Strong growth throughout the NordicsYear-end report 2009

Carl-Viggo Östlund, CEO and Fredrik Svederman, CFO

E-mail questions to: jonas.burvall@nordnet.se

Financial highlights

2009 YOY change

Operating income SEK 921,0 million +31%

Net profit SEK 203,4 million +47%

Basic EPS SEK 1,23 +46%

Proposed dividend per share SEK 0,50 0%

Active accounts 308,600 +34%

Total savings capital SEK 90,4 billion +131%

Trades per day 61,774 +35%

Negative goodwill from eQ acquisition SEK 53,8 million

Resultatrad 1 Resultatrad 2 Resultatrad 3Q4 YOY change

Operating income SEK 265,9 million +62%

Net profit SEK 29,4 million +5%

Basic EPS SEK 0,18 +6%

Trades per day 63,400 +3%

Resultatrad 1 Resultatrad 2 Resultatrad 3

General highlights

2009

Q4

• Largest broker in the Nordic region

• Acquisition of eQ - Clarifies our strategy and vision

• Pension products in Denmark

• Focus on securities brokerage in Sweden and Norway

• High activity in all markets

• Divestment of eQ's asset management business

• Best bank site in Sweden

Operating profitLower in Q4 due to eQ related costs

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

20

40

60

80

100

120

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

Operating profit Operating margin

2009: SEK 199,2 million (ex. goodwill)

Number of accountsStrong underlying growth – 4,700 accounts divested with eQ AM

308 600

0

50 000

100 000

150 000

200 000

250 000

300 000

350 000

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

2009: +77,600 / +34%

Net savingsStrong market belief among customers

3 389

1 839

1 413

2 227

2 8523 057 3 013

3 366

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

2009: SEK 12,3 billion

Number one in the Nordic region

Broker Number of trades Market share Number of trades Market share

Full year 2009 Full year 2008

1 Nordnet 13 005 323 9,30% 9 400 940 6,46%

2 SEB Enskilda 11 608 229 8,30% 10 748 469 7,39%

3 Av anza Bank 7 221 128 5,16% 5 503 115 3,78%

4 Handelsbanken 6 732 107 4,81% 5 764 216 3,96%

5 Morgan Stanley 6 647 130 4,75% 9 464 979 6,51%

6 Credit Suisse 6 346 018 4,54% 5 343 198 3,67%

7 Deutsche Bank 5 831 181 4,17% 6 427 836 4,42%

8 HQ 4 657 717 3,33% 1 281 109 0,88%

9 Swedbank 4 262 344 3,05% 2 925 058 2,01%

10 Merrill Lynch 4 235 637 3,03% 5 803 735 3,99%

139 853 966 100% 145 431 012 100%Total the Nordic Exchanges

Increased market shares (Trades)

*2009 figure includes eQ from 1 July

Source: Official statistics from the various stock exchanges

Increased market shares (Turnover)

*2009 figure includes eQ from 1 July

Source: Official statistics from the various stock exchanges

12 months 12 months

Consolidated Income Statement (SEK million) Jan-Dec 2009 Jan-Dec 2008

Net interest income 204 251

Net commission income 565 409

Other income 152 43

Total operating income 921 703

General administrativ e expenses -517 -390

Depreciation of tangible and intangible assets -87 -69

Other operating expenses -58 -52

Total operating expenses -662 -511

Operating profit before credit losses 259 192

Net credit losses -6 -10

Profit before tax 253 182

Tax -50 -44

Net profit after tax 203 138

Financial development per quarter (SEK million) Q4 09 Q3 09 Q2 09 Q1 09 Q4 08 Q3 08 Q2 08 Q1 08

Rev enues 266 258 191 152 164 170 176 193

Operating expenses & depreciations -211 -171 -117 -110 -106 -103 -115 -120

Marketing expenses -17 -14 -15 -9 -10 -8 -11 -21

Net credit losses -4 -2 0 -1 -7 -2 0 0

Profit before goodwill and non-recurring items 35 72 60 33 41 57 49 51

Goodwill and non-recurring items - 54 - - -5 - -12 -

Profit before tax 35 126 60 33 36 57 38 51

Number of full-time employees at end of period 366 408 269 269 255 262 259 326

New accounts 4 100 54 900 11 000 7 700 12 600 4 600 16 000 12 700

Net sav ings 3 366 3 013 3 057 2 852 2 227 1 413 1 839 3 389

Net rev enue per trade (SEK) 34 35 31 27 27 32 36 35

Consolidated balance sheet (SEK million) 2009-12-31 2008-12-31

Liquid assets at the end of the period 2 384 4 204

Loans to the public 4 586 2 128

Financial assets 3 469 23

Financial assets - policy holders bearing the risk 11 866 5 843

Tangible and intangible assets 455 324

Other assets 1 049 359

Total assets 23 809 12 881

Deposits and borrowing from the public 9 899 5 818

Liabilities to policyholders 11 866 5 846

Other liabilities 1 007 366

Shareholders' equity 1 036 852

Total liabilities and shareholders' equity 23 809 12 881

The financial conglomerate (MSEK) 2009-12-31 2008-12-31

Shareholder's equity, the Group 1 036,4 851,8

Less proposed div idend -83,5 -82,2

Less intangible assets and deferred tax receiv ables -416,3 -275,5

Capital base 536,6 494,1

Capital requirement for regulated units within the banking and securities sector 445,5 268,4

Theoretical capital requirement for non-regulated units 2,2 2,0

Capital requirement for regulated units within the insurance sector 23,5 21,0

Capital requirement 471,2 291,4

Capital surplus 65,4 202,7

Capital base/Capital requirement 1,14 1,70

Events after year-end

• Fixed-term subordinated loan of SEK 100 million to strenghten

capital base and retain the necessary flexibility to capitalise

on future market opportunities

• Launch of iPhone application

• Best broker/bank award in Denmark

Outlook

• Further steps towards our vision

• Promising start of the year – High activity in all markets

• Launch of important banking products in 2010

• eQ integration to be completed by 1 June 2010

• eQ to have positive impact on profits in 2010

• Continued consolidation expected

• Continued lack of confidence in the Jurassic banks

Long-term objectives

• 100% cost coverage from other income than trading

commision at the end of 2011

• Double the revenues from levels of 2007 while maintaining a

high operating margin within 2-3 years

Vision

• To become the leading bank for savings in the Nordic

countries by 2018

Large potential

Nordnet’s potential client base

25 million people in the Nordic region

10 million save in shares and mutual funds

Nordnet’s existing clients 2009