1 ONE YEAR OF PERFORMANCE. ANNUAL SHAREHOLDERS MEETING : FEBUARY 16, YEARS OF PERSPECTIVE.

2 SAFE HARBOR STATEMENT 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 expectations regarding our future revenues, expenses, earnings, capital expenditures, activity rates, accounts or stock price 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 general economic and political conditions, market fluctuations and changes in client trading activity, increased competition, systems failures and capacity constraints, 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. Ameritrade, Division of Ameritrade, Inc., member NASD/SIPC. Ameritrade is a subsidiary of Ameritrade Holding Corporation. Ameritrade and Ameritrade logos are trademarks or registered trademarks of Ameritrade IP Company, Inc. © 2005 Ameritrade IP Company, Inc. All rights reserved. Used with permission.

3 GAAP RECONCILIATION During this presentation, references to financial measures of the Company will include references to non-GAAP financial measures such as operating margin, EBITDA, expenses excluding advertising and EPS from ongoing operations. A complete reconciliation between GAAP and non-GAAP financial measures can be found on slides 29 through 31.

4  Management Team  Record 2004 Highlights  Results  Strategy – Future – Outlook  Record Q1 FY05 Highlights

5 MANAGEMENT TEAM Phylis Esposito Executive Vice President Chief Strategy Officer Mike Feigeles Executive Vice President Pete Ricketts Executive Vice President Chief Operating Officer Randy MacDonald Executive Vice President Chief Financial Officer Kurt Halvorson Executive Vice President Chief Administrative Officer Asiff Hirji Executive Vice President Chief Information Officer Ellen Koplow Executive Vice President General Counsel Anne Nelson Executive Vice President Chief Marketing Officer OVER 200 YEARS COMBINED FINANCIAL SERVICES EXPERIENCE Joe Moglia Chief Executive Officer Ken Feldman President, Private Client Division

6  Net Income $272M, or $0.64 EPS  Pre-tax Income $441M, 50% of revenues  Operating Margin (1) $543M, 62%  $467M EBITDA, (1) 53%  Net Revenues $880M Earnings are per Diluted Share. (1) See attached reconciliation of financial measures. RECORD ‘04 HIGHLIGHTS

7 (1) See attached reconciliation of financial measures.  Net income $93M, or $0.22 EPS  Pre-tax income $148M, 56% of revenues  Operating margin (1) $171M, 65%  EBITDA (1) $154M, 59%  Net revenues of $262M  Client assets of $80B RECORD Q1 FY05 HIGHLIGHTS

8 Jun Q 03Sep Q 03Dec Q 03Mar Q 04Jun Q 04Sep Q 04Dec Q 04 $0.12 $0.13 $0.17 $0.19 $0.15 $0.14 $0.22 Earnings are per Diluted Share. 7 BEST QUARTERS IN COMPANY HISTORY - EPS

9 Net Income Annualized Qtr ROE $5.8M6% $92.6M28.4% 1497%373% Market Cap $1.0B $5.7B 470% Expenses Excluding Advertising (1) $73.4M $ 91.2M 24% Average Client Trades/Day 74K 171K 131% Net Revenues $100.3M $262M 161% (1) See attached reconciliation of financial measures. June 2002 was prior to the merger with Datek. POWER OF OPERATING LEVERAGE AND SCALABILITY Qtr Ended Jun 02 Dec 04 Change

10 Source: For the quarter ended 12/31/04 based on reports publicly filed by each entity. E*Trade pre-tax margin based on income from ongoing operations. SchwabE*Trade #1 PRE-TAX MARGIN 15% 33% Ameritrade 56%

11 FY 01 FY 02 FY 03FY % -6% Dec Q 04 Annualized STRONG RETURN ON EQUITY GROWTH 12% 22% 28%

12 (1) Total accounts are all open client accounts (funded and unfunded), except clearing accounts. (2) Qualified accounts are all open client accounts with a total liquidation value greater than or equal to $2,000, except clearing accounts. NET ACCOUNT GROWTH AND QUALIFIED ACCOUNTS

13 ET (1) FIDELITYTDSCH (1) (1) The numbers shown for E*Trade are retail daily average revenue trades, which excludes professional trades. The numbers shown for Schwab are daily average revenue trades, which includes all client trades that generate commission revenue or revenue from principal mark-ups (i.e., fixed income), including trades of equities, options, fixed income securities, and mutual funds that generate transaction fees, and excluding Mutual Fund OneSource trades and other asset-based trades. The numbers shown for AMTD are average daily trades, which includes all client trades of equities, options, mutual funds and debt instruments. Source: Ameritrade, E*Trade, Schwab, Fidelity and Waterhouse from reports publicly filed by each entity for the period 1/1/ /31/04. JAN-DEC 04 PER DAY (OOOs) RETAIL EQUITY TRADES AMTD (1) 167 AMTD JAN SCH JAN

