Interim report January-March 2005

Continued expansion and growth while retaining high profitability Financial development • Revenues increased by 3% to SEK 89.7 (87.2) million • Profit after tax decreased by 30% to SEK 25.5 (36.5) million • Profit per share after tax decreased by 35% to SEK 0.15 (0.23) • Profit before tax decreased by 31% to SEK 34.3 (50.0) million Business development • Second highest quarterly profit in company history • Nordnet became the largest broker in the Nordic region in number of trades on the four largest stock exchanges altogether • Nordnet Germany was launched 14 March and Nordnet Finland is launched today 21 April • Number of trades increased with 24%* to 19,900 (16,100*) • Number of accounts increased with 57%* to 105,100 (67,100*) • Assets Under Management increased with 72%* to SEK 24.2 (14.1*) billion • Cash deposits and managed client funds increased with 58%* to SEK 3.0 (1.9*) billion • Margin lending increased with 100%* to SEK 1.8 (0.9*) billion

*in comparison with the same period previous year CEO Comment We have a very large business now in comparison to the same time last year and our earnings this quarter are the second best quarterly earnings ever. Compared to last year we have 57% more customers and our total assets under management have increased by 72%. We have completed an acquisition and we also now have customers in Germany. We have become the obvious market leader in Denmark and Norway, and based on the number of transactions we are the largest brokerage firm in the Nordic region. Today we are launching Nordnet Finland and we are working on starting an insurance company for launching pension services. We also beat a new Nordnet record with 1.2 million trades this quarter. The above clearly speaks for itself. We are playing offence with good profitability. Of course our growth and our aggressive investments are reflected by higher costs on the whole but still the costs per customer have decreased. We have advanced to a medium sized international company and we are creating an organisation and infrastructure prepared to handle further extensive growth. The market index and market turnover is volatile. This will always be the case and it creates short-term fluctuations in the size of our earnings. In the long-run it is most important for our customers, Nordnet and our shareholders that we renew and improve our services and offerings, grow and expand as well as create opportunities for customers to manage their entire savings at Nordnet. Germany is a complicated market and the launch of Nordnet Germany on 14 March 2005 required large investments in time and effort. The potential in Germany is great and given a decent market climate, I expect a strong inflow of customers in conjunction with marketing initiatives during the second half of the year. Simultaneously work has been underway for the launch of Nordnet Finland on 21 April 2005. The potential for Nordnet in Finland during the next few years is on the same level as Denmark, where we have shown that we are also able to attain good profitability on a smaller market. We have taken the step to provide our customers with increased service within Research and Analysis. I think it is extremely rewarding that the knowledgeable and well-known analyst Peter Malmqvist has joined Nordnet as Head Analyst. Work is in full swing to produce new creative research services, which I hope will be very much appreciated by our customers. Pensions are a hot item in the media right now. In the autumn we applied to the Swedish Financial Supervisory Authority for permission to start an insurance company focused on pension services. We believe that there are great changes and opportunities for improvement in the area of pensions. During the year we plan to launch creative and flexible products within income-based pensions, capital pensions and endowment insurance, with broader investment possibilities without lock-in effects and with much better terms than those currently offered in the market. Nordnet Pension may become an important growth area for us during the upcoming years. Klas Danielsson, CEO For further information please contact Klas Danielsson at +46 8 506 33030, +46 708 744574, klas.danielsson@nordnet.se