<SEC-DOCUMENT>0001398344-15-005560.txt : 20150825
<SEC-HEADER>0001398344-15-005560.hdr.sgml : 20150825
<ACCEPTANCE-DATETIME>20150825091748
ACCESSION NUMBER:		0001398344-15-005560
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20150630
FILED AS OF DATE:		20150825
DATE AS OF CHANGE:		20150825
EFFECTIVENESS DATE:		20150825

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORNERSTONE STRATEGIC VALUE FUND INC
		CENTRAL INDEX KEY:			0000814083
		IRS NUMBER:				133407699
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05150
		FILM NUMBER:		151072242

	BUSINESS ADDRESS:	
		STREET 1:		C/O AST FUND SOLUTIONS
		STREET 2:		48 WALL STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		866-668-6558

	MAIL ADDRESS:	
		STREET 1:		C/O AST FUND SOLUTIONS
		STREET 2:		48 WALL STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORNERSTONE STRATEGIC VALUE FUND INC/ NEW
		DATE OF NAME CHANGE:	20010503

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLEMENTE STRATEGIC VALUE FUND INC
		DATE OF NAME CHANGE:	19990622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLEMENTE GLOBAL GROWTH FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-A
<SEQUENCE>1
<FILENAME>fp0015651_nsara.fil
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SIGNATURE   FRANK J. MARESCA
TITLE       TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>2
<FILENAME>fp0015651_ex77c.htm
<TEXT>
<HTML>
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     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 13.5pt; text-align: center"><B>Results of Special Meeting of
Stockholders </B><FONT STYLE="font-size: 8.5pt">(<FONT STYLE="text-transform: uppercase">unaudited</FONT>)</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0">On May 29, 2015, a Special Meeting of Stockholders of Cornerstone
Strategic Value Fund, Inc. was held and the following matter was voted upon based on 8,228,537 shares of common stock outstanding
on April 10, 2015:</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 9pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 36px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">To approve a Merger Agreement and Plan of Reorganization (the &ldquo;CFP Plan&rdquo; or &ldquo;CFP Merger Agreement&rdquo;), whereby Cornerstone Progressive Return Fund (&ldquo;CFP&rdquo;) will merge with and into CLM in accordance with the Maryland General Corporation Law and the Delaware Statutory Trust Act.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: black 1.5pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 31%; border-bottom: black 1.5pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Withhold</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 31%; border-bottom: Black 1.5pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Broker Non-Votes</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,188,316</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">77,715</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">303,647</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77M MERGERS
<SEQUENCE>3
<FILENAME>fp0015651_ex77m.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">On June 26, 2015, Cornerstone Strategic Value Fund,
Inc. (&ldquo;CLM&rdquo;) was the surviving fund in the reorganization of Cornerstone Progressive Return Fund (&ldquo;CFP&rdquo;
or the&nbsp;&ldquo;Acquired Fund&rdquo;) with and into CLM. &nbsp;The reorganization occurred pursuant to a Merger Agreement and
Plan of Reorganization, dated as of June 26, 2015, by and among CLM and the Acquired Fund (the &ldquo;CFP Merger Agreement&rdquo;).
&nbsp;Pursuant to the CFP Merger Agreement, CLM acquired all of the assets and liabilities of the Acquired Fund in exchange for
shares of CLM. &nbsp;The circumstances and details of the reorganization as well as a Form of Merger Agreement and Plan of Reorganization
are contained in CLM&rsquo;s Form 497, filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) on April 10, 2015,
SEC<B>&nbsp;</B>Accession No. 0001398344-15-002480 and Form N-14 8C/A, filed with the SEC on April 3, 2015, SEC Accession No.
0001398344-15-002326, which materials are incorporated herein by reference. In addition, the final version of the Merger Agreement
and Plan of Reorganization, which was executed on June 29, 2015, is included as an Exhibit to Sub-Item 77Q1(g) of this Form NSAR-A,
and is incorporated herein by reference.</P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>4
<FILENAME>fp0015651_ex77q1g.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; padding: 0pt auto"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: center"><B>MERGER AGREEMENT AND PLAN OF REORGANIZATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">THIS MERGER AGREEMENT
AND PLAN OF REORGANIZATION (the &quot;Agreement&quot;) is made as of this 26<SUP>th</SUP> day of June, 2015, between Cornerstone
Progressive Return Fund (the &quot;Target Fund&quot; or &quot;CFP&quot;), a Delaware statutory trust and a registered investment
company under the Investment Company Act of 1940, as amended (the &quot;1940 Act&quot;), and Cornerstone Strategic Value Fund,
Inc. (the &quot;Acquiring Fund&quot; or &quot;CLM&quot;), a Maryland corporation and a registered investment company under the
1940 Act. CLM and CFP shall hereinafter be referred to as a &quot;Fund&quot; or the &quot;Funds.&quot;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">This Agreement contemplates
a tax-free merger transaction which qualifies for federal income tax purposes as a reorganization within the meaning of Section
368(a)(1) of the Internal Revenue Code of 1986, as amended (the &quot;Code&quot;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">NOW, THEREFORE, in consideration
of the covenants and agreements hereinafter set forth, the Funds agree as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">1.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">DEFINITIONS</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">Certain capitalized terms
used in this Agreement are specifically defined herein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">2.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">BASIC TRANSACTION</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">2.1. THE MERGER. On and
subject to the terms and conditions of this Agreement, the Target Fund will merge with and into the Acquiring Fund (the &quot;Merger&quot;)
at the Effective Date (as defined in Section 2.3 below) in accordance with the Maryland General Corporation Law (&quot;MGCL&quot;)
and the Delaware Statutory Trust Act (&ldquo;DSTA&rdquo;). CLM shall be the surviving investment company and CFP shall cease to
exist as a separate entity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">Each share of CFP will
be converted into shares of Common Stock of CLM in accordance with Section 5.01 below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">2.2. ACTIONS AT CLOSING.
At the closing of the transactions contemplated by this Agreement on the date thereof (the &quot;Closing Date&quot;), (i) CFP will
deliver to CLM the various certificates and documents referred to in Article 7 below, (ii) CLM will deliver to CFP the various
certificates and documents referred to in Article 8 below, (iii) CLM will file with the State Department of Assessments and Taxation
of Maryland (the &quot;Department&quot;) articles of merger (the &quot;Articles of Merger&quot;) and make all other filings or
recordings required by Maryland law in connection with the Merger, and (iv) CFP will file a certificate of merger (the &ldquo;Certificate
of Merger&rdquo;) in the office of the Secretary of State of Delaware and make all other filings or recordings required by Delaware
law in connection with the Merger.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">2.3. EFFECT OF MERGER.
