<SEC-DOCUMENT>0001398344-19-003226.txt : 20190222
<SEC-HEADER>0001398344-19-003226.hdr.sgml : 20190222
<ACCEPTANCE-DATETIME>20190222165011
ACCESSION NUMBER:		0001398344-19-003226
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20190416
FILED AS OF DATE:		20190222
DATE AS OF CHANGE:		20190222
EFFECTIVENESS DATE:		20190222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORNERSTONE TOTAL RETURN FUND INC
		CENTRAL INDEX KEY:			0000033934
		IRS NUMBER:				132727013
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-02363
		FILM NUMBER:		19626361

	BUSINESS ADDRESS:	
		STREET 1:		225 PICTORIA DRIVE, SUITE 450
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45246
		BUSINESS PHONE:		(513) 587-3400

	MAIL ADDRESS:	
		STREET 1:		225 PICTORIA DRIVE, SUITE 450
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45246

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EIS FUND INC
		DATE OF NAME CHANGE:	20020109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXCELSIOR INCOME SHARES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>fp0039893_def14a.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SCHEDULE
14A&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>(Rule
14a-101)</B>&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>INFORMATION
REQUIRED IN PROXY STATEMENT</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 5pt 0 0pt; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SCHEDULE
14A INFORMATION</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Proxy
Statement Pursuant to Section 14(a) of the&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Securities
Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Filed
by the Registrant [X] Filed by a Party other than the Registrant [&nbsp;&nbsp; ]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Check
the appropriate box:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Preliminary Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Confidential, for
    Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[X]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Definitive Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Definitive Additional Materials</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Soliciting Material Pursuant to Section 240.14a-11(c)
    or Section 240.14a-12</FONT></TD></TR>
</TABLE>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>CORNERSTONE
TOTAL RETURN FUND, INC.</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>(Name
of Registrant as Specified in Its Charter)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Payment
of Filing Fee (Check the appropriate box):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[X]</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">No fee required.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fee computed on table below per
    Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Title of each class of securities to which transaction
    applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Aggregate number of securities to which transaction
    applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Per unit price or other underlying value of
    transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state
    how it was determined):</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total fee paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fee paid previously with preliminary
    materials.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Check box if any part of the fee
    is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously.
    Identify the previous filing by the registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Amount Previously Paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Filing Party:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date Filed:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>CORNERSTONE
TOTAL RETURN FUND, INC.</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>225 Pictoria Drive, Suite 450</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Cincinnati, OH 45246&nbsp;</B></FONT></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>&nbsp;NOTICE
OF ANNUAL MEETING OF STOCKHOLDERS</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>TO BE HELD ON APRIL 16, 2019&nbsp;</B></FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B></B>&nbsp;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">IMPORTANT
NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON APRIL 16, 2019: THE
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS AND PROXY STATEMENT ARE AVAILABLE ON THE INTERNET AT HTTP://WWW.CORNERSTONETOTALRETURNFUND.COM/DATA/SITES/20/MEDIA/DOCS/CRF_PROXY_FINAL.PDF.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">NOTICE
IS HEREBY GIVEN that the Annual Meeting of Stockholders (the &ldquo;Meeting&rdquo;) of Cornerstone Total Return Fund, Inc., a
New York corporation (the &ldquo;Fund&rdquo;), will be held at 11:00 a.m., Eastern Time, on April 16, 2019 at the First Floor
Conference Room, 1075 Hendersonville Rd., Asheville, NC 28803, for the following purposes:</FONT></P>

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<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
                                         approve the election of seven directors to hold office until the year 2020 Annual Meeting
                                         of Stockholders (Proposal 1);</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
approve a new investment management agreement with Cornerstone Advisors Asset Management LLC (Proposal 2); and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
                                         consider and vote upon such other matters as may properly come before said Meeting or
                                         any adjournment or postponement thereof.</FONT></TD></TR></TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Board of Directors has fixed the close of business on February 19, 2019, as the record date for the determination of stockholders
entitled to notice of, and to vote at, this Meeting or any adjournment or postponement thereof. The stock transfer books will
not be closed.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Copies
of the Fund&rsquo;s most recent annual and semi-annual reports are available free of charge for any stockholder by writing to
the Fund, c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, by calling (866) 668-6558, or
by visiting the Fund&rsquo;s website at www.cornerstonetotalreturnfund.com.</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By Order of the Board of
    Directors&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Hoyt M. Peters&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Secretary&nbsp;</FONT></TD>
    </TR>
</TABLE>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Dated:
March 1, 2019</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>WHETHER OR NOT YOU EXPECT TO BE PRESENT AT THE MEETING, PLEASE FILL IN, DATE, SIGN AND MAIL THE ENCLOSED PROXY
CARD IN THE ENCLOSED REPLY ENVELOPE. YOUR PROMPT RESPONSE WILL HELP ASSURE A QUORUM AT THE MEETING. </B></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>INSTRUCTIONS
FOR SIGNING PROXY CARDS</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
following general rules for signing proxy cards may be of assistance to you and avoid the time and expense to the Fund involved
in validating your vote if you fail to sign your proxy card properly.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Individual
                                         Accounts: Sign your name exactly as it appears in the registration on the proxy card.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Joint
                                         Accounts: Either party may sign, but the name of the party signing should conform exactly
                                         to a name shown in the registration.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other
                                         Accounts: The capacity of the individual signing the proxy card should be indicated unless
                                         it is reflected in the form of registration. For example:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>REGISTRATION</B></FONT></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; text-align: justify; font-size: 12pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">CORPORATE
    ACCOUNTS</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify; font-size: 12pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">VALID
    SIGNATURE</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)
    ABC Corp.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ABC Corp (by John
    Doe, Treasurer)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)
    ABC Corp.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John Doe, Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)
    ABC Corp. <BR>
    c/o John Doe, Treasurer</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John Doe</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)
    ABC Corp. Profit Sharing Plan</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John Doe, Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">TRUST
    ACCOUNTS</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1) ABC Trust</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Jane B. Doe, Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2) Jane B. Doe,
    Trustee u/t/d/ 12/28/78</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Jane B. Doe</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-weight: bold; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CUSTODIAL
    OR ESTATE ACCOUNTS</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)
    John B. Smith, Cust. <BR>
    f/b/o John B. Smith, Jr. UGMA</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John B. Smith</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2) John B. Smith</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John B. Smith, Jr.,
    Executor</FONT></TD></TR>
</TABLE>

