SUBADVISORY AGREEMENT

SUBADVISORY AGREEMENT, dated December 29, 2006 between J. & W. SELIGMAN & CO. INCORPORATED, a Delaware corporation (the Manager) and LASALLE INVESTMENT MANAGEMENT (SECURITIES), L.P., a Maryland limited partnership (the Subadviser).

WHEREAS, the Manager has entered into a Management Agreement, dated as of the date hereof (the Management Agreement), with Seligman LaSalle Real Estate Fund Series, Inc. (the Corporation), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), to render or contract to obtain assistance in rendering investment management services to Seligman LaSalle Global Real Estate Fund (the Fund), a separate series of the Corporation, and to administer the business and other affairs of the Fund; and

WHEREAS, the Manager desires to retain the Subadviser to assist in providing investment advisory and other services to the Fund, and the Subadviser is willing to render such services, effective as of the commencement of the Funds operations (the Effective Date).

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:

1. Duties of the Subadviser. (a) Subject in each case to the control of the Board of Directors of the Corporation (the Board) and in accordance with the objectives, policies and principles set forth in the Registration Statement and Prospectus(es) of the Fund (the Registration Statement) and the requirements of the 1940 Act, and in conjunction with and under the supervision of the Manager, the Subadviser agrees to furnish the Manager and the Fund with such investment advice, research and assistance as the Manager or the Fund shall from time to time reasonably request. Without limiting the generality of the foregoing, Subadviser shall manage the investments of the Fund in accordance with the Registration Statement and in compliance with the requirements applicable to registered investment companies under applicable laws and those requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (Code), and such other limitations as the Manager or the Board may institute and inform the Subadviser in writing are applicable.

(b) Subject to the foregoing, the Subadviser shall (i) participate in the development of the Funds overall investment strategy and in the determination of investment allocations, (ii) provide investment advice and research to the Fund with respect to existing and potential investments in securities, including company visits and meetings with management, (iii) determine securities and other assets for investment, (iv) select brokers and dealers, and (v) cause the execution of trades; provided that, until Subadviser is notified otherwise by the Manager, the Manager shall determine (in consultation with the Subadviser) the amount of assets that shall be Uninvested Assets (as defined below) of the Fund and retain the authority and

responsibility for investment and reinvestment of Uninvested Assets. In providing these services, the Subadviser will conduct a continual program of investment, evaluation and, if appropriate, sale and reinvestment of the Funds assets. The Subadviser will make available representatives to report in person to the Board at least semi-annually on investment results, regulatory compliance with respect to the Funds investments and other matters that the Manager or the Board may reasonably request. The Subadviser shall also provide such reports and other information to the Manager or the Board as such persons may reasonably request. For purposes of this Section 1(b), Uninvested Assets means any assets of the Fund that are in cash, cash equivalents or money market instruments.

(c) The Subadviser agrees to provide, subject to any obligations or undertakings by the Manager reasonably necessary to maintain the confidentiality of the Subadvisers non-public information, any and all information, records and supporting documentation about the composite of accounts and the funds the Subadviser manages that have investment objectives, policies, and strategies substantially similar to those employed by the Subadviser in managing the Fund which may be reasonably necessary, under applicable laws, to allow the Corporation or its agent to present historical performance information concerning the Subadvisers substantially similarly managed accounts and funds, for inclusion in the Funds Prospectus(es) and any other reports and materials prepared by the Corporation or its agent, in accordance with regulatory requirements or as requested by applicable federal or state regulatory authorities.

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