If you have questions, please contact the RiverSource Sales Consulting Group at (800) ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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1 The RiverSource SM variable annuity, issued by American Enterprise Life Insurance Company, performance figures below do not reflect the most current month end figures, due to technology issues. We are working to provide updated performance. Please check back soon for current information. If you have questions, please contact the RiverSource Sales Consulting Group at (800) Variable Annuities: ARE NOT A DEPOSIT OF ANY BANK OR ANY BANK AFFILIATE ARE NOT FDIC INSURED ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY ARE NOT BANK GUARANTEED MAY LOSE VALUE American Enterprise Life Insurance Company (Distributor), Member NASD, a wholly-owned subsidiary of Ameriprise Financial, Inc (Ameriprise Financial). RiverSource SM insurance and annuity branded products are issued by American Enterprise Life Insurance Company, an Ameriprise Financial company. For broker-dealer use only. Not approved for use with the public Ameriprise Financial, Inc. All rights reserved

2 Evergreen Pathways SM Select Variable Annuity (Contract Option L) Issued by American Enterprise Life Insurance Company (AEL) A Flexible-Premium, Deferred Variable Annuity Performance for Annuities for the Quarter End 6/30/06 and Month End 7/31/06. The performance information shown represent past performance and is no guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by calling the AEL Customer Service line at (800) This information is authorized for use when preceded or accompanied by a current annuity prospectus. You should consider the investment objectives, risks, charges and expenses of the underlying investment options carefully before investing. For a free copy of the underlying investment s prospectus, which contains this and other information, call (800) Read the prospectus carefully before you invest. We show actual performance from the date the subaccounts began investing in the funds. We also show performance from the commencement date of the funds as if the annuity existed at that time, which it did not. Variable annuities are insurance products that are complex long-term investment vehicles. Before you invest, be sure to ask your investment professional about the variable annuity s features, benefits, risks and fees, and whether the variable annuity is appropriate for you, based upon your financial situation and objectives. The benefits of tax deferral may outweigh the costs of a variable annuity only if you hold it as a long-term investment. Variable annuities are subject to market risk including the potential loss of principal invested. Current applicable charges deducted from performance include a 1.70% total base variable account expense, a $40 contract administrative charge, a 0.20% Maximum Anniversary Value Benefit Rider fee, a 0.40% Benefit Protector SM Plus Death Benefit Rider fee, a 0.65% Income Assurer Benefit SM Rider - Greater of 5% Accumulation or MAV fee, and a declining 8% withdrawal charge on purchase payments less than five years old. Premium taxes are not reflected in these total returns. Riders may or may not be available in all states. *An investment in the Cash Management Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. The 7-day yields shown reflect more closely the earnings of the fund than the total return numbers. Short-term yields may be higher or lower than the figures shown. Contact your advisor or call (800) for the most current yield. The Evergreen Pathways SM Select Variable Annuity is issued by American Enterprise Life Insurance Company, Administrative Offices in Minneapolis, MN. It is offered through Wachovia Securities, Inc. LLC, Member NYSE/SIPC, a registered broker-dealer and separate non-bank affiliate of Wachovia Corporation, and through Wachovia Insurance Agency, Inc. Evergreen Investments SM is a service mark of Evergreen Investments Management, LLC. Copyright 2006, Evergreen Investment Management Company, LLC. Ameriprise Financial Services, Inc. (Distributor), Member NASD, a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). RiverSource SM insurance and annuity branded products are issued by American Enterprise Life Insurance Company, an Ameriprise Financial company. Most annuities have a tax-deferred feature. So do many retirement plans under the Internal Revenue Code. As a result, when you use an annuity to fund a retirement plan that is tax-deferred, your annuity will not provide any necessary or additional tax deferral for that retirement plan. But annuities do have features other than tax deferral that may help you reach your retirement goals. You should consult your tax advisor prior to making a purchase for an explanation of the tax implications to you. VARIABLE ANNUITIES: ARE NOT A DEPOSIT OF ANY BANK OR ANY BANK AFFILIATE ARE NOT FDIC INSURED ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY ARE NOT BANK GUARANTEED MAY LOSE VALUE Page 1 of 8

