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                                                                    EXHIBIT 10.1

                           EMPLOYEE BENEFITS AGREEMENT

                                 BY AND BETWEEN

                            AMERICAN EXPRESS COMPANY

                                       AND

                           AMERIPRISE FINANCIAL, INC.

                                   DATED AS OF

                               SEPTEMBER 30, 2005

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                           EMPLOYEE BENEFITS AGREEMENT

     This EMPLOYEE BENEFITS AGREEMENT (the "AGREEMENT"), dated as of
September 30, 2005 is by and between American Express Company, a New York
corporation ("AXP"), and Ameriprise Financial, Inc., a Delaware corporation
("AMERIPRISE", and together with AXP, each a "PARTY" and collectively, the
"PARTIES").

     WHEREAS, the Board of Directors of AXP has determined that it is in the
best interests of AXP to separate the Ameriprise Business and the AXP Business
into two independent public companies on the terms and subject to the conditions
set forth in the Separation and Distribution Agreement, in order to resolve
systemic issues related to the allocation of capital and management resources
between the Ameriprise Business and the AXP Business, and give Ameriprise
greater flexibility to manage, invest in, and expand the Ameriprise Business,
while ensuring that AXP can focus its time and resources on the development of
the AXP Business;

     WHEREAS, in furtherance of the foregoing, AXP has announced its intention
to distribute all of the shares of common stock, par value $0.01 per share, of
Ameriprise ("AMERIPRISE COMMON STOCK") owned by AXP to the holders of AXP Common
Stock by means of the Distribution;

     WHEREAS, in furtherance of the foregoing, AXP and Ameriprise have entered
into a Separation and Distribution Agreement, dated as of August 24, 2005 (the
"SEPARATION AND DISTRIBUTION AGREEMENT"), and other Ancillary Agreements that
will govern certain matters relating to the Separation and the relationship of
AXP, Ameriprise and their respective Affiliates prior to and following the
Distribution Date; and

     WHEREAS, pursuant to the Separation and Distribution Agreement, AXP and
Ameriprise have agreed to enter into this Agreement for the purpose of
allocating Assets, Liabilities and responsibilities with respect to certain
employee compensation and benefit plans and programs between and among them.

     NOW, THEREFORE, in consideration of the premises and of the respective
agreements and covenants contained in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties hereto, intending to be legally bound, agree as
follows:

                                    ARTICLE I

                                   DEFINITIONS

     1.1     DEFINITIONS. Capitalized terms used, but not defined herein shall
have the meanings assigned to such terms in the Separation and Distribution
Agreement and the following terms shall have the following meanings:

     "AEB" shall have the meaning ascribed thereto in Section 5.2(c)(i) of this
Agreement.

     "AEFC RETIREE MEDICAL ELIGIBLE" shall have the meaning ascribed thereto in
Section 5.2(c)(ii) of this Agreement.

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     "AGREEMENT" shall have the meaning ascribed thereto in the preamble to this
Agreement.

     "AMERIPRISE" shall have the meaning ascribed thereto in the preamble to
this Agreement.

     "AMERIPRISE 401(k)" shall have the meaning ascribed thereto in Section
4.1(a) of this Agreement.

     "AMERIPRISE ACTUARY" means an independent actuary selected by Ameriprise.

     "AMERIPRISE BENEFIT PLAN" means any Benefit Plan sponsored, maintained or
contributed to by any member of the Ameriprise Group including, without
limitation, the Ameriprise Retirement Plan, the Ameriprise 401(k), the
Ameriprise Reimbursement Account Plan, the Ameriprise SRP, the Ameriprise
Severance Plans, the Ameriprise Retiree Medical Program, the Ameriprise Retained
Welfare Plans and the Ameriprise Welfare Plans.

     "AMERIPRISE COMMON STOCK" shall have the meaning ascribed thereto in the
recitals to this Agreement.

     "AMERIPRISE DEFERRED COMPENSATION PLANS" means, collectively, the
Ameriprise Financial Deferred Compensation Plan and the Ameriprise Financial
Deferred Equity Program for Independent Financial Advisors.

     "AMERIPRISE EMPLOYEE" means any individual who, immediately following the
Distribution Date, will be employed by Ameriprise or any member of the
Ameriprise Group in a capacity considered by Ameriprise to be common law
employment, including active employees and employees on vacation and approved
leave of absence (including maternity, paternity, family, sick, short-term or
long-term disability leave, qualified military service under the Uniformed
Services Employment and Reemployment Rights Act of 1994, and leave under the
Family Medical Leave Act and other approved leaves and any person on serial
severance).

     "AMERIPRISE LOI" shall have the meaning ascribed thereto in Section 7.4(b)
of this Agreement.

     "AMERIPRISE OPTION" shall have the meaning ascribed thereto in Section
7.2(c) of this Agreement.

     "AMERIPRISE PARTICIPANT" means any individual who, immediately following
the Distribution Date, is an Ameriprise Employee, a Former Ameriprise Employee,
or a beneficiary, dependent or alternate payee of any of the foregoing. For
purposes of the Ameriprise Welfare Plans only, "Ameriprise Participant" shall
also include individuals categorized by Ameriprise as "qualifying P2 55/10
advisors" or as "members of the field organization" who were on an approved
leave of absence as of March 22, 2000; PROVIDED, THAT the treatment of any such
individual as an Ameriprise Participant shall be limited to those Ameriprise
Welfare Plans that are analogous to the AXP Welfare Plans under which such
individual was covered as of the Distribution Date.

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     "AMERIPRISE PG AWARDS" shall have the meaning ascribed thereto in Section
7.5(a) of this Agreement.

     "AMERIPRISE PLAN PARTICIPANTS" shall have the meaning ascribed thereto in
Section 3.1 of this Agreement.

     "AMERIPRISE PRICE RATIO" means the quotient obtained by dividing the
Ameriprise Stock Value by the AXP Pre-Distribution Stock Value.

     "AMERIPRISE REIMBURSEMENT ACCOUNT PLAN" shall have the meaning ascribed
thereto in Section 5.2(d) of this Agreement.

     "AMERIPRISE RETIREE MEDICAL PROGRAM" shall have the meaning ascribed
thereto in Section 5.2(c)(ii) of this Agreement.

     "AMERIPRISE RETAINED WELFARE PLANS" shall have the meaning ascribed thereto
in Section 5.1 of this Agreement.

     "AMERIPRISE RETIREMENT PLAN" shall have the meaning ascribed thereto in
Section 3.1 of this Agreement.

     "AMERIPRISE SERVICE PLANS" means, collectively, the Ameriprise Retirement
Plan, the Ameriprise 401(k), and the Ameriprise Severance Plans.

     "AMERIPRISE SEVERANCE PLANS" shall have the meaning ascribed thereto in
Section 8.4(a) of this Agreement.

     "AMERIPRISE SHARE RATIO" means the quotient obtained by dividing the AXP
Pre-Distribution Stock Value by the Ameriprise Stock Value.

     "AMERIPRISE SRP" shall have the meaning ascribed thereto in Section 6.1(a)
of this Agreement.

     "AMERIPRISE STOCK PLAN" shall have the meaning ascribed thereto in Section
2.5 of this Agreement.

     "AMERIPRISE STOCK VALUE" means the official NYSE Only closing price of
Ameriprise trading "when issued" on September 30, 2005 as reported by the NYSE.

     "AMERIPRISE UK ACTUARY" means an independent UK actuary selected by
Ameriprise.

     "AMERIPRISE UK PLAN PARTICIPANTS" shall have the meaning ascribed thereto
in Section 9.1(a) of this Agreement.

     "AMERIPRISE UK RETIREMENT PLAN" shall have the meaning ascribed thereto in
Section 9.1(a) of this Agreement.

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     "AMERIPRISE WELFARE PLANS" shall have the meaning ascribed thereto in
Section 5.2(a) of this Agreement.

     "AMP KEL CASH BENEFIT" shall have the meaning ascribed thereto in Section
5.5(b) of this Agreement.

     "AXP" shall have the meaning ascribed thereto in the preamble to this
Agreement.

     "AXP ACTUARY" means Towers, Perrin, Forster, and Crosby, Inc. (New York),
or any other independent actuary appointed by AXP.

     "AXP BENEFIT PLAN" means any Benefit Plan sponsored, maintained or
contributed to by AXP or any of its Affiliates including, without limitation,
the AXP Retirement Plan, the AXP ISP, the AXP Reimbursement Account Plan, the
AXP SRP, the AXP Severance Plans, the AXP Retiree Medical Program, and the AXP
Welfare Plans.

     "AXP COMMITTEE" means the Compensation and Benefits Committee of the Board
of Directors of AXP.

     "AXP DC PARTICIPANTS" shall have the meaning ascribed thereto in Section
8.2(a) of this Agreement.

     "AXP DC PARTICIPANT ACCOUNTS" shall have the meaning ascribed thereto in
Section 8.2(a) of this Agreement.

     "AXP DEFERRED COMPENSATION PLANS" means, collectively, those deferred
compensation plans and arrangements set forth on Schedule A attached hereto.

     "AXP EMPLOYEE" means any individual who, immediately following the
Distribution Date, will be employed by AXP or any member of the AXP Group in a
capacity considered by AXP to be common law employment, including active
employees and employees on vacation and approved leave of absence (including
maternity, paternity, family, sick, short-term or long-term disability leave,
qualified military service under the Uniformed Services Employment and
Reemployment Rights Act of 1994, and leave under the Family Medical Leave Act
and other approved leaves and any person on serial severance).

     "AXP ISP" means the American Express Incentive Savings Plan.

     "AXP KEL" shall have the meaning ascribed thereto in Section 5.5(a) of this
Agreement.

     "AXP LOI" shall have the meaning ascribed thereto in Section 7.4(a) of this
Agreement.

     "AXP OPTION" shall have the meaning ascribed thereto in Section 7.2(b) of
this Agreement.

     "AXP PARTICIPANT" means any individual who, immediately following the
Distribution Date, is an AXP Employee, a Former AXP Employee or a beneficiary,
dependent or alternate payee of any of the foregoing.

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     "AXP POST-DISTRIBUTION STOCK VALUE" means the official NYSE Only adjusted
closing price of AXP on September 30, 2005 as reported by the NYSE.

     "AXP PRE-DISTRIBUTION STOCK VALUE" means the official NYSE Only closing
price of AXP on September 30, 2005 as reported by the NYSE.

     "AXP PRICE RATIO" means the quotient obtained by dividing the AXP
Post-Distribution Stock Value by the AXP Pre-Distribution Stock Value.

     "AXP REIMBURSEMENT ACCOUNT PLAN" shall have the meaning ascribed thereto in
Section 5.2(d) of this Agreement.

     "AXP RESTRICTED STOCK" shall have the meaning ascribed thereto in Section
7.3(a) of this Agreement.

     "AXP RETAINED CLAIM" shall have the meaning ascribed thereto in Section
8.5(a) of this Agreement.

     "AXP RETIREE MEDICAL PROGRAM" shall have the meaning ascribed thereto in
Section 5.2(c) of this Agreement.

     "AXP RETIREMENT PLAN" means the American Express Retirement Plan.

     "AXP SERVICE PLANS" means, collectively, the AXP Retirement Plan, the AXP
ISP, and the AXP Severance Plans.

     "AXP SEVERANCE PLANS" means, collectively, the American Express Senior
Executive Severance Plan and the American Express Severance Pay Plan.

     "AXP SHARE RATIO" means the quotient obtained by dividing the AXP
Pre-Distribution Stock Value by the AXP Post-Distribution Stock Value.

     "AXP SRP" means the American Express Supplemental Retirement Plan.

     "AXP STOCK PLANS" means, collectively, the American Express Company 1989
Long-Term Incentive Plan and the American Express Company 1998 Incentive
Compensation Plan and any other stock option or stock incentive compensation
plan or arrangement for employees, officers, or independent contractors of AXP,
as amended.

      "AXP UK ACTUARY" means Towers, Perrin, Forster, and Crosby, Inc. (United
Kingdom), or any other independent actuary appointed by AXP.

     "AXP UK PLAN" means the American Express UK Pension Plan.

     "AXP WELFARE PLANS" shall have the meaning ascribed thereto in Section
5.2(a) of this Agreement.

     "BENEFIT PLAN" shall mean, with respect to an entity, each plan, program,
arrangement, agreement or commitment that is an employment, consulting,
non-competition or

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deferred compensation agreement, or an executive compensation, incentive bonus
or other bonus, employee pension, profit-sharing, savings, retirement,
supplemental retirement, stock option, stock purchase, stock appreciation
rights, restricted stock, other equity-based compensation, severance pay, salary
continuation, life, health, hospitalization, sick leave, vacation pay,
disability or accident insurance plan, corporate-owned or key-man life insurance
or other employee benefit plan, program, arrangement, agreement or commitment,
including any "employee benefit plan" (as defined in Section 3(3) of ERISA),
sponsored or maintained by such entity (or to which such entity contributes or
is required to contribute).

     "CHQ" shall have the meaning ascribed thereto in Section 5.2(c)(i) of this
Agreement.

     "CHQ/AEB/TRS RETIREE MEDICAL ELIGIBLE" shall have the meaning ascribed
thereto in Section 5.2(c)(i) of this Agreement.

     "COBRA" means the continuation coverage requirements for "group health
plans" under Title X of the Consolidated Omnibus Budget Reconciliation Act of
1985, as amended, and as codified in Code Section 4980B and Sections 601 through
608 of ERISA, and any similar state group health plan continuation Law, together
with all regulations and proposed regulations promulgated thereunder.

     "CODE" means the United States Internal Revenue Code of 1986, as amended.

     "CONTROL" means, as to any Person, the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of
such Person, whether through the ownership of voting securities, by contract or
otherwise. The term "CONTROLLED" shall have a correlative meaning.

     "DELAYED PRICE RATIO" means, with respect to a Delayed Transfer Employee,
the quotient obtained by dividing (i) the price at which Ameriprise Common Stock
first trades on the NYSE immediately after such Delayed Transfer Employee's
Transfer Date, as determined by the AXP Committee, by (ii) the price at which
AXP Common Stock last trades on the NYSE immediately prior to such Delayed
Transfer Employee's Transfer Date, as determined by the AXP Committee.

     "DELAYED SHARE RATIO" means, with respect to a Delayed Transfer Employee,
the quotient obtained by dividing (i) the price at which AXP Common Stock last
trades on the NYSE immediately prior to such Delayed Transfer Employee's
Transfer Date, as determined by the AXP Committee, by (ii) the price at which
Ameriprise Common Stock first trades on the NYSE immediately after such Delayed
Transfer Employee's Transfer Date, as determined by the AXP Committee.

     "DELAYED TRANSFER AMERIPRISE LOI" shall have the meaning ascribed thereto
in Section 7.4(d)(ii) of this Agreement.

     "DELAYED TRANSFER AMERIPRISE OPTION" shall have the meaning ascribed
thereto in Section 7.2(e)(ii) of this Agreement.

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     "DELAYED TRANSFER AMERIPRISE RESTRICTED STOCK" shall have the meaning
ascribed thereto in Section 7.3(d)(ii) of this Agreement.

     "DELAYED TRANSFER AXP LOI" shall have the meaning ascribed thereto in
Section 7.4(d)(i) of this Agreement.

     "DELAYED TRANSFER AXP OPTION" shall have the meaning ascribed thereto in
Section 7.2(e)(i) of this Agreement.

     "DELAYED TRANSFER AXP RESTRICTED STOCK" shall have the meaning ascribed
thereto in Section 7.3(d)(i) of this Agreement.

     "DELAYED TRANSFER CALCULATION DATE" shall have the meaning ascribed thereto
in Section 3.3(b)(i) of this Agreement.

     "DELAYED TRANSFER EMPLOYEES" shall mean those AXP Employees (and the
beneficiaries, dependents or alternate payees of such Persons), as set forth on
Schedule B (which Schedule may be amended by mutual agreement of the Parties at
any time prior to the first anniversary of the Distribution Date), who are
considered by the Parties to be important to the Ameriprise Business and whose
transfer from AXP to the Ameriprise Group in connection with the Separation and
Distribution will be delayed, due to certain business constraints, until after
the Distribution Date but prior to the first anniversary of the Distribution
Date (or such later date as mutually agreed to by the Parties).

     "DETRIMENTAL CONDUCT PROVISIONS" means (i) the Detrimental Conduct
Provisions Attachment to the American Express Company 1998 Incentive
Compensation Plan Master Agreement (as amended), effective as of February 26,
2001; (ii) the Detrimental Conduct Provisions Attachment to the American Express
Company 1989 Long-Term Incentive Plan Master Agreement (as amended), effective
as of January 1, 1998; (iii) any Consent to the Application of Forfeiture and
Detrimental Conduct Provisions to Incentive Compensation Plan Awards to which an
Ameriprise Participant is a party; and (iv) any other similar detrimental
conduct provisions applicable to outstanding AXP long-term incentive awards
issued under the AXP Stock Plans, in each case as in effect from time to time.

     "DOL" means the United States Department of Labor.

     "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

     "ERISA AFFILIATE" means with respect to any Person, each business or entity
which is a member of a "controlled group of corporations," under "common
control" or a member of an "affiliated service group" with such Person within
the meaning of Sections 414(b), (c) or (m) of the Code, or required to be
aggregated with such Person under Section 414(o) of the Code, or under "common
control" with such Person within the meaning of Section 4001(a)(14) of ERISA.

     "ESTIMATED DELAYED TRANSFER AMOUNT" shall have the meaning ascribed thereto
in Section 3.3(b)(ii) of this Agreement.

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     "ESTIMATED RETIREMENT PLAN TRANSFER AMOUNT" shall have the meaning ascribed
thereto in Section 3.2(b)(ii) of this Agreement.

     "EXCLUDED INVESTMENTS" shall have the meaning ascribed thereto in Section
3.2(b)(iii) of this Agreement.

     "FINAL DELAYED TRANSFER AMOUNT" shall have the meaning ascribed thereto in
Section 3.3(b)(ii) of this Agreement.

     "FINAL DELAYED TRANSFER DATE" shall have the meaning ascribed thereto in
Section 3.3(b)(iii) of this Agreement.

     "FINAL RETIREMENT PLAN TRANSFER AMOUNT" shall have the meaning ascribed
thereto in Section 3.2(b)(iv) of this Agreement.

     "FINAL TRANSFER DATE" shall have the meaning ascribed thereto in Section
3.2(b)(v) of this Agreement.

     "FORMER AMERIPRISE EMPLOYEE" means, as of the Distribution Date, any former
employee of AXP or an Affiliate, including retired, deferred vested, non-vested
and other inactive terminated individuals, whose most recent active employment
with AXP or an Affiliate was with a member of the Ameriprise Group and such
active employment has ended on or before the Distribution Date.

     "FORMER AXP EMPLOYEE" means, as of the Distribution Date, any former
employee of AXP or an Affiliate, including retired, deferred vested, non-vested
and other inactive terminated individuals, whose most recent active employment
with AXP or an Affiliate was with a member of the AXP Group.

     "HIPAA" means the Health Insurance Portability and Accountability Act of
1996, as amended.

     "INITIAL CASH TRANSFER" shall have the meaning ascribed thereto in Section
3.2(b)(iii) of this Agreement.

     "INITIAL TRANSFER AMOUNT" shall have the meaning ascribed thereto in
Section 3.2(b)(iii) of this Agreement.

     "INITIAL TRANSFER DATE" shall have the meaning ascribed thereto in Section
3.2(b)(iii) of this Agreement.

     "IRS" means the United States Internal Revenue Service.

     "MEASUREMENT DATE" shall have the meaning ascribed thereto in Section
7.2(b) of this Agreement.

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     "OUTSTANDING PG AWARDS" shall mean, collectively, the PG-XIV, PG-XV, and
PG-XVI awards granted pursuant to the 1998 American Express Company Incentive
Compensation Plan and any related agreement.

     "PARTICIPATING COMPANY" means AXP or any Person (other than an individual)
participating in an AXP Benefit Plan.

     "PARTIES" shall have the meaning ascribed thereto in the preamble to this
Agreement.

     "PAYMENT DATE" means the fifth business day after the date on which the
conditions set forth in Section 9.1(c)(ii) of this Agreement have been fulfilled
and satisfied or such other date as the Parties may agree to in writing.

     "PRE-DISTRIBUTION CLAIM PERIOD" shall have the meaning ascribed thereto in
Section 5.2(g)(ii) of this Agreement.

     "PRE-DISTRIBUTION DATE CLAIMS" shall have the meaning ascribed thereto in
Section 5.2(g)(ii) of this Agreement.

     "REMAINING AXP LOI" shall have the meaning ascribed thereto in Section
7.4(a) of this Agreement.

     "REMAINING AXP OPTION" shall have the meaning ascribed thereto in Section
7.2(b) of this Agreement.

     "REMAINING AXP RESTRICTED STOCK" shall have the meaning ascribed thereto in
Section 7.3(a) of this Agreement.

     "REVISED RETIREMENT PLAN TRANSFER AMOUNT" shall have the meaning ascribed
thereto in Section 3.2(b)(iv) hereof.

     "RUN-OUT COVERAGE OPTIONS" shall have the meaning ascribed thereto in
Section 5.2(g)(ii) of this Agreement.

     "SECURITIES ACT" means the Securities Act of 1933, as amended.

     "SEPARATION AND DISTRIBUTION AGREEMENT" shall have the meaning ascribed
thereto in the recitals to this Agreement.

     "SERIAL SEVERANCE EMPLOYEE" means any Former Ameriprise Employee who, as of
the Distribution Date or such later date as determined by Ameriprise in its sole
discretion, (i) has executed and delivered to AXP or Ameriprise, as appropriate,
a written severance agreement, and (ii) who is entitled to receive the payment
of severance benefits on a serial basis pursuant to such severance agreement.

     "SERVICE CREDITING DATE" shall have the meaning ascribed thereto in Section
2.4(b)(i) of this Agreement.

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     "TRANSFER AMOUNT" means the UK Transfer Amount, adjusted in accordance with
the provisions of the Actuary's Letter.

     "TRANSFER DATE" shall mean, with respect to a Delayed Transfer Employee,
the date that such Delayed Transfer Employee commences active employment with a
member of the Ameriprise Group.

     "TRS" shall have the meaning ascribed thereto in Section 5.2(c)(i) of this
Agreement.

     "TRUE-UP AMOUNT" shall have the meaning ascribed thereto in Section
3.2(b)(v) of this Agreement.

     "UK ACTUARY'S LETTER" means the letter from the AXP UK Actuary to the
Ameriprise UK Actuary, a copy of which is attached hereto as Exhibit A.

     "UK TRANSFER AMOUNT" means the amount determined as such in accordance with
the provisions of the UK Actuary's Letter.

     "UNVESTED AXP OPTION" shall have the meaning ascribed thereto in Section
7.2(c) of this Agreement.

     "U.S." means the United States of America.

     1.2     GENERAL INTERPRETIVE PRINCIPLES. (a) Words in the singular shall
include the plural and vice versa, and words of one gender shall include the
other gender, in each case, as the context requires; (b) the terms "hereof,"
"herein," and "herewith" and words of similar import shall, unless otherwise
stated, be construed to refer to this Agreement and not to any particular
provision of this Agreement, and references to Article, Section, paragraph,
Exhibit, and Schedule are references to the Articles, Sections, paragraphs,
Exhibits, and Schedules to this Agreement unless otherwise specified; (c) the
word "including" and words of similar import when used in this Agreement shall
mean "including, without limitation," unless otherwise specified; and (d) any
reference to any federal, state, local or non-U.S. statute or Law shall be
deemed to also refer to all rules and regulations promulgated thereunder, unless
the context otherwise requires.

                                   ARTICLE II

                               GENERAL PRINCIPLES

     2.1     ASSUMPTION AND RETENTION OF LIABILITIES; RELATED ASSETS.

     (a)     As of the Effective Time, except as otherwise expressly provided
for in this Agreement, AXP shall, or shall cause one or more members of the AXP
Group to, assume or retain and AXP hereby agrees to pay, perform, fulfill and
discharge, in due course in full (i) all Liabilities under all AXP Benefit
Plans, (ii) all Liabilities with respect to the employment, service, termination
of employment or termination of service of all AXP Employees, Former AXP
Employees, their dependents and beneficiaries, and other service providers
(including any individual who is, or was, an independent contractor, temporary
employee, temporary service worker, consultant, freelancer, agency employee,
leased employee, on-call worker, incidental

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worker, or nonpayroll worker of any member of the AXP Group or in any other
employment, non-employment, or retainer arrangement, or relationship with any
member of the AXP Group), in each case to the extent arising in connection with
or as a result of employment with or the performance of services for any member
of the AXP Group, and (iii) any other Liabilities or obligations expressly
assigned to AXP or any of its Affiliates under this Agreement. For purposes of
clarification, the Liabilities assumed or retained by the AXP Group as provided
for in this Section 2.1(a) are intended to be AXP Liabilities as such term is
defined in the Separation and Distribution Agreement.

     (b)     As of the Effective Time, except as otherwise expressly provided
for in this Agreement, Ameriprise shall, or shall cause one or more members of
the Ameriprise Group to, assume or retain, as applicable, and Ameriprise hereby
agrees to pay, perform, fulfill and discharge, in due course in full (i) all
Liabilities under all Ameriprise Benefit Plans, (ii) all Liabilities with
respect to the employment, service, termination of employment or termination of
service of all Ameriprise Employees, Former Ameriprise Employees, their
dependents and beneficiaries and other service providers (including any
individual who is, or was, an independent contractor, temporary employee,
temporary service worker, consultant, freelancer, agency employee, leased
employee, on-call worker, incidental worker, or nonpayroll worker of any member
of the Ameriprise Group or in any other employment, non-employment, or retainer
arrangement, or relationship with any member of the Ameriprise Group), and (iii)
any other Liabilities or obligations expressly assigned to Ameriprise or any of
its Affiliates under this Agreement. For purposes of clarification, the
Liabilities assumed or retained by the Ameriprise Group as provided for in this
Section 2.1(b) are intended to be Ameriprise Liabilities as such term is defined
in the Separation and Distribution Agreement.

     (c)     From time to time after the Distribution, Ameriprise shall promptly
reimburse AXP, upon AXP's reasonable request and the presentation by AXP of such
substantiating documentation as Ameriprise shall reasonably request, for the
cost of any obligations or Liabilities satisfied by AXP or its Affiliates that
are, or that have been made pursuant to this Agreement, the responsibility of
Ameriprise or any of its Affiliates.

     (d)     From time to time after the Distribution, AXP shall promptly
reimburse Ameriprise, upon Ameriprise's reasonable request and the presentation
by Ameriprise of such substantiating documentation as AXP shall reasonably
request, for the cost of any obligations or Liabilities satisfied by Ameriprise
that are, or that have been made pursuant to this Agreement, the responsibility
of AXP or its Affiliates.

     2.2     AMERIPRISE PARTICIPATION IN AXP BENEFIT PLANS. Except as otherwise
expressly provided for in this Agreement or as otherwise expressly agreed to in
writing between the Parties, (i) effective as of the Effective Time, Ameriprise
and each member of the Ameriprise Group shall cease to be a Participating
Company in any AXP Benefit Plan, and (ii) each (A) Ameriprise Participant and
any other service providers (including any individual who is, or was, an
independent contractor, temporary employee, temporary service worker,
consultant, freelancer, agency employee, leased employee, on-call worker,
incidental worker, or nonpayroll worker of any member of the AXP Group or the
Ameriprise Group or in any other employment, non-employment, or retainer
arrangement, or relationship with any member of the AXP Group or the Ameriprise
Group), effective as of the Effective Time, and (B) Delayed

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Transfer Employee, effective as of such Delayed Transfer Employee's Transfer
Date, shall cease to participate in, be covered by, accrue benefits under, be
eligible to contribute to or have any rights under any AXP Benefit Plan, and AXP
and Ameriprise shall take all necessary action to effectuate each such
cessation.

