TY Tri Continental Corp

SALT LAKE CITY, Sept. 1 /PRNewswire/ -- Western Investment Hedged Partners L.P. (Western Investment) today announced that a recent report by Tri-Continental Corporation (NYSE:TY) reveals that Tri-Continental spent over $1 million of stockholders' money unsuccessfully soliciting support for the election of its candidates at the Company's annual meeting last May. The report revealed that the exact number appeared to be $1,093,551, in contrast to comparable expenses in 2005 of only $119,000. We are not surprised that Tri-Continental, under J. & W. Seligman & Co. Incorporated's management, has failed to disclose in its current proxy statement the substantial cost incurred for the May 2006 annual meeting. We believe that stockholders should have been provided with this important information prior to management asking them to cast their votes, but instead management chose to delay releasing it. Commenting on the disclosure, Arthur Lipson of Western Investment stated, "Instead of accepting the clear and unambiguous results of the May vote, Tri-Continental has called a special meeting of stockholders to try again to elect the identical slate of directors stockholders have just rejected. There is no compelling reason for this new election -- management's nominees would have remained in office until the Company's 2007 annual meeting at which time an election for their successors would be held. Tri-Continental has indicated that it expects to spend in excess of $1.4 million of stockholder money on this unnecessary special meeting and election, which, if management is successful, will not change anything except to further entrench Seligman." Mr. Lipson continued, "I'm not really surprised by this arrogant waste of stockholder funds. Seligman, for reasons that remain unclear to us, appears intent upon keeping independent stockholder representation out of the Tri-Continental boardroom and is willing to spend whatever it takes to do so. It's not their money they are spending, so cost is evidently not a factor in their thinking." Mr. Lipson concluded, "I expect Tri-Continental stockholders to react to this new information the same way we have -- with outrage and recognition of the need for a truly independent stockholder voice on the Tri-Continental board. Stockholders have the power to make that happen, and I urge them to use it by voting their shares for the Western Investment slate of independent, experienced and successful investment management professionals on the GOLD proxy today." Tri-Continental stockholders who have questions or require assistance in voting their GOLD proxy should contact Innisfree M&A Incorporated, toll-free at (877) 456-3510. (Banks and brokers may call collect at (212) 750-5833). CERTAIN INFORMATION CONCERNING WESTERN INVESTMENT Western Investment Hedged Partners L.P. ("Western Investment"), together with the other Participants (as defined below), has made a filing with the SEC of a proxy statement (the "Proxy Statement") and accompanying proxy cards to be used, among other things, to solicit votes in support of the election of the Participants' slate of director nominees and against certain of Tri-Continental Corporation's (the "Company") proposals at the special meeting (the "special meeting") of the Company scheduled for September 28, 2006. Western Investment advises all stockholders of the Company to read the Proxy Statement and other proxy materials relating to the special meeting as they become available because they contain important information. Such proxy materials are available at no charge on the SEC's web site at http://www.sec.gov/. In addition, the Participants in the solicitation will provide copies of the proxy materials, without charge, upon request. Requests for copies should be directed to the Participants' proxy solicitor, Innisfree M&A Incorporated, at its toll-free number: (877) 456-3510 or by e-mail at: . The Participants in the proxy solicitation are Western Investment, Western Investment LLC, Arthur D. Lipson, Western Investment Activism Partners LLC, Western Investment Total Return Master Fund Ltd., Benchmark Plus Institutional Partners, L.L.C., Benchmark Plus Partners, L.L.C., Benchmark Plus Management, L.L.C., Paradigm Partners, N.W., Inc., Scott Franzblau, Robert Ferguson, Michael Dunmire, Paul DeRosa, David B. Ford and Elyse Nakajima (the "Participants"). Information regarding the Participants and their direct or indirect interests is available in the Schedule 13D jointly filed with the SEC on January 6, 2006, as subsequently amended on January 10, 2006, February 15, 2006, March 3, 2006, May 12, 2006, and July 12, 2006, and the Proxy Statement. DATASOURCE: Innisfree M&A Incorporated CONTACT: Michael Brinn of Innisfree M&A Incorporated, +1-212-750-8253

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