business summary unbank yourself contents nordnet in brief 1 ceo statement 12 stay active 2 financial overview 14 case: the nordnet school Nordnet offers services that simplify savings, investments and 4 be modern 15 the nordic region is our home market loans. With smart solutions and a modern approach, we focus 6 about nordnet 18 employees on active savers in the Nordic region. 8 keep it simple 19 case: corporate culture Our vision is to become the leading bank for savings in the 10 our offer 20 board of directors and auditors . We will get there by using simplicity as a 11 case: trading arcade 21 management starting point, with the best interest for our savers in mind.

Nordnet AB (publ) is listed on NASDAQ OMX .

calendar

Annual General Meeting 2010 22 April 2010 keep it Interim report for Jan-Mar 2010 22 April 2010 simple Interim report for Jan-Jun 2010 21 July 2010 Interim report for Jan-Sep 2010 22 October 2010

The Nordnet School runs regular courses on saving in shares, funds and pensions. Visit your local Nordnet website for a current schedule.

be stay modern active

Design and Production: Narva Copy: Narva and Nordnet Photo: Linus Hallgren Illustrations: Hampus Ekenstam Print: Elanders, 2010 nordnet business summary l 1

» daring to think differently has ceo statement rarely been as much fun as it is now «

2009 was the year in which Nordnet be- card. Perhaps not so modern, you may gan in earnest to challenge the Jurassic think; but to provide a real alternative banks. From having been just one of a to the Jurassic banks, it is necessary number of Internet a year ago, for us to also offer ‘ordinary’ banking we are now the biggest in the services. Our most groundbreaking new Nordic region. Almost one in ten trades services for the year include our iPhone on the Nordic markets is closed through banking app, which can replace the us. With that proof of strength with us, old Internet bank entirely: a product we are now continuing our journey for active savers which we are the first towards becoming the leading bank Nordic bank to offer. for savings in the Nordic countries. Nordnet in a nutshell: Nordnet – on the side of savers Modern, simple, active It became clearer than ever in 2009 Nordnet should not be like the Jurassic that savers have lost confidence in banks. We are modern, not old-fash- the Jurassic banks, which are levying ioned. We keep it simple, not difficult. high charges and rewarding under- We stay active, not passive. This, in a performing managers with scandalous nutshell, is our culture and the approach bonuses. This crisis of confidence has which drives us forward. This is also what clearly benefited Nordnet’s intake of creates value for both our customers facts: carl-viggo both active and very active custom- and our shareholders. Born: 1955 ers. With smart new tools and honest pricing, we have been able to show Daring to think differently has rarely Education: Graduate in Business Administration, Stockholm School of that saving need be neither difficult been as much fun as it is now. As I Economics. nor expensive. For modern savers who tell all Nordnet co-workers: Background: SalusAnsvar AB, TNT and want to maintain control of their own Unbank yourself! Tetra Pak finances, there is no longer any reason Savings: Nordnet B, SAS and to remain with old structures. Nordnet Balanced

Towards broader banking services E-mail: [email protected] In 2010, we will be continuing to build Twitter: twitter.com/ViggoNordnet our range of services, allowing us to Blog: www.nordnetbloggen.se reach more savers throughout the entire Nordic region. Our new services Carl-Viggo Östlund include savings accounts and a bank Chief Executive Officer, Nordnet AB 2 l nordnet business summary

financial overview 2009

the year in brief five-year summary

l Operating income increased by 31 per cent Group¹ 2009 2008 2007 2006 2005 to SEK 921.0 million (702.7 million) Income statements, SEK thousands l Profit for the year increased by 47 per cent Net interest income 204,315 251,406 272,056 201,630 123,993 Net commission 565,091 408,474 460,825 421,440 278,173 to SEK 203.4 million (138.1 million) Net result of financial transactions 36,665 11,722 23,682 5,836 5,209 Other revenue 61,115 31,124 29,055 32,152 26,773 l Biggest Nordic broker in number of trades Negative goodwill effect 53,799 - - - - Total operating income 920,985 702,726 785,618 661,058 434,148

Operating expenses -661,872 -510,750 -505,860 -368,815 -232,585 Credit losses -6,216 -9,547 -1,056 -113 -1,468 Operating profit 252,897 182,429 278,702 292,130 200,095 highlights of each quarter Tax -49,545 -44,368 -82,395 -85,410 -54,398 Profit for the year 203,352 138,061 196,307 206,720 145,697

