Tri-Continental Corporation (the “Corporation”) (NYSE: TY) today declared a third quarter distribution of $0.07 per share of Common Stock and $0.625 per share of Preferred Stock. Dividends on Common Stock will be paid on September 21, 2011 to Common Stockholders of record on September 12, 2011, and dividends on Preferred Stock will be paid on October 3, 2011 to Preferred Stockholders of record on September 12, 2011. The ex-dividend date for both the Common Stock and the Preferred Stock is September 8, 2011. The $0.07 per share dividend on the Common Stock is in accordance with the Corporation’s earned distribution policy.

The Corporation has paid dividends on its common stock for 67 consecutive years. The Corporation’s investment manager is Columbia Management Investment Advisers, LLC (formerly known as RiverSource Investments, LLC), a wholly owned subsidiary of Ameriprise Financial, Inc. Columbia Management Investment Distributors, Inc. (formerly known as RiverSource Fund Distributors, Inc.) is the principal underwriter of the Columbia 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 Fund.

The Corporation may invest in foreign securities, which involve certain risks not associated with investments in U.S. companies, including political, regulatory, economic, social, and other conditions or events occurring in the particular country, as well as fluctuations in its currency and the risks associated with less developed custody and settlement practices. Risks are particularly significant in emerging markets.

The Corporation's use of leverage exposes it to greater risks due to unanticipated market movements, which may magnify losses and increase volatility of returns. The Corporation's use of derivatives introduces risks possibly greater than the risks associated with investing directly in the investments underlying the derivatives. A relatively small price movement in an underlying investment may result in a substantial gain or loss.

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