Ameriprise Financial May 2021 Forward-looking statements

The forward-looking statements in this presentation reflect management’s expectations about future events, plans and performance. These forward-looking statements and the many assumptions upon which they are based involve risks and uncertainties. A list of 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, 2020. 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. For 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 financial measure have been provided along with the presentation.

2 A diversified and differentiated leader with a record of outperformance – well-positioned to capture future growth

3 Ameriprise – diversified and fully integrated

Advice & Industry-leading wealth manager with Strong investment differentiated advice Important solutions performance; value proposition meeting clients’ client-focused approach evolving needs

$1.14T Nearly tripled ~90% free cash ~$17B returned $2.0B 30% adjusted in AUM/A EPS since 20121 flow generation to shareholders excess capital operating ROE, since 2012 ex. AOCI Data as of 3-31-21. 1. Excludes unlocking. 4 One dynamic firm delivering significant value

Wealth Global Asset Benefits Management Management Wealth management drives ~85% of the firm’s revenue1

Columbia Deep, long-term client relationships Threadneedle Investments Captures assets and fees across Advice market cycles & Wealth Management Strong asset persistency Retirement & Protection Solutions Benefits from critical expertise and capabilities across AMP Substantial free cash flow to reinvest for growth and return to shareholders

1. Represents AWM’s advisor network. 5 Ameriprise continues to shift its business mix

Pretax Adjusted Operating Earnings1

44% 27%

2012 46% 2021 $1.7B 25% $2.9B

31% 27%

Advice and Wealth Management Retirement & Protection Solutions

2021 represents trailing 12-months through 3-31-21. 1. Excludes Corporate & Other segment and unlocking. 2012 includes SOP market impact. 6 Advice & Wealth Management is delivering sustained profitable growth A longstanding leader in 10,031 financial planning and advice financial advisors (Top 5 branded)

Excellent client $689K trailing 12-month satisfaction adjusted operating net revenue per advisor

Continue to grow 90%+ fee-based Ameriprise Bank, FSB revenue

Strong branded value $762B in client assets, incl. proposition $400B in wrap assets

Respected brand with deep client relationships Data as of 3-31-21. 7 Recognized for our premium client experience and for managing our business responsibly

A TOP Recognized for 94% of clients say PERFORMER™ providing an their advisor provided 4.9/5 designation for outstanding customer advice that addressed “Unbiased, puts my service experience for client phone support for their needs interests first” advisors satisfaction

8 See source information in appendix. Attractive and fast-growing market

Households Financial assets Financial assets (in millions) ($ in trillions) CAGR 2016 – 2021E

$5M+ 1.9M $23.1 6.0% U.S. household financial assets projected $20.5 $500k – $4.999M 14.5M 3.1% to grow 4 – 6% $100k – $499K 24.7M $5.8 0.3% annually going forward

<$100K 89.5M $1.7 1.1%

Source: Federal Reserve, Survey of Consumer Finances. 9 Within the opportunity, we are focused on the Responsible Mindset Who they are What they want $500K–$5M: Advice and anytime access Our primary target market

$17 trillion in financial assets 70% Want advice 60% Prefer beyond Consider a state-of-the-art comprehensive investments digital experience Attractive growth trajectory advice very important A personal relationship 66% male, 34% female

Want to work with a firm and advisor out of 24% under age 45 80% 8 10 they trust Consider it essential Prefer quarterly to work face-to-face contact

Source: Ameriprise Financial Market Segmentation, February 2019. 10 Through our Client Experience, we will deliver advice to our full client base and generate significant value and client satisfaction

Comprehensive advice relationships generate:1 4 elements of the Client Experience 7.4x greater net flows 4.1x What clients 1:1 financial A personalized Anytime access Regular meetings greater can expect advice based on plan and to your investments to review your goals, GDC your goals and recommendations and digital tools to progress and for the diversified needs help you stay on investments portfolio to meet track your goals

1. 2019 Ameriprise Information Management (AIM) Value of Planning Study. 11 Multiple affiliation options to serve more clients and advisors

Ameriprise Ameriprise Ameriprise Ameriprise Financial Franchise Group Advisor Group Advisor Center Institutions Group

AFFILIATION AFFILIATION AFFILIATION AFFILIATION Independent Employee Employee Employee DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION

Full-service advisors Full-service advisors Nationally licensed Full-service advisors financial teams that that are franchisees that are employees consistently deliver client based in banks and of the firm of the firm experience remotely credit unions

7,924 1,801 142 164

Data as of 3-31-21. 12 Our bank capabilities complement our advice value proposition and allow us to help clients with both sides of their balance sheet

