Tri-Continental Corporation
New York, May 19, 2005 - The Directors of Tri-Continental Corporation (NYSE: TY) today announced a second-quarter dividend payment from net investment income of $0.060 per share, payable to holders of the Corporation's Common Stock. The Directors also declared a $0.625 per share dividend payable to holders of the Corporation's Preferred Stock. Tri-Continental, one of the nation's largest, diversified, publicly traded closed-end equity investment companies, has paid dividends for 61 consecutive years.
Additionally, Stockholders re-elected three Directors at Tri-Continental's 75th Annual Meeting, which was held in Sarasota, Florida. The Annual Meeting, which was presided over by William C. Morris, Chairman of the Corporation and its Board of Directors, is held in a different city each year in order to accommodate as many Stockholders as possible.
“After a year filled with formidable headwinds, the Fed tightening, and volatile energy prices, 2004 was a good year, overall, for investors, although much of the stock market's advance came in the fourth quarter,” said Brian T. Zino, President of the Corporation. “So far, in 2005, balance sheets continue to improve and corporate profits are strong. In light of this, we remain cautiously optimistic for the equity markets and Tri-Continental,” he added.
The Common Stock dividend is payable on June 20, 2005 to Stockholders of record June 13, 2005. The Preferred Stock dividend is payable July 1, 2005 to Stockholders of record June 13, 2005. Shares of Tri-Continental Common and Preferred Stock will trade “ex-dividend” on June 9, 2005.
The three re-elected Directors are Betsy S. Michel and James N. Whitson, each of whose current term will expire at the 2005 Annual Meeting, and Brian T. Zino, whose current term was to expire at the 2007 Annual Meeting. All new terms expire in 2008.
Additionally, the selection of Deloitte & Touche LLP as auditors for Tri-Continental Corporation was ratified by a majority of votes cast. Deloitte & Touche LLP and its predecessor firms have been auditors for Tri-Continental since its inception in 1929.
You should consider the investment objective, risks, and charges and expenses of the Fund carefully before investing. A prospectus containing information about the Fund (including its investment objectives, risks, charges, expenses, and other information about the Fund) 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 Fund.
Tri-Continental Corporation is managed by J. & W. Seligman & Co. Incorporated, a New York-based investment manager and advisor, which was founded in 1864.
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