Shareholder Meeting February 10 2004 1 Safe

Shareholder Meeting February 10, 2004 1

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 the effect of our acquisitions of Mydiscountbroker. com and Bidwell & Company and the prospective acquisition of Brokerage. America. com accounts, and any projections regarding our future revenues, expenses, synergies, earnings or activity rates 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 market fluctuations and changes in client trading activity, general economic and political conditions, increased competition, systems failures and capacity constraints, regulatory and legal matters and uncertainties and other risk factors described in our latest Annual Report on Form 10 -K and Quarterly Report on Form 10 -Q. 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. 2

>> Management Team >> 2003 Highlights >> YTD Highlights >> Strategy – Future – Outlook 3

Management Team Almost 190 years combined financial services experience Phylis Esposito Anne Nelson Mike Feigeles Ellen Koplow Executive Vice President Chief Strategy Officer Executive Vice President Special Projects Kurt Halvorson Executive Vice President Chief Marketing Officer Executive Vice President General Counsel Executive Vice President Chief Administrative Officer Joe Moglia Chief Executive Officer Randy Mac. Donald Asiff Hirji Pete Ricketts Executive Vice President Chief Information Officer Executive Vice President Chief Financial Officer President, Private Client Division 4

Record 2003 Highlights >> $0. 32 EPS (1) >> $264 M EBITDA >> $188 M Synergies = $245 M Run-Rate >> $55 B Client Assets (1) See attached reconciliation of financial measures. 5

Record Dec 03 QTR Highlights >> Net income $72 M, $0. 17 EPS (1) >> >> EBITDA $127 M, 56% of net revenues Pre-tax income $120 M, 53% Operating margin $143 M, 63% (1) Net revenues of $226 M (1) See attached reconciliation of financial measures. 6

POWER OF OPERATING LEVERAGE AND SCALABILITY Revenues (2) Expenses(2) Excluding Advertising Net Income Market Cap 87 K $108. 2 M $75. 8 M $9. 0 M $1 B 12/03 175 K $226. 4 M $83. 4 M $71. 9 M $6 B Change 101% 109% 10% 700% 600% Qtr(1) Trades Per Day 12/01 (1) For the quarter ended 12/01 and 12/03 based on Company reports. (2) See attached reconciliation of financial measures 7

#1 PRE-TAX MARGIN 53% 28% 21% Schwab E*Trade Ameritrade 162 K 92 K 175 K Avg. Daily Trades(1) Note: For the quarter ended 12/31/03 based on Company reports. E*Trade pre-tax income from ongoing operations. (1) ET includes US and International retail trades. SCH includes revenue trades only and excludes mutual fund One. Source trades. 8

STRONG ROE GROWTH 33. 8% 11. 9% -5. 5% -38. 2% FY 01 FY 02 FY 03 FY 04 E(1) Annualized earnings for the period October-January FY 04. 9

#1: RETAIL EQUITY TRADES PER DAY 254 (OOOs) 175 162 119 92 ET(1) 95 FIDELITY TD SCH(2) AMTD JAN 04 (1) E*Trade includes US and International retail trades and excludes professional trades. (2) Schwab includes revenue trades only and excludes mutual fund One. Source trades. Source: Ameritrade, E*Trade, Schwab and Waterhouse from Company reports for the quarter ended 12/31/03. Fidelity Online from Merrill Lynch Online Brokers Report dated 11/7/03. 10

STRONG CLIENT ASSET GROWTH $72. 4 ($ IN BILLIONS) $12. 9 $37. 1 $8. 6 95% GROWTH $59. 5 $28. 5 As of Dec. 31, 2002 As of Jan. 30, 2004 Client Cash & Money Market Funds 11

LEADER IN M&A 5 OF 13(1) IN INDUSTRY Announced Company NOV. O 3 Bidwell OCT. 03 Brokerage. America JUNE 03 MDB. com APR. 02 Datek JULY 01 NDB. com (1) M&A transactions in Online Brokerage Industry since 07/31/01. 12

OVER-DELIVERED SYNERGIES $245 M DATEK PRE-TAX SYNERGIES $164 M Original Estimate Achieved Run-Rate 4 Q 03 13

SIGNIFICANT OPERATING LEVERAGE PER TRADE ANALYSIS Revenues Commissions Net Interest Spread Other Revenue Net Revenue Variable Expense Fixed Expense DEC. 03 QTR. $ 13. 50 4. 75 1. 83 67% 24% 9% $ 20. 07 3. 01 4. 40 15% 22% 7. 41 37% 12. 66 63% 2. 04 10% 10. 62 53% Operating Expense Adjusted (1) Operating Margin(1) $ Advertising Pre-tax Income % OF REVENUE $ (1) See attached reconciliation of financial measures. 14

