NEW YORK, NY--(Marketwired - Oct 24, 2016) - Cornerstone Total Return Fund, Inc. (the "Fund") (NYSE MKT: CRF) is pleased to
announce the completion of its one-for-three rights offering which expired on Friday, October 21, 2016 (the "Offering"). The
Offering was over-subscribed. Under the terms of the Offering, record date stockholders were entitled to purchase one newly
issued share of common stock of the Fund for every three rights held. The subscription price for each newly issued share was
determined to be $13.69 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.
Based on preliminary results provided by the Fund's subscription agent, the Fund received requests for approximately $90
million of its shares.
The subscription price is lower than the original estimated subscription price of $14.02. Under the prospectus, any excess
payment received from a stockholder will, unless otherwise indicated on the subscription certificate received from such
stockholder, be applied towards the purchase of unsubscribed shares. It is anticipated that shares will be issued on or about
Friday, October 28, 2016. Stockholders are encouraged to contact their broker regarding the specifics of their account.
Newly-issued shares will not be entitled to the Fund's distribution to stockholders for the month of October.
Cornerstone Total Return Fund, Inc. is a closed-end, diversified management investment company and is registered with the U.S.
Securities & Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended.
Cornerstone Total Return Fund, Inc. is traded on the NYSE MKT LLC under the trading symbol "CRF". The Fund's investment
adviser is Cornerstone Advisors, Inc., which also serves as the investment adviser to another closed-end fund, Cornerstone
Strategic Value Fund, Inc. (NYSE MKT: CLM). For more information regarding Cornerstone Strategic Value Fund, Inc. or Cornerstone
Total Return Fund, Inc. please visit
www.cornerstonestrategicvaluefund.com, and
www.cornerstonetotalreturnfund.com.
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 report 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.