January – September 2014 Q3 presentation, October 22, 2014

Financial overview

July – September 2014

• Revenue increased by 7 percent to SEK 260.9 million (243.2)

• Profit after tax increased by 4 percent to SEK 60.1 million (58.1)

• Earnings per share were up by 4 percent to SEK 0.34 (0.33)

January – September 2014

• Revenue increased by 10 percent to SEK 801.3 million (725.5)

• Profit after tax increased by 16 percent to SEK 196.6 million (170.1)

• Earnings per share were up by 16 percent to SEK 1.12 (0.97)

Events Q3

• Launch of the social investing network Shareville

• The Super funds available on all Nordic markets

• Continued strong underlying growth of customers and net savings

Customers and accounts

Accounts/Customer Q3 2014: 1.25

12M: 36,800 / 10% 12M: 54,500 / 12%

0

100,000

200,000

300,000

400,000

500,000

600,000

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14

Customers Accounts

Net savings and savings capital (SEK billion)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

0

20

40

60

80

100

120

140

160

180

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14

ne

t sa

vin

gs

savin

gs

ca

pita

l

Net savings Savings capital

Net savings in relation to savings capital

12M: 12,7 BSEK / 10%

Trades (thousands)

2,871

3,531

3,075

3,283

3,677

4,134

3,216 3,230

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14

Lending (SEK billion)

2.9 3.2 3.0 3.1

3.3 3.5

3.3 3.5

1.8

1.9 2.0

2.0

2.1

2.2 2.3

2.3

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14

Margin lending Private loans

Revenue development (SEK million)

126 119 120 120 124 120 123 121

77 101 91

100 111 127

108 110

25

24 28

23

29

34

28 30

0

50

100

150

200

250

300

Q412 Q113 Q213 Q313 Q4 13 Q1 14 Q2 14 Q3 14

Net interest income Net commission income Other income

12M: SEK 1,065 million

Cost development (SEK million incl. credit losses)

179

174

170 171

180

186

188

186

155

160

165

170

175

180

185

190

195

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14

12M: SEK 740 million

Operating profit (SEK million)

49

70

68 72

84

95

71 75

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

20

40

60

80

100

120

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14

Operating profit Operating margin

12M: SEK 325 million

202.5

1.6 24.4

12.8

SE

NO

DK

FI489.0

95.5

99.8

117.1

SE

NO

DK

FI

89

16

20

36

SE

NO

DK

FI

Nordnet in the Nordics (Jan-Sep 2014)

Savings capital (SEK billion)

Revenue (SEK million) Operating profit (SEK million)

Customers

217,300

60,200

36,300

107,200 SE

NO

DK

FI

NO, DK, FI

share of

total 43%

NO, DK, FI

share of

total 47%

NO, DK, FI

share of

total 16%

NO, DK, FI

share of

total 39%

Income statement (SEK million)

3 months 3 months 9 months 9 months 12 m rolling 12 months

Consolidated Income Statement (SEK million) Jul-Sep 2014 Jul-Sep 2013 Jan-Sep 2014 Jan-Sep 2013 Oct-Sep 2014 Jan-Dec 2013

Net interest income 120.7 119.9 364.4 358.3 488.5 482.4

Net commission income 109.9 100.4 344.5 292.7 455.2 403.3

Other income 30.3 22.9 92.4 74.5 121.2 103.2

Total operating income 260.9 243.2 801.3 725.5 1,064.8 989.0

General administrative expenses -145.7 -136.8 -439 -405.8 -583.0 -549.8

Depeciation and amortization -19.8 -17.1 -55.7 -49.5 -72.8 -66.5

Other operating expenses -10.0 -9.0 -32.7 -29.4 -43.2 -39.9

Total operating expenses -175.5 -162.8 -527.4 -484.7 -698.9 -656.2

Profit before credit losses 85.4 80.4 273.9 240.7 365.9 332.8

Net credit losses -10.1 -8.3 -32.5 -30.3 -41.0 -38.8

Operating profit 75.3 72.1 241.4 210.4 324.9 294.0

Tax on profit for the period -15.1 -14.1 -44.8 -40.3 -64.6 -38.8

Profit for the period 60.1 58.1 196.6 170.1 260.3 233.8

Earnings per share before dilution 0.34 0.33 1.12 0.97 1.49 1.34

Balance sheet (SEK million)

Consolidated Statement of Financial Position (SEK million) 30/09/2014 30/09/2013 31/12/2013

Loans to credit institutions 929.6 1,004.6 967.6

Loans to the public 6,220.5 5,509.3 5,455.5

Financial assets 11,054.9 8,340.2 7,645.7

Financial assets - policy holders bearing the risk 28,339.0 23,130.5 23,764.9

Tangible and intangible assets 470.2 489.9 480.7

Current tax assets 46.4 102.8 99.9

Other assets 2,795.1 1,005.1 1,141.0

Prepaid expenses and accrued income 207.7 122.9 138.9

Total assets 50,063.6 39,705.3 39,694.2

Deposits and borrowing by the public 14,901.2 12,263.3 12,898.6

Liabilit ies to policyholders 28,339.8 23,131.2 23,765.6

Other liabilit ies 4,782.6 2,390.3 1,404.7

Shareholders' equity 1,676.0 1,551.0 1,621.0

Non-controlling interest 3.9 4.9 4.4

Total equtity 1,680.0 1,555.9 1,625.4

Total liabilities and equity 50,063.6 39,705.3 39,694.2

Capital requirement (SEK million)

Capital requirements for the financial conglomerate (SEK million) 30/06/2014 30/06/2013 31/12/2013

Total equity, Group 1,680.0 1,555.9 1,625.4

Less, profit that have not been subject to audit -196.6 - -

Plus subordinated liablities 140.6 175.7 175.7

Less suggested/assumed div idend for current year - -102.1 -148.8

Less intangible fixed assets and deferred tax receivables -437.5 -456.7 -447.4

Capital base 1,186.5 1,172.9 1,205.0

Risk exposures

Exposure credit risk 5,113.3 5,038.8 4,826.3

Exposure market risk 38.6 163.8 220.0

Exposure operational risk 1,888.6 1,828.8 1,828.8

Exposure other 417.3 398.8 407.5

Total exposure 7,457.8 7,430.0 7,282.5

Capital ratio 15.9% 15.8% 16.5%

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