Growth Opportunities >> >> Expand Leading Active Trader Position Attract Long-Term Investors 15

SHARE REPURCHASE Shares Price Repurchased 27. 3 M $8. 29(1) $226 M Market Price 27. 3 M $15. 8(2) $433 M Shareholder Return Value $207 M 91% (1) Weighted average share price sinception of program on 09/19/02. (2) Share price as of close 1/30/04. 16

Institutional Investor >> 37 - JUNE 02 >> 124 - JAN. 04 >> Daily Avg. Share Volume JUN Q 02: 0. 9 M shares DEC Q 04: 4. 8 M shares Note: Excludes the PEIs and Intrust 401(k) provider. Data from 6/30/02 and 1/20/04. 17

ANALYST COVERAGE Analyst Firm Recommendation Credit Suisse First Boston Friedman, Billings, Ramsey Keefe, Bruyette & Woods Raymond James Sandler O’Neill Smith Barney Merrill Lynch Outperform Buy Neutral Note: data from First Call Report 2/09/04. 18

STRONG EPS GROWTH $0. 79 $0. 53 $0. 32 $0. 12(1) FY 01 FY 02 FY 03 FY 04 E ($0. 22)(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. Orange dotted lines indicate Company’s earnings guidance. 19

SHAREHOLDER RETURN: SIGNIFICANT OUTPERFORMANCE 173% 150% 100% 50% AGE SCH BSC RJF GS LEH MWD MER JEF LM ET AMTD Calculation shows the increase in total shareholder value based upon three month average stock prices (to normalize data) at the beginning and end of the calendar year 2003 plus dividends. 20

Reconciliation of Financial Measures 21

RECONCILIATION OF FINANCIAL MEASURES Fiscal Year Ending Sept. 27, Sept. 28, 2002 2001 EPS from Ongoing Operations (1) $ Earnings (loss) per share from ongoing operations Less: Restructuring and asset impairment charges Less: Debt conversion expense Plus: Gain on sale of investment Basic and diluted earnings (loss) per share $ Operating Expenses, Adjusted (2) $ Operating Expenses, Adjusted Plus: Advertising Total expenses Operating Expenses, Adjusted (2) $ 83, 418 23, 066 $ 106, 484 0. 12 (0. 25) (0. 13) $ $ (0. 22) (0. 10) (0. 20) 0. 03 (0. 49) Qtr Ended Dec. 31, 2003 Per Trade % of Rev. $ $ 7. 41 2. 04 9. 45 36. 8% 10. 2% 47. 0% Qtr Ended Dec. 31, 2001 $ $ 75, 845 17, 105 $ 92, 950 Fiscal Year Ended Sept. 26, 2003 Sept. 28, 2001 $ $ % of Rev. Operating Expenses, Adjusted $ 389, 512 Less: Gain on sale of investment Plus: Restructuring and asset impairment charges 5, 991 Plus: Debt conversion expense Plus: Advertising 90, 394 Total expenses $ 485, 897 54. 6% $ 362, 489 (9, 692) 0. 8% 38, 268 62, 082 12. 7% 147, 975 68. 1% $ 601, 122 79. 7% -2. 1% 8. 4% 13. 7% 32. 5% 132. 2% In thousands, except percentages, per trade measures and EPS 22

RECONCILIATION OF FINANCIAL MEASURES Qtr Ended EBITDA (3) Dec. 31, 2001 $ EBITDA $ Less: Depreciation and amortization Interest on borrowings Pre-tax income $ Operating Margin (4) 126, 750 (5, 957) (837) 119, 956 Fiscal Year Ended Sept. 26, 2003 $ $ 264, 141 $ (31, 708) (5, 076) 227, 357 Qtr Ended Dec. 31, 2003 $ Operating margin % of Rev. $ 142, 842 63. 1% Less: Advertising Gain/(loss) on disposal of property Pre-tax income (23, 066) -10. 2% 180 0. 1% $ 119, 956 53. 0% In thousands, except percentages and per trade measures 23

RECONCILIATION OF FINANCIAL MEASURES Note: The term "GAAP" in the following explanations refers to generally accepted accounting principles in the United States. (1) 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. (2) Operating expenses, adjusted is considered a Non-GAAP financial measure as defined by SEC Regulation G. Operating expenses, adjusted consists of total expenses, adjusted to remove advertising expense and one time charges and revenues. We believe operating expenses, adjusted 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. Operating expenses, adjusted should be considered in addition to, rather than as a substitute for, total expenses. (3) 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. 24

RECONCILIATION OF FINANCIAL MEASURES (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. 25

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