Minimum Quarterly Distributions to Total Approximately 11% Annually
Tri-Continental Corporation
July 26, 2007 –Tri-Continental Corporation (NYSE: TY) today paid a second quarter distribution of $0.707 per share of common stock under a new distribution policy approved by Stockholders this past May.
“This is the first distribution since the new policy went into effect, and is a significant milestone in Tri-Continental’s 78-year history,” according to Brian T. Zino, President. Eligible Stockholders will receive approximately 11% of the net asset value (NAV) each year through quarterly distributions, each equal to 2.75% of the NAV attributable to the Corporation’s common stock at the end of the prior calendar quarter.
“Tri-Continental’s new policy provides regular, periodic cash payouts to our Stockholders who rely on these distributions to meet financial needs,” said Mr. Zino. “Importantly, many Stockholders, in an effort to maintain and grow their investments, have opted to reinvest distributions in the Corporation’s shares.”
Second quarter distributions on common stock will be paid to Stockholders of record as of July 17, 2007. Common Stockholders may elect to receive all or a portion of their distribution in additional shares. Distributions on preferred stock were paid on July 2, 2007 to such Stockholders of record on June 13, 2007.
The final determination of the source of all distributions in 2007 for tax purposes, including the percentage of qualified dividend income, net realized capital gains, and/or return of capital, will be made after year-end.
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