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 6pt 0 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">CORNERSTONE
TOTAL RETURN FUND, INC.<BR>
225 Pictoria Drive, Suite 450<BR>
Cincinnati, OH 45246</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">PROXY
STATEMENT FOR ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON APRIL 16, 2019</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">GENERAL</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Directors of Cornerstone Total Return
Fund, Inc., a New York corporation (the &ldquo;Fund&rdquo;) for use at the Annual Meeting of Stockholders for the year 2019 (the
&ldquo;Meeting&rdquo;) to be held at 11:00 a.m., Eastern Time, on April 16, 2019 at the First Floor Conference Room, 1075 Hendersonville
Rd., Asheville, NC 28803, and at any and all adjournments or postponements thereof. A form of proxy is enclosed herewith. This
Proxy Statement and the accompanying form of proxy are being first mailed to stockholders of the Fund (&ldquo;Stockholder(s)&rdquo;)
on or about March 1, 2019.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
Stockholder who executes and delivers a proxy may revoke it by written communication to the Secretary of the Fund at any time
prior to its use or by voting in person at the Meeting. Attendance by a Stockholder at the Meeting does not, in itself, revoke
a proxy. Unrevoked proxies will be voted in accordance with the specifications thereon and, unless specified to the contrary,
will be voted FOR the election of Messrs. Ralph W. Bradshaw, Robert E. Dean, Edwin Meese III, Matthew W. Morris, Scott B. Rogers,
Andrew A. Strauss, and Glenn W. Wilcox, Sr. as nominees for Director and FOR the approval of a new investment management agreement
with Cornerstone Advisors Asset Management LLC.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
general, abstentions and broker non-votes, as defined below, count for purposes of obtaining a quorum but do not count as votes
cast with respect to any proposal requiring that the broker has discretion. With respect to a proposal requiring the affirmative
vote of a majority of the Fund&rsquo;s outstanding shares of common stock, the effect of abstentions and broker non-votes is the
same as a vote against such proposal. Otherwise, abstentions and broker non-votes have no effect on the outcome of a proposal.
A broker non-vote is a proxy from a broker or nominee indicating that such person has not received instructions from the beneficial
owner or other person entitled to vote shares on a particular matter with respect to which the broker or nominee does not have
discretionary voting power.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">At
least 51% of the Fund&rsquo;s Stockholders must be present at the Meeting in person or by proxy to constitute a quorum for the
transaction of business by the Fund. In the event that a quorum is not present at the Meeting, the persons named as proxies may
propose one or more adjournments of the Meeting from time to time. Any such adjournment will require the affirmative vote of a
majority of those shares represented at the Meeting in person or by proxy. The persons named as proxies will vote those proxies
which they are entitled to vote FOR or AGAINST any such proposal in their discretion.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Your
vote is being solicited by the directors of the Fund. The cost of soliciting these proxies will be borne by the adviser to the
Fund by reimbursing the Fund for solicitation costs. The Fund will reimburse brokerage firms and others for their expenses in
forwarding proxy materials to the beneficial owners and soliciting them to execute proxies.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
directors and officers of the Fund, Ultimus Fund Solutions, LLC, the administrator to the Fund (the &ldquo;Administrator&rdquo;)
and AST Fund Solutions, LLC may be involved in the solicitation of proxies. The Fund does not reimburse such persons for the solicitation
of proxies.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund expects that the solicitation will be primarily by mail, but also may include telephone, electronic, oral or other means
of communication. If the Fund does not receive your proxy by a certain time, you may receive a telephone call from a proxy soliciting
agent asking you to vote.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Only
holders of issued and outstanding shares of the Fund&rsquo;s common stock of record at the close of business on February 19, 2019
are entitled to notice of, and to vote at, the Meeting. Each such holder is entitled to one vote per share of common stock so
held. The number of shares of common stock outstanding on February 19, 2019 was 38,493,435. The Fund is a diversified, closed-end
management investment company.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Copies
of the Fund&rsquo;s most recent annual and semi-annual report may be ordered free of charge to any Stockholder by writing to the
Fund, c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, or by telephone (866) 668-6558. This
report is not to be regarded as proxy-soliciting material.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Proxy Statement is first being mailed to Stockholders on or about March 1, 2019.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">PROPOSAL
NO. 1</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">ELECTION OF DIRECTORS</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Board of Directors currently consists of seven members. All seven members were approved by the Stockholders at the Year 2018 Annual
Meeting.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">At
the Meeting, Stockholders will be asked to vote for the election of Messrs. Ralph W. Bradshaw, Robert E. Dean, Edwin Meese III,
Matthew W. Morris, Scott B. Rogers, Andrew A. Strauss, and Glenn W. Wilcox, Sr., as directors to serve until the year 2020 Annual
Meeting of Stockholders or thereafter until each of their successors are duly elected and qualified. Each nominee was considered
and recommended by the Fund&rsquo;s Nominating and Corporate Governance Committee.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
persons named in the accompanying form of proxy intend to vote at the Meeting (unless directed not to vote) FOR the election of
Messrs. Ralph W. Bradshaw, Robert E. Dean, Edwin Meese III, Matthew W. Morris, Scott B. Rogers, Andrew A. Strauss, and Glenn W.
Wilcox, Sr. Each nominee has indicated that he will serve if elected, and the Board of Directors has no reason to believe that
any of the nominees named above will become unavailable for election as a director, but if any nominee should be unable to serve,
the proxy will be voted for any other person determined by the persons named in the proxy in accordance with their judgment.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
following table sets forth the name, address, birth date and principal occupations of each nominee for election as Director:</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">NOMINEES</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Name
                                         and</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Address(1)</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>(Birth
                                         Date)&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Position(s)</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>with
                                         Fund&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Term
                                         of</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Office
                                         Since&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Principal</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Occupation
                                         Over</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Past
                                         5 Years&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number
                                         of</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Portfolios
                                         in</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Fund
                                         Complex</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Overseen
                                         by</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Director&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Directorships
                                         Held</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>by
                                         Nominee for</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Director
                                         Outside of</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Fund
                                         Complex*&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">NON-INTERESTED
    NOMINEES</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Robert
    E. Dean <BR>
    (Apr. 1951)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director;
    Audit, Nominating and Corporate Governance Committee Member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2014</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director,
    National Bank Holdings Corp.; Director of Cornerstone Strategic Value Fund, Inc.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">National
    Bank Holdings Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Edwin
    Meese III <BR>
    (Dec. 1931)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director;
    Audit, Nominating and Corporate Governance Committee Member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2001</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ronald
    Reagan Distinguished Fellow Emeritus, The Heritage Foundation, Washington D.C.; Distinguished Visiting Fellow at the Hoover
    Institution, Stanford University; Director of Cornerstone Strategic Value Fund, Inc.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Matthew
    W. Morris<BR>
    (May 1971)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director;
    Audit, Nominating and Corporate Governance Committee Member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2017</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief
    Executive Officer, Stewart Information Services Corporation; Director of Cornerstone Strategic Value Fund, Inc.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Stewart
    Information Services Corporation</FONT></TD></TR>
</TABLE>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 19%"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Name
                                         and</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Address(1)</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>(Birth
                                         Date)&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Position(s)</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>with
                                         Fund&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Term
                                         of</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Office
                                         Since&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Principal</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Occupation
                                         Over</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Past
                                         5 Years&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number
                                         of</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Portfolios
                                         in</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Fund
                                         Complex</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Overseen
                                         by</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Director&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Directorships
                                         Held</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>by
                                         Nominee for</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Director
                                         Outside of</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Fund
                                         Complex*&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Scott
    B. Rogers <BR>
    (July 1955)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director;
    Audit, Nominating and Corporate Governance Committee Member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2001</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief
    Executive Officer, Asheville Buncombe Community Christian Ministry (&ldquo;ABCCM&rdquo;); President, ABCCM       Doctor's Medical     Clinic;     Director of Faith
    Partnerships Incorporated; Member of     North Carolina Governor's Council
    on Homelessness (from July     2014); Director     of Cornerstone     Strategic Value     Fund,     Inc.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Andrew
    A. Strauss <BR>
    (Nov. 1953)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director;
    Chairman of Nominating and Corporate Governance Committee and Audit Committee Member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2001</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Attorney
    and senior member of Strauss  Attorneys PLLC; Director of Cornerstone Strategic Value Fund, Inc.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Glenn
    W. Wilcox, Sr. <BR>
    (Dec. 1931)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director;
    Chairman of Audit Committee and Nominating and Corporate Governance Committee Member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2001</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chairman
    of the Board of Tower Associates, Inc.; Chairman of the Board of Wilcox Travel Agency, Inc.; Chairman of the Board of
    Blue Ridge Printing Co., Inc. (from January 2019); Director     of     Champion     Industries,     Inc.; Director of
    Cornerstone     Strategic     Value     Fund,     Inc.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Champion
    Industries, Inc.</FONT></TD></TR>
</TABLE>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 19%"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Name
                                         and</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Address(1)</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>(Birth
                                         Date)&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Position(s)</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>with
                                         Fund&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Term
                                         of</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Office
                                         Since&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Principal</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Occupation
                                         Over</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Past
                                         5 Years&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number
                                         of</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Portfolios
                                         in</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Fund
                                         Complex</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Overseen
                                         by</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Director&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Directorships
                                         Held</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>by
                                         Nominee for</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Director
                                         Outside of</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Fund
                                         Complex*&nbsp;</B></FONT></P></TD></TR>

<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">INTERESTED
    NOMINEE</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph
    W. Bradshaw<BR>
    (Dec. 1950)**</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chairman
    of the Board of Directors and President</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2001</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">President,
    Cornerstone Advisors, Inc.; Financial Consultant; President and Director of Cornerstone Strategic Value Fund, Inc.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         mailing address of each Nominee/Director with respect to Fund operations is c/o Ultimus
                                         Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
                                         of December 31, 2018, the Fund Complex was comprised of the Fund and Cornerstone Strategic
                                         Value Fund, Inc. both of which are managed by Cornerstone Advisors, Inc. (the &ldquo;Investment
                                         Adviser&rdquo;). Each of the above Directors oversees both of the Funds in the Fund Complex.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">**</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mr.
                                         Bradshaw is an &ldquo;interested person&rdquo; as defined in the Investment Company Act
                                         of 1940 because of his affiliation with Cornerstone Advisors, Inc.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Board believes that the significance of each Director&rsquo;s experience, qualifications, attributes or skills is an individual
matter (meaning that experience that is important for one Director may not have the same value for another) and that these factors
are best evaluated at the Board level, with no single Director, or particular factor, being indicative of the Board&rsquo;s effectiveness.
The Board determined that each of the Directors is qualified to serve as a Director of the Fund based on a review of the experience,
qualifications, attributes and skills of each Director. In reaching this determination, the Board has considered a variety of
criteria, including, among other things: character and integrity, ability to review critically, evaluate, question and discuss
information provided, to exercise effective business judgment in protecting stockholder interests and to interact effectively
with the other Directors, the Investment Adviser, other service providers, counsel and the independent registered accounting firm
(&ldquo;independent auditors&rdquo;), and willingness and ability to commit the time necessary to perform the duties of a Director.
Each Director&rsquo;s ability to perform his duties effectively is evidenced by his experience or achievements in the following
areas: management or board experience in the investment management industry or companies or organizations in other fields, educational
background and professional training, and experience as a Director of the Fund. In addition, the Board values the diverse skill
sets and experiences that each Director contributes. The Board considers that its diversity as a whole is as a result of a combination
of Directors who are working in the private, as opposed to public, sector, those that are retired from professional work and the
various perspectives that each Director provides as a result of his present experiences and his background. Information as of
December 31, 2018 discussing the specific experience, skills, attributes and qualifications of each Director which led to the
Board&rsquo;s determination that the Director should serve in this capacity is provided below.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">RALPH
W. BRADSHAW. Mr. Bradshaw is co-founder of Cornerstone Advisors, Inc. (the &ldquo;Investment Adviser&rdquo;) and has served as
its President since its inception in 2001. He brings over 25 years of extensive investment management experience and also formerly
served as a director of several other closed-end funds. Prior to founding the Investment Adviser, he served in consulting and
management capacities for registered investment advisory firms specializing in closed-end fund investments. His experiences include
developing and implementing successful trading strategies with a variety of underlying portfolios containing domestic and international
equity and fixed-income investments. In addition, he has been a financial consultant and has held managerial positions and operated
small businesses in several industries. Mr. Bradshaw holds a B.S. in Chemical Engineering and an M.B.A. Mr. Bradshaw provides
the Board with effective business judgment and ability to interact effectively with the other Directors, as well as with the other
service providers, counsel and the Fund&rsquo;s independent auditor. Mr. Bradshaw commits a significant amount of time to the
Fund as a Director and Officer, in addition to serving as President of the Investment Adviser. The Board values his strong moral
character and integrity.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ROBERT
E. DEAN. Mr. Dean is a private investor. From October 2000 to December 2003, Mr. Dean was with Ernst &amp; Young Corporate Finance
LLC, a wholly owned broker-dealer subsidiary of Ernst &amp; Young LLP, serving as a Senior Managing Director and member of the
Board of Managers from December 2001 to December 2003. From June 1976 to September 2000, Mr. Dean practiced corporate, banking
and securities law with Gibson, Dunn &amp; Crutcher LLP. Mr. Dean was Partner-in-Charge of the Orange County, California office
from 1993 to 1996 and was a member of the law firm&rsquo;s Executive Committee from 1996 to 1999. Since June 2009, Mr. Dean has
served as a director of National Bank Holdings Corporation (NYSE:NBHC), a bank holding company, serving as chairman of the Nominating
and Governance Committee and a member of the Audit &amp; Risk and Compensation Committees. Mr. Dean holds a Bachelor of Arts degree
from the University of California, Irvine and a Juris Doctor degree from the University of Minnesota Law School. Mr. Dean&rsquo;s
substantial experience in the public capital markets and merger and acquisition transactions, regulatory matters and public company
corporate governance matters qualifies him to serve on the Board of Directors of the Fund. The Board values his strong moral character
and integrity.</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">EDWIN
MEESE III. Mr. Meese is a Ronald Reagan Distinguished Fellow Emeritus at The Heritage Foundation. He is also a Distinguished Visiting
Fellow at the Hoover Institution, Stanford University. He is the former chairman of the governing board of George Mason University
in Virginia and serves on the board of several civic and educational organizations. Previously, Mr. Meese served as the 75th Attorney
General of the United States and immediately prior to that as Counselor to the President of the United States for Ronald Reagan.
Mr. Meese provides the Board with effective business judgment and an ability to interact effectively with the other Directors,
as well as with the Investment Adviser, other service providers, counsel and the Fund&rsquo;s independent auditor. Mr. Meese has
demonstrated a willingness to commit the time necessary to serve as an effective Director. The Board values his strong moral character
and integrity.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">MATTHEW
W. MORRIS. Mr. Morris is the Chief Executive Officer for Stewart Information Services Company (NYSE:STC), a title insurance and
real estate services firm. Mr. Morris provides strategic leadership
for the future of the company, focusing on the people strategy, operational alignment, and smart growth and maximizing stockholder
value. Mr. Morris originally joined the company in 2004 as Senior Vice President, Planning &amp; Development. Previously, he was
the Director of a strategic litigation-consulting firm, offering trial and settlement sciences and crisis management. Mr. Morris
received his BBA in Organizational Behavior and Business Policy from Southern Methodist University and his MBA from the University
of Texas with a concentration in Finance. Mr. Morris has indicated his willingness to commit the time necessary to serve as an
effective Director. The Board values his strong moral character and integrity.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SCOTT
B. ROGERS. Reverend Rogers has been the Executive Director of a regional community ministry organization for over 30 years. In
addition to the leadership and management skills obtained through this work, he contributes a non-profit perspective and community
insight to the Board&rsquo;s discussions and deliberations, which provides desirable diversity. Mr. Rogers provides the Board
with effective business judgment and an ability to interact effectively with the other Directors, as well as with the Investment
Adviser, other service providers, counsel and the Fund&rsquo;s independent auditor. Mr. Rogers has demonstrated a willingness
to commit the time necessary to serve as an effective Director. The Board values his strong moral character and integrity.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ANDREW
A. STRAUSS. Mr. Strauss is an experienced attorney with a securities law background. He currently manages a law firm specializing
in estate planning, probate and estate administration. In addition, Mr. Strauss served in an executive capacity with a large public
company for over nine years. He is a graduate of the Wharton School of the University of Pennsylvania and Georgetown University
Law Center. Mr. Strauss provides the Board with effective business judgment and an ability to interact effectively with the other
Directors, as well as with the Investment Adviser, other service providers, counsel and the Fund&rsquo;s independent auditor.
Mr. Strauss has demonstrated a willingness to commit the time necessary to serve as an effective Director. The Board values his
strong moral character and integrity.</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">GLENN
W. WILCOX, SR. Mr. Wilcox has been a business owner for over 55 years. He has previous business experience in the real estate
development, radio and oil and gas exploration industries. He serves on the board of directors and audit committee of another
public company. From 1996 until 2004, Mr. Wilcox was a member of the board of Appalachian State University, and was chairman of
the board from 2001-2003. He has been a private investor in public equities for over 50 years. Mr. Wilcox provides the Board with
effective business judgment and an ability to interact effectively with the other Directors, as well as with the Investment Adviser,
other service providers, counsel and the Fund&rsquo;s independent auditor. Mr. Wilcox has demonstrated a willingness to commit
the time necessary to serve as an effective Director. The Board values his strong moral character and integrity.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Specific
details regarding each Director&rsquo;s principal occupation during the past five years are included in the table above. The summaries
set forth above as to the experience, qualifications, attributes and/or skills of the Directors do not constitute holding out
the Board or any Director as having any special expertise or experience, and do not impose any greater responsibility or liability
on any such person or on the Board as a whole than would otherwise be the case.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
following table sets forth, for each Director, the aggregate dollar range of equity securities owned of the Fund and of all Funds
overseen by each Director in the Fund Complex as of December 31, 2018. The information as to beneficial ownership is based on
statements furnished to the Fund by each Director.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Name&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Dollar
                                         Range of Equity</B></FONT></P>
                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Securities
                           in the Fund&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Aggregate
                                         Dollar</B></FONT></P>
                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Range
                           of Equity In</B></FONT></P>
                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>All
                           Funds Overseen</B></FONT></P>
                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>by
                           Directors in Fund</B></FONT></P>
                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Complex&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">NON-INTERESTED DIRECTORS</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Robert E. Dean</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Edwin Meese III</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Matthew W. Morris</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Scott B. Rogers</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$50,001-$100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Andrew A. Strauss</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Glenn W. Wilcox, Sr.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$10,001-$50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">INTERESTED DIRECTOR</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph W. Bradshaw</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over $100,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over $100,000</FONT></TD></TR>
</TABLE>