– Biggest Nordic – Acquisition of Key figures broker in number of eQ Bank Operating margin 27% 26% 35% 44% 46% Q1 trades Q3 – Nordnet Customer Basic EPS before dilution, SEK 1.23 0.84 1.19 1.25 0.88 – Investment guide Center in Stockholm Basic EPS after dilution, SEK 1.21 0.82 1.17 1.22 0.87 and own mutual Dividend per share, SEK 0.502 0.50 0.50 0.50 0.10 funds Share price at end of period, SEK 23.20 8.60 19.20 23.90 21.10

– Sales office and – Nordnet ’s 1 eQGroup is included from 1 July 2009 trading arcade in best banking site 2 Proposed Q2 Q4 – New brand platform: – Pension products in Unbank yourself nordnet business summary l 3

» record net savings Net savings – that is, deposits less withdrawals – among Nordnet cus- tomers were at a record high in 2009. Two of the reasons for this were a saving « reduction in confidence in the Jurassic banks and the good develop- ment on the . 12.3 billion Swedish kronor total savings capital net commission Savings capital – the total value of custom- Following a falling trend lasting several ers' accounts – increased substantially in 2009 years, the average net commission per thanks to the strong development on the trade stabilised in 2009, which can be stock exchanges and high levels of net savings. explained by measures such as the ­Nordnet's average income on total savings improvement in the stock exchange capital for 2009 amounted to 1.5 per cent. 90.4 billion Swedish kronor climate and greater trading volumes. 32 Swedish kronor number of active accounts Nordnet saw strong customer growth in 2009, which with the ­acquisition of eQ Bank in took the number of accounts above 300,000. 308,600 number of trades A milestone was passed in 2009 when Nordnet became the biggest broker in the Nordic region, measured in number of trades on the Nordic stock exchanges. On average, 61,774 deals were closed on every trading day. 15 , 9 37, 8 0 3 4 l nordnet business summary

be modern

Nordnet has always taken its own course. Time and time again, we have revolutionized the savings market with modern, smart services for our customers. With us, you can be sure to always be at the cutting edge, no matter if you are a daytrader or a long-term pension saver. nordnet business summary l 5 6 l nordnet business summary

about nordnet

Nordnet offers services that simplify savings, investments and loans. We emerged as a reaction to the ways the banks were working - as an alternative to something that could be done considerably easier and more modern. Towards the end of the 90’s, we revolutionized stock trading, making it possible for anyone to become a . Since then, we have expanded our offer to include everything from online consulting to smarter pension solutions.

business per country

Nordnet keeps it simple. This is our mis- At present, Nordnet is the biggest sweden denmark finland germany luxembourg sion, and the driving force behind eve- ­Nordic broker in terms of number of rything we do. It is also with simplicity trades on the stock exchange.

securities brokerage in mind that we will reach our vision, to become the leading bank for savings in From our origins as a small Internet the Nordic countries. ­broker, we have begun to pose a pension ­serious challenge to the Jurassic banks. To get there, we will be staying with our This is something we intend to continue bank core services - stock and fund trading with – by not being like them. for active savers - and then broadening our offer to also include other savings Nordnet is the simple, modern, active Nordnet divides its operations into three areas. Securities brokerage is the core of the and banking services. alternative that always has the best business and is offered on all markets. The next step is to extend our range of services to interest for the savers in mind. also include pensions and banking throughout the entire Nordic region.

Nordnet is founded First with a real-time First to trade options The Mutual Funds Nordnet shares are Nordnet Norway and First with a marketplace application and terms in real time Portal is launched listed on the stock Denmark are founded for hedge funds exchange  96 97 98 99 00 01 02 nordnet business summary l 7

position shift

Nordnet has begun the journey from internet broker to the leading bank for savings in the Nordic countries.

