Ameriprise Financial 5-2022

Transcription

Ameriprise FinancialMay 2022

Forward-looking statementsThe forward-looking statements in this presentation reflect management’s expectations about futureevents, plans and performance. These forward-looking statements and the many assumptions upon whichthey are based involve risks and uncertainties. A list of factors that could cause actual results to bematerially different from those expressed or implied by any of these forward-looking statements is detailedunder the headings “Forward-Looking Statements” and “Risk Factors”, and elsewhere, in our AnnualReport on Form 10-K for the year ended December 31, 2021, and elsewhere in our Quarterly Report onForm 10-Q for the quarter ended March 31, 2022. These forward-looking statements speak only as oftoday's date and we undertake no obligation to update publicly or revise them for any reason. Forinformation about Ameriprise Financial, please refer to ir.ameriprise.com.Non-GAAP Financial MeasuresThis presentation contains certain non-GAAP financial measures that our management feels best reflectthe underlying performance of our operations. Reconciliations of such non-GAAP financial measures to themost directly comparable GAAP financial measure have been provided along with the presentation.2

A diversified and differentiatedfinancial services leaderwith a record of outperformance –well-positioned to capture future growth3

Ameriprise – diversified and fully integratedAdvice & WealthManagementStrong investmentperformance;client-focused approach 1.3Tin AUM/AData as of 3-31-22.1. Excludes unlocking.QuadrupledEPS since20121Industry-leadingwealth manager withdifferentiated advicevalue proposition 90% free cashflow generationOver 19Breturnedto shareholderssince 2012Important solutionsmeeting clients’evolving needs 1.9Bexcess capital49.9% adjustedoperating ROE,ex. AOCI4

One dynamic firm delivering significant valueWealthManagementGlobal ce& WealthManagementBenefitsWealth management drives 80%of the firm’s revenue1Deep, long-term client relationshipsCaptures assets and fees acrossmarket cyclesStrong asset persistencyRetirement &ProtectionSolutionsBenefits from critical expertise andcapabilities across AMPSubstantial free cash flow to reinvestfor growth and return to shareholders1. Represents AWM’s advisor network.5

Wealth and Asset Management drives 80%(1) ofAmeriprise’s profitabilityPretax Adjusted Operating Earnings144%31%2012 1.7B49%25%31%Advice & Wealth Management2022 represents trailing 12-months through 3-31-22.1. Excludes Corporate & Other segment and unlocking. 2012 includes SOP market impact.2022 3.7B20%Asset ManagementRetirement & Protection Solutions6

Advice & Wealth Management is deliveringsustained profitable growthA longstanding leader infinancial planning and advice10,149financial advisors(Top 5 branded)Excellent clientsatisfaction 810K trailing 12-monthadjusted operatingnet revenue per advisor90% fee-basedrevenueContinue to growAmeriprise Bank, FSBStrong branded valueproposition 823B in client assets, incl. 447B in wrap assetsRespected brand withdeep client relationshipsData as of 3-31-22.7

Recognized for our premium client experienceand for managing our business responsiblyA TOPPERFORMER designation for“Unbiased, puts myinterests first”For the thirdconsecutive year,Ameriprise has beenrecognized by J.D.Power for providing “AnOutstanding CustomerService Experience” forphone support foradvisors96% of clients saytheir advisor providedadvice thataddressed theirneedsSee source information in appendix.#1 Most TrustedWealth Manager4.9/5clientsatisfaction8

Attractive and fast-growing marketHouseholdsFinancial assets(in millions)( in trillions) 5M 1.9M 500k – 4.999M14.5M 100k – 499K24.7M 100K89.5MSource: Federal Reserve, Distributional Financial Accounts. 29.6 26.9 7.2 2.0Financial assetsCAGR 2016 – 20218.5%5.9%1.4%U.S. householdfinancial assetsprojectedto grow4 – 6%annually goingforward1.0%9

Within the opportunity, we are focused on theResponsible MindsetWho they areWhat they wantOur primary target market: 500K– 5MAdvice and anytime access 20.2 trillion in financial assets63% prefercomprehensiveadviceAttractive growth trajectoryWant advicebeyondinvestmentsStrong digitalexpectations andengagementA personal relationship76% own retail and retirement assets45% under age 45Source: Ameriprise Financial Market Segmentation, 2021.Want to work witha firm and advisorthey trust78%consider itvery important to haveadvisors they canwork with face-to-faceRegular, proactiveand personalizedcontact is in top 5most important10

