unbank yourself contents 2 Overview of customers and savings in 2011 5 About Nordnet 6 Nordnet’s customers 9 Market 12 Products 14 Employees 16 Board of directors and management 17 Addresses

2 | unbank yourself Welcome to Nordnet step into a simpler world

We are a modern bank that puts our customers’ best interests first andbelieves ­ that people who take an active interest in their own finances have the best ­prerequisites to succeed.

At the end of the 90s we were among the first to provide share trading over the internet and since then we have been at the forefront of technical and price development for savings and banking products. Securities trading on the internet­ and over mobile phones is still our core business, but we now also ­provide lots more – from simple savings accounts to complete pension solutions.­

Our highest priority is satisfied customers. Nordnet’s vision is to become the leading bank for savings in the Nordic region, and to achieve this we do not believe it is enough to have the best technology and competitive prices. User experience – from a simple account application to the best customer ­service – is crucial for our continued journey to get the industry’s most satisfied ­customers. And eventually to become the leading bank for savings.

Ready for modern savings? Unbank yourself!

unbank yourself | 1 Overview of customers and savings in 2011 over 400,000 accounts

Net savings net savings: total savings capital: Net savings are customers’ deposits less Savings capital is the collective value of 9.2 withdrawals.­ customers’ assets. SEK billion number of active accounts: Number of trades Active accounts are all Nordnet accounts with a Total savings ­value greater than zero or with an active credit. 15,311,50 0 capital 89.8 number of trades: SEK billion The number of trades are all transactions on all stock exchanges and in all markets carried out by Nordnet customers. Number of accounts How does Nordnet make money? 405,500 Nordnet customers should never be surprised by fees. Naturally we do not charge for having an account with us. It is only when you actively trade stocks or buy additional services from us that you pay. Nordnet’s two largest sources of income are commissions – i.e. the fee paid when trading in securities – and interest income from lending and securities lending. A current price list of all of our services is available from our website, plus reports of our financial development.

2 | unbank yourself Our number priority customers most satisfiedmost our vision is to become­ the leading bank for savings in the Nordic region by 2018

Our vision is to become the leading bank for savings in the Nordic region. Leading does not necessarily­ mean being the largest, but we do want to be the bank people first think about when they want to start saving. Therefore, our goal is to have the industry’s most satisfied customers, which we remind ­ourselves of every day. We believe that modern, simple products, together with an active customer focus, is the right way ahead.

4 | unbank yourself About Nordnet

instead of Jurassic Bank

Nordnet provides services that simplify savings, investments and loans. We business by country emerged alongside the traditional banks in response to a need to do things

in a considerably more straightforward and modern way. Towards the end of Sweden Norway Denmark Finland the 1990s, we revolutionized stock trading, making it possible for anyone to ­be their own stockbroker. Today, we offer a whole range of online and mobile investments & savings savings, pensions and banking services.

pensions

Nordnet keeps it simple. This is our mission, and From our origins as a small online broker, we now the driving force behind everything we do. By pose a serious challenge to Jurassic Bank. We will banking focusing on simplicity and our customers, we will continue to grow as Nordic savers become more achieve our vision – to become the leading bank aware of the differences and advantages. for savings in the Nordic region. Nordnet divides its activities into three areas. Investments Nordnet is the simple, modern, active alternative. and savings is the core of our business and are offered­ in all We will get there by sticking with our core business Put simply, we are the alternative to Jurassic Bank. markets. Our pension and banking services are ­continuously – securities trading for active savers – and then evolving and are offered to various degrees in the different broadening our offer to include other savings and countries. banking services.