» from our origins as

important but unknown leading actor a small Internet broker, we have begun to pose a serious challenge to the Jurassic banks «

leading bank for savings Number of customers who are satis- fied or very satisfied with Nordnet

2009: 86% 2008: 84% unique and relevant 2007: 83% 86%

Number of customers who would recommend Nordnet internet broker new actor dinosaur 2009: 91% 2008: 89% 2007: 86% awareness 91%

Aktiedirekt is launched Nordnet Germany Nordnet Pension and Launching of an occu­ pa-­­ Banking services are Trading arcades The leading is founded Nordnet Finland are tional pension on the best launched in Sweden open in Stockholm Nordic broker founded market terms in Sweden and 03 04 05 06 07 08 09  8 l nordnet business summary nordnet business summary l 9 keep it simple

Unlike what the Jurassic banks would have us believe, saving does not have to be difficult and expensive. Shares, funds, warrants or certificates – with simple tools and relevant information, Nordnet provides access to a wide range of services for smarter saving. 10 l nordnet business summary

our offer

Nordnet offers services within securities brokerage, Securities brokerage Nordnet’s core business is securities costs, simpler handling and extensive pension and banking. Securities brokerage is our brokerage, an area where we will freedom to invest in both funds and core business and can be found on all markets. always be best in class. Simple tools, shares, our offer can be summed up in Over the next years, all Nordic countries will be given extensive freedom of choice and mod- four words: more for the customer. ern technology provide the conditions access to broader savings services. for successful savings. Being your own Bank stockbroker has never been so easy! Nordnet shall be the alternative to the Jurassic banks. Therefore, over the next Pension years, we will start to offer broader but Nordnet Pension offers complete simple banking services such as savings pension solutions for private individuals, accounts, salary accounts and bank employers and entrepreneurs. With low cards.

Pension customers on nordnet Online advice Salary account sweden norway denmark finland Edullinen Bra (Good) Enkelt (Simple) Godt (Good) (Affordable) Toimiva Enkelt (Simple) Bra (Good) Nemt (Simple) Training securities (Functioning) Insurance Smidigt Brukervennlig OK (OK) Hyvä (Good) brokerage (Straightforward) (User-friendly)

Bank card Nordnet carries out a major survey among its customers each year in order to ensure that the offer meets expectations and is of high qual- Mortgages ity. In 2009, 86 per cent of customers were satisifed or very satisified 86% with Nordnet. Customers were also asked to describe Nordnet in a single word. The table above shows the three most popular words on of customers were the respective markets in the Nordic region. satisifed or very satisified. Savings Loan account

read more

For more information on Nordnet’s services in your country and to become a customer, visit your local website: ­www.nordnet.se, www.nordnet.no, www.nordnet.dk, www.nordnet.fi, www.nordnet.de, www.nordnet.lu. nordnet business summary l 11

In 2009, Nordnet continued to expand its savings services. Here are some of the events that took place this year:

Pensions for Denmark Investment guide Nordnet launched pension services on Over the year, all Nordic countries the Danish market over the year. As in saw the launch of the online consult- Sweden and Norway, we will use our ing service, the Investment Guide – a simple, modern solutions to rouse up smart tool that easily creates and the pension savers and challenge the customises a fund portfolio based on old pension companies. the customer’s own risk profile. The Investment Guide makes it possible to get free, qualified, independent advice 24 hours a day without having » full speed ahead in the to leave the computer. nordnet iPhone app trading arcades « Mutual Funds Portal for Finland For active savers. The Nordnet In Finland, freedom of choice on the iPhone app allows you to pay mutual funds market was enhanced Nordnet's trading arcades provide the conditions to allow the best deals bills and trade shares and funds, by the launch of the Nordnet Mutual to be made. With access to state-of-the-art technology and the latest among other things. Funds Portal. Now Finnish savers can information, thousands of trades are made every day. choose from a large range of funds from various managers and with vary- Staffan Malmer is one of the people who has had a place in the trad- ing investment focus. Free tools such ing arcade in central Stockholm since its opening in 2008. He has traded as the Investment Guide and Nordnet shares daily for almost four years now. Top 30 are helping to make fund saving even easier. "In my position as a daytrader, the most important aspect for me is the technical stability offered by a trading arcade. Quite simply, it allows me Sweden’s best banking site to make better deals. Trading downtime can have enormous financial In November, Nordnet.se was named consequences," he says. Sweden’s best banking site by Inter- networld magazine. With the introduc- "Moreover, Nordnet offers a site service which includes breakfast, lunch tory motivation “Welcome to a real and suchlike. This is very convenient." Internet bank”, the site was praised for its simplicity, relevance and educa- Nordnet has trading arcades in Stockholm, Hudiksvall, Lund, Copenha- tional aspects. gen and Helsinki, and its business is constantly developing. 12 l nordnet business summary

stay active

Nordnet addresses active savers who want to control their money themselves. In the Nordic region, we esti- mate that this covers some ten million individuals. Our role is to inspire and guide in order to increase activity by – for example – offering new tools that show how easy and profitable it is to manage your own finances. nordnet business summary l 13 stay active 14 l nordnet business summary