Through our Client Experience, we will deliveradvice to our full client base and generatesignificant value and client te:14 elementsof the ClientExperience7.4xgreaternet flows4.1xWhat clients 1:1 financialcan expect advice based onyour goals andneedsA personalizedplan andrecommendationsfor the diversifiedportfolio to meetyour goals1. 2019 Ameriprise Information Management (AIM) Value of Planning Study.Anytime accessto your investmentsand digital tools tohelp you stay ontrackRegular meetingsto review your goals,progress andinvestmentsgreaterGDC11

Multiple affiliation options to serve more clientsand advisorsAmeripriseFranchise GroupAmeripriseAdvisor GroupAmeripriseAdvisor CenterAmeriprise FinancialInstitutions IPTIONDESCRIPTIONDESCRIPTIONFull-service advisorsthat are franchiseesof the firmFull-service advisorsthat are employeesof the firmNationally licensedfinancial teams thatconsistently deliver clientexperience remotelyFull-service advisorsbased in banks andcredit unions8,0611,742126220Data as of 3-31-22.12

Our bank capabilities complement our advicevalue proposition and allow us to help clientswith both sides of their balance sheetAmeriprise Bank, FSB Over 13B sweep deposits shifted to date; OPPORTUNITYopportunity togrow up to 5B in remainder of 2022 Strong growth in Pledge Lending with 521M in loanbalance on the FSB balance sheet with excellent creditquality, in partnership with Goldman SachsMany wealthmanagers generatea substantialportion of earningsfrom banking Ameriprise Home Lending program referred 53M inloans for Q1 2022 Over 65K clients with Ameriprise Visa credit cardsData as of 3-31-22.13

Strong financial performance compared to peersAmeriprise is generating 20% margins, nearly twice the level of Regionals/IndependentsMargin Expansion 2017 – 2022 (bps)AWM120Regionals / IndependentsWirehouses10585Data represents trailing 12-months through 3-31-22.Source: Company filings and S&P Cap IQ. Regionals / Independents represents median of LPL and Raymond James PCG. Wirehouses represents median of Morgan Stanley and Bank of America Wealth Management segments.14

Wealth Management has a strong track record ofprofitable organic growthTotal Client Assets in billionsTotal Client FlowsTTM Revenue Per Advisor43%20% in billions12% 858 41.42020 42.5 823 732 in thousands 796 81020212022 674 29.720212022 represents trailing 12-months through 3-31-22.2022202020212022202015

We have strong underlying momentum amidstinterest rate headwindsAdvice and Wealth Management PTIGrow our client base andmove further up market( in millions) 1,794Increase advisor productivity17%CAGRDeepen client relationshipsAmeriprise Bank will drivesubstantial future growthAttract more advisors2022 represents trailing 12-months through 3-31-22. 4342012202216

Retirement & Protection Solutions: continue toreposition business to reflect interest rate environmentand our conservative risk appetiteImportant solutions for ourConfident Retirement approach 100B client AUM1Strong returnswith a lowerrisk profileExcellentratingsData as of 3-31-22.1. Client AUM includes variable annuities and VUL / UL policyholder balance.2. Data as of 12-31-21. See source information in appendix.Strategically managing ourbooks of businessTop 4 VUL insuranceprovider and Top 10 VAcarrier2100% affiliated distributionfor life, health andvariable annuities17