     2.3     COMPARABLE COMPENSATION AND BENEFITS. Except as otherwise agreed to
by AXP, (i) with respect to an Ameriprise Employee, for the one-year period
commencing on the Distribution Date and ending on the one-year anniversary of
such date and (ii) with respect to a Delayed Transfer Employee whose Transfer
Date occurs prior to the one-year anniversary of the Distribution Date, for the
period commencing on such Delayed Transfer Employee's Transfer Date and ending
on the one-year anniversary of the Distribution Date, Ameriprise (acting
directly or through its Affiliates) intends to provide such Ameriprise Employees
and Delayed Transfer Employees with compensation opportunities (including,
without limitation, salary, wages, commissions and bonus opportunities) and
employee benefits that are substantially comparable, in the aggregate, to the
compensation opportunities and employee benefits to which such Ameriprise
Employees and Delayed Transfer Employees were entitled to immediately prior to
the Distribution Date.

     2.4     SERVICE RECOGNITION.

     (a)     PRE-DISTRIBUTION SERVICE CREDIT. Ameriprise shall give each
Ameriprise Participant and Delayed Transfer Employee full credit for purposes of
eligibility, vesting, determination of level of benefits, and, to the extent
applicable, benefit accruals under any Ameriprise Benefit Plan for such
Ameriprise Participant's or Delayed Transfer Employee's service with any member
of the AXP Group prior to the Distribution Date or applicable Transfer Date to
the same extent such service was recognized by the applicable AXP Benefit Plans
immediately prior to the Distribution Date or applicable Transfer Date;
PROVIDED, HOWEVER, that such service shall not be recognized to the extent that
such recognition would result in the duplication of benefits.

     (b)     POST-DISTRIBUTION RECIPROCAL SERVICE CREDITING. Each of AXP and
Ameriprise (acting directly or through their respective Affiliates) shall cause
each of the AXP Service Plans and the Ameriprise Service Plans, respectively, to
provide the following service crediting rules effective as of the Distribution
Date:

             (i)      If an AXP Employee who participates in any of the AXP
Service Plans becomes employed by a member of the Ameriprise Group prior to the
first anniversary of the Distribution Date (or such later date as mutually
agreed to by the Parties) (the "SERVICE CREDITING DATE") and such AXP Employee
is continuously employed by the AXP Group from the Distribution Date through the
date such AXP Employee commences active employment with a member of the
Ameriprise Group, then such AXP Employee's service with the AXP Group following
the Distribution Date shall be recognized for purposes of eligibility, vesting
and level of benefits under the appropriate Ameriprise Service Plans, in each
case to the same extent as such AXP Employee's service with the AXP Group was
recognized under the corresponding AXP Service Plans.

                                       12
<Page>

             (ii)     If an AXP Employee who participates in any of the AXP
Service Plans becomes employed by a member of the Ameriprise Group either (A) on
or after the Service Crediting Date or (B) without having been continuously
employed by the AXP Group from the Distribution Date through the date such AXP
Employee commences active employment with a member of the Ameriprise Group,
then, except to the extent required by applicable Law, such individual's service
with the AXP Group following the Distribution Date will not be recognized for
any purpose under any Ameriprise Service Plan.

             (iii)    If an Ameriprise Employee who participates in any of the
Ameriprise Service Plans becomes employed by a member of the AXP Group prior to
the Service Crediting Date and such Ameriprise Employee is continuously employed
by the Ameriprise Group from the Distribution Date through the date such
Ameriprise Employee commences active employment with a member of the AXP Group,
then such Ameriprise Employee's service with the Ameriprise Group following the
Distribution Date shall be recognized for purposes of eligibility, vesting and
level of benefits under the appropriate AXP Service Plans, in each case to the
same extent as such Ameriprise Employee's service with the Ameriprise Group was
recognized under the corresponding Ameriprise Service Plans.

             (iv)     If an Ameriprise Employee who participates in any of the
Ameriprise Service Plans becomes employed by a member of the AXP Group either
(A) on or after the Service Crediting Date or (B) without having been
continuously employed by the Ameriprise Group from the Distribution Date through
the date such Ameriprise Employee commences active employment with a member of
the AXP Group, then the corresponding AXP Service Plans will only take into
consideration such individual's service with the AXP Group and the Ameriprise
Group, in each case, prior to the Distribution Date and, thus, except to the
extent required by applicable Law, such Ameriprise Employee's service with the
Ameriprise Group following the Distribution Date will not be recognized for any
purpose under any AXP Service Plan.

             (v)      Notwithstanding anything in this Agreement to the
contrary, for the one (1) year period commencing on the Distribution Date, the
AXP Service Plans and the Ameriprise Service Plans shall provide that no break
in service occurs with respect to any AXP Employee or Ameriprise Employee who is
hired or rehired by any member of the Ameriprise Group or the AXP Group after
the termination of such AXP Employee's or Ameriprise Employee's employment with
either the AXP Group or the Ameriprise Group within such one (1) year period.

     2.5     APPROVAL BY AXP AS SOLE STOCKHOLDER. Effective as of the
Distribution Date, Ameriprise shall have adopted the Ameriprise Financial 2005
Incentive Compensation Plan (the "AMERIPRISE STOCK PLAN") which shall permit the
issuance of long-term incentive awards that have material terms and conditions
substantially similar to those long-term incentive awards issued under the
relevant AXP Stock Plans that are to be substituted with Ameriprise long-term
incentive awards in connection with the Distribution. The Ameriprise Stock Plan
shall be approved prior to the Distribution by AXP as Ameriprise's sole
shareholder.

                                   ARTICLE III

                       U.S. QUALIFIED DEFINED BENEFIT PLAN

                                       13
<Page>

     3.1     ESTABLISHMENT OF AMERIPRISE PLAN. Effective as of the Distribution
Date, Ameriprise shall, or shall have caused one or more members of the
Ameriprise Group to, establish a defined benefit pension plan and related trust
to provide retirement benefits to Ameriprise Participants who immediately prior
to the Distribution Date were participants in, or entitled to present or future
benefits (whether or not vested) under, the AXP Retirement Plan (such defined
benefit pension plan, the "AMERIPRISE RETIREMENT PLAN" and such Ameriprise
Participants, the "AMERIPRISE PLAN PARTICIPANTS"). Ameriprise shall be
responsible for taking all necessary, reasonable, and appropriate action to
establish, maintain and administer the Ameriprise Retirement Plan so that it is
qualified under Section 401(a) of the Code and that the related trust thereunder
is exempt under Section 501(a) of the Code. Notwithstanding the above, until
October 18, 2005, all benefits payable to Ameriprise Plan Participants
(including benefits that have accrued under the Ameriprise Retirement Plan
following the Distribution Date) shall be paid from the AXP Retirement Plan.
Ameriprise (acting directly or through its Affiliates) shall be responsible for
any and all Liabilities (including Liability for funding) and other obligations
with respect to the Ameriprise Retirement Plan.

     3.2     AMERIPRISE PARTICIPANTS

     (a)     ASSUMPTION OF AXP RETIREMENT PLAN LIABILITIES. Effective as of the
Initial Transfer Date, Ameriprise (acting directly or through its Affiliates)
hereby agrees to cause the Ameriprise Retirement Plan to assume, and to fully
perform, pay and discharge, all accrued benefits under the AXP Retirement Plan
relating to all Ameriprise Plan Participants as of the Distribution Date
(inclusive of benefits paid by the AXP Retirement Plan to Ameriprise Plan
Participants following the Distribution Date, but prior to the Initial Transfer
Date in accordance with Section 3.1 above, but excluding benefits attributable
to lost participants).

     (b)     TRANSFER OF AXP RETIREMENT PLAN ASSETS.

             (i)      The Parties intend that the portion of the AXP Retirement
Plan covering Ameriprise Plan Participants (excluding forfeitures attributable
to lost participants) shall be transferred to the Ameriprise Retirement Plan in
accordance with Section 414(l) of the Code, Treasury Regulation Section
1.414(l)-1, and Section 208 of ERISA. No later than thirty (30) days prior to
the Distribution Date, AXP and Ameriprise (acting directly or through their
respective Affiliates) shall, to the extent necessary, file an IRS Form 5310-A
regarding the transfer of Assets and Liabilities from the AXP Retirement Plan to
the Ameriprise Retirement Plan.

             (ii)     As soon as reasonably practicable following the
Distribution Date, AXP shall cause the AXP Actuary to determine the estimated
value, as of the Distribution Date, of the Assets to be transferred to the
Ameriprise Retirement Plan in accordance with the assumptions and valuation
methodology set forth on Schedule C attached hereto (the "ESTIMATED RETIREMENT
PLAN TRANSFER AMOUNT").

             (iii)    On or before October 18, 2005, AXP shall transfer to the
Ameriprise Retirement Plan an amount in cash at least sufficient to fund benefit
payments reasonably projected to be required under the Ameriprise Retirement
Plan prior to the Initial Transfer Date (the "INITIAL CASH TRANSFER"). Within
thirty (30) days (or such later time as mutually agreed to by

                                       14
<Page>

the Parties) following the determination of the Estimated Retirement Plan
Transfer Amount, AXP and Ameriprise (each acting directly or through their
respective Affiliates) shall cooperate in good faith to cause an initial
transfer of Assets (the date of such transfer, the "INITIAL TRANSFER DATE") from
the AXP Retirement Plan to the Ameriprise Retirement Plan in an amount equal to
ninety percent (90%) of the Estimated Retirement Plan Transfer Amount minus the
Initial Cash Transfer, adjusted to reflect earnings or losses during the period
from the Distribution Date to the Initial Transfer Date (such amount, the
"INITIAL TRANSFER AMOUNT"). Such earnings or losses shall be determined based on
the actual rate of return of the AXP Retirement Plan without regard to those
investments set forth on Schedule D attached hereto (the "EXCLUDED INVESTMENTS")
for the period commencing on the Distribution Date and ending on the last
calendar day of the month ending immediately prior to the Initial Transfer Date.
Earnings or losses for the period from such last day of the month to the Initial
Transfer Date shall be based on a blended index (thirty-seven percent (37%) S&P
500 Index, twenty percent (20%) Russell 2000 Index, twenty-two percent (22%)
MSCI EAFE Index, and twenty-one percent (21%) Lehman Aggregate Bond Index)
determined as of the date that is as close as administratively practicable to
the Initial Transfer Date, but in no event more than five (5) business days
prior to the Initial Transfer Date. AXP shall satisfy its obligation pursuant to
this Section 3.2(b)(iii) by transferring Assets, in kind, equal to the Initial
Transfer Amount consisting of a pro rata percentage (rounded up or down to the
nearest whole lot or distributable unit) of all investments, excluding the
Excluded Investments, under the AXP Retirement Plan.

             (iv)     Within ninety (90) days following the Initial Transfer
Date, AXP shall cause the AXP Actuary to provide Ameriprise with a revised
calculation of the value, as of the Distribution Date, of the Assets to be
transferred to the Ameriprise Retirement Plan determined in accordance with the
assumptions and valuation methodology set forth on Schedule C attached hereto
(the "REVISED RETIREMENT PLAN TRANSFER AMOUNT"). Ameriprise may submit, at its
sole cost and expense, the Revised Retirement Plan Transfer Amount to the
Ameriprise Actuary for verification; PROVIDED, THAT, such verification process
and any calculation performed by the Ameriprise Actuary in connection therewith
shall be performed solely on the basis of the assumptions and valuation
methodology set forth on Schedule C attached hereto. Furthermore, the AXP
Actuary and Ameriprise Actuary shall cooperate in good faith to ensure that any
such verification process is performed in a timely manner. In the event the
Ameriprise Actuary determines that the value, as of the Distribution Date, of
the Assets to be transferred to the Ameriprise Retirement Plan differs from the
Revised Retirement Plan Transfer Amount, the Ameriprise Actuary and AXP Actuary
shall use good faith efforts to reconcile any such difference. If the Ameriprise
Actuary and the AXP Actuary fail to reconcile such difference and (A) the
Ameriprise Actuary's calculation is within two percent (2%) of the Revised
Retirement Plan Transfer Amount, the average of the Revised Retirement Plan
Transfer Amount and the Ameriprise Actuary's calculation shall be used; or (B)
the difference between the Ameriprise Actuary's calculation and the Revised
Retirement Plan Transfer Amount exceeds two percent (2%), the Ameriprise Actuary
and the AXP Actuary shall jointly designate a third, independent actuary whose
calculation of the value, as of the Distribution Date, of the Assets to be
transferred to the Ameriprise Retirement Plan shall be final and binding;
PROVIDED, THAT, such calculation must be performed in accordance with the
assumptions and valuation methodology set forth on Schedule C attached hereto;
AND, PROVIDED, FURTHER, that such value shall be between the value determined by
the Ameriprise Actuary and the Revised Retirement Plan Transfer Amount or equal
to either such value. AXP and Ameriprise shall each pay one-half of the costs
incurred in

                                       15
<Page>

connection with the retention of such independent actuary. The final, verified
value, as of the Distribution Date, of the Assets to be transferred to the
Ameriprise Retirement Plan as determined in accordance with this Section
3.2(b)(iv) shall be referred to herein as the "FINAL RETIREMENT PLAN TRANSFER
AMOUNT."

             (v)      Within forty-five (45) days of the determination of the
Final Retirement Plan Transfer Amount, AXP shall cause the AXP Retirement Plan
to transfer to the Ameriprise Retirement Plan (the date of such transfer, the
"FINAL TRANSFER DATE") an amount, in cash, equal to (A) the Final Retirement
Plan Transfer Amount minus (B) the sum of (1) the Initial Transfer Amount, (2)
the Initial Cash Transfer, and (3) the aggregate amount of payments made from
the AXP Retirement Plan to Ameriprise Plan Participants in order to satisfy any
benefit obligation with respect to such Ameriprise Plan Participants during the
period commencing on the Distribution Date and ending on the date of the Initial
Cash Transfer (such amount the "TRUE-UP AMOUNT"); PROVIDED, THAT, the True-Up
Amount shall be adjusted to reflect earnings or losses as described below; and
PROVIDED, FURTHER, that in the event the sum of clauses (1), (2) and (3) above
is greater than the Final Retirement Plan Transfer Amount, AXP shall not be
required to cause any such additional transfer and instead Ameriprise shall be
required to cause a transfer of cash from the Ameriprise Retirement Plan to the
AXP Retirement Plan in amount equal to the amount by which the sum of clauses
(1), (2) and (3) above exceeds the Final Retirement Plan Transfer Amount. The
parties hereto acknowledge that the AXP Retirement Plan's transfer of the
True-Up Amount to the Ameriprise Retirement Plan shall be in full settlement and
satisfaction of the obligations of AXP and AXP Retirement Plan to transfer
Assets to the Ameriprise Retirement Plan pursuant to this Section 3.2(b).

             The True-Up Amount shall be paid from the AXP Retirement Plan to
the Ameriprise Retirement Plan, in cash, and adjusted to reflect earnings or
losses during the period from the Distribution Date to the Final Transfer Date.
Such earnings or losses shall be determined based on the actual rate of return
of the AXP Retirement Plan without regard to the Excluded Investments for the
period commencing on the Distribution Date and ending on the last calendar day
of the month ending immediately prior to the Final Transfer Date. Earnings or
losses for the period from such last day of the month to the Final Transfer Date
shall be based on a blended index (thirty-seven percent (37%) S&P 500 Index,
twenty percent (20%) Russell 2000 Index, twenty-two percent (22%) MSCI EAFE
Index, and twenty-one percent (21%) Lehman Aggregate Bond Index) determined as
of the date that is as close as administratively practicable to the Final
Transfer Date, but in no event more than five (5) business days prior to the
Final Transfer Date. In the event that Ameriprise is obligated to cause the
Ameriprise Retirement Plan to reimburse the AXP Retirement Plan pursuant to this
Section 3.2(b)(v), such reimbursement shall be performed in accordance with the
same principles set forth herein with respect to the payment of the True-Up
Amount.

     (c)     CONTINUATION OF ELECTIONS. As of the Distribution Date, Ameriprise
(acting directly or through its Affiliates) shall cause the Ameriprise
Retirement Plan to recognize and maintain all existing elections, including, but
not limited to, beneficiary designations, payment form elections and rights of
alternate payees under qualified domestic relations orders with respect to
Ameriprise Plan Participants under the AXP Retirement Plan.

                                       16
<Page>

     (d)     TERMINATED NON-VESTED EMPLOYEES. Notwithstanding anything herein to
the contrary, the Ameriprise Retirement Plan shall fully restore the
hypothetical account of any individual who becomes employed by any member of the
Ameriprise Group following the Distribution Date and whose employment with the
AXP Group terminated on or before the Distribution Date with no vested benefit
under the AXP Retirement Plan; PROVIDED, THAT, pursuant to AXP's existing
practices and policies, such individual would have been entitled to restoration
of such individual's hypothetical account under the AXP Retirement Plan had such
individual been re-employed by a member of the AXP Group rather than by a member
of the Ameriprise Group.

     (e)     LOST PARTICIPANTS. AXP hereby acknowledges and agrees that it shall
cause the AXP Retirement Plan to retain responsibility for all Liabilities and
fully perform, pay and discharge all obligations, when such obligations become
due, relating to benefits attributable to any lost participant in the AXP
Retirement Plan as of the Distribution Date.

     3.3     DELAYED TRANSFER EMPLOYEES.

     (a)     ASSUMPTION OF AXP RETIREMENT PLAN LIABILITIES. With respect to each
Delayed Transfer Employee, effective as of such Delayed Transfer Employee's
Transfer Date, Ameriprise (acting directly or through its Affiliates) shall
cause the Ameriprise Retirement Plan to assume, and to fully perform, pay and
discharge, all benefits accrued under the AXP Retirement Plan relating to such
Delayed Transfer Employee through such Delayed Transfer Employee's Transfer
Date.

     (b)     TRANSFER OF AXP RETIREMENT PLAN ASSETS.

             (i)      The parties intend that the portion of the AXP Retirement
Plan covering Delayed Transfer Employees shall be transferred to the Ameriprise
Retirement Plan in accordance with Section 414(l) of the Code, Treasury
Regulation Section 1.414(l)-1, and Section 208 of ERISA. No later than thirty
(30) days prior to the first anniversary of the Distribution Date (or such other
date as mutually agreed to by the parties) (the "DELAYED TRANSFER CALCULATION
DATE"), AXP and Ameriprise (acting directly or through their respective
Affiliates) shall, to the extent necessary, file an IRS Form 5310-A regarding
the transfer of Assets and Liabilities from the AXP Retirement Plan to the
Ameriprise Retirement Plan with respect to the Delayed Transfer Employees.

             (ii)     No later than ninety (90) days following the Delayed
Transfer Calculation Date, the AXP Actuary shall determine the value of the
Assets to be transferred to the Ameriprise Retirement Plan with respect to the
Delayed Transfer Employees in accordance with the assumptions and valuation
methodology set forth on Schedule C attached hereto with respect to the Delayed
Transfer Employees (the "ESTIMATED DELAYED TRANSFER AMOUNT"). Ameriprise may
submit, at its sole cost and expense, the Estimated Delayed Transfer Amount to
the Ameriprise Actuary for verification; PROVIDED, THAT, such verification
process and any calculation performed by the Ameriprise Actuary in connection
therewith shall be performed solely on the basis of the assumptions and
valuation methodology set forth on Schedule C attached hereto. Furthermore, the
AXP Actuary and Ameriprise Actuary shall cooperate in good faith to ensure that
any such verification process is performed in a timely manner. In the event the
Ameriprise

                                       17
<Page>

Actuary determines that the value of the Assets to be transferred to the
Ameriprise Retirement Plan differs from the Estimated Delayed Transfer Amount,
the Ameriprise Actuary and AXP Actuary shall use good faith efforts to reconcile
any such difference. If the Ameriprise Actuary and the AXP Actuary fail to
reconcile such difference and (A) the Ameriprise Actuary's calculation is within
two percent (2%) of the Estimated Delayed Transfer Amount, the average of the
Estimated Delayed Transfer Amount and the Ameriprise Actuary's calculation shall
be used; or (B) the difference between the Ameriprise Actuary's calculation and
the Estimated Delayed Transfer Amount exceeds two percent (2%), the Ameriprise
Actuary and the AXP Actuary shall jointly designate a third, independent actuary
whose calculation of the value of the Assets to be transferred to the Ameriprise
Retirement Plan shall be final and binding; PROVIDED, THAT, such calculation
must be performed in accordance with the assumptions and valuation methodology
set forth on Schedule C attached hereto; AND, PROVIDED, FURTHER, that such value
shall be between the value determined by the Ameriprise Actuary and the
Estimated Delayed Transfer Amount or equal to either such value. AXP and
Ameriprise shall each pay one-half of the costs incurred in connection with the
retention of such independent actuary. The final, verified value of the Assets
to be transferred to the Ameriprise Retirement Plan as determined in accordance
with this Section 3.3(b)(ii) shall be referred to herein as the "FINAL DELAYED
TRANSFER AMOUNT."

             (iii)    Within thirty (30) days following the determination of the
Final Delayed Transfer Amount, AXP shall cause the AXP Retirement Plan to
transfer to the Ameriprise Retirement Plan (the date of such transfer, the
"FINAL DELAYED TRANSFER DATE") an amount, in cash, equal to the Final Delayed
Transfer Amount, adjusted to reflect earnings or losses during the period from
the Delayed Transfer Calculation Date through the Final Delayed Transfer Date.
Such earnings or losses shall be determined based on the actual rate of return
of the AXP Retirement Plan without regard to the Excluded Investments for the
period commencing on the Delayed Transfer Calculation Date and ending on the
last calendar day of the month ending immediately prior to the Final Delayed
Transfer Date. Earnings or losses for the period from such last day of the month
to the Final Delayed Transfer Date shall be based on a blended index
(thirty-seven percent (37%) S&P 500 Index, twenty percent (20%) Russell 2000
Index, twenty-two percent (22%) MSCI EAFE Index, and twenty-one percent (21%)
Lehman Aggregate Bond Index) determined as of the date that is as close as
administratively practicable to the Final Delayed Transfer Date, but in no event
more than five (5) business days prior to the Final Delayed Transfer Date.

     (d)     CONTINUATION OF ELECTIONS. As of each Delayed Transfer Employee's
Transfer Date, Ameriprise (acting directly or through its Affiliates) shall
cause the Ameriprise Retirement Plan to recognize and maintain all existing
elections including, but not limited to, beneficiary designations, payment form
elections and rights of alternate payees under qualified domestic relations
orders with respect to such Delayed Transfer Employee under the AXP Retirement
Plan.

     3.4     AMERICAN EXPRESS FUNDED PENSION PLAN. Notwithstanding anything
herein to the contrary, all Liabilities and other obligations accrued prior to
May 1, 1985 under the American Express Funded Pension Plan shall at all times
remain Liabilities and obligations of AXP regardless of whether such Liabilities
or obligations relate to any Ameriprise Participant or Delayed Transfer
Employee.

                                       18
<Page>

                                   ARTICLE IV

                    U.S. QUALIFIED DEFINED CONTRIBUTION PLAN

     4.1     THE AMERICAN EXPRESS INCENTIVE SAVINGS PLAN

     (a)     ESTABLISHMENT OF THE AMERIPRISE 401(k). Effective as of the
Distribution Date, Ameriprise shall, or shall have caused one of its Affiliates
to, establish a defined contribution plan and trust for the benefit of
Ameriprise Participants (the "AMERIPRISE 401(k)"). Ameriprise shall be
responsible for taking all necessary, reasonable and appropriate action to
establish, maintain and administer the Ameriprise 401(k) so that it is qualified
under Section 401(a) of the Code and that the related trust thereunder is exempt
under Section 501(a) of the Code. Ameriprise (acting directly or through its
Affiliates) shall be responsible for any and all Liabilities (including
Liability for funding) and other obligations with respect to the Ameriprise
401(k).

     (b)     TRANSFER OF AXP ISP ASSETS.

             (i)      Ameriprise Participants. As soon as reasonably practicable
(but not later than thirty (30) days) following the Distribution Date, AXP shall
cause the accounts (including any outstanding loan balances and forfeitures, but
excluding forfeitures attributable to lost participants) in the AXP ISP
attributable to Ameriprise Participants and all of the Assets in the AXP ISP
related thereto to be transferred in-kind to the Ameriprise 401(k), and
Ameriprise shall cause the Ameriprise 401(k) to accept such transfer of accounts
and underlying Assets and, effective as of the date of such transfer, to assume
and to fully perform, pay and discharge, all obligations of the AXP ISP relating
to the accounts of Ameriprise Participants (to the extent the Assets related to
those accounts are actually transferred from the AXP ISP to the Ameriprise
401(k)) as of the Distribution Date. The transfer of Assets shall be conducted
in accordance with Section 414(l) of the Code, Treasury Regulation Section
1.414(1)-1, and Section 208 of ERISA.

             (ii)     Delayed Transfer Employees. As soon as reasonably
practicable (but not later than thirty (30) days) following a Delayed Transfer
Employee's Transfer Date, AXP shall cause the accounts (including any
outstanding loan balances) in the AXP ISP attributable to such Delayed Transfer
Employee and all of the Assets in the AXP ISP related thereto to be transferred
in-kind to the Ameriprise 401(k), and Ameriprise shall cause the Ameriprise
401(k) to accept such transfer of accounts and underlying Assets and, effective
as of the date of such transfer, to assume and to fully perform, pay and
discharge, all obligations of the AXP ISP relating to the accounts of such
Delayed Transfer Employee (to the extent the Assets related to such accounts are
actually transferred from the AXP ISP to the Ameriprise 401(k)) as of such
Transfer Date. The transfer of Assets shall be conducted in accordance with
Section 414(l) of the Code, Treasury Regulation Section 1.414(l)-1, and Section
208 of ERISA.

     (c)     CONTINUATION OF ELECTIONS. As of (i) the Distribution Date with
respect to Ameriprise Participants, and (ii) a Delayed Transfer Employee's
Transfer Date with respect to the Delayed Transfer Employees, Ameriprise (acting
directly or through its Affiliates) shall cause the Ameriprise 401(k) to
recognize and maintain all elections, including, but not limited to, deferral,
investment and payment form elections, beneficiary designations, and the rights
of

                                       19
<Page>

alternate payees under qualified domestic relations orders with respect to
Ameriprise Participants or Delayed Transfer Employees, as applicable, under the
AXP ISP; PROVIDED, THAT, investment elections relating to the American Express
Company Stock Fund under the AXP ISP shall be deemed to apply to the Ameriprise
Financial Stock Fund under the Ameriprise 401(k).

     (d)     EMPLOYER SECURITIES. AXP and Ameriprise each agrees to ensure that
the shares of both Ameriprise Common Stock and AXP Common Stock held in both the
AXP ISP and the Ameriprise 401(k) are maintained in compliance with all
requirements of applicable Law.

     (e)     FORM 5310-A. No later than thirty (30) days prior to (i) the
Distribution Date or, (ii) with respect to each Delayed Transfer Employee, the
date on which Assets and Liabilities associated with such Delayed Transfer
Employee under the AXP ISP transfer to the Ameriprise 401(k) in accordance with
Section 4.1(b)(ii) above, AXP and Ameriprise (each acting directly or through
their respective Affiliates) shall, to the extent necessary, file IRS Form
5310-A regarding the transfer of Assets and Liabilities from the AXP ISP to the
Ameriprise 401(k) as discussed in this Article IV.

     (f)     TERMINATED NON-VESTED EMPLOYEES. Notwithstanding anything herein to
the contrary, the Ameriprise 401(k) shall fully restore the unvested portion of
the account of any individual who becomes employed by any member of the
Ameriprise Group following the Distribution Date and whose employment with the
AXP Group (inclusive of Ameriprise) terminated on or before the Distribution
Date with a portion of such individual's benefits under the AXP ISP not being
vested; PROVIDED, THAT, pursuant to AXP's existing practices and policies, such
individual would have been entitled to the restoration of the unvested portion
of such individual's AXP ISP account had such individual been rehired by a
member of the AXP Group rather than a member of the Ameriprise Group.

     (g)     LOST PARTICIPANTS. AXP hereby acknowledges and agrees that it shall
cause the AXP ISP to retain responsibility for all Liabilities and fully
perform, pay and discharge all obligations, when such obligations become due,
relating to benefits attributable to any lost participant in the AXP ISP as of
the Distribution Date.