Many wealth Ameriprise Bank, FSB managers generate • $8B sweep deposits shifted to date; opportunityOPPORTUNITY to grow a substantial • 63K clients with Ameriprise Visa credit cards portion of earnings • Ameriprise Home Lending program, referred $180M+ in from banking loans of which $23M purchased for FSB to-date • Ameriprise Preferred Line of Credit (Pledge Lending) in partnership with Goldman Sachs, $274M in loan balance on the FSB balance sheet with excellent credit quality

Data as of 3-31-21. 13 Strong financial performance compared to peers Ameriprise is generating 20%+ margins, twice the level of Regionals/Independents

Margin Expansion 2015 – 2021 (bps)

AWM 230

Regionals / Independents 130

Wirehouses 26

Data represents trailing 12-months through 3-31-21. 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 Wealth Management segments. 14 Advice & Wealth delivers excellent organic growth

across all measures Total Client Flows ($B)

$9.7 $9.3 Total Client AUM ($B) $7.7 $6.2 $6.1

$762 $732 $667 $630 $352 $362 $560 $327 $312 $284 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021

$380 $400 $318 $340 Wrap Flows ($B) $276 $10.4 $9.0

Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 $6.7 $5.6 $5.7 Wrap AUM Brokerage AUM

Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 15 We have strong underlying momentum amidst interest rate headwinds

Advice and Wealth Management PTI Grow our client base and ($ in millions) move further up market

$1,332 Increase advisor productivity 15% CAGR

Deepen client relationships

$434 Ameriprise Bank will drive substantial future growth

Attract more advisors 2012 2021

2021 represents trailing 12-months through 3-31-21. 16 Retirement & Protection Solutions: continue to reposition business to reflect interest rate environment and our conservative risk appetite Important solutions for our Confident Retirement® approach

~$104B $ Strategically managing our client AUM books of business

Strong returns Top 15 VUL with a lower provider and Top 15 VA risk profile carrier

Excellent 100% affiliated distribution ratings for life, health and variable annuities

Data as of 3-31-21. See source information in appendix. 17 Retirement & Protection Solutions continues to generate good free cash flow with lower risk

Unlocking value with additional reinsurance

Maintaining strong risk/return discipline through product feature and pricing changes

Shifting variable annuity product mix to non-living benefit and structured products, driving 64% of sales in 2021

Maintain steady profitability with strong 535% RBC ratio

Continue to manage LTC exposure with premium rate actions and benefit reduction outreach

Data as of 3-31-21. 18 We are a leading global asset manager with greatly improved flow dynamics

Global presence Retail net inflows and capabilities of $17.4 billion Top 15 $564B in AUM $ long-term mutual funds in the U.S.

Strong institutional Top 10 retail ranking presence in the UK

103 four- and five-star Competitive margins and Morningstar-rated funds $ earnings growth

Data as of 3-31-21. Retail net flows represent trailing 12 months through 3-31-21. See source information in appendix. 19 Our investment engine is a foundation for client success and sets us apart

✓ Proprietary, differentiated research approach delivers global perspective

✓ Global investment teams in North America, UK/Europe and APAC Long-term Global approach Scalable ✓ Macro view: Global asset consistent turns information across a wide allocation with local insight returns into replicable range of client needs and ✓ Micro view: Sector-based teams, for clients insights product types in-depth security research, proprietary company ratings

✓ 5P investment oversight

20 Our investment approach spans a broad spectrum of strategies and has delivered consistently competitive investment performance Sample of leading strategies Corporate Limited Duration Fixed Income Asset-weighted Mortgage Opportunities U.S. Fixed Income Strategic Municipal Income performance U.S. Government Mortgage US High Yield Columbia Threadneedle funds International European High Yield Global Investment Grade Fixed Income European Investment Grade Dividend Income Contrarian Core 61% 83% 84% 88% U.S. Equity Small Cap Growth 1 year 3 years 5 years 10 years U.S. Equity (Core Plus) Select Global Equity Emerging Markets Opportunity Global Technology Growth Global Equity Seligman Global Technology Global Small Cap Equities Overseas Value UK Equities European Equities Data as of 3-31-21. Past performance does not guarantee future returns. U.S performance Regional Equity Europe ex. UK Small Cap measured using Columbia Class Inst share (formerly known as Class Z) vs. full universe of funds. Asset weighted rankings include assets in funds with above Lipper median performance: Greater China EMEA/APAC performance measured on a consistent basis against the most appropriate Pacific-Asia benchmark – a peer group of similar funds or an index. Counts the assets in funds with above median ranking (if measured against peer group) or above index performance (if measured against an index). 21 Broad global distribution capability