Launch of IPS launched in occupational ­ First with real-time First with ­Sweden with the pension with Trading arcades First with EFT market Nordnet trading in warrants Nordnet shares marketplace for best terms in the Sweden's best open in Stockholm and mobile launched and futures listed hedge funds market market terms and Helsinki banking apps

 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 

First to offer Mutual Funds Nordnet launched Nordnetdirekt Nordnet lauched Banking services­ Pension services­ Private a real-time­ Portal launched in Denmark and being launched in Finland launched in launched in loans application for Norway Sweden­ Denmark­ launched­ share trading in Sweden

unbank yourself | 5 Nordnet's customers more for you

Nordnet divides its operations into three areas: Investments & savings, pensions and banking. The first of these investments & savings Investments & savings is Nordnet’s core is the core of our business and exists in business, mainly made up of securities all of our markets. In the longer term, trading. We provide the conditions needed for the broader savings offer will be made active saving with simple tools, wide choice ­available to savers throughout the and modern technology. Being your own ­stockbroker has never been so easy! Sweden's best banking website – Nordic region. three years running! Nordnet.se has been named Sweden’s best banking website for three years running by InternetWorld magazine’s ranking of Sweden’s pensions 100 best internet sites. Nordnet offers complete pension­ ­solutions for private individuals, Bank of the Year/ ­employers and self-employed people. With stockbroker in low costs, simplified handling and extensive ­Denmark – four freedom of investment in mutual funds and years running! stocks, our offer can be summarized in four words: More for the customer. Each year members of the Danish Share- holders’ Association vote for the bank or stockbroker they think banking is best for investors. Banking products are Nordnet’s most Loan of the Year! recent additions. We currently provide savings accounts with good interest rates and Toppenlånet is a ­favorable private loan without withdrawal limits in all Nordic countries, with excellent interest Investments & savings plus debit cards and private loans in Sweden. ­rates for people who take Our goal is for our banking products to be care of their finances. In Pensions simple, useful complements to our other savings 2011 it was voted Loan of products. the Year by the magazine Privata Affärer. Banking

6 | unbank yourself why become a customer?

customer-friendly terms accessible For Nordnet, it is only natural that an account Nordnet’s store is our website and is available should be free of charge, and provide you with 24/7. You can reach us by phone or email lots of benefits. You can follow the market in real during office hours or contact us onFacebook. ­ time and get access to our various inspirational We invest heavily each year in ­keeping our tools like The Experts and Mutual Funds Portal. website modern and reliable. In 2011 our system When you choose to buy stocks you can be sure accessibility rate was 99.94 percent. that commission rates are competitive and in a mutual fund it is only the fund manager’s own administration fee that will be charged.

wide range safe Nordnet loves choices! Customers get to choose Nordnet is a safe choice. We avoid risky between various types of account according to ­investments and only offer products­ that we their needs, trade in stocks in seven markets and and our savers understand. As we mainly look for the winners among 1,000 mutual funds. ­operate via the internet, we value IT security­ If you need help in the savings jungle there are above all else for the trust we have built up tools like the Investment Guide, or various analyst in the market and for our customers. We services for the more experienced saver. ­constantly monitor our services and systems to ensure they are safe and reliable.

unbank yourself | 7 be modern stay active keep it simple

our cornerstones

Be modern Stay active Keep it simple Nordnet has always gone its own way. Time and Nordnet targets active savers who want to have At Nordnet we want to disprove those who say that again, we have revolutionized the savings market control over their own money. Our role is to inspire savings are complicated and dull. Stocks, mutual with modern, smart services for our customers. With and guide them to increased activity by offering funds, warrants or bonds – with simple tools and us you can always be sure to be at the forefront, smart tools and showing them how easy and relevant information Nordnet provides access to a regardless of whether you are a daytrader or are ­profitable it is to manage their own finances. number of different services for smarter saving. With saving in the longer term for your retirement. full control of your future pension or your savings ­account, your day-to-day life will be more fun!

8 | unbank yourself Market the Nordic region is our home market

Nordnet has a leading position among online banks in the Nordic markets. Regardless of whether you log on in Sweden, Finland, Norway or Denmark, you can rest assured that you will have access to the tools you need for modern and simple saving.

For current information about products, financial development and the competition, visit Nordnet’s corporate website www.org.nordnet.se.

