TRI-CONTINENTAL CORPORATION
INVESTS TO PRODUCE
FUTURE GROWTH OF BOTH
CAPITAL AND INCOME,
WHILE PROVIDING REASONABLE
CURRENT INCOME.
TRI-CONTINENTAL CORPORATION
MANAGED BY
[LOGO]
J. & W. SELIGMAN & CO.
INCORPORATED
INVESTMENT MANAGERS AND ADVISORS
ESTABLISHED 1864
100 PARK AVENUE, NEW YORK, NY 10017
This report is intended only for the information of Stockholders or those who
have received the current prospectus covering shares of Common Stock of
Tri-Continental Corporation, which contains information about management fees
and other costs.
CETRI3a 3/99
FIRST QUARTER REPORT 1999
TRI-CONTINENTAL
CORPORATION
AN INVESTMENT YOU CAN LIVE WITH
<PAGE>
TRI-CONTINENTAL CORPORATION
To the Stockholders:
For the first quarter of 1999, Tri-Continental Corporation posted a total
return of 2.38% based on net asset value and 2.17% based on market price. During
the same time, the Lipper Closed-End Growth & Income Funds Average posted a
total return of -0.19% and the Standard & Poor's 500 Composite Stock Price Index
(S&P 500) posted a total return of 4.98%.
The US economy remained strong during the first quarter, and inflation
remained benign. Growth continued to be driven by consumers. Consumer confidence
levels remained high as a result of low unemployment, low inflation, and
increasing valuations on financial and other assets, including homes.
Against this favorable economic backdrop, many of the largest
market-capitalized stocks continued to soar to new highs. As the Dow Jones
Industrial Average, which consists of only 30 large-company stocks, broke
through the much-hyped 10000 mark in March, small- and mid-capitalization stocks
languished. In fact, the performance disparity between larger and smaller issues
reached unprecedented levels. Investors continued to pursue past market
performance, with little regard for valuations and company fundamentals. In
addition to the increasing narrowness of the market, share price volatility was
rising even though the outlook for US corporate profits started to improve
during the past three months.
We expect that stock price movements will soon begin to correspond to
fundamentals to a greater degree. US corporate profits are once again on the
rise, a trend that began in the fourth quarter of 1998 with 3% profit growth,
and one that we believe will continue, with profit growth between 6% and 10%
forecast for calendar year 1999. In addition, global economic turmoil seems to
be abating, and the US economy appears poised for yet another year of expansion,
albeit at a slower pace. For the largest companies, which enjoyed spectacular
run-ups during 1998, we believe these positive fundamentals are nearly or fully
reflected in current prices. However, there are broad areas of the market --
particularly small- and mid-capitalization stocks -- that seem more attractive
because they are trading at lower valuations in spite of strong fundamentals. It
is these areas that we believe will provide the greatest opportunities during
the coming year.
Tri-Continental Corporation's manager, J. & W. Seligman & Co. Incorporated,
considers the impact of the Year 2000 (Y2K) computer issue on the companies in
which the Corporation invests. In addition, Seligman continues to work to ensure
that all its operations are prepared for the challenges posed by Y2K, and we
are confident that there will be no disruption in the investment and stockholder
services provided by your Corporation as a result of Y2K.
We appreciate your confidence in Tri-Continental Corporation and look forward
to serving your investment needs for many years to come. A discussion with your
Portfolio Managers, as well as the Corporation's investment results and
portfolio of investments, follows this letter.
By order of the Board of Directors,
/s/ William C. Morris
- ----------------------
William C. Morris
Chairman
/s/ Brian T. Zino
-----------------
Brian T. Zino
President
April 30, 1999
<PAGE>
TRI-CONTINENTAL CORPORATION
INTERVIEW WITH YOUR PORTFOLIO MANAGERS, CHARLES C. SMITH, JR. AND RODNEY COLLINS
[PICTURE]
SELIGMAN GROWTH AND INCOME TEAM: (FROM LEFT) AMY FUJII,
JOHN ROTH, MELANIE RAVENELL (ADMINISTRATIVE ASSISTANT),
(SEATED) CHARLES SMITH (PORTFOLIO MANAGER), RODNEY COLLINS
(CO-PORTFOLIO MANAGER)
WHAT WERE TRI-CONTINENTAL'S INVESTMENT RESULTS IN THE FIRST QUARTER?
