Press Release

Ameriprise Financial Completes Columbia Management Acquisition

Company Release - 5/3/2010 8:00 AM

$521 billion in total assets under management

8th largest manager of long-term U.S. mutual funds

Combined U.S. asset management business to operate under the Columbia Management brand

MINNEAPOLIS--(BUSINESS WIRE)-- Ameriprise Financial, Inc. (NYSE: AMP) today announced that it has completed the acquisition of the long-term asset management business of Columbia Management from Bank of America for approximately $1 billion in cash.

As of March 31 data, the acquisition adds $189 billion in assets and establishes the company as the eighth largest manager of long-term mutual fund assets in the U.S. Ameriprise Financial now has $652 billion in total owned, managed and administered assets.

In addition to enhancing equity and fixed income retail and institutional capabilities, the transaction includes a five-year strategic distribution agreement that provides ongoing access to clients of Bank of America affiliated distributors, including U.S. Trust.

"The Columbia Management acquisition transforms our asset management capabilities and provides a platform to accelerate our growth," said Jim Cracchiolo, chairman and chief executive officer of Ameriprise Financial. "It enhances our scale, broadens our distribution and strengthens and diversifies our lineup of strong performing retail and institutional funds. Importantly, the transaction allows us to capture essential expense synergies that will be instrumental in driving improved asset management returns and margins over time."

"Since the transaction was announced in September, both RiverSource Investments and Columbia Management employees have been focused on serving clients and advisors and maintaining business momentum. We are grateful for their efforts and look forward to growing this business together."

Ameriprise Financial will combine its current U.S. asset management business, RiverSource Investments, with Columbia Management under the Columbia brand. Threadneedle Investments remains the company's international investment platform. The RiverSource brand will continue for the company's annuity and life, health and disability insurance products.

The U.S. asset management business will continue to be led by William F. "Ted" Truscott, CEO, U.S. Asset Management & President, Annuities. Michael A. Jones will continue to serve as President of Columbia Management and Colin Moore will continue to serve as Chief Investment Officer. Messrs. Moore and Jones will report to Mr. Truscott.

"We're energized by the opportunities this transaction gives us," Mr. Truscott said. "We have assembled a team of extraordinarily talented investment professionals, and we now offer clients strong-performing funds in every style category. We believe this combined organization is poised to deliver a very compelling value proposition."

The transaction is expected to be accretive to the company's earnings and return on equity within one year, excluding integration costs. Ameriprise Financial continues to maintain more than $1.5 billion of excess capital and a strong liquidity position.

Notes:

Data used to calculate the assets under management figures in this news release are as of March 31, 2010, including assets acquired from Bank of America. Actual entity assets under management will be reported in the next Ameriprise Financial, Inc. quarter-ending financial disclosures.

Columbia Management is the 8th largest manager of long-term mutual fund assets according to ICI data.

Ameriprise Financial, Inc. is a diversified financial services company serving the comprehensive financial planning needs of the mass affluent and affluent. For more information, visit ameriprise.com.

On April 30, 2010, Ameriprise Financial, Inc., the parent company of RiverSource Investments, LLC, acquired the long-term asset management business of Columbia Management Group, LLC, including certain of its affiliates, which were, prior to this acquisition, part of Bank of America. In connection with the acquisition of the long-term assets, certain clients of Columbia Management Advisors, LLC (including the Columbia Funds) have a new investment adviser, RiverSource Investments, LLC, which is now known as Columbia Management Investment Advisers, LLC. On the same date, Ameriprise Financial also acquired Columbia Wanger Asset Management, LLC (CWAM). CWAM will continue as the investment adviser for Columbia Acorn and Wanger Funds and no changes are anticipated in the existing investment management team. For those clients that use the services of a sub-advisor, those arrangements are continuing unless notified otherwise. RiverSource Fund Distributors, Inc., now known as Columbia Management Investment Distributors, Inc., member FINRA, will act as the principal distributor of the Columbia, Wanger, Columbia Acorn, RiverSource, Seligman and Threadneedle branded funds. RiverSource Service Corporation, now known as Columbia Management Investment Services Corp., is the transfer agent for the Funds.

Legal Notice Regarding Forward-Looking Statements

This news release contains forward-looking statements that reflect management's plans, estimates and beliefs. All statements other than statements of historical fact included in this news release are forward-looking statements. Examples of forward-looking statements in this release include: statements of management's expectations regarding the capabilities of the combined asset management business and the ability to capture expense synergies; statements regarding the intent combine the U.S. asset management business, the expected leadership of the combined asset management business and the branding under which the combined asset management and other businesses of the company are expected to operate; and the statement that the transaction is expected to be accretive to the company's earnings and return on equity within one year, excluding integration costs.

Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of Ameriprise Financial and its affiliates to be materially different from any future results or performance expressed or implied by such forward-looking statements. A list of certain additional factors that could cause actual results to be materially different from those expressed or implied by any of these forward-looking statements is detailed under the headings "Forward-Looking Statements" and "Risk Factors", and elsewhere, in our Annual Report on Form 10-K for the year ended December 31, 2009 and in our Form 8-K filed on March 8, 2010. These forward-looking statements speak only as of today's date, and we undertake no obligation to update publicly or revise them for any reason.

    Source: Ameriprise Financial, Inc.
Contact: Ameriprise Financial, Inc. Investor Relations: Laura Gagnon, 612-671-2080 laura.c.gagnon@ampf.com or Media Relations: Ben Pratt, 612-678-5881 benjamin.j.pratt@ampf.com or Paul Johnson, 612-671-0625 paul.w.johnson@ampf.com