Western Investment Hedged Partners L.P. (“Western Investment”) is filing materials contained in this Schedule 14A with the Securities and Exchange Commission relating to a definitive proxy statement and accompanying proxy cards to be used in connection with the annual meeting of stockholders of Tri-Continental Corporation (the “Company”) scheduled to be held on May 4, 2006 (the “Annual Meeting”) to solicit votes for the approval of certain matters at the Annual Meeting and in support of the election of Western Investment’s slate of director nominees.

Item 1: On April 28, 2006, Western Investment issued the following press release:

FOR IMMEDIATE RELEASE

WESTERN INVESTMENT HEDGED PARTNERS L.P. RECEIVES BACKING OF GLASS, LEWIS & CO., RESPECTED PROXY ADVISORY SERVICE, IN TRI-CONTINENTAL CORPORATION (NYSE-TY) PROXY BATTLE

BOTH ISS AND GLASS LEWIS SUPPORT WESTERN INVESTMENT

J.&W. SELIGMAN & CO. INCORPORATED UNDER INVESTIGATION BY SEC AND NEW YORK STATE ATTORNEY GENERAL

NEW YORK (April 28, 2006) Western Investment Hedged Partners L.P. today announced that Glass, Lewis & Co., an influential provider of voting advisory services to major institutional investors, has recommended that its clients vote their shares of Tri-Continental Corporation (NYSE-TY) to support Western Investment’s slate of director nominees at the Tri-Continental Annual Meeting of Stockholders scheduled for May 4^th.

In making its recommendation, Glass Lewis, noting the ongoing investigation of J.&W. Seligman & Co. Incorporated, Tri-Continental’s fund manager, being pursued by both the SEC and the New York State Attorney General’s Office, stated that the “presence of these issues suggest certain material control weaknesses within Seligman.” The press release issued April 27, 2006 mistakenly stated that the ongoing investigation is of Tri-Continental. The ongoing investigation is of Seligman, Tri-Continental’s fund manager.

Glass Lewis went on to discuss the discount to net asset value at which Tri-Continental shares have historically traded and stated that “by Seligman’s own criteria, [the discount] may be excessive and as such, in our opinion, Seligman has failed to take the necessary actions to benefit Tri-Continental shareholders.” They concluded by stating that Western Investment’s “participation will afford shareholders an independent voice with regard to the ongoing strategy and management of the fund.”

Art Lipson, of Western Investment, commented: “We are gratified that Glass Lewis has recognized the logic of our efforts. We believe that the unanimous support of both ISS and Glass Lewis in favor of our slate of three nominees is enormously significant. We expect to remain holders of Tri-Continental for a number of years, and if elected, we fully intend to work with our fellow board members to improve Tri-Continental’s performance, revamp its management and reduce the market discount to Net Asset Value to a reasonable level. Both ISS and Glass Lewis saw through Tri-Continental’s irresponsible and misleading claim that we are “out to destroy this 77 year-old” fund, and instead acknowledged that the election of our nominees would be beneficial to Tri-Continental stockholders. Do not be fooled by Tri-Continental into supporting Seligman’s failed management. Since the Annual Meeting is only days away, we are asking Tri-Continental stockholders to sign and return their GOLD proxy cards as soon as possible. They deserve the professional and responsible stockholder representation we intend to provide on the Tri-Continental board.”

We urge Tri-Continental Stockholders to sign, date and return the GOLD proxy today, voting to install three truly independent stockholder representatives to the nine-member