Subject to the requisite approvals of the shareholders of the Funds, and to the other terms and conditions described herein, the
Merger shall become effective at such time as the Articles of Merger are accepted for record by the Department and the Certificate
of Amendment is accepted for record by the State of Delaware, or at such later time as is specified in the Articles of Merger and
Certificate of Amendment (the &quot;Effective Date&quot;) and the separate corporate existence of CFP shall cease. As promptly
as practicable after the Merger, CFP shall delist its shares from the NYSE MKT, LLC (&quot;NYSE MKT&quot;) and its registration
under the 1940 Act shall be terminated. Any reporting responsibility of CFP is, and shall remain, the responsibility of CFP up
to and including the Effective Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">3.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">REPRESENTATIONS AND WARRANTIES OF CFP</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">CFP represents and warrants
to CLM that the statements contained in this Article 3 are correct and complete in all material respects as of the execution of
this Agreement on the date hereof. CFP represents and warrants to, and agrees with, CLM that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">3.1. ORGANIZATION. CFP
is a statutory trust duly organized, validly existing under the laws of the State of Delaware and is in good standing with the
State of Delaware, and has the power to own all of its assets and to carry on its business as it is now being conducted and to
carry out this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">3.2. REGISTRATIONS AND
QUALIFICATIONS. CFP is duly registered under the 1940 Act as a closed-end, diversified management investment company, and such
registration has not been revoked or rescinded and is in full force and effect. CFP has elected and qualified for the special tax
treatment afforded regulated investment companies (&quot;RIC&quot;) under Sections 851-855 of the Code at all times since its inception.
CFP is qualified as a foreign corporation in every jurisdiction where required, except to the extent that failure to so qualify
would not have a material adverse effect on CFP.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">3.3. REGULATORY CONSENTS
AND APPROVALS. No consent, approval, authorization, or order of any court or governmental authority is required for the consummation
by CFP of the transactions contemplated herein, except (i) such as have been obtained or applied for under the Securities Act of
1933, as amended (the &quot;1933 Act&quot;), the Securities Exchange Act of 1934 (the &quot;1934 Act&quot;), and the 1940 Act,
(ii) such as may be required by state securities laws, (iii) such as may be required under Maryland law for the acceptance for
record of the Articles of Merger by the Department, and (iv) such as my be required under Delaware law for the acceptance for record
of the Certificate of Merger by the Secretary of the State of Delaware</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">3.4. NONCONTRAVENTION.
CFP is not, and the execution, delivery and performance of this Agreement by CFP will not result in, a violation of the laws of
the State of Delaware or of the Declaration of Trust or the By-laws of CFP, or of any material agreement, indenture, instrument,
contract, lease or other undertaking to which CFP is a party or by which it is bound, and the execution, delivery and performance
of this Agreement by CFP will not result in the acceleration of any obligation, or the imposition of any penalty, under any agreement,
indenture, instrument, contract, lease, judgment or decree to which CFP is a party or by which it is bound.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">3.5. FINANCIAL STATEMENTS.
CLM has been furnished with CFP's Annual Report of Shareholders, as of December 31, 2014, said financial statements having been
examined by Tait, Weller &amp; Baker, LLP, independent public auditors. These financial statements are in accordance with generally
accepted accounting principles applied on a consistent basis (&quot;GAAP&quot;) and present fairly, in all material respects, the
financial position of CFP as of such date in accordance with GAAP, and there are no known contingent liabilities of CFP required
to be reflected on a balance sheet (including the notes thereto) in accordance with GAAP as of such date not disclosed therein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">3.6. QUALIFICATION, CORPORATE
POWER, AUTHORIZATION OF TRANSACTION. CFP has full power and authority to enter into and perform its obligations under this Agreement.
The execution, delivery and performance of this Agreement has been duly authorized by all necessary action of its Board of Trustees,
and, subject to shareholder approval, this Agreement constitutes a valid and binding contract enforceable in accordance with its
terms, subject to the effects of bankruptcy, insolvency, moratorium, fraudulent conveyance and similar laws relating to or affecting
creditors' rights generally and court decisions with respect thereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">3.7. LEGAL COMPLIANCE.
No material litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending
(in which service of process has been received) or to its knowledge threatened against CFP or any properties or assets held by
it. CFP knows of no facts which might form the basis for the institution of such proceedings which would materially and adversely
affect its business and is not a party to or subject to the provisions of any order, decree or judgment of any court or governmental
body which materially and adversely affects its business or its ability to consummate the transactions herein contemplated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">3.8. MATERIAL CONTRACTS.
There are no material contracts outstanding to which CFP is a party that have not been disclosed in the N-14 Registration Statement
(as defined in Section 3.12 below) or will not be otherwise disclosed to CLM prior to the Effective Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">3.9. UNDISCLOSED LIABILITIES.
There has not been any material adverse change in CFP's financial condition, assets, liabilities or business and CFP has no known
liabilities of a material amount, contingent or otherwise, required to be disclosed in a balance sheet in accordance with GAAP
other than those shown on CFP's statements of assets, liabilities and capital referred to above, those incurred in the ordinary
course of its business as an investment company, and those incurred in connection with the Merger. Prior to the Effective Date,
CFP will advise CLM in writing of all known liabilities, contingent or otherwise, whether or not incurred in the ordinary course
of business, existing or accrued. For purposes of this Section 3.9, a decline in net asset value per share of CFP due to declines
in market values of securities in CFP's portfolio or the discharge of CFP liabilities will not constitute a material adverse change.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">3.10. TAX FILINGS. All
federal and other tax returns and information reports of CFP required by law to have been filed shall have been filed and are or
will be correct in all material respects, and all federal and other taxes shown as due or required to be shown as due on said returns
and reports shall have been paid or provision shall have been made for the payment thereof, and, to the best of CFP's knowledge,
no such return is currently under audit and no assessment has been asserted with respect to such returns. All tax liabilities of
CFP have been adequately provided for on its books, and no tax deficiency or liability of CFP has been asserted and no question
with respect thereto has been raised by the Internal Revenue Service or by any state or local tax authority for taxes in excess
of those already paid, up to and including the taxable year in which the Effective Date occurs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">3.11. QUALIFICATION UNDER
SUBCHAPTER M. For each taxable year of its operation (including the taxable year ending on the Effective Date), CFP has met the
requirements of Subchapter M of the Code for qualification as a RIC and has elected to be treated as such, has been eligible to
and has computed its federal income tax under Section 852 of the Code, and will have distributed substantially all of its investment
company taxable income and net realized capital gain (as defined in the Code) that has accrued through the Effective Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">3.12.
