Press Release

MINNEAPOLIS — June 1, 2006 — Ameriprise Financial, Inc. (NYSE: AMP) today announced that it has closed the sale of its defined contribution recordkeeping business to Wachovia. The sale is expected to be marginally accretive to the Company's earnings per share and generate a modest gain. Terms of the transaction were not disclosed.

"This transaction is good for Ameriprise and our clients," said Jim Cracchiolo, chairman and chief executive officer of Ameriprise Financial. "We've received positive feedback from our defined contribution plan clients about the transaction. In addition to ensuring our clients' needs are met, we were able to enhance our margins, return on equity and shareholder value, while exiting the scale-driven, recordkeeping portion of this business."

While Ameriprise is exiting the recordkeeping business, it remains a leader in face-to-face, personalized financial planning and will continue to offer a robust suite of investment management products and services, workplace financial education and IRA rollover services to defined contribution plans and participants.

Ameriprise Financial, Inc. is a leading financial planning and services company with more than 12,000 financial advisors and registered representatives that provides solutions for clients' asset accumulation, income management and insurance protection needs. The Company's financial advisors deliver tailored solutions to clients through a comprehensive and personalized financial planning approach built on a long-term relationship with a knowledgeable advisor. The Company specializes in meeting the retirement-related financial needs of the mass affluent. Financial advisory services and investments are available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. For more information, visit www.ameriprise.com.