FOR IMMEDIATE RELEASE

MEDIA CONTACT:                               SHAREHOLDER CONTACT:

Mary Ann Susco                               Marco Acosta
(212) 850-1382                               (212) 850-1333
suscom@jwseligman.com                        acostam@jwseligman.com

     Seligman Closed-End Funds Issue Statement Regarding Boards' Approval of
   New Advisory, Subadvisory and Administration Agreements Between Each Fund
                         and Ameriprise Financial, Inc.

NEW YORK - July 29, 2008

On  July  7,  2008,  Ameriprise  Financial,  Inc.  ("Ameriprise")  announced  an
agreement to acquire J. & W. Seligman & Co.  Incorporated  (the "Manager"),  the
manager  of each of  Seligman  LaSalle  International  Real  Estate  Fund,  Inc.
("SLIREF"),   Seligman  Select   Municipal  Fund,   Inc.,  and   Tri-Continental
Corporation  (collectively,  the "Funds"),  in a  transaction  that is likely to
close in the fourth quarter of 2008.  Under the Investment  Company Act of 1940,
consummation of Ameriprise's  acquisition of the Manager will result in a change
of control of the Manager and an assignment  and automatic  termination  of each
Fund's  management  agreement  with  the  Manager,  as well as the  sub-advisory
agreement of SLIREF.

On July 29, 2008,  the Funds'  Boards  approved new advisory and  administration
agreements  between each Fund and RiverSource  Investments,  LLC, a wholly-owned
subsidiary of Ameriprise,  and new  sub-advisory  and delegation  agreements for
SLIREF  with  LaSalle  Investment  Management   (Securities)  L.P.  and  LaSalle
Investment Management  Securities B.V., SLIREF's current  sub-advisers.  The new
advisory and  sub-advisory  agreements will be presented to the  stockholders of
the Funds for their approval at special meetings of stockholders scheduled to be
held on October 7, 2008 for the  purpose of voting on new  advisory  and, in the
case of SLIREF, sub-advisory agreements and for the election of directors.

Symbols: SLS, SEL, TY.