» satisfied customers in focus «

interim report january – march 2012

» satisfied customers in focus «

january – march 2012

 Operating income decreased by 9 percent to

SEK 264.9 million (290.1)

 Profit after tax for the period fell by 8 percent to SEK 72.5 million (78.8)

 Earnings per share before dilution were down 8 percent to SEK 0.41 (0.45)

 Bank/Stockbroker of the Year in Denmark for the fourth consecutive year

 Cost coverage remains at a high level

 Håkan Nyberg to take up the position of CEO no later than 1 September

operating profit

SEK 92.6

(99.3)

million

number of active customers

350,700

(322,800)

net savings

SEK 3.6

(5.2)

billion

total savings capital

SEK 101.0

(106.2)

billion

number of trades

3,972,500

(4,175,300)

cost coverage

98

(90)

percent

More about Nordnet for investors and media can be found atwww.org.nordnet.se. To become a customer, visit www.nordnet.se.

ceo’s statement

satisfied customers in focus

Satisfied customers

For Nordnet, an important area in 2012 is our efforts to have the industry´s most satisfied customers in the long term. To achieve that, we are working on a broad front, with everything from small-scale but smart updates on our website to major customer events where savings are on the agenda. Over the quarter we, among other things, launched an entirely digitised new customer process, which now makes it possible to become a customer using an electronic ID and entirely without complicated paperwork. We also carried out a number of customer activities aimed at increasing our visibility. We have noticed that customers appreciate being able to meet us outside the web, and this also gives us opportunities to find out what people think about us and the services we offer. In January, Nordnet was named Bank/Stockbroker of the Year in Denmark by the Danish Shareholders Association for the fourth consecutive year. This is a particular honour given that the winner is chosen by the members of the association. Nordnet led several sub-categories in the competition, including service and general satisfaction – a sign that our focus on customer satisfaction is generating the desired effects.

Increasing market shares

With the first quarter of the year now behind us, we can state that the gloomiest macroeconomic forecasts from last year were not fulfilled. The trend during the first months of the year was better than towards the end of 2011, which has been reflected in a more positive tone among the Nordic stock exchanges. We have also seen increased risk appetite among customers and net savings in particular are maintaining a good level. It is clear that Nordnet represents an attractive alternative when people review their savings, and our market shares in the Nordic savings markets are growing. In Norway, for example, we hold a share of slightly less than 1 percent of the mutual fund market but have fully 8 percent of the inflows in 2012. In Sweden, we hold a share of slightly more than 1 percent of the savings market, but had more than 4 percent of the inflows in 2011.

Our costs remain at the levels we achieved in connection with the savings measures implemented in 2011. Combined with stable net interest income, we are maintaining a high level of cost coverage, that is, income excluding commission in relation to our costs, which we consider necessary in the current market climate.

Continued flexibility

Regardless of whether macroeconomic concerns have declined, many of the underlying problems remain and the storm clouds of the European debt crisis have yet to disperse entirely. In other words, the year ahead remains uncertain and we continue to act accordingly, with a high degree of flexibility and maintaining opportunities to apply either the accelerator or the brake. Regardless of the situation, I view our development with confidence – focusing on satisfied customers, we are continuing our charted course towards becoming the leading bank for savings in the Nordic region.

Jacob Kaplan Acting CEO, Nordnet

business development

introduction

2012 began with a positive tone among the Nordic stock exchanges, thanks to a stabilised macroeconomic situation and generally good earnings among listed companies. Net commission for the first quarter was SEK 24 per trade, compared with SEK 28 in the corresponding quarter in 2011. The principal explanations behind the lower level are a lower average value per trade due to lower share prices, and the fact that customer group with the lowest commissions accounted for a larger proportion of trades.

The number of active customers amounts to 350,700, corresponding to an increase of 9 percent over the past 12-month period. The number of active accounts is 417,900, corresponding to an increase of 12 percent. Each customer has an average of 1.19 accounts.

Our customers made an average of 62,100 trades per day during the period, which is a decline of 6 percent compared with the year-earlier period. Systems accessibility was 99.9 percent in the first quarter.

