Ameritrade Reports New Accounts and Average Trades Per Day For August

OMAHA, Neb.--(BUSINESS WIRE)--Sept. 12, 2003--Ameritrade Holding Corporation (Nasdaq:AMTD) today reported continuing growth in its core online brokerage account base by opening 27,000 new accounts during August for a total of 3,000,000 accounts, with an average daily volume of 137,000 trades. September trading activity to date is up approximately 30% over August.

"The last few weeks have proven to be very exciting for Ameritrade," said Joe Moglia, chief executive officer. "We achieved our 3 millionth account and celebrated the success and one-year anniversary of our Datek merger. We continue to be well positioned for the future."

Outlook

Ameritrade expects its earnings per share for the fourth quarter of fiscal 2003 to be in the middle to upper end of the $0.06 to $0.14 guidance given as of July 22, 2003, which is in the "Outlook Statement" section of its corporate Web site located at www.amtd.com.

The Company has released initial earnings guidance for fiscal 2004 of $0.27 to $0.53 per share. More details on fiscal 2004 guidance will be provided in October.

About Ameritrade Holding Corporation

Ameritrade Holding Corporation has a 28-year history of servicing self-directed investors. Ameritrade develops and provides innovative brokerage products and services tailored to meet the varying investing and portfolio management needs of individual investors and institutional distribution partners. With 3 million client accounts, Ameritrade, Inc.,(1) a subsidiary of Ameritrade Holding Corporation, is a leader in the online brokerage business, recently receiving Forbes "Best of Web" honors as well as an overall four-star rating, and a top rating for "Ease of Use" and "Research Amenities" on the Barron's 2003 Online Broker Survey. For more information, please visit www.amtd.com

Safe Harbor

This document contains forward-looking statements within the meaning of the federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws. In particular, any expectations of additional synergies to be realized from the merger of Ameritrade and Datek and any projections regarding our future revenues, expenses, earnings, capital expenditures or activity rates are forward-looking statements.

These statements reflect only our current expectations and are not guarantees of future performance or results. These statements involve risks, uncertainties and assumptions that could cause actual results or performance to differ materially from those contained in the forward-looking statements. These risks, uncertainties and assumptions include the successful integration of the operations of Ameritrade and Datek, operational cost savings resulting from the merger of Ameritrade and Datek, market fluctuations and changes in client trading activity, general economic conditions, increased competition, regulatory and legal matters and uncertainties and other risk factors described in our latest Annual Report on Form 10-K. These forward-looking statements speak only as of the date on which the statements were made. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

(1) Ameritrade, Inc., member NASD/SIPC

    CONTACT: Ameritrade Holding Corporation, Omaha
             Corporate Communications:
             Donna Kush, 402-827-8931
             dkush@ameritrade.com
             or
             Investor Relations:
             Dave Pleiss, 402-597-5658
             dpleiss@ameritrade.com

    SOURCE: Ameritrade Holding Corporation