Ameritrade Closes Acquisition Of NDB.com; Ameritrade Rapidly Demonstrating Results of Growth Strategy Second Major Acquisition in Less Than Eight Months.

Business Editors

OMAHA, Neb.--(BUSINESS WIRE)--Sept. 6, 2001

Ameritrade Holding Corp. (Nasdaq:AMTD) today announced that it has completed its acquisition of National Discount Brokers Corporation (NDB.com), demonstrating the focus of Ameritrade's management team to deliver on the Company's growth and segmentation strategy. Ameritrade acquired approximately 319,000 accounts, $6.3 billion in assets and $265 million in margin balances, which it expects to integrate into its Private Client and Institutional Client divisions within the next two quarters.

"I'm very proud of how quickly our transition team brought this deal to close," said Joe Moglia, chief executive officer of Ameritrade Holding Corporation. "By closing in just 37 days, we've demonstrated how focused we are on our vision and strategy. This is the type of synchronized performance we had in mind when we reorganized the company around the client."

Ameritrade plans to fully integrate the client experience and clearing platform within the next 90 - 120 days. In the interim, these clients will continue to access and manage their accounts through the NDB.com web site and client representatives.

Ameritrade is taking several steps to ensure maximum retention and satisfaction among the NDB.com client base:

-- A communications plan designed to keep clients fully informed;

-- The conversion process has been streamlined to minimize any inconvenience to
clients, and to provide for as seamless a transition as possible;

-- Much of the NDB.com web site experience will be retained, so that clients
will continue to enjoy the features and benefits they have become accustomed
to; and

-- Clients will have the option of selecting alternative offerings that best
meet their investing and trading styles.

"Our number one priority now is to smoothly transition these clients to an enhanced investing experience that integrates the best of NDB.com features with our own," said Moglia. "The platform will have additional features to provide clients the tools and levels of service they need to help them achieve their financial goals."

Transaction Detail

The transaction will be accretive to earnings and cash flow. As a result of the acquisition, an affiliate of Deutsche Bank AG, received approximately 26.0 million shares of Ameritrade common stock valued at approximately $154 million based on the average closing price of Ameritrade common stock over the past 10 trading days.

About Ameritrade Holding Corporation

Ameritrade Holding Corporation (www.amtd.com) is a pioneer in the online brokerage industry with a 26-year history of providing clients a self-directed approach to investment services. The award-winning Company, through its Private Client and Institutional Client divisions, provides tiered levels of brokerage products and services tailored to meet the varying investing, trading and execution needs of self-directed individual investors, financial institutions and corporations.

This document contains forward-looking statements regarding future events or the future performance of Ameritrade. Various factors could cause actual results to differ materially from those anticipated. Readers of this document are advised to check the documents filed by Ameritrade with the Securities & Exchange Commission, including Ameritrade's Form 10-K and 10-Q for descriptions of risks and uncertainties related to forward-looking statements that could cause actual results to differ materially from those described in the forward-looking statements.