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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">EXECUTIVE
OFFICERS</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
addition to Mr. Bradshaw, the current principal officers of the Fund are:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Name
                                         and<BR>
                                         Address(1)<BR>
                                         (Birth Date)&nbsp;</FONT></P></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Position</FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>with
                                         Fund&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Term
                                         of<BR>
                                         Office Since&nbsp;</FONT></P></TD>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Principal<BR>
                                         Occupation Over<BR>
                                         Past 5 Years&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Rachel
                                         L. McNabb&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Apr.
        1980)&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief
    Compliance Officer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2018</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Internal
                                         Audit Managing Senior of Camden Property Trust; Chief Compliance Officer of Cornerstone
                                         Advisors, Inc.; Chief Compliance Officer of Cornerstone Strategic Value Fund, Inc.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Hoyt M. Peters</FONT></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">(Sep. 1963)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Secretary
    and Assistant Treasurer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">February
    2019, 2013</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Vice
President of AST Fund Solutions, LLC (2013&ndash;2018); Secretary of The Asia Pacific Fund, Inc. (2016&ndash;2018); Associate
of Cornerstone Advisors, Inc. (June 2018 &ndash; December 2018); Vice President of Cornerstone Advisors, Inc. (since January 2019);
Secretary (since February 2019) and Assistant Treasurer of Cornerstone Strategic Value Fund, Inc.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Theresa
                                         M. Bridge&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Dec.
        1969)&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Treasurer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2018</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Vice
                                         President and Director of Financial Administration of Ultimus Fund Solutions, LLC; Treasurer
                                         of Cornerstone Strategic Value Fund, Inc.&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         mailing address of each officer with respect to Fund operations is c/o Ultimus Fund Solutions,
                                         LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Under
the federal securities laws, the Fund is required to provide to Stockholders in connection with the Meeting information regarding
compensation paid to the Directors by the Fund as well as by the various other U.S. registered investment companies advised by
the Fund&rsquo;s Investment Adviser during its prior calendar year. The following table provides information concerning the compensation
paid during the year ended December 31, 2018, to each Director of the Fund in his capacity solely as a Director of the Fund. This
information does not reflect any additional monies received for a named individual serving in any other capacity to the Fund.
Please note that the Fund has no bonus, profit sharing, pension or retirement plans.</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Name
                                         of Director&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Director
                                         Since&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Aggregate</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Compensation</B></FONT><B><BR>
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">From Fund&nbsp;</FONT></B></P></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Total
                                         Compensation</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>From
                                         Fund and Fund</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Complex*
                                         Paid to</B></FONT></P>
                                                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Director&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Robert E. Dean</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2014</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$17,500</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$52,500</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Glenn W. Wilcox, Sr.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2001</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$17,500</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$52,500</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Andrew A. Strauss</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2001</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$17,500</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$52,500</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Edwin Meese III</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2001</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$17,500</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$52,500</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Matthew W. Morris</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2017</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$15,870</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$47,066</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Scott B. Rogers</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2001</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$17,500</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$52,500</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph W. Bradshaw</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2001</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For
                                         compensation purposes, the Fund Complex refers to the Fund and Cornerstone Strategic
                                         Value Fund, Inc. both of which were managed by Cornerstone Advisors, Inc. during the
                                         year ended December 31, 2018.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Director
Transactions with Fund Affiliates.</B> As of December 31, 2018, neither the Independent Directors nor members of their immediate
family owned securities beneficially or of record in Cornerstone Advisors, Inc., or an affiliate of Cornerstone Advisors, Inc.
Furthermore, over the past five years, neither the Independent Directors nor members of their immediate family have any direct
or indirect interest, the value of which exceeds $120,000, in Cornerstone Advisors, Inc. or any of its affiliates. In addition,
since the beginning of the last two fiscal years, neither the Independent Directors nor members of their immediate family have
conducted any transactions (or series of transactions) or maintained any direct or indirect relationship in which the amount involved
exceeds $120,000 and to which Cornerstone Advisors, Inc. or any affiliate thereof was a party.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">BOARD
COMPOSITION AND LEADERSHIP STRUCTURE</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Board consists of seven individuals, one of whom is an Interested Director. The Chairman of the Board, Mr. Bradshaw, is the Interested
Director and is the President of the Fund, the President of the Investment Adviser, and is the President and a director of Cornerstone
Strategic Value Fund, Inc. The Board does not have a lead independent director.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Board believes that its structure facilitates the orderly and efficient flow of information to the Directors from the Investment
Adviser and other service providers with respect to services provided to the Fund, potential conflicts of interest that could
arise from these relationships and other risks that the Fund may face. The Board further believes that its structure allows all
of the Directors to participate in the full range of the Board&rsquo;s oversight responsibilities. The Board believes that the
orderly and efficient flow of information and the ability to bring each Director&rsquo;s talents to bear in overseeing the Fund&rsquo;s
operations is important, in light of the size and complexity of the Fund and the risks that the Fund faces. The Board and its
committees review their structure regularly, to help ensure that it remains appropriate as the business and operations of the
Fund and the environment in which the Fund operates changes.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Currently,
the Board has an Audit Committee and a Nominating and Corporate Governance Committee. The responsibilities of each committee and
its members are described below. Each of the Directors attended at least seventy-five (75%) percent of the four (4) meetings of
the Board of Directors (including regularly scheduled and special meetings) held during the period for which he was a member.
Each director attended all four (4) meetings of its committees (including regularly scheduled and special meetings) held during
the period for which he was a member. The Board does not have a policy regarding Directors&rsquo; attendance at the Annual Stockholders
Meeting, but all are invited to attend.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">THE
AUDIT COMMITTEE</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund has a standing Audit Committee (the &ldquo;Audit Committee&rdquo;), which is comprised of Messrs. Dean, Meese III, Morris,
Rogers, Strauss, and Wilcox, Sr., all of whom are Directors who are not interested persons of the Fund, as such term is defined
in Section 2(a)(19) of the Investment Company Act of 1940, as amended. The Audit Committee has a written charter. The principal
functions of the Audit Committee include but are not limited to, (i) the oversight of the accounting and financial reporting processes
of the Fund and its internal control over financial reporting; (ii) the oversight of the quality and integrity of the Fund&rsquo;s
financial statements and the independent audit thereof; and (iii) the approval, prior to the engagement of, the Fund&rsquo;s independent
registered public accounting firm and, in connection therewith, to review and evaluate the qualifications, independence and performance
of the Fund&rsquo;s independent registered public accounting firm. The Audit Committee convened four (4) times during the 2018
calendar year.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Audit Committee currently does not have an Audit Committee Financial Expert, as such term is defined in Section 407 of the Sarbanes-Oxley
Act of 2002. Rather, the Audit Committee members believe that each of their individual experiences provide the Audit Committee
with sufficient experience and expertise to allow them to perform their duties as members of the Audit Committee.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
responsibilities of the Audit Committee, as approved by the Directors, are set forth in the Audit Committee Charter, a copy of
which is available on the Fund&rsquo;s website at http://www.cornerstonetotalreturnfund.com/Data/Sites/20/media/docs/Audit_Charter.pdf,
under the section &ldquo;Corporate Governance - Audit Committee Charter.&rdquo;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">THE
NOMINATING AND CORPORATE GOVERNANCE COMMITTEE</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund has a standing Nominating and Corporate Governance Committee (the &ldquo;N&amp;CG Committee&rdquo;), which is comprised of
Messrs. Dean, Morris, Meese III, Rogers, Strauss, and Wilcox, Sr., all of whom are Directors who are not interested persons of
the Fund, as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended. The N&amp;CG Committee
has a written charter. In addition to its responsibility to oversee the corporate governance of the Fund, the N&amp;CG Committee
is appointed to identify and select qualified candidates that have exhibited strong decision making ability, substantial business
experience, relevant knowledge of the investment company industry (including closed-end funds), skills or technological expertise
and exemplary personal integrity and reputation. In addition, the N&amp;CG Committee seeks candidates that have experience and
knowledge involving all of the service providers of a registered investment company.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
N&amp;CG Committee will consider all nominees recommended by Stockholders of the Fund, so long as Stockholders send their recommendations
in writing to the Secretary of the Fund in a manner consistent with the Fund&rsquo;s By-laws. The N&amp;CG Committee will seek
candidates for the Board that have exhibited strong decision-making ability, substantial business experience, relevant knowledge,
skills or technological expertise, and exemplary personal integrity and reputation. Specifically, the N&amp;CG Committee assesses
all director nominees taking into account several factors, including, but not limited to, issues such as the current needs of
the Board and the nominee&rsquo;s: (i) integrity, honesty, and accountability; (ii) successful leadership experience and strong
business acumen; (iii) forward-looking, strategic focus; (iv) collegiality; (v) independence and absence of conflicts of interests;
and (vi) ability to devote necessary time to meet director responsibilities. The N&amp;CG Committee does not have a policy with
regard to considering diversity when identifying candidates for election, but would expect to consider race, gender and professional
experience diversity when identifying future candidates. The N&amp;CG Committee will ultimately recommend nominees that it believes
will enhance the Board&rsquo;s ability to oversee, in an effective manner, the affairs and business of the Fund. The N&amp;CG
Committee will consider and evaluate Stockholder-recommended candidates by applying the same criteria used to evaluate director-
recommended candidates. The deadline for submitting a Stockholder proposal for inclusion in the Fund&rsquo;s proxy statement and
proxy for the Fund&rsquo;s 2020 annual meeting of Stockholders pursuant to Rule 14a-8 promulgated under the Securities Exchange
Act of 1934, is November 1, 2019. Stockholders wishing to submit proposals or director nominations that are to be included in
such proxy statement and proxy must deliver notice to the Secretary at the principal executive offices of the Fund no later than
the close of business on November 1, 2019. Stockholders are also advised to review the Fund&rsquo;s By-laws, which contain additional
requirements with respect to advance notice of stockholder proposals and director nominations.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
2019, the N&amp;CG Committee met and discussed the nomination of the Directors of the Fund for the 2019 Annual Meeting of Stockholders.
Each Nominee was recommended by the N&amp;CG Committee, comprised of the non-interested Directors. The N&amp;CG Committee convened
four (4) times during the 2018 calendar year.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
responsibilities of the N&amp;CG Committee, as approved by the Directors, are set forth in the N&amp;CG Committee Charter, a copy
of which is available on the Fund&rsquo;s website at: http://www.cornerstonetotalreturnfund.com/Data/Sites/20/media/docs/Nominating_Charter.pdf,
under the section &ldquo;Corporate Governance - Nominating and Corporate Governance Committee Charter.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">BOARD&rsquo;S
ROLE IN RISK OVERSIGHT OF THE FUND</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Board oversees risk management for the Fund directly and, as to certain matters, through its Audit and Nominating and Corporate
Governance Committees. The Board exercises its oversight in this regard primarily through requesting and receiving reports from
and otherwise working with the Fund&rsquo;s senior officers (including the Fund&rsquo;s Chief Compliance Officer), portfolio management
personnel of the Investment Adviser, the Fund&rsquo;s independent auditors, legal counsel and personnel from the Fund&rsquo;s
other service providers. The Board has adopted, on behalf of the Fund, and periodically reviews with the assistance of Fund personnel,
policies and procedures designed to address certain risks associated with the Fund&rsquo;s activities. In addition, the Investment
Adviser and the Fund&rsquo;s other service providers have also adopted policies, processes and procedures designed to identify,
assess and manage certain risks associated with the Fund&rsquo;s activities, and the Board receives reports from service providers
with respect to the operation of these policies, processes and procedures as required and/or as the Board deems appropriate. The
Board does not believe that a separate Risk Oversight Committee is necessary for effective risk oversight at this time, but intends
to continuously evaluate how it assesses risk and consider whether any changes to the current structure are prudent.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">REQUIRED
VOTE</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Directors
are elected by a plurality of the votes cast by the holders of shares of common stock of the Fund present in person or represented
by proxy at a meeting with a quorum present. For purposes of the election of Directors, abstentions and broker non-votes will
be counted as shares present for quorum purposes, may be considered votes cast, and may affect the plurality vote required for
Directors.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>THE
BOARD OF DIRECTORS RECOMMENDS THAT THE STOCKHOLDERS VOTE &ldquo;FOR&rdquo; THE ELECTION OF MESSRS. RALPH W. BRADSHAW, ROBERT E.
DEAN, EDWIN MEESE III, MATTHEW W. MORRIS, SCOTT B. ROGERS, ANDREW A. STRAUSS, AND GLENN W. WILCOX, SR. AS DIRECTORS OF THE FUND.</B></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>PROPOSAL
2 &mdash; TO APPROVE A NEW INVESTMENT MANAGEMENT AGREEMENT WITH CORNERSTONE ADVISORS ASSET MANAGEMENT LLC</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Introduction</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">You
are being asked to approve a new investment management agreement (the &ldquo;New Management Agreement&rdquo;) between the Fund
and Cornerstone Advisors Asset Management LLC (the &ldquo;New Investment Adviser&rdquo;). Under the Fund&rsquo;s current investment
management agreement with Cornerstone Advisors, Inc. (the &ldquo;Current Adviser&rdquo;) (the &ldquo;Current Management Agreement&rdquo;),
the Current Adviser carries out the investment and reinvestment of the assets of the Fund, continuously furnishes an investment
program with respect to the Fund, determines which securities should be purchased, sold or exchanged, and implements such determinations.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Current Adviser has acted as the Fund&rsquo;s Investment Adviser since 2001, and has its principal office at 1075 Hendersonville
Road, Suite 250, Asheville, NC 28803. The Current Adviser was organized in February 2001, to provide investment management services
to closed-end investment companies and is registered with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) under the Investment Advisers Act of 1940, as amended. The Current
Adviser is the investment adviser to one other closed-end fund, Cornerstone Strategic Value Fund, Inc. Messrs. Ralph W. Bradshaw
and Gary A. Bentz are the only stockholders of the Current Adviser.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Bentz, one of the two owners of the Current Adviser, has indicated
that he is considering different options with respect to his future endeavors and, if the New Management Agreement is approved
by the Fund&rsquo;s stockholders and the Reorganization (as defined in the paragraph below) is completed, Mr. Bentz would prefer
to provide non-advisory consulting services on an as-needed basis to the New Investment Adviser and devote the bulk of his time
to other ventures. The Reorganization (as defined in the paragraph below) would allow for Mr. Bentz&rsquo;s transition to a non-advisory
consulting role while also creating a new entity (the New Investment Adviser) that can employ the same portfolio managers and other
personnel that are currently employed by the Current Adviser in connection with the investment advisory services it provides the
Fund.</P>



