Ameritrade Posts Fourth Consecutive Profitable Quarter; Continues Positive Cash Flow; Datek Merger Will Be Immediately Accretive & Increase Long-term Earnings Growth.

Business Editors

OMAHA, Neb.--(BUSINESS WIRE)--April 23, 2002

Announcing earnings for the fiscal quarter ended March 29, 2002, Ameritrade Holding Corporation (Nasdaq:AMTD) today demonstrated its ability to continue to manage for profitability despite market conditions.

Second Quarter Highlights and Year-Over-Year Comparisons:

-- Net income of $1.9 million or $0.01 per share, compared to a loss of $54.2
million or $0.30 loss per share;

-- Operating margin of 24%, or $25.8 million, compared to 13% or $15.6 million;


-- 76,000 new accounts opened at an average cost per account of $294, bringing
total core brokerage accounts to 1,877,000, an increase of 27%;

-- Net revenues of $106.7 million, compared to $119.0 million;

-- Average trades per day of 89,129, compared to 113,164.

"Even though trading levels are still down, we have clearly shown that we are effectively managing the factors within our control in order to maintain one of the best operating margins in the industry," said Joe Moglia, chief executive officer of Ameritrade.

Following the Company's recent landmark merger agreement with Datek Holding Corporation, Mr. Moglia added, "We are creating a new leader in online equity trades and uniting two firms with the fastest growing account bases, lowest cost operations and highest operating margins among our peer group. By combining Datek's products, tools and technology with Ameritrade's excellent client service, we will create a new standard for self-directed investors. All of this, in addition to the synergies we expect to realize, makes us well-positioned for exceptional growth and profitability."

Outlook

Ameritrade has updated its current projections for fiscal years 2002 and 2003 in the "Outlook Statement" section of its corporate website located at www.amtd.com.

About the Datek Transaction

Information about the proposed merger with Datek Online is available at www.amtd.com

SHAREHOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS THAT WILL BE INCLUDED IN THE REGISTRATION STATEMENT ON FORM S-4 CONCERNING THIS TRANSACTION TO BE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. INVESTORS WILL BE ABLE TO OBTAIN THIS DOCUMENT WHEN FILED FOR FREE FROM THE COMMISSION'S WEB SITE AT WWW.SEC.GOV OR FROM AMERITRADE BY CONTACTING ITS CORPORATE SECRETARY.

About Ameritrade

Ameritrade Holding Corporation (www.amtd.com) is a pioneer in the online brokerage industry with a 27-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 individual investors, financial institutions and corporations.

Safe Harbor 

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

                    AMERITRADE HOLDING CORPORATION
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                  In thousands, except per share data
                              (Unaudited)

                                Quarter Ended      Six Months Ended
                                -------------      ----------------
                              Mar. 29,  Mar. 30,  Mar. 29,   Mar. 30,
                               2002      2001       2002       2001
                             --------  --------  ---------  ---------
Revenues:
 Commissions and clearing
  fees                       $ 63,789  $ 76,378  $ 129,448  $ 158,459
 Interest revenue              27,647    52,287     56,773    113,663
 Other                         17,873     5,141     34,373     10,130
                             --------  --------  ---------  ---------
    Total revenues            109,309   133,806    220,594    282,252

 Client interest expense        2,573    14,819      5,668     32,344
                             --------  --------  ---------  ---------

Net revenues                  106,736   118,987    214,926    249,908
                             --------  --------  ---------  ---------

Operating expenses:
 Employee compensation and
  benefits                     33,659    42,295     66,584     81,667
 Communications                 8,902    10,703     18,862     19,693
 Occupancy and equipment
  costs                        14,733    15,882     28,298     32,087
 Depreciation and
  amortization                  7,054     7,236     13,791     15,355
 Professional services          9,212    15,949     16,502     33,427
 Interest on borrowings         1,065     2,856      2,891      7,537
 Other                          6,341     8,461     12,407     18,210
                             --------  --------  ---------  ---------
Total operating expenses       80,966   103,382    159,335    207,976
                             --------  --------  ---------  ---------

Operating margin               25,770    15,605     55,591     41,932

Advertising                    22,342    44,343     36,922    107,832
Debt conversion expense             0    62,082          0     62,082
                             --------  --------  ---------  ---------

Income (loss) before income
 taxes                          3,428   (90,820)    18,669   (127,982)

Income tax expense (benefit)    1,481   (36,629)     7,719    (50,759)
                             --------  --------  ---------  ---------

Net income (loss)            $  1,947  $(54,191) $  10,950  $ (77,223)
                             ========  ========  =========  =========

Basic earnings (loss) per
 share                       $   0.01  $  (0.30) $    0.05  $   (0.43)
Diluted earnings (loss) per
 share                       $   0.01  $  (0.30) $    0.05  $   (0.43)

Weighted average shares
 outstanding - basic          215,917   179,462    215,722    179,378
Weighted average shares
 outstanding - diluted        216,890   179,462    216,631    179,378


                    AMERITRADE HOLDING CORPORATION
                 CONDENSED CONSOLIDATED BALANCE SHEETS
                             In thousands
                              (Unaudited)

                                                  Mar. 29,   Sept. 28,
                                                    2002       2001
                                                 ---------- ----------
Assets:
 Cash and cash equivalents                       $   27,874 $   24,134
 Segregated cash and investments                  2,560,097  2,044,257
 Client receivables                               1,325,543    971,823
 Other                                              986,389    613,657
                                                 ---------- ----------
    Total assets                                 $4,899,903 $3,653,871
                                                 ========== ==========

Liabilities and stockholders' equity

Liabilities:
 Client payables                                 $3,295,684 $2,777,916
 Notes payable                                       47,645     70,145
 Other                                            1,172,245    434,377
                                                 ---------- ----------
    Total liabilities                             4,515,574  3,282,438

Stockholders' equity                                384,329    371,433
                                                 ---------- ----------

    Total liabilities and stockholders' equity   $4,899,903 $3,653,871
                                                 ========== ==========


                    AMERITRADE HOLDING CORPORATION
                        SELECTED OPERATING DATA


                                                 Quarter ended
                                         -----------------------------
                                         Mar. 29,  Dec. 31,  Sept. 28,
                                           2002      2001      2001
                                         --------- --------- ---------

Trading days                                    60        64        59
Average client trades per day               89,129    86,028    73,100
Assets in client accounts (in billions)      $31.6     $31.6     $26.1

Core brokerage open accounts(a)          1,877,000 1,829,000 1,794,000


(a) This relates to the core brokerage account base only. Total client
    base including core accounts and non-core accounts (primarily
    clearing accounts, stock option administration accounts and bank
    referral accounts) total 2,220,000 at 3/29/02.