Preliminary Financial Statement 2015

  · Net inflow totaled SEK 25,200 million (SEK 20,100m), corresponding to 18
(18) per cent of the savings capital at the beginning of the year
  · The number of customers increased by 26 (17) per cent to 467,600 (371,200 as
of 31 December 2014)
  · The total savings capital increased by 35 (26) per cent to SEK 191,600
million (SEK 141,900m as of 31 December 2014)
  · Operating income increased by 33 (17) per cent to SEK 923 million (SEK 696m)
  · Operating margin was 53 (43) per cent
  · The profit after tax increased by 66 (30) per cent to SEK 415 million (SEK
250m)
  · Earnings per share increased by 65 (30) per cent to SEK 14.23 (SEK 8.64)
  · The Board of Directors proposes a dividend of SEK 10.50 (SEK 7.00) per share
  · No other significant events have occurred after the end of the reporting
period

Fourth Quarter

  · Operating income increased by 34 per cent (19) to SEK 258 million (SEK 193m)
  · The profit after tax increased by 71 per cent (28) to SEK 118 million (SEK
69m)
  · Earnings per share increased by 71 per cent (28) to SEK 4.03 (SEK 2.36)

Quarterly highlights

  · Avanza was ranked as Sweden's best financial company (including both banking
and insurance enterprises) in the 2015 "Reputation Barometer"
  · For the sixth consecutive year, Avanza won the savings category award for
"Sweden's Most Satisfied Customers" in the annual survey conducted by SKI
  · Avanza won the business magazine Privata Affärer's award "Educator of the
Year" for the launch of the Avanza Academy
  · Avanza issued a subordinated bond of SEK 100m in order to strengthen the
capital base
  · Martin Tivéus informed the Board of Directors that he will resign from his
position as CEO of Avanza during 2016
Comments from the CEO

A record-breaking year

After a trading intensive ending of a volatile year on the stock markets, we can
summarize 2015 as our strongest year ever, both in terms of profit and growth.
With 23,700 new customers in the fourth quarter and 96,400 for the entire year,
we exceeded last year's record growth of 54,700 new customers by far.

Despite uncertainty on the market, net inflow increased by 25 per cent to a
record-breaking SEK 25 billion. During the period October 2014 – September 2015
Avanza’s share of the total net inflow to the Swedish savings market was 8.8 per
cent, significantly higher than our long-term target of 7 per cent. Bolstered by
the robust customer growth and several key product launches during the year, we
also strengthened our market shares in trading. During 2015 Avanza was the
largest Swedish bank on the Stockholm Stock Exchange in terms of number of
transactions, and became, for the first time, the largest Swedish bank by volume
in the final quarter of the year. The market share on the Stockholm Stock
Exchange and First North during the fourth quarter was a record high 13.1 per
cent in terms of number of transactions. These developments serve as
confirmation that we have succeeded in establishing Avanza as the leading
trading platform on the market.

Operating profit increased by 64 per cent in spite of pressure in net interest
income

Backed up by the strong net inflow of customers and capital, savings capital
increased by 35 per cent over the full year. In tandem with the high level of
trading activity, this contributed to an increase of 33 per cent to operating
income. This comes despite a decline in net interest income in the wake of the
reduced repo rate. During the fourth quarter, which saw both upturns and
downturns on the Stockholm Stock Exchange, we recorded our best ever result for
net brokerage. The increase in net brokerage for the full year amounted to fully
67 per cent. Corporate Finance also enjoyed a positive conclusion to the season
with a high level of activity - this illustrates the power of our growing
customer base, which serves as an excellent platform for a cost-efficient
distribution of ownership.

Continued good cost control, with improved scalability and continued efficiency
enhancements, entailed that the cost to savings capital ratio decreased by 16
per cent, from 31 to 26 basis points. At the same time, the operating margin for
the full year increased from 43 to 53 per cent. For me, this represents clear
evidence of the strength and scalability of our business model. We are also more
well-capitalised than we have been for a considerable time, with a capital ratio
of 18.3 per cent – compared with the requirement of 11.5 per cent.

Considering the developments outlined above, the Board of Directors proposes a
dividend of SEK 10.50 per share, in line with our policy of distributing a
minimum of 70 per cent of profits to our shareholders.

Sweden's most satisfied savers for the sixth consecutive year

Customer satisfaction is and will always be our main focus, and it was with
great pleasure we, in December, received the Swedish Quality Index’s award for
"Sweden's Most Satisfied Customers" in the savings category, for the sixth
consecutive year. Moreover, Avanza earned the highest rating in all sub
-categories, as well as setting new records in both satisfaction and loyalty.
The results of the “Reputation Barometer” survey in November also show that
Avanza benefits from the highest level of trust among all banks in Sweden. In my
opinion, these achievements demonstrate that we have overseen the intense growth
rate during the year without compromising on either quality or service, and that
our work to create a better alternative for the savers in Sweden is bearing
fruit.

As the country's leading digital platform for savings and investments, we aim to
offer our customers the market's best digital experience in combination with the
market's lowest fees. One hygiene factor is the operational reliability of our
systems, which was elevated to 99.96 per cent during the year. Before summer, we
launched a new mobile platform, meeting the increased demand from customers for
mobile services. The new mobile apps had 279,000 users at year-end and, during
the fourth quarter, a total of 53 per cent of all logins took place via mobile
devices. In conjunction with the launch, we also lowered the minimum brokerage
for trading in US shares to a market leading USD 1 per transaction. Savings in
mutual funds are increasing in popularity. In 2015 we launched the first version
of our Portfolio Generator, which enables our customers to create their own well
-allocated, five star portfolio of mutual funds in just a few clicks. Also new
for the year is Avanza Markets, offering brokerage-free trade in commercial
paper with Bull & Bear certificates and Mini-Futures with high transparency and
liquidity.

Focus areas in 2016

Our three focus areas for 2016 are maintaining strong growth rate, to further
develop our digital decision support tools to appeal to broader customer
segments, and additional efficiency enhancements to further improve scalability
and quality. Consequently, we are further augmenting our digitalisation and our
mobile platforms, as well as our offerings in pensions and Private Banking. From
January, we will re-organize our Private Banking organisation, to be able to
better support an ever increasing number of customers. Maintaining our
competitiveness while continuing on the path of strong, robust growth, without
compromising on quality, is essential in our mission towards better, simpler and
cheaper alternatives for the savers in Sweden.

From 2016, we will change our long-term growth target for customer growth to at
least 10 per cent of the customer base at the beginning of the year. A target
that grows with time, unlike our previous static growth target.

Finally, I would like to extend my gratitude to all of our amazing employees for
their hard work during the year. This will be my final Preliminary Financial
Statement for Avanza and I look forward to putting all my energy into an
exciting final six months as CEO.

Stockholm, 21 January 2016

Martin Tivéus, CEO Avanza