Saxo Bank Enters Into a Definitive Agreement to Acquire E*TRADE's Local Nordic Business

Saxo Bank Continues to Offer More Savings and Investment Products to its Clients.

COPENHAGEN and LONDON, December 3 - Saxo Bank, the specialist in online trading and investment, announced
today that it has entered into a definitive agreement to acquire E*TRADE
International's local Nordic online trading business and online bank from
E*TRADE Nordic AB, an indirect subsidiary of E*TRADE FINANCIAL Corporation, a
US-based financial services company. The Nordic business includes client
accounts in Denmark, Iceland, Finland, Estonia, Latvia, Lithuania, Sweden,
and Norway.

This strategic move continues Saxo Bank's steady expansion over the last
few months and further cements Saxo Bank's position in the Scandinavian
marketplace.

The acquisition of one of Scandinavia's established online bank and
brokerages is a further step by Saxo Bank towards offering more saving and
investment products to investors. Following this latest acquisition, Saxo
Bank will be able to offer pension products as well as stock and margin
accounts, bond offerings and later, a Funds Supermarket. Moreover, Saxo
Bank's AUM will increase by more than DKK 5.0bn and the acquisition adds an
additional 50,000 active accounts.

In a joint statement, Kim Fournais and Lars Seier Christensen, Co-CEOs
and co-founders of Saxo Bank, said: "This acquisition supports our long term
expansion strategy and broadens our product offering on the SaxoTrader
platform. In addition, the expanded client base will enable us to further
improve our services to both existing and new clients through improved
efficiency and scale."

Following the acquisition, E*TRADE Nordic's existing local clients will
continue to enjoy the same service and offering to which they have become
accustomed. In addition, E*TRADE Nordic's local clients will benefit from the
additional trading opportunities that they will find on the Saxo Bank
platforms. Similarly, Saxo Bank's existing and future clients will now have
the opportunity to save for their pension through Saxo Bank as well as trade
Bonds and hold margin accounts.

Fournais and Seier Christensen added: "The acquisition of E*TRADE
International's local Nordic business will strengthen our growth
opportunities and market position in Scandinavia. In the past 10 years,
E*TRADE International has become a well regarded online trading and
investment brand across Europe, the Middle East and Asia. The combination of
E*TRADE Nordic's local business and Saxo Bank's brand is powerful and it
strengthens our position in the long term investment market. Saxo Bank is
looking forward to being able to offer E*TRADE Nordic's products and services
to our client base and vice versa."

The acquisition is subject to regulatory approval and other customary
closing conditions. Terms of the deal were not disclosed. E*TRADE FINANCIAL
Corporation was advised by Fox-Pitt Kelton (now part of Macquarie Capital) on
this transaction.

About Saxo Bank

Saxo Bank is an online trading and investment specialist, enabling
clients to trade Forex, CFDs, Stocks, Futures, Options and other derivatives,
as well as providing portfolio management via SaxoWebTrader and SaxoTrader,
the leading online trading platforms. SaxoTrader is available directly
through Saxo Bank or through one of the Bank's global partners. White label
is a significant business area for Saxo Bank, and involves customised and
branding the Bank's online trading platform for other financial institutions
and brokers. Saxo Bank has more than 120 white label partners and boasts
thousands of clients in over 180 countries. Saxo Bank is headquartered in
Copenhagen with offices in Australia, China, the Czech Republic, France,
Greece, Italy, Japan, the Netherlands, Singapore, Spain, Switzerland, UK, and
the United Arab Emirates.

Media enquiries: Kasper Elbjorn, Head of Group Public Relations, +45-3977-4300, press at saxobank.com