Operating income Active accounts

16% 21% 7% 61% 6% 59% 16% 14%

l Sweden l Norway l Denmark l Finland

unbank yourself | 9 sweden norway

Sweden is Nordnet’s largest market. This is where 11% Nordnet has a leading position among online 11% we have our most extensive offer, from saving in increase in number banks in Norway. Trading in stocks is our strength increase in number stocks and mutual funds to great private loans. of accounts in 2011 but we are now also growing in the mutual funds of accounts in 2011 and pensions markets.

For the third year running, Nordnet’s website was In recent years we have taken giant steps to make named Sweden’s best banking site by the magazine­ Highlights saving as accessible and simple as possible. Invester­ings- Highlights Internetworld’s prestigious ranking of Sweden’s ­konto Zero is Norway’s first account for stock and Sweden's best bank Investeringskonto Zero top 100 sites. Because our website is our store, it ­mutual fund savings without fixed fees or capital gains website – Norway’s first savings is ­incredibly ­important that it simply and clearly tax. There was a great response when we launched ­conveys our products.­ In the coming years we will The Toppenlånet the account, with huge interest from existing customers,­ account with no fixed continue enhancing­ its content with minor and major loan voted Loan of new customers and the media. On this theme we fees or declaration ­improvements. the Year have also launched a pension savings scheme without nightmares Focus on service and fixed fees – Nordnet IPA. 600,000 Norwegians currently Successful events Nordnet has come furthest with its banking services in have IPA savings, and we can help them move their customer satisfaction Norway’s first savings Sweden. One of our most recent product launches­ was savings to us without charge. Pension savings become economist the Toppenlånet loan – a private loan to individuals­ ­noticeably greater with no annual fees to pay! who have a grip on their finances, but who need money in the short-term. Thanks to this target group Jan Dinkelspiel, In addition to our products we are also putting effort Anders Skar, country manager country manager we can provide excellent interest rates. An increasing­ Sweden into forming closer relationships with savers. We hold Norway number of savers are discovering the benefits­ of the our very popular savings tour – Den Store Sparedagen­ loan and at the end of 2011 it was named Loan of the – every year in a number of cities, drawing many Year by the magazine Privata Affärer. ­appreciative visitors. Apart from physical meetings we also carry out a variety of loyalty campaigns, where Investeringssparkonto is a new savings form which was we collect customers’ views about us so we can introduced in Sweden in 2012, and the account can adapt our offerings to them. simply be accessed from our website. Savers follow the market and are alert to relevant news. Nordnet In 2011 Nordnet introduced Norway’s first savings is at the top of its class with its low fees and extensive ­economist – Sissel Olsvik Vammervold – a spokesperson range. If you ever feel uncertain about what type of on the side of the savers. Sissel fights for smarter savings savings form to choose, please contact our skilled and against poor, non-transparent products. Check savings experts! out what she is up to on Facebook and our blog.

The road ahead is clear: We will continue focusing With simple, modern products and an active approach on modern offerings with first-class service – all to the on our part we are convinced that more people will benefit of our customers! take the step towards more profitable investments!

Key figures, Sweden Key figures, Norway 2011 2011 Income, SEK m 665.9 Income, SEK m 169.5 Operating income, SEK m 273.0 Operating profit, SEK m 38.8 Operating margin 41% Operating margin 23% Number of accounts 237,300 Number of accounts 55,700 Savings capital, SEK billion 52.9 Savings capital, SEK billion 9.8 Number of trades 8,475,500 Number of trades 2,524,600

