Tri-Continental Corporation Recommences Stock Repurchase Plan
Tri-Continental Corporation

New York, August 22, 2007 – Tri-Continental Corporation (TY) announced that it has recommenced its Stock Repurchase Program. The program authorizes the Corporation to repurchase Tri-Continental’s Common Stock in the open market at times when the Common Stock is trading at a discount from net asset value (NAV) of greater than 5%.

“The repurchases are intended to moderate the growth in the number of Tri-Continental’s outstanding shares of Common Stock resulting from Stockholders that receive all or part of the 2.75% quarterly distributions (or 11% annually) in shares of Common Stock rather than cash,” said Brian T. Zino, President of Tri-Continental Corporation. He added that the Board of Directors would continue to monitor Tri-Continental’s repurchases of its Common Stock, and to review its repurchase policy on at least an annual basis.

On April 6, 2007, the Board of Directors approved a suspension of Tri-Continental’s Stock Repurchase Program pending the outcome of the vote of Stockholders of the Corporation on a proposal to implement a Distribution Policy. Stockholders approved the new distribution policy in May 2007. Last month, Tri-Continental achieved a significant milestone in its 78-year history when the Corporation paid its first quarterly distribution under the new distribution policy. Under this policy, Tri-Continental will distribute quarterly to Common Stockholders a minimum amount per share equal to 2.75% of the NAV attributable to Tri-Continental’s common stock at the end of the prior calendar quarter (or approximately 11% annually), consisting of distributions of net income and one or both of net realized capital gains and return of capital.


View more information on Tri-Continental Corporation or other Closed-End Funds