     4.2     CONTRIBUTIONS AS OF THE DISTRIBUTION DATE. All contributions
payable to the AXP ISP with respect to employee deferrals, matching
contributions and AXP stock contributions for Ameriprise Participants through
the Distribution Date and for Delayed Transfer Employees through the date on
which such Delayed Transfer Employees cease providing services to a member of
the AXP Group, determined in accordance with the terms and provisions of the AXP
ISP, ERISA and the Code, shall be paid by AXP to the AXP ISP prior to the date
of the Asset transfer described in Sections 4.1(b)(i) and (ii) above.

                                    ARTICLE V

                          U.S. HEALTH AND WELFARE PLANS

     5.1     HEALTH AND WELFARE PLANS MAINTAINED BY THE AMERIPRISE GROUP PRIOR
TO THE DISTRIBUTION DATE. Following the Distribution Date, Ameriprise (acting
directly or through its Affiliates) shall retain, and AXP shall have no
obligation whatsoever with regard to, all obligations and Liabilities under, or
with respect to, the

                                       20
<Page>

health and welfare plans maintained by Ameriprise or any of its Affiliates that
are listed on Schedule E attached hereto (the "AMERIPRISE RETAINED WELFARE
PLANS").

     5.2     HEALTH AND WELFARE PLANS MAINTAINED BY AXP PRIOR TO THE
             DISTRIBUTION DATE.

     (a)     ESTABLISHMENT OF THE AMERIPRISE WELFARE PLANS. AXP or one or more
of its Affiliates maintain each of the health and welfare plans set forth on
Schedule F attached hereto (the "AXP WELFARE PLANS") for the benefit of eligible
AXP Participants and Ameriprise Participants. Effective as of the Distribution
Date, Ameriprise shall, or shall cause an Ameriprise Affiliate to, adopt, for
the benefit of eligible Ameriprise Participants, health and welfare plans, the
terms of which are substantially comparable, in the aggregate, to the terms of
the AXP Welfare Plans as in effect immediately prior to the Distribution Date
(collectively, the "AMERIPRISE WELFARE PLANS").

     (b)     TERMS OF PARTICIPATION IN AMERIPRISE WELFARE PLANS. Ameriprise
(acting directly or through its Affiliates) shall cause all Ameriprise Welfare
Plans to (i) waive all limitations as to preexisting conditions, exclusions, and
service conditions with respect to participation and coverage requirements
applicable to Ameriprise Participants and Delayed Transfer Employees, other than
limitations that were in effect with respect to (A) Ameriprise Participants as
of the Distribution Date and (B) each Delayed Transfer Employee as of such
Delayed Transfer Employee's Transfer Date, in each case under the AXP Welfare
Plans, (ii) honor any deductible, out-of-pocket maximum, and co-payment incurred
by Ameriprise Participants and Delayed Transfer Employees under the AXP Welfare
Plans in which they participated immediately prior to the Distribution Date or
such Transfer Date, as the case may be, in satisfying any applicable deductible
or out-of-pocket requirements under any Ameriprise Welfare Plans during the same
plan year in which such deductible, out-of-pocket maximums and co-payments were
made, (iii) waive any waiting period limitation or evidence of insurability
requirement that would otherwise be applicable to an Ameriprise Participant
following the Distribution Date or Delayed Transfer Employee following such
Delayed Transfer Employee's Transfer Date, to the extent such Ameriprise
Participant or Delayed Transfer Employee, as applicable, had satisfied any
similar limitation under the analogous AXP Welfare Plan, and (iv) other than
with respect to the Ameriprise Welfare Plan that is comparable to the American
Express Vision Care Plan, provide each Ameriprise Participant and Delayed
Transfer Employee with new annual and lifetime maximums.

     (c)     RETIREE MEDICAL ELIGIBILITY.

             (i)      AXP Retiree Medical Program. Notwithstanding anything
herein to the contrary, for so long as it maintains the AXP Retiree Medical
Program described in Schedule G attached hereto, as may be amended from time to
time, (the "AXP RETIREE MEDICAL PROGRAM"), AXP shall cause the AXP Retiree
Medical Program to contain provisions regarding eligibility and service
crediting that ensure that Ameriprise Participants and Delayed Transfer
Employees who, as of the Distribution Date or Transfer Date, as applicable, were
eligible to immediately commence benefits under the AXP Retiree Medical Program
under the cost of coverage provisions applicable to retirees of American Express
Corporate Headquarters ("CHQ"), American Express Bank Ltd ("AEB"), or American
Express Travel Related Services Company,

                                       21
<Page>

Inc, ("TRS") (the "CHQ/AEB/TRS RETIREE MEDICAL ELIGIBLE") remain eligible for
benefits under the AXP Retiree Medical Program after the Distribution Date or
the relevant Transfer Date, as applicable. In addition, AXP shall cause the AXP
Retiree Medical Program to contain provisions regarding eligibility and service
crediting that ensure that Ameriprise Participants who, during the period
commencing on February 1, 2005, and ending immediately prior to the Distribution
Date, transferred employment from an AXP Affiliate at which they were
CHQ/AEB/TRS Retiree Medical Eligible to an AXP Affiliate at which they were no
longer CHQ/AEB/TRS Retiree Medical Eligible, remain eligible for benefits under
the AXP Retiree Medical Program after the Distribution Date.

             (ii)     Ameriprise Retiree Medical Program. Notwithstanding
anything herein to the contrary, for so long as it maintains the retiree medical
program established pursuant to Section 5.2(a) above (the "AMERIPRISE RETIREE
MEDICAL PROGRAM"), as may be amended from time to time, Ameriprise shall cause
the Ameriprise Retiree Medical Program to contain provisions regarding
eligibility and service crediting that ensure that: (A) AXP Participants who, as
of the Distribution Date, were eligible to immediately commence benefits under
the AXP Retiree Medical Program under the cost of coverage provisions applicable
to retirees of American Express Financial Corporation (the "AEFC RETIREE MEDICAL
ELIGIBLE"); and Ameriprise Employees who become members of the AXP Group prior
to the first anniversary of the Distribution Date (or such later date as
mutually agreed to by the Parties) who, as of such transfer date were eligible
to immediately commence benefits under the Ameriprise Retiree Medical Program
are eligible for benefits under the Ameriprise Retiree Medical Program as of the
Distribution Date or later transfer date, as applicable. In addition, Ameriprise
shall cause the Ameriprise Retiree Medical Program to contain provisions
regarding eligibility and service crediting that ensure that AXP Participants
who, during the period commencing on February 1, 2005, and ending immediately
prior to the Distribution Date, transferred employment from an AXP Affiliate at
which they were AEFC Retiree Medical Eligible to an AXP Affiliate at which they
were not AEFC Retiree Medical Eligible, are eligible for benefits under the
Ameriprise Retiree Medical Program as of the Distribution Date.

     (d)     REIMBURSEMENT ACCOUNT PLAN. Effective as of the Distribution Date,
Ameriprise (acting directly or through its Affiliates) shall have established a
health and dependent care reimbursement account plan (the "AMERIPRISE
REIMBURSEMENT ACCOUNT PLAN") with features that are comparable to those
contained in the health and dependent care reimbursement account plan maintained
by AXP for the benefit of Ameriprise Participants immediately prior to the
Distribution Date (the "AXP REIMBURSEMENT ACCOUNT PLAN"). With respect to
Ameriprise Participants, effective as of the Effective Time, Ameriprise (acting
directly or through its Affiliates) shall assume responsibility for
administering all reimbursement claims of Ameriprise Participants with respect
to calendar year 2005, whether arising before, on, or after the Distribution
Date, under the Ameriprise Reimbursement Account Plan. With respect to each
Delayed Transfer Employee, effective as of each such Delayed Transfer Employee's
Transfer Date, Ameriprise (acting directly or through its Affiliates) shall
assume responsibility for administering all reimbursement claims of such Delayed
Transfer Employee with respect to the calendar year in which such Delayed
Transfer Employee's Transfer Date occurs, whether arising before, on, or after
such Transfer Date, under the Ameriprise Reimbursement Account Plan. With
respect to Ameriprise Participants, as soon as practicable but no more than 45
days following the Distribution Date, AXP shall cause to be transferred to
Ameriprise an amount in

                                       22
<Page>

cash equal to (i) the sum of all contributions to the AXP Reimbursement Account
Plan made with respect to calendar year 2005 by or on behalf of any Ameriprise
Participant prior to the Distribution Date, reduced by (ii) the sum of all
claims incurred in calendar year 2005 and paid by the AXP Reimbursement Account
Plan with respect to such Ameriprise Participants prior to the Distribution
Date. With respect to each Delayed Transfer Employee, as soon as practicable but
no more than forty five (45) days following the Delayed Transfer Calculation
Date, AXP shall cause to be transferred to Ameriprise an amount in cash equal to
(i) the sum of all contributions to the AXP Reimbursement Account Plan made by
or on behalf of such Delayed Transfer Employee prior to his or her Transfer Date
with respect to the calendar year in which his or her Transfer Date occurs,
reduced by (ii) the sum of all claims incurred by such Delayed Transfer Employee
during the calendar year in which such Delayed Transfer Employee's Transfer Date
occurs and paid by the AXP Reimbursement Account Plan prior to such Transfer
Date.

     (e)     CONTINUATION OF ELECTIONS. With respect to Ameriprise Participants,
as of the Distribution Date, Ameriprise (acting directly or through its
Affiliates) shall cause the Ameriprise Welfare Plans to recognize and maintain
all elections and designations (including, without limitation, all coverage and
contribution elections and beneficiary designations) made by Ameriprise
Participants under, or with respect to, the AXP Welfare Plans and apply such
elections and designations under the Ameriprise Welfare Plans for the remainder
of the period or periods for which such elections or designations are by their
original terms applicable, to the extent such election or designation is
available under the corresponding Ameriprise Welfare Plan. With respect to each
Delayed Transfer Employee, as of such Delayed Transfer Employee's Transfer Date,
Ameriprise (acting directly or through its Affiliates) shall cause the
Ameriprise Welfare Plans to recognize and maintain all elections and
designations (including, without limitation, all coverage and contribution
elections and beneficiary designations) made by such Delayed Transfer Employee
under, or with respect to, the AXP Welfare Plans and apply such elections and
designations under the Ameriprise Welfare Plans for the remainder of the period
or periods for which such elections or designations are by their original terms
applicable, to the extent such election or designation is available under the
corresponding Ameriprise Welfare Plan.

     (f)     COBRA AND HIPAA. Effective as of the Effective Time, Ameriprise
(acting directly or through its Affiliates) shall assume, or shall have caused
the Ameriprise Welfare Plans to assume, responsibility for compliance with the
health care continuation coverage requirements of COBRA with respect to
Ameriprise Participants who, as of the day prior to the Distribution Date, were
covered under an AXP Welfare Plan pursuant to COBRA. Effective as of a Delayed
Transfer Employee's Transfer Date, Ameriprise (acting directly or through its
Affiliates) shall assume, or shall have caused the Ameriprise Welfare Plans to
assume, responsibility for compliance with the health care continuation coverage
requirements of COBRA with respect to such Delayed Transfer Employee to the
extent such Delayed Transfer Employee was, as of the day prior to such Delayed
Transfer Employee's Transfer Date, covered under an AXP Welfare Plan pursuant to
COBRA. AXP (acting directly or through its Affiliates) shall be responsible for
administering compliance with the certificate of creditable coverage
requirements of HIPAA applicable to the AXP Welfare Plans with respect to
Ameriprise Participants and Delayed Transfer Employees. The Parties hereto agree
that neither the Distribution nor a Delayed Employee's transfer of employment on
such Delayed Transfer

                                       23
<Page>

Employee's Transfer Date shall constitute a COBRA qualifying event for any
purposes of COBRA.

     (g)     LIABILITIES.

             (i)      Insured Benefits. With respect to employee welfare and
fringe benefits that are provided through the purchase of insurance, AXP shall
cause the AXP Welfare Plans to fully perform, pay and discharge all claims of
(A) Ameriprise Participants that are incurred prior to the Distribution Date and
(B) each Delayed Transfer Employee that are incurred prior to such Delayed
Transfer Employee's Transfer Date and Ameriprise shall cause the Ameriprise
Welfare Plans to fully perform, pay and discharge all claims of (A) Ameriprise
Participants that are incurred on or after the Distribution Date and (B) each
Delayed Transfer Employee that are incurred on or after such Delayed Transfer
Employee's Transfer Date.

             (ii)     Self-Insured Benefits. With respect to employee welfare
and fringe benefits that are provided on a self-insured basis, except as
otherwise provided herein, Ameriprise (acting directly or through its
Affiliates) shall fully perform, pay and discharge, under the Ameriprise Welfare
Plans, all claims of (A) Ameriprise Participants from and after the Distribution
Date that are incurred on or after the Distribution Date and (B) each Delayed
Transfer Employee from and after such Delayed Transfer Employee's Transfer Date
that are incurred on or after such Delayed Transfer Employee's Transfer Date.
Except as provided otherwise herein, from and after the Distribution Date (or,
in the case of a Delayed Transfer Employee, such Delayed Transfer Employee's
Transfer Date), Ameriprise shall reimburse AXP for all self-insured vision
benefit claims paid by the AXP Welfare Plans or AXP which were (A) claims of
Ameriprise Participants incurred but not paid prior to the Distribution Date or
(B) claims of any Delayed Transfer Employees incurred but not paid prior to such
Delayed Transfer Employee's Transfer Date. AXP shall submit a monthly written
invoice to Ameriprise detailing Ameriprise's Liability for such claims.
Ameriprise shall have the right, at its own expense, to audit, or to cause an
inspection body selected by Ameriprise and composed of members with appropriate
professional qualifications to audit, such invoices in a commercially reasonable
manner during normal AXP business hours. Notwithstanding the above, from and
after the Distribution Date, Ameriprise (acting directly or through its
Affiliates) shall reimburse AXP for its proportionate share of the Liability, as
calculated below, with respect to self-insured medical and dental benefits under
the AXP Welfare Plans that were incurred prior to the Distribution Date, but
submitted to, or paid by, the AXP Welfare Plans or AXP during the twenty-four
month period beginning on the Distribution Date (the "PRE-DISTRIBUTION CLAIM
PERIOD", and such claims, the "PRE-DISTRIBUTION DATE CLAIMS"). Claims submitted
to the AXP Welfare Plans or AXP after the expiration of the Pre-Distribution
Claim Period shall be the sole liability of the AXP Welfare Plans and AXP.
Ameriprise's proportionate share of the Pre-Distribution Date Claims shall be
determined separately on a monthly basis for each of the self-insured medical
plan coverage options set forth on Schedule H attached hereto (the "RUN-OUT
COVERAGE OPTIONS"), beginning with the month following the Distribution Date, by
multiplying the Pre-Distribution Date Claims paid under such Run-Out Coverage
Option during the month by the applicable percentage set forth on Schedule H
attached hereto with respect to such Run-Out Coverage Option. AXP shall submit a
monthly written invoice to Ameriprise detailing Ameriprise's portion of the
Pre-Distribution Date Claims. Ameriprise shall have the right, at its own
expense, to audit, or to cause an inspection body selected by Ameriprise and
composed of members with appropriate

                                       24
<Page>

professional qualifications to audit, such invoices in a commercially reasonable
manner during normal AXP business hours.

             (iii)    Retiree Medical. From and after the Distribution Date,
Ameriprise (acting directly or through its Affiliates) shall fully perform, pay
and discharge all claims of Ameriprise Participants under the Ameriprise Retiree
Medical Program that are incurred on or after the Distribution Date and all
claims of Delayed Transfer Employees under the Ameriprise Retiree Medical
Program that are incurred on or after such Delayed Transfer Employee's Transfer
Date. From and after the Distribution Date (or in the case of a Delayed Transfer
Employee, such Delayed Transfer Employee's Transfer Date), Ameriprise shall
reimburse AXP for all claims paid by the AXP Retiree Medical Plan or AXP which
were (A) claims of Ameriprise Participants incurred but not paid prior to the
Distribution Date or (B) claims of any Delayed Transfer Employee incurred but
not paid prior to such Delayed Transfer Employee's Transfer Date. AXP shall
submit a monthly written invoice to Ameriprise detailing Ameriprise's Liability
for such claims. Ameriprise shall have the right, at its own expense, to audit,
or to cause an inspection body selected by Ameriprise and composed of members
with appropriate professional qualifications to audit, such invoices in a
commercially reasonable manner during normal AXP business hours.

             (iv)     Incurred Claim Definition. For purposes of this Section
5.2(g), a claim or Liability is deemed to be incurred (A) with respect to
medical, dental, vision and/or prescription drug benefits, upon the rendering of
health services giving rise to such claim or Liability; (B) with respect to life
insurance, accidental death and dismemberment and business travel accident
insurance, upon the occurrence of the event giving rise to such claim or
Liability; (C) with respect to disability benefits, upon the date of an
individual's disability, as determined by the disability benefit insurance
carrier or claim administrator, giving rise to such claim or Liability; and (D)
with respect to a period of continuous hospitalization, upon the date of
admission to the hospital.

             (v)      Treatment of Other Liabilities, Recoveries and
Adjustments. For purposes of applying the claim Liability provisions of clauses
(ii) and (iii) above: (A) recoveries made by the AXP Welfare Plans or AXP prior
to the expiration of the Pre-Distribution Claim Period with respect to claims
incurred prior to the Distribution Date or relevant Transfer Date, as
applicable, including, but not limited to, subrogation/reimbursement recoveries,
claim adjustment recoveries and demutualization proceeds, shall be taken into
account as positive claim adjustments; and (B) other non-routine claim
Liabilities paid by the AXP Welfare Plans or AXP with respect to claims incurred
prior to the Distribution Date or relevant Transfer Date, as applicable,
including, but not limited to, Medicare Secondary Payer Liability, shall be
taken into account as claim Liabilities.

             (vi)     Claim Experience. Notwithstanding the foregoing,
Ameriprise (acting directly or through its Affiliates) shall take any action
necessary to ensure that any claims experience under the AXP Welfare Plans
attributable to Ameriprise Participants and Delayed Transfer Employees shall be
allocated to the Ameriprise Welfare Plans.

     5.3     DISPOSITION OF VEBA ASSETS. Following the Distribution Date, AXP
and Ameriprise hereby agree to cooperate in good faith to ensure that AXP and
the AXP Affiliates

                                       25
<Page>

shall retain all Voluntary Employee Beneficiary Association Assets and any
related trusts, and in no event will any such Assets or such related trusts
transfer to Ameriprise or one of its Affiliates.

     5.4     TIME-OFF BENEFITS. Ameriprise shall credit each Ameriprise
Participant and Delayed Transfer Employee with the amount of accrued but unused
vacation time, sick time and other time-off benefits as such Ameriprise
Participant or Delayed Transfer Employee had with the AXP Group as of the
Distribution Date, or with respect to Delayed Transfer Employees, the relevant
Transfer Date. Notwithstanding the above, Ameriprise shall not be required to
credit any Ameriprise Participant or Delayed Transfer Employee with any accrual
to the extent that a benefit attributable to such accrual is provided by the AXP
Group.

     5.5     KEY EXECUTIVE LIFE INSURANCE.

     (a)     AXP SPLIT DOLLAR ARRANGEMENT. AXP shall retain the American Express
Company Key Executive Life Insurance Plan As Amended and Restated Effective
January 1, 1992 and as subsequently amended (the "AXP KEL"). Ameriprise shall
not assume any portion of the AXP KEL or the split-dollar insurance policies
held by AXP thereunder. Pursuant to the terms of the AXP KEL, Ameriprise
Participants shall be treated thereunder as having terminated employment other
than by reason of retirement. The Parties shall agree as to the amount, if any,
that AXP shall reimburse Ameriprise out of the proceeds AXP receives as a result
of Ameriprise Participants purchasing the split-dollar insurance policies held
on their lives or as a result of AXP's disposal of such split-dollar insurance
policies.

     (b)     AMERIPRISE ARRANGEMENT. Ameriprise shall establish a key executive
life insurance program that provides eligible Ameriprise Participants with term
life insurance coverage in an amount equal to four times annual base salary,
subject to a maximum of $1,500,000. Such term life insurance coverage shall
terminate upon an Ameriprise Participant's termination from active employment
with the Ameriprise Group, subject to any conversion rights then available under
the group policy. In addition to such term life insurance coverage, for eligible
Ameriprise Participants who were participants in the AXP KEL prior to April 1,
2003, Ameriprise shall provide a non-qualified deferred compensation benefit
(the "AMP KEL CASH BENEFIT"), either through the Ameriprise Financial Deferred
Compensation Plan for Key Employees or through another non-qualified arrangement
determined by Ameriprise, in an amount equal to the cash value that would have
been payable to the Ameriprise Participant under the AXP KEL assuming that: (i)
in the case of an Ameriprise Participant who was a participant in the AXP KEL
prior to August 1, 2002, (A) the Ameriprise Participant had continued to
participate in the AXP KEL through the date of his termination of employment
with the Ameriprise Group and (B) premium payments on the split-dollar insurance
policy held on the Ameriprise Participant's life under the AXP KEL had continued
to be made after August 2002 and through the date of such Ameriprise
Participant's termination of employment with the Ameriprise Group; or (ii) in
the case of an Ameriprise Participant who became a participant in the AXP KEL
after August 2002, (A) a split-dollar insurance policy had been purchased on the
life of the Ameriprise Participant under the AXP KEL, (B) the Ameriprise
Participant had continued to participate in the AXP KEL through the date of his
termination of employment with the Ameriprise Group, and (C) premium payments on
such hypothetical policy had been made through the date of his termination of
employment with the Ameriprise Group. The amount and terms of payment of the AMP
KEL Cash Benefit shall be determined by Ameriprise in its sole

                                       26
<Page>

discretion and may be reduced by Ameriprise to reflect any compensation paid by
Ameriprise to reimburse an Ameriprise Participant who elects to purchase from
AXP the split-dollar insurance policy held on his life under the AXP KEL.

                                   ARTICLE VI

                          SUPPLEMENTAL RETIREMENT PLAN

     6.1     AMERICAN EXPRESS SUPPLEMENTAL RETIREMENT PLAN

     (a)     ESTABLISHMENT OF AMERIPRISE SRP. Effective as of the Distribution
Date, Ameriprise shall, or shall cause one of its Affiliates to, establish a
non-qualified deferred compensation plan to benefit Ameriprise Participants who
have accrued, or were eligible to accrue, benefits under the AXP SRP (the
"AMERIPRISE SRP") immediately prior to the Distribution Date. Effective as of
the Effective Time, Ameriprise hereby agrees to cause the Ameriprise SRP to
assume responsibility for all Liabilities and fully perform, pay and discharge
all obligations, when such obligations become due, of the AXP SRP with respect
to all Ameriprise Participants therein. With respect to each Delayed Transfer
Employee who participated in the AXP SRP, effective as of such Delayed Transfer
Employee's Transfer Date, Ameriprise shall cause the Ameriprise SRP to assume,
and to fully perform, pay and discharge, all Liabilities and obligations of the
AXP SRP with respect to such Delayed Transfer Employee. Ameriprise (acting
directly or through its Affiliates) shall be responsible for any and all
Liabilities (including Liability for funding) and other obligations with respect
to the Ameriprise SRP.

     (b)     CONTINUATION OF ELECTIONS. As of the Distribution Date, Ameriprise
(acting directly or through an Affiliate) shall cause the Ameriprise SRP to
recognize and maintain all elections (including deferral, distribution and
investment elections) and beneficiary designations with respect to Ameriprise
Participants under the AXP SRP. With respect to each Delayed Transfer Employee
who participated in the AXP SRP, effective as of such Delayed Transfer
Employee's Transfer Date, Ameriprise (acting directly or through an Affiliate)
shall cause the Ameriprise SRP to recognize and maintain all elections
(including deferral, distribution and investment elections) and beneficiary
designations with respect to such Delayed Transfer Employee.

                                   ARTICLE VII

                           LONG-TERM INCENTIVE AWARDS

     7.1     LONG-TERM INCENTIVE AWARDS. This Article VII sets forth obligations
and agreements between the Parties with respect to the treatment of outstanding
long-term incentive awards held by Ameriprise Participants under the AXP Stock
Plans.

     7.2     TREATMENT OF OUTSTANDING AXP OPTIONS HELD BY AMERIPRISE EMPLOYEES.

     (a)     PARTICIPATING COMPANY. Notwithstanding anything in this Agreement
to the contrary (including, without limitation, Section 2.2 hereof), neither
Ameriprise nor any member

                                       27
<Page>

of the Ameriprise Group that is a "participating company" (as such term is used
in the AXP Stock Plans) in the AXP Stock Plans immediately prior to the
Distribution Date shall cease to be a "participating company" in the AXP Stock
Plans as a result of the Distribution with respect to outstanding awards held by
Ameriprise Participants thereunder. Furthermore, Ameriprise and any such member
of the Ameriprise Group that is a "participating company" in the AXP Stock Plans
immediately prior to the Distribution Date will continue to be a "participating
company" in the AXP Stock Plans until such time as no AXP Option, share of AXP
Restricted Stock or AXP LOI (including, without limitation, a Remaining AXP
Option, Delayed Transfer AXP Option, share of Remaining AXP Restricted Stock,
share of Delayed Transfer AXP Restricted Stock, Remaining AXP LOI and Delayed
Transfer AXP LOI) held by an Ameriprise Participant remains outstanding or until
such earlier time as may be mutually agreed to by the AXP Committee and the
board of directors or other governing body of Ameriprise or such member of the
Ameriprise Group.

     (b)     VESTED AXP OPTIONS. Each option to purchase shares of AXP Common
Stock (each, an "AXP OPTION") outstanding under the AXP Stock Plans and held by
an Ameriprise Participant as of the Distribution Date that is or would have
become vested or exercisable, in accordance with its terms, by December 31, 2005
(the "MEASUREMENT DATE") (i) had such Ameriprise Participant remained employed
by AXP or its Affiliates until the Measurement Date or (ii) in accordance with
the applicable retirement practices and policies of AXP had the Ameriprise
Participant holding such AXP Option retired immediately prior to the Measurement
Date, in each case assuming the Distribution had not occurred, shall remain an
option on AXP Common Stock issued under the AXP Stock Plans (each such option, a
"REMAINING AXP OPTION"). Each Remaining AXP Option shall be subject to the same
terms and conditions after the Distribution as the terms and conditions
applicable to the corresponding AXP Option immediately prior to the
Distribution, it being understood that by reason of Ameriprise and members of
the Ameriprise Group each continuing to be a "participating company" in the AXP
Stock Plans, the employment of an Ameriprise Participant who holds Remaining AXP
Options shall not be considered terminated for purposes of the AXP Stock Plans
as a result of the Distribution and such employment shall only be considered to
terminate for purposes of the AXP Stock Plans when the employment of such
Ameriprise Participant with the Ameriprise Group terminates. The exercise price
and number of shares subject to each Remaining AXP Option shall be adjusted in
accordance with Section 424 of the Code. As a result, (i) the number of shares
of AXP Common Stock subject to such Remaining AXP Option shall be equal to the
product of (x) the number of shares of AXP Common Stock subject to the
corresponding AXP Option immediately prior to the Distribution Date and (y) the
AXP Share Ratio, with fractional shares rounded down to the nearest whole share
and (ii) the per-share exercise price of such Remaining AXP Option shall be
equal to the product of (x) the per-share exercise price of the corresponding
AXP Option immediately prior to the Distribution Date and (y) the AXP Price
Ratio, rounded up to the nearest whole cent.