U.S. EMEA APAC 11 locations 13 locations 4 Locations

• $289B U.S. Retail Product AUM • $51B EMEA Retail Product AUM • Retail distribution operation in Singapore and Hong Kong • 5 unique intermediary sales channels: • Key countries / regions include: 1. Broker Dealer - UK • Malaysia, Thailand, Philippines (regional fly-in 2. Independent Advisors - Europe (especially Italy, Germany, Spain) model) 3. Ameriprise - Israel (sub advised) 4. Private Client Advisory (PCA): RIA and Bank of - Middle East • Exploring China retail via inorganic / America Private Bank partnership 5. Defined Contribution Investment Only (DCIO) • 200+ key local institutions and retail intermediaries • 800 retail intermediaries with >50,000 advisors Global Institutional $224B 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 approach Anchor Clients

Data as of 3-31-21. 22 Gaining traction and improving net flows Retail net flows ✓ Increased market share with $ in billions our focus broker-dealers $7.8 ✓ Improved segmentation and $4.6 $3.1 targeting $2.0 ($2.9) ✓ Growing model business Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 ✓ Managing Brexit effectively Net flows (excluding legacy insurance partners) $ in billions

✓ Growing Institutional distribution $8.3 momentum $6.2

$3.9 1 ✓ Opportunity for further growth $3.5 with acquisition of BMO’s EMEA ($1.8) acquisition Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021

1. Excluding a low fee institutional redemption in the quarter. 23 Generating strong margins

45.5% 44.6% 41.4% 40.7% 38.5% 38.1% 37.1%

Represents trailing 12-months through 3-31-21. Franklin adjusted operating margin represents full year through 12-31-20. Adjusted operating margin for BlackRock, CTI, Janus Henderson, Invesco. 24 Ameriprise is a unique shareholder value creation opportunity

• Strong and growing Wealth and Asset Management businesses

• Continuous free cash flow generation of approximately 90%

• Returned nearly $9 billion to shareholders since 2016 while maintaining substantial excess capital

Data as of 3-31-2021. 25 Diversified free cash flow generation and return to shareholders with strong excess capital

Excess Capital $ in billions Significant growth in earnings and free cash flow from Wealth Management $2.0 $2.0

Growing contribution from Asset Management

Returned $8.7 billion of capital to shareholders ConsistentConsistent distributabledistributable earningsearnings fromfrom RPSRPS and reduced share count by 25%

Generating ROE of ~30% 2016 2021 Free Cash Flow Actively engaged in a fixed annuity reinsurance ~90% 100%+1 Generation process and anticipate finalizing the transaction shortly, which will substantially offset the cost of the BMO EMEA Asset Management acquisition 2021 represents trailing 12-months through 3-31-21. 1. Excludes unlocking. 26 We have returned nearly $17 billion of capital to shareholders since 2012

Capital Returned to Shareholders $ in billions $2.4 $2.1 $2.2 $2.1 $1.9 $1.8 $1.8 $1.8 $1.8

2013 2014 2015 2016 2017 2018 2019 2020 2021 Dividends Share Repurchase

2021 represents trailing 12-months through 3-31-21. 27 Increasing and diversified sources of free cash flow as business mix shift accelerates with upcoming acquisition Pretax Adjusted Operating Earnings1

27% 25% 2021 Continued 2012 46% 44% $2.9 Growth & $1.7 billion Mix Shift billion

31% 27%

Advice and Wealth Management Asset Management Retirement & Protection Solutions

2021 represents trailing 12-months through 3-31-21. 1. Excludes Corporate & Other segment and unlocking. 28 Continue to meet and exceed client needs across our businesses as we gradually return to office

Significant opportunity to further grow as a wealth management and advice leader focused on deep client relationships

Substantial improvement in client flows in our global asset management business to meet the growing client need for active management

Managing well-developed books of business focused on retirement asset accumulation solutions that generate strong, continuous cash flow

Continued focus on profitable growth, a sound balance sheet and generating high returns for shareholders

29 Appendix

30 Appendix: Sources

Certified as of December 2020. J.D. Power 2020 Certified Customer Service ProgramSM recognition is based on successful completion of an evaluation and exceeding a customer satisfaction benchmark through 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 more information, visit www.jdpower.com/ccc.

Ameriprise Financial Confident Retirement Client Survey results from May 2012 through August 2020. Question presented to survey participants: “Please share with us your overall evaluation of the retirement-related conversation you had with the Ameriprise financial advisor. To what extent do you agree or disagree with the following statements?” Results reflect top-2-box scoring methodology, wherein the percentage of the top two scores (“strongly agree” and “somewhat agree”) are presented.

