Skandinaviska Enskilda Banken

RE: SKANDINAVISKA ENSKILADA BANKEN
    EUR: 42,500,000.00
    MATURING: 30-Dec-2006
    ISSUE DATE: 30-Oct-2003
    ISIN: XS0179604151

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD 30-Oct-2003 TO
30-Dec-2003 HAS BEEN FIXED AT 2.204000 PCT.

INTEREST PAYABLE VALUE 30-Dec-2003 WILL AMOUNT TO EUR 373.46 PER EUR 
100,000.00 DENOMINATION.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON TEL: 
44 020 7508 3858/3855 OR FAX: 44 020 7508 3881.