     (c)     UNVESTED AXP OPTIONS. Each AXP Option outstanding under the AXP
Stock Plans and held by an Ameriprise Participant as of the Distribution Date
that would not be vested or treated as vested as of the Measurement Date, as
determined in accordance with Section 7.2(b) above (each such AXP Option, an
"UNVESTED AXP OPTION"), shall be substituted with an option to purchase shares
of Ameriprise Common Stock (each such option, an "AMERIPRISE OPTION") issued
under the Ameriprise Stock Plan and subject to terms and conditions after the
Distribution

                                       28
<Page>

that are substantially similar to the terms and conditions applicable to the
corresponding Unvested AXP Option immediately prior to the Distribution. The
exercise price and number of shares subject to such Ameriprise Option shall be
determined in accordance with Section 424 of the Code. As a result, (i) the
number of shares of Ameriprise Common Stock subject to each such Ameriprise
Option shall be equal to the product of (x) the number of shares of AXP Common
Stock subject to the corresponding Unvested AXP Option immediately prior to the
Distribution Date and (y) the Ameriprise Share Ratio, with fractional shares
rounded to the nearest whole share and (ii) the per-share exercise price of each
such Ameriprise Option shall be equal to the product of (x) the per-share
exercise price of the corresponding Unvested AXP Option immediately prior to the
Distribution Date and (y) the Ameriprise Price Ratio, rounded up to the nearest
whole cent.

     (d)     SERIAL SEVERANCE EMPLOYEES. Notwithstanding anything in this
Section 7.2 to the contrary, all outstanding AXP Options held by Serial
Severance Employees under the AXP Stock Plans as of the Distribution Date,
regardless of whether or not vested as of the Distribution Date, shall be
treated as Remaining AXP Options in accordance with Section 7.2(b) above.

     (e)     DELAYED TRANSFER EMPLOYEES.

             (i)      Each AXP Option outstanding under the AXP Stock Plans and
held by a Delayed Transfer Employee as of such Delayed Transfer Employee's
Transfer Date that (A) vested on or prior to the Measurement Date or, in the
event such Delayed Transfer Employee's Transfer Date occurs prior to the
Measurement Date, would have become vested or exercisable, in accordance with
its terms, by the Measurement Date had such Delayed Transfer Employee remained
employed by AXP or its Affiliates until the Measurement Date or (B) that would
have vested in accordance with the applicable retirement practices and policies
of AXP had the Delayed Transfer Employee retired immediately prior to the
Measurement Date, shall remain an option on AXP Common Stock issued under the
AXP Stock Plans (each such option, a "DELAYED TRANSFER AXP OPTION"). Each
Delayed Transfer AXP Option held by a Delayed Transfer Employee shall be subject
to the same terms and conditions after such Delayed Transfer Employee's Transfer
Date as the terms and conditions applicable to the corresponding AXP Option
immediately prior to such Delayed Transfer Employee's Transfer Date, it being
understood that by reason of Ameriprise and members of the Ameriprise Group each
continuing to be a "participating company" in the AXP Stock Plans, the
employment of a Delayed Transfer Employee who holds Delayed Transfer AXP Options
shall not be considered terminated for purposes of the AXP Stock Plans as a
result of such Delayed Transfer Employee's transfer to the AMP Group in
connection with the Distribution and such employment shall only be considered to
terminate for purposes of the AXP Stock Plans when the employment of such
Delayed Transfer Employee with the Ameriprise Group terminates.

             (ii)     Each AXP Option outstanding under the AXP Stock Plans and
held by a Delayed Transfer Employee as of such Delayed Transfer Employee's
Transfer Date that was not vested or treated as vested as of the Measurement
Date, as determined in accordance with Section 7.2(e)(i) above, shall be
substituted with an option to purchase shares of Ameriprise Common Stock (each
such option, a "DELAYED TRANSFER AMERIPRISE OPTION") issued under the Ameriprise
Stock Plan and subject to terms and conditions after such Delayed Transfer
Employee's Transfer Date that are substantially similar to the terms and
conditions applicable to

                                       29
<Page>

the corresponding AXP Option immediately prior to such Delayed Transfer
Employee's Transfer Date. The exercise price and number of shares subject to
such Delayed Transfer Ameriprise Option shall be determined in accordance with
Section 424 of the Code. As a result, (i) the number of shares of Ameriprise
Common Stock subject to each such Delayed Transfer Ameriprise Option shall be
equal to the product of (x) the number of shares of AXP Common Stock subject to
the corresponding AXP Option immediately prior to such Delayed Transfer
Employee's Transfer Date and (y) the Delayed Share Ratio, with fractional shares
rounded to the nearest whole share and (ii) the per-share exercise price of each
such Delayed Transfer Ameriprise Option shall be equal to the product of (x) the
per-share exercise price of the corresponding AXP Option immediately prior to
such Delayed Transfer Employee's Transfer Date and (y) the Delayed Price Ratio,
rounded up to the nearest whole cent.

     (f)     RESTRICTION ON EXERCISABILITY OF OPTIONS. The Parties acknowledge
and agree that blackout periods may be implemented with respect to the Remaining
AXP Options and Ameriprise Options for administrative reasons in accordance with
the terms of the AXP Stock Plans or the Ameriprise Stock Plan, as applicable.

     7.3     TREATMENT OF OUTSTANDING AXP RESTRICTED STOCK.

     (a)     AXP RESTRICTED STOCK VESTING BY THE MEASUREMENT DATE. Each
restricted share of AXP Common Stock ("AXP RESTRICTED STOCK") outstanding under
the AXP Stock Plans and held by an Ameriprise Participant as of the Distribution
Date that would have become vested, in accordance with its terms, by the
Measurement Date (i) had such Ameriprise Participant remained employed by AXP or
its Affiliates until the Measurement Date or (ii) in accordance with the
applicable retirement practices and policies of AXP had the Ameriprise
Participant holding such AXP Restricted Stock retired immediately prior to the
Measurement Date, in each case assuming the Distribution had not occurred, shall
remain a share of AXP Restricted Stock issued under the AXP Stock Plans (each
such share of AXP Restricted Stock, "REMAINING AXP RESTRICTED STOCK"). Each
share of Remaining AXP Restricted Stock shall be subject to the same terms and
conditions after the Distribution as the terms and conditions applicable to the
corresponding share of AXP Restricted Stock immediately prior to the
Distribution, it being understood that by reason of Ameriprise and members of
the Ameriprise Group each continuing to be a "participating company" in the AXP
Stock Plans, the employment of an Ameriprise Participant who holds such shares
of Remaining AXP Restricted Stock shall not be considered to have terminated for
purposes of the AXP Stock Plans as a result of the Distribution and such
employment shall only be considered to terminate for purposes of the AXP Stock
Plans when the employment of such Ameriprise Participant with the Ameriprise
Group terminates. The number of shares of Remaining AXP Restricted Stock held by
an Ameriprise Participant shall be adjusted in a manner so that the number of
shares of Remaining AXP Restricted Stock held by an Ameriprise Participant
immediately following the Distribution Date will equal the product of (x) the
number of shares of corresponding AXP Restricted Stock held by such Ameriprise
Participant immediately prior to the Distribution Date and (y) the AXP Share
Ratio, with fractional shares rounded to the nearest whole share.

     (b)     UNVESTED AXP RESTRICTED STOCK. Except as otherwise expressly
provided in any written agreement entered into between AXP and any Ameriprise
Participant and provided to Ameriprise, each share of AXP Restricted Stock
outstanding under the AXP Stock Plans held by

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<Page>

an Ameriprise Employee as of the Distribution Date that would not be vested or
treated as vested as of the Measurement Date, as determined in accordance with
Section 7.3(a) above, shall be substituted with restricted shares of Ameriprise
Common Stock ("AMERIPRISE RESTRICTED STOCK") issued under the Ameriprise Stock
Plan and subject to terms and conditions after the Distribution that are
substantially similar to the terms and conditions applicable to the
corresponding shares of AXP Restricted Stock immediately prior to the
Distribution. The number of shares of Ameriprise Restricted Stock to which an
Ameriprise Participant is entitled pursuant to this Section 7.3(b) will equal
the product of (x) the number of shares of corresponding AXP Restricted Stock
held by such Ameriprise Participant immediately prior to the Distribution Date
and (y) the Ameriprise Share Ratio, with fractional shares rounded to the
nearest whole share.

     (c)     SERIAL SEVERANCE EMPLOYEES. Notwithstanding anything in this
Section 7.3 to the contrary, all outstanding shares of AXP Restricted Stock held
by Serial Severance Employees under the AXP Stock Plans as of the Distribution
Date, regardless of when such AXP Restricted Shares would otherwise vest, shall
be treated as Remaining AXP Restricted Stock in accordance with Section 7.3(a)
above.

     (d)     DELAYED TRANSFER EMPLOYEES.

             (i)      Each share of AXP Restricted Stock outstanding under the
AXP Stock Plans and held by a Delayed Transfer Employee as of such Delayed
Transfer Employee's Transfer Date that would have become vested (A) in
accordance with the applicable retirement practices and policies of AXP had the
Delayed Transfer Employee retired immediately prior to the Measurement Date or
(B) in the event such Delayed Transfer Employee's Transfer Date occurs prior to
the Measurement Date, would have become vested, in accordance with its terms, by
the Measurement Date had such Delayed Transfer Employee remained employed by AXP
or its Affiliates until the Measurement Date, shall remain a share of AXP
Restricted Stock issued under the AXP Stock Plans (each such share of AXP
Restricted Stock, "DELAYED TRANSFER AXP RESTRICTED STOCK"). Each share of
Delayed Transfer AXP Restricted Stock shall be subject to the same terms and
conditions after a Delayed Transfer Employee's Transfer Date as the terms and
conditions applicable to the corresponding share of AXP Restricted Stock
immediately prior to such Delayed Transfer Employee's Transfer Date, it being
understood that by reason of Ameriprise and members of the Ameriprise Group each
continuing to be a "participating company" in the AXP Stock Plans, the
employment of a Delayed Transfer Employee who holds shares of Delayed Transfer
AXP Restricted Stock shall not be considered terminated for purposes of the AXP
Stock Plans as a result of such Delayed Transfer Employee's transfer to the AMP
Group in connection with the Distribution and such employment shall only be
considered to terminate for purposes of the AXP Stock Plans when the employment
of such Delayed Transfer Employee with the Ameriprise Group terminates.

             (ii)     Each share of AXP Restricted Stock outstanding under the
AXP Stock Plans held by a Delayed Transfer Employee as of such Delayed Transfer
Employee's Transfer Date that would not be treated as vested in accordance with
Section 7.3(d)(i) above, shall be substituted with restricted shares of
Ameriprise Common Stock ("DELAYED TRANSFER AMERIPRISE RESTRICTED STOCK") issued
under the Ameriprise Stock Plan and subject to terms and conditions after such
Delayed Transfer Employee's Transfer Date that are substantially similar to the
terms and conditions applicable to the corresponding shares of AXP Restricted
Stock immediately

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<Page>

prior to such Delayed Transfer Employee's Transfer Date. The number of shares of
Delayed Transfer Ameriprise Restricted Stock to which a Delayed Transfer
Employee is entitled pursuant to this Section 7.3(d)(ii) will equal the product
of (x) the number of shares of corresponding AXP Restricted Stock held by such
Delayed Transfer Employee immediately prior to such Delayed Transfer Employee's
Transfer Date and (y) the Delayed Share Ratio, with fractional shares rounded to
the nearest whole share.

     7.4     TREATMENT OF OUTSTANDING LETTERS OF INTENT.

     (a)     AXP LOIS VESTING BY THE MEASUREMENT DATE. Each letter of intent
evidencing a promise to deliver shares of AXP Common Stock in the future (each,
an "AXP LOI") outstanding under the AXP Stock Plans and held by an Ameriprise
Participant as of the Distribution Date that would have become vested, in
accordance with its terms, by the Measurement Date (i) had such Ameriprise
Participant remained employed by AXP or its Affiliates until the Measurement
Date or (ii) in accordance with the applicable retirement practices and policies
of AXP had the Ameriprise Participant holding such AXP LOI retired immediately
prior to the Measurement Date, in each case assuming the Distribution had not
occurred, shall remain an AXP LOI issued under the AXP Stock Plans (each such
AXP LOI, a "REMAINING AXP LOI"). Each Remaining AXP LOI shall be subject to the
same terms and conditions after the Distribution as the terms and conditions
applicable to the corresponding AXP LOI immediately prior to the Distribution,
it being understood that by reason of Ameriprise and members of the Ameriprise
Group each continuing to be a "participating company" in the AXP Stock Plans,
the employment of an Ameriprise Participant who holds Remaining AXP LOIs shall
not be considered to have terminated for purposes of the AXP Stock Plans as a
result of the Distribution and such employment shall only be considered to
terminate for purposes of the AXP Stock Plans when the employment of such
Ameriprise Participant with the Ameriprise Group terminates. The number of
shares of AXP Common Stock to which a Remaining AXP LOI held by an Ameriprise
Participant relates shall be adjusted to equal the product of (x) the number of
shares of AXP Common Stock to which the corresponding AXP LOI relates
immediately prior to the Distribution Date and (y) the AXP Share Ratio, with
fractional shares rounded to the nearest whole share.

     (b)     UNVESTED AXP LOIS. Except as otherwise expressly provided in any
written agreement entered into between AXP and any Ameriprise Participant and
provided to Ameriprise, each AXP LOI outstanding under the AXP Stock Plans held
by an Ameriprise Employee as of the Distribution Date that would not be vested
or treated as vested as of the Measurement Date, as determined in accordance
with Section 7.4(a) above, shall be substituted with a letter of intent
evidencing a promise to deliver shares of Ameriprise Common Stock (each, an
"AMERIPRISE LOI") issued under the Ameriprise Stock Plan and subject to terms
and conditions after the Distribution that are substantially similar to the
terms and conditions applicable to the corresponding AXP LOI immediately prior
to the Distribution. The number of shares of Ameriprise Common Stock to which an
Ameriprise LOI relates will equal the product of (x) the number of shares of AXP
Common Stock to which the corresponding AXP LOI relates immediately prior to the
Distribution Date and (y) the Ameriprise Share Ratio, with fractional shares
rounded to the nearest whole share.

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<Page>

     (c)     SERIAL SEVERANCE EMPLOYEES. Notwithstanding anything in this
Section 7.4 to the contrary, all outstanding AXP LOIs held by Serial Severance
Employees under the AXP Stock Plans as of the Distribution Date, regardless of
when such AXP LOIs would otherwise vest, shall be treated as Remaining AXP LOIs
in accordance with Section 7.4(a) above.

     (d)     DELAYED TRANSFER EMPLOYEES.

             (i)      Each AXP LOI outstanding under the AXP Stock Plans and
held by a Delayed Transfer Employee as of such Delayed Transfer Employee's
Transfer Date that would have become vested (A) in accordance with the
applicable retirement practices and policies of AXP had the Delayed Transfer
Employee retired immediately prior to the Measurement Date or (B) in the event
such Delayed Transfer Employee's Transfer Date occurs prior to the Measurement
Date, would have become vested, in accordance with its terms, by the Measurement
Date had such Delayed Transfer Employee remained employed by AXP or its
Affiliates until the Measurement Date, shall remain an AXP LOI issued under the
AXP Stock Plans (each such AXP LOI, a "DELAYED TRANSFER AXP LOI"). Each Delayed
Transfer AXP LOI shall be subject to the same terms and conditions after a
Delayed Transfer Employee's Transfer Date as the terms and conditions applicable
to the corresponding AXP LOI immediately prior to such Delayed Transfer
Employee's Transfer Date, it being understood that by reason of Ameriprise and
members of the Ameriprise Group each continuing to be a "participating company"
in the AXP Stock Plans, the employment of a Delayed Transfer Employee who holds
any Delayed Transfer AXP LOIs shall not be considered terminated for purposes of
the AXP Stock Plans as a result of such Delayed Transfer Employee's transfer to
the AMP Group in connection with the Distribution and such employment shall only
be considered to terminate for purposes of the AXP Stock Plans when the
employment of such Delayed Transfer Employee with the Ameriprise Group
terminates.

             (ii)     Each AXP LOI outstanding under the AXP Stock Plans held by
a Delayed Transfer Employee as of such Delayed Transfer Employee's Transfer Date
that would not be treated as vested, as determined in accordance with Section
7.4(d)(i) above, shall be substituted with a letter of intent evidencing a
promise to deliver shares of Ameriprise Common Stock (each, a "DELAYED TRANSFER
AMERIPRISE LOI") issued under the Ameriprise Stock Plan and subject to terms and
conditions after such Delayed Transfer Employee's Transfer Date that are
substantially similar to the terms and conditions applicable to the
corresponding AXP LOI immediately prior to such Delayed Transfer Employee's
Transfer Date. The number of shares of Ameriprise Common Stock to which such a
Delayed Transfer Ameriprise LOI relates will equal the product of (x) the number
of shares of AXP Common Stock to which the corresponding AXP LOI relates
immediately prior to such Delayed Transfer Employee's Transfer Date and (y) the
Delayed Share Ratio, with fractional shares rounded to the nearest whole share.

     7.5     TREATMENT OF OUTSTANDING PORTFOLIO GRANTS.

     (a)     ASSUMPTION OF LIABILITY. Effective as of the Effective Time,
Ameriprise shall assume responsibility for all Liabilities and fully perform,
pay and discharge all obligations, when such obligations become due, relating to
the Outstanding PG Awards held, as of the Distribution Date, by Ameriprise
Participants (such assumed Outstanding PG Awards, the "AMERIPRISE PG AWARDS").

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<Page>

     (b)     TERMS AND CONDITIONS. Ameriprise PG Awards shall be issued pursuant
to the Ameriprise Stock Plan. Except with respect to performance goals and
targets, Ameriprise PG Awards shall be subject to terms and conditions after the
Distribution that are substantially similar to the terms and conditions
applicable to the corresponding Outstanding PG Awards immediately prior to the
Distribution. With respect to the performance goals and targets relating to each
of the Ameriprise PG Awards, such performance goals and targets shall be
adjusted by Ameriprise, in its sole discretion, in accordance with their terms
(including, without limitation, the terms of the Ameriprise Stock Plan and any
related award agreement).

     7.6     DETRIMENTAL CONDUCT PROVISIONS. Ameriprise hereby acknowledges that
any Detrimental Conduct Provisions applicable to the Remaining AXP Options,
Remaining AXP Restricted Stock, or Remaining AXP LOIs held by Ameriprise
Participants and any Detrimental Conduct Provisions applicable to Delayed
Transfer AXP Options, Delayed Transfer AXP Restricted Stock or Delayed Transfer
AXP LOIs held by Delayed Transfer Employees shall continue in full force and
effect following the Distribution. In addition, Ameriprise agrees to use
reasonable commercial efforts to provide AXP with any Information reasonably
requested by AXP in connection with the enforcement of such Detrimental Conduct
Provisions. Furthermore, the Parties acknowledge that with respect to any
Ameriprise Participant who holds Remaining AXP Options, Remaining AXP Restricted
Stock, or Remaining AXP LOIs and any Delayed Transfer Employee who holds Delayed
Transfer AXP Options, Delayed Transfer AXP Restricted Stock or Delayed Transfer
AXP LOIs, AXP will waive any violation of the Detrimental Conduct Provisions
applicable to such awards that would otherwise be caused by the employment, in
and of itself, of such holder with Ameriprise or any member of the Ameriprise
Group.

     7.7     SEC REGISTRATION. The Parties mutually agree to use commercially
reasonable efforts to maintain effective registration statements with the SEC
with respect to the long-term incentive awards described in this Article VII, to
the extent any such registration statement is required by applicable Law.

     7.8     SAVINGS CLAUSE. The Parties hereby acknowledge that the provisions
of this Article VII are intended to achieve certain tax, legal and accounting
objectives and, in the event such objectives are not achieved, the Parties agree
to negotiate in good faith regarding such other actions that may be necessary or
appropriate to achieve such objectives.

                                  ARTICLE VIII

                   ADDITIONAL COMPENSATION MATTERS; SEVERANCE

     8.1     ANNUAL INCENTIVE AWARDS.

     (a)     AMERIPRISE ASSUMPTION OF ANNUAL INCENTIVE LIABILITY. Effective as
of the Effective Time, Ameriprise shall assume or retain, as applicable,
responsibility for all Liabilities and fully perform, pay and discharge all
obligations, when such obligations become due, relating to any annual incentive
awards that any Ameriprise Participant is eligible to receive with respect to
calendar year 2005 and, effective as of the Effective Time, AXP shall have no
obligation with respect to any such annual incentive award.

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<Page>

     (b)     AXP ASSUMPTION OF ANNUAL INCENTIVE LIABILITY. Effective as of the
Effective Time, AXP shall assume or retain, as applicable, responsibility for
all Liabilities and fully perform, pay and discharge all obligations relating to
any annual incentive awards that any AXP Participant is eligible to receive with
respect to calendar year 2005 and, effective as of the Effective Time,
Ameriprise shall have no obligation with respect thereto.

     8.2     DEFERRED COMPENSATION.

     (a)     OUTSTANDING DEFERRED COMPENSATION LIABILITIES. Effective as of the
Effective Time, Ameriprise shall assume or retain, as applicable, responsibility
for all Liabilities and fully perform, pay and discharge all obligations, when
such obligations become due, relating to the deferred compensation accounts of
Ameriprise Participants under the AXP Deferred Compensation Plans as of the
Distribution Date. Such deferred compensation accounts shall be subject to terms
and conditions that are substantially similar to the terms and conditions of the
AXP Deferred Compensation Plans as in effect immediately prior to the
Distribution Date, it being understood that the crediting rates applicable to
each such deferred compensation account shall be determined in accordance with
the terms and conditions of the applicable Ameriprise Deferred Compensation Plan
and the principles set forth on Schedule I attached hereto. Notwithstanding
anything in this Section 8.2(a) to the contrary, with respect to those
Ameriprise Participants who, as of the Distribution Date, could have elected to
retire in accordance with the applicable retirement practices and policies of
AXP and who previously were employed by CHQ, AEB or TRS (the "AXP DC
PARTICIPANTS"), AXP shall retain all Liabilities (including future interest
accruals) and fully perform, pay and discharge all obligations related to that
portion of the deferred compensation accounts of the AXP DC Participants under
the AXP Deferred Compensation Plans that was deferred by each AXP DC Participant
while employed by CHQ, AEB or TRS (the "AXP DC PARTICIPANT ACCOUNTS"). Following
the Distribution, the AXP DC Participant Accounts shall continue to be subject
to the terms and conditions of the AXP Deferred Compensation Plans, as in effect
from time to time, it being understood that the employment of an AXP DC
Participant shall not be considered to have terminated as a result of the
Distribution, and such employment shall only be considered to terminate for
purposes of the AXP Deferred Compensation Plans when the employment of such AXP
DC Participant with the Ameriprise Group terminates in accordance with the terms
of the Ameriprise Deferred Compensation Plan. Ameriprise shall retain all
Liabilities (including future interest accruals) and fully perform, pay and
discharge all obligations related to that portion of the deferred compensation
accounts of the AXP DC Participants under the AXP Deferred Compensation Plans
that was deferred by each AXP DC Participant while employed by the Ameriprise
Group.

     (b)     CONTINUING ELECTIONS. All elections by Ameriprise Participants with
respect to outstanding deferred compensation account balances retained or
assumed by Ameriprise in accordance with this Section 8.2 that were controlling
under the terms of the applicable AXP Deferred Compensation Plan prior to the
Distribution shall continue in effect with respect to such account balances
until a new election that by its terms supersedes such original election is made
by such Ameriprise Participant in accordance with applicable Law and the terms
and conditions applicable to such account balances.

     (c)     2005 TERMINATION ELECTION. In accordance with Q&A 20 of Internal
Revenue Service Notice 2005-1, Ameriprise intends to offer all Ameriprise
Participants who have

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<Page>

outstanding deferred compensation account balances under any of the AXP Deferred
Compensation Plans that are to be retained or assumed by Ameriprise in
accordance with this Section 8.2 the right to irrevocably elect to terminate
participation in such plans and to receive all such outstanding deferred
compensation account balances in a lump sum cash payment to be made by
Ameriprise as soon as reasonably practicable after such Ameriprise Participant
properly files such election with Ameriprise, but in no event later than
December 31, 2005.

     8.3     AMERIPRISE KEY EMPLOYEE RETENTION AWARDS. Ameriprise hereby
acknowledges and agrees that it shall have full responsibility with respect to
any Liabilities and the payment or performance of any obligations arising out of
or relating to the arrangements listed on Schedule J attached hereto.

     8.4     SEVERANCE PLANS.

     (a)     ESTABLISHMENT OF AMERIPRISE SEVERANCE PLANS. Effective as of the
Distribution Date, Ameriprise shall take all steps necessary to establish (i)
the Ameriprise Financial Senior Executive Severance Plan for those Ameriprise
Employees who, immediately prior to the Distribution Date, were eligible to
participate in the American Express Senior Executive Severance Plan and (ii) the
Ameriprise Financial Severance Pay Plan for all Ameriprise Employees who,
immediately prior to the Distribution Date, were eligible to participate in the
American Express Severance Pay Plan (the Ameriprise Senior Executive Severance
Plan and the Ameriprise Severance Pay Plan referred to herein collectively as
the "AMERIPRISE SEVERANCE PLANS").

     (b)     ASSUMPTION OF SEVERANCE LIABILITIES. Effective as of the Effective
Time, Ameriprise shall assume or retain, as applicable, responsibility for all
Liabilities and fully perform, pay and discharge all obligations, when such
obligations become due, relating to any severance benefit to which an Ameriprise
Participant is entitled under an AXP Severance Plan as of the Distribution Date.

     (c)     SEVERANCE BENEFITS. With respect to any Ameriprise Participant or
Delayed Transfer Employee who becomes eligible to receive severance benefits
pursuant to an Ameriprise Severance Plan during the period commencing on the
Close of the Distribution Date and ending on the first anniversary of the
Distribution Date, the applicable Ameriprise Severance Plan shall provide to
such Ameriprise Participant an amount of severance benefit that is not less than
the number of weeks of pay that such Ameriprise Participant would have received
under the corresponding AXP Severance Plan as in effect immediately prior to the
Distribution Date.

     (d)     EFFECT OF THE SEPARATION ON SEVERANCE. AXP and Ameriprise
acknowledge and agree that the transactions contemplated by the Separation and
Distribution Agreement will not constitute a termination of employment of any
Ameriprise Participant for purposes of any policy, plan, program or agreement of
AXP or Ameriprise or any member of the AXP Group or Ameriprise Group that
provides for the payment of severance, separation pay, salary continuation or
similar benefits in the event of a termination of employment.

     8.5     WORKERS' COMPENSATION LIABILITIES.

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<Page>

     (a)     PRE-DISTRIBUTION DATE CLAIMS. Except as set forth below, all
workers' compensation Liabilities relating to, arising out of, or resulting from
any claim by an Ameriprise Employee or Former Ameriprise Employee that results
from an accident, incident or event occurring, or from an occupational disease
which becomes manifest, before the Effective Time shall be retained by
Ameriprise. Notwithstanding the foregoing, Ameriprise shall not assume or retain
any workers' compensation Liability relating to, arising out of, or resulting
from any claim by an Ameriprise Employee that results from an accident, incident
or event occurring, or from an occupational disease which becomes manifest,
while such Ameriprise Employee was employed by any member of the AXP Group (such
a claim, an "AXP RETAINED CLAIM"). All workers' compensation Liabilities
relating to, arising out of, or resulting from (i) any AXP Retained Claim or
(ii) any claim by an AXP Employee or Former AXP Employee that results from an
accident, incident, or event occurring, or from an occupational disease which
becomes manifest before the Effective Time shall be retained by AXP.

     (b)     POST-DISTRIBUTION DATE CLAIMS. All workers' compensation
Liabilities relating to, arising out of, or resulting from any claim by an
Ameriprise Employee or Former Ameriprise Employee that results from an accident,
incident or event occurring, or from an occupational disease which becomes
manifest, on or after the Effective Time shall be retained by Ameriprise. All
workers' compensation Liabilities relating to, arising out of, or resulting from
any claim by an AXP Employee or Former AXP Employee that results from an
accident, incident or event occurring, or from an occupational disease which
becomes manifest, on or after the Effective Time shall be retained by AXP.