3 The models and performance figures shown are for the dynamic version of the Portfolio Navigator program, which became available for new enrollments as of May 1, Please see page 3 for additional important information Evergreen Pathways Select SM Variable Annuity (Contract Option L) Portfolio Navigator Asset Allocation Model Performance as of July 31, 2006 Assumes initial investment May 1, mo. Through 3-mo. Through YTD Through 1-yr. Model 7/31/06 7/31/06 7/31/06 7/31/06 3-yr. 5-yr. 10-yr. Conservative 0.65% Moderately Conservative 0.43% Moderate 0.16% Moderately Aggressive -0.32% Aggressive -0.82% Page 2 of 8 Conservative Model & Alloc. % CASH EQUIVALENTS RiverSource SM VP Cash Management Fund 11% SHORT-TERM FIXED INCOME RiverSource SM VP Short Duration US Government Fund 9% RiverSource SM VP Diversified Bond Fund 24% RiverSource SM VP Global Inflation Protected Securities Fund 13% Evergreen VA Strategic Income Fund - Class 2 7% FTVIPT Templeton Global Income Securities Fund - Class 2 8% RiverSource SM VP Income Opportunities Fund 7% Evergreen VA Fundamental Large Cap Class 2 3% Evergreen VA Omega Fund Class 2 2% Fidelity VIP Contrafund Portfolio Service Class 2 4% RiverSource SM VP Diversified Equity Income Fund 3% Van Kampen LIT Comstock Portfolio Class II Shares 3% Goldman Sachs VIT Mid Cap Value Fund 1% AllianceBernstein VPS International Value Portfolio (Class B) 1% Evergreen International Equity Fund - Class 2 2% Putnam VT Small Cap Value, IB 1% Van Kampen UIF US Real Estate Portfolio Class II Shares 1% Moderately Conservative Model & Alloc. % CASH EQUIVALENTS RiverSource SM VP Cash Management Fund 1% SHORT-TERM FIXED INCOME RiverSource SM VP Short Duration US Government Fund 5% RiverSource SM VP Diversified Bond Fund 24% RiverSource SM VP Global Inflation Protected Securities Fund 12% Evergreen VA Strategic Income Fund - Class 2 6% FTVIPT Templeton Global Income Securities Fund - Class 2 7% RiverSource SM VP Income Opportunities Fund 9% Evergreen VA Fundamental Large Cap Class 2 4% Evergreen VA Omega Fund Class 2 4% Fidelity VIP Contrafund Portfolio Service Class 2 8% RiverSource SM VP Diversified Equity Income Fund 6% Van Kampen LIT Comstock Portfolio Class II Shares 5% Goldman Sachs VIT Mid Cap Value Fund 1% AllianceBernstein VPS International Value Portfolio (Class B) 2% Evergreen International Equity Fund - Class 2 2% RiverSource SM VP Emerging Markets Fund 1% Putnam VT Small Cap Value, IB 2% Van Kampen UIF US Real Estate Portfolio Class II Shares 1% Moderate Model & Alloc. % RiverSource SM VP Diversified Bond Fund 19% RiverSource SM VP Global Inflation Protected Securities Fund 10% Evergreen VA Strategic Income Fund - Class 2 5% FTVIPT Templeton Global Income Securities Fund - Class 2 6% RiverSource SM VP Income Opportunities Fund 8% Evergreen VA Fundamental Large Cap Class 2 6% Evergreen VA Omega Fund Class 2 4% Fidelity VIP Contrafund Portfolio Service Class 2 10% RiverSource SM VP Diversified Equity Income Fund 7% Van Kampen LIT Comstock Portfolio Class II Shares 7% Fidelity Mid Cap Portfolio, Service Class 2 2% Goldman Sachs VIT Mid Cap Value Fund 4% AllianceBernstein VPS International Value Portfolio (Class B) 3% Evergreen International Equity Fund - Class 2 4% RiverSource SM VP Emerging Markets Fund 2% Putnam VT Small Cap Value, IB 2% Dreyfus IP Technology Growth Portfolio Service Shars 1% Moderately Aggressive Model & Alloc. % RiverSource SM VP Diversified Bond Fund 11% RiverSource SM VP Global Inflation Protected Securities Fund 7% Evergreen VA Strategic Income Fund - Class 2 4% FTVIPT Templeton Global Income Securities Fund - Class 2 5% RiverSource SM VP Income Opportunities Fund 5% Evergreen VA Fundamental Large Cap Class 2 8% Evergreen VA Omega Fund Class 2 9% Fidelity VIP Contrafund Portfolio Service Class 2 11% RiverSource SM VP Diversified Equity Income Fund 8% Van Kampen LIT Comstock Portfolio Class II Shares 8% Fidelity Mid Cap Portfolio, Service Class 2 3% Goldman Sachs VIT Mid Cap Value Fund 5% AllianceBernstein VPS International Value Portfolio (Class B) 4% Evergreen International Equity Fund - Class 2 4% RiverSource SM VP Emerging Markets Fund 3% Putnam VT Small Cap Value, IB 3% Dreyfus IP Technology Growth Portfolio Service Shars 2% Aggressive Model & Alloc. % RiverSource SM VP Diversified Bond Fund 3% RiverSource SM VP Global Inflation Protected Securities Fund 5% Evergreen VA Strategic Income Fund - Class 2 2% FTVIPT Templeton Global Income Securities Fund - Class 2 2% RiverSource SM VP Income Opportunities Fund 2% Evergreen VA Omega Fund Class 2 14% Fidelity VIP Contrafund Portfolio Service Class 2 13% RiverSource SM VP Diversified Equity Income Fund 12% Van Kampen LIT Comstock Portfolio Class II Shares 12% Fidelity Mid Cap Portfolio, Service Class 2 3% Goldman Sachs VIT Mid Cap Value Fund 7% AllianceBernstein VPS International Value Portfolio (Class B) 5% Evergreen International Equity Fund - Class 2 6% RiverSource SM VP Emerging Markets Fund 4% Putnam VT Small Cap Value, IB 6% Wanger U.S. Smaller Companies 2% Dreyfus IP Technology Growth Portfolio Service Shars 2% Portfolio Navigator Asset Allocation Model performance data is calculated by multiplying each individual subaccount's performance by its allocated percentage within the model. Performance data represents past performance and is no guarantee of future results. The investment return and principal value of an investment in a variable annuity subaccount will fluctuate so that units of each subaccount when redeemed may be worth more or less than their original cost. Current applicable charges deducted from model performance include 1.70% total variable account expense and a $40 contract administrative charge. These returns do not include the deduction of a declining withdrawal charge schedule or additional charges for optional riders. Had these withdrawal charges or rider fees been shown, performance would have been lower. Asset allocation does not assure a profit or protect against loss in declining markets.