10 | unbank yourself denmark finland

Nordnet in Denmark has grown considerably in 24% Nordnet has a leading position as an online bank 16% recent years in the areas of securities trading increase in number in Finland and growth is strong. Almost one-tenth increase in number and pensions. We have shaken the Danish of accounts in 2011 of Finland’s shareholders are Nordnet customers, of accounts in 2011 ­savings market with our simple, modern products. and an increasing number are finding their way to our competitive products. The Danish market has been hit hard by falling house In recent years Nordnet in Finland has boosted its prices and a number of bank collapses, but rising Highlights presence online and throughout the country with Highlights from the ashes is a higher awareness among savers activities aimed at savers, and the response has been Stockbroker of the Year One-tenth of Finland’s who are looking for alternatives to their old banks. great. Almost one-tenth of Finland’s shareholders are four years running shareholders are Nordnet has a contemporary range with transparent now Nordnet customers, and the growth is continuing.­ and ­modern products. At the beginning of 2012, for Focus on pensions Nordnet is also pushing developments on the web Nordnet­ customers the fourth year running, we were named Stockbroker Modern private and a number of competitors have been forced to More kinds of savings of the Year by the Danish Shareholders’ Association, banking­ improve their online services. We think that is great accounts which is an important accolade for us and a good news and all to the benefit of savers! Focus on customer dia- tool for continued growth. logue over the internet Finnish savers are extremely aware of risks and their We are continuing to focus on pension products investment patterns differ somewhat from those of and now have a very competitive range that is the other Nordic countries. A key to the product ­attracting savers throughout the country. Growth is Max Gandrup, range is therefore to be able to provide alternatives Niklas Odenwall, country manager country manager strong, both in new pension savings schemes and Denmark to investing­ in stocks. Nordnet has had a savings Finland transfers from existing schemes. We will continue to account with no fixed terms and free withdrawals for improve our range with particular focus on the area some time, but is noticing an increased demand for of ­occupational pension. fixed-term accounts, which will be launched soon.

A new addition is the launch of private banking, but We are also further improving our range with an we do it in Nordnet’s way. We believe it should be improved monthly savings function for mutual funds beneficial to be wealthy, and with us you only pay and a simplified new customer process with less when you actively use one of our services. In the end ­paperwork. We are also continuing to focus on there is more money left for other things! Quite simply ­customer dialogue over the internet – Nordnet has a a modern form of private banking for the active strong position on Facebook and on its own blog and millionaire.­ we will make our presence even more noticeable to attract more people to our sites. We will continue our journey in Denmark with modern services and a strong customer focus! In a short period of time Nordnet has become a leading savings actor in Finland. We will gain the Finnish savers’ trust with active, close customer dialogue.

Key figures, Denmark Key figures, Finland 2011 2011 Income, SEK m 78.2 Income, SEK m 170.7 Operating profit, SEK m 4.4 Operating profit, SEK m 35.4 Operating margin 6% Operating margin 21% Number of accounts 25,600 Number of accounts 86,900 Savings capital, SEK billion 5.5 Savings capital, SEK billion 21.5 Number of trades 1,573,000 Number of trades 2,738,400

unbank yourself | 11 Our products country managers’ favourites

Anders Skar, country manager Norway: Jan Dinkelspiel, country manager Sweden:

Investeringskonto My occupational Zero pension­ ”Finally savings without fixed ”From being something that I will fees or the hassle of tax get when I’m 65 my pension has returns!”­ now become part of my everyday savings plan and access makes the money more real.”

The web Portfolio report ”Simple and complete!” ”I love comparing developments­ against the index I want to beat!” Payment solution ”Instead of an electronic Nordnet iPhone app passcode device, I receive a text message ”Gives me the complete with a code straight to my picture when I’m out and mobile phone. Quick and about.” easy.”

12 | unbank yourself Niklas Odenwall, country manager Finland: Max Gandrup, country manager Denmark:

Nordnet blog WinTrade ”Good savings advice ”Gives me all the regardless of whether information I need you are a beginner or in real time.” more experienced.”

Nordnet iPad app ETFs ”Simple, fast trading using ”Provide opportunities­ my iPad.” to access foreign ­markets with good ­diversification.”