For the first three months of 1999, Tri-Continental Corporation posted a total
return of 2.38% based on net asset value and 2.17% based on market price. These
returns outpaced the Lipper Closed-End Growth & Income Funds Average, which
returned -0.19%, but lagged the Standard & Poor's 500 Composite Stock Price
Index (S&P 500), which returned 4.98%.
WHAT ECONOMIC AND MARKET FACTORS INFLUENCED TRI-CONTINENTAL CORPORATION IN THE
FIRST QUARTER?
The overall environment remained positive for equities. US economic growth
continued to be strong, with low inflation. In addition, during the first
quarter, expectations for corporate profits improved, allowing the largest
stocks to make further gains. However, the list of stocks participating in this
market run-up became even narrower during this period. The largest stocks
continued to hit new highs while many small- and mid-capitalization stocks
languished. This narrowness benefited Tri-Continental in relation to its peer
group, because the Corporation's portfolio contains many of these large stocks.
However, the portfolio is well diversified across capitalization ranges, a fact
that caused the Corporation to underperform against the large-cap dominated S&P
500. At the end of the first quarter, we did see signs that the market was
beginning to broaden. This should be a positive development for Tri-Continental,
because the Corporation holds a broader range of market capitalizations relative
to the S&P 500.
WHAT WAS YOUR INVESTMENT STRATEGY?
Our investment strategy remained unchanged. We continued to pursue companies
with attractive yields and reasonable valuations relative to their industry
groups. Over time, we have found that companies with these characteristics
generally offer superior returns with lower volatility, compared to
lower-yielding securities with higher price-to-earnings ratios.
Throughout the first quarter, we avoided stocks that we believed were selling at
multiples which reflected unrealistic earnings expectations. Instead, we focused
on domestic companies with track records of stable earnings growth, strong
fundamentals, and diversified international exposure.
(CONTINUED ON PAGE 4)
2
<PAGE>
TRI-CONTINENTAL CORPORATION
- --------------------------------------------------------------------------------
Investment Results Per Common Share
TOTAL RETURNS*
FOR PERIODS ENDED MARCH 31, 1999
Average Annual
------------------------------
Three One Five 10
Months* Year Years Years
-------- ----- ----- -----
MARKET PRICE** 2.17% 15.88% 21.34% 16.00%
NET ASSET VALUE** 2.38 14.82 21.14 17.05
LIPPER CLOSED-END
GROWTH &INCOME
FUNDS AVERAGE*** (0.19) 4.73 19.25 15.35
S&P 500*** 4.98 18.46 26.25 18.98
PRICE PER SHARE
March 31, 1999 December 31, 1998
---------------- -------------------
MARKET PRICE $29.00 $28.50
NET ASSET VALUE 34.80 34.13
DIVIDEND AND CAPITAL GAIN INFORMATION
FOR THE THREE MONTHS ENDED MARCH 31, 1999
Capital Gain
---------------------------------
Dividend Paid+ Realized Unrealized
--------------- ----------- -------------
$0.12 $1.16++ $10.33+++
------------------------------------------------------------------------
The rates of return will vary and the principal value of an investment
will fluctuate. Shares, if sold, may be worth more or less than their
original cost. Past performance is not indicative of future investment
results.
* Returns for periods of less than one year are not annualized.
** These rates of return reflect changes in market price or net asset value,
as applicable, and assume that all distributions within the period are
taken in additional shares.
*** The Lipper Closed-End Growth & Income Funds Average and the S&P 500 are
unmanaged benchmarks that assume investment of dividends. The Lipper
Closed-End Growth & Income Funds Average excludes the effect of any costs
associated with the purchase of shares, and the S&P 500 excludes the effect
of fees and sales charges. Investors cannot invest directly in an index or
an average.
+ Preferred Stockholders were paid dividends totaling $0.625 per share.
++ EXCLUDES $0.66 OF UNDISTRIBUTED REALIZED CAPITAL GAINS FROM 1998.
+++ Represents the per share amount of net unrealized appreciation of portfolio
securities as of March 31, 1999.
- --------------------------------------------------------------------------------
3
<PAGE>
TRI-CONTINENTAL CORPORATION
INTERVIEW WITH YOUR PORTFOLIO MANAGERS (continued)
WHAT INDUSTRY GROUPS CONTRIBUTED TO TRI-CONTINENTAL'S INVESTMENT RESULTS?
