SEB's management team forgoes increased fixed compensation

SEB's management team, in agreement with the board of directors, has
today decided to forgo compensation beyond their base salaries as of
2008. With these changes, SEB meets requirements regarding
top-management compensation for participation in the guarantee
programme."When the board redesigned the compensation system for the bank's
management, we strived in earnest to find a system that fulfils the
guarantee programme's requirements while being sustainable and
neutral from a competitive point of view. We removed the short-term
incentives and lowered the total compensation," says SEB's Chairman
of the board, Marcus Wallenberg"After a continued dialogue with the Swedish National Debt Office it
is clear that further adjustments are necessary. Since the purpose of
the changes - to meet requirements for the guarantee programme -
could not be realised, the board and the management agree on these
changes. We consider it important for SEB to be able to participate
in the government's guarantee programme, and thereby contribute to
confidence and financial stability in society,"  Marcus Wallenberg
concludes."I acknowledge the great damage inflicted on confidence and trust in
SEB and me by the discussion about management compensation in the
past days. For us a bank society's trust and confidence is crucial,
just as it is important to society that SEB is a stable and respected
authority," says SEB's president and Chief Executive Officer, Annika
Falkengren."I can not apologize enough for how wrong this turned out. We in
SEB's management will do our utmost to restore confidence among
customers, employees and shareholders, as well as with the public,"
Annika Falkengren concludes.


SEB is a North European financial group serving some 400,000
corporate customers and institutions and five million private
individuals. SEB offers universal banking services in Sweden, Germany
and the Baltic countries - Estonia, Latvia and Lithuania. It also has
local presence in the other Nordic countries, Poland, Ukraine and
Russia and a global presence through its international network in
major financial centers. On 31 December 2008, the Group's total
assets amounted to SEK 2,511bn (~EUR 230bn) while its assets under
management totalled SEK 1,201bn (~EUR 110bn).The Group has about
22,000 employees. Read more about SEB at www.sebgroup.com.

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For further information, please contact:
Press contact: Elisabeth Lennhede, +46 70 763 99 16,
Elisabeth.lennhede@seb.se
Odd Eiken, Head of Group Communications, +46 8 763 8730, +46 70 763
8730