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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">At
a meeting held on Friday, February 8, 2019, the Board of Directors of the Fund, including all of the independent directors who
are not &ldquo;interested&rdquo; persons as such term is defined in the Investment Company Act of 1940, as amended (the &ldquo;1940
Act&rdquo;)(the &ldquo;Independent Directors&rdquo;), approved the New Management Agreement to be entered into between the Fund
and the New Investment Adviser. The Independent Directors considerations are set forth below. The New Investment Adviser is owned
by the Cornerstone Trust, a trust established on January 29, 2019. The trustees of the Cornerstone Trust include, but are not
limited to, Messrs. Ralph W. Bradshaw, Joshua G. Bradshaw and Daniel W. Bradshaw. It is anticipated that the New Investment Adviser&rsquo;s
name will be changed to Cornerstone Advisors, LLC upon completion of the reorganization described above (the &ldquo;Reorganization&rdquo;).
It is anticipated that the Reorganization will be completed in 2019. Subject to stockholder approval of the New Management Agreement,
the New Investment Adviser will become the Fund&rsquo;s investment adviser upon completion of the Reorganization.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Reorganization is being considered as a change of control of the Current Adviser and therefore would constitute an &ldquo;assignment&rdquo;
(as defined in the 1940 Act) of the Fund&rsquo;s Current Management Agreement. As required by the 1940 Act, the Current Management
Agreement provides for its automatic termination in the event of an assignment. Accordingly, the Current Management Agreement
will terminate upon the completion of the Reorganization. You are being asked to approve the New Management Agreement to enable
the New Investment Adviser to manage the Fund following the completion of the Reorganization. The New Investment Adviser&rsquo;s
registration as an investment adviser must be declared effective by the SEC prior to the completion
of the Reorganization. If stockholders approve the New Management Agreement prior to the effective date of the New Investment
Adviser&rsquo;s registration as an investment adviser, the Current Management Agreement will continue to be in effect until the
New Management Agreement becomes effective upon the completion of the Reorganization. In the event that the New Management Agreement
is not approved by stockholders or the Reorganization is not completed, the Current Adviser will continue to serve as investment
adviser of the Fund pursuant to the terms of the Current Management Agreement.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>There
will be no increase in management fees as a result of the New Management Agreement for the Fund. The New Investment Adviser
is in agreement with and committed to the ongoing distribution policy carried out by the Fund under the direction of the
Board of Directors. The Reorganization is not expected to have a material adverse impact on the nature, extent, or quality of
the services provided by the New Investment Adviser to the Fund, although there can be no assurances that the New
Investment Adviser will not be affected by the Reorganization. </B></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>The
Reorganization</B>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Messrs.
Ralph W. Bradshaw and Gary A. Bentz are the only stockholders of Cornerstone Advisors, Inc. Mr. Ralph W. Bradshaw is President
and Chairman of the Board of Directors of the Fund. Mr. Gary A. Bentz is Assistant Treasurer of the Fund. After the completion
of the Reorganization, Messrs. Ralph W. Bradshaw, Joshua G. Bradshaw and Daniel W. Bradshaw will continue to be the Fund&rsquo;s
portfolio managers and officers of the Fund. Mr. Bentz will become a consultant on non-advisory matters only to the New Investment
Adviser.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Impact
of the New Investment Adviser on The Fund </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Reorganization will not result in any material changes in the manner in which the New Investment Adviser provides investment management
services to the Fund or the personnel providing services to the Fund. The New Investment Adviser will remain based in Asheville,
North Carolina. The New Investment Adviser will continue to carry out the investment and reinvestment of the assets of the Fund,
continuously furnish an investment program with respect to the Fund, determine which securities should be purchased, sold or exchanged,
and implement such determinations. No major changes to the New Investment Adviser&rsquo;s executive management, investment management,
administration, compliance, and other personnel are anticipated as a direct result of the Reorganization. Similarly, no changes
to the Fund&rsquo;s portfolio managers are anticipated as a direct result of the Reorganization.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Information
Concerning the Parties to the Reorganization &nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>The
Adviser.</I></B> The Current Adviser is located at 1075 Hendersonville Road, Suite 250, Asheville, North Carolina 28803. The Current
Adviser began conducting business in February 2001 and manages one other closed-end fund with combined total assets with the Fund,
of approximately $1,157.1 million, as of December 31, 2018. The New Investment Adviser was organized on January 29, 2019.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Comparison
of New Management Agreement with Current Management Agreement &nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
form of the proposed New Management Agreement is attached hereto as Exhibit A. The terms of the New Management Agreement are
substantially identical to the terms of the Current Management Agreement, except for the dates of execution and
effectiveness. The stated management fees to be paid by the Fund are identical under the Current Management Agreement and the
New Management Agreement. The material terms of the New Management Agreement are discussed below. For purposes of the
discussion below the term &ldquo;adviser&rdquo; refers to the Current Adviser and the New Investment Adviser.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Investment
Management Services.</I></B> Each of the Current Management Agreement and the New Management Agreement provides that, subject
to the supervision of the Fund&rsquo;s Board, the adviser regularly provides the Fund with investment research, advice, management
and supervision, and furnishes a continuous investment program for the Fund&rsquo;s portfolio of securities and other investments
consistent with the Fund&rsquo;s investment objectives, policies and restrictions. The adviser determines what
securities and other investments will be purchased, retained or sold by the Fund and implements those decisions, all subject to
the provisions of the Fund&rsquo;s governing documents, the 1940 Act and any specific policies adopted by the Fund&rsquo;s Board
and disclosed to the adviser.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Under
each of the Current Management Agreement and the New Management Agreement, the adviser is authorized, for the purchase and sale
of the Fund's portfolio services, to employ such dealers and brokers as may, in the judgment of the adviser, implement the policy
of the Fund to obtain the best results taking into account such factors as price, including dealer spread, the size, type and
difficulty of the transaction involved, the firm's general execution and operational facilities and the firm's risk in positioning
the securities involved. Consistent with this policy, the adviser is authorized to direct the execution of the Fund's portfolio
transactions to dealers and brokers furnishing statistical information or research deemed by the adviser to be useful or valuable
to the performance of its investment advisory functions for the Fund. It is understood that in these circumstances, as contemplated
by Section 28(e) of the Securities Exchange Act of 1934, the commissions paid may be higher than those that the Fund might otherwise
have paid to another broker if those services had not been provided. Information so received will be in addition to and not in
lieu of the services required to be performed by the adviser. It is understood that the expenses of the adviser will not necessarily
be reduced as a result of the receipt of such information or research. Research services furnished to the adviser by brokers who
effect securities transactions for the Fund may be used by the adviser in servicing other investment companies and accounts that
it manages. Similarly, research services furnished to the adviser by brokers who effect securities transactions for other investment
companies and accounts that the adviser manages may be used by the adviser in servicing the Fund. It is understood that not all
of these research services are used by the adviser in managing any particular account, including the Fund.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
of the Current Management Agreement and the New Management Agreement provides that the adviser will also advise the Fund with
respect to all matters relating to the Fund's use of leveraging techniques, monitor the performance of the Fund's outside service
providers, including the Fund's administrator, transfer agent and custodian, be responsible for compliance by the Fund with U.S.
federal, state and other applicable laws and regulations, and pay the salaries, fees and expenses of such of the Fund's directors,
officers or employees who are directors, officers or employees of the adviser or any of its affiliates, except that the Fund will
bear travel expenses or an appropriate portion thereof of directors and officers of the Fund who are directors, officers or employees
of the adviser, to the extent that such expenses relate to attendance at meetings of the Board of Directors or any committees
thereof. The adviser may delegate any of the foregoing responsibilities to a third party with the consent of the Board of Directors.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
of the Current Management Agreement and the New Management Agreement provides that the adviser shall not be deemed to have assumed
or have responsibility for any functions specifically assumed by any administrator, transfer agent, fund accounting agent, custodian,
stockholder servicing agent or other agent employed by the Fund to perform such functions.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Fees.
</I></B>As noted above, the stated management fees to be paid by the Fund and the method of calculation are identical under the
Current Management Agreement and the New Management Agreement. The adviser is entitled to receive a monthly fee at
the annual rate of 1.00% of the Fund&rsquo;s average weekly net assets.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Payment
of Expenses.</I></B> Each of the Current Management Agreement and the New Management Agreement requires the adviser to furnish
all necessary services, facilities and personnel in connection with the performance of its services under the agreement, and states
that, except as specifically indicated therein, the adviser is not responsible for any of the Fund&rsquo;s ordinary or extraordinary
expenses. Each of the Current Management Agreement and the New Management Agreement states that the adviser will pay or reimburse
the Fund for compensation paid to the Directors who are affiliated persons of the adviser and officers of the Fund as such, except
as the Board may decide.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Potential
Conflicts of Interest.</I></B> The Fund has adopted procedures under Rule 17a-7 of the 1940 Act to permit purchase and sales transactions
to be effected between the Fund and other accounts that are managed by the adviser. The Fund may from time to time engage in such
transactions in accordance with these procedures.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
of the Current Management Agreement and the New Management Agreement also provides that securities considered as investments for
the Fund may also be appropriate for other investment accounts managed by the adviser or its affiliates. Whenever decisions are
made to buy or sell securities by the Fund and one or more of such other accounts simultaneously, the adviser will allocate the
security transactions (including &ldquo;hot&rdquo; issues) in a manner which it believes to be equitable under the circumstances.
As a result of such allocations, there may be instances where the Fund will not participate in a transaction that is allocated
among other accounts. If an aggregated order cannot be filled completely, allocations will generally be made on a pro rata basis.
An order may not be allocated on a pro rata basis where, for example: (i) consideration is given to an account with specialized
investment policies that coincide with the particulars of a specific investment; (ii) pro rata allocation would result in odd-lot
or de minimis amounts being allocated to a portfolio or other client; or (iii) where the adviser reasonably determines that departure
from a pro rata allocation is advisable. While these aggregation and allocation policies could have a detrimental effect on the
price or amount of the securities available to the Fund from time to time, it is the opinion of the Directors of the Fund that
the benefits from the adviser&rsquo;s organization outweigh any disadvantage that may arise from exposure to simultaneous transactions.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Limitation
on Liability.</I></B> Each of the Current Management Agreement and the New Management Agreement states that the adviser shall
exercise its best judgment in rendering the services in accordance with the terms of the agreement and that the adviser shall
not be liable for any error of judgment or mistake of law or for any act or omission or any loss suffered by the Fund in connection
with the matters to which the agreement relates. This limitation of liability applies to affiliates, partners, stockholders, directors,
officers and employees of the adviser and its affiliates who may perform services for the Fund contemplated by both the Current
Management Agreement and the New Management Agreement. Neither of the adviser nor any other such person is protected, however,
from liability by reason of its willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason
of its reckless disregard of its obligations and duties under the Current Management Agreement and the New Management Agreement.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Term
and Continuance. </I></B>The Current Management Agreement has been in effect for an initial term of two years and for successive
one-year periods subject to such continuance being approved annually in the manner required by the 1940 Act. If approved by stockholders
prior to the completion of the Reorganization, the Fund&rsquo;s New Management Agreement will go into effect upon the completion
of the Reorganization. and, unless terminated in accordance with its terms, will stay in effect for an initial two-year term.
If not terminated, the New Management Agreement will continue in effect from year to year if such continuance is specifically
approved at least annually (a)&nbsp;by the Board, or (b)&nbsp;by a vote of a majority of the outstanding voting securities of
the Fund, provided that in either event the continuance also is approved by a majority of the Directors who are not interested
persons of a party to the New Management Agreement.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Termination.
</I></B>Each of the Current Management Agreement and the New Management Agreement (a) may terminated at any time, without penalty,
by the Fund's Board of Directors, by vote of holders of a majority of the outstanding voting securities (as defined in the 1940
Act) of the Fund or by the adviser, upon sixty (60) days' written notice delivered to each party hereto, and (b) shall automatically
be terminated in the event of its assignment (as defined in the 1940 Act).</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Board
Considerations Regarding Approval of the New Management Agreement&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Board has evaluated the Reorganization and the New Management Agreement for the Fund. In connection with their evaluation of the
Reorganization and the New Management Agreement for the Fund, the Independent Directors requested such information as they deemed
reasonably necessary, including: (a)&nbsp;the structure of the New Investment Adviser and the reasons for Reorganization; (b)&nbsp;the
effect of the Reorganization on the ongoing services provided to the Fund; (c)&nbsp;the stability and continuity of the New Investment
Adviser&rsquo;s management and key employees; (d)&nbsp;the post-Reorganization financial resources of the New Investment Adviser;
(e) the nature, quality and extent of the services to be provided by New Investment Adviser; (f) the cost to the New Investment
Adviser for providing such services, with special attention to the New Investment Adviser&rsquo;s potential profitability (and
whether the New Investment Adviser may realize any economies of scale); (g) the direct and indirect benefits that may be received
by the New Investment Adviser from its relationship with the Fund; and (h) comparative information as to the management fees,
expense ratios and performance of other similarly situated closed-end investment companies.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Independent Directors also requested and obtained the following information in connection with their evaluation of the New Investment
Adviser and the New Management Agreement for the Fund: (i)&nbsp;memoranda provided by Fund counsel that summarized the legal standards
and other considerations that are relevant to the Directors in their deliberations regarding the New Management Agreement; (ii)&nbsp;the
qualifications of the investment management team for the Fund; (iii)&nbsp;the Fund&rsquo;s management fee and total expense ratio,
the financial resources of the New Investment Adviser and the anticipated profitability analysis from the New Investment Adviser.
In addition, the Independent Directors considered the information provided at regularly scheduled meetings throughout the year
regarding the Fund&rsquo;s performance and risk attributes, including through meetings with investment management personnel, and
took into account other information related to the Fund provided to the Independent Directors at regularly scheduled meetings.
The Independent Directors also considered information they had received in their review of the continuance of the Current Management
Agreement for the Fund in February 2019.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Nature,
Extent and Quality of Services. </I></B>The Independent Directors considered the nature, extent and quality of the services that
had been provided by the Current Adviser to the Fund and that are expected to be provided by the New Investment Adviser to the
Fund following the completion of the Reorganization. The Independent Directors reviewed the terms of the New Management Agreement,
and noted that such terms are substantially identical to the terms of the Current Management Agreement, except for different execution
and, effective dates. The Independent Directors reviewed the New Investment Adviser&rsquo;s investment approach for the Fund and
its research process and concluded that these would be unchanged from those of the Current Adviser. The Independent Directors
considered the resources of the New Investment Adviser and the personnel of the New Investment Adviser who provide investment
management services to the Fund noting that that the portfolio managers would remain unchanged. They also reviewed the non-investment
resources and personnel of the New Investment Adviser that are involved in the New Investment Adviser&rsquo;s services to the
Fund, including the New Investment Adviser&rsquo;s compliance and administration resources and personnel.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Independent Directors considered that the New Investment Adviser will continue to supervise and monitor the performance of the
Fund&rsquo;s service providers and will continue to provide the Fund with personnel (including Fund officers) and other resources
that are necessary for the Fund&rsquo;s business management and operations. The Independent Directors also considered that the
New Investment Adviser will continue to provide those investment management and research services and resources to the Fund following
the completion of the Reorganization.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Independent Directors considered that the Reorganization will not have a material adverse impact on the nature, scope and overall
quality of services provided to the Fund and its stockholders, including investment management, risk management, administrative,
compliance and other services.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Based
on these considerations, the Independent Directors concluded that the nature, extent and quality of services that the New Investment
Adviser will provide to the Fund under the New Management Agreement will be satisfactory and consistent with the terms of the
Current Management Agreement.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Performance
of the Fund. </I></B>In considering the Fund&rsquo;s anticipated performance under the New Management Agreement, the Independent
Directors noted that they regularly reviewed and discussed throughout the year data prepared by the Current Adviser and
information comparing the Fund&rsquo;s performance with the performance of the S&amp;P 500 Index. The Independent Directors
also noted that they expect that the New Investment Adviser will continue to provide the same level of performance as the
Current Adviser has provided the Fund in the past. The Independent Directors noted that the New Investment Adviser&rsquo;s
experience and expertise with respect to the Fund&rsquo;s managed distribution program, the Fund&rsquo;s historic premium to
net asset value and the success of previously completed rights offerings, were factors in their deliberations concerning the
approval of the New Management Agreement. The Independent Directors also considered that the New Investment Advisor is in
agreement with and committed to the ongoing distribution policy carried out by the Fund under the direction of the Board
of Directors.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Management
Fee and Expenses. </I></B>The Independent Directors noted that the stated management fee to be paid by the Fund to the New Investment
Adviser is identical under the Current Management Agreement and the New Management Agreement. The Independent Directors considered
information showing the fees and expenses of the Fund in comparison to the management fees and expense ratios of its peer group
of funds. To the extent applicable, the Independent Directors also considered the impact of transfer agency, custodian, fund accounting,
fund administration, and other non-management fee expenses on the expense ratios of the Fund.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Independent Directors concluded that the management fee to be paid by the Fund to the New Investment Adviser was not unreasonable
in relation to the nature and quality of the services to be provided by the New Investment Adviser.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Profitability.
</I></B>The Independent Directors considered information provided by the New Investment Adviser regarding the anticipated profitability
of the New Investment Adviser with respect to the advisory services to be provided by the New Investment Adviser to the Fund.
The Independent Directors also considered the New Investment Adviser&rsquo;s anticipated profit margin in connection with the
overall operation of the Fund. The Independent Directors concluded that the New Investment Adviser&rsquo;s anticipated profitability
with respect to the management of the Fund would not be unreasonable or excessive.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Section
15(f) Considerations. </I></B>The New Investment Adviser intends to rely, to the extent appropriate, on Section 15(f) of the 1940
Act, which provides a non-exclusive safe harbor whereby an investment adviser (such as the Current Adviser) to an investment company
(such as the Fund) or an affiliate of such investment adviser may receive payment or benefit in connection with the sale of an
interest in the investment adviser if two conditions are satisfied. The first condition of Section 15(f) is that during the three-year
period following the Reorganization, at least 75% of the investment company&rsquo;s board must not be &ldquo;interested persons&rdquo;
(as defined in the 1940 Act) of the investment adviser or its predecessor. The Board of Directors currently meets this requirement
as six of the seven the directors are independent and will continue to be independent for the period required. Second, no &ldquo;unfair
burden&rdquo; can be imposed on the investment company as a result of the Reorganization. An &ldquo;unfair burden&rdquo; includes:
any arrangement during the two-year period after the Reorganization where the investment adviser (or predecessor or successor
adviser), or any of its &ldquo;interested persons&rdquo; (as defined in the 1940 Act), receives or is entitled to receive any
compensation, directly or indirectly, (i) from any person in connection with the purchase or sale of securities or other property
to, from or on behalf of the investment company (other than bona fide ordinary compensation as principal underwriter for the investment
company), or (ii) from the investment company or its shareholders (other than fees for bona fide investment advisory or other
services). The Independent Directors determined that there was no &ldquo;unfair burden&rdquo; imposed as a result of the Reorganization,
and that they will ensure that this condition will continue to be satisfied for the required time period.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Conclusion.
</I></B>After consideration of the factors described above as well as other factors, the Directors, including the Independent
Directors, concluded that the New Management Agreement for the Fund, including the management fees payable thereunder, was fair,
not unreasonable and in the best interest of the Fund and its stockholders. The Directors, including the Independent Directors,
voted to approve the New Management Agreement and to recommend that the stockholders approve the New Management Agreement.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Required
Vote </B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; background-color: white">To
become effective with respect to the Fund, the New Management Agreement must be approved by a &ldquo;1940 Act Majority Vote&rdquo;
of the outstanding voting securities of the Fund. A &ldquo;1940 Act Majority Vote&rdquo; of the outstanding voting securities
of a Fund means the affirmative vote of the lesser of (a)&nbsp;67% or more of the voting securities of the Fund that are present
at the Meeting or represented by proxy if holders of shares representing more than 50% of the outstanding voting securities of
the Fund are present or represented by proxy or (b)&nbsp;more than 50% of the outstanding voting securities of the Fund.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0pt; text-align: justify; background-color: white"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif; background-color: white"></FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; text-transform: uppercase">The
Board recommends that you vote &ldquo;FOR&rdquo; thE proposal to APPROVE THE NEW MANAGEMENT AGREEMENT WITH CORNERSTONE ADVISORS
ASSET MANAGEMENT LLC.</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; text-transform: uppercase">AUDIT
COMMITTEE REPORT</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
February 2019, the Audit Committee met with the Fund&rsquo;s Administrator, Ultimus Fund Solutions LLC, and the Fund&rsquo;s independent
registered public accounting firm, Tait, Weller &amp; Baker LLP, to discuss and review the Fund&rsquo;s audited financial statements
for the calendar year ended December 31, 2018. The Fund&rsquo;s independent registered public accounting firm represented to the
Audit Committee that the Fund&rsquo;s financial statements were prepared in accordance with U.S. Generally Accepted Accounting
Principles, and the Audit Committee has reviewed and discussed the financial statements with the Fund&rsquo;s Administrator and
its independent registered public accounting firm. The Audit Committee also discussed with the independent registered public accounting
firm matters required to be discussed by Statement on Auditing Standards No. 61.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund&rsquo;s independent registered public accounting firm also provided to the Audit Committee the written disclosures required
by Independence Standards Board Standard No. 1 (Independence Discussions with Audit Committees), and the Audit Committee discussed
with the independent registered public accounting firm their independence, in light of the services they were providing.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Based
upon the Audit Committee&rsquo;s discussion with the Fund&rsquo;s Administrator and the independent registered public accounting
firm and the Audit Committee&rsquo;s review of the representations and report of the independent registered public accounting
firm to the Audit Committee, the Audit Committee recommended that the Board of Directors include the audited financial statements
in the Fund&rsquo;s Annual Report for the calendar year ended December 31, 2018 filed with the Securities and Exchange Commission.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Audit Committee report shall not be deemed incorporated by reference in any document previously or subsequently filed with the
SEC that incorporates by reference all or any portion of this proxy statement except to the extent that the Fund specifically
requests that the report be specifically incorporated by reference.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Audit Committee of the Board of Directors has selected Tait, Weller &amp; Baker LLP to be employed as the Fund&rsquo;s independent
registered public accounting firm to make the annual audit and to report on, as may be required, the financial statements which
may be filed by the Fund with the SEC during the ensuing year.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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 STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Respectfully
    submitted,</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Glenn W. Wilcox,
    Sr., Chairman</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Andrew A. Strauss</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Scott B. Rogers</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Matthew W. Morris</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Edwin Meese III</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Robert E. Dean</FONT></TD>
    </TR>
</TABLE>