Our customers’ total savings capital amounted to SEK 101.0 billion at the end of the period, an increase of SEK 11.2 billion, or about 12 percent, since the start of the year. The increase in savings capital can mainly be attributed to the rises in the stock markets over the first quarter of the year. Net savings during the period were SEK 3.6 billion.

The number of accounts with fund savings was 88,200 at the end of the period, which is an increase of 2,800 since the start of the year. Savings capital in funds totalled SEK 17.5 billion, which is SEK 1.8 billion higher than at the start of 2012.

There were approximately 67,200 accounts with pension savings and endowment insurance at the end of the period, representing an increase of 3,100 accounts since the start of the year. The combined savings capital has risen by SEK 2.5 billion to about SEK 20.4 billion since the start of the year, of which some SEK 15.2 billion is in the form of endowment insurance. To date, approximately 8,000 accounts have linked up Nordnet’ s occupational pension offering in Sweden and Denmark, with a total savings capital of approximately SEK 1.3 billion. Table: Overview of accounts and savings

*Lending amounts to SEK 1.65 (1.44) billion.

income and expenses

January-March 2012

During the period, operating income declined by 9 percent to SEK 264.9 million as a result of decreased net commission. During the period, 4.0 million trades were made, compared with 4.2 million in the year-earlier period. Net commission per trade was SEK 24, compared with SEK 28 in the year-earlier period.

Operating costs before credit losses decreased by 10 percent to SEK 161.3 million compared with the first quarter of 2011. The lower cost level is mainly explained by reduced costs for the administrative platform.

31/03/2012 31/03/2012 31/03/2011 31/03/2011 Number of accounts Savings capital Number of accounts Savings capital

Investments & savings 304,200 79.1 280,100 84.8

Pension 67,200 20.4 55,600 20.8

of which endowment insurance 38,500 15.2 34,900 16.7

of which occupational pension 8,000 1.3 5,700 0.9

Bank 46,500 1.4 36,700 0.7

of which sav ings accounts 22,800 1.4 14,000 0.7

of which priv ate loans 23,700 * 22,700 *

Operating profit fell by 7 percent to SEK 92.6 million and the profit for the period declined by 8 percent to SEK 72.5 million. The profit margin was 27 percent (27). Earnings per share before dilution fell by 8 percent to SEK 0.41 (0.45).

Cost coverage, i.e. operating income excluding transaction-related net commission in relation to operating expenses, amounted to 98 percent (90).

Operating income excluding transaction-related net commissions rose by 2 percent compared with the previous year. Investment in marketing decreased by 8 percent and amounted to SEK 9.0 million for the period. The acquisition cost per net new account over the period relating to marketing investment averaged approximately SEK 700 (1,300).

Table: Profit per country

market development

During the first quarter, Nordnet’ s customers made 3,972,500 trades in all markets, corresponding to a decline of 202,800 compared to the same period last year. The stock market trend during the quarter was positive, with rising stock markets, mainly as a consequence of the decision on a package of measures for Greece, which was the storm cloud casting a shadow across Europe in 2011. Net savings, that is, customers’ deposits of cash and securities less withdrawals, amounted to SEK 3.6 billion, a decline of SEK 1.6 billion compared with the corresponding quarter in 2011. Part of the decline is due to changed tax regulations regarding endowment insurance in Sweden.

Sweden

Trading activity among Swedish customers fell by about 6 percent compared with the corresponding quarter in 2011. Over the quarter, the number of active accounts rose by 6,800, corresponding to 2.9 percent. On an annual basis, the number of active accounts has grown by 10.4 percent. During the quarter, the new savings form Investeringssparkonto (ISK) was launched. Interest in the new account was relatively extensive and about 4,300 accounts were opened by both existing and new customers during the period. Of these, 2,600 were active, that is, with deposited capital at the close of the quarter.