     (c)     DELAYED TRANSFER EMPLOYEES. All workers' compensation Liabilities
relating to, arising out of, or resulting from any claim by an Ameriprise
Delayed Transfer Employee that results from an accident, incident or event
occurring, or from an occupational disease which becomes manifest, before such
Ameriprise Delayed Transfer Employee's Transfer Date shall be assumed or
retained, as applicable, by Ameriprise. All workers' compensation Liabilities
relating to, arising out of, or resulting from any claim by an AXP Delayed
Transfer Employee that results from an accident, incident or event occurring, or
from an occupational disease which becomes manifest, before such AXP Delayed
Transfer Employee's Transfer Date shall be assumed or retained, as applicable,
by AXP. All workers' compensation Liabilities relating to, arising out of, or
resulting from any claim by a Delayed Transfer Employee that results from an
accident, incident or event occurring, or from an occupational disease which
becomes manifest, on or after such Delayed Transfer Employee's Transfer Date
shall be retained or assumed, as applicable, by Ameriprise. For purposes of this
Section 8.5(c), (i) "Ameriprise Delayed Transfer Employee" means any Delayed
Transfer Employee who, prior to such Delayed Transfer Employee's Transfer Date,
devotes a majority of his or her time to performing services for Ameriprise, and
(ii) "AXP Delayed Transfer Employee" means any Delayed Transfer Employee who,
prior to such Delayed Transfer Employee's Transfer Date, devotes a majority of
his or her time to performing services for AXP, in each case as determined in
good faith by the Parties.

     (d)     GENERAL. For purposes of this Section 8.5, a compensable injury
shall be deemed to be sustained upon the occurrence of the event giving rise to
eligibility for workers' compensation benefits or an occupation disease becomes
manifest, as the case may be. AXP and Ameriprise shall cooperate in good faith
with respect to the notification to appropriate

                                       37
<Page>

governmental agencies of the Distribution and the issuance of new, or the
transfer of existing, workers' compensation insurance policies and claims
handling contracts.

     8.6     SECTION 162(m). Notwithstanding anything in this Agreement to the
contrary (including, without limitation, the treatment of outstanding long-term
incentive awards and annual incentive awards as described herein), the Parties
agree to negotiate in good faith regarding any alternative treatment of any
outstanding long-term incentive award, annual incentive award or other
compensation to which any Ameriprise Participant who is a "covered employee" of
Ameriprise (within the meaning of Section 162(m) of the Code) may be entitled to
ensure that the payment of such long-term incentive award, annual incentive
award or other compensation is deductible by the Party responsible for the
payment thereof or otherwise entitled to the deduction related thereto.

                                   ARTICLE IX

                                UK PENSION ISSUES

     9.1     UK PENSION ASSET TRANSFER.

     (a)     ESTABLISHMENT OF AMERIPRISE UK RETIREMENT PLAN. Effective as of the
Distribution Date, Ameriprise shall, or shall cause one or more members of the
Ameriprise Group to, establish an occupational defined benefit pension plan to
provide retirement benefits to Ameriprise Participants who immediately prior to
the Distribution Date were participants in, or entitled to present or future
benefits (whether or not vested) under, the AXP UK Plan (such defined benefit
pension plan, the "AMERIPRISE UK RETIREMENT PLAN" and such Ameriprise
Participants, the "AMERIPRISE UK PLAN PARTICIPANTS"). For the avoidance of
doubt, Ameriprise shall procure that each of the Ameriprise Employees who was a
member of the AXP UK Plan immediately prior to the Distribution Date is invited
to become a member of the Ameriprise UK Retirement Plan with effect from the
Distribution Date. Ameriprise undertakes to ensure that the Ameriprise UK
Retirement Plan (i) is an exempt approved scheme under UK Income and Corporation
Taxes Act 1988, (ii) is a scheme which is contracted out on a reference scheme
basis, (iii) is capable of receiving the Transfer Amount without prejudicing the
status of the AXP UK Plan as an exempt approved scheme and without requiring the
consent of the Ameriprise UK Plan Participants to the transfer, and (iv) for a
period of not less than twelve (12) months from the Distribution Date, provides
benefits in respect of the future service of each Ameriprise Employee who is an
Ameriprise UK Plan Participant which are, in the opinion of the AXP UK Actuary,
substantially comparable in the aggregate to the benefits provided by the AXP UK
Scheme as in effect immediately prior to the Distribution Date.

     (b)     ASSUMPTION OF AXP UK PLAN LIABILITIES. Effective as of the Payment
Date, Ameriprise (acting directly or through its Affiliates) hereby agrees to
cause the Ameriprise UK Retirement Plan to accept the Transfer Amount in full
and final settlement of all claims against the AXP UK Plan in respect of the
Ameriprise UK Plan Participants (whose consent shall not be required). Subject
to the payment of the Transfer Amount in accordance with Section 9.1(c) below,
Ameriprise shall procure that the Ameriprise UK Retirement Plan shall provide
benefits in respect of each Ameriprise UK Plan Participant which are, in the
case of any pensioner, deferred pensioner or pension credit member, identical to
those provided under the AXP UK

                                       38
<Page>

Plan to such Ameriprise UK Plan Participant immediately prior to the
Distribution Date and otherwise in respect of pensionable service (including
transfer credits) of each Ameriprise UK Plan Participant at least equal to those
required to allow the rights and entitlements of the Ameriprise UK Plan
Participants in the AXP UK Plan to be transferred to the Ameriprise UK
Retirement Plan without consent in accordance with the provisions of Regulation
12 of The Occupational Pension Schemes (Preservation of Benefit) Regulations
1991 and actuarial guidance note GN16 (as either may be in force at the Payment
Date).

     (c)     TRANSFER OF AXP UK PLAN ASSETS.

             (i)      As soon as reasonably practicable following the
Distribution Date, AXP shall cause the AXP UK Actuary to determine the UK
Transfer Amount. Within thirty (30) days of the calculation of the UK Transfer
Amount by the AXP UK Actuary, the Ameriprise UK Actuary shall verify and agree
to such UK Transfer Amount. AXP and Ameriprise undertake to procure that all
such Information as shall be reasonably required by the AXP UK Actuary and the
Ameriprise UK Actuary for the purpose of calculating and verifying the UK
Transfer Amount shall be promptly provided to them and that all such Information
shall (to the best of their knowledge and belief) be true, complete and accurate
in all material respects as of the date the Information is required for the
purposes of this Section 9.1. If the AXP UK Actuary and the Ameriprise UK
Actuary are unable to agree to the UK Transfer Amount within thirty (30) days of
its calculation by the AXP UK Actuary, the matter shall be referred to an
independent actuary in accordance with Section 9.1(e) hereof.

             (ii)     The Transfer Amount is only payable if the following
conditions have been and remain satisfied: (A) the Ameriprise UK Retirement Plan
has been established as an exempt approved and contracted out scheme and
Ameriprise has delivered to AXP a copy of (1) the initial letter from HM Customs
and Revenue confirming such approval and (2) the contracting out certificate
issued by the National Insurance Services to Pensions Industry with respect to
the Ameriprise UK Retirement Plan; (B) HM Customs and Revenue have consented to
the transfer of the Transfer Amount; (C) the AXP UK Actuary has issued a GN16
certificate in respect of the transfer of the Transfer Amount; (D) the
requirements of Regulation 12 of the Occupational Pension Schemes (Preservation
of Benefit) Regulations 1991 are satisfied (including any notice requirements);
and (E) the UK Transfer Amount has been agreed or determined in accordance with
this Section 9.1.

             (iii)    Subject to satisfaction of the conditions set forth in
Section 9.1(c)(ii) above, AXP shall use all reasonable endeavours to procure
that the AXP UK Plan shall, on the Payment Date, transfer the Transfer Amount to
the Ameriprise UK Retirement Plan such assets as the respective plans may agree,
the mid-market value of which is equal to the Transfer Amount. To the extent the
AXP UK Plan and the Ameriprise UK Retirement Plan are unable to agree to the
appropriate asset transfer, cash equal to the Transfer Amount (reduced by 5% to
cover encashment costs) shall be transferred in full settlement and satisfaction
of the obligations of AXP and the AXP UK Plan pursuant to this Section 9.1.

     (d)     FUNDING. Without regard to whether such funding is required by
applicable Law, Ameriprise shall ensure that the Ameriprise UK Retirement Plan
will be maintained at (or

                                       39
<Page>

returned to) a fully funded (100%) position as determined on a "PBO" basis
within five (5) years of the Distribution Date.

     (e)     INDEPENDENT ACTUARY. Any disagreement or dispute between the AXP UK
Actuary and the Ameriprise UK Actuary concerning any matter to be agreed to by
them under this Section 9.1 shall be referred to an independent actuary for
determination. The Parties shall jointly appoint the independent actuary. If the
Parties fail to reach agreement on the appointment of an independent actuary,
either AXP or Ameriprise may request the President for the time being of the
Institute of Actuaries to nominate an independent actuary, the Parties shall
then appoint such nominee. The determination and certificate of the independent
actuary shall (in the absence of clear or manifest error) be final and binding
on the Parties. In addition, the Parties shall comply with and shall
respectively procure that the AXP UK Plan and the Ameriprise UK Retirement Plan
and their respective agents comply with any directions of the independent
actuary made to facilitate his investigation or determination. The costs and
fees of the independent actuary shall be paid one half by AXP and one half by
Ameriprise unless the independent actuary determines some other division between
the Parties (such determination to be final and binding).

     (f)     AVCS. Nothing in this Section 9.1 shall apply to AVCs or to the
benefits secured by them. However, AXP will use all reasonable endeavours to
procure that the AXP UK Plan will transfer the assets representing the
Ameriprise UK Plan Participants' AVCs to the Ameriprise UK Retirement Plan.
Ameriprise will ensure that the Ameriprise UK Retirement Plan provides benefits
for the Ameriprise UK Plan Participants which are equivalent to those assets.

     (g)     NO ASSISTANCE. Ameriprise shall not (and shall procure that its
Affiliates shall not) encourage or assist or initiate or facilitate any action
for the purpose of requiring the AXP UK Plan to pay an amount larger than the
Transfer Amount to the Ameriprise UK Retirement Plan.

                                    ARTICLE X

                                 INDEMNIFICATION

     10.1    GENERAL INDEMNIFICATION. Article IV of the Separation and
Distribution Agreement applies to this Agreement as if such Article were set
forth herein and all references to "Agreement" in such Article IV shall be
deemed to be references to this Agreement.

                                   ARTICLE XI

                           GENERAL AND ADMINISTRATIVE

     11.1    SHARING OF INFORMATION. AXP and Ameriprise (acting directly or
through their respective Affiliates) shall provide to the other and their
respective agents and vendors all Information as the other may reasonably
request to enable the requesting Party to administer efficiently and accurately
each of its Benefit Plans and to determine the scope of, as well as fulfill, its
obligations under this Agreement. Such Information shall, to the extent
reasonably practicable, be provided in the format and at the times and places
requested, but in no

                                       40
<Page>

event shall the Party providing such Information be obligated to incur any
out-of-pocket expenses not reimbursed by the Party making such request or make
such Information available outside of its normal business hours and premises.
Any Information shared or exchanged pursuant to this Agreement shall be subject
to the same confidentiality requirements set forth in the Separation and
Distribution Agreement. The Parties also hereby agree to enter into any business
associate agreements that may be required for the sharing of any Information
pursuant to this Agreement to comply with the requirements of HIPAA.

     11.2    REASONABLE EFFORTS/COOPERATION. Each of the Parties hereto will use
its commercially reasonable efforts to promptly take, or cause to be taken, all
actions and to do, or cause to be done, all things necessary, proper or
advisable under applicable Laws and regulations to consummate the transactions
contemplated by this Agreement, including, without limitation, adopting plans or
plan amendments. Each of the Parties hereto shall cooperate fully on any issue
relating to the transactions contemplated by this Agreement for which the other
Party seeks a determination letter or private letter ruling from the IRS, an
advisory opinion from the DOL or any other filing, consent or approval with
respect to or by a Governmental Authority.

     11.3    EMPLOYER RIGHTS. Subject to Ameriprise's obligations pursuant to
Section 2.3 of this Agreement, nothing in this Agreement shall prohibit
Ameriprise or any Ameriprise Affiliate from amending, modifying or terminating
any Ameriprise Benefit Plan at any time within its sole discretion. In addition,
nothing in this Agreement shall prohibit AXP or any AXP Affiliate from amending,
modifying or terminating any AXP Benefit Plan at any time within its sole
discretion.

     11.4    NON-TERMINATION OF EMPLOYMENT; NO THIRD-PARTY BENEFICIARIES. Except
as expressly provided for in this Agreement or the Separation and Distribution
Agreement, no provision of this Agreement or the Separation and Distribution
Agreement shall be construed to create any right, or accelerate entitlement, to
any compensation or benefit whatsoever on the part of any AXP Employee or
Ameriprise Employee or other future, present, or former employee of any member
of the AXP Group or Ameriprise Group under any AXP Benefit Plan or Ameriprise
Benefit Plan or otherwise. Without limiting the generality of the foregoing,
except as expressly provided in this Agreement, the occurrence of the
Distribution alone shall not cause any employee to be deemed to have incurred a
termination of employment which entitles such individual to the commencement of
benefits under any of the AXP Benefit Plans. Furthermore, this Agreement is
solely for the benefit of the Parties hereto and their respective successors and
permitted assigns. Nothing in this Agreement, express or implied, is intended to
or shall confer upon any other person or persons any rights, benefits or
remedies of any nature whatsoever under or by reason of this Agreement.
Furthermore, nothing in this Agreement is intended to confer upon any employee
or former employee of AXP, Ameriprise or either of their respective Affiliates
any right to continued employment, or any recall or similar rights to an
individual on layoff or any type of approved leave.

     11.5    CONSENT OF THIRD PARTIES. If any provision of this Agreement is
dependent on the Consent of any third party and such consent is withheld, the
Parties hereto shall use their reasonable best efforts to implement the
applicable provisions of this Agreement to the fullest extent practicable. If
any provision of this Agreement cannot be implemented due to the

                                       41
<Page>

failure of such third party to consent, the Parties hereto shall negotiate in
good faith to implement the provision in a mutually satisfactory manner.

     11.6    ACCESS TO EMPLOYEES. Following the Distribution Date, AXP and
Ameriprise shall, or shall cause each of their respective Affiliates to, make
available to each other those of their employees who may reasonably be needed in
order to defend or prosecute any legal or administrative action (other than a
legal action between AXP and AMP) to which any employee, director or Benefit
Plan of the AXP Group or Ameriprise Group is a party and which relates to their
respective Benefit Plans prior to the Distribution Date. The Party to whom an
employee is made available in accordance with this Section 11.6 shall pay or
reimburse the other Party for all reasonable expenses which may be incurred by
such employee in connection therewith, including, without limitation, all
reasonable travel, lodging, and meal expenses, but excluding any amount for such
employee's time spent in connection herewith.

     11.7    BENEFICIARY DESIGNATION/RELEASE OF INFORMATION/RIGHT TO
REIMBURSEMENT. To the extent permitted by applicable Law and except as otherwise
provided for in this Agreement, all beneficiary designations, authorizations for
the release of Information and rights to reimbursement made by or relating to
Ameriprise Participants under AXP Benefit Plans shall be transferred to and be
in full force and effect under the corresponding Ameriprise Benefit Plans until
such beneficiary designations, authorizations or rights are replaced or revoked
by, or no longer apply, to the relevant Ameriprise Participant.

     11.8    NOT A CHANGE IN CONTROL. The Parties hereto acknowledge and agree
that the transactions contemplated by the Separation and Distribution Agreement
and this Agreement do not constitute a "change in control" for purposes of any
AXP Benefit Plan or Ameriprise Benefit Plan.

                                   ARTICLE XII

                                  MISCELLANEOUS

     12.1    EFFECT IF DISTRIBUTION DOES NOT OCCUR. Notwithstanding anything in
this Agreement to the contrary, if the Separation and Distribution Agreement is
terminated prior to the Effective Time, then all actions and events that are,
under this Agreement, to be taken or occur effective immediately prior to, as of
or following the Distribution Date, or otherwise in connection with the
Separation, shall not be taken or occur except to the extent specifically agreed
to in writing by AXP and Ameriprise and neither Party shall have any Liability
or further obligation to the other Party under this Agreement.

     12.2    RELATIONSHIP OF PARTIES. Nothing in this Agreement shall be deemed
or construed by the Parties or any third party as creating the relationship of
principal and agent, partnership or joint venture between the Parties, it being
understood and agreed that no provision contained herein, and no act of the
Parties, shall be deemed to create any relationship between the Parties other
than the relationship set forth herein.

     12.3    AFFILIATES. Each of AXP and Ameriprise shall cause to be performed,
and hereby guarantees the performance of, all actions, agreements and
obligations set forth in this Agreement to be performed by each of their
Affiliates, respectively.

                                       42
<Page>

     12.4    NOTICES. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be deemed given to a
Party when (a) delivered to the appropriate address by hand or by nationally
recognized overnight courier service (costs prepaid); (b) sent by facsimile with
confirmation of transmission by the transmitting equipment; or (c) received or
rejected by the addressee, if sent by certified mail, return receipt requested,
in each case to the following addresses and facsimile numbers and marked to the
attention of the person (by name or title) designated below (or to such other
address, facsimile number or person as a Party may designate by notice to the
other Parties):

     (a)     if to AXP, to:

                    American Express Company
                    200 Vesey Street
                    New York, New York 10285-4905
                    Attention: Gilbert E. Ahye
                    Fax: (212) 640-3784

             with copies to:

                    American Express Company
                    200 Vesey Street
                    New York, New York 10285-4905
                    Attn: General Counsel
                    Fax: (212) 640-0388

                    Cleary Gottlieb Steen & Hamilton LLP
                    One Liberty Plaza
                    New York, New York 10006
                    Attention: A. Richard Susko, Esq.
                    Fax: (212) 225-3999

                    and

                    Harter, Secrest & Emery LLP
                    1600 Bausch and Lomb Place
                    Rochester, New York 14604
                    Attention: Paul W. Holloway, Esq.
                    Fax: (585) 232-2152

     (b)     if to Ameriprise, to:

                    Ameriprise Financial, Inc.
                    1546 Ameriprise Financial Center
                    Minneapolis, Minnesota 55474
                    Attention: Walter Berman
                    Fax: (612) 678-4945

             with a copy to:

                                       43
<Page>

                    Ameriprise Financial, Inc.
                    1546 Ameriprise Financial Center
                    Minneapolis, Minnesota 55474
                    Attention: General Counsel
                    Fax: (612) 678-1491

     12.5    ENTIRE AGREEMENT. This Agreement, the Separation and Distribution
Agreement, and each other Ancillary Agreement, including any annexes, schedules
and exhibits hereto and thereto, as well as any other agreements and documents
referred to herein and therein, shall together constitute the entire agreement
between the Parties with respect to the subject matter hereof and shall
supersede all prior negotiations, agreements and understandings of the Parties
of any nature, whether oral or written, with respect to such subject matter.

     12.6    AMENDMENTS AND WAIVERS. This Agreement may not be modified or
amended except by an instrument or instruments in writing signed by an
authorized officer of each Party. Except as otherwise provided in this
Agreement, any failure of any of the Parties to comply with any obligation,
covenant, agreement or condition herein may be waived by the Party entitled to
the benefits thereof only by a written instrument signed by an authorized
officer of the Party granting such waiver, but such waiver or failure to insist
upon strict compliance with such obligation, covenant, agreement or condition
shall not operate as a waiver of, or estoppel with respect to, any subsequent or
other failure.

     12.7    GOVERNING LAW. This Agreement and any dispute arising out of, in
connection with or relating to this Agreement shall be governed by and construed
in accordance with the Laws of the State of New York, without giving effect to
the conflicts of laws principles thereof.

     12.8    HEADINGS. The article, section, paragraph and other headings
contained in this Agreement are inserted for convenience of reference only and
shall not affect in any way the meaning or interpretation of this Agreement.

     12.9 COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same Agreement.

     12.10   ASSIGNMENT. This Agreement may not be assigned by either Party
without the written consent of the other Party. No such assignment shall relieve
either Party of any of its rights and obligations hereunder.

     12.11   SEVERABILITY. The invalidity or unenforceability of any term or
provision of this Agreement shall not affect the validity or enforceability of
this Agreement or of any other term or provision of this Agreement, which shall
remain in full force and effect. If it is ever held that any restriction
hereunder is too broad to permit enforcement of such restriction to its fullest
extent, each Party hereby agrees that such restriction may be enforced to the
maximum extent permitted by Law, and each Party hereby consents and agrees that
such scope may be judicially modified accordingly in any proceeding brought to
enforce such restriction.

                                       44
<Page>

                Remainder of this page intentionally left blank.

                                       45
<Page>

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed
as of the day and year first above written.

                                AMERICAN EXPRESS COMPANY

                                By: /s/ Gilbert E. Ahye
                                    --------------------------------------------
                                Name: Gilbert E. Ahye
                                Title: Senior Vice President

                                AMERIPRISE FINANCIAL, INC.

                                By: /s/ Kelli A. Hunter
                                    --------------------------------------------
                                Name: Kelli A. Hunter
                                Title: Executive Vice President, Human Resources

                                       46<Page>
                                                                    EXHIBIT 10.2

                            TAX ALLOCATION AGREEMENT
                         DATED AS OF SEPTEMBER 30, 2005
                                 BY AND BETWEEN
                            AMERICAN EXPRESS COMPANY
                                      AND
                           AMERIPRISE FINANCIAL, INC.

<Page>

<Table>
<S>             <C>                                                           <C>
                                      ARTICLE I
                              DEFINITIONS AND STANDARDS

Section 1.01.   Definitions.................................................      2

Section 1.02.   General Interpretive Principles.............................      8

Section 1.03.   Applicable Standards........................................      8

                                      ARTICLE II
                   U.S. CONSOLIDATED FEDERAL INCOME TAX LIABILITIES

Section 2.01.   Pre-2005 Taxable Years......................................      8

Section 2.02.   2005 Taxable Year...........................................      9

Section 2.03.   U.S. Federal Alternative Minimum Tax........................     10

                                     ARTICLE III
                 U.S. COMBINED STATE AND LOCAL INCOME TAX LIABILITIES

Section 3.01.   Returns Covered.............................................     11

Section 3.02.   Pre-2005 Taxable Years......................................     11

Section 3.03.   Net Operating Losses........................................     11

Section 3.04.   2005 Taxable Year...........................................     11

Section 3.05.   Estimated Taxes, Etc........................................     11

Section 3.06.   Adjustments.................................................     12

                                      ARTICLE IV
                           SEPARATE TAX RETURN OBLIGATIONS

Section 4.01.   Ameriprise Tax Liability....................................     12

Section 4.02.   AXP Tax Liability...........................................     12

Section 4.03.   Separate Return Adjustments.................................     12

                                      ARTICLE V
                           TAX-FREE STATUS OF DISTRIBUTION

Section 5.01.   Tax-Free Status Ruling, Etc.................................     13

Section 5.02.   Maintaining Status of Active Business.......................     13

Section 5.03.   Limits on Proposed Acquisition Transactions, Etc............     13

Section 5.04.   Twenty Five Percent Proposed Acquisition Transactions.......     14

Section 5.05.   Indemnity...................................................     14

                                      ARTICLE VI
                               DUAL CONSOLIDATED LOSSES

Section 6.01.   Ameriprise Liability........................................     15

Section 6.02.   Recapture Taxes.............................................     15

Section 6.03.   Closing Agreement...........................................     15
</Table>

                                       i
<Page>
<Table>
<S>             <C>                                                           <C>
                                     ARTICLE VII
                            CARRYOVER AND CARRYBACK ITEMS

Section 7.01.   Carryovers to Post-Affiliation Years........................     15

Section 7.02.   Carrybacks from Post-Affiliation Years......................     16

                                     ARTICLE VIII
                         U.S. FEDERAL INCOME TAX ADJUSTMENTS

Section 8.01.   Determination...............................................     16

Section 8.02.   Payments....................................................     16

Section 8.03.   Procedures..................................................     17

Section 8.04.   Intercompany Adjustments....................................     17

                                      ARTICLE IX
                         U.S. FEDERAL INCOME TAX PROCEEDINGS

Section 9.01.   Ameriprise and AXP Issues...................................     17

Section 9.02.   Procedures..................................................     17

Section 9.03.   Control of Issues...........................................     18

Section 9.04.   Options for Resolution......................................     18

Section 9.05.   Forum for Judicial Proceedings..............................     19

Section 9.06.   Settlement of Claims........................................     19

                                      ARTICLE X
                                       PAYMENTS

Section 10.01.  Reporting of Indemnity Payments, Etc........................     19

Section 10.02.  Interest on Late Payments...................................     19

                                      ARTICLE XI
                                     TAX RETURNS

Section 11.01.  Cooperation and Furnishing of Tax Return Information........     19

Section 11.02.  Preparation of Tax Returns..................................     20

                                     ARTICLE XII
                    POST-AFFILIATION YEARS AND POST-COMBINED YEARS

Section 12.01.  Returns.....................................................     21

Section 12.02.  Actions or Transactions.....................................     21

Section 12.03.  Proposed Adjustments........................................     21

                                     ARTICLE XIII
                                  BOOKS AND RECORDS

Section 13.01.  Retention Period............................................     21

Section 13.02.  Record Retention Policy.....................................     21

Section 13.03.  Tax Attributes..............................................     21
</Table>

                                       ii
<Page>
<Table>
<S>             <C>                                                           <C>
                                     ARTICLE XIV
                          COMPENSATION AND EMPLOYEE BENEFITS

Section 14.01.  General.....................................................     22

Section 14.02.  AXP Stock-Based Awards......................................     22

Section 14.03.  Reporting of Deductions.....................................     22

Section 14.04.  Employment Taxes and Tax Reporting..........................     22

Section 14.05.  Determinations..............................................     22

                                      ARTICLE XV
                                    MISCELLANEOUS

Section 15.01.  Notices.....................................................     22

Section 15.02.  Complete Agreement; Representations.........................     23

Section 15.03.  Amendment, Modification, or Waiver..........................     24

Section 15.04.  Severability................................................     24

Section 15.05.  No Assignment; Binding Effect; No Third-Party
                Beneficiaries...............................................     24

Section 15.06.  Headings....................................................     24

Section 15.07.  Counterparts................................................     24

Section 15.08.  Governing Law...............................................     24
</Table>

                                      iii
<Page>
                        FORM OF TAX ALLOCATION AGREEMENT

    This TAX ALLOCATION AGREEMENT, dated as of this 30th day of September, 2005
(this "Agreement"), is between American Express Company, a New York corporation
("AXP"), and Ameriprise Financial, Inc., a Delaware corporation ("Ameriprise,"
and together with AXP, each a "Party" and collectively, the "Parties"). AXP has
its executive office at American Express Tower, 3 World Financial Center, 200
Vesey Street, New York, New York 10285. Ameriprise has an executive office at
707 2nd Avenue, South, Minneapolis, Minnesota 55474.

