January 21, 2003

1Q 2003 Earnings

Safe Harbor StatementThis 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.

Financial Highlights – 1Q 2003

• Record net income of $22 million, or $0.05 per share

• Net revenues of $181 million

• Operating margin of $69 million, or 38 percent

• Pre-tax margin of $37 million, or 20 percent

• EBITDA of $47 million, or 26 percent of net

revenues

• Liquid assets of $247 million

Marketing Spend & Results – 1Q 2003

• $32M for Qtr.

• 78,000 new accounts

• CPA $411 ($362 without agency fees)

• Lower than anticipated attrition

• 2.5:1 transfer ratio

Other Corporate Matters

• Regulation T

• Expensing options

• TradeCast

• Bank loan agreement

• Stock repurchase

• Dividends

720712

673

722702

719

758

808

573

533507 501

447 447 446

409421

447

435

350

400

450

500

550

600

650

700

750

800

850

CY2001 Mar Q'02

J un Q'02

Sep Q'02

Dec Q'02

Mar Q'03

J un Q'03

Sep Q'03

Revenue Operating Expense Target

Synergies

Excludes advertising expense (Estimate $102M - $132M for FY03)

Financial Results – 1Q 2003

• Record EPS $0.05

• Improved financial leverage– Combined AMTD + Datek Revenues 9%

– AMTD EPS 25%

• Cost per trade 22% sequentially to $12.21

• Operating margin $68.8M or 38%

Clean Balance Sheet

Dec. 31, 2000 Dec. 31, 2002Accounts (M) 1.4 2.9

Bank Debt ($M) 17 - Convertible Notes ($M) 200 46

Total Debt ($M) 217 46

Stockholders' Equity ($M) 139 1,123

Debt-to-Equity Ratio 156% 4%

Cash & Cash Equivalents ($M) 1 103 NITE, net of tax ($M) 68 23 Excess Net Capital ($M) 39 121

Liquid Assets ($M) 108 247

As of

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