FORM N-14. The registration statement to be filed by CLM on Form N-14 relating to CLM common stock to be issued pursuant to this
Agreement, and any supplement or amendment thereto or to the documents therein, as amended (the &quot;N-14 Registration Statement&quot;),
on the effective date of the N-14 Registration Statement, at the time of the shareholders' meetings referred to in Article 6 of
this Agreement and at the Effective Date, insofar as it relates to CFP (i) shall have complied or will comply in all material
respects with the provisions of the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations thereunder and (ii)
did not or will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading; and the prospectus included therein did not or will not contain any
untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading; provided, however, that the representations and warranties in this Section
3.12 shall only apply to statements in, or omissions from, the N-14 Registration Statement made in reliance upon and in conformity
with information furnished by CLM for use in the N-14 Registration Statement.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 20pt">3.13. CAPITALIZATION.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(a) All issued and outstanding
shares of CFP (i) have been offered and sold in compliance in all material respects with applicable registration requirements of
the 1933 Act and state securities laws, (ii) are, and on the Effective Date will be, duly and validly issued and outstanding, fully
paid and non-assessable, and (iii) will be held at the time of the Closing by the persons and in the amounts set forth in the records
of the transfer agent as provided in Section 6.7. CFP does not have outstanding any options, warrants or other rights to subscribe
for or purchase any of CFP shares, nor is there outstanding any security convertible into, or exchangeable for, any of CFP shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(b) CFP is authorized
to issue an unlimited amount of shares of beneficial interest at no par value, all of which are classified as shares of beneficial
interest and each outstanding share is fully paid, non-assessable and has full voting rights.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">3.14. BOOKS AND RECORDS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">The books and records
of CFP made available to CLM are substantially true and correct and contain no material misstatements or omissions with respect
to the operations of CFP.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">4.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">REPRESENTATIONS AND WARRANTIES OF CLM</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">CLM represents and warrants
to CFP that the statements contained in this Article 4 are correct and complete in all material respects as of the execution of
this Agreement on the date hereof. CLM represents and warrants to, and agrees with, CFP that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">4.1. ORGANIZATION. CLM
is a corporation duly organized, validly existing under the laws of the State of Maryland and is in good standing with the Department,
and has the power to own all of its assets and to carry on its business as it is now being conducted and to carry out this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">4.2. REGISTRATIONS AND
QUALIFICATIONS. CLM is duly registered under the 1940 Act as a closed-end, diversified management investment company and such registration
has not been revoked or rescinded and is in full force and effect. CLM has elected and qualified for the special tax treatment
afforded RICs under Sections 851-855 of the Code at all times since its inception. CLM is qualified as a foreign corporation in
every jurisdiction where required, except to the extent that failure to so qualify would not have a material adverse effect on
CLM.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">4.3. REGULATORY CONSENTS
AND APPROVALS. No consent, approval, authorization, or order of any court or governmental authority is required for the consummation
by CLM of the transactions contemplated herein, except (i) such as have been obtained or applied for under the 1933 Act, the 1934
Act and the 1940 Act, (ii) such as may be required by state securities laws and (iii) such as may be required under Maryland law
for the acceptance for record of the Articles of Merger by the Department.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">4.4. NONCONTRAVENTION.
CLM is not, and the execution, delivery and performance of this Agreement by CLM will not result, in violation of the laws of the
State of Maryland or of the Articles of Incorporation or the By-laws of CLM, or of any material agreement, indenture, instrument,
contract, lease or other undertaking to which CLM is a party or by which it is bound, and the execution, delivery and performance
of this Agreement by CLM will not result in the acceleration of any obligation, or the imposition of any penalty, under any agreement,
indenture, instrument, contract, lease, judgment or decree to which CLM is a party or by which it is bound.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">4.5. FINANCIAL STATEMENTS.
CFP has been furnished with CLM's Annual Report to Stockholders as of December 31, 2014, said financial statements having been
examined by Tait, Weller &amp; Baker, LLP, independent public auditors. These financial statements are in accordance with GAAP
and present fairly, in all material respects, the financial position of CLM as of such date in accordance with GAAP, and there
are no known contingent liabilities of CLM required to be reflected on a balance sheet (including the notes thereto) in accordance
with GAAP as of such date not disclosed therein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">4.6. QUALIFICATION, CORPORATE
POWER, AUTHORIZATION OF TRANSACTION. CLM has full power and authority to enter into and perform its obligations under this Agreement.
The execution, delivery and performance of this Agreement has been duly authorized by all necessary action of its Board of Directors,
and, subject to shareholder approval, this Agreement constitutes a valid and binding contract enforceable in accordance with its
terms, subject to the effects of bankruptcy, insolvency, moratorium, fraudulent conveyance and similar laws relating to or affecting
creditors' rights generally and court decisions with respect thereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">4.7. LEGAL COMPLIANCE.
No material litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending
or to its knowledge threatened against CLM or any properties or assets held by it. CLM knows of no facts which might form the basis
for the institution of such proceedings which would materially and adversely affect its business and is not a party to or subject
to the provisions of any order, decree or judgment of any court or governmental body which materially and adversely affects its
business or its ability to consummate the transactions herein contemplated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">4.8. MATERIAL CONTRACTS.
There are no material contracts outstanding to which CLM is a party that have not been disclosed in the N-14 Registration Statement
or will not be otherwise disclosed to CFP prior to the Effective Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">4.9. UNDISCLOSED LIABILITIES.
Since entering into this Agreement, there has not been any material adverse change in CLM's financial condition, assets, liabilities,
or business and CLM has no known liabilities of a material amount, contingent or otherwise, required to be disclosed in a balance
sheet with GAAP other than those shown on CLM's statements of assets, liabilities and capital referred to above, those incurred
in the ordinary course of its business as an investment company since 1989, and those incurred in connection with the Merger. Prior
to the Effective Date, CLM will advise CFP in writing of all known liabilities, contingent or otherwise, whether or not incurred
in the ordinary course of business, existing or accrued. For purposes of this Section 4.9, a decline in net asset value per share
of CLM due to declines in market values of securities in CLM's portfolio or the discharge of CLM liabilities will not constitute
a material adverse change.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">4.10. TAX FILINGS. All
federal and other tax returns and information reports of CLM required by law to have been filed shall have been filed and are or
will be correct in all material respects, and all federal and other taxes shown as due or required to be shown as due on said returns
and reports shall have been paid or provision shall have been made for the payment thereof, and, to the best of CLM's knowledge,
no such return is currently under audit and no assessment has been asserted with respect to such returns. All tax liabilities of
CLM have been adequately provided for on its books, and no tax deficiency or liability of CLM has been asserted and no question
with respect thereto has been raised by the Internal Revenue Service or by any state or local tax authority for taxes in excess
of those already paid, up to and including the taxable year in which the Effective Date occurs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">&nbsp;4.11.
