Nordnet's interim report for the period january-june 2014. Highlights from the second quarter: - Launch of three no-fee Nordic Super funds - Strengthening of pension operations in the Swedish market - Stockbroker of the year in Denmark

1. January – June 2014
July 15, 2014
» Report presentation «

2. financial overview
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April – June 2014
• Revenue increased by 9 percent to SEK 258.6 million (238.2)
• Profit after tax increased by 6 percent to SEK 58.3 million (54.9)
• Earnings per share were up by 6 percent to SEK 0.33 (0.31)
January – June 2014
• Revenue increased by 12 percent to SEK 540.8 million (482.3)
• Profit after tax increased by 22 percent to SEK 136.5 million (112.1)
• Earnings per share were up by 22 percent to SEK 0.78 (0.64)

3. • Launch of three Nordic Super funds, totally free from fees
• Build-out of sales force in occupational pension on the Swedish market
• Nordnet voted Stockbroker of the Year on the Danish market by the
Danish Shareholders’ Association
• Shareville in beta-test with 2,500 customers
events Q2
3

4. 0
100,000
200,000
300,000
400,000
500,000
600,000
Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14
Active customers Active accounts
customers and accounts
accounts/customer (Q2 2014): 1.25
4
12M: 34,500 / 9%
12M: 51,100 / 11%

5. net savings and savings capital (SEK billion)
5
quarter 5 year overview
net savings 12M: SEK 9.2 billion / 8%
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
2009 2010 2011 2012 2013
0
20
40
60
80
100
120
140
160
netsavings
savingscapital
Net savings Savings capital
0.0
1.0
2.0
3.0
4.0
5.0
6.0
0
20
40
60
80
100
120
140
160
180
Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14
netsavings
savingscapital
Net savings Savings capital

6. trades (thousands)
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12M: 14,309
2,841 2,871
3,531
3,075
3,283
3,677
4,134
3,216
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14

7. lending (SEK billion)
7
2.9 2.9
3.2 3.0 3.1 3.3 3.5 3.3
1.7 1.8
1.9
2.0 2.0
2.1
2.2
2.3
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14
Margin lending Private loans

8. revenue development (SEK million)
8
12M: SEK 1,047 million
126 126 119 120 120 124 120 123
79 77 101 91 100
111 127
108
8
25
24
28
23
29
34
28
0
50
100
150
200
250
300
Q3 12 Q412 Q113 Q213 Q313 Q4 13 Q1 14 Q2 14
Net interest income Net commission income Other income

9. cost development (SEK million incl. credit losses)
9
12M: SEK 725 million
179 179
174 170 171
180
186 188
0
20
40
60
80
100
120
140
160
180
200
Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14

10. operating profit (SEK million)
10
12M: SEK 322 million
33
49
70
68 72
84
95
71
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
20
40
60
80
100
120
Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14
Operating profit Operating margin

11. 136.2
3.2 16.5
10.1
SE NO DK FI
330.864.0
66.5
79.0
SE NO DK FI
86
16
18
35
SE NO DK FI
nordnet in the nordics (Jan-Jun 2014)
savings capital (billion SEK)
revenue (msek) operating profit (msek)
customers
NO, DK, FI
share of
total 45%
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214,700
58,800
34,700
105,000
SE NO DK FI
NO, DK, FI
share of
total 48%
NO, DK, FI
share of
total 39%
NO, DK, FI
share of
total 18%

12. income statement (SEK million)
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3 months 3 months 6 months 6 months 12 m rolling 12 months
Consolidated Income Statement (SEK million) Apr-Jun 2014 Apr-Jun 2013 Jan-Jun 2014 Jan-Jun 2013 Jul-Jun 2014 Jan-Dec 2013
Net interest income 123.3 119.5 243.6 238.4 487.7 482.4
Net commission income 107.6 91.0 234.7 192.3 445.7 403.3
Other income 27.7 27.7 62.1 51.6 113.8 103.2
Total operating income 258.6 238.2 540.4 482.3 1,047.1 989.0
General administrative expenses -147.3 -132.7 -293.3 -269.1 -547.1 -549.8
Depeciation and amortization -18.5 -16.5 -35.9 -32.4 -70.1 -66.5
Other operating expenses -10.5 -9.6 -22.6 -20.5 -42.1 -39.9
Total operating expenses -176.3 -158.8 -351.9 -321.9 -686.2 -656.2
Profit before credit losses 82.3 79.4 188.5 160.3 360.9 332.8
Net credit losses -11.6 -11.5 -22.4 -22.0 -39.2 -38.8
Operating profit 70.7 67.9 166.1 138.3 321.8 294.0
Tax on profit for the period -12.5 -13.0 -29.7 -26.3 -63.5 -38.8
Profit for the period 58.3 54.9 136.5 112.1 258.2 233.8
Earnings per share before dilution 0.33 0.31 0.78 0.64 1.48 1.34

13. balance sheet (SEK million)
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Consolidated Statement of Financial Position (SEK million) 30/06/2014 30/06/2013 31/12/2013
Loans to credit institutions 1,055.0 1,089.6 967.6
Loans to the public 5,998.3 5,359.7 5,455.5
Financial assets 11,528.2 7,415.6 7,645.7
Financial assets - policy holders bearing the risk 27,069.5 21,195.9 23,764.9
Tangible and intangible assets 476.1 504.4 480.7
Current tax assets 11.1 72.3 99.9
Other assets 1,081.4 905.1 1,141.0
Prepaid expenses and accrued income 145.7 116.7 138.9
Total assets 47,365.3 36,659.2 39,694.2
Deposits and borrowing by the public 15,240.6 11,694.7 12,898.6
Liabilities to policyholders 27,070.2 21,196.5 23,765.6
Other liabilities 3,437.0 2,269.8 1,404.7
Shareholders' equity 1,613.8 1,493.0 1,621.0
Non-controlling interest 3.6 5.2 4.4
Total equtity 1,617.5 1,498.2 1,625.4
Total liabilities and equity 47,365.3 36,659.3 39,694.2

14. capital coverage (SEK million)
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Capital requirements for the financial conglomerate (SEK million) 30/06/2014 30/06/2013 31/12/2013
Total equity, Group 1,617.5 1,498.2 1,625.4
Less, profit that have not been subject to audit -137.2 -112.1 -
Plus subordinated liablities 140.6 175.7 175.7
Less suggested/assumed dividend for current year - - -148.8
Less intangible fixed assets and deferred tax receivables -442.8 -471.0 -447.4
Capital base 1,178.0 1,090.9 1,205.0
664.0 520.9 549.2
1.0 0.9 0.8
33.4 31.9 32.6
Capital requirement 698.4 553.7 582.6
Capital surplus 479.6 537.2 622.4
Capital coverage ratio 1.69 1.97 2.07
Capital requirement for regulated units within the banking
and securities sector
Theoretical solvency requirement for non-regulated units in
the largest financial sector
Capital requirement for regulated units within the insurance
sector

15. looking ahead
• Social investing
• Focus on occupational pension in the Swedish market
• Continue to change and improve conditions for private
savers
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16. more information:
nordnetab.com
become a customer:
nordnet.se/no/dk/fi
follow:
nordnetbloggen.se
Twitter @CEONordnet
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