    WHEREAS, the Board of Directors of AXP has determined that it is in the best
interests of AXP to separate the Ameriprise Business (as defined below) and the
AXP Business (as defined below) into two independent public companies, on the
terms and subject to the conditions set forth in the Separation Agreement (as
defined below), in order to resolve issues related to the allocation of capital
and management resources between the Ameriprise Business and the AXP Business,
and to give Ameriprise greater flexibility to manage, invest in, and expand the
Ameriprise Business while ensuring that AXP can focus its time and resources on
the development of the AXP Business;

    WHEREAS, in order to effectuate the foregoing, AXP and Ameriprise have
entered into a Separation and Distribution Agreement, dated as of August 24,
2005, (the "Separation Agreement"), pursuant to which and subject to the terms
and conditions set forth therein, the Ameriprise Business shall be separated
from the AXP Business and the Ameriprise Common Stock (as defined below) shall
be distributed on a pro rata basis to AXP shareholders;

    WHEREAS, for U.S. federal income Tax purposes, from January 13, 1984,
through the Distribution Date (defined below) of the Distribution (defined
below), income of certain present and former members of the Ameriprise Group
(defined below) has been or will be included in AXP Consolidated Returns
(defined below) and, from January 1, 1990, through the Distribution Date, income
of certain life insurance companies subject to tax under section 801 of the Code
(defined below), that are or were part of the Ameriprise Group, has been or will
be included in AXP Consolidated Returns;

    WHEREAS, certain Ameriprise Combined Group (defined below) members have
filed or will file Combined Returns (defined below) covering U.S. state and
local income Taxes with AXP Combined Groups (defined below) as part of their
respective Total Combined Groups (defined below);

    WHEREAS, Ameriprise and other members of the Ameriprise Group will cease to
be members of the AXP Group for U.S. federal income Tax purposes after the
Distribution Date, and Ameriprise and other members of Ameriprise Combined
Groups will cease to be members of their respective Total Combined Groups for
U.S. state and local income Tax purposes after the Distribution Date;

    WHEREAS, the failure of the Distribution to have a Tax-Free Status (defined
below) or certain actions taken with respect to Ameriprise Capital Stock
(defined below) could subject AXP and its shareholders to additional Tax costs
in connection with the Distribution; and

    WHEREAS, AXP and Ameriprise desire in this Agreement to (i) set forth Tax
allocation principles for Affiliation Years for U.S. federal income Tax purposes
and Combined Years for U.S. state and local income Tax purposes, which, except
to the extent provided herein, will supersede all prior policies and procedures
governing the allocation of Taxes, (ii) define the effects upon the settlement
and allocation of certain Tax liabilities and Tax benefits of transactions or
developments that occur during taxable years commencing after the Distribution
Date, (iii) set forth the responsibility for their respective stand-alone income
and other Tax liabilities, and (iv) allocate liability for certain Tax costs
that may be incurred in connection with the Distribution.

                                       1
<Page>
    NOW, THEREFORE, in consideration of the foregoing, the promises and
covenants set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, AXP and Ameriprise
hereby agree as follows:

                                   ARTICLE I
                           DEFINITIONS AND STANDARDS

    SECTION 1.01.  Definitions.  For all purposes of this Agreement, the
following terms shall have the following meanings:

    "2004 Excess AXP Group Benefits" shall mean the term as defined in
Section 2.01.

    "2004 Tax Liability" shall mean the term as defined in Section 2.01.

    "2004 Tax Year" shall mean the term as defined in Section 2.01.

    "2005 Excess AXP Group Benefits" shall mean the term as defined in
Section 2.02.

    "2005 Tax Liability" shall mean the term as defined in Section 2.02.

    "2005 Tax Year" shall mean the term as defined in Section 2.02.

    "Additional Excess Items" shall mean the term as defined under "Excess AXP
Group Benefits."

    "Adjusted Separate Ameriprise Group Federal Tax Liability" shall mean with
respect to any Affiliation Year(s) the U.S. federal income Tax liability of the
Ameriprise Group, as determined by AXP in good faith, applying the Highest
Federal Tax Rate, computed as if the Ameriprise Group (with Ameriprise as the
common parent) filed a consolidated U.S. federal income Tax Return separately
from the AXP Group ("Ameriprise Consolidated Return"), and applying such U.S.
Tax laws and regulations as would have been applicable to the Ameriprise Group
if it had so filed separately, but not taking into account any items that are
predicated on base amounts determined on a consolidated basis such as research
Credits, subject to the following:

        (i) the Ameriprise Group shall be treated as bound by all accounting
    methods, elections and other determinations adopted or made by AXP for the
    AXP Group for all Affiliation Years, including, but not limited to,
    determinations made in respect of carrybacks and carryovers;

        (ii) the Ameriprise Group shall be permitted to reduce its Adjusted
    Separate Ameriprise Group Federal Tax Liability (but not below zero) to the
    extent that AXP determines that the AXP Group is able to reduce its U.S.
    federal income Tax liability in the AXP Consolidated Return for such
    Affiliation Year by utilizing items of deduction, loss, or Credit of the
    Ameriprise Group which AXP determines the Ameriprise Group would have been
    unable to utilize if it had filed an Ameriprise Consolidated Return ("Excess
    Items"); provided, that if there are any limitations in the ability of the
    AXP Group to utilize items in the same category as such Excess Items in
    their entirety for such year, the Ameriprise Group shall be limited in the
    reduction of its Adjusted Separate Ameriprise Group Federal Tax Liability to
    its share of such Excess Items, as determined by AXP, on a Proportionate
    Basis; provided, further, that if, pursuant to the above provisions, an
    Excess Item is not usable, in whole or in part, by the AXP Group in one
    Affiliation Year, it may, as determined by AXP in good faith pursuant to
    Section 8.03 hereof, be carried over or carried back as an Excess Item to
    any other Affiliation Year subject to the same limitations as above; and

        (iii) the Ameriprise Group shall take into account the items of
    Ameriprise Group income, gain, loss, deduction or Credit attributable to
    intercompany items, excess loss accounts, dual consolidated losses and other
    items that AXP determines are required to be restored, recaptured or
    otherwise triggered as a result of the Distribution or related transactions.

                                       2
<Page>
    "Adjustment" shall mean, with respect to any Affiliation Year, any change in
actual Tax liability from the Tax liability reported on an AXP Consolidated
Return, including changes attributable to amended Tax Returns, deficiencies
asserted by a Taxing authority, overpayments, and claims for refund, and changes
required by application of the Code and Treasury Regulations including, but not
limited to, changes required pursuant to Treasury Regulations Section 1.1502-47
(setting forth consolidated return rules applicable to life-non-life groups),
and Taxing authority audits, examinations, proceedings or litigation resulting
from any of the foregoing events (collectively, "Adjustment Events"). Adjustment
shall mean with respect of any Combined Year in which an Ameriprise Combined
Group files a Combined Return with an AXP Combined Group as part of a Total
Combined Group, any change in the actual Tax liability of the applicable Total
Combined Group, including changes attributable to Adjustment Events.

    "Affiliate" shall mean any entity that is directly or indirectly controlled
by the person in question. For this purpose, "control" shall mean the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and the policies of a person, whether through
ownership of voting securities, by contract or otherwise. "Ameriprise Affiliate"
shall mean an Affiliate of Ameriprise. "AXP Affiliate" shall mean an Affiliate
of AXP other than Ameriprise and Ameriprise Affiliates.

    "Affiliation Year" shall mean each taxable year, or portion thereof, with
respect to which any member of the Ameriprise Group joined or will join the AXP
Group in the filing of an AXP Consolidated Return.

    "Ameriprise AMT Liability" shall mean the term as defined in Section 2.03.

    "Ameriprise Business" means the business and operations conducted by the
Ameriprise Group from time to time, whether prior to, at or after the Effective
Time, including the business and operations conducted by the Ameriprise Group,
as more fully described in the Information Statement; provided that "Ameriprise
Business" shall not include AMEX Assurance.

    "Ameriprise Capital Stock" shall mean all classes or series of stock of
Ameriprise and all options, warrants, derivatives, rights to acquire stock, and
other interests and instruments taken into account for purposes of determining a
Fifty-Percent or Greater Interest in Ameriprise.

    "Ameriprise Combined Group" shall mean an affiliated group of corporations
(as constituted from time to time), consisting of Ameriprise and/or its directly
or indirectly owned subsidiaries, that AXP determines will join in filing a
Combined Return with an AXP Combined Group.

    "Ameriprise Common Stock" shall mean the term as defined under
"Distribution."

    "Ameriprise Group" shall mean the affiliated group of corporations (as
constituted from time to time), consisting of Ameriprise and/or its directly or
indirectly owned subsidiaries, that AXP determines will join in filing an AXP
Consolidated Return.

    "Ameriprise Group State Tax Liability" shall mean the term as defined in
Section 3.02.

    "Ameriprise Issues" shall mean the term as defined in Section 9.01.

    "Ameriprise Separate AMT" shall mean the term as defined in Section 2.03.

    "Ameriprise Unsettled Issues" shall mean the term as defined in
Section 9.03.

    "AMT" shall mean the term as defined in Section 2.03.

    "Article IX Taxes" shall mean the term as defined in Section 9.03.

    "AXP AMT Liability" shall mean the term as defined in Section 2.03.

    "AXP Business" means all businesses and operations of the AXP Group, other
than the Ameriprise Business.

                                       3
<Page>
    "AXP Combined Group" shall mean an affiliated group of corporations (as
constituted from time to time) owned directly or indirectly by AXP that AXP
determines will join in filing a Combined Return excluding members of an
Ameriprise Combined Group.

    "AXP Consolidated Return" shall mean a consolidated U.S. federal income Tax
Return filed by AXP on behalf of the AXP Group.

    "AXP Excess Issue" shall mean the term as defined in Section 9.04.

    "AXP Group" shall mean the affiliated group of corporations (as constituted
from time to time), of which AXP is the common parent, that AXP determines will
join in filing an AXP Consolidated Return.

    "AXP Issues" shall mean the term as defined in Section 9.01.

    "AXP LOIs", "AXP Options" and "AXP Restricted Stock" shall have the meanings
ascribed to them in the Employee Benefits Agreement by and between AXP and
Ameriprise dated as of September 30, 2005.

    "AXP Stock-Based Awards" shall mean AXP LOIs, AXP Options and/or AXP
Restricted Stock.

    "Board Certificate" shall mean the term as defined in Section 5.04.

    "Closing Agreement" shall mean the term as defined in Section 6.01.

    "Code" shall mean the Internal Revenue Code of 1986, as amended. Any
references herein to sections of the Code or Treasury Regulations promulgated
thereunder shall include any successor provisions thereto.

    "Combined Return" shall mean a combined or unitary U.S. state or local
income, franchise, or gross receipts Tax Return.

    "Combined State" shall mean a U.S. state or locality requiring or permitting
the filing of a Combined Return.

    "Combined Year" shall mean a taxable year (or portion thereof) in which an
AXP Combined Group files a Combined Return with an Ameriprise Combined Group.

    "Credits" shall mean all of the credits against U.S. federal income Tax or,
as applicable, against U.S. state or local Tax. Credits shall include, but not
be limited to, foreign Tax credits, research credits, low-income housing
credits, investment Tax credits and targeted job credits.

    "Distribution" shall mean the distribution on a PRO RATA basis to holders of
issued and outstanding shares of common stock, par value $0.20 per share, of
AXP, other than shares of AXP common stock held in the treasury of AXP, of all
of the issued and outstanding shares of Ameriprise common stock, par value $0.01
per share ("Ameriprise Common Stock"), beneficially owned by AXP, by means of a
dividend of such Ameriprise Common Stock to such shareholders.

    "Distribution Date" shall mean the date on which the Distribution shall be
effected, such date to be determined by, or under the authority of, the Board of
Directors of AXP in its sole and absolute discretion.

    "Dual Consolidated Loss" shall mean the term as defined in Section 6.01.

    "Effective Time" means the time at which the Distribution occurs on the
Distribution Date.

    "Estimated State Taxes" shall mean the term as defined in Section 3.05.

    "Evaluation" shall mean the term as defined in Section 9.03.

                                       4
<Page>
    "Excess AXP Group Benefits" shall mean the amount by which AXP determines
that AXP was able to reduce its U.S. federal income Tax liability in the AXP
Consolidated Return for an Affiliation Year by use of Excess Items (as defined
above under "Adjusted Separate Ameriprise Group Federal Tax Liability") which
would reduce the Adjusted Separate Ameriprise Group Federal Tax Liability for
such year, if zero, below zero ("Additional Excess Items"). Use of Additional
Excess Items shall otherwise be subject to the same limitations and other
provisions applicable to the use of Excess Items, as determined by AXP in good
faith.

    "Exercised AXP Options" shall mean the term as defined in Section 14.02.

    "Fifty-Percent or Greater Interest" shall mean a "50-percent or greater
interest" for purposes of Sections 355(d) and (e) of the Code and the Treasury
Regulations promulgated thereunder.

    "Final Determination" shall mean a final settlement with a Taxing authority
that is binding on all Parties or, if applicable, a final judicial decision upon
the expiration of the time for the decision to be appealed, with respect to the
items in question.

    "Foreign Attribute" shall mean any item of income, gain, loss or deduction
or any asset or liability relevant to the computation of taxable income from
sources without the United States and any item of Credit described in
Section 901 of the Code (without regard to the limitation of Section 904 of the
Code).

    "Fund Management Business" shall mean the business of Ameriprise so
designated, as described in the request for rulings from the IRS in respect of
the Distribution and related matters, dated February 27, 2005, as supplemented
from time to time.

    "Highest Combined Tax Rate" for the taxable year in question shall mean the
sum of (i) the Highest Federal Tax Rate, and (ii) in the case of a corporation,
the average, weighted by jurisdiction, of the highest U.S. state and local
income, franchise, and gross receipts Tax rates that would be applicable to such
a corporation (net of any U.S. federal income Tax benefit), or in the case of a
Person other than a corporation, the highest U.S. state and local income Tax
rates (net of any U.S. federal income Tax benefit) that would be applicable to
such Person or the beneficial owner(s) of such Person.

    "Highest Federal Tax Rate" for the taxable year in question shall mean
(i) in the case of a corporation, the highest U.S. federal income Tax rate
applicable to a corporation, or (ii) in the case of a Person other than a
corporation, the highest U.S. federal income Tax rate that would be applicable
to such Person or the beneficial owner(s) of such Person.

    "Income Tax Benefit" shall mean the amount of the Tax savings realized by
the applicable group, as determined by AXP in good faith. Such amount shall be
determined by comparing (i) the actual U.S. federal income Tax liability and the
corresponding U.S. state and local income Tax liability (net of any federal Tax
benefit) of the applicable group for the taxable year in question without giving
effect to the items in question with (ii) the actual U.S. federal income Tax
liability and the corresponding U.S. state and local Tax liability (net of any
federal Tax benefit) of the applicable group for such year after giving full
effect to such items. An Income Tax Benefit shall be deemed to be realized at
the time that the applicable group receives a refund or credit for refund from
the relevant Taxing authority.

    "Income Tax Detriment" shall mean the amount of additional Tax incurred by
the applicable group, as determined by AXP in good faith. Such amount shall be
determined by comparing (i) the actual U.S. federal income Tax and the
corresponding U.S. state and local Tax liability (net of any U.S. federal income
Tax benefit) of the applicable group for the taxable year in question after
giving full effect to the items in question with (ii) the actual U.S. federal
income Tax and the corresponding U.S. state and local Tax liability (net of any
U.S. federal income Tax benefit) of the applicable group without giving effect
to such items. Unless otherwise provided herein, an Income Tax Detriment shall
be deemed to be incurred at such time as payment is made to the relevant Taxing
authority upon a Final

                                       5
<Page>
Determination of items in questions. In computing the Tax liability of the AXP
Group for purposes of clause (i) of the second sentence of this definition or
clause (ii) of the second sentence of the definition of "Income Tax Benefit"
above, increases or decreases in the U.S. federal, state or local income Tax
liability of the AXP Group attributable to the effect on AXP's (or any AXP
subsidiary's) basis in the stock of any member of the Ameriprise Group will not
be taken into account.

    "IRS" shall mean the U.S. Internal Revenue Service.

    "IRS Agreement" shall mean the term as defined in Section 9.04.

    "Minimum Tax Credit" shall mean the term as defined in Section 2.03.

    "New AXP Issues" shall mean the term as defined in Section 9.04.

    "NOLs" shall mean the term as defined in Section 3.03.

    "Person" shall mean an individual or a partnership, corporation, limited
liability company, association, joint stock company, trust, joint venture,
unincorporated organization, or other entity, without regard to whether such
entity is treated as disregarded for U.S. federal income Tax purposes.

    "Post-Affiliation Year" shall mean a taxable period after the Distribution
Date during which Ameriprise and its subsidiaries do not join the AXP Group in
the filing of an AXP Consolidated Return.

    "Post-Combined Year" shall mean a taxable period after the Distribution Date
during which Ameriprise and its subsidiaries do not join a Total Combined Group
in the filing of a Combined Return with an AXP Combined Group.

    "Proportionate Basis" shall mean, with respect to an item or items
attributable to a particular member or members of the Ameriprise Group, the
determination of the portion of such items based on the total value of such
items over the total value of all items in the same category for the entire AXP
Group for the same Affiliation Year of the AXP Group, subject to any appropriate
Adjustments thereto, as determined by AXP in good faith.

    "Proposed Acquisition Transaction" shall mean a transaction or series of
transactions (or any agreement, understanding or arrangement, within the meaning
of Section 355(e) of the Code and the Treasury Regulations promulgated
thereunder, to enter into a transaction or series of transactions), as a result
of which Ameriprise would merge or consolidate with any other Person or as a
result of which any Person or any group of Persons would (directly or
indirectly) acquire, or have the right to acquire through the acquisition of an
option or otherwise, from Ameriprise and/or one or more holders of Ameriprise
Capital Stock, an amount of Ameriprise Capital Stock that would, when combined
with any other changes in ownership of Ameriprise Capital Stock pertinent for
purposes of Section 355(e) of the Code and the Treasury Regulations promulgated
thereunder, comprise 40% or more of (A) the value of all outstanding Ameriprise
Capital Stock as of the date of such transaction, or in the case of a series of
transactions, the date of the last transaction of such series, or (B) the total
combined voting power of all outstanding Ameriprise Capital Stock as of the date
of such transaction, or in the case of a series of transactions, the date of the
last transaction of such series. For purposes of determining whether a
transaction constitutes an indirect acquisition for purposes of the first
sentence of this definition, any recapitalization resulting in a shift of voting
power or any redemption of shares of stock shall be treated as an indirect
acquisition of shares of stock by the non-exchanging shareholders. This
definition and the application thereof is intended to monitor compliance with
Section 355(e) of the Code and the Treasury Regulations promulgated thereunder
and shall be interpreted accordingly by AXP in good faith.

    "RAR" shall mean the term as defined in Section 9.02.

    "Recapture Taxes" shall mean the term as defined in Section 6.02.

                                       6
<Page>
    "Representation Letters" shall mean the term as defined in Section 5.01.

    "Section 7.02 Claims" shall mean claims for refund attributable to items
described in and filed pursuant to Section 7.02 of this Agreement.

    "SFAS Exercised AXP Options" shall mean the term as defined in
Section 14.02.

    "Tax" or "Taxes" shall mean any tax, assessment, duty, fee or other charge
imposed or collected by any government or political subdivision thereof or any
taxing authority thereunder, including but not limited to, any income, gross
income, gross receipts, profits, capital stock, franchise, withholding, payroll,
social security, premium, guarantee fund, workers compensation, unemployment,
disability, property, AD VALOREM, stamp, excise, severance, occupation, service,
sales, use, license, lease, transfer, import, export, value added, minimum,
alternative minimum, estimated or other tax (including any assessment, duty, fee
or other charge in the nature of or in lieu of any such tax), and any interest,
penalties, additions to tax, or additional amounts in respect of the foregoing.

    "Tax Advisor" shall mean a United States law or accounting firm of national
standing in the field of taxation selected by AXP.

    "Tax-Free Status" shall mean the qualification of the Distribution and
related transactions as a distribution in which no gain or loss is recognized,
and no amount is includible in income, for U.S. federal income Tax purposes
(other than intercompany items, excess loss accounts or other items required to
be taken into account pursuant to the Treasury Regulations promulgated under
Section 1502 of the Code).

    "Tax-Related Losses" shall mean (i) all U.S. federal, state and local Taxes
payable pursuant to any Final Determination or otherwise; (ii) all professional
fees, and court costs incurred in connection with such Taxes; and (iii) all
costs, expenses and damages associated with stockholder litigation or
controversies, including but not limited to, any amount paid by AXP or any AXP
Affiliate in respect of the liability of shareholders, whether paid to
shareholders, the IRS, any other Taxing authority, or any other person or
entity, in each case, arising from the Distribution and related transactions
failing to have Tax-Free Status in any manner.

    "Tax Return" shall mean any Tax return (including any amended return),
report, information return, election, notice or other document filed or to be
filed with a Taxing authority, including any schedules or related or supporting
information.

    "Total Combined Group" shall mean, with respect to any U.S. jurisdiction
that requires or permits the filing of a Combined Return, the affiliated group
of corporations (as constituted from time to time), that AXP determines will
join in the filing of such Combined Return, that includes an AXP Combined Group
and an Ameriprise Combined Group.

    "TPIs" shall mean the term as defined in Section 2.03.

    "Treasury Regulations" shall mean U.S. Treasury regulations issued under the
Code.

    "Twenty Five Percent Proposed Acquisition Transaction" shall mean any
transaction or series of transactions that is not a Proposed Acquisition
Transaction but would be a Proposed Acquisition Transaction if the percentage
reflected in the definition of Proposed Acquisition Transaction were 25% instead
of 40%.

    "Unqualified Tax Opinion" shall mean an unqualified "will" opinion of a law
firm of nationally recognized standing in the field of taxation, which opinion
is acceptable to AXP and on which AXP may rely to confirm that a transaction
will not affect the Tax-Free Status, including confirmation that may be provided
for purposes of avoiding any applicable penalties or additions to Tax. Any such
opinion shall assume that the Distribution and related transactions would have
qualified for Tax-Free Status had the transaction in question not occurred.

                                       7
<Page>
    "Vesting Period" shall mean the period from and including the date on which
an AXP Stock-Based Award is granted, to and including the date on which such
award is first exercisable (in the case of AXP Options) or vests, whichever
occurs first. For these purposes, an AXP Stock-Based Award will be deemed to be
vested when it is considered vested in accordance with the applicable retirement
practice and policies of AXP.

    "Vesting Ratio" shall mean the ratio of the number of days during a Vesting
Period that an entity was a direct employer of record of a holder of an AXP
Stock-Based Award over the total number of days in the Vesting Period; provided,
however, that no more than one entity will be deemed to be a direct employer of
a holder on any given day.

    SECTION 1.02.  General Interpretive Principles.  (a) Words in the singular
shall include the plural and vice versa, and words of one gender shall include
the other gender, in each case, as the context requires, (b) the term "hereof,"
"herein," "hereunder," and "herewith" and words of similar import shall, unless
otherwise stated, be construed to refer to this Agreement and not to any
particular provision of this Agreement, and any references to Article, Section,
paragraph, exhibit and schedule are references to the Articles, Sections,
paragraphs, exhibits and schedules to this Agreement unless otherwise specified,
(c) the word "including" and words of similar import when used in this Agreement
shall mean "including, without limitation," unless otherwise specified and
(d) any reference to any federal, state, local or non-U.S. statute or law shall
be deemed to also refer to all rules and regulations promulgated thereunder,
unless the context otherwise requires.

    SECTION 1.03.  Applicable Standards.  Except as otherwise specifically
provided herein, this Agreement shall supersede in all respects any and all
policies and procedures governing the allocation of Tax liability among the
members of the AXP Group or the Total Combined Groups. Except as otherwise
specifically provided hereunder, all determinations and actions required under
this Agreement will be taken by AXP and shall be made in good faith taking into
account, among other factors, the goal of reducing the aggregate Taxes of the
Parties. It is the intention of the Parties that this Agreement shall be
administered in a manner so that the allocation of income, deduction, loss or
Credit between the Parties will produce Tax consequences for the Parties, on a
current, carryback and carryover basis, that are consistent with those that are
required by the Code and Treasury Regulations.

                                   ARTICLE II
                U.S. CONSOLIDATED FEDERAL INCOME TAX LIABILITIES

    SECTION 2.01.  Pre-2005 Taxable Years.  (a) AMERIPRISE AND AXP TAX
LIABILITIES. Ameriprise shall be responsible for, and shall indemnify and hold
AXP and the AXP Affiliates harmless against, the U.S. federal income Tax
liability of the Ameriprise Group for all taxable years ending on or before
December 31, 2004, including the "2004 Tax Liability" (defined below).
Ameriprise shall be liable for and pay AXP the Adjusted Separate Ameriprise
Group Federal Tax Liability for each such Affiliation Year. AXP shall pay
Ameriprise, but Ameriprise shall remain liable for, Excess AXP Group Benefits,
if any, for any such year if the Adjusted Separate Ameriprise Group Federal Tax
Liability for such year is zero. The "2004 Tax Liability" is the Adjusted
Separate Ameriprise Group Federal Tax Liability for the taxable year ending on
December 31, 2004 ("2004 Taxable Year").

    (b)  2004 TAX LIABILITY.  On or after the day AXP files the AXP Consolidated
Return for the 2004 Taxable Year, AXP shall determine the amount of the 2004 Tax
Liability or any Excess AXP Group Benefits for such year ("2004 Excess AXP Group
Benefits"). Ameriprise shall pay to AXP or AXP shall pay to Ameriprise an amount
equal to the difference between (i) the 2004 Tax Liability and (ii) the sum of
any payments previously made by Ameriprise to AXP with respect to the 2004 Tax
Liability, reduced (to and below zero) by the sum of any payments previously
made or to be made by AXP to Ameriprise in respect of any 2004 Excess AXP Group
Benefits. Payment by Ameriprise is due within five (5) business days after
billing by AXP. Payment by AXP is due within thirty (30) business days of filing
the AXP Consolidated Return for the 2004 Taxable Year.

                                       8

<Page>
    SECTION 2.02.  2005 Taxable Year.  (a) AMERIPRISE AND AXP TAX LIABILITIES.
Ameriprise shall be responsible and pay AXP for, and shall indemnify and hold
AXP and the AXP Affiliates harmless against, the "2005 Tax Liability" (as
defined below), which shall include, but not be limited to, all liabilities
arising from the triggering of intercompany and other items as described in
clause (iii) of the definition above of "Adjusted Separate Ameriprise Group
Federal Tax Liability." Notwithstanding anything herein to the contrary,
Ameriprise shall be responsible for, and shall indemnify and hold AXP and the
AXP Affiliates harmless against, any Tax liabilities incurred in connection with
the sale of AMEX Assurance Company including, but not limited to, any such
liabilities arising from the triggering of any intercompany items relating to
such sale. AXP agrees to indemnify, and hold Ameriprise and the Ameriprise
Affiliates harmless against, U.S. federal income tax liabilities in respect of
members of the AXP Group (other than members of the Ameriprise Group) under
Treasury Regulations Section 1.1502-6. The "2005 Tax Liability" is the Adjusted
Separate Ameriprise Group Federal Tax Liability for the taxable year beginning
on January 1, 2005 and ending on and including the Distribution Date (the "2005
Taxable Year"). AXP shall pay Ameriprise but Ameriprise shall remain liable for
the Excess AXP Group Benefits, if any, for the taxable year of the AXP Group
ending on December 31, 2005 if the Adjusted Separate Ameriprise Group Federal
Tax Liability is zero under the preceding sentence ("2005 Excess AXP Group
Benefits"). In determining the 2005 Tax Liability or 2005 Excess AXP Group
Benefits, if applicable, Ameriprise will be credited with any losses or
reduction in gain attributable to the sale of its interest in American Express
International Deposit Company, a Cayman Islands company, to AXP, but only to the
extent AXP determines in good faith that such losses or reduction in gain
(i) reduce the Adjusted Separate Ameriprise Group Federal Tax Liability or
result in Excess AXP Group Benefits for the appropriate periods, and
(ii) exceed $15.7 million.

    (b)  ESTIMATED PAYMENTS, ETC.  From and after the date of this Agreement,
Ameriprise shall pay to AXP no later than the day before each due date for the
payment of quarterly estimated U.S. federal income Taxes for the taxable year of
the AXP Group ending on December 31, 2005 and the payment due on March 15, 2006,
as determined in good faith by AXP, the difference, if any, between (A) the 2005
Tax Liability due, determined in good faith by AXP, based on the method for
making estimated payments elected by AXP pursuant to Section 6655 of the Code,
and (B) the sum of any payments previously made by Ameriprise to AXP with
respect to the 2005 Tax Liability.

    (c)  PAYMENT UPON FILING RETURN.  On or after the day that AXP files the AXP
Consolidated Return for the taxable year ending on December 31, 2005, AXP shall
determine the amount of the 2005 Tax Liability or any 2005 Excess AXP Group
Benefits. Ameriprise shall pay to AXP or AXP shall pay to Ameriprise, as the
case may be, the difference between (i) the 2005 Tax Liability and
(ii) (A) the sum of the amounts previously paid by Ameriprise to AXP with
respect to the 2005 Tax Liability, reduced (to and below zero) by (B) the sum of
any payments previously made or to be made by AXP to Ameriprise in respect of
any Excess AXP Group Benefits. Payment by Ameriprise is due within five
(5) business days after billing by AXP. Payment by AXP is due within thirty
(30) business days of filing the AXP Consolidated Return for the taxable year
ending on December 31, 2005.

