Cornerstone Progressive Says Rights Offering Over-Subscribed

Cornerstone Progressive Return Fund CFP is pleased to announce the completion of its one-for-three rights offering which expired on Friday, June 22, 2012 (the "Offering"). The Offering was over-subscribed. Under the terms of the Offering, record date shareholders were entitled to purchase one newly issued share of beneficial interest of the Fund for every three rights held. The subscription price for each newly issued share was determined to be $5.08 which, under the terms of the prospectus, was equal to the greater of (i) 107% of net asset value per share as calculated at the close of trading on the date of expiration of the Offering and (ii) 90% of the market price per share at such time.