14 $53.7 $11.5 $13.1 $63.2 $65.2 $ % GROWTH As of Jan. 28, 2005 Client Cash & Money Market Funds As of Dec. 31, 2003 ($ IN BILLIONS) STRONG CLIENT ASSET GROWTH

15 Announced Company 7 Transactions since July 2001 JB Oxford & Company InvestexMAY 04 JUNE 04 NOV. 03 OCT. 03 JUNE 03 APR. 02 JULY 01 Bidwell BrokerageAmerica MDB.com Datek NDB.com A LEADER IN M&A

16 (1)See attached reconciliation of financial measures. SIGNIFICANT OPERATING LEVERAGE Revenues Commissions Net Interest Revenue Other Revenue Expenses Variable Expense Fixed Expense PER TRADE ANALYSIS DEC. 04 QTR. % OF REVENUE $ % 34% 8% % 20% 100%$ % 9% 56% $ $ Operating Margin (1) Advertising Pre-tax income Net Revenue

17 GROWTH STRATEGY  Organic  M&A  Value Proposition Active Traders Launched new Web site: –Trade Triggers  –Trailing Stops –Saved Orders –SnapTicket  Long-Term Investors Amerivest

18 For illustrative purposes only. Amerivest is an investment advisory service of Amerivest Investment Management, LLC, an SEC registered investment advisor. The Amerivest service is the sole responsibility of Amerivest Investment Management, LLC. Brokerage services provided by Ameritrade. Amerivest Investment Management, LLC and Ameritrade, Inc. are both wholly owned subsidiaries of Ameritrade Holding Corporation. AMERIVEST

19 For illustrative purposes only. AMERIVEST

20 AMERIVEST For illustrative purposes only.

21 AMERIVEST For illustrative purposes only.

22 AMERIVEST For illustrative purposes only. Not a recommendation.

23 AMERIVEST For illustrative purposes only. Not a recommendation. International investments involve special risks, including currency fluctuations and political and economic instability.

24 SHAREHOLDER RETURN BUYBACK RESULTS Invested $461M in 46M $10.04/share Accretion Impact: Dec Q = $0.02 Annualized = $0.08 Buyback results through 12/31/04. Accretion is for Dec Q Stock Price refers to implied impact on stock price based upon the annualized accretion impact and assumed P/E. Shares are weighted Average Shares Outstanding – Basic for the quarter ended 12/31/04. P/E Stock Price Shares Value 15 $ M $487M 20 $ M $650M

25 ANALYST COVERAGE In-Line Neutral Buy Strong Buy Overweight Outperform 7 of 11 Analysts with Buy Rating or Stronger Includes 11 analyst recommendations: Raymond James – Strong Buy, Keefe, Bruyette & Woods – Outperform, Friedman, Billings, Ramsey – Outperform, JP Morgan – Overweight, Morgan Stanley – Overweight, Sandler O’Neill – Buy, GARP – Buy, Fox-Pitt, Kelton – In-Line, CSFB – Neutral, Merrill Lynch – Neutral, Banc of America – Neutral Data from First Call Report dated 2/14/05. Ameritrade has paid compensation for non-investment banking services to Raymond James and Sandler O'Neill within the past 12 months

26 SHAREHOLDER RETURN LEHMWDMERJEFLMETGSRJFBSCAGEAMTD Calculation shows the increase in total shareholder value based upon three month average stock prices (to normalize data) from the beginning of calendar 2003 to the end of calendar 2004 plus dividends. Not annualized. 182% SCH 180% 106% 93% 63% 54% 49% 45% 19% Jan. 1, 2003 – Dec. 31, % 2% 35%

27 SHAREHOLDER RETURN LEH MWD MER JEFLMETGSRJFBSC SCH AGEAMTD Calculation shows the increase in total shareholder value based upon three month average stock prices (to normalize data) at the beginning and end of the calendar year 2004 plus dividends. 31% 27% 24% 16% 12% 9% 3% 2% -1% -4% -17% 25% Calendar Year 2004

28 STRONG EPS GROWTH FY 01FY 02FY 03FY 04 ($0.22) (1) $0.12 (1) $0.32 (1) EPS from ongoing operations. See attached reconciliation of financial measures. Orange dotted lines indicate Company’s earnings guidance on January 18, $0.64 FY 05E $0.77 $0.90

29 RECONCILIATION OF FINANCIAL MEASURES In thousands, except percentages and per trade measures.

30 RECONCILIATION OF FINANCIAL MEASURES In thousands, except percentages and per trade measures.

31 RECONCILIATION OF FINANCIAL MEASURES

32