- For the period of October to December 2014, the company saw an 8% increase in revenue to SEK 284.5 million and a 26% increase in profit after tax to SEK 80.0 million. Earnings per share increased 26% over the same period. - For the full year 2014, the company saw a 10% increase in revenue to SEK 1,085.8 million and an 18% increase in profit after tax to SEK 276.6 million. Earnings per share increased 18% for the full year. - Key events in Q4 included the board suggesting an increased dividend of SEK 1.00 per share, launching a new communication concept called Transparent Banking, and

1. January – December 2014
Q4 presentation, January 30, 2015

2. Financial overview
October – December 2014
• Revenue increased by 8 percent to SEK 284.5 million (263.5)
• Profit after tax increased by 26 percent to SEK 80.0 million (63.7)
• Earnings per share were up by 26 percent to SEK 0.46 (0.36)
January – December 2014
• Revenue increased by 10 percent to SEK 1 085.8 million (989.0)
• Profit after tax increased by 18 percent to SEK 276.6 million (233.8)
• Earnings per share were up by 18 percent to SEK 1.58 (1.34)

3. Events Q4
• The Board of Directors suggests an increased dividend of SEK 1.00 per share (0.85)
• Launch of a new communication concept, Transparent Banking
• Over 30,000 savers and 10 billion SEK at Shareville

4. Customers and accounts
Accounts/Customer Q4 2014: 1.26
12M: +37,900 / 10%
12M: +56,800 / 12%
432 600
544 600
0
100 000
200 000
300 000
400 000
500 000
600 000
Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Active customers Active accounts

5. Net savings and savings capital (SEK billion)
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
0
20
40
60
80
100
120
140
160
180
Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Netsavings
Savingscapital
Net savings Savings capital
Net savings in relation to savings capital
12M: 16,3 BSEK / 12%

6. 3 531
3 075
3 283
3 677
4 134
3 216 3 230
4 062
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Trades (thousands)
12M: 14,642,500

7. Lending (SEK billion)
3,2 3,0 3,1 3,3 3,5 3,3 3,5 3,3
1,9 2,0 2,0
2,1
2,2
2,3
2,3
2,3
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Margin lending Private loans

8. 119 120 120 124 120 123 121 114
101 91 100
111 127
108 110
134
24
28
23
29
34
28 30
37
0
50
100
150
200
250
300
Q113 Q213 Q313 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Net interest income Net commission income Other income
Revenue development (SEK million)
12M: SEK 1,086 million

9. 174
170
171
180
186
188
186
189
155
160
165
170
175
180
185
190
195
Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Cost development (SEK million incl. credit losses)
12M: SEK 749 million

10. Operating profit (SEK million)
12M: SEK 337 million
70
68
72
84
95
71
75
96
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
20
40
60
80
100
120
Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Operating profit Operating margin

11. Nordnet in the Nordics (Jan-Dec 2014)
Savings capital (SEK billion)
Revenue (SEK million) Operating profit (SEK million)
Customers
NO, DK, FI
share of
total 45%
NO, DK, FI
share of
total 49%
NO, DK, FI
share of
total 19%
NO, DK, FI
share of
total 40%
92
16
21
37
SE
NO
DK
FI
221 800
61 900
38 500
110 400 SE
NO
DK
FI
656,8131,3
137,4
160,3
SE
NO
DK
FI
271,9
7,0 35,0
23,0
SE
NO
DK
FI

12. Income statement (SEK million)
3 months 3 months 12 months 12 months
Consolidated Income Statement (SEK million) Oct-Dec Oct-Dec Jan-Dec 2014 Jan-Dec 2013
Net interest income 114.2 124.2 478.6 482.4
Net commission income 133.7 110.6 478.2 403.3
Other income 36.6 28.7 129.1 103.2
Total operating income 284.5 263.5 1,085.8 989.0
General administrative expenses -151.7 -144.0 -590.7 -549.8
Depeciation and amortization -15.3 -17.0 -71.0 -66.5
Other operating expenses -11.4 -10.5 -44.1 -39.9
Total operating expenses -178.4 -171.5 -705.8 -656.2
Profit before credit losses 106.1 92.0 380.1 332.8
Net credit losses -10.5 -8.5 -43.1 -38.8
Operating profit 95.6 86.3 337.0 294.0
Tax on profit for the period -15.5 -19.8 -60.3 -38.8
Profit for the period 80.0 63.7 276.6 233.8
Earnings per share before dilution 0.46 0.36 1.58 1.34

13. Balance sheet (SEK million)
Consolidated Balance Sheet (SEK million) 31/12/2014 31/12/2013
Loans to credit institutions 987.5 967.6
Loans to the public 5,785.6 5,455.5
Financial assets 12,103.3 7,645.7
Financial assets - policy holders bearing the risk 28,868.5 23,764.9
Tangible and intangible assets 466.5 480.7
Current tax assets - 99.9
Other assets 1,770.3 1,141.0
Prepaid expenses and accrued income 144.7 138.9
Total assets 50,126.5 39,694.2
Deposits and borrowing by the public 16,500.3 12,898.6
Liabilities to policyholders 28,869.3 23,765.6
Other liabilities 3,005.7 1,404.7
Total liabilities 48,375.3 38,068.8
Total shareholders' equity attributable to shareholders of the Parent Company 1,747.6 1,621.0
Non-controlling interest 3.5 4.4
Total equtity 1,751.1 1,625.4
Total liabilities and equity 50,126.5 39,694.2

14. Capital requirement (SEK million)
Capital requirements for the financial conglomerate (SEK million) 31/12/2014 31/12/2013
Total equity, Group 1,751.1 1,625.4
Subordinated liablities 140.6 175.7
Requirements for prudent valuation -12.1 -
Deduction for expected dividend current year -175.0 -148.8
Deduction for intangible fixed assets and deffered tax receivables -434.3 -447.4
Capital base 1,270.3 1,205.0
Risk exposures
Exposure credit risk 5,650.2 4,831.0
Exposure market risk 18.1 211.2
Exposure operational risk 1,888.6 1,828.3
Exposure other 402.7 407.5
Total exposure 7,959.6 7,278.0
Capital ratio 16.0% 16.6%

15. Next at Nordnet
Shareville
Innovation
& IT
New loan
& mobile
savings
Occupa-
tional
pension SE

16. Contact us
More information: nordnetab.com
Become a customer: nordnet.se/no/dk/fi
Social network investing: shareville.se/no/dk/fi
Follow: nordnetbloggen.se / Twitter @CEONordnet