return Fund, Inc. (the "Fund")(AMEX: CRF), a closed-end, diversified management investment company that seeks total return, consisting of capital appreciation and current income by investing primarily all of its assets in equity securities of U.S. and non-U.S. issuers, today announced results for the quarter and year ended December 31, 2003.

On October 31, 2002, the Fund (then known as "EIS Fund, Inc.") consummated a merger with The Cornerstone Strategic Return Fund, Inc. Upon the consummation of the merger, the Fund changed its name to Cornerstone Total Return Fund, Inc. At December 31, 2003, total net assets of the Fund were $65,641,741 and the NAV per share was $13.89 based on 4,726,629 shares outstanding. The Fund's common stock closed on the American Stock Exchange, LLC ("AMEX") on December 31, 2003 at $17.95 per share, representing a premium of 29.23% to the Fund's December 31, 2003 NAV. On Friday, February 6, 2004, the Fund's NAV per share was $14.07 with the common stock closing on the AMEX at $18.48 per share representing a premium of 31.34%.

For the quarter ended December 31, 2003, the Fund's net investment income was $119,089, equal to $0.02 per average share outstanding. Net realized and unrealized gains were $6,562,122, equal to $1.40 per average share outstanding.

For the year ended December 31, 2003, the Fund's net investment income was $394,232, equal to $0.08 per average share outstanding. Net realized and unrealized gains were $13,586,926, equal to $2.91 per average share outstanding.

At December 31, 2003, investments in United States equity securities, including foreign shares listed on U.S. exchanges totaled $64,322,567 (97.99% of the Fund's net assets), investments in non-U.S. equity securities totaled $710,988 (1.08% of the Fund's net assets) and cash and cash equivalents totaled $608,186 (0.93% of the Fund's net assets). The Fund's ten largest holdings excluding short-term investments at December 31, 2003, representing 25.6% of the Fund's net assets were:

        1. Microsoft Corp.

        2. General Electric Co.

        3. Exxon Mobil Corp.

        4. Pfizer Inc.

        5. Citigroup Inc.

        6. Tri-Continental Corp.

        7. Wal-Mart Stores, Inc.

        8. Intel Corp.

        9. American International Group, Inc.

        10. International Business Machines Corp.

After reflecting the dividends and distributions of $0.51 per share paid during the quarter, the Fund's NAV increased by 10.39% for the quarter ended December 31, 2003, from $12.97 on September 30, 2003 (based on total net assets of $61,096,456 and 4,711,544 shares outstanding).

After reflecting the dividends and distributions of $1.99 per share paid during the year, the Fund's NAV increased by 24.66% for the year ended December 31, 2003, from $12.89 on December 31, 2002 (based on total net assets of $60,151,375 and 4,665,160 shares outstanding).

A substantial portion of the shareholder distributions made during the calendar year represent return-of-capital. To the extent such distributions are designated as return-of-capital distributions, they are not taxed as ordinary income dividends and are sometimes referred to as tax-free dividends or nontaxable distributions. A return-of-capital distribution reduces the cost basis of shares in the Fund. Fund shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

Cornerstone Total Return Fund, Inc. is traded on the AMEX under the trading symbol "CRF". The Fund's investment manager is Cornerstone Advisors, Inc.