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Executive James M. Cracchiolo Board of James M. Cracchiolo Leadership Chairman and Chief Executive Offi cer Directors Chairman and Team Chief Executive Offi cer Walter S. Berman Ameriprise Financial, Inc. 2007 Consolidated Highlights Executive Vice President and ($ in millions, except per share amounts and as noted) Chief Financial Offi cer Ira D. Hall Former President and Deirdre N. Davey Chief Executive Offi cer 2007 2006 Change Senior Vice President Utendahl Capital Management, L.P. Corporate Communications GAAP and Community Relations Warren D. Knowlton Chairman and Chief Executive Offi cer Net revenues $8,654 $8,020 8% Crispin Henderson* Graham Packaging Company, L.P. Net income $814 $631 29% Chief Executive Offi cer Th readneedle W. Walker Lewis Earnings per diluted share $3.39 $2.54 33% Holdings, Ltd. Chairman Devon Value Advisers Return on equity 10.5% 8.3% Kelli A. Hunter Executive Vice President Siri S. Marshall Shareholders’ equity $7,810 $7,925 (1%) Human Resources Former Senior Vice President, General Counsel and Secretary Non-GAAP Financial Information* John C. Junek and Chief Governance and Adjusted earnings $968 $866 12% Executive Vice President and Compliance Offi cer General Counsel , Inc. Adjusted earnings per diluted share $4.03 $3.48 16% Glen Salow Jeffrey Noddle Adjusted return on equity 12.6% 11.8% Executive Vice President Chairman and Technology and Operations Chief Executive Offi cer Weighted average common shares SUPERVALU, INC. outstanding—diluted 239.9 248.5 (3%) Kim M. Sharan Cash dividends paid per common share $0.56 $0.44 27% Executive Vice President and Richard F. Powers III Chief Marketing Offi cer Private Investor Owned, managed and administered Former President assets (billions) $480 $466 3% Joseph E. Sweeney Morgan Stanley Investment President Management Client Group Net revenue per advisor (thousands) $315 $268 18% Financial Planning, Products and Services H. Jay Sarles Life inforce (billions) $187 $174 8% William F. Truscott Private Investor

* Management believes that the presentation of adjusted fi nancial measures best refl ects the underlying performance of our President Former Vice Chairman ongoing operations and facilitates a more meaningful trend analysis. The adjusted fi nancial measures exclude the effects of U.S. Asset Management, Annuities and Corporation non-recurring separation costs. See Non-GAAP Financial Information included in our Management’s Discussion & Analysis. Chief Investment Offi cer Robert F. Sharpe, Jr. John R. Woerner Executive Vice President President Legal and External Aff airs Insurance and Chief Strategy Offi cer ConAgra Foods, Inc.

* Mr. Henderson is not an executive offi cer of William H. Turner Ameriprise Financial for purposes of Section 16 of the Securities Exchange Act of 1934, as amended. Chairman International College, Beirut and New York Former Chief Executive Offi cer PNC Bank NJ Adjusted Earnings Per Diluted Share

2005 2006 2007

Left to right: Gloria Vallejo, Interactive Marketing; Jake Dunlap, Field Leader, Pacifi c Northwest; Paul Stocking, RiverSource Investments (Equities)

Ameriprise Financial 2007 Annual Report 1 To Our Shareholders

“ We’ve been consistently When Ameriprise Financial became an independent focused on executing our in October 2005, we were focused on unleashing our potential. All of strategy, and it’s working. In 2007, we delivered us—my executive team, our advisors and fi eld staff and our employees— another strong year despite recognized that we had a great deal to accomplish while simultaneously increasingly challenging generating solid fi nancial performance. We’ve delivered on our market conditions.” commitments, and we’re proud of the company we’ve built together.

In this, our third annual report, we’ll outline our growth to date and how we intend to continue to realize our opportunities by building on the strong platform we’ve created. We have a clear vision of what we want to achieve, and we have the strategy, foundation and talent to bring our vision to life.

2007: A year of progress We’ve been consistently focused on executing our strategy, and it’s working. In 2007, we delivered another strong year despite increasingly challenging market conditions. We met our on-average, over-time growth goals even as we concluded a complex separation from our former parent company.

For the year, net revenues grew 8 percent, adjusted earnings per diluted share increased 16 percent and our adjusted return on equity of 12.6 percent reached our target range for the fi rst time. We met our fi nancial targets by executing our strategy: grow mass affl uent and affl uent client relationships, strengthen our lead in fi nancial planning, drive gains in advisor productivity, grow our assets and continue to reinforce our corporate foundation.

In 2007, mass affl uent and affl uent client assets increased 10 percent as we deepened our fi nancial planning relationships with these clients. This contributed to our growth in advisor productivity, as measured by net revenue per advisor, which increased 18 percent compared to last year. As we deepened client relationships, drove product innovation and delivered solid investment performance, our owned, managed and administered assets grew to $480 billion. Meanwhile, we reinforced our foundation by continuing to

2 Ameriprise Financial 2007 Annual Report invest in our talent and infrastructure, and by capitalizing on our proven re-engineering and expense management strengths.

These results were achieved against the backdrop of substantial challenges from capital markets. While we are not immune to market weakness and volatility, our long-term client relationship focus and balance sheet strength helped us effectively weather these challenges. Importantly, we did not experience any material impairments related to the deteriorating mortgage and credit market conditions, a testament to the strength and James M. Cracchiolo, soundness of our balance sheet and risk Chairman and CEO management. We remain committed to our conservative approach and believe it will continue to serve us well across ongoing market cycles.

Focused on growth Ameriprise Financial serves 2.8 million clients, and more people come to Ameriprise for fi nancial planning than any other company. We are one of very few fi rms dedicated to a personalized approach to fi nancial planning for the 41 million* mass affl uent and affl uent American households—the majority of whom prefer one-to-one fi nancial advice. Current demographic trends—with baby boomers approaching retirement and Americans living longer—serve to reinforce our large market opportunity. We believe we have created an ideal platform to continue to strengthen our position as the leader in fi nancial planning.

The Ameriprise Financial brand—nonexistent just two and a half years ago and now highly recognizable within the retail fi nancial services industry— will continue to be an important contributor to our client growth. Our innovative advertising is authentic and positive, speaking to consumers’ dreams rather than their fears. We intend to continue to improve the *SRI Consulting Business Intelligence

Ameriprise Financial 2007 Annual Report 3 To Our Shareholders (continued)

“ We believe we have created fi nancial planning conversation through national advertising, localized an ideal platform to continue marketing programs and our compelling client experience. to strengthen our position as the leader in fi nancial Our 11,800-strong advisor force, the third largest in the industry, is planning.” motivated, satisfi ed and highly productive. In fact, over the last two years, gains in advisor productivi