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E TRADE GROUP, INC.

Consolidated Balance Sheets


(in $ thousands, except per-shares amounts)

Assets
Cash & equivalents
Cash & investments required to be segregated under
federal or other regulations
Brokerage receivable-net
Mortgage-backed securities
Loans receivable-net
Investments
Property & equipment-net
Goodwill & other intangibles
Other assets
Total assets

Liabilities & Shareowners' Equity


Liabilities
Brokerage payables
Banking deposits
Borrowings by bank subsidiary
Subordinated notes

Accounts payable, accrued & other liabilities


Total Liabilities
Company-obligated mandatorily redeemable
preferred securities

Shareowners' Equity
(275 million shares outstanding in 1999)

Total Liabilities & Shareowners' Equity

E TRADE GROUP, INC.


Consolidated Statements of Operations
(in $ thousands, except per-shares amounts)
Revenues
Transaction revenues
Interest income
Global & institutional
Other
Gross Revenues
Interest expense
Provision for loan losses
Net revenues
Cost of services
Operating Expenses
Selling & marketing
Technology development
General & administrative
Merger-related expenses
Total operating expenses
Total cost of services & operating expenses
Operating income (loss)
Non-Operating Income (Expenses)
Corporate interest income-net
Gain on sale of investments
Equity in income (losses) of investments
Other
Total non-operating income
Pretax income (loss)
Income tax expenses (benefit)
Minority interest in subsidiary
Income (loss) before cumulative effect of accounting
change & extraordinary loss
Cumulative effect of accounting change, net of tax
Extraordinary loss on early extinguishment of
subordinated debt, net of tax
Net income (loss)
Preferred stock dividends
Income (loss) applicable to common stock

Income (loss) per share before cumulative effect of


accounting change & extraordinary loss
Basic
Diluted

Income (loss) per share


Basic
Diluted
INC.
e Sheets
shares amounts)

September
1999 1998

124,801 71,317

104,500 7,400
2,912,581 1,365,247
1,426,053 1,012,163
2,154,509 904,854
830,329 812,093
178,854 54,805
17,211 19,672
159,386 101,372
7,908,224 4,348,923

2,824,212 1,244,513
2,162,682 1,209,470
1,267,474 876,935
0 29,855

203,971 101,920
6,458,339 3,462,693

30,584 38,385

1,419,301 847,845

7,908,224 4,348,923

INC.
of Operations
shares amounts)
September
1999 1998

355,830 162,097
368,053 185,804
110,959 95,829
40,543 28,163
875,385 471,893
-215,452 -120,334
-2,783 -905
657,150 350,654
292,910 145,018

321,620 124,408
76,878 33,926
102,138 50,067
7,174 1,167
507,810 209,568
800,720 354,586
-143,570 -3,932

19,639 11,036
54,093 0
-8,838 531
-71 -1,098
64,823 10,469
-78,747 6,537
31,306 -1,873
-2,197 -1,362

-49,638 3,302
-469 0

-1,985 0
-52,092 3,302
222 2,352
-52,314 950

-0.19 0
-0.19 0
-0.20 0
-0.20 0
E TRADE GROUP, INC.
Reformulated Balance Sheets
(in $ thousands, except per-shares amounts

Net Operating Assets


Operating assets
Cash & equivalents
Brokerage receivable-net
Loans receivable-net
Property & equipment-net
Goodwill & other intangibles
Other assets
Total operating assets

Operating liabilities
Brokerage payables
Banking deposits
Accounts payable, accrued & other liabilities
Total operating liabilities
Net Operating Assets

Net Financial Assets


Financial assets
Cash equivalent
Cash & investments required to be segregated under federal or
other regulations
Mortgage-backed securities
Investments
Total financial assets

Financial liabilities
Borrowings by bank subsidiary
Subordinated notes
Company-obligated mandatorily redeemable
preferred securities
Total financial liabilities
Net Financial Assets

Shareowners' Equity

Assumption: Cash equivalent in financial asset $ 120,000 (1999)


Cash equivalent in financial asset $ 60,000 (1998)
ADE GROUP, INC.
ated Balance Sheets
except per-shares amounts)

September
1999 1998

4,801 11,317
2,912,581 1,365,247
2,154,509 904,854
178,854 54,805
17,211 19,672
159,386 101,372
5,427,342 2,457,267

2,824,212 1,244,513
2,162,682 1,209,470
203,971 101,920
5,190,865 2,555,903
236,477 -98,636

120,000 60,000

104,500 7,400
1,426,053 1,012,163
830,329 812,093
2,360,882 1,831,656

1,267,474 876,935
0 29,855

30,584 38,385
1,298,058 945,175
1,062,824 886,481

1,299,301 787,845

20,000 (1999)
0,000 (1998)
E TRADE GROUP, INC.
Consolidated Statements of Operations
(in thousands, except per-shares amount

Net revenues
Transaction revenues
Global & institutional
Other
Provision for loan losses

Cost of services
Gross margin
Operating Expenses
Selling & marketing
Technology development
General & administrative
Merger-related expenses

Operating income (loss) from sales (before tax)


Taxes:
Income tax expenses (benefit)
Tax on financial items &
other operating income:
Tax on financing items
Tax on other operating income

