More Information Contact: (612) 678-7786
Charles Keller charles.r.keller@ampf.com
Stockholder Contact: (6120 218-3864
Chris Moran christopher.m.moran@ampf.com
RiverSource Investments, LLC Completes its Acquisition
of J. & W. Seligman & Co. Incorporated
and Becomes Investment Manager of
Seligman LaSalle International Real Estate Fund, Inc. (NYSE: SLS)
NEW YORK, NEW YORK, November 7, 2008 - Today, Seligman LaSalle International
Real Estate Fund, Inc. (the "Corporation") (NYSE: SLS) announced that
RiverSource Investments, LLC ("RiverSource Investments"), a subsidiary of
Ameriprise Financial, Inc. ("Ameriprise Financial"), has completed its
acquisition ("Acquisition") of J. & W. Seligman & Co. Incorporated, the
Corporation's investment manager prior to November 7, 2008. With the Acquisition
completed and stockholders of the Corporation having previously approved (at an
adjourned Special Meeting) (the "Meeting") on October 28, 2008, a new investment
management services agreement between the Corporation and RiverSource
Investments, a new subadvisory agreement between RiverSource Investments and
LaSalle Investment Management (Securities), L.P., and a new delegation agreement
between LaSalle Investment Management (Securities), L.P. and LaSalle Investment
Management Securities B.V. (collectively, the "Agreements"), RiverSource
Investments is the new investment manager of the Corporation effective November
7, 2008 and LaSalle Investment Management (Securities), L.P. and LaSalle
Investment Management Securities B.V. will continue to provide day-to-day
portfolio management for the Corporation.
Although, the Corporation obtained the necessary vote to approve the Agreements
at the Meeting, the Corporation did not obtain the necessary votes to elect ten
directors to the Corporation's Board. The Chairman of the Corporation's Board
adjourned the Meeting, with respect only to the proposal relating to the
election of directors of the Corporation, to 9:30 a.m. on November 13, 2008 (the
"Adjourned Meeting") at the offices of the Corporation, 100 Park Avenue, 8th
Floor, New York, New York 10017.
This adjournment will provide additional time for the Corporation's solicitation
of proxies to elect the Board's recommendations for directors. The
director-nominees are as follows: Kathleen Blatz, Arne H. Carlson, Pamela G.
Carlton, Patricia M. Flynn, Anne P. Jones, Jeffrey Laikind, Stephen R. Lewis,
Jr., Catherine James Paglia, Alison Taunton-Rigby and William F. Truscott
(collectively, the "Nominees"). Mses. Blatz, Carlton and Taunton-Rigby and Mr.
Truscott have been nominated for election to the class of Directors whose term
will expire at the annual meeting to be held in 2009, Ms. Jones and Mr. Carlson
have been nominated for election to the class of Directors whose term will
expire at the annual meeting to be held in 2010, and Mses. Flynn and Paglia and
Messrs. Laikind and Lewis have been nominated for election to the class of
Directors whose term
will expire at the annual meeting to be held in 2011, and (in each case) until
their successors are elected and qualify. Messrs. Leroy C. Richie and John F.
Maher will continue to serve as Directors of the Corporation after the
Acquisition, which would result in an overall increase from ten Directors to 12
Directors of the Corporation if the Nominees are elected at the Adjourned
Meeting.
RiverSource Investments, 200 Ameriprise Financial Center, Minneapolis, Minnesota
55474, is also the investment manager of the other funds in the Seligman Group
of Funds, and is a wholly-owned subsidiary of Ameriprise Financial. Ameriprise
Financial is a financial planning and financial services company that has been
offering solutions for clients' asset accumulation, income management and
protection needs for more than 110 years. In addition to managing investments
for the Seligman Group of Funds, RiverSource Investments manages investments for
the RiverSource funds, itself and its affiliates. For institutional clients,
RiverSource Investments and its affiliates provide investment management and
related services, such as separate account asset management, and institutional
trust and custody, as well as other investment products.
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. 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.
Investments in real estate securities may be subject to specific risks, such as
risks to general and local economic conditions, and risks related to individual
properties. Investing in one economic sector, such as real estate, may result in
greater price fluctuations than owning a portfolio of diversified investments.
You should consider the investment objectives, risks, charges, and expenses of
the Corporation carefully before investing. You can obtain the Corporation's
most recent periodic reports, when available, and other regulatory filings by
contacting your financial advisor or Seligman Services, Inc. at 800-597-6068.
These reports and other filings can also be found on the Securities and Exchange
Commission's EDGAR Database. You should read these reports and other filings
carefully before investing.
There is no guarantee that the Corporation's investment goals/objectives will be
met, and you could lose money.