The strongest industry group for the market as a whole, and one of the
best-performing sectors of Tri-Continental's portfolio, was energy. In March,
energy prices rebounded and these stocks moved up significantly. The capital
goods sector also performed well for the portfolio. During this time, the
extreme narrowness of the market made stock picking very important, and just one
or two stocks within an industry group often made considerable contributions to
Tri-Continental's overall performance.
WHAT INDUSTRY GROUPS DETRACTED FROM TRI-CONTINENTAL'S INVESTMENT RESULTS?
The weakest areas of the portfolio were transportation, telecommunications, and
consumer staples. Consumer staple stocks were driven lower as investors moved
out of companies that had little pricing flexibility. This was an area of the
market that did not benefit from the low-inflation environment.
WHAT IS YOUR OUTLOOK?
We continue to be optimistic given the economic backdrop of low inflation and
renewed corporate profit growth. Although some sectors are posting poor earnings
and some companies are delivering disappointing earnings surprises, the stock
market, as defined by the popular averages, continues to make new highs.
Valuations for the largest stocks are at unprecedented levels. We believe that
some of the best values in the market are now among small- and medium-sized
companies. Tri-Continental has considerable exposure to those stocks, and should
the market broaden, we expect that this exposure will benefit the portfolio. We
intend to remain focused on companies with reasonable valuations, because we
feel that the value of these stocks will be recognized by the market over the
long term.
4
<PAGE>
TRI-CONTINENTAL CORPORATION
LARGEST PORTFOLIO CHANGES
January 1 to March 31, 1999
Shares or Prin. Amt.
-------------------------
Holdings
Additions Increase 3/31/99
---------- ----------
COMMON STOCKS
Allstate Corporation (The) 1,100,000shs. 1,100,000shs.
Baxter International Inc. 175,000 575,000
Campbell Soup Company 925,000 925,000
Electronic Data Systems
Corporation 375,000 1,275,000
Fort James Corporation 315,000 1,730,000
Pharmacia & Upjohn, Inc. 760,000 760,000
RJR Nabisco Holdings Corp. 2,000,000 2,000,000
Schlumberger Ltd. 275,000 800,000
Sonat Inc. 1,600,000 1,600,000
US GOVERNMENT SECURITIES
US Treasury Notes, 71/4%,
8/15/2022 $ 25,000,000 $ 25,000,000
Shares or Prin. Amt.
-------------------------
Holdings
Reductions Decrease 3/31/99
---------- ----------
COMMON STOCKS
American International
Group, Inc. 340,000shs. 425,000shs.
AT&T Corp. 520,000 465,000
Anheuser-Busch Companies, Inc. 580,000 600,000
Chevron Corporation 480,000 --
Crown Cork & Seal
Company, Inc. 1,100,000 --
DaimlerChrysler Corporation 269,999 580,000
Dana Corporation 575,000 --
General Mills, Inc. 520,000 --
MCI WorldCom, Inc. 750,000 470,000
US GOVERNMENT SECURITIES
US Treasury Notes, 51/4%,
11/15/2028 $ 25,000,000 --
Largest portfolio changes from the previous quarter to the current quarter are
based on cost of purchases and proceeds from sales of securities.