4 Portfolio Navigator Asset Allocation Model Performance as of July 31, 2006 The Portfolio Navigator Program allows clients to allocate their contract value to an asset allocation model portfolio that consists of subaccounts that invest in underlying funds and may include Guaranteed Period Accounts and/or the fixed account (if available under the Portfolio Navigator program). The Program also allows clients to periodically update their model portfolio or transfer to a new model portfolio. Prior to participating in the Program, clients should read the description of the Program contained in the prospectus for the variable annuity contract together with all information provided by their financial representative, as well as the Portfolio Navigator Asset Allocation Program Investment Adviser Disclosure Document. Portfolio Navigator model portfolio performance shown on page 2 is for the dynamic version of the Portfolio Navigator program, which was available for contracts issued beginning 5/1/2006. Model portfolios in the dynamic program are periodically reassessed and updated, typically annually, with new or revised subaccounts, allocation percentages, and/or asset classes. Contracts issued before 5/1/2006 may participate in the static version of the Portfolio Navigator program. The model portfolios used with the static program assumed a longer investment time-horizon and use different equity-bond targets than the model portfolios in the dynamic version of the program now offered. The static program did not use RiverSource Investments, LLC as an investment adviser. The program s inception date was 5/1/2004. Actual performance may vary depending on which version(s) of the model portfolio(s) were available and selected over the course of an individual client s participation in the program. Past performance is no guarantee of future results. There is no guarantee that investment objectives will be satisfied or that return expectations will be met. Page 3 of 8

5 Performance for Annuities for the Quarter End 6/30/06 and Month End 7/31/06. Riders = Maximum Anniversary Value Death Benefit Rider, Benefit Protector SM Plus Death Benefit Rider, Income Assurer Benefit SM Rider - Greater of 5% Accumulation or MAV Average Annual Total Returns Since Average Annual Total Returns of the Sub- Commencement of the Subaccount account Since Commencement of the Fund Sub- 1-month 3-month YTD As of Quarter End As of Quarter End account Fund Through Through Through Since Since Subaccount Inception Inception 7/31/06 7/31/06 7/31/06 1-yr. 3-yr. 5-yr. 10-yr. Inception** 1-yr. 3-yr. 5-yr. 10-yr. Inception** CASH EQUIVALENTS* RiverSource SM Variable Portfolio - Cash Management Fund 1 No riders, without surrender charges (03/01/02) (10/13/81) 0.23% 0.71% 1.44% 1.89% 0.13% -0.16% 1.89% 0.13% -0.05% 1.64% 3.71% Riders, with surrender charges (04/30/04) (10/13/81) -7.08% -6.84% -6.55% -6.65% -3.63% -6.65% -3.42% -1.44% 0.21% 2.27% RiverSource SM Variable Portfolio-Cash Management Fund s seven-day simple yield was 4.60% and its seven-day compound yield was 4.70% as of quarter-end 6/30/06, as of month-end 7/31/06, its seven-day simple yield was 4.86% and its seven-day compound yield was 4.98%. SHORT-TERM FIXED INCOME RiverSource SM Variable Portfolio - Short Duration US Government Fund 1 No riders, without surrender charges (03/03/00) (09/15/99) 0.78% 0.59% 0.40% -0.64% -0.69% 0.91% 2.03% -0.64% -0.69% 0.91% 1.95% Riders, with surrender charges (04/30/04) (09/15/99) -6.58% -6.95% -7.53% -9.12% -4.74% -9.12% -4.27% -0.44% 0.59% American Century VP Inflation Protection, Class II No riders, without surrender charges (04/30/04) (12/31/02) 1.11% 1.19% -0.47% -2.66% 1.36% -2.66% 0.66% 1.69% Riders, with surrender charges (04/30/04) (12/31/02) -6.28% -6.40% -8.39% % -2.89% % -2.83% -1.19% Evergreen VA Core Bond Fund - Class 2 No riders, without surrender charges (07/31/02) (07/31/02) 1.03% 0.83% -0.55% -2.73% -0.03% 1.59% -2.73% -0.03% 1.59% Riders, with surrender charges (04/30/04) (07/31/02) -6.35% -6.73% -8.47% % -3.65% % -3.56% -1.13% Fidelity VIP Investment Grade Bond Portfolio Service Class 2 No riders, without surrender charges (04/30/04) (12/05/88) 1.16% 0.78% -0.37% -2.61% 0.73% -2.61% 0.19% 3.17% 4.22% 5.10% Riders, with surrender charges (04/30/04) (12/05/88) -6.23% -6.78% -8.29% % -3.55% % -3.33% 1.85% 2.87% 3.76% RiverSource SM Variable Portfolio - Diversified Bond Fund 1 No riders, without surrender charges (03/01/02) (10/13/81) 1.12% 0.86% -0.32% -2.30% 0.23% 1.68% -2.30% 0.23% 2.21% 2.97% 7.18% Riders, with surrender charges (04/30/04) (10/13/81) -6.27% -6.70% -8.25% % -3.32% % -3.29% 0.88% 1.58% 5.83% RiverSource SM Variable Portfolio - Global Inflation Protected Securities Fund 2 No riders, without surrender charges (05/01/06) (09/13/04) 1.66% 0.39% -2.91% 0.39% Riders, with surrender charges (05/01/06) (09/13/04) -5.77% -7.04% % -4.98% 3, 4, 5 Evergreen VA Strategic Income Fund - Class 2 No riders, without surrender charges (07/31/02) (03/06/97) 0.92% -0.47% 0.36% -1.69% 2.23% 6.36% -1.69% 2.23% 6.84% 4.22% Riders, with surrender charges (04/30/04) (03/06/97) -6.45% -7.98% -7.56% % -2.13% % -1.24% 5.50% 2.84% FTVIPT Templeton Global Income Securities Fund - Class 2 6 No riders, without surrender charges (04/30/04) (01/24/89) 1.20% -0.49% 5.87% 4.35% 6.73% 4.35% 6.10% 11.33% 5.69% 5.75% Riders, with surrender charges (04/30/04) (01/24/89) -6.19% -8.01% -2.51% -4.41% 2.30% -4.41% 2.61% 9.94% 4.30% 4.37% 3, 4, 5 Evergreen VA High Income Fund - Class 2 No riders, without surrender charges (07/31/02) (06/30/99) 0.69% -0.75% 1.41% 1.06% 4.33% 6.55% 1.06% 4.33% 6.12% 5.51% Riders, with surrender charges (04/30/04) (06/30/99) -6.66% -8.26% -6.58% -7.42% -1.87% -7.42% 0.81% 4.80% 4.18% RiverSource SM Variable Portfolio - Income Opportunities Fund 1, 7 No riders, without surrender charges (06/01/04) (06/01/04) 0.58% -0.66% 0.92% 1.63% 5.23% 1.63% 5.23% Riders, with surrender charges (06/01/04) (06/01/04) -6.77% -8.18% -7.03% -6.88% 0.72% -6.88% 0.72% BALANCED FTVIPT Franklin Income Securities Fund - Class 2 8, 9 No riders, without surrender charges (03/03/00) (01/24/89) 2.46% 2.64% 7.74% 3.89% 9.75% 7.73% 8.76% 3.89% 9.75% 7.73% 7.33% 8.35% Riders, with surrender charges (04/30/04) (01/24/89) -5.04% -5.07% -0.80% -4.82% 3.50% -4.82% 6.36% 6.37% 5.98% 6.98% 10, 11 AllianceBernstein VPS Growth and Income Portfolio (Class B) Effective 5/1/06, previously AllianceBernstein VP Growth and Income Portfolio (Class B). No riders, without surrender charges (08/30/02) (01/14/91) 1.46% -2.60% 1.78% 4.35% 8.61% 9.10% 4.35% 8.61% 1.03% 8.56% 9.07% Riders, with surrender charges (04/30/04) (01/14/91) -5.96% % -6.24% -4.40% 0.82% -4.40% 5.19% -0.42% 7.16% 7.67% American Century VP Ultra, Class II 6 No riders, without surrender charges (04/30/04) (05/01/01) -4.80% % % -1.92% 0.01% -1.92% 3.99% -2.53% -2.28% Riders, with surrender charges (04/30/04) (05/01/01) % % % % -4.27% % 0.48% -4.00% -3.75% Footnotes are placed at the end of the Performance Summary. Page 4 of 8

6 Performance for Annuities for the Quarter End 6/30/06 and Month End 7/31/06. Riders = Maximum Anniversary Value Death Benefit Rider, Benefit Protector SM Plus Death Benefit Rider, Income Assurer Benefit SM Rider - Greater of 5% Accumulation or MAV Average Annual Total Returns Since Average Annual Total Returns of the Sub- Commencement of the Subaccount account Since Commencement of the Fund Sub- 1-month 3-month YTD As of Quarter End As of Quarter End account Fund Through Through Through Since Since Subaccount Inception Inception 7/31/06 7/31/06 7/31/06 1-yr. 3-yr. 5-yr. 10-yr. Inception** 1-yr. 3-yr. 5-yr. 10-yr. Inception** (CONT.) 12, 13 American Century VP Value, Class II No riders, without surrender charges (04/30/04) (05/01/96) 1.01% -1.36% 3.16% 5.75% 6.63% 5.75% 11.34% 5.97% 8.32% 8.44% Riders, with surrender charges (04/30/04) (05/01/96) -6.37% -8.88% -4.98% -3.12% 2.20% -3.12% 7.99% 4.61% 6.95% 7.07% 3, 4, 5 Evergreen VA Fundamental Large Cap Fund - Class 2 No riders, without surrender charges (08/30/02) (03/01/96) -0.39% -4.64% 0.33% 6.11% 10.13% 9.32% 6.11% 10.13% 2.50% 6.18% 6.55% Riders, with surrender charges (04/30/04) (03/01/96) -7.70% % -7.60% -2.80% 3.53% -2.80% 6.75% 1.07% 4.80% 5.16% 3, 14 Evergreen VA Omega Fund - Class 2 No riders, without surrender charges (07/31/02) (03/06/97) -4.04% % -8.68% 1.79% 6.62% 7.85% 1.79% 6.62% -1.42% 3.71% Riders, with surrender charges (04/30/04) (03/06/97) % % % -6.74% -2.96% -6.74% 3.13% -2.90% 2.03% Fidelity VIP Contrafund 15, 16 Portfolio Service Class 2 No riders, without surrender charges (08/30/02) (01/03/95) -1.60% -5.03% 1.38% 15.15% 15.79% 13.53% 15.15% 15.79% 7.63% 9.56% 11.99% Riders, with surrender charges (04/30/04) (01/03/95) -8.91% % -6.61% 5.71% 9.19% 5.71% 12.53% 6.23% 8.12% 10.52% Oppenheimer Capital Appreciation Fund/VA, Service Shares No riders, without surrender charges (08/30/02) (04/03/85) -3.06% -8.24% -4.13% 5.28% 7.25% 7.70% 5.28% 7.25% -2.19% 6.92% 9.63% Riders, with surrender charges (04/30/04) (04/03/85) % % % -3.55% -0.28% -3.55% 3.78% -3.72% 5.38% 8.16% RiverSource SM Variable Portfolio - Diversified Equity Income Fund 1 No riders, without surrender charges (03/03/00) (09/15/99) -0.30% -3.43% 7.42% 19.13% 19.41% 8.22% 8.42% 19.13% 19.41% 8.22% 6.90% Riders, with surrender charges (04/30/04) (09/15/99) -7.60% % -1.09% 9.64% 12.48% 9.64% 16.22% 6.79% 5.43% RiverSource SM Variable Portfolio - Growth Fund 1, 6 No riders, without surrender charges (04/30/04) (09/15/99) 0.15% -5.45% -1.64% 1.80% 5.70% 1.80% 5.71% -4.19% -6.73% Riders, with surrender charges (04/30/04) (09/15/99) -7.16% % -9.57% -6.73% 1.32% -6.73% 2.20% -5.78% -8.67% RiverSource SM Variable Portfolio - Large Cap Equity Fund 1, 6 Effective 3/17/06, RiverSource SM Variable Portfolio - New Dimensions Fund merged into RiverSource SM Variable Portfolio - Large Cap Equity Fund. No riders, without surrender charges (03/03/00) (10/13/81) 0.78% -3.57% 1.50% 3.97% 6.46% -0.29% -5.33% 3.97% 6.46% -0.29% 2.72% 8.52% Riders, with surrender charges (04/30/04) (10/13/81) -6.58% % -6.50% -4.75% 0.49% -4.75% 2.97% -1.76% 1.20% 7.08% RiverSource SM Variable Portfolio - Large Cap Value Fund 1 No riders, without surrender charges (04/30/04) (02/04/04) 1.43% -1.93% 4.77% 6.33% 7.58% 6.33% 6.18% Riders, with surrender charges (04/30/04) (02/04/04) -5.99% -9.44% -3.51% -2.59% 3.17% -2.59% 2.07% RiverSource SM Variable Portfolio - S&P 500 Index Fund 1 No riders, without surrender charges (04/30/04) (05/01/00) 0.41% -2.71% 2.01% 6.24% 6.11% 6.24% 8.75% 0.25% -2.97% Riders, with surrender charges (04/30/04) (05/01/00) -6.92% % -6.03% -2.67% 1.69% -2.67% 5.33% -1.23% -4.61% 17, 18, 19 Van Kampen LIT Comstock Portfolio Class II Shares No riders, without surrender charges (08/30/02) (04/30/99) 1.12% -0.76% 4.01% 7.30% 11.68% 11.78% 7.30% 11.68% 2.62% 4.86% Riders, with surrender charges (04/30/04) (04/30/99) -6.27% -8.28% -4.21% -1.72% 4.08% -1.72% 8.33% 1.17% 3.46% 6, 12, 20 AIM VI Capital Development Fund, Series II Shares No riders, without surrender charges (08/30/02) (05/01/98) -3.64% -8.79% 3.65% 15.79% 15.23% 13.71% 15.79% 15.23% 4.28% 5.14% Riders, with surrender charges (04/30/04) (05/01/98) % % -4.54% 6.34% 7.88% 6.34% 11.96% 2.83% 3.70% 6, 12, 21 Fidelity VIP Mid Cap Portfolio Service Class 2 No riders, without surrender charges (05/01/01) (12/28/98) -1.68% -7.11% 3.99% 20.24% 23.73% 13.01% 12.36% 20.24% 23.73% 13.01% 17.68% Riders, with surrender charges (04/30/04) (12/28/98) -8.98% % -4.23% 10.74% 16.33% 10.74% 20.61% 11.58% 16.18% Goldman Sachs VIT Mid Cap Value Fund 12 No riders, without surrender charges (03/03/00) (05/01/98) -0.23% -2.74% 3.58% 9.31% 18.68% 11.68% 16.44% 9.31% 18.68% 11.68% 8.77% Riders, with surrender charges (04/30/04) (05/01/98) -7.54% % -4.60% 0.12% 11.73% 0.12% 15.47% 10.28% 7.34% RiverSource SM 1, 12 Variable Portfolio - Mid Cap Value Fund No riders, without surrender charges (08/30/02) (05/01/01) -6.29% % -9.68% 5.54% 8.15% 8.67% 5.54% 8.15% 2.48% 2.17% Riders, with surrender charges (04/30/04) (05/01/01) % % % -3.31% 1.24% -3.31% 4.71% 1.08% 0.75% RiverSource SM 1, 12 Variable Portfolio - Select Value Fund No riders, without surrender charges (04/30/04) (02/04/04) -1.40% -3.53% 4.80% 5.77% 6.97% 5.77% 6.83% Riders, with surrender charges (04/30/04) (02/04/04) -8.71% % -3.48% -3.10% 2.55% -3.10% 2.74% Page 5 of 8

7 Performance for Annuities for the Quarter End 6/30/06 and Month End 7/31/06. Riders = Maximum Anniversary Value Death Benefit Rider, Benefit Protector SM Plus Death Benefit Rider, Income Assurer Benefit SM Rider - Greater of 5% Accumulation or MAV Average Annual Total Returns Since Average Annual Total Returns of the Sub- Commencement of the Subaccount account Since Commencement of the Fund Sub- 1-month 3-month YTD As of Quarter End As of Quarter End account Fund Through Through Through Since Since Subaccount Inception Inception 7/31/06 7/31/06 7/31/06 1-yr. 3-yr. 5-yr. 10-yr. Inception** 1-yr. 3-yr. 5-yr. 10-yr. Inception** WORLD STOCK Oppenheimer Global Securities Fund/VA, Service Shares 10 No riders, without surrender charges (05/01/02) (11/12/90) -1.29% -6.70% 1.53% 16.78% 19.58% 9.39% 16.78% 19.58% 6.53% 11.30% 10.16% Riders, with surrender charges (04/30/04) (11/12/90) -8.59% % -6.47% 7.32% 10.08% 7.32% 16.39% 5.09% 9.81% 8.74% 2, 22 AllianceBernstein VPS International Value Portfolio (Class B) Effective 5/1/06, previously AllianceBernstein VP International Value Portfolio (Class B). No riders, without surrender charges (04/30/04) (05/10/01) 1.41% -3.57% 14.51% 31.86% 22.54% 31.86% 25.21% 15.55% 14.88% Riders, with surrender charges (04/30/04) (05/10/01) -6.00% % 5.67% 22.22% 18.38% 22.22% 22.10% 14.09% 13.43% 6, 23 Dreyfus VIF International Value Portfolio Service Shares Effective 5/1/06, previously Dreyfus VIF International Value Portfolio, Service Share Class. No riders, without surrender charges (04/30/04) (05/01/96) 0.12% -4.36% 8.45% 21.34% 15.45% 21.34% 20.82% 8.33% 5.84% 5.71% Riders, with surrender charges (04/30/04) (05/01/96) -7.19% % -0.15% 11.83% 11.19% 11.83% 17.65% 6.91% 4.42% 4.29% 3, 4, 14, 24 Evergreen VA International Equity Fund - Class 2 No riders, without surrender charges (07/31/02) (08/17/98) 0.67% -4.36% 8.62% 24.36% 20.28% 14.77% 24.36% 20.28% 8.62% 5.67% Riders, with surrender charges (04/30/04) (08/17/98) -6.68% % 0.01% 14.81% 13.07% 14.81% 17.10% 7.19% 4.21% 6, 15 Fidelity VIP Overseas Portfolio Service Class 2 No riders, without surrender charges (04/30/04) (01/28/87) -0.55% -5.94% 3.82% 25.16% 14.67% 25.16% 20.44% 5.68% 4.99% 5.43% Riders, with surrender charges (04/30/04) (01/28/87) -7.85% % -4.38% 15.59% 10.39% 15.59% 17.26% 4.20% 3.49% 3.98% RiverSource SM Variable Portfolio - Emerging Markets Fund 1,6 No riders, without surrender