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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 6pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">RELATIONSHIP
WITH INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund&rsquo;s independent registered public accounting firm for the calendar year ended December 31, 2018, was the firm of Tait,
Weller &amp; Baker LLP. The Audit Committee has selected Tait, Weller &amp; Baker LLP to be the Fund&rsquo;s registered public
accounting firm for the calendar year ending December 31, 2019.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
representative of Tait, Weller &amp; Baker LLP is not expected to be present at the Annual Meeting of Stockholders or to make
a statement, but may be available by telephone to respond to appropriate questions from Stockholders.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">PRINCIPAL
ACCOUNTANT FEES AND SERVICES</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Aggregate
fees for professional services rendered for the Fund by Tait, Weller &amp; Baker LLP for the years ended December 31, 2018 and
2017 were:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Service&nbsp;</FONT></P></TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2018&nbsp;</FONT></P></TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2017&nbsp;</FONT></P></TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 74%; text-align: left">Audit Fees</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">17,900</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">17,400</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Audit-Related Fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Tax Fees (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">All Other Fees (2)</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">1,600</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">1,600</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="font-size: 11pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: right">23,600</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: right">23,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Tax
                                         services in connection with the Fund&rsquo;s excise tax calculations and review of the
                                         Fund&rsquo;s applicable tax returns.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
                                         Other Fees represents changes for review of the Fund&rsquo;s rights offering documents.</FONT></TD></TR></TABLE>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
of the services performed by the Fund&rsquo;s independent registered public accounting firm, including audit related and non-audit
related services, were pre-approved by the Audit Committee, as required under the Audit Committee Charter. Audit Fees for the
years ended December 31, 2018 and 2017 were for professional services rendered for the audits of the financial statements of the
Fund, reviews, and issuances of consents, and assistance with review of documents filed with the SEC. Tax Fees for the years ended
December 31, 2018 and 2017 were for services performed in connection with income and excise tax services other than those directly
related to the audit of the income tax accrual.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Audit Committee has considered and determined that the services provided by Tait, Weller &amp; Baker LLP are compatible with maintaining
Tait, Weller &amp; Baker LLP&rsquo;s independence. The aggregate fees included in Audit Fees are fees billed for the calendar
year for the audit of the Fund&rsquo;s annual financial statements. Of the time expended by the Fund&rsquo;s independent registered
public accounting firm to audit the Fund&rsquo;s financial statements for the calendar year ended December 31, 2018, less than
50% of such time involved work performed by persons other than the independent registered public accounting firm&rsquo;s full
time, permanent employees. Tait, Weller &amp; Baker LLP did not perform any services on behalf of the Investment Adviser.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">INFORMATION
PERTAINING TO THE FUND&rsquo;S</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">INVESTMENT ADVISER AND ADMINISTRATOR</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">THE
INVESTMENT ADVISER</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Cornerstone
Advisors, Inc. has acted as the Fund&rsquo;s Investment Adviser since January 2, 2002, and has its principal office at 1075 Hendersonville
Road, Suite 250, Asheville, NC 28803. Cornerstone Advisors, Inc. was organized in February 2001, to provide investment management
services to closed-end investment companies and is registered with the SEC under the Investment Advisers Act of 1940, as amended.
Cornerstone Advisors, Inc. is the investment adviser to one other closed-end fund, Cornerstone Strategic Value Fund, Inc. Messrs.
Bradshaw and Bentz are the only stockholders of Cornerstone Advisors, Inc.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mr.
Bradshaw is President and Chairman of the Board of Directors of the Fund. Mr. Bentz is Assistant Treasurer of the Fund.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
continuation of the Current Management Agreement was last approved by the Board of Directors on February 8, 2019.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">THE
ADMINISTRATOR</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus
Fund Solutions, LLC, whose address is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, currently acts as the Administrator
of the Fund.</FONT></P>

