Employee stock option programme for 2003 and repur

Employee stock option programme for 2003 and repurchase of shares

The Board of Directors has, as it did for years 1999-2002, decided to
launch an employee stock option programme for 2003. The programme is
based upon maximum 6.2 million employee stock options and is aimed at
approximately 700 senior officers and key staff. It is running on
conditions similar to those applicable to the 1999-2002 programmes.

Since 1999, employee stock options form an integral part of the
incentive package offered to senior officers of SEB. The programme that
the Board has now decided upon for 2003 follows the plan established
earlier. The aim of the stock option programme is to stimulate a long-
term engagement in SEB, among other things.

Each option entitles to the purchase of one Series A share at a price
corresponding to 110 per cent of the average price paid at the closing
of the Stockholm Stock Exchange during the period 13 February-26
February 2003. The options may be exercised during the period falling
from and including three years after until and including seven years
after allotment.

Including this year's programme the total number of outstanding employee
stock options (1999-2003) is approximately 24 million, corresponding to
about 3.4 per cent of the total number of shares outstanding.

Initially, the 2003 employee stock option programme will be hedged
through a so-called swap agreement covering both the price increase of
the stock options and the associated social charge component.

SEB's Board of Directors has furthermore decided to propose to the
Annual General Meeting to authorise the Board of Directors to decide to
repurchase own shares in the stock market during the period up to the
2004 Annual General Meeting for the purpose of protecting the Bank
against the costs of the employee stock option programme for 2003.
Repurchased shares are proposed to replace the swap agreement on the
price increase of stock options that the Board has decided. Such
authorisation is proposed to cover the purchase of maximum 6.2 million
Series A shares.

The resolution of the Annual General Meeting is also proposed to offer
the possibility to transfer repurchased shares to the holders of
employee stock options under the 2003 programme according to the terms
and conditions of the programme.

The authorisation is furthermore proposed to give the Board a mandate to
transfer the repurchased shares under the 2002 and 2003 programmes that
are not used for delivery to the stock option holders because of
withdrawal from the employee stock option programmes during the period
up to the Annual General Meeting for 2004. Purchases and transfers of
shares via the Stock Exchange may only be made at a price within the
price interval registered on the Stockholm Stock Exchange at each time,
which means the difference between the highest bid and lowest asked
price.

Detailed information on SEB's employee stock option programme will be
presented in SEB's annual report, annual review and at the Annual
General Meeting on 9 April 2003. The annual report and the annual review
will be available as from mid March.

SEB is a North European financial Group that is focused on large
companies, institutions and private individuals, with 75 branch offices
around Sweden, Germany and the Baltic States. SEB has a total of 4
million customers, of whom a little over one million are e-banking
customers. On 31 December 2002, the Group's total assets amounted to SEK
1,241 billion. The Group is represented in some 20 countries around the
world and has a staff of approximately 20,000. Read more about SEB at
www.seb.net.

For further information, please contact:
Gunilla Wikman, Head of Group Communication, phone [phone] or
[phone]