Morning newsletter Investtorvet ”Simple overview of Danish ”Provides an excellent overview of the mutual funds with Morningstar coming day’s trading!” rating.”­

unbank yourself | 13 Employees satisified employees – satisfied customers

To get the most satisfied customers in the banking industry, we are convinced that we need committed and satisfied employees who enjoy their work. Based on our values, we work actively to ensure that everyone is working towards the same goals and with the same high level of ambition, while maintaining a ­balance between work and leisure time.

The culture and feel at Nordnet is social and personal and is ­characterized­ by our values – modern, active and simple. We are a young, agile ­company with a lot of room for creativity.

Our employee surveys show that Nordnet is a company where people are 330 98% proud to work. Our employees have fun at work and recommend Nordnet Employees at the end health ratio for 2011 to others as an employer. of 2011 34 3.7/4 3.7/4 3.3/4 Average age Nordnet is a workplace that suits My work is crucial for customer I am proud of working for both men and women satisfaction Nordnet

14 | unbank yourself what is the best thing about working for Nordnet?

Sissel Olsvik Vammervold Soile Ruuskanen Emma Ekdahl Stefan Rasmussen ­Savings Economist in Norway Marketing Project Manager Pension Specialist in Sweden Head of Private Banking in Finland in Denmark­ The best thing about The best thing about working at Nordnet The best thing about Nordnet is that ­any­- I have always focused is that we have such working at Nordnet thing is possible, if you on generating added honest and useful products for is that we are young, just want it enough! I get the value for customers savers. It’s great to have a job ­modern and creative. We are opportunity to run with my ideas and partners, and at Nordnet where I really can recommend small and local, giving us the and govern my own ­workload. that’s easy. Customers are 3.3/4 what we provide. ­opportunity to be agile and Agile, creative employees ­positive towards our products I am proud of working for communication is open. During can bring about change. I like and it’s fun to work at a com- Nordnet my time at Nordnet, I have had that! I’m very proud to work pany that puts its customers’ ­opportunities to work on different­ for Nordnet­ because it’s a ­interests first. I am convinced kinds of projects and I have ­challenger and stands out from that interest in Nordnet will truly been able to broaden my the crowd! ­continue to grow. expertise.­

unbank yourself | 15 Board of directors and management board of directors management