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">SECTION
16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
16(a) of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) and Section 30(h) of the Investment Company Act
in combination require the Fund&rsquo;s directors and officers, persons who own more than ten (10%) of the Fund&rsquo;s common
stock, and the Fund&rsquo;s Investment Adviser and its directors and officers, to file reports of ownership and changes in ownership
with the SEC. The Fund believes that the Fund&rsquo;s directors and officers, the Fund&rsquo;s Investment Adviser and its directors
and officers have complied with all applicable filing requirements during the year ended December 31, 2018.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">INFORMATION
PERTAINING TO CERTAIN STOCKHOLDERS</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
following table sets forth the beneficial ownership of shares of the Fund by each person known to the Fund to be deemed the beneficial
owner of more than five (5%) percent of the outstanding shares of the Fund at the close of business on December 31, 2018:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Name
                           and Address of</B></FONT><B><BR>
                           <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Beneficial Owner&nbsp;</FONT></B></P></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Shares
                           of Common Stock</B></FONT></P>
                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Beneficially
                           Owned&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Percentage
                           of Shares</B></FONT></P>
                           <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Outstanding&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times NewRoman, Times, Serif; font-size: 11pt">Sit
Investment Associates, Inc.*</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3300 IDS Center</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">80
South Eighth Street</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Minneapolis, MN 55402</FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5,566,534</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">14.5%</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pursuant
                                         to a 13G filing dated February 5, 2019 for the quarter ended December 31, 2018.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Additionally,
on February 19, 2019 Cede &amp; Co., a nominee for participants in the Depository Trust Company, held of record 38,405,987 shares
of the Fund, equal to approximately 99.8% of the outstanding shares of the Fund. All the directors and executive officers of
the Fund, as of the date of this proxy, owned less than 1% of the outstanding shares of the Fund.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">ADDITIONAL
INFORMATION</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Proxy Statement does not contain all of the information set forth in the registration statements and the exhibits relating thereto
which the Fund has filed with the SEC, under the Exchange Act and the Investment Company Act of 1940, as amended, to which reference
is hereby made.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund is subject to the informational requirements of the Exchange Act and in accordance therewith, files reports and other information
with the SEC. Reports, proxy statements, registration statements and other information filed by the Fund can be inspected and
copied at the public reference facilities of the SEC in Washington, DC. Copies of such materials also can be obtained by mail
from the Public Reference Branch, Office of Consumer Affairs and Information Services, SEC, 100 F Street, NE, Washington, DC 20594,
at prescribed rates.</FONT></P>

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">OTHER
BUSINESS</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Board of Directors of the Fund does not know of any other matter which may come before the Meeting, but should any other matter
requiring a vote of Stockholders arise, including any questions as to the adjournment of the Meeting, it is the intention of the
persons named in the proxy to vote the proxies in accordance with their judgment on that matter in the interest of the Fund.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">PROPOSALS
TO BE SUBMITTED BY STOCKHOLDERS</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
proposals by Stockholders of the Fund which are intended to be presented at the Fund&rsquo;s next Annual Meeting of Stockholders,
to be held in the year 2020, must be received by the Fund addressed to Cornerstone Total Return Fund, Inc., c/o Ultimus Fund Solutions,
LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, in advance of that meeting as set forth in this document.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">CORNERSTONE TOTAL RETURN FUND, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Hoyt M. Peters,
    Secretary</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Dated: March 1,
    2019</FONT></TD>
    </TR>
</TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CORNERSTONE
TOTAL RETURN FUND, INC.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PROXY
CARD FOR THE ANNUAL MEETING OF STOCKHOLDERS&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">TO
BE HELD ON APRIL 16, 2019</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">THIS
PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
undersigned stockholder of Cornerstone Total Return Fund, Inc. (the &quot;Fund&quot;) hereby constitutes and appoints Messrs.
Ralph W. Bradshaw, Andrew A. Strauss, Scott B. Rogers, and Glenn W. Wilcox, Sr., or any of them, the action of a majority of them
voting to be controlling, as proxy of the undersigned, with full power of substitution, to vote all shares of common stock of
the Fund standing in his or her name on the books of the Fund at the Annual Meeting of Stockholders of the Fund to be held at
the First Floor Conference Room, 1075 Hendersonville Rd., Asheville, NC 28803, on April 16, 2019 at 11:00 a.m., Eastern Time,
or at any adjournment or postponement thereof, with all the powers which the undersigned would possess if personally present,
as designated on the reverse hereof.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
undersigned hereby revokes any proxy previously given and instructs the said proxies to vote in accordance with the instructions
with respect to the election of the directors and the consideration and vote of such other matters as may properly come before
the Annual Meeting of Stockholders or any adjournment or postponement thereof.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
proxy, when properly executed, will be voted in the manner directed herein by the stockholder. If no such direction is made, the
said proxies will vote FOR Proposal 1 and Proposal 2 and in their discretion with respect to such other matters as may properly
come before the Annual Meeting of Stockholders, in the interest of the Fund.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Continued
and to be dated and signed on reverse side)&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">ANNUAL
MEETING OF STOCKHOLDERS OF CORNERSTONE TOTAL RETURN FUND, INC. April 16, 2019</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">NOTICE
OF INTERNET AVAILABILITY OF PROXY MATERIAL:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Notice of Meeting, proxy statement and proxy card are available at</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><U>http://www.cornerstonetotalreturnfund.com/Data/Sites/20/media/docs/CRF_proxy_final.pdf</U></FONT></P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PLEASE
SIGN, DATE AND MAIL YOUR PROXY CARD IN THE ENVELOPE PROVIDED AS SOON AS POSSIBLE.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">THE
BOARD OF DIRECTORS RECOMMENDS A VOTE &quot;FOR&quot; PROPOSAL 1, &ldquo;FOR&rdquo; PROPOSAL 2 AND &quot;FOR&quot; PROPOSAL 3.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PLEASE
SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE [X]</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.
To approve the election of seven (7) Directors:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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 STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">NOMINEES:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/ &nbsp;/</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FOR ALL NOMINEES</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/&nbsp; /</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph W. Bradshaw</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/&nbsp; /</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Robert E. Dean</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">WITHHOLD AUTHORITY</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/ &nbsp;/</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Edwin Meese III</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/&nbsp; /</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FOR ALL NOMINEES</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/&nbsp; /</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Matthew W. Morris</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/ &nbsp;/</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Scott B. Rogers</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(See instructions below)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/ &nbsp;/</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Andrew A. Strauss</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/ &nbsp;/</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Glenn W. Wilcox, Sr.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">INSTRUCTIONS:
To withhold authority to vote for any individual nominee(s), mark</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&quot;FOR
ALL EXCEPT&quot; and fill in the circle next to each nominee you wish to withhold, as shown here: o</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.
To approve a new investment management agreement with Cornerstone Advisors Asset Management LLC:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FOR</FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">AGAINST</FONT></TD>
    <TD STYLE="width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ABSTAIN</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/&nbsp;&nbsp; /</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/&nbsp;&nbsp; /</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/&nbsp;&nbsp; /</FONT></TD></TR>
</TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.
In their discretion, the proxies are authorized to consider and vote upon such other matters as may properly come before the
Meeting or any adjournment thereof.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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 STYLE="width: 22%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FOR</FONT></TD>
    <TD STYLE="width: 40%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">AGAINST</FONT></TD>
    <TD STYLE="width: 38%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ABSTAIN</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/&nbsp; &nbsp;/</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/&nbsp;&nbsp; /</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/&nbsp;&nbsp; /</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Your
proxy is important to assure a quorum at the Annual Meeting of Stockholders, whether or not you plan to attend the Meeting in
person. You may revoke this proxy at any time, and the giving of it will not affect your right to attend the Annual Meeting of
Stockholders and vote in person.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PLEASE
MARK, SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
change the address on your account, please check the box at right and indicate your new address in the address space above. [
] Please note that changes to the registered name(s) on the account may not be submitted by this method.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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 STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SIGNATURE OF STOCKHOLDER</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DATE</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SIGNATURE OF STOCKHOLDER</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DATE</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">NOTE:
Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign. When signing
as executor, administrator, attorney, trustee or guardian, please give full title as such. If the signer is a corporation, please
sign full corporate name by duly authorized officer, giving full title as such. If signer is a partnership, please sign in partnership
name by authorized person.</FONT></P>