    (d)  SETTLING TAX PAYABLE ACCOUNTS.  On or before the Distribution Date,
Ameriprise and AXP shall cooperate to settle all Tax payable accounts for all
Affiliation Years and all Combined Years, in accordance with AXP's direction,
based on the most accurate and complete information then available.

    (e)  ASSIGNMENT OF TAXABLE ITEMS.  AXP shall determine the amounts of
income, gain, loss, deduction, and Credit of the Ameriprise Group for the 2005
Taxable Year which are properly includable in the AXP Consolidated Return for
the taxable year of the AXP Group ending on December 31, 2005. For all relevant
purposes of this Agreement, the members of the Ameriprise Group and each
Ameriprise Combined Group shall cease to be members of the AXP Group and their
respective Total Combined Groups, as of the end of the Distribution Date, and
Ameriprise shall cause the books of account of the members of the Ameriprise
Group and the Ameriprise Combined Groups to be closed for accounting and Tax
purposes as of the end of the Distribution Date in accordance with

                                       9
<Page>
AXP's direction. In determining consolidated taxable income for the taxable
period that ends on the Distribution Date, the income and other items of the
Ameriprise Group shall be determined by AXP in good faith in accordance with
Treasury Regulations Section 1.1502-76(b)(1), -76(b)(2)(i) and
-76(b)(2)(iv) and no election shall be made under 1.1502-76(b)(2)(ii)(D) to
ratably allocate items. However, an allocation shall be made in good faith by
AXP under Treasury Regulations Section 1.1502-76(b)(2)(iii) if such allocation
is determined by AXP in good faith to be necessary to appropriately allocate
income in the event that the Distribution Date occurs on any date other than the
last or first day of any month. Pursuant to Treasury Regulations
Section 1.1502-76(b)(2)(vi), any item of a passthrough entity that is owned by a
member of the Ameriprise Group shall be allocated as if such member sold its
entire interest in the entity immediately before the Distribution. In the event
that a member or members of the Ameriprise Group would be treated as owning an
interest of less than 50% in the aggregate in such passthrough entity, then
pursuant to Treasury Regulations Section 1.706-1(c)(2)(ii), each such member's
share of any distributive items shall be the amount determined by taking into
account the pro rata part of such items that such member would have included in
taxable income had such member remained a partner or owner of the passthrough
entity until the end of the partnership taxable year based on the portion of the
partnership taxable year that has elapsed through the Distribution Date or upon
such other reasonable method that the Parties may agree. All of the foregoing
determinations to be made shall be made in good faith by AXP. Ameriprise and
Ameriprise Affiliates shall file their respective Tax Returns for the taxable
period beginning on the first day after the Distribution Date consistently with
such determinations.

    (f)  DETERMINING FOREIGN ATTRIBUTES.  Without limiting the foregoing, AXP
shall also determine the portion of any Foreign Attribute for the Ameriprise
Group that is allocable to the taxable year ending December 31, 2005, provided,
that such portion to be allocated will not include any amount described in
Section 951(a) of the Code (relating to inclusions in income of controlled
foreign corporation earnings) or any amount described in Section 1293(a) of the
Code (relating to inclusions in income of qualified electing fund earnings), or
any indirect foreign Tax Credit under Sections 960 and 1293(f) of the Code for
foreign income Taxes deemed paid with respect to either of these items, all as
determined by AXP in good faith; and provided, further, that, without the prior
written consent of AXP, Ameriprise and its subsidiaries shall not elect to
recapture an amount of taxable income from sources without the U.S. of any
member of the Ameriprise Group greater than the minimum amount required by
Section 904(f)(1) of the Code for any Affiliation Year. Ameriprise shall provide
AXP with all information it requests to make any determination under this
subsection (f). AXP will likewise share all information with Ameriprise
necessary for Ameriprise to determine its share of the consolidated foreign Tax
Credits for the taxable year ending December 31, 2005 and all prior taxable
years.

    SECTION 2.03.  U.S. Federal Alternative Minimum Tax.  (a) AMERIPRISE TAX
LIABILITY. Notwithstanding any other provision in this Agreement, if, for any
Affiliation Year, the AXP Group is liable for alternative minimum Tax for U.S.
federal income Tax purposes (or any similar U.S. federal Tax) ("AMT") and the
Ameriprise Group would be liable for AMT if it filed a Tax Return as a separate
consolidated group ("Ameriprise Separate AMT"), Ameriprise shall pay to AXP an
amount (the "Ameriprise AMT Liability") determined by AXP equal to the product
of the AMT liability for the AXP Group (the "AXP AMT Liability") and a fraction
(the "Fraction") (x) the numerator of which is the sum of the Tax preference
items and adjustments of the Ameriprise Group relevant for purposes of the
computation of AMT (the "TPIs") for such Affiliation Year and (y) the
denominator of which is the sum of the TPIs of all members of the AXP Group for
such Affiliation Year. The Ameriprise AMT Liability for such Affiliation Year
shall not exceed the amount of the Ameriprise Separate AMT for such Affiliation
Year.

    (b)  MINIMUM TAX CREDITS.  If for any Affiliation Year Ameriprise has paid
to AXP the Ameriprise AMT Liability, AXP shall pay to Ameriprise its
proportionate share (determined below) of the minimum Tax credit for U.S.
federal income Tax purposes (the "Minimum Tax Credit") arising

                                       10
<Page>
from such Affiliation Year which is actually utilized by the AXP Group in a
subsequent Affiliation Year. Ameriprise's proportionate share of such credit for
any Affiliation Year shall be equal to the product of such credit and the
Fraction (defined in subsection (a) above). In no event shall Ameriprise be paid
amounts in the aggregate in respect of such credit in excess of the
corresponding Ameriprise AMT Liability.

                                  ARTICLE III
              U.S. COMBINED STATE AND LOCAL INCOME TAX LIABILITIES

    SECTION 3.01.  Returns Covered.  If any member of an AXP Combined Group and
any member of an Ameriprise Combined Group are required to file, or if AXP
elects that any member of an AXP Combined Group and any member of an Ameriprise
Combined Group shall file a Combined Return for any taxable years, or where any
U.S. state or local Taxing authority successfully asserts such a combined filing
requirement, the allocation and settlement of amounts due between the Parties
shall be governed by this Article III.

    SECTION 3.02.  Pre-2005 Taxable Years.  For each taxable year ending on or
before December 31, 2004, AXP shall determine in good faith each Ameriprise
Combined Group's respective share, as determined below, of the total U.S. state
and local Tax liability in each such Combined State. The Ameriprise Combined
Group's share of such total tax liability ("Ameriprise Group State Tax
Liability") will be based on the aggregate apportionment percentage of all
members of the Ameriprise Combined Group, determined with reference only to
those companies that are subject to such state's taxing jurisdiction. The
Ameriprise Group State Tax Liability will include any minimum or similar Taxes
for members of each Ameriprise Combined Group that may be required by the
relevant state or locality. In addition, in determining the Ameriprise Group
State Tax Liability for Minnesota and Nebraska, respectively, AXP will, in good
faith, directly reduce the Ameriprise Group State Tax Liability in Minnesota for
the employer transit pass Credit generated by members of the Ameriprise Combined
Group and the Ameriprise Group State Tax Liability in Nebraska for the
employment Tax Credit generated by members of the Ameriprise Combined Group, but
only if and to the extent such Credit is used to reduce the Tax liability of the
Total Combined Group in Minnesota or Nebraska, as the case may be, for that
year. Ameriprise shall be responsible for and pay to AXP, and shall indemnify
AXP and the AXP Affiliates from and against, the Ameriprise Group State Tax
Liability for each Combined Return for all taxable years ending on or before
December 31, 2004.

    SECTION 3.03.  Net Operating Losses.  Consistent with the approach applied
for operating units of Total Combined Groups, Ameriprise Group State Tax
Liability will not be reduced by, nor will Ameriprise or any other Ameriprise
Combined Group member receive any payment, credit or benefit for, U.S. state or
local net operating losses ("NOLs"), including any carryback or carryover NOLs,
that any such member generates for U.S. state or local income Tax purposes on a
stand-alone basis, whether or not they are used in a Combined Return (except
insofar as such NOLs may reduce the Ameriprise Combined Group's share of the
total U.S. state and local liability for a Total Combined Return).

    SECTION 3.04.  2005 Taxable Year.  For the taxable year beginning on
January 1, 2005, AXP shall determine in good faith the Ameriprise Combined
Group's share of the total U.S. state and local Tax liability in each Combined
State in the same manner as set forth in Sections 3.02 and 3.03 above, taking
into account the apportionment percentages and other relevant items of each
appropriate Ameriprise Combined Group through the Distribution Date. Ameriprise
shall be responsible for and pay to AXP, and shall indemnify AXP and the AXP
Affiliates from and against, the Ameriprise Group State Tax Liability for all
Combined Returns for the taxable year beginning January 1, 2005.

    SECTION 3.05.  Estimated Taxes, Etc.  For each Combined State, AXP will
determine in good faith the Ameriprise Combined Group's estimated Tax payments
and extension payments (collectively, "Estimated State Taxes"), will prescribe
the information required to be provided by the Ameriprise

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Combined Group to support AXP's preparation and filing of Combined Returns and
payment of Estimated State Taxes, together with a schedule of due dates for
providing of such information and paying its share of Estimated State Taxes, and
Ameriprise will timely and accurately provide and pay the same to AXP. AXP will
calculate in good faith the aggregate Ameriprise Group State Tax Liability for
all Combined States for a Combined Year less a credit for aggregate Estimated
State Taxes paid or determine the refund due to Ameriprise to the extent
aggregate Estimated State Taxes paid by Ameriprise exceed the aggregate
Ameriprise Group State Tax Liability. Payment by Ameriprise is due within
five (5) business days after billing by AXP. Payment of a refund by AXP is due
by November 30 of the year in which Combined State Tax Returns are filed.

    SECTION 3.06.  Adjustments.  (a) If an Adjustment occurs, the Ameriprise
Group State Tax Liability for the year in question shall be recomputed by AXP in
good faith, including all changes to apportionment percentages that result from
such Adjustment. Ameriprise shall make payments to AXP for an increase in the
Ameriprise Group Tax Liability or AXP shall make payments to Ameriprise for a
decrease in the Ameriprise Group Tax Liability, including its allocable share of
interest, penalties and additions to Tax and external costs. Payment in respect
of such Adjustments by Ameriprise is due within five (5) business days after
billing by AXP for the items in question. Payment in respect of such Adjustments
by AXP is due within thirty (30) business days after AXP receives a refund or
credit for refund in respect of the items in question. Notwithstanding anything
herein to the contrary, in determining the Ameriprise Group State Tax Liability
for Minnesota, as agreed, the Ameriprise Group State Tax Liability for the
Combined Years beginning January 1, 1999 and ending December 31, 2001 has been
directly increased for the entire audit Adjustment to date for that period in
the total amount of $3,514,710 ($3,086,168 of tax and $248,542 of interest), and
such amount has been paid in full by Ameriprise.

    (b) AXP shall in good faith control all contests relating to any such
Adjustments, provided, however, in respect of any Combined State in which the
Ameriprise Combined Group would bear at least 50% of the costs of any such
Adjustments, AXP shall consult with Ameriprise in good faith, subject to the
ultimate authority of AXP to determine how to proceed.

                                   ARTICLE IV
                        SEPARATE TAX RETURN OBLIGATIONS

    SECTION 4.01.  Ameriprise Tax Liability.  Ameriprise shall be responsible
for, and shall indemnify and hold harmless AXP and AXP Affiliates against, any
and all U.S. federal, state and local and non-U.S. Taxes that are required to be
reported on any separate Tax Return that does not include AXP or any AXP
Affiliate.

    SECTION 4.02.  AXP Tax Liability.  AXP shall be responsible for, and shall
indemnify and hold harmless Ameriprise and Ameriprise Affiliates against, any
and all U.S. federal, state and local and non-U.S. Taxes that are required to be
reported on any separate Tax Return that does not include Ameriprise or any
Ameriprise Affiliate.

    SECTION 4.03.  Separate Return Adjustments.  If there is an adjustment to a
separate Tax Return of AXP and/or AXP Affiliates, or Ameriprise and/or
Ameriprise Affiliates, as the case may be, that results in the inclusion in
income in such Tax Return of income attributable to the other group of
companies, and the recipient thereby incurs an Income Tax Detriment, Ameriprise
shall pay to AXP or AXP shall pay to Ameriprise, as the case may be, an amount
equal to such Income Tax Detriment (including any interest, penalties and
additions to Tax) within thirty (30) business days after the Final Determination
of such Income Tax Detriment.

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                                   ARTICLE V
                        TAX-FREE STATUS OF DISTRIBUTION

    SECTION 5.01.  Tax-Free Status Ruling, Etc.  Ameriprise acknowledges and
agrees that AXP will control the process of obtaining any rulings or other
formal advice from relevant Taxing authorities in respect of the Tax-Free
Status, the Distribution or any related transaction. Ameriprise shall promptly
execute and cause to be delivered to the Tax Advisor any representation letters
("Representation Letters") that the Tax Advisor provides to it and understands
that such letter or letters will be relied upon by the Tax Advisor in rendering
an opinion or opinions on the Tax-Free Status and related matters and/or
obtaining any such ruling or formal advice. Ameriprise shall represent that,
subject to any qualifications therein which are acceptable to the Tax Advisor,
all information contained in its Representation Letters that concerns or relates
to it or any Ameriprise Affiliate is true, correct and complete. Ameriprise
shall take such other actions as may be necessary or desirable to obtain any
such ruling, formal advice or opinion as the Tax Advisor may request.

    SECTION 5.02.  Maintaining Status of Active Business.  Ameriprise agrees
that, from the date hereof until the first day after the second anniversary of
the Distribution Date, it shall maintain the status of the Fund Management
Business as an active trade or business as defined in Section 355(b)(2) of the
Code and the Treasury Regulations promulgated thereunder, that is part of, or
treated as part of, the Ameriprise legal entity for U.S. federal income Tax
purposes.

    SECTION 5.03.  Limits on Proposed Acquisition Transactions, Etc.  Ameriprise
agrees that, from the date hereof until the first day after the second
anniversary of the Distribution Date, it shall not (i) enter into any Proposed
Acquisition Transaction, approve any Proposed Acquisition Transaction (whether
for purposes of Section 203 of the Delaware General Corporation Law, as amended,
any similar corporate statute, any "fair price" or other provision of
Ameriprise's charter or bylaws or otherwise) or, to the extent Ameriprise has
the right to prohibit any Proposed Acquisition Transaction, permit any Proposed
Acquisition Transaction to occur (whether by redeeming rights under a
shareholder rights plan, finding a tender offer to be a "permitted offer" under
any such plan or otherwise causing any such plan to be inapplicable or
neutralized with respect to any Proposed Acquisition Transaction), (ii) merge or
consolidate with any other Person or liquidate or partially liquidate,
(iii) sell or otherwise transfer in a single transaction or series of
transactions 50% or more of the gross or net assets of the Fund Management
Business or 50% or more of the consolidated gross or net assets of Ameriprise
and the Ameriprise Affiliates (such percentages to be measured based on fair
market value as of the Distribution Date), (iv) redeem or otherwise repurchase
(directly or through an Ameriprise Affiliate) any Ameriprise Capital Stock, or
rights to acquire such stock, (v) amend its certificate of incorporation (or
other organizational documents), or take any other action, whether through a
stockholder vote or otherwise, affecting the relative voting rights of the
separate classes of Ameriprise Capital Stock (including, without limitation,
through the conversion of one class of Ameriprise Capital Stock into another
class of Ameriprise Capital Stock) or (vi) take any other action or actions
(including any action or transaction that would be reasonably likely to be
inconsistent with any representation made in the Representation Letters, or any
rulings, formal advice or opinion described in Section 5.01 above) which in the
aggregate (taking into account any other transactions described in this
Section 5.03) would be reasonably likely to have the effect of causing or
permitting one or more Persons (whether or not acting in concert) to acquire,
directly or indirectly, Ameriprise Capital Stock representing a Fifty-Percent or
Greater Interest in Ameriprise or otherwise jeopardize the Tax-Free Status,
unless prior to taking any such action set forth in the foregoing clauses
(i) through (vi), (A) Ameriprise shall have requested that AXP obtain a private
letter ruling from the IRS and AXP shall have received such a ruling in form and
substance satisfactory to AXP that confirms that the Tax-Free Status will be
preserved, taking into account such action and other transactions in the
aggregate, or (B) Ameriprise shall provide AXP with an Unqualified Tax Opinion
in form and substance satisfactory to AXP that confirms that the Tax-Free Status
will be preserved, taking into

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account such action and other transactions in the aggregate, or (C) AXP shall
have waived the requirement to obtain such ruling or opinion. In determining
whether such a ruling or opinion is satisfactory, AXP may consider, among other
factors, the appropriateness of any underlying assumptions and representations
made in connection with such ruling or opinion. To the extent that any such
ruling or opinion concerns the acquisition of a Fifty-Percent or Greater
Interest in Ameriprise, it shall expressly conclude that such acquisition will
satisfy one or more of the safe harbors described in the Treasury Regulations
promulgated under Section 355(e) of the Code. Ameriprise shall bear all costs
and expenses of securing any such ruling or opinion and shall reimburse AXP for
all external costs and expenses that it may incur in good faith in seeking to
obtain or evaluate any such ruling or opinion.

    SECTION 5.04.  Twenty Five Percent Proposed Acquisition Transactions.  If
Ameriprise proposes to enter into any Twenty Five Percent Proposed Acquisition
Transaction, approve a Twenty Five Percent Proposed Acquisition Transaction or,
to the extent Ameriprise has the right to prohibit any Twenty Five Percent
Proposed Acquisition Transaction, proposes to permit any Twenty Five Percent
Proposed Acquisition Transaction to occur, in each case, during the period from
the date hereof until the first day after the second anniversary of the
Distribution Date, Ameriprise shall provide AXP, no later than ten (10) business
days prior to the signing of any written agreement or taking any binding action
with respect to such transaction, with a detailed written description of such
transaction (including the type and amount of Ameriprise Capital Stock to be
issued or transferred in such transaction) and a certificate duly approved by
the Board of Directors of Ameriprise to the effect that the Twenty Five Percent
Proposed Acquisition Transaction is not a Proposed Acquisition Transaction or
any other transaction to which the requirements of Section 5.03 above would
apply (a "Board Certificate").

    SECTION 5.05.  Indemnity.  (a) Subject to subsection (b) of this section,
Ameriprise shall be responsible for, and shall indemnify and hold AXP and AXP
Affiliates and their direct and indirect shareholders harmless against any
Tax-Related Losses that are attributable to or result from any one or more of
the following: (i) the direct or indirect acquisition of all or a portion of
Ameriprise's Capital Stock and/or its assets (or any transaction or series of
transactions that is deemed to be such an acquisition for purposes of
Section 355(e) of the Code and the Treasury Regulations promulgated thereunder)
by any means whatsoever by any Person, (ii) any negotiations, understandings,
agreements or arrangements by Ameriprise, any Ameriprise Affiliate or any of
their direct or indirect shareholders with respect to transactions or events
(including, without limitation, stock issuances pursuant to the exercise of
stock options or otherwise, option grants, capital contributions or
acquisitions, or a series of such transactions or events) that cause the
Distribution and related transactions to be treated as part of a plan pursuant
to which one or more Persons acquire directly or indirectly a Fifty-Percent or
Greater Interest in Ameriprise, (iii) any act or failure to act by Ameriprise or
any Ameriprise Affiliate described in Section 5.03 above (regardless of whether
such act or failure to act is covered by a ruling, Unqualified Tax Opinion or
waiver described in clause (A), (B) or (C), respectively, of Section 5.03 above,
or a Board Certificate described in Section 5.04 above) or (iv) any breach by
Ameriprise of its agreements or representations set forth in Sections 5.01 or
5.02 above.

    (b) For purposes of calculating the amount and timing of any Tax-Related
Loss in connection with any Tax payable by an indemnified party, such loss shall
be calculated by assuming that the indemnified party pays income Tax at the
Highest Combined Tax Rate in effect in each relevant taxable year and that the
income arising in connection with the Tax-Related Losses is the only item of
income, deduction, Credit or loss for such year. AXP shall consult with
Ameriprise in good faith in respect of any audit, proceeding or contest in
respect of any Tax-Related Loss but shall ultimately control the disposition of
the same in good faith. Ameriprise shall pay AXP or such other applicable
indemnified party the amount of any such Tax-Related Losses for which Ameriprise
is responsible under this Section 5.05 within one (1) business day before
payment is due from AXP or such other party.

    (c) Ameriprise shall not (i) merge or consolidate with any other Person or
liquidate or partially liquidate into any other Person, (ii) sell or otherwise
transfer to any other Person or group of Persons,

                                       14
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directly or indirectly, in a single transaction or series of transactions 25% or
more of the gross or net assets of Ameriprise (such percentage to be determined
based on fair market value as of the Distribution Date), (iii) engage in any
other reorganization or restructuring with any other Person, or (iv) agree or
permit any Person or group of Persons, directly or indirectly, in a single
transaction or series of transactions, to acquire a Fifty-Percent or Greater
Interest in Ameriprise, unless, in each case, each such Person agrees, to AXP's
satisfaction, to be jointly and severally liable with Ameriprise in its
obligations under this Article V.

                                   ARTICLE VI
                            DUAL CONSOLIDATED LOSSES

    SECTION 6.01.  Ameriprise Liability.  Notwithstanding any other provision of
this Agreement or the provisions of any closing agreement relating to Dual
Consolidated Losses (defined below) of any member of the Ameriprise Group
("Closing Agreement"), Ameriprise shall be liable for, and indemnify AXP and AXP
Affiliates against (i) any Tax liability together with interest, penalties and
additions to Tax (including, without limitation, the interest charge described
in or that results from the application of Treasury Regulations
Section 1.1503-2 or Treasury Regulations Section 1.1503-2A, or interest
determined under any Closing Agreement that arises from any triggering event or
recapture under such regulations or Closing Agreement), applicable to an item of
deduction or loss of Ameriprise or an Ameriprise Affiliate (a "Dual Consolidated
Loss") or from the receipt of any payment under this Article VI and (ii) any
costs or expenses (including, without limitation, external attorneys' and
accountants' fees) incurred by AXP or an AXP Affiliate in connection with
determining, avoiding or contesting Recapture Taxes (defined below) or enforcing
the provisions of this Article VI. All indemnifiable amounts described in this
Section 6.01 shall be collectively referred to as "Recapture Taxes", to be
determined in accordance with Section 6.02 below.

    SECTION 6.02.  Recapture Taxes.  Recapture Taxes shall be determined by AXP
in good faith, based, in relevant part, on the following assumptions: (i) the
amount of gross income realized from a triggering event or recapture of a Dual
Consolidated Loss cannot be offset by any losses, deductions or Credits (other
than those offsets actually permitted under Treasury Regulations
Section 1.1503-2(g)(vii)(B) or (C)(2), provided that such regulations are
applicable and all applicable requirements of the regulations are fully
satisfied); (ii) the amount of gross income, if any, realized upon the receipt
of any payment under this Article VI cannot be offset by any losses, deductions
or Credits; and (iii) the amounts described in clause (i) and (ii) of
Section 6.01 above are taxable at the Highest Combined Tax Rate.

    SECTION 6.03.  Closing Agreement.  At Ameriprise's request, at Ameriprise's
sole cost and expense, AXP will cooperate in good faith in an effort to enter
into a closing agreement with the IRS of the type described in Treasury
Regulations Section 1.1503-2(g)(2)(iv)(B)(2), to the effect that Dual
Consolidated Losses will not be recaptured as a result of the Distribution.

                                  ARTICLE VII
                         CARRYOVER AND CARRYBACK ITEMS

    SECTION 7.01.  Carryovers to Post-Affiliation Years.  AXP will apportion, in
good faith, any U.S. federal consolidated net operating or capital losses,
Credits or other applicable items between members of the Ameriprise Group
(departing from the AXP Group as a consequence of the Distribution and related
transactions) and members of the AXP Group (not taking into account Ameriprise
Group members) pursuant to applicable Treasury Regulations promulgated under
Section 1502 of the Code. Such consolidated items and their apportionment will
be adjusted by AXP to reflect any Adjustments that take place in applicable
Affiliation Years.

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    SECTION 7.02.  Carrybacks from Post-Affiliation Years.  (a) CARRYBACK ITEMS.
If Ameriprise and/or its subsidiaries sustain U.S. federal capital or net
operating losses or generate U.S. federal Credits in a Post-Affiliation Year
which may be carried back to an Affiliation Year and will generate an Income Tax
Benefit, Ameriprise may request AXP to file a Section 7.02 Claim with the IRS
with respect to the U.S. federal income Tax liability of the AXP Group for such
Affiliation Year. AXP shall have sole discretion whether to accept a request to
file carryback claims (except for foreign Tax Credit or domestic source capital
loss carryback claims) and file any amended Tax Returns or claims for refund
relating thereto, which discretion may be exercised without regard to satisfying
a standard of good faith or any other standard provided for in this Agreement or
elsewhere. With regard to requests to file foreign Tax Credit or domestic source
capital loss carryback claims to an Affiliation Year, AXP will implement such
requests it determines in good faith to be available on the terms set forth
hereinafter.

    (b)  PROCEDURES.  If AXP files a Section 7.02 Claim, AXP shall have full
control over the Section 7.02 Claim and may determine in good faith the nature
of all actions to be taken in connection with such claim. If there is any
limitation that applies to the AXP Group in respect of all or a portion of the
items that comprise a Section 7.02 Claim in respect of foreign Tax Credits or
domestic source capital losses, any Income Tax Benefit in respect of such claim
shall be determined by AXP in good faith. If there any limitations in the
ability of the AXP Group to utilize items in the same category as the items that
comprise such claim, any Income Tax Benefit will be determined by AXP in good
faith based on the assumption that the items were utilized on a Proportionate
Basis. AXP will pay to Ameriprise for the amount of the Tax Benefit, if any, it
determines in good faith was derived from such claim within 30 business days
after it receives a refund or credit for refund therefor. Ameriprise will repay
to AXP all or a portion of such amount as determined by AXP in good faith to the
extent the Tax Benefit is reduced as a result of an Adjustment for any
Affiliation Year or otherwise, together with applicable interest and penalties.
If AXP elects to file a Section 7.02 Claim in respect of the carryback of any
attribute other than foreign Tax Credits or domestic source capital losses, the
terms for payment and other provisions shall be determined based upon the mutual
agreement, if any, of the Parties. If AXP files a Section 7.02 Claim, Ameriprise
will indemnify AXP for any additional Taxes or loss of Tax benefits incurred by
a member of the AXP Group (including interest, penalties and additions to Tax)
arising from such claim. AXP shall also be entitled to reimbursement from
Ameriprise for any reasonable external costs for professional services incurred
by AXP in connection with the Section 7.02 Claim whether or not Ameriprise
receives payment or credit therefor.

                                  ARTICLE VIII
                      U.S. FEDERAL INCOME TAX ADJUSTMENTS

    SECTION 8.01.  Determination.  If an Adjustment occurs, the liability of
Ameriprise or AXP, as the case may be, pursuant to Article II hereof, or the
amounts allocated pursuant to Article VII, shall be recomputed by AXP. As
recomputed for purposes of Article II, Ameriprise shall make payments to AXP for
an increase in Ameriprise's liability or AXP shall make payments to Ameriprise
for an increase in AXP's liability. For purposes of Sections 2.01 and 2.02,
Ameriprise's liability shall be deemed to have increased by any Adjustment that
results in an increase in the Adjusted Separate Ameriprise Group Federal Tax
Liability or a decrease in the Excess AXP Group Benefits, and AXP's liability
shall be deemed to have increased by any Adjustment that results in a decrease
in the Adjusted Separate Ameriprise Group Federal Tax Liability or an increase
in the Excess AXP Group Benefits.