RPS business is a highly valuable asset with sustainablefinancial results, free cash flow and a low risk profile Unique distribution modelfocused on delivering clientsolutions through financial planning Conservative product features(e.g. crediting rates, required assetallocation) and pricing approach Stable sales volumes through marketcycles Superior risk management, includingan economic hedging approach with97% effectiveness for past 5 years Prudent and proactive strategicde-risking actions Diversified inforce business with client behavior that has been consistentwith expectations Strong financial performance with predictable cash flows– Leading operating margins of 23% – Return on capital of 30% – Underlying free cash flow of 750 million per year Pristine balance sheet fundamentals– Average credit quality of ‘A’– Strong risk-based capital ratio of 620% Best-in-class performance in the industryRPSPeersReturn on Capital (3-yr avg)35%15%Dividends as a % of Capital & Surplus (5-yr avg)32%10%RBC Ratio (5-yr avg)522%455%VA Net Amount at Risk as a % of Account Value0.3%3.1%Source: Company filings, investment banking research and CapIQ. Peers comprised of AIG Life & Retirement, Allianz Annuities, BHF Life & Annuities, EQH Annuities & Protection, LNC Annuities and PRU Workplace & Individual Solutions, asavailable. Return on Capital calculated as trailing twelve months adjusted operating earnings excluding unlocking divided by average equity and debt (as available) over the trailing five quarters through 12-31-21. Statutory data through 12-31-21.NAR as of 12-31-21 includes Allianz, John Hancock, Lincoln, Prudential, Talcott, Transamerica and Venerable. RPS represents RiverSource Life.18

We are a leading global asset manager withgreatly improved flow dynamicsNet inflowsof 37 billion1Global presenceand capabilities 699B in AUMTop 15long-term mutualfunds in the U.S.2 Strong institutionalpresence129 four- and five-starMorningstar-rated fundsData as of 3-31-22.1. Net flows represented trailing 12 months through 3-31-22 and included 19B of reinvested dividends.2. Data as of 12-31-21. See source information in appendix.3. Data as of October 2021. See source information in appendix.Top 10 retail rankingin the UK3 Competitive margins andearnings growth19

Our investment engine is a foundation for clientsuccess and sets us apart Proprietary, differentiatedresearch approach deliversglobal perspective Global investment teams in NorthAmerica, UK/Europe and APAC Macro view: Global asset allocation withlocal insight Micro view: Sector-based teams,in-depth security research, proprietarycompany ratingsLong-termconsistentreturnsfor clientsGlobal approachturns informationinto replicableinsightsScalableacross a widerange of clientneeds andproduct types Broad selection of investment strategiesand platforms: Mutual Funds, StrategicBeta, ETFs, SMAs, Liquid Alts & 529s 5P investment oversight20

Completed acquisition of BMO's EMEA AssetManagement businessAdditive capabilities from the acquisition Responsible Investment (RI): a recognized leader witha broad range of specialist ESG products Liability-Driven Investing (LDI): a top-four LDI businessin Europe Fiduciary/outsourced management (OCIO): a keysolutions business with teams in the Netherlands and UK European Real Estate: a continental European realestate capability based in Germany and France21

Our investment approach has deliveredconsistently competitive investment performanceover many years Asset-weighted performanceColumbia Threadneedle funds36% 83% 87% 89%1 year3 years5 years10 year129 funds out of 250* earned an Overall Rating of 4 or 5 stars:- 37 funds received 5-star Overall Rating- 92 funds received 4-star Overall RatingAsset-Weighted % in Top Two Quartiles or Above IndexBenchmark as of March earResultsEquity28%81%85%88%Fixed Income53%90%94%91%Asset Allocation45%80%86%91%Total Performance36%83%87%89%Data as of 3-31-22. Past performance does not guarantee future returns. U.S performance measured using Columbia Class Inst share (formerly known as Class Z) vs. full universe of funds. Asset weighted rankingsinclude assets in funds with above Lipper median performance. EMEA/APAC performance measured on a consistent basis against the most appropriate benchmark – a peer group of similar funds or an index. Counts theassets in funds with above median ranking (if measured against peer group) or above index performance (if measured against an index).* Morningstar Star Ratings are based on performance of Inst’l Class for Columbia branded mutual funds & highest available for a share class within the fund for Threadneedle/BMO branded funds.22

Our core investment capabilities span a broadspectrum of strategies with Responsible Investmentat the heart of our corporate and client agendaFixed IncomeEquitiesGlobal: large & small cap,EAFE, emerging markets,opportunities, focusUS: large, mid & small capcore, growth & valueRegional & single countryInvestment grade creditUS bank loansEquity incomeHigh yield creditSocial bondsESG & sustainable equityUS municipal bondsMulti-sector fixed incomeSecuritised ativesUS, European, UK direct realestateReal estate securitiesPrivate equityAsset Allocation*European infrastructureManaged volatilityAdaptive risk allocationLiquid alternativesMulti asset managedMulti asset incomeMulti asset sustainableFiduciary managementDiversified growth strategiesMulti-managerLong/shortLDISource: Columbia Threadneedle Investments, as of 3-31-22. All data is for the Columbia Threadneedle Investments and BMO GAM group of companies.* The asset allocation category refers to accounts that invest across multiple asset classes, such as equities, fixed income and alternatives. This includes fund of fund strategies andaccounts that directly invest in those broad asset classes, such as multi asset strategies.23