Norway

Trading activity among Norwegian customers fell by about 7 percent compared with the corresponding quarter in 2011. Over the quarter, the number of active accounts rose by 1,500, corresponding to 2.7 percent. On an annual basis, the number of active accounts has grown by 9.6 percent. During the quarter, new national statistics on Norwegians’ mutual funds savings were presented, with Nordnet’s share of net inflow amounting to about

8 percent. Historically, Nordnet has mainly been strong in share trading, although saving in mutual funds is an area offering considerable development potential and where the company’s offering holds an advanced position, with a large and independent selection.

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

Operating income 167.0 171.4 39.2 49.1 19.3 21.3 39.4 48.3 264.9 290.1

Operating expenses -82.2 -96.6 -28.2 -27.8 -19.7 -19.0 -31.2 -35.7 -161.3 -179.1

Profit before credit losses 84.8 74.8 11.0 21.3 -0.4 2.3 8.2 12.6 103.5 111.0

Credit losses -11.0 -12.2 0.0 0.2 0.0 0.0 0.0 0.3 -11.0 -11.7

Operating profit 73.8 62.6 11.0 21.5 -0.4 2.3 8.2 12.9 92.6 99.3

Operating margin 44% 37% 28% 44% neg 11% 21% 27% 35% 34%

Number of customers 196,300 183,500 51,600 48,700 22,800 20,000 80,000 70,600 350,700 322,800 Number of accounts 244,100 221,100 57,200 52,200 26,800 22,400 89,800 76,700 417,900 372,400 Sav ings capital (SEK billion) 58.6 59.3 11.7 13.0 6.7 6.3 24.0 27.5 101.0 106.2 Number of trades 2,130,900 2,265,800 650,000 700,200 450,600 449,100 741,000 760,200 3,972,500 4,175,300

Denmark

Trading activity among Danish customers rose by about 0.3 percent compared with the corresponding quarter in 2011. Over the quarter, the number of active accounts rose by 1,200, corresponding to 4.7 percent. On an annual basis, the number of active accounts has grown by 19.6 percent. In March, Nordnet was, for the fourth consecutive year, and the fifth in total, named “Bank/Stockbroker of the Year” by the Danish Shareholders Association whose members each year select the bank or stockbroker they consider to have benefited savers most.

Finland

Trading activity among Finnish customers fell by about 2.5 percent during the quarter compared with the corresponding quarter in 2011. Over the quarter, the number of active accounts rose by 2,900, corresponding to 3.3 percent. On an annual basis, the number of active accounts has grown by 17 percent. Although share savings dominate among Finnish savers, strong growth can also be observed in mutual fund savings. During the period, the number of customers with mutual fund savings rose by 15 percent.

financial position

Nordnet offers two types of lending – loans with securities as collateral and unsecured loans. For both, Nordnet has well developed procedures for dealing with overlending.

For unsecured loans, a tried and tested scoring model is used to assess the credit risk of private individuals applying for credit. The model assesses the risk associated with each loan application and provides the basis for approval and pricing. The credit risk in these lending operations is to be considered higher than in Nordnet’s other operations, although this is matched by higher interest margins.

Nordnet’s deposit surplus is mainly invested in covered bonds and the Nordic banking system.

At the end of the period, the Group’s liquid funds amounted to SEK 3,047 million, of which frozen assets amounted to SEK 103 million. Liquid funds include loans to credit institutions. In addition, the group has interest-bearing investments with a total fair value of SEK 5,345 million. The Group’s equity amounted to SEK 1,510 million. The equity is divided between 175,027,886 shares at SEK 8.63 per share.

As regards the financial conglomerate in which Nordnet AB (publ) is the parent company, the asset base amounted to SEK 1,036 million and the capital requirement to SEK 508 million, producing a capital surplus of SEK 528 million. At the close of the quarter, the capital coverage ratio amounted to 2.04, compared with 1.61 at the corresponding time in 2011.

other

parent company

The parent company is a holding company. Net interest for the period amounted to an expense of SEK 1.8 million. This amount includes group-internal interest income of SEK 1.8 million. The parent company’s operating income amounted to SEK 2.9 million and relates to internal Group administrative services. The parent company’s loss after financial items amounted to SEK 2.3 million. The Parent Company’s liquid funds amounted to SEK 7.4 million, and its equity to SEK 1,138 million.

employees

During the quarter, Nordnet’s board decided to appoint Håkan Nyberg as CEO for the company. Håkan Nyberg today holds the position of CEO at Entercard and will take up his new position no later than 1 September. Until then, Jacob Kaplan remains as acting CEO.