» the millionaires of the future are trained at the Nordnet School «

"The Nordnet School is a frontal attack­ how simple it is, and how they can ity for their own savings and show them on the Jurassic banks," says Mika increase their returns." how easy it can be. There is a lot to gain ­Burman Götz, savings spokesperson by managing your own finances instead at Nordnet who is aiming to train the How popular is the Nordnet School? of paying expensive charges for less ­millionaires of the future. "We are noticing a constant increase in than satisfactory returns." the amount of interest people are show- What is the Nordnet School? ing in saving as simply and efficiently Is it not difficult to keep track of all the "The Nordnet School involves free courses as possible. Therefore, it is important different kinds of savings available and which give savers guidance on how to for someone to be able to give them how best to invest savings money? create successful savings. These courses the information they need in a way "Once you have an overview of your look at everything from saving for your which they can understand. Anyone is savings, five minutes a day is enough. children to trading with advanced finan- welcome to join the Nordnet School, You do not need any more time than cial instruments such as derivatives." regardless of whether or not they are that to see how your savings are devel- customers of ours. oping, view vital information and keep What is the most important aspect of the "The Nordnet School is a frontal track of changes in the market. And of Nordnet School? attack on the Jurassic banks, who like course, it is important from time to time "For me, the most important thing is to to try to make saving into something to evaluate your savings portfolio in teach savers just how easy it is to take difficult and expensive. We want to order to be certain that you are happy control of their own finances. To explain encourage people to take responsibil- with the contents."

facts

Mika Burman Götz Occupation: Savings spokesperson Task at Nordnet: “I want the savers Mika to become rich” Burman Götz Former position: CEO of Swedish Savings spokes- Young Shareholders’ Association person Keep up to date with Mika and her advice on Twitter (MikaNordnet), the Nordnet blog and Facebook the Nordnet School Number of courses, 2009: 115 Number of visitors, 2009: 3,070 Popular courses: Automated trad- ing, Stock exchange psychology, Take control of your savings 3,070 visitors 2009 nordnet business summary l 15 the nordic region is our home market

Savers are in the process of breaking free from the dominance of the Jurassic banks. Of the 25 million inhabitants of the Nordic region, some 10 million save in funds and shares, and the interest among people wanting to take control of their own savings is constantly increasing. This is a development which is benefiting Nordnet on all markets.

Operating income Active accounts excluding negative goodwill

2% <1% 5% 3%

22% 21%

42% 54% Luxembourg and Germany 6% Nordnet also has a presence 10% in Luxembourg and Germany. 21% Operations in Luxembourg 15% are aimed primarily at Nordic 21% citizens living abroad. In Ger- many, operations focus on the most active segment, known as heavy traders. l Sweden l Norway l Denmark l Finland l Germany l Luxembourg 16 l nordnet business summary 44% 19% increased market share in increased market share in sweden number of trades in 2009 norway number of trades in 2009

Over the year, Nordnet has strenghtened its position as the actor on the side of In Norway, Nordnet has strengthened its leading position in share trading for private savers. While the Jurassic banks have focused on regaining trust in the wake of the individuals in 2009, as well as making important inroads into becoming an established credit crunch, we have been able to concentrate on offering smart new products. actor within the broader mutual fund and pension markets. Our online Investment Guide tool is one good example of a service that has become very popular. With this, anyone can become a savings pro.

