Simultaneous Payment with Capital Gains Distribution
Tri-Continental Corporation
New York, March 09, 2007 -- The Board of Directors of Tri-Continental Corporation (TY), today declared a first quarter dividend of $0.14 per common share and $0.625 per preferred share. On February 21, 2007, the Board declared a long-term capital gain distribution of $0.12 per common share from net gain realized on investments through December 31, 2006, bringing the first quarter distribution to a total of $0.26 per common share. Common share distributions will be paid on March 27, 2007 and preferred share distributions will be paid on April 2, 2007 to Stockholders of record on March 20, 2007. The ex-dividend date for both the common and preferred shares is March 16, 2007. Common Stockholders will be paid the capital gain distribution in accordance with their capital gain payment options.
"The increase in the quarterly dividend to $0.14 from $0.07 in the previous quarter reflects a growing emphasis at Tri-Continental in making investments that provide the opportunity for long-term growth of capital as well as a higher level of current income," said Brian T. Zino, President of the Fund.
Tri-Continental Corporation is one of the nation's largest, diversified, publicly traded closed-end equity investment companies and has paid dividends for 63 consecutive years. The Fund is managed by J. & W. Seligman & Co. Incorporated, a New York-based investment manager and advisor, which was founded in 1864. Seligman Advisors, Inc. is the principal underwriter of the Seligman mutual funds.
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