As of 31 March 2011, the company had 335 (358)full-time employees. The average number of full-time positions for the period was 319 (345). Full-time employees include temporary employees but not employees on parental or other leave.

significant risks and uncertainties

Nordnet’s operations are influenced by a number of environmental factors, the effects of which on the Group’s profit and financial position can be controlled to varying degrees. When assessing the Group’s future development, it is important to take into account the risk factors alongside any opportunities for profit growth. A description of Nordnet’s exposure to risk and handling of risks can be found in note 7 in the Annual Report for 2011. There have been no significant changes since that time.

transactions with closely related parties

E. Öhman J:or AB is associated with Nordnet AB (publ) as E. Öhman J:or AB has a direct holding, and the owners of E. Öhman J:or AB have a direct holding in Nordnet AB (publ). The Emric Group and its parent company Emric AB are closely related parties to Nordnet AB (publ) in that E. Öhman J:or AB is a shareholder in the company. The Emric Group administrates Nordnet Bank AB’s unsecured loans. Nordnet has a cooperation agreement with E. Öhman J:or Fonder AB, whose private customer stock Nordnet assumed responsibility for in the fourth quarter of 2011. For additional information, please see Note 6 in the 2011 Annual Report.

performance-related share programme

In accordance with decisions by the Annual General Meetings of 22 April 2010 and 28 April 2011, Nordnet has established two long-range performance-related share incentive programmes: “Performance-Related Share Programme 2010” and “Performance-Related Share Programme 2011”, covering about 25 people including the CEO.

Employees who participate in “Performance-Related Share Programme 2010” and “performance-related share programme 2011” can set aside an amount corresponding to a maximum 5 percent of their gross compensation for purchases of Nordnet shares on NASDAQ OMX Stockholm during a 12-month period from the implementation of each programme. If the shares purchased are retained by the employee for at least three years after purchase, and if the employee has been employed within the Nordnet group during the entire three-year period, the employee can have the right to a compensation-free matching of those shares according to a predetermined amount. Due to the Performance-Related Share Programmes 2010 and 2011, the Annual General Meeting decided to authorize the board to carry out acquisition and transfer of shares in Nordnet AB (publ) on NASDAQ OMX Stockholm. This authorization may be exercised on one or more occasions before the Annual General Meeting in 2012. A maximum of 522,000 shares may be acquired in order to ensure delivery of shares to participants in Performance-Related Share Programmes 2010 and 2011. No matching shares were acquired in 2011 and 2010. The Board of Nordnet proposes that the Annual General Meeting of April 26, 2012 establishes a performance-related share incentive programme for the current year, “Performance-Related Share Programme 2012”. Complete information is available in Swedish from the company’s website: www.org.nordnet.se.

future calendar events

The Annual General Meeting will be held today, 26 April 2012, in the Studio auditorium at Kulturhuset, Sergels Torg 3 in Stockholm (access from street level) at 6.00 p.m. CET.

Interim Report January–June 2012 18 July 2012

Interim Report January–September 2012 18 October 2012

Year-end report 2012 February 2013

presentation to analysts, shareholders and the media

Acting CEO Jacob Kaplan will be presenting the results and answering any questions about the report on Thursday 26 April at 1.00 p.m. CET via a telephone conference/audiocast that can be followed on the Internet at

www.org.nordnet.se. To participate by phone, call +46 (0)8 506 857 54 (Sweden) or +44 (0)207 153 9156 (UK).

The information in this report is that which Nordnet AB (publ) is required to publish in accordance with the Swedish Financial Instruments Trading Act and/or the Swedish Securities Act. This information has been submitted to the market for publication on 26 April 2012 at 8.30 a.m. (CET).

The CEO provides his assurance that this interim report provides an accurate overview of the operations, position and earnings of the Group and the Parent Company, and that it also describes the principal risks and sources of uncertainty faced by the Parent Company and the companies within the Group.