QUALIFICATION UNDER SUBCHAPTER M. For each taxable year of its operation, CLM has met the requirements of Subchapter M of the
Code for qualification as a RIC and has elected to be treated as such, has been eligible to and has computed its federal income
tax under Section 852 of the Code, and will have distributed substantially all of its investment company taxable income and net
realized capital gain (as defined in the Code) that has accrued through the Effective Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">4.12. FORM N-14. The N-14
Registration Statement, on the effective date of the N-14 Registration Statement, at the time of the shareholders' meetings referred
to in Section 6 of this Agreement and at the Effective Date, insofar as it relates to CLM (i) shall have complied or will comply
in all material respects with the provisions of the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations thereunder
and (ii) did not or will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading; and the prospectus included therein did not or will
not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading; provided, however, that the representations and warranties
in this Section 4.12 shall not apply to statements in, or omissions from, the N-14 Registration Statement made in reliance upon
and in conformity with information furnished by CFP for use in the N-14 Registration Statement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">4.13. CAPITALIZATION.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(a) All issued and outstanding
shares of CLM (i) have been offered and sold in compliance in all material respects with applicable registration requirements of
the 1933 Act and state securities laws, (ii) are, and on the Effective Date will be, duly and validly issued and outstanding, fully
paid and non-assessable, and (iii) will be held at the time of the Closing by the persons and in the amounts set forth in the records
of the transfer agent. CLM does not have outstanding any options, warrants or other rights to subscribe for or purchase any of
CLM shares, nor is there outstanding any security convertible into, or exchangeable for, any of CLM shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(b) CLM is authorized
to issue 100,000,000 shares of stock, par value $0.001 per share, all of which shares are classified as common stock and each outstanding
share of which is fully paid, non-assessable and has full voting rights.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">4.14. ISSUANCE OF STOCK.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(a) The offer and sale
of the shares to be issued pursuant to this Agreement will be in compliance with all applicable federal and state securities laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(b) At or prior to the
Effective Date, CLM will have obtained any and all regulatory, director and shareholder approvals necessary to issue CLM common
stock.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">4.16.
BOOKS AND RECORDS. The books and records of CLM made available to CFP are substantially true and correct and contain no material
misstatements or omissions with respect to the operations of CLM.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">5.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">CONVERSION TO CLM COMMON STOCK</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">5.1.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">CONVERSION.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(a) Subject to the requisite
approval of the shareholders of each Fund, and the other terms and conditions contained herein, at the Effective Date, each share
of beneficial interest of CFP will be converted into an equivalent dollar amount of full and, to the extent possible as defined
in (b) below, fractional shares of CLM common stock, based on the relative net asset value per share of each Fund at the Valuation
Time. The Valuation Time shall be at the close of business on the Business Day preceding the Effective Date or such other time
on that day when net asset value of the respective Fund would be computed in accordance with the usual and customary practices
of such Fund. A Business Day is a day on which the NYSE&nbsp;MKT is open for trading. The Effective Date and the day preceding
the Effective Date shall both be Business Days.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-indent: 0.25in">(b) Fractional shares of CLM will be issued
to CFP stockholders that participate in CFP's Dividend Reinvestment Plan.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(c) CFP stockholders that
do not participate in the CFP Dividend Reinvestment Plan will not receive fractional shares, rather, CLM's transfer agent will
aggregate all fractional shares, sell the resulting full shares on the NYSE MKT&nbsp;at the then current market price and remit
the proceeds to CFP's stockholders in proportion to their fractional shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">5.2. COMPUTATION OF NET
ASSET VALUE. The net asset value per share of each Fund shall be determined as of the Valuation Time, and no formula will be used
to adjust the net asset value so determined of either of the Fund's to take into account differences in realized and unrealized
gains and losses. The value of the assets of CFP to be transferred to CLM shall be determined by CLM pursuant to the principles
and procedures consistently utilized by CLM in valuing its own assets and determining its own liabilities for purposes of the Merger,
which principles and procedures are substantially similar to those employed by CFP when valuing its own assets and determining
its own liabilities. Such valuation and determination shall be made by CLM in cooperation with CFP and shall be confirmed in writing
by CLM to CFP. The net asset value per share of CLM common stock shall be determined in accordance with such procedures, and CLM
shall certify the computations involved.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">5.3. ISSUANCE OF CLM COMMON
STOCK. Neither CLM nor CFP issue stock certificates. The shares of beneficial interest of CFP that will be converted into shares
of common stock of CLM will be held in book-entry form, with a statement provided to each Shareholder indicating such book-entry
shares held behalf of each Shareholder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">6.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">COVENANTS OF THE FUNDS</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">6.1. SHAREHOLDERS' MEETINGS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(a) Each Fund shall hold
a meeting of its respective shareholders for the purpose of considering the Merger as described herein, which meeting has been
called by each Fund for May 22, 2015, and any adjournments thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(b) Each Fund agrees to
mail to each of its respective shareholders of record entitled to vote at the meeting of shareholders at which action is to be
considered regarding the Merger, in sufficient time to comply with requirements as to notice thereof, a combined Proxy Statement/Prospectus
which complies in all material respects with the applicable provisions of Section 14(a) of the 1934 Act and Section 20(a) of the
1940 Act, and the rules and regulations, respectively, thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">6.2. OPERATIONS IN THE
NORMAL COURSE. Each Fund covenants to operate its business in the ordinary course between the date hereof and the Effective Date,
it being understood that such ordinary course of business will include (i) the declaration and payment of customary dividends and
other distributions and (ii) in the case of CFP, preparing for its deregistration, except that the distribution of dividends pursuant
to Sections 7.10 and 8.9 of this Agreement shall not be deemed to constitute a breach of the provisions of this Section 6.2.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">&nbsp;6.3.