10 LARGEST HOLDINGS
March 31, 1999
- ---------------------------------------------------------------
Value
- ---------------------------------------------------------------
Microsoft Corporation $153,205,313
General Electric Company 129,409,125
United Technologies Corporation 126,634,063
Exxon Corporation 89,967,187
American Home Products Corporation 84,825,000
Citigroup Inc. 83,676,250
Bank of New York Company, Inc. 77,625,000
Merck & Co., Inc. 76,980,000
Intel Corporation 76,080,000
BP Amoco plc (ADRs) 73,179,688
- ---------------------------------------------------------------
5
<PAGE>
TRI-CONTINENTAL CORPORATION
PORTFOLIO OF INVESTMENTS (unaudited)
Shares Value
-------- ---------
COMMON STOCKS - 88.5%
AEROSPACE - 0.6%
General Dynamics Corporation 400,000 $ 25,700,000
------------
AUTOMOTIVE AND
RELATED - 2.3%
DaimlerChrysler Corporation 580,000 $ 49,771,250
Ford Motor Company 800,000 45,400,000
------------
$ 95,171,250
------------
BASIC MATERIALS - 0.6%
Alcoa Inc. 550,000 $ 22,653,125
------------
CHEMICALS - 0.8%
duPont (E.I.) de Nemours
and Company 595,000 $ 34,547,188
------------
COMMUNICATIONS - 6.0%
AT&T Corp. 465,000 $ 37,112,813
Ameritech Corporation 955,000 55,270,625
GTE Corporation 1,190,000 71,995,000
MCI WorldCom, Inc.* 470,000 41,609,688
SBC Communications, Inc. 800,000 37,700,000
------------
$243,688,126
------------
COMMUNICATION
EQUIPMENT - 0.9%
Lucent Technologies Inc. 365,000 $ 39,328,750
------------
COMPUTER AND
BUSINESS SERVICES - 11.4%
Cisco Systems, Inc.* 415,000 $ 45,481,406
Dell Computer Corporation 530,000 21,680,312
Electronic Data Systems
Corporation 1,275,000 62,076,562
Intel Corporation 640,000 76,080,000
International Business Machines
Corporation 390,000 69,127,500
Microsoft Corporation* 1,710,000 153,205,313
Xerox Corporation 700,000 37,362,500
------------
$465,013,593
------------
CONSUMER GOODS
AND SERVICES - 10.2%
Anheuser-Busch Companies, Inc. 600,000 $ 45,712,500
Campbell Soup Company 925,000 37,635,937
Coca-Cola Company (The) 635,000 38,973,125
ConAgra, Inc. 2,500,000 63,906,250
Fortune Brand, Inc. 239,500 9,265,656
PepsiCo, Inc. 990,000 38,795,625
Philip Morris Companies, Inc. 1,430,000 50,318,125
Procter & Gamble
Company (The) 375,000 36,726,562
RJR Nabisco Holdings Corp. 2,000,000 50,000,000
Sara Lee Corporation 1,950,000 48,262,500
------------
$419,596,280
------------
DIVERSIFIED - 1.4%
AlliedSignal Inc. 1,180,000 $ 58,041,250
------------
DRUGS AND
HEALTH CARE - 12.3%
Abbott Laboratories 1,080,000 $ 50,557,500
American Home Products
Corporation 1,300,000 84,825,000
Baxter International Inc. 575,000 37,950,000
Bristol-Myers Squibb Company 1,130,000 72,673,125
Johnson & Johnson 555,000 51,996,562
Merck & Co., Inc. 960,000 76,980,000
Pharmacia & Upjohn, Inc. 760,000 47,405,000
Pfizer Inc. 345,000 47,868,750
Schering-Plough Corporation 600,000 33,187,500
------------
$503,443,437
------------
ELECTRIC AND
GAS UTILITIES - 4.5%
DQE Inc. 1,000,000 $ 38,375,000
Sonat Inc. 1,600,000 48,000,000
Unicom Corporation 1,155,000 42,229,688
Williams Companies, Inc. (The) 1,400,000 55,300,000
------------
$183,904,688
------------
ELECTRONICS - 1.6%
Raytheon Company Class "B" 1,100,000 $ 64,487,500
------------
- --------------------------
See footnotes on page 7
6
<PAGE>
TRI-CONTINENTAL CORPORATION
March 31, 1999
Shares or
Print. Amt Value
---------- ---------
ENERGY - 7.8%
BP Amoco plc (ADRs)
(United Kingdom) 725,000 $ 73,179,688
Exxon Corporation 1,275,000 89,967,187
Mobil Corporation 630,000 55,440,000
Royal Dutch Petroleum
Company (Netherlands) 1,030,000 53,560,000
Schlumberger Ltd. 800,000 48,150,000
-------------
$ 320,296,875
-------------
FINANCE AND
INSURANCE - 15.0%
Allstate Corporation (The) 1,100,000 $ 40,768,750
American General Corporation 1,000,000 70,500,000
American International
Group, Inc. 425,000 51,265,625
BankAmerica Corporation 850,000 60,031,250
Bank of New York
Company, Inc. 2,160,000 77,625,000
Chubb Corporation (The) 625,000 36,601,563
Citigroup Inc. 1,310,000 83,676,250
Fannie Mae 720,000 49,860,000
