TY Tri Continental Corp

Western Investment Hedged Partners L.P. today announced that Institutional Shareholder Services ("ISS"), respected and influential provider of voting advisory services to institutional investors world-wide, recommends that its clients vote on the GOLD proxy card FOR Western Investment's slate of nominees at the Tri-Continental Corporation (NYSE:TY) Special Meeting of Stockholders scheduled for September 28th. In making its recommendation, ISS noted both the ongoing investigations involving J. & W. Seligman & Co. Incorporated, Tri-Continental's investment manager, by the SEC and the New York State Attorney General's Office, and the deep discount to NAV at which Tri-Continental has historically traded. Pointing to "the Fund's discount to NAV that has persisted over the years", ISS determined that a "mandate for change is justified". The ISS announcement added that..."ISS believes that Eliot Spitzer's charges of market-timing arrangements with various entities that violated Seligman funds' prospectuses and were harmful to shareholders are quite serious, and recommends that shareholders vote FOR Western Investment's director nominees." Art Lipson, of Western Investment, commented: "We are gratified that ISS is supporting the election of our slate of world-class investment professionals. We expect to remain holders of Tri-Continental for the long term and, if elected, we fully intend to work with our fellow board members to improve Tri-Continental's performance, revamp its management and reduce the prevailing discount to net asset value to a reasonable level. Given Seligman's current stance regarding the ongoing investigations, we are convinced that stockholders require the independent representation we intend to provide on the Tri-Continental board." Since the Special Meeting is only days away, Western Investment is asking Tri-Continental stockholders to vote their shares today by phone or internet, or to sign and return their GOLD proxy cards as soon as possible. Only the latest dated proxy counts, so even if a stockholder has already sent in a proxy to Tri-Continental, they have every legal right to change their vote and support the Western Investment slate with the GOLD proxy card. For additional information, please visit: www.fixmyfund.com.