STATE FILINGS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(a) CLM agrees that, as
soon as practicable after satisfaction of all conditions to the Merger, CLM will file executed Articles of Merger with the Department
and make all other filings or recordings required by Maryland law in connection with the Merger.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(b) CFP agrees that, as
soon as practicable after satisfaction of all conditions to the Merger, CFP will filed an executed Certificate of Merger in the
office of the Secretary of the State of Delaware and make all other filings or records or recordings required by Delaware law in
connection with the Merger.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">6.4. REGULATORY FILINGS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(a) CFP undertakes that,
if the Merger is consummated, it will file, or cause its agents to file, an application pursuant to Section 8(f) of the 1940 Act
for an order declaring that CFP has ceased to be a RIC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(b) CLM will file the
N-14 Registration Statement with the SEC and will use its best efforts to ensure that the N-14 Registration Statement becomes effective
as promptly as practicable. CFP agrees to cooperate fully with CLM, and will furnish to CLM the information relating to itself
to be set forth in the N-14 Registration Statement as required by the 1933 Act, the 1934 Act, the 1940 Act, and the rules and regulations
thereunder and the state securities or blue sky laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">6.5. PRESERVATION OF ASSETS.
CLM agrees that it has no plan or intention to sell or otherwise dispose of the assets of CFP to be acquired in the Merger, except
for dispositions made in the ordinary course of business.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">6.6. TAX MATTERS. Each
Fund agrees that by the Effective Date all of its federal and other tax returns and reports required to be filed on or before such
date shall have been filed and all taxes shown as due on said returns either have been paid or adequate liability reserves have
been provided for the payment of such taxes. In connection with this covenant, the Funds agree to cooperate with each other in
filing any tax return, amended return or claim for refund, determining a liability for taxes or a right to a refund of taxes or
participating in or conducting any audit or other proceeding in respect of taxes. CLM agrees to retain for a period of ten (10)
years following the Effective Date all returns, schedules and work papers and all material records or other documents relating
to tax matters of CFP for its final taxable year and for all prior taxable periods. Any information obtained under this Section
6.6 shall be kept confidential except as otherwise may be necessary in connection with the filing of returns or claims for refund
or in conducting an audit or other proceeding. After the Effective Date, CLM shall prepare, or cause its agents to prepare, any
federal, state or local tax returns, including any Forms 1099, required to be filed and provided to required persons by CFP with
respect to its final taxable years ending with the Effective Date and for any prior periods or taxable years for which the due
date for such return has not passed as of the Effective Date and further shall cause such tax returns and Forms 1099 to be duly
filed with the appropriate taxing authorities and provided to required persons. Notwithstanding the aforementioned provisions of
this Section 6.6, any expenses incurred by CLM (other than for payment of taxes) in excess of any accrual for such expenses by
CFP in connection with the preparation and filing of said tax returns and Forms 1099 after the Effective Date shall be borne by
CLM.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 20pt">6.7.
SHAREHOLDER LIST. Prior to the Effective Date, CFP shall have made arrangements with its transfer agent to deliver to CLM, a list
of the names and addresses of all of the shareholders of record of CFP on the Effective Date and the number of shares of common
stock of CFP owned by each such shareholder, certified by CFP's transfer agent or President to the best of their knowledge and
belief.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">6.8. DELISTING, TERMINATION
OF REGISTRATION AS AN INVESTMENT COMPANY. CFP agrees that the (i) delisting of the shares of CFP from the NYSE MKT&nbsp;and (ii)
termination of its registration as a RIC will be effected in accordance with applicable law as soon as practicable following the
Effective Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">7.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">CONDITIONS PRECEDENT TO OBLIGATIONS OF CLM</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">The obligations of CLM
hereunder shall be subject to the following conditions:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">7.1. APPROVAL OF MERGER.
This Agreement shall have been adopted by the affirmative vote of the holders of a majority of the shares of common stock of CLM
issued and outstanding and entitled to vote thereon and the affirmative vote of the holders of a majority of the shares of beneficial
interest of CFP issued and outstanding and entitled to vote thereon; and CFP shall have delivered to CLM a copy of the resolutions
approving this Agreement adopted by its Board of Trustees and shareholders, certified by its secretary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">7.2. CERTIFICATES AND
STATEMENTS BY CFP.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(a) CFP shall have furnished
a statement of assets, liabilities and capital, together with a schedule of investments with their respective dates of acquisition
and tax costs, certified on its behalf by its President (or any Vice President) and its Treasurer, and a certificate executed by
both such officers, dated the Effective Date, certifying that there has been no material adverse change in its financial position
since the Agreement was entered into, other than changes in its portfolio securities since that date or changes in the market value
of its portfolio securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(b) CFP shall have furnished
to CLM a certificate signed by its President (or any Vice President), dated the Effective Date, certifying that as of the Effective
Date, all representations and warranties made in this Agreement are true and correct in all material respects as if made at and
as of such date and each has complied with all of the agreements and satisfied all of the conditions on its part to be performed
or satisfied at or prior to such dates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(c) CFP shall have delivered
to CLM a letter from Tait, Weller &amp; Baker, LLP, dated the Effective Date, stating that such firm has performed a limited review
of the federal, state and local income tax returns for the period ended December 31, 2014, and that based on such limited review,
nothing came to their attention which caused them to believe that such returns did not properly reflect, in all material respects,
the federal, state and local income taxes of CFP for the period covered thereby; and that for the period from December 31, 2014
to and including the Effective Date and for any taxable year ending upon the Effective Date, such firm has performed a limited
review to ascertain the amount of such applicable federal, state and local taxes, and has determined that either such amount has
been paid or reserves have been established for payment of such taxes, this review to be based on unaudited financial data; and
that based on such limited review, nothing has come to their attention which caused them to believe that the taxes paid or reserves
set aside for payment of such taxes were not adequate in all material respects for the satisfaction of federal, state and local
taxes for the period from December 31, 2014, to and including the Effective Date and for any taxable year ending upon the Effective
Date or that CFP would not continue to qualify as a RIC for federal income tax purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">7.3. ABSENCE OF LITIGATION.