In 2009, the emphasis was on securities opportunity to take control of their own After having invested a lot of savings they discovered the charges levied by the trading, and many of Sweden's most savings. This is not something which capital in structured products and alter- Jurassic banks. active traders joined forces with the Jurassic banks should control – or native investments over a fairly long pe- Nordnet. This, together with strong charge for. By broadening our savings riod, there are clear signs which indicate For people to be able to take control of growth in terms of customer numbers, and banking services, maintaining our that Norwegian savers are heading their money, it is important that they have helped to fuel Nordnet's strong progress leading position in the field of securi- back towards simpler, more transparent a knowledge of saving. We therefore in the stock exchange statistics. Securi- ties trading and continuing to focus on products such as shares and funds. This continue our focus on the Nordnet School ties trading is the core of Nordnet’s simplicity, Nordnet will stand out over is a development which is benefiting and other savings activities in 2010. business, and we must always be best the year as the modern alternative to Nordnet. Norwegian savers have never Another new feature over the year will be in class in this field. the Jurassic banks. before bought as much mutual funds as our new savings account, which will give in 2009. Over the first six months of the customers improved possibilities to change Nordnet in Sweden will be continuing to highlights in 2009 year, we did away with most charges their savings themselves and invest in funds offer services on savers' terms in 2010. l Launch of the Investment Guide, an for buying and selling, which increased and shares more easily. Modern services which are easy to use online advice tool fund trading among our customers by and encourage active saving. Our new l Start of five fund of funds and two index more than 300 per cent. highlights in 2009 services include a savings account, funds in cooperation with Öhman l simplified payment services and an Launch of the Investment Guide, an online l Named the best banking site in Sweden Over the year, Nordnet introduced an advice tool improved bank card. As a customers of (Internetworld) online calculation tool which provides Nordnet, you will then be able to get a l Biggest in terms of number of trades and l Considerable increase in market shares a summary of future pensions. This has second-biggest in terms of turnover on the full overview of your finances. on the Stockholm stock exchange in shaken up the IPS market and per- stock exchange terms of both turnover and number of suaded more and more people to l Strong progress in fund trading For us, it goes without saying that trades everyone in Sweden should have the abandon the old form of saving when

» for us, it goes without saying that everyone in » Norwegian savers have never before bought as Sweden should have the opportunity to take much mutual funds as in 2009 « control of their own savings « Anders Skar, Country General Manager, Norway Johan Tidestad, Country General Manager, Sweden

Key figures, Sweden 2009 2008 Change Key figures, Norway 2009 2008 Change

Operating income, SEKm 361.9 351. 2 3% Operating income, SEKm 182.5 184.8 -1% Operating profit, SEKm 73.6 95.5 -23% Operating profit, SEKm 82.0 57.0 44% Operating margin 20% 25% -20% Operating margin 45% 29% 55% Number of active accounts 165,700 154,600 7% Number of active accounts 45,300 41,600 9% Savings capital, SEKbn 44.7 26.0 72% Savings capital, SEKbn 11.0 5.0 120% Number of trades 7,418,300 4,685,600 58% Number of trades 3,618,700 3,400,400 6% nordnet business summary l 17 36% 120% increased market share in increased market share in denmark number of trades in 2009 finland number of trades in 2009

The effects of the credit crunch have led to a major increase in Nordnet's market Finnish savers deserve more options than what is offered by the Jurassic banks. shares in Denmark. When the Jurassic banks have been on the brink of ruin, their Customers will no longer allow themselves to be deceived by anyone who claims customers have switched to Nordnet. All in all, we are now in a stronger position that saving is difficult. With the help of tools such as our online Investment Guide than before the financial crisis. and our new Mutual Funds Portal, people can now invest their savings themselves, with ease and plenty of freedom of choice.

In 2009, Nordnet launched pension also examining the chances of opening The acquisition of eQ has led to Nord- Nordnet is one of the biggest brokers services on the Danish market which a branch in order to strenghten the im- net's market share in Finland more than in Finland, viewed in terms of both were received very positively by savers age of Nordnet as a local actor. doubling. In the first six months of 2010, turnover and number of trades. This is a – both savings capital and the number the emphasis will be on finalising the position on which we will base our fur- of customers increased rapidly. The In a short time, Nordnet has become a integration work. We are combining ther progress. Good service never goes Danish pensions market is the biggest in leading broker on the Danish stock ex- the best of two worlds with a view to out of fashion, and as a market leader the Nordic region, and our initiative will change. This reinforces our position both becoming the best organisation on the our customers expect more. With a be continuing in 2010. We will challenge internally and externally in our ongoing market for modern banking customers. combination of smart products and the traditional actors and rouse up the journey towards becoming the leading an active attitude towards saving, we pension savers with simple tools and bank for savings in the Nordic countries. As far as products are concerned, will continue to strenghten our relations competitive prices. It is time for Danish savers to take control Nordnet will be offering solutions in with Finnish savers. of their money! 2010 which will give Finnish customers Over the year, Nordnet opened a sales greater control of their savings. We will highlights in 2009 office and a trading arcade in Co- highlights in 2009 be launching a new savings account, l Acquisition of eQ Bank, the biggest Inter- penhagen. Having a local presence l Nordnet second-largest broker on the introducing a new reporting model net broker in Finland strengthens our relations with Danish Copenhagen stock exchange in terms for customers' share portfolios and l More than doubled market share on the of number of trades savers and give us more visibility. We enhancing customer service. Over the Helsinki stock exchange l Trading arcade and sales office in have also established the Nordnet year, more Finnish savers will realise that l Greater freedom of choice on the mutual Copenhagen School, with courses both on site and on taking control of their money is easy. funds market with the launch of the the Internet, and we see good opportu- l Launch of pension services Mutual Funds Portal nities to develop the concept still further l Named the bank/stockbroker of the year during the next year. For 2010, we are (Danish Shareholders Association)

