Ameritrade Holding Corporation
Datek Online Holdings Corp.
Commission File No. 333-88632

FOR IMMEDIATE RELEASE

At Ameritrade:
Donna Kush, Ameritrade
Director, Corp. Communications
(402) 827-8931
dkush@ameritrade.com
For Media:
Darcy Pfeifer
(617) 587-8924
dpfeifer@arn.com

For Investors and Analysts:
Dave Pleiss, Ameritrade
Director, Investor Relations
(402) 597-5658
dpleiss@ameritrade.com

AMERITRADE DEMONSTRATES COMMITMENT TO PROFITABILITY

Fifth Consecutive Profitable Quarter from Ongoing Operations and Positive Cash Flow
Client Input Drives Datek Integration Planning

OMAHA, Neb., July 23, 2002 — Announcing earnings for the fiscal quarter ended June 28, 2002, Ameritrade Holding Corporation (Nasdaq:AMTD) today proved its ability to continue to manage for profitability despite poor market conditions.

Third Quarter Highlights and Year-Over-Year Comparisons:

• Net income of $5.8 million or $0.03 per share, compared to $0.1 million or $0.00 per share;

• Operating margin of 24%, or $24.0 million, compared to 19% or $21.2 million;

• 69,000 new accounts opened at an average cost per account of $202, bringing total core brokerage accounts to 1,917,000, an increase of 24% over total accounts last year;

• Net revenues of $100.3 million, compared to $112.6 million; and

• Average trades per day of 74,000, compared to 109,000.

“We are delivering on our commitment to produce profitability and positive cash flow, regardless of market conditions. We would expect this to continue, even if the markets remain challenging,” said Joe Moglia, chief executive officer of Ameritrade.

Following the Company’s recent merger announcement with Datek Online Holdings Corp., Mr. Moglia added, “Both Ameritrade and Datek have formed client advisory groups, held focus groups and conducted extensive interviews with thousands of current and prospective clients. The end result will be a very powerful client-driven proposition that combines the best of Ameritrade and Datek and additional, innovative offerings.”

-more-

TABLE OF CONTENTS

Ameritrade/Page 2

About the Datek Transaction

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

INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED IN THE ARROW STOCK HOLDING CORPORATION REGISTRATION STATEMENT ON FORM S-4 (REGISTRATION NO. 333-88632) CONCERNING THE MERGER OF AMERITRADE HOLDING CORPORATION AND DATEK ONLINE HOLDINGS CORP. FILED WITH THE SECURITIES AND EXCHANGE COMMISSION BECAUSE IT CONTAINS IMPORTANT INFORMATION. INVESTORS MAY OBTAIN THIS DOCUMENT FOR FREE FROM THE COMMISSION’S WEB SITE AT WWW.SEC.GOV OR FROM AMERITRADE BY CONTACTING ITS INVESTOR RELATIONS DEPARTMENT AT 402-331-7856.

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 release contains forward-looking statements that are made pursuant to the safe harbor provisions for forward-looking statements in the federal securities laws. In particular, all statements regarding our future activity rates, net revenues, total operating expenses and earnings per share are forward-looking statements. These statements only reflect the Company’s current expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements. Important factors that could cause the Company’s actual results to be materially different from its expectations include general economic and political conditions, volatility in the stock market, competition, systems failures and capacity constraints, regulatory and legal uncertainties and other risks disclosed in the Company’s most recent Form 10-K filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which the statements were made. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

###

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

			Quarter Ended				Nine Months Ended
			June 28, 2002		June 29, 2001		June 28, 2002		June 29, 2001
Revenues:
	Commissions and clearing fees		$	56,794	$	64,902	$	186,242	$	223,360
	Interest revenue			28,598		42,410		85,371		156,072
	Other			17,451		12,660		51,824		22,791
		Total revenues		102,843		119,972		323,437		402,223
	Client interest expense			2,580		7,385		8,247		39,728
Net revenues				100,263		112,587		315,190		362,495
Operating expenses:
	Employee compensation and benefits			31,784		35,035		98,368		116,702
	Communications			8,609		10,515		27,472		30,208
	Occupancy and equipment costs			13,175		14,727		41,474		46,815
	Depreciation and amortization			6,732		9,976		20,522		25,331
	Professional services			8,112		12,289		24,614		45,716
	Interest on borrowings			1,087		2,028		3,978		9,565
	Other			6,780		6,860		19,187		25,069
Total operating expenses				76,279		91,430		235,615		299,406
Operating margin				23,984		21,157		79,575		63,089
Advertising				13,922		18,688		50,844		126,520
Debt conversion expense				0		0		0		62,082
Income (loss) before income taxes				10,062		2,469		28,731		(125,513	)
Income tax expense (benefit)				4,288		2,399		12,006		(48,360	)
Net income (loss)			$	5,774	$	70	$	16,725	$	(77,153	)
Basic earnings (loss) per share			$	0.03	$	0.00	$	0.08	$	(0.42	)
Diluted earnings (loss) per share			$	0.03	$	0.00	$	0.08	$	(0.42	)
Weighted average shares outstanding — basic				216,318		188,746		215,920		181,615
Weighted average shares outstanding — diluted				216,747		189,599		216,664		181,615

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

			June 28, 2002		Sept. 28, 2001
Assets:
	Cash and cash equivalents		$	40,711	$	24,134
	Segregated cash and investments			2,593,366		2,044,257
	Client receivables			1,143,513		971,823
	Other			1,104,413		613,657
		Total assets	$	4,882,003	$	3,653,871
Liabilities and stockholders’ equity
Liabilities:
	Client payables		$	3,266,922	$	2,777,916
	Notes payable			47,645		70,145
	Other			1,182,746		434,377
		Total liabilities		4,497,313		3,282,438
Stockholders’ equity				384,690		371,433
		Total liabilities and stockholders’ equity	$	4,882,003	$	3,653,871

AMERITRADE HOLDING CORPORATION
SELECTED OPERATING DATA

	Quarter ended
	June 28, 2002		Mar. 29, 2002		Dec. 31, 2001
Trading days		64		60		64
Average client trades per day		73,506		89,129		86,028
Assets in client accounts (in billions)	$	27.5	$	31.6	$	31.6
Core brokerage open accounts(*)		1,917,000		1,877,000		1,829,000

(*) 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 2,265,000 at 6/28/02.