Media contact:               Charles Keller
                             612-678-7786
                             charles.r.keller@ampf.com
 Stockholder contact:
                             Chris Moran
                             617-218-3864
                             christopher.m.moran@ampf.com

                TRI-CONTINENTAL CORPORATION (NYSE: TY) ANNOUNCES
                       CHANGES TO DISTRIBUTION POLICY AND
                            STOCK REPURCHASE PROGRAM

NEW YORK,  January 8, 2009 -  Tri-Continental  Corporation  (the  "Corporation")
(NYSE:  TY)  today  announced  changes  to its  distribution  policy  and  stock
repurchase  program.  Effective  today, the Corporation has eliminated its level
rate distribution policy, which called for quarterly distributions to holders of
Common  Stock  ("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 (the "Level
Distribution  Policy").  The  Corporation's  commitment  to  continue  the Level
Distribution  Policy  expired  on  December  31,  2008.   Effective  today,  the
Corporation  has  adopted  an  earned  distribution  policy,  meaning  that  the
Corporation intends to make distributions to Stockholders that are approximately
equal to all  distributions  received  by the  Corporation  from its  underlying
portfolio investments,  less the Corporation's expenses and dividends payable on
the  Corporation's   Preferred  Stock.  The  change  being  implemented  by  the
Corporation  is driven  largely by market  factors  and is  consistent  with the
experience of other closed-end funds, many of which have reduced or are expected
to reduce distributions to their stockholders.

At a meeting  of the Board of  Directors  of the  Corporation  held  today  (the
"Meeting"),  the Board determined that the Level Distribution  Policy should not
be continued in light of current market conditions and other factors.  The Board
considered that the 11% annual  distribution  rate under the Level  Distribution
Policy was not dependent upon the amount of the  Corporation's  earned income or
realized capital gains,  and resulted in over half of the 2008  distributions to
Stockholders being deemed a return of capital.  The Board also took into account
that the Corporation, prior to the Level Distribution Policy, had a long history
of paying  dividends based upon  distributions  received by the Corporation from
its portfolio  investments.  The Board of Directors  also  considered  potential
adverse tax  consequences  associated with  maintaining  the Level  Distribution
Policy. In certain  situations,  returns of capital could be taxable for federal
income tax  purposes,  and all or a portion of the  Corporation's  capital  loss
carryforwards from prior years could effectively be forfeited.

Also at the Meeting,  the Board renewed a modified version of the  Corporation's
stock  repurchase  program.  The  2008  stock  repurchase  program  allowed  the
Corporation to repurchase up to 5% of the Corporation's outstanding Common Stock
during the period



January 1, 2008  through  December  31,  2008  directly  from
Stockholders  and in the open  market,  provided  that,  with  respect to shares
purchased in the open  market,  the excess of the NAV of a share of Common Stock
over its market  price (the  discount)  was greater  than 5%. As approved at the
Meeting, for 2009, the amount of the Corporation's outstanding Common Stock that
the  Corporation may repurchase  from  Stockholders  and in the open market will
remain at 5%,  provided  that,  with  respect  to shares  purchased  in the open
market, the discount must be greater than 10%. Assets of the Corporation used to
repurchase its Common Stock are not available for investment in accordance  with
the Corporation's investment objective and policies.

The Corporation has paid dividends for 64 consecutive years.  Effective November
7, 2008, the  Corporation is managed by RiverSource  Investments,  LLC, a wholly
owned  subsidiary of Ameriprise  Financial,  Inc. Prior to then, the Corporation
was managed by J. & W. Seligman & Co. Incorporated.  Seligman Advisors,  Inc. is
the principal underwriter of the RiverSource family of funds, which includes the
Corporation.

The net asset value of shares may not always  correspond  to the market price of
such  shares.  Common  stock  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.

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  about the  Corporation)  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 Corporation.

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

NOT FDIC INSURED       MAY LOSE VALUE                  NO BANK GUARANTEE
NOT A DEPOSIT          NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY