Columbia Management

Press Release

Seligman Premium Technology Growth Fund — Wells Fargo Securities, LLC Exercises Purchase of Additional 545,000 Shares of the Fund; Total Raise-up Increases to $296.9 million

MINNEAPOLIS, MN – January 8, 2010 – Seligman Premium Technology Growth Fund, Inc. (NYSE: STK) (the Fund) announced today that Wells Fargo Securities, LLC, as representative for the Fund’s underwriters, has notified the Fund that it is exercising its right to purchase an additional 545,000 shares of the Fund’s common stock pursuant to the over-allotment option granted to the underwriters in connection with the Fund’s initial public offering. The closing of this transaction is scheduled to occur on January 13, 2010, subject to standard closing conditions. With the closing of this additional purchase of shares, the Fund’s total raise-up in its initial public offering will be an aggregate of $296.9 million, or 14.845 million shares.

Prior to this exercise by Wells Fargo Securities, LLC, the Fund had raised approximately $286 million in its initial public offering, which includes the exercise by Wells Fargo Securities, LLC under the over-allotment option of 700,000 shares on December 4, 2009 and 500,000 shares on December 18, 2009.

The Fund’s investment manager is RiverSource Investments, LLC. The underwriting syndicate was led by Wells Fargo Securities, LLC, UBS Investment Bank and Ameriprise Financial Services, Inc.

Important Disclosures:

This press release shall not constitute an offer to sell these securities or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.

Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus, which contains this and other information about the Fund, may be obtained by calling your financial professional or RiverSource at (800) 221-2450 or visiting www.seligman.com. Read the prospectus carefully before you invest or send money.

The Fund should only be considered as one element of a complete investment program. An investment in the Fund should be considered speculative. The Fund's investment policy of investing in technology and technology-related companies and writing call options involves a high degree of risk.

There is no assurance that the Fund will meet its investment objectives or that distributions will be made. You could lose some or all of your investment. In addition, closed-end funds frequently trade at a discount to their net asset values, which may increase your risk of loss.

Below are certain particular risks relating to the Fund's investment program. Please see the "Risks" section of the Fund's prospectus for more complete information on the risks applicable to an investment in the Fund.

The market prices of technology and technology-related stocks tend to exhibit a greater degree of market risk and price volatility than other types of investments. These stocks may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. These stocks also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services. Technology and technology-related companies are often smaller and less experienced companies and may be subject to greater risks than larger companies, such as limited product lines, markets and financial and managerial resources. These risks may be heightened for technology companies in foreign markets.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE · NOT A
DEPOSIT · NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Investors should consider the investment objectives, risks, charges, and expenses of the Seligman Premium Technology Growth Fund carefully before investing. To obtain the Fund’s most recent periodic reports, when available, and other regulatory filings, contact your financial adviser or download reports here. These reports and other filings can also be found on the Securities and Exchange Commission’s EDGAR Database. You should read these reports and other filings carefully before investing or sending money.

The Seligman Premium Technology Growth Fund is managed by RiverSource Investments, LLC, which is now known as Columbia Management Investment Advisers, LLC. This material is distributed by RiverSource Fund Distributors, Inc., which is now known as Columbia Management Investment Distributors, Inc., member FINRA.

This information is for use with concurrent or prior delivery of a fund prospectus. With respect to mutual funds and Tri-Continental Corporation, investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. To learn more about this and other important information about each fund, download a free prospectus. The prospectus should be read carefully before investing.

Investment products are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.

RiverSource^®, Seligman^®, and Threadneedle^® mutual funds are distributed by Columbia Management Investment Distributors, Inc. (formerly known as RiverSource Fund Distributors, Inc.), member FINRA and managed by Columbia Management Investment Advisers, LLC (formerly known as RiverSource Investments, LLC). Threadneedle mutual funds are subadvised by Threadneedle International Limited, an affiliate of Columbia Management. Seligman is an offering brand of Columbia Management.