Broad global distribution capabilityU.S.EMEAAPAC11 locations15 locations5 Locations 299B U.S. Retail Product AUM 81B EMEA Retail Product AUM 5 unique intermediary sales channels: Key countries / regions include:1. Broker Dealer2. Independent Advisors3. Ameriprise4. Private Client Advisory (PCA): RIA andBank of America Private Bank5. Defined Contribution Investment Only(DCIO)- UK- Europe (especially Italy, Germany, Spain,Benelux, Switzerland)- Middle East 200 key local institutions and retailintermediaries Retail and private bank / GSR (globalstrategic relationship) distributionoperations in Singapore and HongKong Malaysia, Thailand, Philippines(regional fly-in model) China institutional offshore via HongKong Sydney – select retail advice platformsand private wealth advisors serviced byBMO wholesale 800 retail intermediaries with 50,000advisorsGlobal Institutional 319B Institutional AUM and full product line, including multi-asset strategies Broad geographic coverage of major client types Global approach with regional variances by client type and investment requirements Evolving to client-led, Solutions-based approachAnchor ClientsData as of 3-31-22.24

Solid flow trends with benefits from BMOacquisition in recent quarters Improved segmentation and targetingNet Flows in billions Growing model business 27.5 Growing Institutional distributionmomentum Opportunity for further growth withacquisition of BMO EMEA 4.9 6.7 3.9( 0.7)Q1 2021Q2 2021Q3 2021Q4 2021Included in net flows are the amounts from the US asset transfer from the BMO acquisition of 2,649 ( 2,550 retail and 99 institutional) from Q1 2022 and 16,948 ( 2,922 retail and 14,026 institutional) from Q4 2021.Q1 202225

Generating strong margins47.9%46.4%45.2%43.2%Represents trailing 12-months through 3-31-22. Adjusted operating margin for AMP, BLK, JHG, APAM, IVZ, BEN.43.1%41.3%37.8%26

Ameriprise is a unique shareholder valuecreation opportunity Strong and growing Wealth and Asset Managementbusinesses Free cash flow generation of approximately 90% Returned over 11 billion to shareholders andreduced share count by 28% since 2016 whilemaintaining substantial excess capitalData as of 3-31-22.27

Diversified free cash flow generation and returnto shareholders with strong excess capitalExcess Capital in billions 2.0 1.9Significant growth in earnings and free cashflow from Wealth ManagementGrowing contribution from Asset ManagementReturned 11.1 billionof capital to shareholdersand reduced sharecount by 28%Consistent distributable earnings from RPSGenerating ROE of 30%49.9%2016 90%2022Free Cash FlowGeneration 90%12022 represents trailing 12-months through 3-31-22.1. Excludes unlocking. BMO EMEA acquisition and fixed annuity reinsurance transaction is excluded within FCF generation totals.28

We have returned over 19 billion of capital toshareholders since 2012 2.1 1.92013Capital Returned to Shareholders in billions 2.4 2.2 2.1 1.8 1.82014201520162017Dividends2022 represents trailing 12-months through 3-31-22. 2.4 2.420212022 1.8201820192020Share Repurchase29

Increasing and diversified sources of free cashflow as business mix shift accelerates withupcoming acquisitionPretax Adjusted Operating Earnings120%25%2022201244% 3.7 1.7billionbillion31%31%Advice and Wealth Management2022 represents trailing 12-months through 3-31-22.1. Excludes Corporate & Other segment and unlocking.49%ContinuedGrowth &Mix ShiftAsset ManagementRetirement & Protection Solutions30

Continue to meet and exceed client needs across our businesses as wereturn to officeSignificant opportunity to further grow as a wealth managementand advice leader focused on deep client relationshipsSubstantial improvement in client flows in our global asset managementbusiness to meet the growing client need for active managementManaging well-developed books of business focused on retirementasset accumulation solutions that generate strong, continuous cash flowContinued focus on profitable growth, a sound balance sheet andgenerating high returns for shareholders31

Appendix32

Appendix: SourcesSource & disclosure: Certified as of December 2021. J.D. Power 2021 Certified Customer Service ProgramSM recognition is based on successful completion of an evaluation and exceeding a customer satisfaction benchmarkthrough a survey of recent servicing interactions. Our advisors evaluated our performance in these factors: satisfaction with the IVR routing process, and the customer service representative which includes knowledge, courtesy,concern, call duration/transfers/hold time, and timeliness of resolution in addition to overall satisfaction. Ameriprise engaged J.D. Power to be independently evaluated through this program and cite the results. For moreinformation, visit www.jdpower.com/ccc.Source: Ameriprise Financial Goal-Based Advice Survey. Results from July 2018 through June 2021, reflecting 5,969 client responses. The percentages cited reflect those who agree or strongly agree with each statement (on a5-point scale). Clients may complete a survey via the secure site after their goals are published online.Source & disclosure: Wants & Pricing Report (April 2021, the most recent report) from the Hearts & Wallets Investor QuantitativeTM Database. In this annual syndicated survey respondents are asked to rate their financialservices providers in a variety of areas on a scale of 0 (not at all satisfied) to 10 (extremely satisfied). 5,920 respondents provided 10,163 sets of ratings. The report designates Hearts & Wallets Top Performers in areas wherecustomer ratings for one or more providers are “distinctively higher than customer ratings of other providers.” For each area there may be several Top Performers or none. The analysis does not seek to designate any provider as“first” or rank Top Performers. This rating is not indicative of future performance and may not be representative of any one client’s experience, as the rating is an average of a sample of client experiences. Ameriprise paid a fee toHearts & Wallets to cite the results of the survey.4.9/5 client satisfaction – Source & disclosure: Clients can respond to an internal Ameriprise survey and rate an advisor or practice based on their satisfaction with the team or practice, on a scale of 1 to 5 (1 extremelydissatisfied to 5 extremely satisfied). Client experiences may vary and working with any Ameriprise Financial practice is not a guarantee of future financial results. Investors should not consider this rating a substitute for theirown research and evaluation of a financial practice's qualifications. Only clients with access to the Ameriprise Secure Client Site may submit a rating. Ratings reflect an average of all client responses received over a rolling twoyear period as of 12/31/2021.Source & disclosure: The Most Trusted Financial Companies Survey is issued by Investor's Business Daily and TechnoMetrica Market Intelligence, ranking financial companies based on consumer trust. The study wasconducted in two phases between July 9 and Aug. 11, 2021, with 343 individuals responding to Phase 1 and 6,578 participants in Phase 2. Seventy-four companies met the requirements for inclusion in the rankings, i.e., 100 or125 respondents, depending on the category. Phase 1 identified attributes of financial institutions that are most important to consumers in terms of “trust.” Phase 2 used the attributes defined in Phase 1 and respondentsevaluated companies on a five-point scale based on how much they trusted the company regarding that attribute. Scores were computed by taking the difference between the percentage of respondents giving high and lowscores. Percentages were weighted and used to produce the Trust Index rating. See ial-companies-survey-methodology/ for the full methodology.Top 4 VUL insurance provider – LIMRA U.S. Retail Individual Life Insurance Sales Participant Report – Q4 2021Top 10 VA carrier – LIMRA U.S. Individual Annuities Sales Survey – Q4 2021Top 10 retail ranking in the UK – Source: The Investment Association, data as of October 2021Top 15 long-term mutual funds in the U.S. – ICI Complex Assets report, through Q4 2021129 4- and 5-star Morningstar-rated funds. Past performance is no guarantee of future results. 2022 Morningstar. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or itscontent providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use ofthis information.For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM used to rank the fund against other funds in the same category. It is calculated based on a Morningstar Risk-Adjusted Returnmeasure that accounts for variation in a fund's monthly excess performance, without any adjustments for loads (front-end, deferred, or redemption fees), placing more emphasis on downward variations and rewarding consistentperformance. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the33distribution percentages).

