Safe Harbor Statement This presentation contains forward-looking statements regarding future events or the future performance of the Company. Various factors could cause our actual results to differ materially from those anticipated. Viewers of the presentation are advised to check the documents filed by the Company with the Securities & Exchange Commission, including Forms 10-K and 10-Q for descriptions of risks and uncertainties related to forward-looking statements.

Management Team Chairman & Founder Joe Ricketts CEO Joe Moglia Chief Strategy Officer Phylis Esposito Chief Financial Officer Randy MacDonald Chief Admin. Officer Kurt Halvorson General Counsel Ellen Koplow Institutional Client Division Vince Passione Technology Group Raymond Dury Private Client Division Pete Ricketts Chief Marketing Officer Anne Nelson

Our Three Priorities 1. Clients 2. Shareholders 3. Associates Why be an Ameritrade client? Why own Ameritrade stock? Why work at Ameritrade?

Growth

>Secular Growth >Organic >New Distribution Channels >Acquisitions

New Organizational Structure Client Focused

New Organizational Structure: Client Focused Private Client Ameritrade Ameritrade PlusAmeritrade Pro Institutional Client TradeCast by Ameritrade Ameritrade Clearing Ameritrade Corporate Services Products & Services (Scott Mingus) Ameritrade Advisor Services Ameritrade Financial Services Technology Clearing (Bill Yates) Marketing

2% 4% 10% 21% 35% AmeritradeDatekE*TradeSchwabWaterhouse Growth in Total Accounts over last 12 months Trailing 12 months ending December 2001 *Waterhouse data for trailing 12 months ended November 2001 Account Growth Ameritrade is growing faster than the industry. NDB

Competitive Advantages

Trailing 12 months Operating Expense per Trade (excluding advertising) 12 months ending December 2001 *Waterhouse data for 12 months ending October 2001 Source: Analyst Reports and Company Press Releases Competitive Advantages

Cash Flow Positive In Millions

Debt-to-equity ratio calculated as notes payable plus convertible debt divided by shareholders’ equity. Debt-to-Equity Ratio

* From Operations ** Bank Debt was repaid during January First Quarter Highlights 1Q 014Q 011Q 02 $0.04 $15.2 $0.00* $1.5 * ($0.13) Earnings (Loss) per Share $(37.2) Net Income (Loss) before Taxes (In millions, except per share data)

What the Street Said about Ameritrade “We remain impressed with [Ameritrade’s] ability to achieve profitability during recent challenging market conditions. We believe our initial investment thesis on AMTD still holds, i.e. Low-cost producer, excellent brand, solid technology, etc. and further believe AMTD has the chance to be a big winner in the retail discount brokerage space, long term.” – Bob Napoli, ABN AMRO, 01/22/02 Major Concerns: > Advertising Spending “We believe Ameritrade’s prudent cost management and the deleveraging of its balance sheet have positioned it for strong cash flow generation if customer activity rates show even a modest improvement.” – Greg Smith, J.P. Morgan Securities, 01/23/02 > Diversification> Market Recovery

Marketing Strategy >ROI >Master Brand >Proprietary Modeling >Strategic Partnerships >Media Costs Down Spend Appropriate for Market Conditions

Strategic Focus >Balance Sheet Liability >Additional Fixed Costs >Complex Technology Infrastructure >Regulatory >Globalization >One Platform >Efficiencies >Low Fixed Costs >Not Competing with Partners >Nimble Diversified ModelAmeritrade Model

Financial Leverage Record Quarterly Earnings