Bromma, 26 April 2012,

Jacob Kaplan Acting CEO

For more information, please contact Acting CEO Jacob Kaplan, tel. +46 8 506 334 21, +46 708 62 33 94,

jacob.kaplan@nordnet.se or Head of Communications Adrian Westman, tel. +46 8 506 331 51,

+46 735 09 04 00, adrian.westman@nordnet.se. Nordnet AB (publ)

Box 14077, 167 14 Bromma Visiting address: Gustavslundsvägen 141

Tel: +46 (0)8 506 330 30 E-mail: info@nordnet.se

Registered company no.: 556249-1687 Company website: org.nordnet.se

review report

Nordnet AB (publ), corporate ID 556249-1687

Introduction

We have reviewed the condensed interim report for Nordnet AB as at March 31th, 2012 and for the three months period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of review

We conducted our review in accordance with the Swedish Standard on Review Engagements, SÖG 2410 Review of Interim Reports Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material aspects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company.

Bromma April 26th 2012 Ernst & Young AB

Peter Strandh

3 months 3 months 12m rolling 12 months

Consolidated Income Statement (SEK million) Note jan-mar 2012 jan-mar 2011 apr-mar 2012 jan-dec 2011

Interest income 154.3 144.5 614.4 604.6

Interest expenses -17.0 -10.9 -63.4 -57.3

Commission income 156.2 194.4 639.4 677.6

Commission expenses -49.1 -61.6 -204.9 -217.4

Net result of financial transactions 11.0 13.6 29.1 31.6

Other operating income 9.4 10.0 44.5 45.1

Total operating income 264.9 290.1 1,059.0 1,084.2

General administrativ e expenses 1 -135.7 -149.4 -554.8 -568.5

Depreciation and amortization 2 -15.5 -18.6 -66.2 -69.3

Other operating expenses 3 -10.1 -11.1 -53.1 -54.1

Total expenses before credit losses -161.3 -179.1 -674.1 -691.9

Profit before credit losses 103.6 111.0 384.9 392.3

Net credit losses -11.0 -11.7 -40.2 -40.9

Operating profit 92.6 99.3 344.7 351.5

Tax on profit for the period -20.0 -20.6 -80.8 -81.3

Profit for the period 72.5 78.8 263.9 270.1

Of which, attributable to:

shareholders of the Parent Company 72.5 78.8 263.9 270.1

Av erage number of shares before dilution 175,027,886 175,027,886 175,027,886 175,027,886

Earnings per share before dilution 0.41 0.45 1.51 1.54

Av erage number of shares after dilution 175,027,886 175,027,886 175,027,886 175,027,886

Earnings per share after dilution 0.41 0.45 1.51 1.54

Note 1

Personnel costs -66.7 -72.7 -268.5 -274.5

Other administrativ e expenses -68.9 -76.6 -286.3 -294.0

-135.7 -149.4 -554.8 -568.5 Note 2 Depreciation -15.5 -18.6 -66.2 -69.3 -15.5 -18.6 -66.2 -69.3 Note 3 Marketing -9.0 -9.8 -48.7 -49.5

Other operating expenses -1.2 -1.4 -4.4 -4.6

-10.1 -11.1 -53.1 -54.1

3 months 3 months 12m rolling 12 months

Consolidated Statement of Comprehensive Income jan-mar 2012 jan-mar 2011 apr-mar 2012 jan-dec 2011

Profit for the period 72.5 78.8 263.9 270.1

Income/expenses recognized directly against shareholders' equity

Change in v alue of assets av ailable for sale 12.7 -4.8 30.7 13.3

Tax on change in v alue of assets av ailable for sale -3.3 1.3 -8.1 -3.5

Change in v alue of net inv estment hedges - -0.1 1.7 1.6

Tax on change in v alue of net inv estment hedges - 0.0 -0.4 -0.4

Translation of foreign operations -0.9 -2.8 -3.6 -5.4

Total other comprehensive income after tax 8.4 -6.4 20.3 5.5

Total comprehensive income after tax 80.9 72.3 284.2 275.6

Of which, attributable to:

Consolidated Statement of Financial Position (SEK million) 31/03/2012 31/03/2011 31/12/2011 Assets

Loans to credit institutions 685.7 803.1 1,837.8

Loans to the public 5,388.0 6,430.1 4,629.7

Financial assets at fair v alue 61.1 172.0 56.9

Financial assets av ailable for sale 5,283.6 2,786.8 5,115.1

Financial assets - policy holders bearing the risk 18,618.1 19,639.1 16,463.5

Intangible fixed assets 505.1 544.7 513.3

Tangible fixed assets 31.7 32.3 32.7

Other assets 163.3 231.9 310.5

Prepaid expenses and accrued income 113.2 122.7 102.9

Total assets 30,849.8 30,762.6 29,062.3

Liabilities

Deposits and borrowing by the public 9,959.2 9,042.0 10,708.4

Liabilities to policyholders 18,619.2 19,641.4 16,464.7

Other liabilities 477.2 469.5 185.6

Accrued expenses and deferred income 108.3 120.5 98.5

Subordinated liabilities 175.7 175.7 175.7

Total liabilities 29,339.6 29,449.2 27,633.0

Shareholders' equity

Share capital 175.0 175.0 175.0

Other capital contributions 471.8 471.9 471.9

Other prov isions -57.1 -77.5 -65.5

Accrued profit including profit for the period 920.4 744.0 847.9

Total shareholders' equity 1,510.2 1,313.4 1,429.3

Total liabilities and shareholders' equity 30,849.8 30,762.6 29,062.3

Consolidated changes in shareholders' equity (SEK million) 31/03/2012 31/03/2011 31/12/2011

Opening shareholders' equity 1,429.3 1,241.1 1,241.1

Profit for the period 72.5 78.8 270.1

Total other comprehensiv e income after tax 8.4 -6.4 5.5

Div idend - - -87.5

3 months 3 months 12m rolling 12 months

Consolidated Statement of Cash Flows (SEK million) jan-mar 2012 jan-mar 2011 apr-mar 2012 jan-dec 2011

Operating activities

Cash flow from operating activ ities before changes in working

capital 120.3 159.0 372.1 410.9

Cash flow from changes in working capital -1,173.2 -1,124.9 1,924.4 1,972.8

Cash flow from operating activ ities -1,053.0 -965.9 2,296.6 2,383.6

Investing activities

Purchases and disposals of intangible and tangible fixed assets -6.5 -4.7 -27.1 -25.4 Net inv estments in financial instruments -92.6 -1,003.1 -2,300.3 -3,210.8

Cash flow from inv esting activ ities -99.1 -1,007.8 -2,327.4 -3,236.1

Financing activities

Cash flow from financing activ ities - - -87.5 -87.5

Cash flow for the period -1,152.0 -1,973.7 -118.4 -940.0

Cash and equivalents at the start of the period 1,837.8 2,777.9 803.1 2,777.9

Exchange rate difference for cash and equiv alents 0.0 -1.1 1.0 -0.1

Cash and equivalents at the end of the period 685.7 803.1 685.7 1,837.8

3 months 3 months 12m rolling 12 months

Income Statement - Parent Company (SEK million) jan-mar 2012 jan-mar 2011 apr-mar 2012 jan-dec 2011

Net sales 2.9 18.6 49.1 64.8

Total operating income

Other external costs -1.5 -2.1 -7.0 -7.6

Personnel costs -1.6 -16.6 -38.7 -53.7

Other operating expenses -0.3 -0.3 -2.3 -2.2

Operating profit -0.5 -0.3 1.1 1.2

Profit from financial investments:

Profit from participations in affiliated companies - - 320.5 320.5

Write-down of financial fixed assets - - -9.0 -9.0

Other interest and similar income 1.8 1.8 7.4 7.4

Interest expense and similar expense -3.7 -3.7 -16.5 -16.6

Profit after financial items -2.3 -2.3 303.5 303.5

Tax on profit for the period -1.8 0.5 2.3

-Profit for the period -4.1 -1.7 301.2 303.5

Total Other Comprehensive Income - Parent company 3 months 3 months 12m rolling 12 months

