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Columbia Seligman Premium Technology Growth Fund Announces First Quarter Distribution; 9.25% Annual Rate For IPO Investors

On February 2, 2011, Columbia Seligman Premium Technology Growth Fund, Inc. (NYSE: STK) (the Fund) declared a first-quarter distribution, the second under its managed distribution policy, in the amount of $0.4625 per share, which is equal to a quarterly rate of 2.3125% (9.25% annualized) of the $20.00 offering price in the Fund’s initial public offering in November 2009.

The distribution will be paid on February 23, 2011 (the Payment Date) to Stockholders of record on February 14, 2011. The ex-dividend date is February 10, 2011. It is anticipated that the Fund will make a subsequent distribution under its managed distribution policy in the month of May.

Prior to the managed distribution policy, the Fund paid distributions pursuant to a level rate distribution policy. Under its former distribution policy and consistent with the Investment Company Act of 1940, as amended, the Fund could not distribute long-term capital gains more often than once in any one taxable year.

In October 2010, the Fund received exemptive relief from the Securities and Exchange Commission that permits the Fund to make periodic distributions of long-term capital gains more often than once in any one taxable year. After consideration by the Fund’s Board, the Fund adopted the current managed distribution policy which allows the Fund to make periodic distributions of long-term capital gains.

The following table sets forth the estimated breakdown of the distribution noted above, on a per share basis, from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital or other capital source.

           
US Dollar
Sources % Breakdown Breakdown of
        of Distribution       Distribution
Net Investment Income

0.00

%

$ 0
Net Realized Short-Term Capital Gains 0.00 % $ 0
Net Realized Long-Term Capital Gains 24.32 % $ 0.1125
Return of Capital or other Capital Source       75.68 %       $ 0.3500
Total       100.00 %       $ 0.4625
 

The following table sets forth the estimated breakdown, on a per share basis, of all distributions made by the Fund during the year-to-date period ended on the Payment Date (includes the dividend payment noted in the table above) from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital or other capital source.

               
US Dollar
Breakdown
% Breakdown of All Distributions
of All Distributions Paid Paid Through Year
Through Year To Date To Date Period

 

Period Ended on the Ended on the

Sources

        Payment Date         Payment Date
Net Investment Income

0.00

%

$ 0
Net Realized Short-Term Capital Gains 0.00 % $ 0
Net Realized Long-Term Capital Gains 24.32 % $ 0.1125
Return of Capital or other Capital Source         75.68 %         $ 0.3500
Total         100.00 %         $ 0.4625
 

The Fund estimates that it has distributed more than its income and net realized capital gains. Therefore, a portion of your distribution may be a return of capital or other capital source. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

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