Source: Wants & Pricing Report (April 2020, the most recent report) from the Hearts & Wallets Investor QuantitativeTM Database. In this annual syndicated survey respondents are asked to rate their financial services providers in a variety of areas on a scale of 0 (not at all satisfied) to 10 (extremely satisfied). 5,461 respondents provided 8,700 sets of ratings. The report designates Hearts & Wallets Top Performers in areas where customer 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 to Hearts & Wallets to cite the results of the survey.

4.9/5 client satisfaction - *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 = extremely dissatisfied 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 their own 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 two-year period as of 12/31/2020.

Top 15 VUL insurance provider – : Individual Disability Income Sales Survey, Q4 2020, LIMRA International

Top 15 VA carrier – LIMRA U.S. Individual Annuity Industry Sales Report – Q4 2020

Top 10 retail ranking in the UK – Source: The Investment Association, data as of July 2020.

Top 15 long-term mutual funds in the U.S. – ICI Complex Assets report, through Q4 2020

103 4- and 5-star Morningstar-rated funds. Past performance is no guarantee of future results. © 2019 Morningstar. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content 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 of this 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 Return measure 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 consistent performance. 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 next 35% 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 the distribution percentages).

31 Reconciliation Tables

Adjusted operating earnings per diluted share Per Diluted Share

Full Year TTM 2012 Q1 2021 Reported EPS $ 4.61 $ (0.53) Less: Impact of operating adjustments (0.96) (14.76) Adjusted operating EPS $ 5.57 $ 14.23 Less: Impact of annual unlocking/loss recognition (0.22) (2.86) Adjusted operating EPS ex. annual unlocking/loss recognition $ 5.79 $ 17.09 Less: Impact of Auto & Home core results 0.07 - Adjusted operating EPS ex. annual unlocking/loss recognition and Auto & Home $ 5.72 $ 17.09 299%

32 Reconciliation Tables Mix Shift ($ in millions) Full Year TTM 2012 Q1 2021 Advice & Wealth Management pretax adjusted operating earnings $ 434 $ 1,332 Less: Unlocking - - Pretax adjusted operating earnings excluding unlocking $ 434 $ 1,332

Asset Management pretax adjusted operating earnings $ 535 $ 768 Less: Unlocking - - Pretax adjusted operating earnings excluding unlocking $ 535 $ 768

Retirement & Protection Solutions pretax adjusted operating earnings $ 687 $ 496 Less: Unlocking (84) (295) Pretax adjusted operating earnings excluding unlocking $ 771 $ 791

Total Pretax adjusted operating earnings excluding unlocking $ 1,740 $ 2,891

Percent pretax adjusted operating earnings from Advice & Wealth Management excluding unlocking 25% 46%

Percent pretax adjusted operating earnings from Asset Management excluding unlocking 31% 27%

Percent pretax adjusted operating earnings from Retirement & Protection Solutions excluding unlocking 44% 27%

Excludes Corporate & Other Segment

33 Reconciliation Tables

Advice & Wealth Management net pretax adjusted operating margin ($ in millions) Full Year TTM 2015 Q1 2021 Adjusted operating total net revenues $ 5,013 $ 6,859

Pretax adjusted operating earnings $ 859 $ 1,332 Pretax adjusted operating margin 17.1% 19.4% 230 bps

34 Reconciliation Tables

Asset Management net pretax adjusted operating margin ($ in millions) TTM Q1 2021 Adjusted operating total net revenues $ 3,033 Less: Distribution pass through revenues 794 Less: Subadvisory and other pass through revenues 329 Net adjusted operating revenues $ 1,910

Pretax adjusted operating earnings $ 768 Less: Adjusted operating net investment income 4 Add: Amortization of intangibles 13 Net adjusted operating earnings $ 777

Pretax adjusted operating margin 25.3% Net pretax adjusted operating margin 40.7%

35 Reconciliation Tables Adjusted operating return on equity ($ in millions) Twelve Months Ended March 31, 2021 Net income $ (65) Less: Adjustments (1) (1,804) Adjusted operating earnings $ 1,739

Total Ameriprise Financial, Inc. shareholders' equity $ 6,126 Less: Accumulated other comprehensive income, net of tax 312 Total Ameriprise Financial, Inc. shareholders' equity excluding AOCI 5,814 Less: Equity impacts attributable to the consolidated investment entities 1 Adjusted operating equity $ 5,813

Adjusted operating return on equity, excluding AOCI and Unlocking (2) 29.9%

(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 acquisition costs ("DAC") amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional long-duration products, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; gain on disposal of business; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; integration/restructuring charges; and the impact of consolidating certain investment entities. 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-tax net realized investment gains/losses, net of DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional long- duration products, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; gain on the disposal of business; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; integration/restructuring charges; the impact of consolidating certain investment entities; and discontinued operations in the numerator, and Ameriprise Financial shareholders' 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 calculated using the statutory tax rate of 21%.

36