Reconciliation TablesAdjusted operating earnings per diluted sharePer Diluted ShareReported EPSLess: Impact of operating adjustmentsAdjusted operating EPSLess: Impact of annual unlocking/loss recognitionAdjusted operating EPS ex. annual unlocking/loss recognitionLess: Impact of Auto & Home core resultsAdjusted operating EPS ex. annual unlocking/loss recognition and Auto & HomeFull Year2012 4.61(0.96) 5.57(0.22) 5.790.07 5.72TTMQ1 2022 26.012.77 23.25(0.05) 23.30 23.30407%34

Reconciliation TablesMix Shift( in millions)Advice & Wealth Management pretax adjusted operating earningsLess: UnlockingPretax adjusted operating earnings excluding unlockingAsset Management pretax adjusted operating earningsLess: UnlockingPretax adjusted operating earnings excluding unlockingFull Year2012 434 434TTMQ1 2022 1,794 1,794 535535 1,153 1,153687(84)771 Retirement & Protection Solutions pretax adjusted operating earningsLess: UnlockingPretax adjusted operating earnings excluding unlocking Total Pretax adjusted operating earnings excluding unlocking 1,740 743(5)748 3,695Percent pretax adjusted operating earnings from Advice & Wealth Management excluding unlocking25%49%Percent pretax adjusted operating earnings from Asset Management excluding unlocking31%31%Percent pretax adjusted operating earnings from Retirement & Protection Solutions excluding unlocking44%20%Excludes Corporate & Other Segment35

Reconciliation TablesAdvice & Wealth Management net pretax adjusted operating margin( in millions)Full YearTTM2017Q1 2022Adjusted operating total net revenues 5,616 8,184Pretax adjusted operating earningsPretax adjusted operating margin 1,16320.7% 1,79421.9%120 bps36

Reconciliation TablesAdvice & Wealth Management Adjusted Revenue Per Advisor1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 4Q 2021Total Net Revenue 1,695 1,537 1,667 1,776 1,879 1,980 2,048 2,114 2,042Advisor CountRev Per Adv (in thousands)Rev Per Adv TTM (in ,11610,14917215516817918719720320920179681067437

Reconciliation TablesAsset Management net pretax adjusted operating margin( in millions)Adjusted operating total net revenuesLess: Distribution pass through revenuesLess: Subadvisory and other pass through revenuesNet adjusted operating revenuesTTMQ1 2022 3,871911392 2,568Pretax adjusted operating earningsLess: Adjusted operating net investment incomeAdd: Amortization of intangiblesNet adjusted operating earnings 1,153917 1,161Pretax adjusted operating marginNet pretax adjusted operating margin29.8%45.2%38

Reconciliation TablesAdjusted operating return on equity( in millions)Twelve Months EndedMarch 31,2022 3,084328 2,756Net incomeLess: Adjustments (1)Adjusted operating earningsTotal Ameriprise Financial, Inc. shareholders' equityLess: Accumulated other comprehensive income, net of taxTotal Ameriprise Financial, Inc. shareholders' equity excluding AOCILess: Equity impacts attributable to the consolidated investment entitiesAdjusted operating equityAdjusted operating return on equity, excluding AOCI(2) 5,518(3)5,52115,52049.9%(1) Adjustments reflect the trailing twelve months' sum of after-tax net realized investment gains/losses, net of deferred sales inducement costs ("DSIC") and deferred acquisitioncosts ("DAC") amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional long-duration products, net of hedges and related DACamortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; gain on disposal ofbusiness; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; integration/restructuring charges; theimpact of consolidating certain investment entities; and discontinued operations. After-tax is calculated using the statutory tax rate of 21%.(2) Adjusted operating return on equity excluding accumulated other comprehensive income (AOCI) is calculated using the trailing twelve months of earnings excluding the after-taxnet realized investment gains/losses, net of DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional longduration products, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; block transferreinsurance transaction impacts; gain on the disposal of business; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certaininvestments; integration/restructuring charges; the impact of consolidating certain investment entities; and discontinued operations in the numerator, and Ameriprise Financialshareholders' equity excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. After-tax is calculatedusing the statutory tax rate of 21%.39

information about Ameriprise Financial, please refer to ir.ameriprise.com. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures that our management feels best reflect the underlying performance of our operations. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP .