TY Tri Continental Corp

Tri-Continental Corporation (the �Corporation�) (NYSE:TY) today announced that, in accordance with its in-kind tender offer (the �In-Kind Offer�) to repurchase up to 36,308,589 of its shares of common stock, representing approximately 35% of its issued and outstanding shares (�Common Stock�), which expired at 5 p.m. on Thursday, December 11, 2008, the Corporation has accepted 25,633,247 properly tendered shares, representing approximately 24.4% of the Corporation�s Common Stock outstanding, at a price per share of $10.98 (the �Repurchase Price�), which is equal to 99.25% of the net asset value per share of Common Stock as of the close of the regular trading session of the New York Stock Exchange on December 12, 2008. The shares of Common Stock accepted represented 100% of the shares properly tendered in the In-Kind Offer. The total value of assets of the Corporation to be distributed in payment for such properly tendered shares of Common Stock accepted in the In-Kind Offer based on the Repurchase Price is $281,453,052. Attached hereto as Exhibit A is a description of the distributable assets as of December 12, 2008 that stockholders who chose to participate in the In-Kind Offer will receive. The market value and percentage of the Corporation�s total distributable assets represented by each of the distributable assets listed below may decrease or increase before the actual receipt by stockholders of the distributable assets. The Corporation expects to deliver the distributable assets on December 18, 2008 to brokers whose customers tendered shares in the In-Kind Offer through the Depository Trust & Clearing Corporation (�DTCC�). All securities to be distributed to tendering stockholders will be rounded down to the next full share. The Corporation will distribute cash in lieu of any fractional share of a security that is not distributed due to rounding in this manner. The Corporation made the In-Kind Offer in connection with a settlement agreement, dated as of August�19, 2008, between the Corporation and a stockholder group, including Western Investment LLC. The In-Kind Offer referred to in this announcement was made only by the offer to repurchase filed with the Securities and Exchange Commission. The Corporation is one of the nation�s largest, diversified, publicly traded closed-end equity investment companies and has paid dividends for 64 consecutive years. Effective November 7, 2008, the Corporation is managed by RiverSource Investments, LLC, a wholly owned subsidiary of Ameriprise Financial, Inc. Prior to then, the Corporation was managed by J. & W. Seligman & Co. Incorporated. Seligman Advisors, Inc. is the principal underwriter of the Seligman mutual funds. The net asset value of shares may not always correspond to the market price of such shares. Common Stock of many closed-end funds frequently trade at a discount from their net asset value. The Corporation is subject to stock market risk, which is the risk that stock prices overall will decline over short or long periods, adversely affecting the value of an investment in the Corporation. You should consider the investment objectives, risks, charges, and expenses of the Corporation carefully before investing. A prospectus containing information about the Corporation (including its investment objectives, risks, charges, expenses, and other information about the Corporation) may be obtained by contacting your financial advisor or Seligman Advisors, Inc. at 800-221-2783. The prospectus should be read carefully before investing in the Corporation. There is no guarantee that the Corporation�s investment goals/objectives will be met, and you could lose money. This press release shall not constitute an offer to sell or a solicitation to buy, nor or a prospectus, circular or representation intended for use in the purchase or sale of Corporation shares, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. � � NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY � � EXHIBIT A Tri-Continental Corporation List of Assets Distributable in In-Kind Tender Offer � % Distributable Assets CUSIP/Security ID Security Name as of December 12, 2008 � 88579Y101 3M COMPANY 0.51% 000375204 ABB LTD. 0.40% 002824100 ABBOTT LABORATORIES 1.58% 002896207 ABERCROMBIE + FITCH CO. 0.79% 00507V109 ACTIVISION BLIZZARD INC. 1.20% 00130H105 AES CORPORATION 0.41% 013817101 ALCOA INC. 0.45% 02209S103 ALTRIA GROUP, INC. 0.88% 025816109 AMERICAN EXPRESS COMPANY 0.70% 031162100 AMGEN INC. 0.94% 032654105 ANALOG DEVICES INC. 0.39% 037833100 APPLE INC. 0.91% 00206R102 AT+T INC. 2.43% 057224107 BAKER HUGHES INCORPORATED 0.28% 060505104 BANK OF AMERICA CORPORATION 1.60% 064058100 BANK OF NEW YORK MELLON CORPORATION 0.71% 067901108 BARRICK GOLD CORPORATION 0.58% 071813109 BAXTER INTERNATIONAL INC. 0.59% 055921100 BMC SOFTWARE INC. 0.58% 097023105 BOEING COMPANY 0.45% 110122108 BRISTOL-MYERS SQUIBB COMPANY 1.28% 156708109 CEPHALON, INC. 0.99% 165167107 CHESAPEAKE ENERGY CORPORATION 0.55% 166764100 CHEVRON CORPORATION 2.69% 125509109 CIGNA CORPORATION 0.51% 17275R102 CISCO SYSTEMS, INC. 1.08% 125581108 CIT GROUP INC. 0.47% 172967101 CITIGROUP INC. 0.45% 20030N101 COMCAST CORPORATION (CLASS A) 0.76% 205862402 COMVERSE TECHNOLOGY, INC. 1.11% 20825C104 CONOCOPHILLIPS 1.45% 81369Y407 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND 1.76% 126650100 CVS CAREMARK CORPORATION 0.95% 244199105 DEERE & COMPANY 0.27% 247361702 DELTA AIR LINES, INC. 2.43% 28336L109 EL PASO CORPORATION 0.68% 30161N101 EXELON CORPORATION 0.96% 302182100 EXPRESS SCRIPTS, INC. 0.61% 30225X103 EXTERRAN HOLDINGS INC. 0.25% 30231G102 EXXON MOBIL CORPORATION 5.19% 81369Y605 FINANCIAL SELECT SECTOR SPDR FUND 1.65% 345838106 FOREST LABORATORIES, INC. 0.92% 34958B106 FORTRESS INVESTMENT GROUP LLC (CLASS A) 0.16% G36535139 FOSTER WHEELER LTD. 0.35% 35671D857 FREEPORT-MCMORAN COPPER & GOLD, INC. (CLASS B) 0.36% 35906A108 FRONTIER COMMUNICATIONS COMPANY 0.70% 369604103 GENERAL ELECTRIC COMPANY 2.13% 38259P508 GOOGLE INC. (CLASS A) 1.39% 406216101 HALLIBURTON COMPANY 0.38% 416515104 HARTFORD FINANCIAL SERVICES GROUP, INC. 0.27% 42222G108 HEALTH NET INC. 0.36% 428236103 HEWLETT-PACKARD COMPANY 1.29% 436440101 HOLOGIC INC. 0.58% 438516106 HONEYWELL INTERNATIONAL INC. 0.93% 458140100 INTEL CORPORATION 1.20% 47102X105 JANUS CAPITAL GROUP INC. 0.24% 46625H100 JPMORGAN CHASE & CO. 2.09% 500255104 KOHL'S CORPORATION 0.94% 55611C108 MACROVISION SOLUTIONS CORPORATION 1.44% G5876H105 MARVELL TECHNOLOGY GROUP LTD. 1.39% 589331107 MERCK & CO., INC. 0.66% 59156R108 METLIFE, INC. 0.79% 594918104 MICROSOFT CORPORATION 2.40% 617446448 MORGAN STANLEY 0.44% 628530107 MYLAN LABORATORIES INC. 1.27% 62913F201 NII HOLDINGS, INC. 0.27% G65422100 NOBLE CORPORATION 0.39% 654902204 NOKIA CORPORATION (ADR) 0.92% 670346105 NUCOR CORPORATION 0.37% 674599105 OCCIDENTAL PETROLEUM CORPORATION 0.66% 67622P101 OFFICEMAX INCORPORATED 0.42% 68389X105 ORACLE CORPORATION 1.27% 717081103 PFIZER INC. 1.89% 718172109 PHILIP MORRIS INTERNATIONAL INC. 1.89% 742718109 PROCTER AND GAMBLE COMPANY 1.86% 744320102 PRUDENTIAL FINANCIAL, INC. 0.40% 744573106 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 1.31% 747525103 QUALCOMM INC. 1.42% 749121109 QWEST COMMUNICATIONS INTERNATIONAL INC. 0.98% 755111507 RAYTHEON COMPANY 1.11% 767754104 RITE AID CORPORATION 0.59% 805423308 SAVVIS, INC. 0.69% 806605101 SCHERING-PLOUGH CORPORATION 1.76% 806857108 SCHLUMBERGER LIMITED 0.55% 817315104 SEPRACOR INC. 0.55% 832727101 SMURFIT-STONE CONTAINER COMPANY 0.15% 78462F103 SPDR TRUST SERIES 1 1.56% 857477103 STATE STREET CORPORATION 0.41% 87612E106 TARGET CORPORATION 0.56% G90073100 TRANSOCEAN INC. 0.45% 87311L104 TW TELECOM INC. 0.30% 902549807 UAL CORPORATION 0.39% 911312106 UNITED PARCEL SERVICE INC. (CLASS B) 1.35% 913017109 UNITED TECHNOLOGIES CORPORATION 0.72% 91324P102 UNITEDHEALTH GROUP INCORPORATED 0.57% 91913Y100 VALERO ENERGY CORPORATION 0.45% 929903102 WACHOVIA CORPORATION 0.27% 949746101 WELLS FARGO & COMPANY 0.75% 983024100 WYETH 1.93% 98385X106 XTO ENERGY INC. 0.67% 984332106 YAHOO!, INC. 1.34% 98956P102 ZIMMER HOLDINGS, INC. 0.31% U.S. DOLLARS 3.40% 100.00%