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

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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exhibit A</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM OF</B></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">INVESTMENT MANAGEMENT AGREEMENT</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">THIS INVESTMENT MANAGEMENT AGREEMENT dated and
effective as of [__________ __, 2019] between CORNERSTONE TOTAL RETURN FUND, INC., a New York corporation (herein referred to as
the &ldquo;Fund&rdquo;), and CORNERSTONE ADVISORS ASSET MANAGEMENT LLC, a limited liability company duly organized under the laws
of North Carolina (herein referred to as the &ldquo;Investment Manager&rdquo;).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">1.&nbsp;APPOINTMENT
OF INVESTMENT MANAGER. The Investment Manager hereby undertakes and agrees, upon the terms and conditions herein set forth, to
provide overall investment management services for the Fund, and in connection therewith to (i)supervise the Fund&rsquo;s investment
program, including advising and consulting with the Fund&rsquo;s Board of Directors regarding the Fund&rsquo;s overall investment
strategy;(ii) make, in consultation with the Fund&rsquo;s Board of Directors, investment strategy decisions for the Fund; (iii)
manage the investing and reinvesting of the Fund&rsquo;s assets; (iv) place purchase and sale orders on behalf of the Fund;(v)
advise the Fund with respect to all matters relating to the Fund&rsquo;s use of leveraging techniques; (vi) provide or procure
the provision of research and statistical data to the Fund in relation to investing and other matters within the scope of the investment
objective and limitations of the Fund; (vii) monitor the performance of the Fund&rsquo;s outside service providers, including the
Fund&rsquo;s administrator, transfer agent and custodian; (viii) be responsible for compliance by the Fund with U.S. federal, state
and other applicable laws and regulations; and (ix) pay the salaries, fees and expenses of such of the Fund&rsquo;s directors,
officers or employees who are directors, officers or employees of the Investment Manager or any of its affiliates, except that
the Fund will bear travel expenses or an appropriate portion thereof of directors and officers of the Fund who are directors, officers
or employees of the Investment Manager, to the extent that such expenses relate to attendance at meetings of the Board of Directors
or any committees thereof. The Investment Manager may delegate any of the foregoing responsibilities to a third party with the
consent of the Board of Directors.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">2.&nbsp;EXPENSES.
In connection herewith, the Investment Manager agrees to maintain a staff within its organization to furnish the above services
to the Fund. The Investment Manager shall bear all expenses arising out of its duties hereunder.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Except as provided in Section 1 hereof, the Fund
shall be responsible for all of the Fund&rsquo;s expenses and liabilities, including expenses for legal, accounting and auditing
services; taxes and governmental fees; dues and expenses incurred in connection with membership in investment company organizations;
fees and expenses incurred in connection with listing the Fund&rsquo;s shares on any stock exchange; costs of printing and distributing
shareholder reports, proxy materials, prospectuses, stock certificates and distribution of dividends; charges of the Fund&rsquo;s
custodians and sub-custodians, administrators and sub-administrators, registrars, transfer agents, dividend disbursing agents and
dividend reinvestment plan agents; payment for portfolio pricing services to a pricing agent, if any; registration and filing fees
of the Securities and Exchange Commission; expenses of registering or qualifying securities of the Fund for sale in the various
states; freight and other charges in connection with the shipment of the Fund&rsquo;s portfolio securities; fees and expenses of
non-interested directors or non-interested members of any advisory or investment board, committee or panel of the Fund; fees and
expenses of any officers and interested directors of the Fund who are not affiliated with the Investment Manager, the Administrator
or their respective affiliates; travel expenses or an appropriate portion thereof of directors and officers of the Fund, or members
of any advisory or investment board, committee or panel of the Fund, to the extent that such expenses relate to attendance at meetings
of the Board of Directors or any committee thereof, or of any such advisory or investment board, committee or panel; salaries of
shareholder relations personnel; costs of shareholder meetings; insurance; interest; brokerage costs; and litigation and other
extraordinary or non-recurring expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3. TRANSACTIONS
WITH AFFILIATES. The Investment Manager is authorized on behalf of the Fund, from time to time when deemed to be in the best interests
of the Fund and to the extent permitted by applicable law, to purchase and/or sell securities in which the Investment Manager or
any of its affiliates underwrites, deals in and/or makes a market and/or may perform or seek to perform investment banking services
for issuers of such securities. The Investment Manager is further authorized, to the extent permitted by applicable law, to select
brokers (including any brokers affiliated with the Investment Manager) for the execution of trades for the Fund.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">4.&nbsp;BEST
EXECUTION; RESEARCH SERVICES. The Investment Manager is authorized, for the purchase and sale of the Fund&rsquo;s portfolio services,
to employ such dealers and brokers as may, in the judgment of the Investment Manager, implement the policy of the Fund to obtain
the best results taking into account such factors as price, including dealer spread, the size, type and difficulty of the transaction
involved, the firm&rsquo;s general execution and operational facilities and the firm&rsquo;s risk in positioning the securities
involved. Consistent with this policy, the Investment Manager is authorized to direct the execution of the Fund&rsquo;s portfolio
transactions to dealers and brokers furnishing statistical information or research deemed by the Investment Manager to be useful
or valuable to the performance of its investment advisory functions for the Fund.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">It is understood that in these circumstances,
as contemplated by Section 28(e) of the Securities Exchange Act of 1934, the commissions paid may be higher than those which the
Fund might otherwise have paid to another broker if those services had not been provided. Information so received will be in addition
to and not in lieu of the services required to be performed by the Investment Manager. It is understood that the expenses of the
Investment Manager will not necessarily be reduced as a result of the receipt of such information or research. Research services
furnished to the Investment Manager by brokers who effect securities transactions for the Fund may be used by the Investment Manager
in servicing other investment companies and accounts which it manages.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Similarly, research services furnished to the
Investment Manager by brokers who effect securities transactions for other investment companies and accounts which the Investment
Manager manages may be used by the Investment Manager in servicing the Fund. It is understood that not all of these research services
are used by the Investment Manager in managing any particular account, including the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">5.&nbsp;REMUNERATION.
In consideration of the services to be rendered by the Investment Manager under this Agreement, the Fund shall pay the Investment
Manager a monthly fee in United States dollars for the previous month at an annual rate of one (1.00%) percent of the Fund&rsquo;s
average weekly net assets. If the fee payable to the Investment Manager pursuant to this paragraph 5 begins to accrue before the
end of any month or if this Agreement terminates before the end of any month, the fee for the period from such date to the end
of such month or from the beginning of such month to the date of termination, as the case may be, shall be prorated according to
the proportion which such period bears to the full month in which such effectiveness or termination occurs. For purposes of calculating
each such monthly fee, the value of the Fund&rsquo;s net assets shall be computed at the time and in the manner specified in the
Registration Statement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">6.&nbsp;REPRESENTATIONS
AND WARRANTIES. The Investment Manager represents and warrants that it is duly registered and authorized as an investment adviser
under the Investment Advisers <FONT STYLE="font-family: Times New Roman, Times, Serif">Act of 1940, as amended, and the Investment
Manager agrees to maintain effective all requisite re</FONT>gistrations, authorizations and licenses, as the case may be, until
the termination of this Agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">7.&nbsp;SERVICES
NOT DEEMED EXCLUSIVE. The services provided hereunder by the Investment Manager are not to be deemed exclusive and the Investment
Manager and any of its affiliates or related persons are free to render similar services to other and to use the research developed
in connection with this Agreement for other clients or affiliates. Nothing herein shall be construed as constituting the Investment
Manager an agent of the Fund.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">8.&nbsp;LIMIT
OF LIABILITY. The Investment Manager shall exercise its best judgment in rendering the services in accordance with the terms of
this Agreement. The Investment Manager shall not be liable for any error of judgment or mistake of law or for any act or omission
or any loss suffered by the Fund in connection with the matters to which this Agreement relates, provided that nothing herein shall
be deemed to protect or purport to protect the Investment Manager against any liability to the Fund or its shareholders to which
the Investment Manager would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on its part in
the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement (&ldquo;disabling
conduct&rdquo;). The Fund will indemnify the Investment Manager against, and hold it harmless from, any and all losses, claims,
damages, liabilities or expenses (including reasonable counsel fees and expenses), including any amounts paid in satisfaction of
judgments, in compromise or as fines or penalties, not resulting from disabling conduct by the Investment Manager. Indemnification
shall be made only following: (i) a final decision on the merits by a court or other body before whom the proceeding was brought
that the Investment Manager was not liable by reason of disabling conduct, or (ii) in the absence of such a decision, a reasonable
determination, based upon a review of the facts, that the Investment Manager was not liable by reason of disabling conduct by (a)
the vote of a majority of a quorum of directors of the Fund who are neither &ldquo;interested persons&rdquo; of the Fund nor parties
to the proceeding (&ldquo;disinterested non-party directors&rdquo;), or (b) an independent legal counsel in a written opinion.
The Investment Manager shall be entitled to advances from the Fund for payment of the reasonable expenses (including reasonable
counsel fees and expenses)incurred by it in connection with the matter as to which it is seeking indemnification in the manner
and to the fullest extent permissible under law.</P>

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Prior to any such advance, the Investment Manager
shall provide to the Fund a written affirmation of its good faith belief that the standard conduct necessary for indemnification
by the Fund has been met and a written undertaking to repay any such advance if it should ultimately be determined that the standard
of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (a) the Investment
Manager shall provide a security in form and amount acceptable to the Fund for its undertaking; (b) the Fund is insured against
losses arising by reason of the advance; or (c) a majority of a quorum of disinterested non-party directors, or independent legal
counsel, in a written opinion, shall have determined, based on a review of facts readily available to the Fund at the time the
advance is proposed to be made, that there is reason to believe that the Investment Manager will ultimately be found to be entitled
to indemnification.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">9.&nbsp;DURATION AND TERMINATION.
This Agreement shall have an initial term beginning [  ____ __, 2019] and ending [ ____ __, 2021], and then shall continue in
effect thereafter for successive annual periods, but only so long as such continuance is specifically approved at least
annually by the affirmative vote of (i) a majority of the members of the Fund&rsquo;s Board of Directors who are not parties
to this Agreement or &ldquo;interested persons&rdquo; (as defined in the Investment Company Act of 1940 (the
&ldquo;1940 Act&rdquo;)) of any such party, cast in person at a meeting called for the purpose of voting on such approval,
and (ii) the Fund&rsquo;s Board of Directors or the holders of a majority of the outstanding voting securities (as defined in
the 1940 Act) of the Fund.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Notwithstanding the above, this Agreement (a)
may nevertheless be terminated at any time, without penalty, by the Fund&rsquo;s Board of Directors, by vote of holders of a majority
of the outstanding voting securities (as defined in the 1940 Act) of the Fund or by the Investment Manager, upon sixty (60) days&rsquo;
written notice delivered to each party hereto, and (b) shall automatically be terminated in the event of its assignment (as defined
in the 1940 Act). Any such notice shall be deemed given when received by the addressee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">10.&nbsp;GOVERNING
LAW. This Agreement shall be governed, construed and interpreted in accordance with the laws of the State of New York, provided,
however, that nothing herein shall be construed as being inconsistent with the 1940 Act.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">11.&nbsp;NOTICES.
Any notice hereunder shall be in writing and shall be delivered in person or by telex or facsimile (followed by delivery in person)
to the parties at the addresses set forth below:</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">CORNERSTONE TOTAL RETURN FUND, INC.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">c/o Cornerstone Advisors Asset Management LLC</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">[1075 Hendersonville Road]</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">[Suite 250]</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">[Asheville, NC 28803]</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Attention:&#9;[_____________]</P>

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

<!-- Field: Page; Sequence: 34 -->
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    <!-- Field: /Page -->

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">[1075 Hendersonville Road]</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">[Suite 250]</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">[Asheville, NC 28803]</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Attention:&#9;[______________]</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">or to such other address as to which the recipient
shall have informed the other party in writing.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless specifically provided elsewhere, notice
given as provided above shall be deemed to have been given, if by personal delivery, on the day of such delivery, and, if by facsimile
and mail, on the date on which such facsimile or mail is sent.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">12.&nbsp;COUNTERPARTS.
This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together
shall constitute one and the same instrument.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">IN WITNESS WHEREOF, the parties hereto caused
their duly authorized signatories to execute this Agreement as of the day and year first written above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CORNERSTONE TOTAL RETURN FUND, INC.</TD>
    <TD>&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%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Ralph W. Bradshaw</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>President</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CORNERSTONE ADVISORS ASSET MANAGEMENT LLC</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>[______________]</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>[______________]</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

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



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

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


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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