(SEK million) jan-mar 2012 jan-mar 2011 apr-mar 2012 jan-dec 2011

Profit for the period -4.1 -1.7 301.2 303.5

Total other comprehensive income after tax - - -

-Total comprehensive income after tax -4.1 -1.7 301.2 303.5

Balance Sheet - Parent Company (SEK million) 31/03/2012 31/03/2011 31/12/2011

Assets

Financial fixed assets 1,129.0 1,147.4 1,129.0

Current assets 278.0 223.8 280.7

Cash and bank balances 7.4 1.6 11.6

Total assets 1,414.4 1,372.8 1,421.3

Shareholders' equity and liabilities

Shareholders' equity 1,137.8 924.3 1,142.0

Current liabilities 276.5 448.5 279.3

The table above relates to the financial conglomerate consisting of Nordnet AB (publ) and all of its subsidiaries. The capital basis of the financial conglomerate has been calculated in accordance with the consolidation method. The Group-based financial statements have been compiled in accordance with the same accounting principles as the consolidated financial statements.

Accounting principles

Nordnet AB’s (publ) consolidated financial statements are compiled in accordance with International Financial Reporting Standards (IFRS) approved by the EU. This report for the Group has been compiled in accordance with IAS 34, Interim Financial Reporting. In addition, the Group complies with the Annual Accounts Act for Credit Institutions and Securities Companies (ÅRKL) and the regulations of the Swedish Financial Supervisory Authority (FFFS 2008:25). The interim report for the parent company has been compiled in accordance with the Annual Accounts Act. The accounting principles applied in this report are those described in the Nordnet’ s Annual Report for 2011, Note 5, the section entitled “Accounting principles applied”.

Capital requirements for the financial conglomerate (SEK million) 31/03/2012 31/03/2011 31/12/2011

Shareholder's equity, Group 1,510.2 1,313.4 1,429.3

Plus debenture loan 175.7 175.7 175.7

Less proposed div idend for the 2011 financial year -113.8 -87.5

-Less assumed div idend for the 2012 financial year -29.0 -31.5 -113.8

Less intangible fixed assets and deferred tax receiv ables -507.2 -544.7 -513.3

Capital base 1,035.9 825.4 977.9

Capital requirement for regulated units within the banking and securities sector 475.7 483.6 467.3 Theoretical solv ency requirement for non-regulated units in the largest financial sector 1.2 2.0 1.6 Capital requirement for regulated units within the insurance sector 31.1 26.2 26.0

Capital requirement 508.0 511.8 494.9

Capital surplus 527.9 313.6 483.0

Capital coverage ratio 2.04 1.61 1.98

Financial development per quarter - Group (SEK million) Q1 12 Q4 11 Q3 11 Q2 11 Q1 11 Q4 10 Q3 10 Q2 10

Net interest 137.3 142.0 132.4 139.3 133.7 112.1 66.8 77.8

Net commission - not trade related 10.3 17.3 19.6 15.0 14.7 16.7 15.6 8.9 Net commission - trade related 96.8 89.2 108.7 77.5 118.2 106.5 94.4 150.7

Net result of financial transactions 11.0 3.9 11.9 2.2 13.6 3.1 16.9 6.2

Other income 9.4 13.7 3.8 17.6 10.0 111.6 7.8 12.6

Operating income 264.9 266.2 276.3 251.6 290.1 349.8 201.7 256.3

General administrativ e expenses -135.7 -139.5 -134.4 -145.2 -149.4 -198.9 -145.6 -149.1

Depreciation -15.5 -15.7 -17.5 -17.6 -18.6 -20.6 -19.5 -20.3

Other operating expenses -10.1 -18.6 -13.8 -10.6 -11.1 -18.8 -12.8 -22.5

Net credit losses -11.0 -8.1 -9.7 -11.5 -11.7 -9.7 -0.5 0.0

Expenses -172.3 -181.8 -175.4 -184.9 -190.8 -248.0 -178.4 -191.9

Operating profit 92.6 84.4 101.0 66.7 99.3 101.7 23.3 64.4

Earnings per share before dilution 0.41 0.33 0.44 0.32 0.45 0.45 0.11 0.33

Cost cov erage 98% 97% 96% 94% 90% 98% 60% 55%

Return on shareholders' equity 5% 4% 6% 4% 6% 6% 2% 5%

Capital cov erage ratio 2.04 1.98 1.87 1.71 1.61 1.60 1.18 1.46

Quarterly statistics Q1 12 Q4 11 Q3 11 Q2 11 Q1 11 Q4 10 Q3 10 Q2 10

Number of accounts at end of the period 417,900 405,500 394,700 384,000 372,400 360,000 346,800 316,000 Total sav ings capital (SEK billion) 101.0 89.8 86.8 102.7 106.2 102.2 96.2 91.2 Av erage sav ings capital per account (SEK) 241,600 221,400 218,700 267,400 278,300 283,900 277,300 288,700 Number of trades 3,972,500 3,850,800 4,185,300 3,100,100 4,175,300 3,844,700 3,672,700 4,298,600

Number of trading days 64 64 66 59 63 64 66 62

Number of trades per day 62,100 60,200 63,400 52,500 66,300 60,100 55,600 69,300

Number of trades per account and month 3.2 3.2 3.5 2.7 4.0 3.6 3.5 4.5

While every care has been taken in the translation of this report, readers are reminded that the original report is the Swedish PDF version.

Key figures - Group 31/03/2012 31/03/2011 31/12/2011

Operating margin (%) 35% 38% 32%

Profit margin (%) 27% 27% 25%

Inv estments in tangible assets, SEK million 2.4 1.7 15.0

Inv estments in intangible assets excl. company acquisitions, SEK million 4.0 3.0 10.4

Of which, internal dev elopment expenses 1.2 0.7 3.0

Marketing, SEK million 9.0 9.8 49.5

Earnings per share before dilution, SEK 0.41 0.45 1.54

Earnings per share after dilution, SEK 0.41 0.45 1.54

Return on shareholders' equity (%) 5% 6% 20%

Shareholders' equity per share, SEK 8.63 7.50 8.17

Div idend per share, SEK - - 0.65

Share price, SEK 23.50 19.70 15.60

Market capitalization at the end of the period, SEK million 4,113 3,448 2,730

Shareholders' equity, SEK million 1,510.2 1,313.5 1,429.3

Capital base, SEK million 1,035.9 825.4 977.9

Capital cov erage ratio 2.04 1.61 1.98

Av erage number of shares before dilution 175,027,886 175,027,886 175,027,886 Av erage number of shares after dilution 175,027,886 175,027,886 175,027,886

Number of shares at end of period 175,027,886 175,027,886 175,027,886

Number of full-time employees at end of period 335 358 330

Customer related key financial figures:

Number of activ e accounts at end of the period 417,900 372,400 405,500

Total sav ings capital at end of period, SEK million 101.0 106.2 89.8

Av erage sav ings capital per trade-related activ e account at end of period, SEK 241,649 285,244 221,355 Cash deposits at end of period incl. cash deposits in insurance operations, SEK million 12,320.4 11,118.4 12,887.1

Managed Client Funds, SEK million 156.6 136.2 109.6

Lending at end of period, SEK million 5,388.0 6,430.1 4,629.7

Lending/deposits (%) 44% 58% 36%

Number of trades for the period 3,972,500 4,175,300 15,311,500

Number of trades per day 62,070 66,275 60,760

Number of trades per trade-related activ e account 9.5 11.2 37.8

Number of trades per trade-related activ e account and month 3.2 3.7 3.1

Av erage net commission rev enue per trade, SEK 24 28 26

DART (Daily Av erage Rev enue from Trading), SEK 2,151,000 2,711,300 2,287,500

Annual av erage income/sav ings capital (%) 0.3% 0.3% 1.1%

Av erage yearly income per account, SEK 2,447 2,640 2,794

Av erage yearly operating expenses per account, SEK -1,546 -1,622 -1,918