» we will challenge the traditional actors and rouse up » the acquisition of eQ has led to Nordnet's market the pension savers « share in Finland more than doubling « Max Gandrup, Country General Manager, Denmark Jan Dinkelspiel, Country General Manager, Finland

Key figures, Denmark 2009 2008 Change Key figures, Finland 2009 2008 Change

Operating income, SEKm 83.3 77.7 7% Operating income, SEKm 179.7 29.2 515% Operating profit, SEKm 34.1 32.9 4% Operating profit, SEKm -0.5 -0.6 - Operating margin 41% 41% 0% Operating margin neg neg - Number of active accounts 17,000 13,800 23% Number of active accounts 69,100 9,500 627% Savings capital, SEKbn 4.7 2.9 62% Savings capital, SEKbn 25.5 1.8 1317% Number of trades 2,014,000 1,583,600 27% Number of trades 1,896,700 1,047,200 81% 18 l nordnet business summary

employees

In 2009, HR work focused on starting to turn Nordnet's vision into reality, to make Nordnet the leading bank for savings in the Nordic countries by 2018.

This work included regular "departures" previous Swedish. Nordnet's vision has gender split gender split, management on the theme of Right On Track with a a clear Nordic perspective, why it is view to reviewing subtargets achieved important to ensure that there are no 40% 34% and checking off progress towards language barriers between our staff future objectives. and markets.

To further strenghten the visionary work, A People Strategy was also adopted Nordnet introduced new value words by the Nordnet management team. over the year: modern, simple, active. It describes how Nordnet will work These value words have been adopted with employee issues over the coming in order to support staff in their day-to- five-year period, and comprises four day work and to remind them how we building blocks: differ from the Jurassic banks. The gen- 60% 66% eral brand platform is named Unbank l Leadership enabling performance yourself. l Competence for the future l Our culture l Men l Women l Men l Women When eQ was aquired, Nordnet's group l Nordnet and Me language switched to English from its

Personnel statistics 2009 2008 2007 » to further strenghten the visionary work, Nord- Operating income per employee, SEK 000 2,843 2,335 2,601 net introduced new value words over the year: Number of employees at year-end 353 260 323 modern, simple, active. The value words have Number of Swedsec licence holders1 56 51 62 been adopted to support staff in their day-to- Average age1 34 34 33 day work and to remind them how we differ from Sick leave, %1 2.4 3.0 2.6 the Jurassic banks «

1 Not including eQ nordnet business summary l 19

co-worker survey Henrik Dider Human Resources Manager l I have a positive view of the future of Nordnet: 3.59/4 0 1 2 3 4 l I feel proud of working at Nordnet:: 3.43/4 0 1 2 3 4 l In my department the work environment is 3.68/4 fitting both female and male workers: 0 1 2 3 4

Nordnet carries through an annual coworker survey, to give all employees the opp- » our values are crucial « ortunity to express their views on various issues related to work and Nordnet as an employer. Using the results of the survey, each department can prioritize their work towards both short-term objectives and the vision. What does Nordnet look for in new employees? "For us, the most important thing is that you share our values and want to be different. We are a bank, but we do not want to be perceived as a Jurassic bank. We want people to view us as something much better and more co-worker comments modern. If you like that approach, as well as our values, you will probably appreciate us. If, on the other hand, you want to work at an 'ordinary' bank, Jakob Bruntse, Marketing Project Manager, Denmark you should probably not apply to work at Nordnet. » Nordnet has really made progress in Denmark and is now a company for anyone interested in their own savings. As an employee, I have plenty of freedom and get "Anyone working at Nordnet should feel proud and excited to take part in the backing that I need from my managers. The company sees the potential in the a revolution of banking operations in the Nordic countries. We are writing staff. « history, and you should feel it!"

