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2. 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 additional synergies to be realized from the merger of Ameritrade and Datek, the effect of our acquisition of Mydiscountbroker.com and the prospective acquisitions of BrokerageAmerica.com accounts and Bidwell & Company, any projections regarding our future revenues, expenses, earnings, capital expenditures or activity rates, expectations regarding our share repurchase program, and expectations regarding growth of the retail securities brokerage market and the online securities brokerage market 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 completion of the 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 Registration Statement on Form S-3 regarding the secondary offering by certain shareholders and our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. 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.

3. 3 >Market leader in large and growing market >Low cost operating structure >Growth platform >Successful consolidator >Experienced management team with proven track record >Strong cash flow >Growing EPS Investment Highlights

4. 4 Source: 1998 data - JP Morgan equity research, August 2002 2002, 2007 data - Jupiter, September 2002 (in millions) Increasing Online Penetration Strong Secular Growth Forecast of Online Brokerage Accounts Demographic shift Trading tools and information access Growth of broadband and wireless technology ONLINE INVESTING Investing Secular Trends ‘98 - ‘02 CAGR of 36%

5. 5 Per Day Note: Trades and accounts are for the quarter ended 9/30/03. (1) Annualized (2) E*Trade includes US and International retail trades and excludes professional trades. Schwab includes revenue trades only and excludes mutual fund OneSource trades. (3) E*Trade includes US retail, International retail and professional accounts and US retail and International retail trades, excluding professional trades. Schwab based on active client accounts. Source: Ameritrade, E*Trade, Schwab and Fidelity Online from Company reports. TD Waterhouse and Quick & Reilly from Merrill Lynch Online Brokers Report dated 11/7/03. Includes data for public companies, divisions of public companies and Fidelity. Per Account (1) (000s) (2) (3) #1: Online Equity Trades (2)

6. 6 Note: For the quarter ended 9/30/03 based on Company reports. (1) ET includes US and International retail trades. SCH includes revenue trades only and excludes mutual fund OneSource trades. Avg. Daily Trades (1) 145K84K158K #1: Pre-tax Margin

7. 7 Shortest Payback on Account Acquisition (1) LTM period ending 9/30/03. (2) Operating Profit is operating income before marketing based on margin for quarter ended 9/30/03. ET and SCH exclude restructuring charges. See attached reconciliation of financial measures. Note: AMTD number assumes $17.95 revenue per trade and 13.2 trades per account per year. SCH number assumes $54.37 revenue per trade and 4.8 trades per account per year. ET number assumes $15.79 revenue per trade and 7.5 trades per account per year. Years to Breakeven Per Account: Gross Cost (1) $273 $259$226 Annual Operating Profit (2) $129$67$41 AMTD can grow at a lower cost than its competitors = competitive advantage

8. 8 Loyal and Growing Client Base Retention RateTransfer Ratio vs Online Peers (1) 4Q 03 (1) Accounts In / Accounts Out for E*Trade, Schwab and TD Waterhouse.

9. 9 #1: Net Account Growth (1) Average # of Ameritrade Accounts (2) (000s) Note: Includes acquisitions; including Datek data after September 9, 2002. (1) Compared to publicly traded peers. (2) Account data is the average of the beginning and ending accounts for each time period. FY 00 - FY 03 CAGR of 48%

10. 10 Improving Trading Activity is Driving Volume Growth Note: FY01 and FY02 pro forma for Datek. Ameritrade Client Trades Per Account

11. 11 Strong Client Asset Growth ($ in billions) Note: Includes acquisitions; including Datek data after September 9, 2002.

12. 12 Successful Consolidator All of the revenues and virtually none of the expenses Datek Pre-tax Synergies (2) ($ in millions) (2) Excluding marketing expense. M&A Activity (1) Acquisitions pending

13. 13 Growth Opportunities Maximize shareholder return by expanding our position with traders and extending our low-cost model to mass affluent, long-term investors >Grow Base of Equity Traders >Increase Share of Trades >Increase Retention Introduce Products for Additional Asset Classes and Investment Focused Products Attract New Client Base  Segmented value propositions  Targeted account acquisition  Trading tool innovation  Fixed income  Options  Cash management capabilities  Deliver low cost investing platform to self directed, mass affluent investors, through products such as portfolio allocation tools Equity Traders Share of Wallet Mass Affluent ObjectiveAction  ETFs  Mutual funds

14. 14 ($0.22) $0.12 $0.31 (10 TPA) $0.48 (13 TPA) $0.32 FY 01FY 02FY 03FY 04E (1) Earnings per share is operating EPS, excluding restructuring and asset impairment charges for FY 01 and FY 02. See attached reconciliation of financial measures. (2) FY 01 trades per account pro forma for Datek. Note: Green dotted lines indicate Company’s earnings guidance. Orange dotted lines indicate EPS based on an assumed trades per account (TPA) but are not based on the Company’s earnings guidance. Sensitivity information is not intended to replace the Company’s earnings guidance, rather it is intended to show estimated EPS based on an assumed number of trades per account. Please see the Outlook Statement on the Company’s website at www.amtd.com for earnings guidance and variability. Strong EPS Growth $0.57 (15 TPA) $0.92 (22 TPA (2) ) (1)

15. 15 Significant Operating Leverage 4Q 03% of ActualRev. Commissions13.55$ 69% Net Interest Spread4.39 22% Other Revenue1.81 9% Net Revenue19.75$ 100% Operating Expense9.00 46% Operating Margin10.75$ 54% Marketing1.50 8% Pre-tax Income9.25$ 47% (1) See attached reconciliation of financial measures. (2) Based on 4Q 03 trades per day of 158K. (1) Per Trade Analysis Variable Expense Fixed Expense 6.04 2.96 $ 15% 31% 15% variable cost (1)  10% Trade Growth = $0.08 EPS Growth (2)