charges (04/30/04) (05/01/00) 1.25% % 7.17% 33.58% 26.40% 33.58% 29.88% 16.75% 7.16% Riders, with surrender charges (04/30/04) (05/01/00) -6.15% % -1.32% 23.92% 22.29% 23.92% 26.82% 15.26% 5.54% 3, 13 Evergreen VA Growth Fund - Class 2 No riders, without surrender charges (07/31/02) (03/03/98) -6.74% % -2.07% 11.34% 12.90% 13.51% 11.34% 12.90% 3.09% 3.35% Riders, with surrender charges (04/30/04) (03/03/98) % % -9.99% 1.96% 6.34% 1.96% 9.58% 1.63% 1.85% 3, 14 Evergreen VA Special Values Fund - Class 2 No riders, without surrender charges (07/31/02) (05/01/98) -2.31% -5.65% 5.44% 13.62% 18.82% 14.04% 13.62% 18.82% 9.44% 10.13% Riders, with surrender charges (04/30/04) (05/01/98) -9.61% % -2.91% 4.20% 10.43% 4.20% 15.62% 8.05% 8.70% Oppenheimer Main Street Small Cap Fund/VA, Service Shares 12 No riders, without surrender charges (07/31/02) (05/01/98) -4.48% -9.76% 2.19% 15.90% 18.50% 16.56% 15.90% 18.50% 9.64% 6.72% Riders, with surrender charges (04/30/04) (05/01/98) % % -5.87% 6.45% 10.98% 6.45% 15.29% 8.25% 5.28% Putnam VT Small Cap Value Fund - Class IB Shares 25 No riders, without surrender charges (04/30/04) (04/30/99) -3.09% -7.34% 3.14% 12.00% 14.40% 12.00% 20.56% 10.58% 12.88% Riders, with surrender charges (04/30/04) (04/30/99) % % -5.00% 2.60% 10.13% 2.60% 17.39% 9.17% 11.43% RiverSource SM 1, 12 Variable Portfolio - Small Cap Value Fund No riders, without surrender charges (05/01/02) (08/14/01) -2.54% -5.70% 6.25% 15.07% 18.00% 8.85% 15.07% 18.00% 11.00% Riders, with surrender charges (04/30/04) (08/14/01) -9.84% % -2.16% 5.63% 9.10% 5.63% 14.78% 9.59% Wanger US Smaller Companies 26 No riders, without surrender charges (04/30/04) (05/03/95) -3.28% -7.96% -2.18% 7.92% 12.41% 7.92% 16.10% 7.23% 10.39% 13.35% Riders, with surrender charges (04/30/04) (05/03/95) % % % -1.15% 8.10% -1.15% 12.85% 5.83% 8.99% 11.92% 27, 28 Dreyfus IP Technology Growth Portfolio Service Shares Effective 5/1/06, previously Dreyfus IP Technology Growth Portfolio, Service Share Class. No riders, without surrender charges (04/30/04) (08/31/99) -6.41% % % 5.22% 1.53% 5.22% 4.88% -5.46% -6.88% Riders, with surrender charges (04/30/04) (08/31/99) % % % -3.60% -2.70% -3.60% 1.32% -7.08% -9.47% Putnam VT Health Sciences Fund - Class IB Shares 28 No riders, without surrender charges (05/01/02) (04/30/98) 3.85% -0.16% -1.47% 2.21% 5.20% 1.55% 2.21% 5.20% -0.83% 1.32% Riders, with surrender charges (04/30/04) (04/30/98) -3.76% -7.68% -9.39% -6.35% -0.45% -6.35% 1.68% -2.31% -0.12% Van Kampen UIF US Real Estate Portfolio Class II Shares 17 No riders, without surrender charges (04/30/04) (03/03/97) 1.40% 4.45% 15.25% 21.85% 31.26% 21.85% 27.73% 18.24% 12.93% Riders, with surrender charges (04/30/04) (03/03/97) -6.01% -3.42% 6.41% 12.32% 27.21% 12.32% 24.66% 16.77% 11.47% Page 6 of 8

8 Issued by American Enterprise Life Insurance Company (AEL) A fund underlying your contract in which a subaccount invests may have a name, portfolio manager, objectives, strategies and characteristics that are the same or substantially similar to those of a publiclytraded retail mutual fund. Despite these similarities, an underlying fund is not the same as any publicly-traded retail mutual fund. Each underlying fund will have its own unique portfolio holdings, fees, operating expenses and operating results. The results of each underlying fund may differ significantly from any publicly- traded retail mutual fund. AEL offers several different annuities which your investment professional may be authorized to offer you. Each annuity has different features and benefits that may be appropriate for you based on your financial situation and needs, your age and how you intend to use the annuity. The different features and benefits may include the investment and fund manager options, variations in interest rate amount and guarantees, credits, withdrawal charge schedules and access to annuity account values. The fees and charges may also be different between each annuity. Small Cap: Stocks of small-capitalization companies involve substantial risk. Historically, these stocks have experienced greater price volatility than stocks of larger companies, and they can be expected to do so in the future. Mid-cap: Stocks of mid-capitalization companies involve substantial risk. Historically, these stocks have experienced greater price volatility than stocks of larger companies, and they can be expected to do so in the future. Technology: Investments in a technology fund are more vulnerable to price fluctuation as a result of the narrow focus of technology investing and the fact that the products of companies in which the fund invests may be subject to rapid obsolescence. International/Global: International investing involves increased risk and volatility, not typically associated with domestic investing, due to changes in currency exchange rates, foreign government regulations, differences in auditing and accounting standards, potential political and economic instability, limited liquidity, and volatile prices. The risks of international investing are particularly significant in emerging markets. Bond funds: There are risks associated with an investment in a bond fund, including the impact of interest rates, credit, and inflation. These and other risk considerations are discussed in the fund's prospectus. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer-term securities. High-Yield Bond funds: High-yield funds invest in lower-rated bonds, which generally have more volatile prices and carry more risk to principal and income than investment grade securities. Tax-exempt funds: Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal and/or state alternative minimum tax for certain investors. Federal income tax rules will apply to any capital gains distribution. ** If subaccount or fund is less than 1 year old, the reported returns are cumulative, not annualized. 1 As of Oct. 1, 2005, the RiverSource brand replaced American Express and AXP in the name of the American Express Variable Portfolio Funds. In addition to the brand name change, the following funds changed their names: AXP Variable Portfolio - Equity Select Fund changed its name to RiverSource SM Variable Portfolio - Mid Cap Growth Fund, AXP Variable Portfolio - Managed Fund changed its name to RiverSource SM Variable Portfolio - Balanced Fund, AXP Variable Portfolio - Partners Select Value Fund changed its name to RiverSource SM Variable Portfolio - Select Value Fund, AXP Variable Portfolio - Partners Small Cap Value Fund changed its name to RiverSource SM Variable Portfolio - Small Cap Value Fund, AXP Variable Portfolio - Threadneedle Emerging Markets Fund changed its name to RiverSource SM Variable Portfolio - Emerging Markets Fund and AXP Variable Portfolio - Threadneedle International Fund changed its name to RiverSource SM Variable Portfolio - International Opportunity Fund. 2 Investments in foreign securities may experience more rapid and extreme changes in value than investments in securities of US companies. 3 Historical performance shown for Class 2 prior to its inception is based on the performance of Class 1, the original class offered. These historical returns have not been adjusted to reflect the effect of the 0.25% 12b-1 fees applicable to Class 2 shares. Class 1 does not pay 12b-1 fees. If these fees had been reflected, returns would have been lower. The investment return and principal value of an investment will fluctuate so that investors shares, when redeemed, may be worth more or less than their original cost. Performance includes the reinvestment of income dividends and capital gain distributions. 4 Funds that invest in high-yield, lowerrated bonds may contain more risk due to the increased possibility of default. 5 Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability and foreign currency fluctuations. 6 There are special risk considerations associated with international investing related to market, currency, economic, political and other factors. 7 Higher yield corporate "junk" bond prices may fluctuate more broadly than prices of higher quality bonds. Risk of principal and income also is greater than with higher quality securities. 8 Ongoing stock market volatility can dramatically change the fund s shortterm performance; current results may differ. Because Class 2 shares were not offered until Jan. 6, 1999, standardized Class 2 Fund performance for prior periods represents historical results of Class 1 shares. For periods beginning Jan. 6, 1999, Class 2 s results reflect an additional 12b-1 fee expense, which also affects future performance. 9 Stocks offer the potential for long-term gains but can be subject to short-term up and down price movements. 10 Because Class B shares were not offered until June 1, 1999, standardized Class A fund performance for prior periods represents historical results of Class A shares. For periods beginning June 1, 1999, Class B's results reflect an additional 12b-1 fee expense, which also affects future performance. 11 The Portfolio's investments in foreign securities have foreign currency risk. Page 7 of 8

9 Issued by American Enterprise Life Insurance Company (AEL) 12 Stocks of small- or medium-sized companies may be subject to more abrupt or erratic price movements than stocks of larger companies. Some of these companies also have fewer financial resources. 13 If Class II had existed during the periods presented, its performance would have been substantially similar to that of the existing class of the fund because each represents an investment in the same portfolio of securities. However, performance of Class II would have been lower because of its higher expense ratio. 14 Smaller capitalization stock investing may offer the potential for greater longterm results, however, it is also generally associated with greater price volatility due to the higher risk of failure. 