Mellon Bank Corporation 750,000 52,781,250
J. P. Morgan & Co. Incorporated 300,000 37,012,500
Washington Mutual, Inc. 1,344,000 54,936,000
-------------
$ 615,058,188
-------------
MANUFACTURING AND
INDUSTRIAL
EQUIPMENT - 6.9%
GATX Corporation 760,000 $ 25,032,500
General Electric Company 1,169,800 129,409,125
United Technologies Corporation 1,169,800 126,634,063
-------------
$ 281,075,688
-------------
PAPER AND
FOREST PRODUCTS - 2.2%
Fort James Corporation 1,730,000 $ 54,819,375
Mead Corporation (The) 1,080,000 33,210,000
-------------
$ 88,029,375
-------------
PUBLISHING - 0.6%
Gannett Company, Inc. 400,000 $ 25,200,000
=============
RETAIL TRADE - 2.7%
May Department Stores
Company 1,192,500 $ 46,656,562
Wal-Mart Stores, Inc. 705,000 64,992,187
-------------
$ 111,648,749
-------------
Shares or
Prin. Amt. Value
-------- ---------
TRANSPORTATION - 0.7%
Norfolk Southern Corporation 1,055,000shs. $ 27,825,625
--------------
TOTAL COMMON STOCKS
(Cost: $2,412,171,903) $3,624,709,687
--------------
US GOVERNMENT
SECURITIES - 7.1% US Treasury Notes:
4 5/8%, 11/30/2000 $ 50,000,000 $ 49,687,500
6 3/8%, 9/30/2001 50,000,000 51,500,000
5 3/4%, 8/15/2003 25,000,000 25,507,825
6 5/8%, 5/15/2007 125,000,000 134,765,625
7 1/4%, 8/15/2022 25,000,000 29,187,500
--------------
TOTAL US GOVERNMENT
SECURITIES
(Cost: $299,947,266) $ 290,648,450
--------------
TRI-CONTINENTAL FINANCIAL
DIVISION+ - 0.4%
(Cost: $14,757,556) $ 15,848,705
--------------
SHORT-TERM HOLDINGS - 3.8%
(Cost: $156,200,000) $ 156,200,000
--------------
TOTAL INVESTMENTS - 99.8%
(Cost: $2,883,076,725) $4,087,406,842
OTHER ASSETS
LESS LIABILITIES - 0.2% 7,607,161
--------------
NET INVESTMENT ASSETS - 100.0% $4,095,014,003
==============
- --------------
* Non-income producing security.
+ Restricted security.
Note: Investments in US Government securities, stocks, limited partnership
interests, and short-term holdings maturing in more than 60 days are valued at
current market values or, in their absence, at fair values determined in
accordance with procedures approved by the Board of Directors. Securities traded
on an exchange are valued at last sales prices or, in their absence and in the
case of over-the-counter securities, at the mean of bid and asked prices.
Short-term holdings maturing in 60 days or less are valued at amortized cost.
7
<PAGE>
TRI-CONTINENTAL CORPORATION
STOCKHOLDER SERVICES
Tri-Continental provides a number of services to make maintaining an
investment in its Common Stock more convenient.
AUTOMATIC DIVIDEND INVESTMENT AND CASH PURCHASE PLAN. Stockholders may
automatically purchase additional shares with dividends and capital gains. There
is no charge for this service. Stockholders may also purchase additional shares
directly through the Corporation. There is a service fee of a maximum of $2.00
for each cash purchase transaction.
AUTOMATIC CASH WITHDRAWAL PLAN. Stockholders who hold common shares with a
market value of $5,000 or more may elect to receive a fixed amount from their
investment at regular intervals.
TRADITIONAL INDIVIDUAL RETIREMENT ACCOUNT (IRA). You may contribute up to $2,000
per year to a Traditional IRA provided you have earned income and are under age
701/2. A working or non-working spouse may also contribute up to $2,000 to a
separate Traditional IRA. Contributions to a Traditional IRA may be deductible
or non-deductible. If you are NOT covered by an employer's retirement plan, your
modified contribution will always be deductible. For individuals who are covered
by a plan, contributions will be deductible if your modified adjusted gross
income (MAGI) in 1999 is less than $31,000. For spouses who are both covered by
a plan, contributions will be fully deductible if your MAGI is less than
$51,000. If one spouse does not work or is not covered by a retirement plan,
that spouse's contribution will be fully deductible provided your household MAGI
does not exceed $150,000. If your contribution is not deductible, you may still
take advantage of the tax-deferred accumulation of earnings in your Traditional
IRA.