Operating income (loss) from sales (after tax)

Other operating income (before tax)


Gain on sale of investments
Other

Tax 38%

Other operating income (after tax - items)


Corporate interest income-net
Equity in income (losses) of investments
Cumulative effect of accounting change, net of tax

Operating income (loss) (after tax)

Net financing income


Interest income
Interest expense
Net interest income (before tax)
Tax 38%
Net interest income (after tax)
Minority interest in subsidiary
Extraordinary loss on early extinguishment of subordinated
debt, net of tax
Preferred stock dividends
Net financing income (after tax)
Comprehensive income
TRADE GROUP, INC.
ed Statements of Operations
s, except per-shares amounts)

September
1999 1998

355,830 162,097
110,959 95,829
40,543 28,163
(2,783) (905)
504,549 285,184
292,910 145,018
211,639 140,166

321,620 124,408
76,878 33,926
102,138 50,067
7,174 1,167
507,810 209,568
(296,171) (69,402)

31,306 (1,873)

57,988 24,879
20,528 (417)
68,766 23,423
(364,937) (92,825)

54,093 0
(71) (1,098)
54,022 (1,098)
20,528 (417)
33,494 (681)

19,639 11,036
(8,838) 531
(469) 0
43,826 10,886
(321,111) (81,939)
368,053 185,804
(215,452) (120,334)
152,601 65,470
57,988 24,879
94,613 40,591
(2,197) (1,362)
(1,985) 0

222 2,352
90,209 36,877
(230,903) (45,061)
E TRADE GROUP, INC.
Ratio Analysis Report

Required rate return = 8.6%

OI (after tax)
Operating profit margin =
Sales

Gross margin
Gross profit margin =
Sales

OI (after tax) from sales


Sales profit margin =
Sales

Net (comprehensive)
= Comprehensive income
income profit margin
Sales

Expense
Expense ratio =
Sales

Sales
Growth rate in sales =
Sales t-1

Growth rate in operating


= Operating income (after tax)
income
OI t-1

Operating liabilities
Operating liability leverage =
Net operating assets

NOA
Capitalization ratio =
CSE

NFO
Financial leverage ratio =
Financial leverage ratio =
CSE

NOA
Growth in NOA =
NOA t-1

NFA
Growth in NFA =
NFA t-1

CSE
Growth in CSE =
CSE t-1

OI t (after tax)
RNOA t =
(NOA t + NOA t-1)/2

Net financing income (after tax)


RNFA t =
(NFA t + NFA t-1)/2

Comprehensive income t
ROCE t =
(CSE t + CSE t-1)/2

Sales
ATO =
NOA

ReOI t = OI t - (Required return x NOA t-1)


Fiscal year:
1999

-321,111
= -0.64
504,549

211,639
= 0.42
504,549

-364,937
= -0.72
504,549

-230,903 = -0.46
504,549

507,810
= 1.01
504,549

219,365
= 0.77
285,184

-239,173 = 2.92
-81,939

5,190,865
= 21.95
236,477

236,477
= 0.18
1,299,301

1,062,824
= 0.82
= 0.82
1,299,301

335,113
= 3.40
-98,636

176,343
= 0.20
886,481

511,456
= 0.65
787,845

-321,111
= -4.66
68,921

90,209
= 0.093
974,653

-230,903
= -0.22
1,043,573

504,549
= 2.13
236,477

-321,111 - 8.6% x -98,636 = -312,628.68


1998

-81,939
= -0.29
285,184

140,166
= 0.49
285,184

-92,825
= -0.33
285,184

-45,061 = -0.16
285,184

209,568
= 0.73
285,184

= #DIV/0!

= #DIV/0!

2,555,903
= -25.91
-98,636

-98,636
= -0.13
787,845

886,481
= 1.13
= 1.13
787,845

= #DIV/0!

= #DIV/0!

= #DIV/0!

#DIV/0!
=

= #DIV/0!

285,184
= -2.89
-98,636

- x = 0.00
E TRADE GROUP, INC.
Forecasting Analysis

Required rate return = 8.6%


Growth in NOA = 3.40
Growth in NFA = 0.20

NOA = NOA t-1 x (1 + growth in NOA)

NFA = NFA t-1 x (1 + growth in NFA)

Operating Income = NOA t-1 x forecasted RNOA

Net interest income = NFA t-1 x RNFA t-1

Net income = OI + Net interest income

ReOI = OI t - (Required return x NOA t-1)

=
Fiscal year:
2000

236,477 x 4.40 = 1,039,901 1,039,901

1,062,824 x 1.20 = 1,274,246 1,274,246

236,477 x -4.66 = -1,101,783 1,039,901

1,062,824 x 0.093 = 98,369 1,274,246

-1,101,783 + 98,369 = -1,003,414 -4,845,061

-1,101,783 - 0.086 x 236,477 = -1,122,120 -4,845,061


2001

x 4.40 = 4,572,934

x 1.20 = 1,527,725

x -4.66 = -4,845,061

x 0.093 = 117,937

+ 117,937 = -4,727,123

- 0.086 x 1,039,901 = -4,934,492

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