Cornerstone Strategic Value Fund, Inc. Announces Date for Rights Offering

Cornerstone Strategic Value Fund, Inc. (CLM) announced today that it has fixed the close of business on November 1, 2010 as the record date for determination of stockholders entitled to participate in the Fund's 1-for-3 rights offering. Each common stockholder will receive one non-transferable right for each share held as of the record date. For every three rights a common stockholder receives, they will be entitled to purchase one new share of the Fund at a subscription price equal to the greater of 102% of net asset value per share as calculated at the close of trading on the expiration date of the offering or 90% of the market price per share at such time. Fractional shares will not be issued. In addition to the shares offered in the primary subscription, the Fund will offer a 100% over-allotment to oversubscribing stockholders. Stockholders who fully subscribe in the primary offering will have the option to oversubscribe for additional shares which may be available.