Sears Roebuck Acceptance Corp. to Redeem 7 Percent Notes Due March 1, 2038

Sears Roebuck Acceptance Corp. (SRAC), a wholly owned finance subsidiary of Sears, Roebuck and Co., announced today that it has elected to call for redemption the entire outstanding principal amount of its $250 million 7 percent notes due March 1, 2038 (NYSE: SRF)(NYSE: CUSIP)(NYSE: No.)(NYSE: 812404200). The redemption date is Sept. 1, 2003.

SRAC will pay in cash a redemption price of 100 percent of the principal amount of the notes, plus an amount equal to all interest accrued and unpaid on each note to, but not including, Sept. 1, 2003. Under the terms of the notes and the related indenture, SRAC will make this payment on Sept. 2, 2003, since the redemption date falls on a day that is not a business day. On and after Sept. 1, 2003, interest will cease to accrue on the notes.

The redemption agent and trustee for the notes, JPMorgan Chase Bank, is mailing notices of redemption that contain specific instructions to all registered holders of the notes as of July 31, 2003. Beneficial holders of notes may direct their questions to JPMorgan Chase Bank, at 1-800-275-2048.

About Sears Roebuck Acceptance Corp.

Sears Roebuck Acceptance Corp. is a wholly owned finance subsidiary of Sears, Roebuck and Co. SRAC raises funds primarily by issuing commercial paper, medium-term notes and discrete underwritten debt. It uses the proceeds from its borrowings to acquire short-term notes of Sears. The general offices of Sears Roebuck Acceptance Corp. are located at 3711 Kennett Pike, Greenville, Del., 19807.

About Sears, Roebuck and Co.

Sears, Roebuck and Co. is a broadline retailer with significant service and credit businesses. In 2002, the company's revenue was $41.4 billion. The company offers its wide range of apparel, home and automotive products and services to families in the U.S. through Sears stores nationwide, including approximately 870 full-line stores. Sears also offers a variety of merchandise and services through its Web sites,, and, and a variety of specialty catalogs.

SOURCE: Sears Roebuck Acceptance Corp.

CONTACT: Chris Brathwaite, +1-847-286-4681, or Edgar P. McDougal,
+1-847-286-9669, both of Sears Roebuck

Web site:

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