There shall be no material litigation pending with respect to the matters contemplated by this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">7.4. LEGAL OPINION. CLM
shall have received an opinion from Blank Rome LLP, as counsel to CLM, dated the Effective Date, to the effect that for federal
income tax purposes (i) the Merger as provided in this Agreement will constitute a reorganization within the meaning of Section
368(a)(1) of the Code and that CLM and CFP will each be deemed a &quot;party&quot; to a reorganization within the meaning of Section
368(b) of the Code; (ii) no gain or loss will be recognized to CFP as a result of the Merger or the conversion of CFP shares to
CLM common stock; (iii) no gain or loss will be recognized to CLM as a result of the Merger; (iv) in accordance with Section 354(a)(1)
of the Code, no gain or loss will be recognized to the shareholders of CFP on the conversion of their shares into CLM common stock;
(v) gain or loss may be recognized by any CFP stockholders that receive cash in lieu of fractional shares; (vi) the tax basis of
CFP assets in the hands of CLM will be the same as the tax basis of such assets in the hands of CFP prior to the consummation of
the Merger; (vii) immediately after the Merger, the tax basis of CLM common stock received by the shareholders of CFP in the Merger
will be equal, in the aggregate, to the tax basis of the shares of CFP converted pursuant to the Merger; (viii) a shareholder's
holding period for CLM common stock will be determined by including the period for which he or she held the common stock of CFP
converted pursuant to the Merger, provided that such CFP shares were held as a capital asset; and (ix) CLM's holding period with
respect to CFP assets transferred will include the period for which such assets were held by CFP.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">7.5. AUDITOR'S CONSENT
AND CERTIFICATION. CLM shall have received from Tait, Weller &amp; Baker, LLP&nbsp;a letter dated as of the effective date of the
N-14 Registration Statement and a similar letter dated within five days prior to the Effective Date, in form and substance satisfactory
to CLM, to the effect that (i) they are independent public auditors with respect to CFP within the meaning of the 1933 Act and
the applicable published rules and regulations thereunder; and (ii) in their opinion, the financial statements and supplementary
information of CFP included or incorporated by reference in the N-14 Registration Statement and reported on by them comply as to
form in all material respects with the applicable accounting requirements of the 1933 Act and the published rules and regulations
thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">7.6. LIABILITIES. The
assets or liabilities of CFP to be transferred to CLM shall not include any assets or liabilities which CLM, by reason of limitations
in its Registration Statement or Articles of Incorporation, may not properly acquire or assume. CLM does not anticipate that there
will be any such assets or liabilities but CLM will notify CFP if any do exist and will reimburse CFP for any reasonable transaction
costs incurred by CFP for the liquidation of such assets and liabilities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">7.7. EFFECTIVENESS OF
N-14 REGISTRATION STATEMENT. The N-14 Registration Statement shall have become effective under the 1933 Act and no stop order suspending
such effectiveness shall have been instituted or, to the knowledge of CLM, contemplated by the SEC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">7.8. ADMINISTRATIVE RULINGS,
PROCEEDINGS. The SEC shall not have issued an unfavorable advisory report under Section 25(b) of the 1940 Act, nor instituted or
threatened to institute any proceeding seeking to enjoin consummation of the Merger under Section 25(c) of the 1940 Act; no other
legal, administrative or other proceeding shall be instituted or threatened which would materially affect the financial condition
of CFP or would prohibit the Merger.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">7.9. SATISFACTION OF CORNERSTONE
PROGRESSIVE RETURN FUND. All proceedings taken by CFP and its counsel in connection with the Merger and all documents incidental
thereto shall be satisfactory in form and substance to CLM.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">7.10. DIVIDENDS. Prior
to the Effective Date, CFP shall have declared and paid a dividend or dividends which, together with all such previous dividends,
shall have the effect of distributing to its shareholders substantially all of its net investment company taxable income that has
accrued through the Effective Date, if any (computed without regard to any deduction of dividends paid), and substantially all
of its net capital gain, if any, realized through the Effective Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">7.11. CUSTODIAN'S CERTIFICATE.
CFP's custodian shall have delivered to CLM a certificate identifying all of the assets of CFP held or maintained by such custodian
as of the Valuation Time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">7.12. BOOKS AND RECORDS.
CFP's transfer agent shall have provided to CLM (i) the originals or true copies of all of the records of CFP in the possession
of such transfer agent as of the Exchange Date, (ii) a certificate setting forth the number of shares of CFP outstanding as of
the Valuation Time, and (iii) the name and address of each holder of record of any shares and the number of shares held of record
by each such shareholder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">8. CONDITIONS PRECEDENT
TO THE OBLIGATIONS OF CFP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">The obligations of CFP
hereunder shall be subject to the following conditions:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">8.1. APPROVAL OF MERGER.
This Agreement shall have been adopted, by the affirmative vote of the holders of a majority of the shares of beneficial interest
of CFP issued and outstanding and entitled to vote thereon and the affirmative vote of the holders of a majority of the shares
of common stock of CLM issued and outstanding and entitled to vote thereon; and that CLM shall have delivered to CFP a copy of
the resolutions approving this Agreement adopted by its Board of Directors and shareholders, certified by its secretary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">8.2. CERTIFICATES AND
STATEMENTS BY CLM.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(a) CLM shall have furnished
a statement of assets, liabilities and capital, together with a schedule of investments with their respective dates of acquisition
and tax costs, certified on its behalf by its President (or any Vice President) and its Treasurer, and a certificate executed by
both such officers, dated the Effective Date, certifying that there has been no material adverse change in its financial position
since the Agreement was entered into, other than changes in its portfolio securities since that date or changes in the market value
of its portfolio securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(b) CLM shall have furnished
to CFP a certificate signed by its President (or any Vice President), dated the Effective Date, certifying that as of the Effective
Date, all representations and warranties made in this Agreement are true and correct in all material respects as if made at and
as of such date and each has complied with all of the agreements and satisfied all of the conditions on its part to be performed
or satisfied at or prior to such dates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(c)
CLM shall have delivered to CFP a letter from Tait, Weller &amp; Baker, LLP, dated the Effective Date, stating that such firm
has performed a limited review of the federal, state and local income tax returns for the period ended December 31, 2014, and
that based on such limited review, nothing came to their attention which caused them to believe that such returns did not properly
reflect, in all material respects, the federal, state and local income taxes of CLM for the period covered thereby; and that for
the period from December 31, 2014 to and including the Effective Date, such firm has performed a limited review to ascertain the
amount of such applicable federal, state and local taxes, and has determined that either such amount has been paid or reserves
established for payment of such taxes, this review to be based on unaudited financial data; and that based on such limited review,
nothing has come to their attention which caused them to believe that the taxes paid or reserves set aside for payment of such
taxes were not adequate in all material respects for the satisfaction of federal, state and local taxes for the period from December
31, 2014, to and including the Effective Date or that CLM would not continue to qualify as a RIC for federal income tax purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">8.3.
