Press Release

RIVERSOURCE INVESTMENTS HIRES HEAD OF SUBADVISORY

MINNEAPOLIS — September 7, 2005 — RiverSource Investments, LLC, a subsidiary of Ameriprise Financial Inc., today announced the hiring of Bruce A. McCutcheon to head the firm's subadvisory efforts. McCutcheon will report to Andrew O. Washburn, head of marketing, RiverSource Investments.

In this role, McCutcheon's main responsibilities will be leading the company's efforts to grow equity and fixed income subadvisory assets under management where RiverSource Investments provides asset management to external product platforms. He will also manage the firm's ongoing relationships with external asset managers that perform subadvisory services for RiverSource Investments, which as of July 31, 2005 had more than $5 billion in subadvised assets under management.

McCutcheon comes to RiverSource Investments from Putnam Investments, where he was senior vice president, relationship channel leader broker/dealer, mutual funds since 2003. He has more than 17 years experience in the financial services industry and during that time held a number of positions with Putnam Investments, LPL Financial Services, Inc., John Nuveen and Co. and Massachusetts Financial Services, Inc. McCutcheon will be based in Cambridge, Massachusetts.

"We are building upon RiverSource Investments' strong investment capabilities at a time when we are defining the new brand," said Washburn. "Bruce's experience working with broker-dealers and other asset managers makes him well-suited to raise awareness of our investment capabilities and ultimately drive results in this new role."

It is anticipated that the investment management operations of Ameriprise Financial Inc., the current investment manager for the American Express Funds, will be transferred to RiverSource Investments as of Oct. 1, 2005.

RiverSource Investments, LLC, is an SEC-registered investment adviser that offers investment products and services to institutional and retail markets. In marketing its services, RiverSource Investments holds itself out under the names RiverSource Institutional Advisors, RiverSource Alternative Investments, RiverSource Capital Management and RiverSource Insurance Assets.

Ameriprise Financial, Inc. is one of the nation's leading financial planning, asset management and insurance companies. Through Ameriprise Financial Services, Inc., its affiliated broker-dealer with a nationwide network of more than 10,500 financial advisors, Ameriprise Financial delivers financial 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. RiverSource Investments, LLC provides retail and institutional asset management products and services in the U.S. In Europe such products and services are provided through Threadneedle Asset Management Limited. Ameriprise Retirement Services provides investment management and record keeping services to large and mid-size company 401(k) plans, as well as workplace financial education programs through Ameriprise Financial Services and Ameriprise Trust Company. For more information, visit www.ameriprise.com .

Ameriprise Financial Services, Inc., Member FINRA, and RiverSource Investments, LLC are part of Ameriprise Financial, Inc., which is expected to become independent of American Express on or after September 30, 2005. After the expected separation, we will no longer be owned by the American Express Company. American Express branded products and services will be renamed RiverSource^SM products and services later this year as a result of the separation.

You should consider the investment objectives, risks, charges and expenses of mutual funds carefully before investing. For a free prospectus, which contains this and other important information about our funds, call (800) AXP-FUND. Read the prospectus carefully before you invest.

Investment products, including shares of mutual funds, are not federally or FDIC insured, are not deposits or obligations of, or guaranteed by, any financial institution and involve investment risks including possible loss of principal and fluctuation in value.

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RIVERSOURCE INVESTMENTS HIRES HEAD OF SUBADVISORY

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