Claes Dinkelspiel, Chairman Anna Frick Håkan Nyberg Born 1941. B.Sc. from the Stockholm School of Born 1968. MBA from the Stockholm School of Economics. Begins position of CEO in 2012. ­Economics, MBA Insead, France. Chairman of the Board of Project manager at Garbergs, former Head of Creative at Born 1959. Master’s Degree in Applied Mathematics from Gummesson Gruppen AB, MPS Holding AB and Premiefinans­ Adamsky Agency and COO at communications agency the KTH Royal Institute of Technology. CEO of EnterCard K. Bohlin AB. Board member of Gundua Foundation, Farfar AB. Board member since 2009. International since 2005. Former head of Swedbank’s ­Intellecta AB, Prevas AB and Stiftelsen Silviahemmet. Board (then Föreningssparbanken) Internet banking activities. member since 2001, member of the nominations committee, Ulf Dinkelspiel remunerations committee and audit committee. Born 1939. B.Sc. (Econ.) from the Stockholm School Jonas Burvall of Economics. Ambassador. Chairman of the Board of Chief Brand Officer Bengt Baron ­Springtime AB and ÅF AB. Board member of Premiefinans Born 1972. Master’s Degree in Political Science. Born 1962. MBA, International business administration K. Bohlin AB, Ponte Fiore AB plus Bockholmen Hav och Employed since 2008. Formerly employed by SalusAnsvar and finance, University of California, Berkeley. CEO Cloetta Restaurang AB. Member of IVA. Board member since 2001, AB and Skandia AB. AB. Former CEO of Vin & Sprit AB. Board member since 2007, chairman of the remunerations committee. Member of the remunerations committee. Jacob Kaplan Tom Dinkelspiel Chief Financial Officer Simon Nathanson Born 1967. Studied at the Stockholm School of Born 1973. M.Sc. (Econ.) and B.Sc. (Econ.) Employed Born 1960. Former President and CEO of Neonet. Board ­Economics. CEO and board member of E. Öhman J:or AB since 2010. Formerly employed by NASDAQ OMX and member since 2010, member of the risk and compliance (parent company of the Öhman Group), board member Ernst & Young Management Consulting. committee. and in some cases chairman of companies in the Öhman Group. Board member of Pareto Öhman AB, KOGMOT AB Martin Sandén Kjell Hedman and MPS Holding AB. Chairman of The Swedish Securities Chief Information Officer Born 1951. B.Sc. (Econ.) CEO of Landshypotek AB, former Dealers Association, 11 Real Asset Fund AB, 11 Real Asset Born 1959. B.Sc. (Econ.) Employed since 2011. Formerly Chairman of Swedbank Hypotek, Swedbank Försäkring Fund Investors AB and LifePlan AB. Board member since employed by EFG/Quesada, SEB and KPA Pension. and Swedbank Finans. Board member of Visa Europe. 2007, chairman of the audit committee. Board member since 2010, chairman of the risk and Johan Tidestad compliance committee. Chief Commercial Officer Born 1968. LL.M. Employed since 2007. Formerly Bo Mattsson ­employed by Bergsgård Petersson Fonder AB and Born 1960. B.Sc. (Econ.) from the Stockholm School E-Trade Sverige. of Economics. Founder and CEO of CINT AB (Cint.com). ­Founded Eurotrade and Mangold AB, former CEO of Carina Tovi Nordnet Holding. Board member of Eyetrackshop AB. Chief Administration Officer Board member since 2003, member of the remunerations Born 1965. B.Sc. (Econ.) from the Stockholm School of ­committee and audit committee. Economics. Employed since 2011. Formerly employed by Swedbank Robur Fonder.

16 | unbank yourself management addresses

Nordnet AB (publ) Nordnet Pensionsförsäkring AB Nordnet Denmark Contact Gustavslundsvägen 141 Gustavslundsvägen 141 Nordnet, filial af Nordnet Bank AB, Sverige Box 14077, SE-167 14 Bromma Box 14095, SE-167 14 Bromma Nansensgade 19 Tel: +46 8 506 330 30 Tel: +46 8 506 330 00 Postboks 2307 Fax: +46 8 506 330 65 Fax: +46 8 506 330 67 DK-1026 Copenhagen K Jonas Burvall Email: [email protected] Email: [email protected] Tel: +45 70 20 66 85 Chief Brand Officer www.org.nordnet.se www.nordnet.se Fax: +45 70 20 66 90 +46 8 506 330 12 Email: [email protected] +46 766 27 97 55 www.nordnet.dk Nordnet Sweden Nordnet Norway [email protected] Nordnet Bank AB Nordnet Bank NUF Gustavslundsvägen 141 Sørkedalsveien 10 D Nordnet Finland Adrian Westman Box 14077, SE-167 14 Bromma Postboks 33 Majorstuen Nordnet Bank AB Suomen sivuliike Communications Manager Tel: +46 8 506 330 00 N-0330 Oslo Yliopistonkatu 5, 3. krs +46 8 506 331 51 Order/broker: +46 8 506 331 00 Tel: +47 22 22 53 70 FI-00100 Helsinki +46 735 09 04 00 Fax: +46 8 506 330 65 Fax: +47 22 22 53 71 Tel: +358 20 198 5898 [email protected] Email: [email protected] Email: [email protected] Fax: +358 20 198 5899

www.nordnet.se www.nordnet.no Email: [email protected] www.nordnet.fi

More about Nordnet, news, the annual report, corporate governance, etc. are available at: Read www.org.nordnet.se more To become a customer, visit: www.nordnet.se, www.nordnet.no, www.nordnet.dk or www.nordnet.fi

unbank yourself | 17 NARVA