1. For Financial Professional Use Only. Not For Public Distribution. ©2011 Morningstar Associates, LLC. All rights reserved. Morningstar Associates, LLC, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. The Morningstar name and logo are registered marks of Morningstar, Inc. This presentation includes proprietary material of Morningstar Associates. Reproduction, transcription or other use, by any means, in whole or in part, without the prior written consent of Morningstar Associates is prohibited. Constructing the Portfolio Navigator Funds Peter Di Teresa, Senior Consultant Morningstar Associates, LLC

2. For Financial Professional Use Only. Not For Public Distribution. 2 Important Information The Portfolio Navigator funds are sold exclusively as underlying investment options of variable annuity and variable life insurance products offered by RiverSource Life Insurance Company and RiverSource Life Insurance Co. of New York (collectively, RiverSource Life). The funds are managed by Columbia Management Investment Advisers, LLC, an affiliate of RiverSource Life. RiverSource Life, Columbia Management, and their affiliates may receive revenue related to assets allocated to the funds. Prior to allocating contract or policy values to a subaccount that invests in one of the funds, you should read the description in the applicable variable product and fund prospectuses. The information, data, analyses, and opinions presented herein do not constitute investment advice; are provided as of the date written and solely for informational purposes only and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Past performance is not indicative and not a guarantee of future results. Morningstar Associates, LLC, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc., provides consulting services to Columbia Management but is not acting in the capacity of investment adviser to the funds of funds nor is affiliated with, endorses or otherwise provides a testimonial for the products of RiverSource Life or Columbia Management. For broker-dealer use only. This material has not been filed with FINRA and may not be reproduced or quoted to, or used with, members of the general public.

3. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 3 Morningstar Overview ► Mission: create great products and services that help investors reach their financial goals ► Leading provider of independent investment research ► Serve clients globally through presence in North America, Europe, Asia, and Australia ► 3,225 employees as of 12/31/10 across global offices, offering local market expertise ► Recognized for pioneering contributions to the investment industry since 1984 Morningstar, Inc. ► Registered investment advisor formed in 1999 ► Working with RiverSource and Portfolio Navigator since 2003 ► Our mission: Helping investors make better, more informed investment decisions ► Specialize in customized portfolio construction and investment advisory services ► Serving a wide variety of institutional investor needs and markets, both in US and Europe* ► Provide non-discretionary advice on more than $64 billion in assets as of 3/31/11 Morningstar Associates, LLC *Morningstar Associates Europe Limited, a wholly owned subsidiary of Morningstar Associates, LLC, is an investment consulting organization serving institutions and intermediaries across the European Union.

4. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 4 Morningstar Associates, LLC It’s like having a team of investment experts in your back office working on these portfolios every day. Asset-Class Teams Marketing, Client Service & Technology Asset Allocation Committee Investment Committee Portfolio Construction Team ► Peter Di Teresa Senior Consultant ► Mike Stout, CFA Senior Consultant ► Patrick Ryan, CFA Investment Analyst

5. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 5 Morningstar Associates’ Investment Process: Asset Allocation Fund Selection Portfolio Construction Ongoing Evaluation

6. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 6 Global Market Portfolio Broadly based on global market capitalization Optimization Refine asset mix to enhance risk/return efficiency and diversification benefits Fundamental Perspective Incorporate prudence, fundamental judgment, and practical considerations Asset Allocation Developing Strategic Targets

7. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 7 Target allocations are as of March 31, 2011 and are subject to change without notice. Diversification does not guarantee a profit or protect against a loss in a declining market. Portfolio Navigator Asset Type Targets VP AggressiveVP Moderately Aggressive VP ModerateVP Moderately Conservative VP Conservative U.S. Equities58.60%47.60%36.60%25.65%15.35% Large-Cap39.9033.2625.5017.7510.39 Mid-Cap9.617.006.014.312.67 Small-Cap9.097.345.093.592.29 International Stocks21.40%17.40%13.40%9.35%4.65% Large-Cap15.2512.759.206.553.45 Mid- / Small-Cap3.152.151.951.550.70 Emerging Markets2.001.501.250.500.00 Global Real Estate1.00 0.750.50 Bonds20.00%35.00%50.00%63.00%74.00% Long / Intermediate Term10.9518.8029.6036.2046.00 Short Term9.0514.2017.4025.3026.00 High Yield0.002.003.001.502.00 Money Market0.00% 2.00%6.00%

8. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 8 ► Positive long-term outlook for emerging markets ► Mid- and long-term concerns for developed markets ► Fixed Income ► Inflation ► Rising rates ► Prospects for government bonds Asset Allocation Key Themes in Current Positioning

9. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 9 ► Interest Rate Sensitivity ► Barclays Capital US Aggregate Bond Index Average Effective Duration of 4.62 years* ► Moderately Conservative Fund Average Effective Duration of 3.59 years* Asset Allocation Fixed Income Positioning and Diversification *Source: Morningstar, Inc. proprietary data as of 3/31/2011.

10. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 10 Asset Allocation Fixed Income Positioning and Diversification Source: Morningstar Associates, LLC. Holdings data as of 3/31/2011. For illustrative purposes only.

11. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 11 Fund Selection Recommendations to Columbia Investment Management Initial Screening ► Risk-adjusted performance history ► Absolute Risk ► Manager tenure ► Expenses Fundamental Analysis ► Morningstar core competence ► Managers’ histories ► Qualitative review of investment approach ► Drivers of performance ► Source and consistency of income stream ► Evaluation of organizational strength ► Asset size and growth ► Portfolio composition and concentration Portfolio Fit ► Determine the role of manager in portfolio ► Evaluate how managers complement one another

12. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 12 Source: Morningstar Associates, LLC. Holdings data as of 3/31/2011. For illustrative purposes only. References to specific funds are not a recommendation to buy or sell. Portfolio Construction Holdings-Based Analysis Helps Ensure Broad Diversification Actual Equity Allocation VP - Diversified Equity Income VP – Davis NY Venture VP – Marsico Growth

13. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 13 Portfolio Construction Holdings-Based Analysis Helps Differentiate Seemingly Similar Funds 6619 2 0 0 2 11 0 0 3729 19 0 0 7 6 1 1 VP – Diversified Equity Income VP – NFJ Dividend Value Source: Morningstar Associates, LLC. Holdings data as of 3/31/2011. For illustrative purposes only. References to specific funds are not a recommendation to buy or sell.

14. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 14 Portfolio Construction Understanding Differences in Sector Exposures Source: Morningstar, Inc. proprietary data. Holdings data as of 3/31/2011. For illustrative purposes only. References to specific funds are not a recommendation to buy or sell. VP – Diversified Equity Income VP – NFJ Dividend Value

15. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 15 Portfolio Construction Portfolio Exposures Come from Multiple Sources % Exposure to Large-Cap Value VP – Davis NY Venture18.4% VP – Goldman Sachs Mid Cap Value14.8% Columbia VP – Mid Cap Value Opportunity10.7% VP – Marsico Growth10.3% VP – American Century Growth8.9% VP – Nuveen Winslow Large Cap Growth3.8% VP – Jennison Mid Cap Growth2.8% Source: Morningstar, Inc. proprietary data. Holdings data as of 3/31/2011. For illustrative purposes only. References to specific funds are not a recommendation to buy or sell and do not make up the entire portfolio.

16. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 16 ► Monitor individual managers ► Track portfolio exposures vs. asset class and style targets ► Assess current economic and market conditions ► Evaluate performance relative to benchmark Ongoing Evaluation Multiple Levels of Monitoring

17. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 17 × Broadly-diversified asset mix × Expertly-selected managers × Efficiently constructed portfolio × Ongoing evaluation × Dynamic rebalancing Portfolio Navigator Funds Sophisticated Investment Approach

18. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 18 About Variable Annuities Variable annuities are long-term investment vehicles designed to help clients through each stage of their retirement—from accumulation to providing income to passing on wealth to heirs. With a RiverSource variable annuity, clients have access to a broad range of carefully selected investment choices from today’s top money managers, plus fixed account options. The guarantees are based on the claims-paying ability of the issuing company and do not apply to the performance of the variable subaccounts, which will vary with market conditions. Clients will incur common variable annuity expenses including M&E fees and subaccount expenses, and may also incur surrender charges, optional rider expenses and a contract charge. Variable annuities are insurance products that are complex long-term investment vehicles that are subject to market risk, including the potential loss of principal invested. Before the client invests, be sure to explain the variable annuity’s features, benefits, risks and fees, to help the client determine if the variable annuity is appropriate for him or her, based upon his or her financial situation and objectives. Asset allocation does not assure a profit or protect against loss. 18 Disclosures VARIABLE ANNUITIES: ARE NOT A DEPOSIT OF ANY BANK OR BANK AFFILIATE ARE NOT FDIC INSURED ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY ARE NOT BANK GUARANTEED MAY LOSE VALUE

19. Morningstar Associates, LLC For Financial Professional Use Only. Not For Public Distribution. 19 About Morningstar Associates, LLC Morningstar Associates, LLC is a registered investment adviser and wholly owned subsidiary of Morningstar, Inc. Morningstar Associates provides consulting services to Columbia Management with regard to portfolio construction, investment allocation and selection, and periodic portfolio evaluations relating to the Portfolio Navigator funds, but is not acting in the capacity of investment adviser to individual investors in the funds. Morningstar Associates is not affiliated with Columbia Management or its affiliates. The Morningstar name and logo are the property of Morningstar, Inc. Neither Morningstar Associates nor Morningstar, Inc. is affiliated with, endorses or otherwise provides a testimonial for the products of RiverSource Life or Columbia Management. RiverSource Distributors, Inc. (Distributor), Member FINRA. Insurance and annuity products are issued by RiverSource Life Insurance Company and in New York, by RiverSource Life Insurance Co. of New York, Albany, New York. Only RiverSource Life Insurance Co. of New York is authorized to sell insurance and annuities in New York. For broker-dealer use only. This material has not been filed with FINRA and may not be reproduced or quoted to, or used with, members of the general public. 19 Disclosures