ABSENCE OF LITIGATION. There shall be no material litigation pending with respect to the matters contemplated by this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">8.4. LEGAL OPINION. CFP
shall have received an opinion from Blank Rome LLP and dated the Effective Date, to the effect that for federal income tax purposes
(i) the Merger as provided in this Agreement will constitute a reorganization within the meaning of Section 368(a)(1) of the Code
and that CLM and CFP will each be deemed a &quot;party&quot; to a reorganization within the meaning of Section 368(b) of the Code;
(ii) no gain or loss will be recognized to CFP as a result of the Merger or on the conversion of CFP shares to CLM common stock;
(iii) no gain or loss will be recognized to CLM as a result of the Merger; (iv) no gain or loss will be recognized to the shareholders
of CFP on the conversion of their shares into CLM common stock; (v) gain or loss may be recognized by any CFP stockholder that
receives cash in lieu of fractional shares; (vi) the tax basis of CFP's assets in the hands of CLM will be the same as the tax
basis of such assets in the hands of CFP prior to the consummation of the Merger; (vii) immediately after the Merger, the tax basis
of CLM common stock received by the shareholders of CFP in the Merger will be equal, in the aggregate, to the tax basis of the
shares of CFP converted pursuant to the Merger; (viii) a shareholder's holding period for CLM common stock will be determined by
including the period for which he or she held the common stock of CFP converted pursuant to the Merger, provided, that such CFP
shares were held as a capital asset; and (ix) CLM's holding period with respect to CFP assets transferred will include the period
for which such assets were held by CFP.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">8.5. AUDITOR'S CONSENT
AND CERTIFICATION. CFP shall have received from Tait, Weller &amp; Baker, LLP&nbsp;a letter dated as of the effective date of the
N-14 Registration Statement and a similar letter dated within five days prior to the Effective Date, in form and substance satisfactory
to CFP, to the effect that (i) they are independent public auditors with respect to CLM within the meaning of the 1933 Act and
the applicable published rules and regulations thereunder; and (ii) in their opinion, the financial statements and supplementary
information of CLM incorporated by reference in the N-14 Registration Statement and reported on by them comply as to form in all
material respects with the applicable accounting requirements of the 1933 Act and the published rules and regulations thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">8.6. EFFECTIVENESS OF
N-14 REGISTRATION STATEMENT. The N-14 Registration Statement shall have become effective under the 1933 Act and no stop order suspending
such effectiveness shall have been instituted or, to the knowledge of CFP, contemplated by the SEC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">8.7. REGULATORY FILINGS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(a) The SEC shall not
have issued an unfavorable advisory report under Section 25(b) of the 1940 Act, nor instituted or threatened to institute any proceeding
seeking to enjoin consummation of the Merger under Section 25(c) of the 1940 Act; no other legal, administrative or other proceeding
shall be instituted or threatened which would materially affect the financial condition of CFP or would prohibit the Merger.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(b)
CLM shall have received from any relevant state securities administrator such order or orders as are reasonably necessary or desirable
under the 1933 Act, the 1934 Act, the 1940 Act, and any applicable state securities or blue sky laws in connection with the transactions
contemplated hereby, and that all such orders shall be in full force and effect.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">8.8.
SATISFACTION OF CFP. All proceedings taken by CLM and its counsel in connection with the Merger and all documents incidental thereto
shall be satisfactory in form and substance to CFP.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">8.9. DIVIDENDS. Prior
to the Effective Date, CLM shall have declared and paid a dividend or dividends which, together with all such previous dividends,
shall have the effect of distributing to its shareholders substantially all of its net investment company taxable income that has
accrued through the Effective Date, if any (computed without regard to any deduction of dividends paid), and substantially all
of its net capital gain, if any, realized through the Effective Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">9.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">PAYMENT OF EXPENSES</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">9.1. ALLOCATION. All expenses
incurred in connection with the Merger shall be allocated to the respective Fund which incurred the expense. Such expenses shall
include, but not be limited to, all costs related to the preparation and distribution of the N-14 Registration Statement, proxy
solicitation expenses, and SEC registration fees. Neither of the Funds owes any broker's or finder's fees in connection with the
transactions provided for herein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">10.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">COOPERATION FOLLOWING EFFECTIVE DATE</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">In case at any time after
the Effective Date any further action is necessary to carry out the purposes of this Agreement, each Fund will take such further
action (including the execution and delivery of such further instruments and documents) as any other Party may reasonably request,
all at the sole cost and expense of the requesting Party (unless the requesting Party is entitled to indemnification as described
below). CFP acknowledges and agrees that from and after the Effective Date, CLM shall be entitled to possession of all documents,
books, records, agreements and financial data of any sort pertaining to CFP.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">11.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">INDEMNIFICATION</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">11.1. CFP. CLM agrees
to indemnify and hold harmless CFP and each of CFP's trustees and officers from and against any and all losses, claims, damages,
liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation)
to which jointly and severally, CFP or any of its directors or officers may become subject, insofar as any such loss, claim, damage,
liability or expense (or actions with respect thereto) arises out of or is based on any breach by CLM of any of its representations,
warranties, covenants or agreements set forth in this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">11.2. CLM. CFP agrees
to indemnify and hold harmless CLM and each of CLM's directors and officers from and against any and all losses, claims, liabilities
or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which
jointly and severally, CLM or any of its directors or officers may become subject, insofar as any such loss, claim, damage, liability
or expense (or actions with respect thereto) arises out of or is based on any breach by CFP of any of its representations, warranties,
covenants or agreements set forth in this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">12.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">TERMINATION, POSTPONEMENT AND WAIVERS</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">12.1. TERMINATION.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(a) Notwithstanding anything
to the contrary in this Agreement, this Agreement may be terminated and the Merger abandoned at any time (whether before or after
adoption by the shareholders of each Fund) prior to the Effective Date, or the Effective Date may be postponed by: (i) mutual agreement
of the Funds' Board of Directors/Trustees; (ii) the Board of Directors of CLM if any of the obligations of CFP set forth in this
Agreement has not been fulfilled or waived by such Board or if CFP has made a material and intentional misrepresentation herein
or in connection herewith; or (iii) the Board of Trustees of CFP if any of the obligations of CLM set forth in this Agreement has
not been fulfilled or waived by such Board or if CLM has made a material and intentional misrepresentation herein or in connection
herewith.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(b) If the transaction
contemplated by this Agreement shall not have been consummated by December 31, 2015, this Agreement automatically shall terminate
on that date, unless a later date is mutually agreed to by the Boards of Directors/Trustees of each Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(c) In the event of termination
of this Agreement pursuant to the provisions hereof, the Agreement shall become void and have no further effect, and there shall
not be any liability hereunder on the part of either Fund or their directors/trustees or officers, except for any such material
breach or intentional misrepresentation, as to each of which all remedies at law or in equity of the party adversely affected shall
survive.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">12.2. WAIVER. At any time
prior to the Effective Date, any of the terms or conditions of this Agreement may be waived by the Board of Directors/Trustees
of either CFP or CLM (whichever is entitled to the benefit thereof), if, in the judgment of such Board after consultation with
its counsel, such action or waiver will not have a material adverse effect on the benefits intended in this Agreement to the shareholders
of their respective fund, on behalf of which such action is taken.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">12.3. EXPIRATION OF REPRESENTATIONS
AND WARRANTIES.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(a) The respective representations
and warranties contained in Articles 3 and 4 of this Agreement shall expire with, and be terminated by, the consummation of the
Merger, and neither Fund nor any of their officers, directors, trustees, agents or shareholders shall have any liability with respect
to such representations or warranties after the Effective Date. This provision shall not protect any officer, director, trustee,
agent or shareholder of a Fund against any liability to the entity for which that officer, director, agent or shareholder so acts
or to its shareholders to which that officer, director, trustee, agent or shareholder would otherwise be subject by reason of willful
misfeasance, bad faith, gross negligence, or reckless disregard of the duties in the conduct of such office.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">(b) If any order or orders
of the SEC with respect to this Agreement shall be issued prior to the Effective Date and shall impose any terms or conditions
which are determined by action of the Boards of Directors/Trustees of a Fund to be acceptable, such terms and conditions shall
be binding as if a part of this Agreement without further vote or approval of the shareholders of a Fund, unless such terms and
conditions shall result in a change in the method of computing the number of shares of CLM common stock to be issued pursuant to
this Agreement, in which event, unless such terms and conditions shall have been included in the proxy solicitation materials furnished
to the shareholders of the Fund prior to the meetings at which the Merger shall have been approved, this Agreement shall not be
consummated and shall terminate unless the Funds call special meetings of shareholders at which such conditions so imposed shall
be submitted for approval.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">13.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">MISCELLANEOUS</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">13.1. TRANSFER RESTRICTION.
