Cornerstone Strategic Value Fund, Inc. (NYSE Amex: CLM) and Cornerstone Total Return Fund, Inc. (NYSE Amex: CRF), (individually the “Fund” or, collectively, the “Funds”), each a diversified closed-end management investment company whose investment adviser is Cornerstone Advisors, Inc., announced today the filing of Registration Statements with the Securities and Exchange Commission regarding proposed rights offerings to holders of each Fund’s common stock. As indicated in each Registration Statement, each Fund proposes issuing to record date stockholders non-transferable rights entitling the holders to subscribe for additional shares of the Fund’s common stock.

Record date stockholders who fully exercise their rights may participate in an over-subscription privilege subject to certain limitations and allotment. Final terms of the proposed offering, including the record date, subscription price and subscription period, will be determined at a later date and announced at that time. The rights offering will be made only by means of a prospectus.

For each Fund, a Registration Statement relating to the securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. 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 prior to registration or qualification under the securities laws of any such State.

Please consider each Fund’s investment objective, risks, charges and expenses carefully before investing. The preliminary prospectus, which contains this and other information about each Fund, can be obtained, when available, by calling (513) 326-3597 and should be read carefully before investing.