Seligman Closed-End Funds Issue Statement Regarding Boards' Approval of New Advisory, Subadvisory and Administration Agreements Between Each Fund and Ameriprise Financial, Inc

Business Wire, July 29, 2008

NEW YORK -- On July 7, 2008, Ameriprise Financial, Inc. ("Ameriprise") announced an agreement to acquire J. & W. Seligman & Co. Incorporated (the "Manager"), the manager of each of Seligman LaSalle International Real Estate Fund, Inc. ("SLIREF"), Seligman Select Municipal Fund, Inc., and Tri-Continental Corporation (collectively, the "Funds"), in a transaction that is likely to close in the fourth quarter of 2008. Under the Investment Company Act of 1940, consummation of Ameriprise's acquisition of the Manager will result in a change of control of the Manager and an assignment and automatic termination of each Fund's management agreement with the Manager, as well as the sub-advisory agreement of SLIREF.

On July 29, 2008, the Funds' Boards approved new advisory and administration agreements between each Fund and RiverSource Investments, LLC, a wholly-owned subsidiary of Ameriprise, and new sub-advisory and delegation agreements for SLIREF with LaSalle Investment Management (Securities) L.P. and LaSalle Investment Management Securities B.V., SLIREF's current sub-advisers. The new advisory and sub-advisory agreements will be presented to the stockholders of the Funds for their approval at special meetings of stockholders scheduled to be held on October 7, 2008 for the purpose of voting on new advisory and, in the case of SLIREF, sub-advisory agreements and for the election of directors.

Symbols: SLS, SEL, TY.