15 Initial offering of the Service Class 2 of each fund took place on Jan. 12, Returns prior to Jan. 12, 2000 through Nov. 3, 1997 (Jan. 12, 2000 through Dec. 28, 1998 for VIP Mid Cap) are those of the Service Class, which reflect a 12b-1 fee of 0.10%. Service Class 2 returns prior to Nov. 3, 1997 (or Dec. 28, 1998 for VIP Mid Cap) are those of the Initial Class, which has no 12b-1 fee. If Service Class 2's 12b-1 fee of 0.25% had been reflected, returns prior to Jan. 12, 2000 would have been lower. 16 The securities of small, less well-known companies may be more volatile than those of larger companies. 17 Average annual total return based on net asset value (NAV) assumes reinvestment of all distributions for the period. Returns for Class II shares include combined Rule 12b-1 fees and service fees of up to 0.25 percent. Returns do not include any charges, expenses or fees imposed by an insurance company at the underlying portfolio or separate account levels. If the returns included the effect of these additional charges, the returns would have been lower. The portfolio's Adviser has waived or reimbursed fees and expenses from time to time; absent such waivers/reimbursements the portfolio's returns would have been lower. 18 Stocks of small and medium-sized companies, in which the portfolio may invest, involve greater risk as they often have limited product lines, markets, or financial resources and may be subject to more erratic and abrupt market movements than securities of larger, more established companies. 19 Investments in foreign markets entail special risks such as currency, political, economic and market risks. 20 Performance shown for periods prior to the inception date of the Series II class of shares reflect the historical results of the Series I class, adjusted to reflect the impact that the Series II class Rule 12b-1 plan would have had if the Series II class had then existed. The Series I and Series II share classes invest in the same portfolio of securities and will have substantially similar performance, except to the extent that expenses borne by each class differ. 21 Initial offering of the Service Class 2 of each fund took place on Jan. 12, Returns prior to Jan. 12, 2000 through Nov. 3, 1997 (Jan. 12, 2000 through Dec. 28, 1998 for VIP Mid Cap) are those of the Service Class, which reflect a 12b-1 fee of 0.10%. Service Class 2 returns prior to Nov. 3, 1997 (or Dec. 28, 1998 for VIP Mid Cap) are those of the Initial Class, which has no 12b-1 fee. If Service Class 2's 12b-1 fee of 0.25% had been reflected, returns prior to Jan. 12, 2000 would have been lower. 22 Because Class B shares were not offered until August 15, 2001, standardized Class A fund performance for prior periods represents historical results of Class A shares. For periods beginning August 15, 2001, Class B's results reflect an additional 12b-1 fee expense, which also affects future performance. 23 Service Class shares carry 0.25% annual Rule 12b-1 fee. Service Class shares include the performance of Initial Class shares for periods prior to the inception of Service Class shares. Because operating expenses of Service Class shares are higher than those of Initial Class, the Service Class performance generally would have been lower than Initial Class performance. 24 Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability and foreign currency fluctuations. 25 Stocks of small- or medium-sized companies often trade less frequently and in limited volume, and their prices may fluctuate more than stocks of larger companies. Some of these companies are more likely than larger companies to have limited product lines, markets or financial resources, or to depend on a small, inexperienced management group. 26 Small-cap stocks are often more volatile and less liquid than the stocks of larger companies. Small companies may have a shorter history of operations than larger companies and may have a less diversified product line, making them more susceptible to market pressure. 27 Technology companies, especially small cap technology companies involve greater risk because their earnings tend to be less predictable, their share price more volatile, and their securities less liquid than larger, more established companies. 28 The Trustees of Putnam Variable Trust currently limit 12b-1 fee payments on Class IB Shares to 0.25% of average net assets. American Enterprise Life Insurance Company California State Insurance License Number Page 8 of 8

10 American Enterprise Life Insurance Company 829 Ameriprise Financial Center Minneapolis, MN Ameriprise Financial, Inc. All rights reserved. Ameriprise Financial Services, Inc. (Distributor), Member NASD, a whollyowned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). RiverSource SM insurance and annuity branded products are issued by American Enterprise Life Insurance Company, an Ameriprise Financial company. Page 9 of 8