Pursuant to Rule 145 under the 1933 Act, and in connection with the issuance of any shares to any person who at the time of the
Merger is, to its knowledge, an affiliate of a party to the Merger pursuant to Rule 145(c), CLM will cause to be affixed upon the
certificate(s) issued to such person (if any) a legend as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">THESE
SHARES ARE SUBJECT TO RESTRICTIONS ON TRANSFER UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT
TO CORNERSTONE PROGRESSIVE RETURN FUND (OR ITS STATUTORY SUCCESSOR) UNLESS (I) A REGISTRATION STATEMENT WITH RESPECT THERETO IS
EFFECTIVE UNDER THE SECURITIES ACT OF 1933 OR (II) IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE FUND, SUCH REGISTRATION
IS NOT REQUIRED.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0pt">and,
further, that stop transfer instructions will be issued to CLM's transfer agent with respect to such shares. CFP will provide
CLM on the Effective Date with the name of any CFP Shareholder who is to the knowledge of CFP an affiliate of it on such date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">13.2. MATERIAL PROVISIONS.
All covenants, agreements, representations and warranties made under this Agreement and any certificates delivered pursuant to
this Agreement shall be deemed to have been material and relied upon by each Fund, notwithstanding any investigation made by them
or on their behalf.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">13.3. NOTICES. All notices,
requests, demands, claims, and other communications hereunder will be in writing. Any notice, request, demand, claim or other communication
hereunder shall be deemed duly given if (and then two business days after) it is sent by registered or certified mail, return receipt
requested, postage prepaid, and addressed to the intended recipient as set forth below:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify">If to CLM:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto">Ralph Bradshaw, President</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto">Cornerstone Strategic Value Fund, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto"><FONT STYLE="font-size: 11pt">48 Wall Street, 22</FONT><FONT STYLE="font-size: 9pt">nd</FONT><FONT STYLE="font-size: 11pt">
Floor</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto">New York, New York 10005</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify">With copies to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto">Thomas R. Westle, Esq.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto">Blank Rome LLP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto">405 Lexington Avenue, 24th Floor</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto">New York, New York 10174</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify">If to CFP:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto">Ralph Bradshaw, President</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto">Cornerstone Progressive Return Fund</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto"><FONT STYLE="font-size: 11pt">48 Wall Street, 22</FONT><FONT STYLE="font-size: 9pt">nd</FONT><FONT STYLE="font-size: 11pt">
Floor</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto">New York, New York 10005</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify">With copies to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto">Thomas R. Westle, Esq.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto">Blank Rome LLP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto">405 Lexington Avenue, 24th Floor</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; padding: 0pt auto">New York, New York 10174</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">Any Party may send any
notice, request, demand, claim or other communication hereunder to the intended recipient at the address set forth above using
any other means (including personal delivery, expedited courier, messenger service, telecopy, telex, ordinary mail, or electronic
mail), but no such notice, request, demand, claim, or other communication shall be deemed to have been duly given unless and until
it actually is received by the intended recipient. Any Party may change the address to which notices, requests, demands, claims
and other communications hereunder are to be delivered by giving the other Fund notice in the manner herein set forth.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">13.4. AMENDMENTS. This
Agreement may be amended, modified or supplemented in such manner as may be mutually agreed upon in writing by the authorized officers
of CFP and CLM; provided, however, that following the meeting of CFP and CLM shareholders to approve the Merger, no such amendment
may have the effect of changing the provisions for determining the number of CLM shares to be issued to CFP shareholders under
this Agreement to the detriment of such shareholders without their further approval.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">13.5. HEADINGS. The Article
headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">13.6. COUNTERPARTS. This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">13.7. ENFORCEABILITY.
Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect
the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending
term or provision in any other situation or in any other jurisdiction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">13.8. SUCCESSORS AND ASSIGNS.
This Agreement shall bind and inure to the benefit of a Fund and its respective successors and assigns, but no assignment or transfer
hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other party. Nothing
herein expressed or implied is intended or shall be construed to confer upon or give any person, firm or corporation, other than
a Fund and its shareholders of the Funds and their respective successors and assigns, any rights or remedies under or by reason
of this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">13.9. GOVERNING LAW. This
Agreement shall be governed by, and construed and enforced in accordance with the laws of the State of Maryland, without regard
to its principles of conflicts of law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-align: justify; text-indent: 0.25in">IN WITNESS WHEREOF, each
Fund has caused this Agreement to be executed by its President.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0pt auto; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">CORNERSTONE PROGRESSIVE RETURN FUND</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 11pt">/s/ Ralph W. Bradshaw&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Ralph W. Bradshaw</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">CORNERSTONE STRATEGIC VALUE FUND, INC.</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 11pt">&nbsp;/s/ Ralph W. Bradshaw</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Ralph W. Bradshaw</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
</TABLE>
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