Sissel Olsvik, Product Manager Mutual Funds, Norway How important are Nordnet's values when business decisions are made? » Many of Nordnet’s customers are starting to see the light and realise what options "Our values are crucial to every business decision we make. If we un- derpin our decisions in our values – having a modern, active and simple are open to them if they take control of their own savings in mutual funds, for exam- approach – our customers will be able to perceive a clear difference ple. At the same time, much remains to be done in the Norwegian market, which is between us and our competitors. We will always aim to be the company a big challenge for us and an exciting process to participate in. The atmosphere at to lead market development." Nord­net is informal. The management takes care to ensure that the staff feel well and develop. « What is your ambition with Nordnet as a workplace? "Nordnet is and will continue to be perceived as a young, fast-paced Annukka Hirn, Legal Counsel, Finland company with a will to change. Here, there is a short distance between » At Nordnet you need to be ready to question traditional ways of doing things. employees and managers, staff have plenty of opportunities to exert their That’s what Unbank yourself is all about. Our vision is clear, but it’s also challenging. influence, and we will always retain our entrepreneurial spirit while matur- You have to be one step ahead, and always think of what is best for the customers. ing as an organisation. When we work, conventional methods are rarely At the office, every day is different so it keeps you active. « the best solution." 20 l nordnet business summary

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Claes Dinkelspiel Chairman of the Board

For Nordnet, 2009 was a crucial year for our Nordic strategy – the acquisition of eQ in Finland allowed Nordnet to take a large step towards its vision of becoming the leading bank for savings in the Nordic countries. Over years to come, business will grow both organically and also through acquisi- tions, if any attractive new options arise. board of directors and auditors

It is in the interest of the Ulf Dinkelspiel Born in 1939. Master in Annica Axelsson Born in 1970. Fil Bo Mattsson Born in 1960. Master in Tom Dinkelspiel Born in 1967. Studies Board to make the most of 1 Economics from Stockholm School 3 kand from Högskolan Dalarna, MBA 5 Economics from Stockholm School of 7 at Stockholm School of Economics. the major potential avail- of Economics. Chairman of the Board from University of Colorado. CEO of Economics. Founder and CEO of CINT CEO and deputy board member of E. at Landshypotek AB, Sveriges Allmänna Strålfors Svenska AB, former Head of AB (Cint.com). Founded Eurotrade and Öhman J.or AB and chairman or board able on the Nordic market Hypoteksbank, Springtime AB, AB Division at Svenska Spel. Board member Mangold AB, former CEO of Nordnet member of several companies of the in all of Nordnet's business Ångpanneföreningen, ICC Sverige and since 2006 Holding AB. Board member of Room328 E. Öhman J:or AB group. Chairman of areas. Now that Nordnet Föreningen Svenskar i Världen. Board Shareholding: – AB. Board member since 2003, member the Board at Svenska Fondhandlare­ member of E. Öhman J:or AB, Premie­ of the remuneration committee and föreningen, 11 Real Asset Fund AB and is market leader in terms finans K. Bohlin AB and Bockholmen Hav Claes Dinkelspiel, Chairman audit committee Konsumentkredit i Sverige AB. Board of securities brokerage, och Restaurang AB. Member of IVA. 4 Born in 1941. Master in Economics Shareholding: 15,012 member of KOGMOT AB, MPS Holding Board member since 2001, chairman of from Stockholm School of Economics, AB, Russian Real Estate Investment its savings services will be the remuneration committee MBA from Insead, France. Chairman Anna Frick Born in 1968. MBA from Company AB, Burgundy AB and LifePlan extended. One thing is Shareholding: 5,906,177 of the Board at E. Öhman J:or AB, 6 Stockholm School of Economics. AB. Board member since 2007, chair- certain: our journey has Gummesson Gruppen AB, MPS Holding COO at communications agency man of the audit committee Bengt Baron Born in 1962. MBA in AB and Premiefinans K. Bohlin AB. Board Farfar AB. Board member since 2009 Shareholding: 4,956,550 only just begun! 2International business administration member of Intellecta AB, Prevas AB and Shareholding: – and finance from University of California, Stiftelsen Silviahemmet. Board member Berkeley. CEO of Leaf International. For- since 2001, member of the nominations Auditor Claes Dinkelspiel mer CEO of Vin & Sprit AB. Board mem- committee, remuneration committee Firm of auditors Ernst & Young. ber of the Sweden-America Foundation. and audit committee Auditor since 2004. Principal Auditor Chairman of the Board Board member since 2007, member of Shareholding: 4,801,838 Anna Peyron, Authorised Public the remuneration committee Accountant. Born in 1965. Shareholding: – nordnet business summary l 21