    SECTION 8.02.  Payments.  Payments due from Ameriprise to AXP shall be made
no later than one (1) business day before the due date for payment by AXP to a
Taxing authority upon the Final Determination of the items in question, or, to
the extent no such payment is due, within thirty (30) business days after the
date of such Final Determination. Payments due from AXP to Ameriprise shall be
made within thirty (30) business days after AXP receives a refund or a credit
for a refund with

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regard to the items in question after a Final Determination therefor. Such
payments shall include any applicable interest, penalties and additions to Tax
and, if applicable, any reasonable external costs for professional services
incurred by AXP thereon. In calculating any interest payable by Ameriprise to
AXP hereunder, interest, if any, due from AXP to the IRS shall first be deemed
to arise with respect to the increase in the liability of Ameriprise, as
determined above.

    SECTION 8.03.  Procedures.  Subject to Section 7.02 hereof, for any
Affiliation Year or Combined Year, AXP will determine in good faith whether to
give effect, through any Tax Return, claim for refund or otherwise, to items of
loss, deduction or Credit for the Ameriprise Group which are greater than those
reflected on prior Tax Returns and the nature of all actions taken with respect
thereto. If AXP files such a claim, Ameriprise will indemnify AXP for any
additional Taxes or loss of Tax benefits incurred by a member of the AXP Group
or the applicable Total Combined Group (including interest, penalties and
additions to Tax) arising from such claim.

    SECTION 8.04.  Intercompany Adjustments.  If any transaction or arrangement
between the AXP and/or AXP Affiliates, on the one hand, and Ameriprise and/or
Ameriprise Affiliates, on the other hand, is recharacterized for applicable Tax
purposes under Section 482 of the Code or otherwise and such recharacterization
results in an Income Tax Detriment to one applicable group of companies and an
Income Tax Benefit to the other group, the group incurring the Income Tax
Detriment shall be paid by the other group an amount equal to such Income Tax
Detriment (including any interest, penalties and additions to Tax) within thirty
(30) business days after the Final Settlement of such Income Tax Detriment. In
addition, each Party hereto shall be responsible for, and shall indemnify and
hold the other Party and its Affiliates harmless against, any Taxes attributable
to intercompany items or otherwise for any stock or other assets (tangible or
intangible) transferred to it (or an AXP Affiliate, in the case of AXP, or an
Ameriprise Affiliate, in the case of Ameriprise) from the other Party hereto (or
an AXP Affiliate, in the case of AXP, or an Ameriprise Affiliate, in the case of
Ameriprise) for which it is determined not to have paid or provided fair market
value consideration.

                                   ARTICLE IX
                      U.S. FEDERAL INCOME TAX PROCEEDINGS

    SECTION 9.01.  Ameriprise and AXP Issues.  AXP and Ameriprise hereby agree
that during the course of the audit of any Affiliation Year, they will in good
faith endeavor to discuss and resolve separately with the IRS district agents
any "Ameriprise Issues" and "AXP Issues" (defined below). "Ameriprise Issues"
are issues relating to items of income, gain, loss, deduction, or Credit that
are attributable solely to the Ameriprise Group and that could not reasonably
have material adverse consequences for the U.S. federal income Tax liability of
a member of the AXP Group (other than a member of the Ameriprise Group) if
resolved against the taxpayer, as determined in good faith by AXP. "AXP Issues"
are any other issues, including issues relating to Foreign Attributes of the
Ameriprise Group.

    SECTION 9.02.  Procedures.  (a) In the event a Revenue Agent's Report
("RAR") is issued with respect to such taxable year, and the RAR contains
adjustments proposed with respect to Ameriprise Issues, at Ameriprise's request,
AXP shall protest (as provided for in applicable Treasury Regulations) the
adjustments made with respect to Ameriprise Issues. Ameriprise will prepare that
portion of any protest which it determines should be filed in connection with
any adjustment proposed with respect to Ameriprise Issues and shall limit such
portion of the protest to the defense of the specific Ameriprise Issues raised
in the RAR, unless AXP, in its sole discretion, determines otherwise.

    (b) After the filing of such protest, AXP and Ameriprise shall jointly meet
with the representatives of the IRS responsible for disposing of the issues in
dispute and request the separate resolution of the AXP and Ameriprise Issues.
They shall further request that the IRS assign separate representatives to
conduct any review of or proceedings on their respective issues.

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    (c) Regardless of whether the IRS agrees to resolve the issues affecting
each Party or assign separate representatives to deal with the issues of each,
AXP and Ameriprise each will attend meetings and will prepare written
presentations to be made to the IRS regarding any adjustments proposed only with
respect to its respective issues. AXP and Ameriprise shall keep each other
promptly informed of any developments and discussions at any such meetings
concerning adjustments, whether or not formally proposed, affecting the other
Party.

    SECTION 9.03.  Control of Issues.  (a) For each Affiliation Year, AXP shall
have full control of all AXP Issues and all Ameriprise Issues not otherwise
settled by Ameriprise at the audit or appellate level of the IRS ("Ameriprise
Unsettled Issues") if the aggregate liability for any Taxes for which Ameriprise
would be liable hereunder ("Article IX Taxes") with respect to all Ameriprise
Unsettled Issues for such Affiliation Year does not exceed $1,000,000. If the
aggregate liability for Article IX Taxes with respect to Ameriprise Unsettled
Issues for any Affiliation Year exceeds $1,000,000, Ameriprise shall, at its
sole cost and expense, unless AXP agrees to waive the same, obtain an evaluation
of the Ameriprise Unsettled Issues ("Evaluation") from an independent attorney
experienced in the field of U.S. federal corporate income Taxation, who shall be
selected jointly by the Parties and who, in the case of a listed or reportable
transaction for U.S. federal income Tax purposes, is not a disqualified Tax
advisor within the meaning of Section 6664(d)(3)(B)(ii) of the Code. The
Evaluation shall state, for the Ameriprise Unsettled Issues on an issue-by-issue
basis, whether, in the opinion of the attorney (which in the case of a listed
transaction or reportable transaction for U.S. federal income Tax purposes does
not constitute a disqualified Tax opinion as defined in Section 6664(d) of the
Code) the filing position for each such issue satisfies the requirements set
forth in Section 6662(d) of the Code required for the reduction in any
understatement of income Tax penalty and in the case of any such listed
transactions or reportable transactions satisfies the additional requirements
set forth in Section 6664(d) of the Code required to avoid a reportable
transaction understatement penalty. Any discussions with respect to the
Evaluation shall be held with both Parties jointly, and such attorney shall send
a copy of the Evaluation (including any drafts thereof) to both Parties
simultaneously.

    (b) If the Evaluation discloses any Ameriprise Unsettled Issues which do not
fully meet the aforementioned standards as applicable, Ameriprise shall be
obligated to settle such issues with the IRS at its own cost and expense within
a reasonable period of time after receipt of the Evaluation. If the aggregate
liability for Article IX Taxes with respect to the remaining Ameriprise
Unsettled Issues does not exceed $1,000,000, Ameriprise also shall be obligated
to settle all such issues at its own cost and expense within a reasonable period
of time after receipt of the Evaluation.

    SECTION 9.04.  Options for Resolution.  If, for any Affiliation Year, the
aggregate liability for Article IX Taxes with respect to the remaining
Ameriprise Unsettled Issues exceeds $1,000,000, AXP may select one of two
options: (i) retain complete control over and liability for the remaining
Ameriprise Unsettled Issues, or (ii) cede complete control to Ameriprise for the
remaining Ameriprise Unsettled Issues. In the event that AXP selects option
(ii), Ameriprise shall assume complete responsibility and liability for such
issues, but shall proceed with reasonable diligence to resolve the same. In so
doing, Ameriprise may, upon ten (10) business days written notice to AXP, fund
the prepayment of any remaining Ameriprise Unsettled Issue if the effect of such
prepayment is to toll an interest charge for such issue and AXP does not
otherwise determine in good faith that such action would adversely affect the
U.S. federal income Tax liability of a member of the AXP Group (other than a
member of the Ameriprise Group). In addition, in such event, Ameriprise shall be
liable and indemnify AXP and the AXP Affiliates for, but AXP shall control the
resolution of, (A) each AXP Issue which is not expressly set forth in the RAR
with respect to such Affiliation Year ("New AXP Issues") and (B) each AXP Excess
Issue as defined below. For purposes of this Article IX, an "AXP Excess Issue"
shall mean an AXP Issue the Tax liability for which (including any related
interest, penalties and additions to Tax) exceeds any proposed deficiency set
forth in the RAR with respect to

                                       18
<Page>
such AXP Issue or, if less, the amount of any deficiency with respect to such
AXP Issue in an agreement with the IRS reached during Appellate proceedings
("IRS Agreement"). Ameriprise's liability for an AXP Excess Issue shall be an
amount equal to the excess, if any, of the actual liability for Taxes (including
any related interest, penalties and additions to Tax) with respect to such AXP
Excess Issue over the proposed deficiency in the RAR or IRS Agreement, as the
case may be.

    SECTION 9.05.  Forum for Judicial Proceedings.  In any case where judicial
proceedings are instituted, AXP shall be entitled to select the forum for such
judicial proceedings, unless AXP determines, in good faith, that such
proceedings involve only Ameriprise Unsettled Issues and has chosen option
(ii) described in Section 9.04 above in respect of such issues. In such event,
Ameriprise shall be entitled to select the forum for judicial proceedings. Each
Party shall bear the costs of litigation in respect of its own issues, PROVIDED,
HOWEVER, that Ameriprise shall bear the costs of litigation in respect of New
AXP Issues and AXP Excess Issues.

    SECTION 9.06.  Settlement of Claims.  AXP may agree to settle any case
involving net U.S. federal income Tax claims for refund by the Ameriprise Group
and net U.S. federal income Tax liabilities by the AXP Group (not including the
Ameriprise Group) or otherwise on such terms as it determines are advisable;
provided, however, that if the Ameriprise Group has a fully agreed case
providing for a net U.S. federal income Tax refund of at least $1,000,000, AXP
may settle the entire case involving the entire AXP Group by agreeing to forego
such refund (or any portion thereof) only if it agrees to reimburse Ameriprise
for the amount of such foregone refund (or portion thereof).

                                   ARTICLE X
                                    PAYMENTS

    Section 10.01.  Reporting of Indemnity Payments, Etc.  Any Tax indemnity
payments hereunder or payments made in respect of Tax-Related Losses hereunder
shall, unless otherwise required by law, be reported for Tax purposes by the
payer and the recipient as a cash capital contribution by AXP or a cash
distribution by Ameriprise, as the case may be, immediately before the
Distribution. If, notwithstanding such reporting, such payment results in
additional taxable income to the recipient, such payments shall be increased
such that the amount that the recipient receives (net of Taxes) shall equal the
amount of the payment that it would otherwise be entitled to receive pursuant to
this Agreement.

    SECTION 10.02.  Interest on Late Payments.  If any payments hereunder are
not made when due, interest shall accrue on the unpaid amount at the
underpayment rate for large corporate underpayments, in effect from time to time
under Section 6621 of the Code, while such amount is outstanding.

                                   ARTICLE XI
                                  TAX RETURNS

    SECTION 11.01.  Cooperation and Furnishing of Tax Return
Information.  (a) COOPERATION. AXP and Ameriprise each agree to cooperate fully
in connection with the preparation of any Tax Return relating to any Affiliation
Year or Combined Year and the resolution of any related Tax audits, proceedings
or disputes. In this regard, except as provided in the service level agreement
between AXP and Ameriprise relating to Tax services after the Distribution Date
or herein, the Tax department of Ameriprise and its subsidiaries shall, at the
expense of Ameriprise, and the Tax department of AXP and its subsidiaries shall,
at the expense of AXP, continue to perform the same Tax-related functions with
respect to such Tax Returns, audits, proceedings or disputes they have performed
to date.

    (b)   TAX RETURN INFORMATION.  For purposes of the preparation by AXP of Tax
Returns for the taxable years ending on December 31, 2004 and December 31, 2005,
respectively, on or prior to such date(s) as specified by AXP, Ameriprise shall
provide AXP with Tax information for the respective life

                                       19
<Page>
and non-life subgroups of the Ameriprise Group and Tax information for all
members of each Ameriprise Combined Group, including but not limited to,
schedule(s) showing the items of income, gain, loss, deduction and Credit and
Foreign Attributes with respect to each such taxable year required to be
included in applicable Tax Returns and complete work papers together with such
other information as AXP may request. The information provided by Ameriprise
shall be consistent with any similar information provided by Ameriprise to AXP
for prior taxable years.

    (c)   DISCLOSURES.  Ameriprise represents that it has provided, and agrees
to promptly provide, to AXP complete and accurate information that is required
or AXP requests to satisfy all applicable U.S. federal, state and local, and
non-U.S., disclosure and reporting requirements in respect of listed
transactions, reportable transactions and other transactions that may be viewed
as Tax-motivated, including, but not limited to, U.S. state expense disallowance
information. Ameriprise also represents that is has provided, and agrees to
promptly provide, to AXP all documents and other information that is required or
AXP requests to satisfy the transfer pricing and other documentation
requirements set forth in Sections 482 and 6662 of the Code and the Treasury
Regulations thereunder or otherwise (including analogous provisions under U.S.
state and local or non-U.S. law), including but not limited to, principal
documents as defined in Treasury Regulations Section 1.6662-6(d)(2)(iii)(B), and
to address any transfer pricing audit issue arising under Section 482 of the
Code or otherwise, shall promptly provide to AXP any documents and information
it may request, including background documents as defined in Treasury
Regulations Section 1.6662-6(d)(2)(iii)(C). Ameriprise further represents that
it has provided, and agrees to promptly provide, to AXP all internal and
external tax opinions memoranda relating to the transactions and other matters
addressed in this subsection (c). If Ameriprise fails to timely satisfy the
requirements of this subsection (c), it will indemnify, and hold AXP and AXP
Affiliates harmless against, any Taxes, interest, penalties or additions to Tax
arising therefrom.

    SECTION 11.02.  Preparation of Tax Returns.  (a)  PREPARATION.  AXP shall
have sole authority for the preparation and filing of any consolidated U.S.
federal income Tax Return or Combined Tax Return, which include the items of
income, gain, loss, deduction and Credit of the Ameriprise Group or any
Ameriprise Combined Group for all relevant taxable periods, including but not
limited to, determination of Foreign Attributes. With respect to the U.S.
federal income Tax Returns for the taxable years ending December 31, 2004 and
December 31, 2005, respectively, AXP agrees to notify Ameriprise and, subject to
filing deadlines, give Ameriprise an opportunity to comment on the reporting, if
it plans to file such Tax Returns reflecting data or information that is
materially different from the final data or information provided by Ameriprise.
In addition, with respect to any Combined Tax Return for the taxable years
ending December 31, 2004 and December 31, 2005, respectively, in which
Ameriprise is projected to have Tax liability in excess of $500,000, AXP agrees
to notify Ameriprise and, subject to filing deadlines, give Ameriprise an
opportunity to comment on the reporting, if it plans to file such Tax Returns
reflecting data or information that is materially different from the final data
or information provided by Ameriprise. Any decisions with respect to the timing,
filing, or content of the above Tax Returns shall be made by AXP in its sole
discretion and shall be final and binding upon the Parties hereto.

    (b)   ELECTIONS.  Ameriprise and the appropriate members of the Ameriprise
Group or an Ameriprise Combined Group shall make or give their consent to such
elections or other matters relating to the Ameriprise Group or an Ameriprise
Combined Group as AXP determines are necessary or advisable in connection with
the filing of any such Tax Returns. In addition, no member of the Ameriprise
Group may elect to be considered as not having been a member of the AXP Group
for U.S. federal income Tax purposes and no member of an Ameriprise Combined
Group may elect to be considered as not having been a member of a Total Combined
Group for U.S. state or local Tax purposes for any taxable year or portion
thereof without the prior written consent of AXP.

                                       20
<Page>
                                  ARTICLE XII
                 POST-AFFILIATION YEARS AND POST-COMBINED YEARS

    Section 12.01.  Returns.  Ameriprise shall not and shall not permit any of
the Ameriprise Affiliates to (i) file or amend any Tax Return for the
Post-Affiliation Year or a Post-Combined Year beginning on the first day
following the Distribution Date, in a manner that is inconsistent with the
manner in which AXP filed its Tax Returns in an Affiliation Year or a Combined
Year or (ii) make any election for any Post-Affiliation Year or Post-Combined
Year if such election would have the effect of binding or requiring conformity
by any member of the AXP Group or any Total Combined Group for any Affiliation
Year or Combined Year.

    SECTION 12.02.  Actions or Transactions.  Ameriprise shall be obligated to
inform and disclose fully to AXP any actions taken or transactions undertaken in
a Post-Affiliation Year or a Post-Combined Year which can reasonably be expected
to affect in any material way the Tax liability of the AXP Group for any
Affiliation Year or a Total Combined Group for any Combined Year.

    SECTION 12.03.  Proposed Adjustments.  Ameriprise shall promptly notify AXP
and keep AXP apprised of any proposed adjustments which arise out of an audit or
examination of a Post-Affiliation Year or Post-Combined Year Tax Return which
could reasonably be expected to affect in any material way the Tax liability of
for any Affiliation Year or Combined Years or which could reasonably result in
treatment of items that is inconsistent with the manner in which AXP filed its
Tax Returns for such years.

                                  ARTICLE XIII
                               BOOKS AND RECORDS

    Section 13.01.  Retention Period.  Without limiting any of the provisions of
this Agreement, each of the Parties agrees that it shall retain, until the
expiration of the appropriate statutes of limitations (including any extensions)
plus ninety (90) days, copies of any Tax Returns for any open periods during the
Affiliation Years and Combined Return Years which might be subject to adjustment
under this Agreement, supporting work schedules and other books, records or
information which may be relevant and that it will not destroy or otherwise
dispose of such records without first providing the other Party with a
reasonable opportunity to review and copy the same. Without limiting the
foregoing, Ameriprise shall cooperate with AXP in identifying such books,
records or information and so retain or provide to AXP such books, records or
information as may be specified by AXP in writing within 180 days after the
Distribution Date. Any information obtained pursuant to this Agreement, or any
other information obtained by AXP or Ameriprise relating to the Tax position of
either Party shall be kept confidential by the Parties hereto, except if
otherwise required by a Taxing authority.

    SECTION 13.02.  Record Retention Policy.  Without limiting the foregoing,
each of the Parties hereto agrees that it shall retain copies of any books and
records in its possession as required by any record retention agreement in
effect from time to time, between AXP and the IRS or any other Taxing authority.

    SECTION 13.03.  Tax Attributes.  Ameriprise shall maintain and provide to
AXP upon request information which will enable AXP to determine, clarify or
verify the adjusted book and Tax bases of the Ameriprise stock held by AXP,
Ameriprise's assets, both tangible and intangible, including the stock of all
directly and indirectly owned subsidiaries of Ameriprise which were members of
the Ameriprise Group or an Ameriprise Combined Group at any time during
Affiliation Years or Combined Years, and the adjusted book and Tax bases of all
assets, both tangible and intangible, of such subsidiaries. In addition,
Ameriprise shall maintain and provide to AXP upon request all relevant
information for the determination of earnings and profits of any members of the
Ameriprise Group, in accordance with applicable provisions of the Code and the
Treasury Regulations thereunder.

                                       21
<Page>
                                  ARTICLE XIV
                       COMPENSATION AND EMPLOYEE BENEFITS

    Section 14.01.  General.  For U.S. federal, applicable U.S. state and local
income and other Tax purposes, all deductions in respect of compensation and
employee benefits, other than AXP Stock-Based Awards as provided below, whether
on or before or after the Distribution Date, shall be allocated to AXP (or its
appropriate subsidiary) or Ameriprise (or its appropriate subsidiary) based on
the entity which, directly or indirectly, provides the cash or other
consideration to its employees, former employees or other service providers or
any individual whose rights are derived from such individual's relationship with
such employee, former employee or service provider.

    SECTION 14.02.  AXP Stock-Based Awards.  For U.S. federal, applicable U.S.
state and local income and other Tax purposes, all deductions in respect of AXP
Stock-Based Awards, whether on or before or after the Distribution Date, shall
be allocated as follows: (i) deductions in respect of AXP Options that are
exercised on or before the Distribution Date ("Exercised AXP Options") shall be
allocated to AXP (and shall accordingly not be taken into account in computing
Adjusted Separate Ameriprise Group Federal Tax Liability) except for the amount
of deductions (A) reflected in net U.S. federal income deferred Tax assets that
are properly recorded on the Ameriprise Group's books in respect of such
Exercised AXP Options immediately before their exercise pursuant to SFAS 123 or
SFAS 123(R) as adopted by AXP ("SFAS Exercised AXP Options") or (B) actually
realized upon the exercise of such SFAS 123 Exercised AXP Options, whichever is
less, and (ii) deductions in respect of AXP Options that are exercised after the
Distribution Date or in respect of AXP Stock-Based Awards (other than AXP
Options) shall be allocated between AXP (or its appropriate subsidiary that was
a direct employer of record of the holder of such award during the Vesting
Period) and Ameriprise (or its appropriate subsidiary that was a direct employer
of record of the holder of such award during the Vesting Period) pro rata based
on their respective Vesting Ratios.

    SECTION 14.03.  Reporting of Deductions.  Unless otherwise required by law,
AXP and Ameriprise shall for themselves and their appropriate subsidiaries
compute their respective Tax liability and file all applicable Tax Returns in
accordance with the allocations under Sections 14.01 and 14.02 above. In the
event that any deduction allocated under such Sections to one entity is
subsequently required by law to be reported by another entity for Tax purposes,
AXP or Ameriprise shall pay the entity to which the deduction was allocated
under such Sections such amounts as are necessary to put such entity in the same
position, on an after-Tax basis, as it would have been if the allocation under
such Sections had been respected.

    SECTION 14.04.  Employment Taxes and Tax Reporting.  To the extent that AXP,
Ameriprise or any of their subsidiaries is allocated a deduction for Tax
purposes under Sections 14.01 and 14.02 above or otherwise, the entity to which
the deduction is allocated shall be solely responsible for satisfying any
withholding and employment Tax liabilities and Tax reporting obligations in
respect of the compensation that corresponds to such deduction.

    SECTION 14.05.  Determinations.  All determinations necessary to effect this
Article XIV, including those related to the Vesting Period and Vesting Ratios,
will be made by AXP in good faith.

                                   ARTICLE XV
                                 MISCELLANEOUS

    SECTION 15.01.  Notices.  All notices, requests, claims, demands and other
communications hereunder must be in writing and will be deemed to have been duly
given only if delivered personally

                                       22
<Page>
or by facsimile transmission or mailed (first class postage prepaid) to the
Parties at the following addresses or facsimile numbers:

    If to AXP or any member of the AXP Group, to:

           American Express Company
           200 Vesey Street
           New York, New York 10285
           Attn: Gilbert E. Ahye

           with a copy to:

           American Express Company
           200 Vesey Street
           New York, New York 10285
           Attn: Director of Tax

           If to Ameriprise or any member of the Ameriprise Group, to:

           Ameriprise Financial, Inc.
           707 2nd Avenue, South
           Minneapolis, Minnesota 55474
           Attn: Walter Berman

           with a copy to:

           Ameriprise Financial, Inc.
           707 2nd Avenue, South
           Minneapolis, Minnesota 55474
           Attn: Director of Tax

All such notices, requests and other communications will (i) if delivered
personally to the address as provided in this section, be deemed given upon
delivery, (ii) if delivered by facsimile transmission to the facsimile number as
provided in this section, be deemed given upon receipt and (iii) if delivered by
mail in the manner described above to the address as provided in this section,
be deemed given upon receipt (in each case regardless of whether such notice,
request or other communication is received by any other Person to whom a copy of
such notice, request or other communication is to be delivered pursuant to this
section). Any Party from time to time may change its address, facsimile number
or other information for the purpose of notices to that Party by giving notice
specifying such change to the other Party.

    SECTION 15.02.  Complete Agreement; Representations.  (a) This Agreement,
together with any exhibits and schedules hereto, constitutes the entire
agreement between the Parties with respect to the subject matter hereof and
shall supersede all previous negotiations, commitments and writings with respect
to such subject matter.

    (b) AXP represents on behalf of itself and each other member of the AXP
Group and Ameriprise represents on behalf of itself and each other member of the
Ameriprise Group as follows:

        (i) each such Person has the requisite corporate or other power and
    authority and has taken all corporate or other action necessary in order to
    execute, deliver and perform this Agreement to which it is a Party and to
    consummate the transactions contemplated by this Agreement; and

        (ii) this Agreement has been duly executed and delivered by such Person
    (if such Person is a Party) and constitutes a valid and binding agreement of
    it enforceable in accordance with the terms thereof (assuming the due
    execution and delivery thereof by the other Party) except as such

                                       23
<Page>
    enforceability may be limited by bankruptcy, fraudulent conveyance,
    insolvency, reorganization, moratorium and other laws affecting creditors'
    rights generally and by general equitable principles.

    SECTION 15.03.  Amendment, Modification, or Waiver.  (a) This Agreement may
be amended, supplemented, modified or superseded only by a written instrument
signed by duly authorized signatories of the Parties.

    (b) Any term or condition of this Agreement may be waived at any time by the
Party that is entitled to the benefit thereof, but no such waiver shall be
effective unless set forth in a written instrument duly executed by or on behalf
of the Party waiving such term or condition. No waiver by any Party of any term
or condition of this Agreement, in any one or more instances, shall be deemed or
construed as a waiver of the same or any other term or condition of this
Agreement on any future occasion. All remedies, either under this Agreement or
by law or otherwise afforded, will be cumulative and not alternative.

    SECTION 15.04.  Severability.  If any one or more of the provisions of this
Agreement shall, for any reason, be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect
any other provision of this Agreement.

    SECTION 15.05.  No Assignment; Binding Effect; No Third-Party
Beneficiaries.  (a) Neither this Agreement nor any right, interest or obligation
hereunder may be assigned by either Party hereto without the prior written
consent of the other Party hereto and any attempt to do so will be void. Subject
to the preceding sentence, this Agreement is binding upon, inures to the benefit
of and is enforceable by the Parties hereto and their respective successors and
assigns.

    (b) Except for provisions relating to Affiliates and the provisions of
Article V relating to Tax-Related Losses, the terms and provisions of this
Agreement are intended solely for the benefit of each Party hereto and their
respective Affiliates, successors or permitted assigns, and it is not the
intention of the Parties to confer third-party beneficiary rights upon any other
Person.

    (c) Notwithstanding anything herein to the contrary, unless the context
indicates otherwise, if an obligation is imposed on AXP or Ameriprise hereunder
it shall cause any Person that directly or indirectly controls or is controlled
by it to comply therewith to the extent reasonably necessary to carry out such
obligation. "Control" for these purposes shall have the same meaning as that set
forth under the definition of "Affiliate".

    SECTION 15.06.  Headings.  The headings used in this Agreement have been
inserted for convenience of reference only and do not define or limit the
provisions hereof.

    SECTION 15.07.  Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of the
counterparts together shall constitute one and the same instrument.

    SECTION 15.08.  Governing Law.  This Agreement and any dispute arising out
of, in connection with or relating to this Agreement shall be governed by and
construed in accordance with the Laws of the State of New York, without giving
effect to the conflicts of laws principles thereof.

                                       24
<Page>
    IN WITNESS WHEREOF, the Parties hereto have entered into this Agreement as
of the date first above written.

<Table>
<S>                                            <C>  <C>
                                               AMERICAN EXPRESS COMPANY

                                               By:  /s/ Gilbert E. Ahye
                                                    ------------------------------------------------
                                                    Name:  Gilbert E. Ahye
                                                    Title:  Senior Vice President

                                               AMERIPRISE FINANCIAL, INC.

                                               By:  /s/ Walter S. Berman
                                                    ------------------------------------------------
                                                    Name:  Walter S. Berman
                                                    Title:  Executive Vice President and Chief
                                                    Financial Officer
</Table>

                                       25

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