ROLLOVER IRA. You may be eligible to roll over a distribution of assets received
from another IRA, a qualified employee benefit plan, or tax-deferred annuity
into a Rollover IRA with Tri-Continental. To avoid a tax penalty, the transfer
to a Rollover IRA must occur within 60 days of receipt of the qualifying
distribution. If you do not make a direct transfer of a distribution from a
qualified employee benefit plan or a tax-deferred annuity to a Rollover IRA, the
payor of the distribution must withhold 20% of the distribution.
ROTH IRA. You (and a working or non-working spouse) may each make an after-tax
contribution of up to $2,000 per year to a Roth IRA provided you have earned
income and meet the eligibility requirements. Your MAGI must be less than
$95,000 (individuals) or $150,000 (married couples) to be eligible to make a
full contribution to a Roth IRA. Total contributions to a Roth IRA and a
Traditional IRA cannot exceed $2,000 in any year. Earnings grow tax-free and
will be distributed to you tax-free and penalty-free provided that you hold your
account for at least five years and you take the distribution either after age
591/2, for disability, upon death, or to make a first-time home purchase (up to
$10,000). Unlike a Traditional IRA, you may contribute to a Roth IRA even if you
are over age 701/2 (if you have earned income), and you are not required to take
minimum distributions at age 701/2. You may convert an existing Traditional IRA
to a Roth IRA to take advantage of tax-free distributions. You must pay taxes on
any earnings and deductible contributions in your Traditional IRA before
converting it to a Roth IRA. Talk to your financial advisor for more details on
converting your Traditional IRA.
8
<PAGE>
TRI-CONTINENTAL CORPORATION
STOCKHOLDER SERVICES (continued)
RETIREMENT PLANNING -- QUALIFIED PLANS. Unincorporated businesses and the
self-employed may take advantage of the same benefits in their retirement plans
that are available to corporations. Contribution levels can go as high as 25% of
earned income (reduced by plan contributions), to a maximum of $30,000 per
participant. For retirement plan purposes, no more than $160,000 may be taken
into account as earned income under the plan in 1998 and future years (subject
to adjustments to reflect cost of living increases). Social Security integration
and employee vesting schedules are also available as options in the
Tri-Continental prototype retirement plans. Although you already may be
participating in an employer's retirement plan, you may be eligible to establish
another plan based upon income from other sources, such as director's fees.
RETIREMENT PLAN SERVICES provides information about our prototype retirement
plans. The toll-free telephone number is (800) 445-1777 in the US and (212)
682-7600 outside the US.
GIFTS FREE OF FEDERAL TAX are often made using Tri-Continental Common Stock. You
may give as much as $10,000 a year to as many individuals as desired free of
federal gift tax, and a married couple may give up to $20,000 a year.
STOCK REPURCHASE PROGRAM. In November 1998, the Board of Directors authorized a
stock repurchase program through which Tri-Continental may repurchase up to 7.5%
of its then-outstanding common stock as long as its discount to net asset value
remains wider than 10%. The repurchase program seeks, among other things, to
moderate the growth in the number of shares outstanding, increase the net asset
value of the Corporation's outstanding shares, reduce the dilutive impact on
Stockholders who do not take capital gain distributions in additional shares,
and increase the liquidity of the Corporation's common stock in the marketplace.
As of March 31, 1999, a total of 1,789,095 shares had been repurchased. This is
approximately 1.62% of the shares outstanding as of November 19, 1998, when the
buy-back program was announced.
9
<PAGE>
TRI-CONTINENTAL CORPORATION
For information about your Corporation, write to Corporate Communications,
J.& W. Seligman & Co. Incorporated, 100 Park Avenue, New York, NY 10017. If you
want information about your investment account, write to Stockholder Services,
Seligman Data Corp., at the same address. You may also call Stockholder Services
at the telephone number listed below.
IMPORTANT TELEPHONE NUMBERS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
STOCKHOLDER RETIREMENT PLAN 24-HOUR AUTOMATED
SERVICES SERVICES TELEPHONE ACCESS SERVICE
<S> <C> <C>
(800) TRI-1092 (800) 445-1777 (800) 622-4597
(8:30 a.m. to 6:00 p.m. EST) (8:30 a.m. to 6:00 p.m. EST)
- -----------------------------------------------------------------------------------------------
</TABLE>
