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Raymond James & AssociatesInstitutional Investors Conference

March 5, 2003

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This presentation contains forward-looking statements within the meaning of the Federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions of the Federal securities laws. In particular, any statements or projections regarding our future synergies, earnings, costs, operating margins or advertising expenses are forward-looking statements. These statements reflect only our current expectations and are not guarantees of future performance or results. These statements involve risks, uncertainties and assumptions that could cause actual results or performance to differ materially from those contained in the forward-looking statements. These risks, uncertainties and assumptions include the successful integration of the operations of Ameritrade and Datek, operational cost savings resulting from the merger of Ameritrade and Datek, market fluctuations and changes in client trading activity, general economic conditions, increased competition, regulatory and legal matters and uncertainties and other risk factors described in our latest Annual Report on Form 10-K. These forward-looking statements speak only as of the date on which the statements were made. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Safe Harbor Statement

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Joe Moglia, CEOjoem@ameritrade.com

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#1 Online Broker

Ameritrade + Datek =

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Overview

Industry

Competitive Advantage

Track Record

Financial Results

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Industry Outlook

Source: SIA “Equity Ownership in America” - 2002

Investors using the Internet to execute equity trades

1998

15%

2001

31%

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2007

51.7M

Industry Outlook

Source: Jupiter, September 2002

Forecasted number of online accounts:

2002

24.7M

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Industry Outlook: Drivers

Transformational Power of the Internet

Human Behavior

Demographics

Consolidation

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AMTDETTDSCH

#1: Net Account Growth (24 Mo.)

Source: Derived from company reportsNet account growth for the 24 months ended 12/31/02

495K15%

100K3%(100K)

–2%

Approaching 3 Million Clients1.5 Million

112%

Datek 876K

NDB 215K

Organic425K31%

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Competitive Advantages

Innovative Technology

Value Proposition

Operational Efficiency

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Competitive Advantages

Technology Investment

Automation

Scalability

Innovative Technology

Value Proposition

Operational Efficiency

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Trades

Revenue

R&D

Innovation & Operational

Efficiency

Services &Products at

Low Cost

Better Client Experience

Clients

Scalability

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#1: Online Equity Trades4Q CY2002 Average Daily Equity Trades

AMTDSCHTDET

141K132K

92K88K

Source: Company reports

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Competitive Advantages

PricingProductExecutionServiceReliabilityBrand

High Client Satisfaction

Operational Efficiency

Innovative Technology

Value Proposition

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AMTDETTDSCH

#1: Net Account Growth (24 Mo.)

Source: Derived from company reportsNet account growth for the 24 months ended 12/31/02

495K15%

100K3%(100K)

–2%

Approaching 3 Million Clients1.5 Million

112%

Datek 876K

NDB 215K

Organic425K31%

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#1: Account QualityAverage online equity trades per account per year

AMTDSCHTDET

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87

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Source: Derived from company reportsQuarter ended 12/31/02 annualized

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Competitive Advantages

Technology

Pure play

Variable cost

Low-cost ProducerOperational

Efficiency

Value Proposition

Innovative Technology

Operational Efficiency

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AMTD + Datek(w/synergies)

AMTD + DatekETSCH

25%

13%

#1: Operating Margin

44%

38%

Operating Expense excludes advertising. Quarter ended 12/31/02.Source: Derived from company reports.

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Financial Leverage

Balance sheet

Profitability

Successful Acquirer

Risk/Reward

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Clean Balance SheetAs of

Dec. 31, 2000As of

Dec. 31, 2002

Accounts (M) 1.4 2.9

Bank Debt ($M) 17 ----

Convertible Notes ($M) 200 46

Total Debt 217 46

Stockholders’ Equity ($M) 139 1,123

Debt-to-Equity Ratio 156% 4%

Non Broker/Dealer Cash ($M) 1 103

NITE, net of tax ($M) 68 23

Excess Net Capital ($M) 39 121

Liquid Assets ($M) 108 247

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EPS from Ongoing Operations

Record Profitability in Down Market

’01 ($0.22)

’02 $0.12

’03 $0.32

’03 $0.24

0

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Record First Quarter

Net Inc.: $22M – 5¢ EPS

Net Rev.: $181M

Operating Margin: $69M – 38%

Pre-tax Margin: $37M – 20%

EBITDA: $47M – 26% of Net Rev.

TPD: 141,000

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FY 03 Run Rate

Pre-tax $127 $174

After-tax $ 73 $100

EPS $0.17 $0.23

Expected Synergies

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=

Great Levered Investment

on a Market Turnaround

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www.amtd.com