­ management

Jonas Burvall Carl-Viggo Östlund Sarah Bucknell Fredrik Svederman David Craelius 1 Chief Brand Officer 2 Chief Executive Officer 3 Chief Administration Officer 4 Chief Financial Officer 5 Chief Information Officer Born 1972. Master’s Degree in Political Born 1955. B.Sc. (Econ.) from the Stock- Born 1971. B.Sc. (Econ.). Employed Born 1970. B.Sc. (Econ.). Employed Born 1974. Studied at the KTH Royal Science. Employed since 2008. Formerly holm School of Economics. Employed since 2000. Formerly employed by since 2002. Formerly employed by Saab Institute of Technology. Employed employed by SalusAnsvar AB and since 2007. Board member of CargoNet Handels­banken. Aircraft Leasing AB, Brunswick Emerging since 1999. Skandia AB. A/S, Chairman of HHS Kamratförening. Nordnet user since: 2000 Markets AB and M2S AB. Nordnet user since: 1999 Nordnet user since: 2008 Formerly employed by SalusAnsvar AB, Investment profile: Aggressive Nordnet user since: 2000 Investment profile: Very aggressive Investment profile: Aggressive TNT and Tetra Pak. How Nordnet will reach its vision: Investment profile: Aggressive How Nordnet will reach its vision: How Nordnet will reach its vision: Nordnet user since: 2007 By keeping it simple, being modern How Nordnet will reach its vision: By leading the development. By daring to take our own course. Investment profile: Balanced and staying active. By constant focus on simplifying, How Nordnet will reach its vision: improving and developing. Simple, modern, active – it says it all.

1 4 5 2 3

» We are modern, not old- fashioned. We keep it simple, not difficult. We stay active, not passive. This, in a nutshell, is our culture and the approach which drives us forward. «

Carl-Viggo Östlund, Chief Executive Officer NARVA addresses

Nordnet AB (publ) Nordnet Norway Nordnet Germany Gustavslundsvägen 141 Nordnet Bank NUF Nordnet Bank AB contact Box 14077, SE-167 14 Bromma Sørkedalsveien 10 D Postfach 1440 Telephone: +46 8 506 330 30 Postboks 33 Majorstuen D-65799 Bad Soden a. T. Jonas Burvall Fax: +46 8 506 330 65 N-0330 Oslo Telephone: +49 69 2222 7800 Chief Brand Officer E-mail: [email protected] Telephone: +47 22 22 53 70 Fax: +49 69 2222 7801 +46 8 506 330 12 www.org.nordnet.se Fax: +47 22 22 53 71 E-mail: [email protected] +46 766 27 97 55 VoiceTrade: +47 815 58 008 www.nordnet.de [email protected] Nordnet Sweden E-mail: [email protected] Nordnet Bank AB www.nordnet.no Nordnet Securities Luxembourg S.A. Adrian Westman Gustavslundsvägen 141 Box 773, Investor Relations Manager Box 14077, SE-167 14 Bromma Nordnet Denmark L-2017 Luxembourg +46 8 506 331 51 Customer center: Mäster Samuels­ Nordnet Bank AB Telephone: +352 468 444 +46 735 09 04 00 gatan 9, Stockholm Postboks 2307 Fax: +352 468 449 [email protected] Telephone: +46 8 506 330 00 DK-1026 Copenhagen K E-mail: [email protected] Orders/brokers: +46 8 506 331 00 Telephone: +45 70 20 66 85 www.nordnet.lu Fax: +46 8 506 330 65 Fax: +45 70 20 66 90 VoiceTrade: +46 8 506 34 100 E-mail: [email protected] E-mail: [email protected] www.nordnet.dk www.nordnet.se Nordnet Finland read more Nordnet Pensionsförsäkring AB Nordnet Bank AB Gustavslundsvägen 141 PL 3510, FIN-00002 Helsinki Box 14095, SE-167 14 Bromma Telephone: +358 20 198 5898 For more on Nordnet, news, the annual report, Corporate Telephone: +46 8 506 330 00 Fax: +358 20 198 5899 ­Governance, etc, please see www.org.nordnet.se Fax: +46 8 506 330 67 E-mail: [email protected] E-mail: [email protected] www.nordnet.fi To become a customer, visit your local Nordnet website. www.nordnet.se