Interim Report, 1 January - 30 September 2003

10/8/2003 11:45 AM EST

·Operating income increased by 22.4% to SEK 103.4 million (SEK 84.5m).
·The profit after tax was SEK 22.8 million (SEK 3.3 m).
·Earnings per share after dilution totalled SEK 0.85 (SEK 0.12). EPS
excluding goodwill amortisation after dilution totalled SEK 1.03 (SEK0.30).
·The result before goodwill amortisation increased to SEK 38.4 million (SEK 11.2 m).
·Net deposits totalled SEK 990 million, corresponding to 15% of the
custodian accounts at the start of the year.

Comments from the Managing Director
"Private share trading has really picked up and increased by almost 50%
during the third quarter. We have seen a marked recovery during the last
six months and our operations have developed well on all fronts. Private
investors, day-traders and institutional investors have all become more
active. The growth in new custodian account customers has now reached 8-
10% per annum," says Nicklas Storåkers, Avanza's Managing Director.

"Avanza's revenues have increased by 22% and our focus is now on
increasing the rate of growth still further. We anticipate a continued
strong performance in the fourth quarter. Avanza shall be at the
forefront of developing newly minted services for active saving, and the
next six months will see us introduce more new products and services
that will enable Avanza's growth to continue."

For more information, please contact Nicklas Storåkers, Managing
Director of Avanza,
telephone: +46 70 861 80 01.