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Ameriprise Financial (AMP)

Goldman Sachs Financial Services Conference

December 4, 2012, 11:00 am ET


Jim Cracchiolo – Chairman, CEO

Walter Berman - CFO



Unidentified Corporate Participant

So next up we have a presentation from Ameriprise. Id' like to welcome (inaudible) Chairman and CEO, Jim Cracchiolo, and as well as CFO, Walter Berman. Ameriprise continues to evolve from historically being thought of as basically an insurance company into one-stop-shop wealth management business with a pretty wide range of products across different verticals.

But for the most important part, at least for us, since the crisis, Ameriprise has been the single best capital return story among large cap financials or raising its dividend five times and repurchasing $3 billion of stock or roughly 25% of its average market cap over the last 2.5 years.

Just to put this in perspective today, Amerprise has fewer shares outstanding than it did prior to the issuance that were subsequently used to buy Columbia which I think is pretty interesting.

So now with also $2 billion of deployable capital – again, I want to emphasize deployable, not just excess capital within capital returns will continue to be a pretty important part of Ameriprise's story.

So with that, I'll turn it over to Jim for some opening comments and then we'll try to keep this as a fireside chat format as well.

Jim Cracchiolo

Thank you, (Alex), and good morning, everyone. What I'm going to just briefly start out today is just give you a little bit of an overview of where we are as Ameriprise today so that we can start the conversation. I know (Alex) has a number of questions for me as well as questions that you may ask.

So let me begin by first saying that I think Ameriprise today is in a terrific position in the marketplace. We are today the strongest we've ever been. We think we are a strong retail financial services company. We go to market two ways.

One is as Ameriprise with our financial advisor network really focused on a combination of managing a client's life for financial goals, particularly around retirement, wealth management activities aligned with that.

And second as Columbia where we're looking to continue to grow as a global asset management company penetrating both the retail through intermediaries as well as institutional channels.

Today, we have transformed ourselves from when we became public seven years ago and our focus really is around continuing to build out advice and wealth management business with the asset management business (with) annuities and insurance be complementary to that really around our client relationships and the products that they need for retirement.

Today, we have come out in a marketplace that is continuing to grow. And even though we don't see that where we are in the economic environment and the market environment, we know that more people are shifting to retirement than any time in our past, over 10,000 a day of baby boomers moving to retirement.

And clearly, as they do that, they're going to need to manage their financial needs through 30 years of retirement. And one of the needs that they clearly need is advice, how to do that, how to generate an income check for the future.

We also know that they need to accumulate – and the American population needs to accumulate – more wealth for themselves so that they can retire because we know even as we see what's playing out in Washington, Social Security, other pension schemes are not going to actually satisfy those needs.

Ameriprise is well situated to handle those client needs and over the years we've been increasing our penetration in the (massaflu) and fluent population. We are handling more assets for more clients.

Our advisors continue to grow their productivity and we continue to add more advisors to our channel. We've invested heavily over the last number of years to build our brand in the marketplace to put out marketing tools and capabilities to attract more clients and help our advisors become more productive as well as the technology platforms that give them the ability to network in more products to handle more of their lifestyle needs.

So today, we feel that opportunity is there and growing and that we can take advantage of it. We are also one of the largest branded networks out there that's not owned by a large, major financial institution, a major bank or a major investment house that has other institutional businesses.

So we can be very focused on our value proposition and our consumer brand in the marketplace. Our clients have very deep relationships with us. Our advisors stay with us longer and we have helped them over the years continue to improve their productivity by high single digits to double digits depending on the year and the economic environment.

In regard to Columbia, we have now gone and completed a major merger between the River Sales and the Columbia Asset Management companies. In addition to Columbia here in the United States, we have thread needle and we're looking to now start the next step of the journey, which is to globalize our activities so that we can actually penetrate more markets around the world.

Now, today we have a business there that generates over $0.5 billion of PTI, a business that has great product, strong performance and the ability with the platforms and capabilities to expand our distribution both here and in the United States and internationally.

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