16. 16 Shareholder Value Creation ($ in millions) EPS from Ongoing Operations (1) RevenueEBITDA (1) (1) See attached reconciliation of financial measures. 65% 238% 167%

17. 17 Significant Free Cash Flow (1) Excludes Island tax payment that was a result of the gain from distribution of Island stock to Datek stockholders prior to the Datek merger. The payment was funded by a cash holdback established in connection with the merger. (2) See attached reconciliation of financial measures. FY 03 2H 03 EBITDA (2) $264$192 Less: Capex (9) (4) Net Cash from Operations (2) $255$188 Less: Interest / Taxes (1) (19) (10) Free Cash Flow (2) $236$178 % of Revenue 33% 46% ($ in millions)

18. 18 >Market leader in large and growing market >Low cost operating structure >Growth platform >Successful consolidator >Experienced management team with proven track record >Strong cash flow >Growing EPS Investment Highlights

19. 19 Reconciliation of Financial Measures

20. 20 Reconciliation of Financial Measures In thousands, except percentages, per trade measures and EPS

21. 21 Reconciliation of Financial Measures, cont. In thousands, except percentages and per trade measures

22. 22 Reconciliation of Financial Measures, cont. In thousands, except percentages

23. 23 Reconciliation of Financial Measures, cont. Note: The term "GAAP" in the following explanations refers to generally accepted accounting principles in the United States. (1) Operating profit per account is considered a Non-GAAP financial measure as defined by SEC Regulation G. We define operating profit per account as pre-tax income, adjusted to remove advertising expense and any unusual gains or charges divided by the average number of client accounts. We believe operating profit per account provides an important measure of the financial performance of our ongoing business. Advertising spending is excluded because it is largely at the discretion of the Company, varies significantly from period to period based on market conditions and relates to the acquisition of future revenues through new accounts rather than current revenues from existing accounts. Unusual gains and charges are excluded because we believe they are not likely to be indicative of the ongoing operations of our business. Operating profit per account should be considered in addition to, rather than as a substitute for, pre-tax income and net income. (2) EPS from ongoing operations is considered a Non-GAAP financial measure as defined by SEC Regulation G. We define EPS from ongoing operations as earnings (loss) per share, adjusted to remove any significant unusual gains or charges. We believe EPS from ongoing operations provides an important measure of the financial performance of our ongoing business. Unusual gains and charges are excluded because we believe they are not likely to be indicative of the ongoing operations of our business. EPS from ongoing operations should be considered in addition to, rather than as a substitute for, basic and diluted earnings per share. (3) Operating expense is considered a Non-GAAP financial measure as defined by SEC Regulation G. We define operating expense as total expenses, adjusted to remove advertising expense and any unusual gains or charges. We believe operating expense provides an important measure of the financial performance of our ongoing business. Advertising spending is excluded because it is largely at the discretion of the Company, varies significantly from period to period based on market conditions and relates to the acquisition of future revenues through new accounts rather than current revenues from existing accounts. Unusual gains and charges are excluded because we believe they are not likely to be indicative of the ongoing operations of our business. Operating expenses should be considered in addition to, rather than as a substitute for, total expenses.

24. 24 Reconciliation of Financial Measures, cont. (4) Operating margin is considered a Non-GAAP financial measure as defined by SEC Regulation G. We define operating margin as pre-tax income, adjusted to remove advertising expense and any unusual gains or charges. We believe operating margin provides an important measure of the financial performance of our ongoing business. Advertising spending is excluded because it is largely at the discretion of the Company, varies significantly from period to period based on market conditions and relates to the acquisition of future revenues through new accounts rather than current revenues from existing accounts. Unusual gains and charges are excluded because we believe they are not likely to be indicative of the ongoing operations of our business. Operating margin should be considered in addition to, rather than as a substitute for, pre-tax income and net income. (5) EBITDA (earnings before interest, taxes, depreciation and amortization) is considered a Non-GAAP financial measure as defined by SEC Regulation G. We consider EBITDA an important measure of our financial performance and of our ability to generate cash flows to service debt, fund capital expenditures and fund other corporate investing and financing activities. EBITDA eliminates the non-cash effect of tangible asset depreciation and intangible asset amortization, as well as any non-cash gains or charges. EBITDA should be considered in addition to, rather than as a substitute for, pre-tax income, net income and cash flows from operating activities. (6) Free cash flow is considered a Non-GAAP financial measure as defined by SEC Regulation G. Free cash flow eliminates the non-cash effect of tangible asset depreciation and intangible asset amortization, as well as any non- cash gains or charges, capital expenditure expense and income taxes. We consider free cash flow an important measure of the cash generated by our core business. Free cash flow should be considered in addition to, rather than as a substitute for, pre-tax income, net income and cash flows from operating activities. (7) Liquid assets is considered a Non-GAAP financial measure as defined by SEC Regulation G. We define liquid assets as the sum of a) non broker-dealer cash and cash equivalents, b) the market value, net of tax, of our investment in Knight Trading Group, Inc. that is not subject to a prepaid variable forward contract for future sale and c) regulatory net capital of our broker-dealer subsidiaries in excess of 5% of aggregate debit items. We consider liquid assets an important measure of our liquidity and of our ability to fund corporate investing and financing activities. Liquid assets should be considered in addition to, rather than as a substitute for, cash and cash equivalents.

25. 25 www.amtd.com