Company Press Release

Columbia Management Launches Emerging Market and European Funds

Focused on small and mid cap stocks of nimble, innovative companies

BOSTON, Aug 22, 2011 -- Columbia Management today announced the launch of two international equity funds: Columbia Acorn Emerging Markets Fund (CAGAX) and Columbia Acorn European Fund (CAEAX). The open-end mutual funds invest in companies with market caps under $5 billion. They are managed by Columbia Wanger Asset Management, which also manages Columbia Acorn International Fund (LAIAX) and Columbia Acorn International Select Fund (LAFAX).

Columbia Acorn Emerging Markets Fund invests at least 80% of its assets in companies located in or primarily exporting to China, Brazil, India, and other emerging or frontier markets. Lead managers for the fund are Fritz Kaegi and Stephen Kusmierczak, and co-managers are Zach Egan and Louis Mendes.

"While most emerging markets funds invest in large cap stocks that are dependent on world macroeconomics, Columbia Acorn Emerging Markets Fund is focused on smaller, more innovative companies, often serving local consumers," said Chuck McQuaid, chief investment officer at Columbia Wanger Asset Management. "We look for niche businesses that are more nimble and possess solid, long-term growth prospects."

Columbia Acorn European Fund invests at least 70% of its assets in Western European countries. Up to 30% of assets may be invested in emerging Central and Eastern European countries such as Poland and the Czech Republic, including up to 10% in companies in Russia and the Ukraine. Lead manager for the Fund is Andreas Waldburg-Wolfegg and co-manager is Stephen Kusmierczak.

"Many smaller European companies enjoy dominant global positions in highly profitable niche markets. This fund will seek out these and other exciting opportunities," said Zach Egan, also director of international research for Columbia Wanger. "Our international team of nine portfolio managers and analysts has extensive experience," added McQuaid. "The team performs rigorous research to uncover new investment ideas through a research-driven and fundamentally-focused stock selection process."

About Columbia Management: Columbia Management is the seventh largest manager of long-term mutual fund assets with $362 billion under management as of June 30, 2011. Columbia Management is a subsidiary of Ameriprise Financial, Inc. /quotes/zigman/388427/quotes/nls/amp AMP +2.00% .

About Columbia Wanger Asset Management: Columbia Wanger Asset Management has $35.7 billion in assets under management as of June 30, 2011 including $11.3 billion of international assets. Columbia Wanger Asset Management is based in Chicago and is a subsidiary of Columbia Management.

For more information, please visit columbiamangement.com.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about the funds, visit ColumbiaManagement.com. The prospectus should be read carefully before investing.

The market value of securities and currencies may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, industry, or the market as a whole. Investments in foreign securities involve certain risks not associated with investments in U.S. companies, due to political, regulatory, economic, social and other conditions or events occurring in the country, as well as fluctuations in currency and the risks associated with less developed custody and settlement practices. Risks are particularly significant in emerging markets.

Investments in small-capitalization companies involve greater risks and volatility than investments in larger, more established companies. See the prospectus for more information on these and other risks associated with the Fund.

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

Columbia Funds and Columbia Acorn Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA. Columbia Funds are managed by Columbia Management Investment Advisers, LLC and Columbia Acorn Funds are managed by Columbia Wanger Asset Management, LLC, a subsidiary of Columbia Management Investment Advisers, LLC.