FOR IMMEDIATE RELEASE

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

                 TRI-CONTINENTAL CORPORATION (NYSE: TY) DECLARES
                           THIRD QUARTER DISTRIBUTION

NEW YORK, August 18, 2008 - The Board of Directors of Tri-Continental
Corporation (NYSE: TY) today declared a third quarter distribution of $0.513 per
share of Common Stock and $0.625 per share of Preferred Stock. Distributions on
Common Stock will be paid on September 18, 2008 to Common Stockholders of record
on September 9, 2008, and distributions on Preferred Stock will be paid on
October 1, 2008 to Preferred Stockholders of record on September 9, 2008. The
ex-dividend date for both the Common Stock and the Preferred Stock is September
5, 2008. Common Stockholders may elect to receive all or a portion of their
distribution in additional shares.

The $0.513 per share distribution on the Common Stock is in accordance with the
Corporation's distribution policy, which calls for quarterly distributions to
Common Stockholders equal to 2.75% of the net asset value (NAV) attributable to
the Corporation's Common Stock at the end of the prior calendar quarter (or
approximately 11% annually), consisting of distributions of income, and one or
both of net realized capital gains and returns of capital.

Tri-Continental Corporation is one of the nation's largest, diversified,
publicly traded closed-end equity investment companies and has paid dividends
for 64 consecutive years. The Corporation 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.

The net asset value of shares may not always correspond to the market price of
such shares. Shares of many closed-end funds frequently trade at a discount from
their net asset value. Tri-Continental 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.

Distributions by the Corporation under its distribution policy may include a
return of capital. A return of capital is not net profits of the Corporation
(i.e., a return on your investment) but instead a return of a portion of your
original investment.

There is no guarantee that the Corporation's investment goals/objective will be
met, and you could lose money.

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) may be obtained by calling 800-TRI-1092. The
prospectus should be read carefully before investing in the Corporation.