Swedish Match — Capital/Financing Update 2017

May 30, 2017

SWEDISH MAICH AB (PUBL)

Issue of SEK 500,000,000 1.375 per cent. Notes duc 30 May 2022 under the €1,500,000,000 Global itledium Term Note Programme

PART A -CONTRÄCTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Offenng Circular dated 30 August 2016 and the supplement to it dated 9 September 2016 (the Offering Circular) which together constitutes ^a base prospectus for the purposes of the Prospectus Directive. This document constimtes the Final Tenns of the Notes described herein for the purposes of Articie 5.4 of the Prospectus Directive and must be read in conjunction with the Offering Circular. full information on the Issuer and the offer of the Notes is oniy available on the basis of the combination of these fina! Terms and the Offering Circular. The Offering Circular has been published on fl the website of the London Stock Exchange through ^a regulatory information service (www.londonstockexchange. comlexchange/news/market-news/ market-news-home.html).

1.	Is su er :			Sw ed is h ch M A B ( bi ) at pu
2.	(i)	ri be Se N es um r:		41
	(ii )	Tr ch N be an e um r:		1
	(ii i)	D hi ch th N ill at ot e e es w on w ol id ed d fo si le Se rie at co ns an rm a ng s:	be	A lic ab le N ot pp
3.	S ci fi pe	ed C C ie ur re nc y or ur re nc s:		ed is h K Sw (" SE K ") ro no r
4.	A in al A N te nt gg re ga om m ou :
	(i)	Tr ch an e:		SE K 50 0, 00 0, 00 0
	(ii )	Se rie s:		SE K 50 0, 00 0, 00 0
5.	Is su e	ic of ch Pr Tr e an e:		of th in al A 10 0. 00 A N nt nt te pe r ce e gg re ga om m ou ,
6.	(i)	S ci fie d in io D at pe en om ns :		SE K 1, 00 0, 00 0
	(ii )	C ai la tio A nt cu n m ou :		SE 1, 00 0, 00 0 K
7.	(i)	Is D at su e e:		30 20 17 M ay
	(ii )	In C t D te st at e: re om m en ce m en		Is D at su e e
8.	M am	ri D ty at e:		30 M 20 22 ay
9.	In te re	is B st as :		Fi d 1. 37 5 R nt at pe r ce xe e (s h 14 be lo ) ee pa ra gr ap w
10	ed R	io B is pt em n as :		b je rl Su ha d el la tio to ct an y pu rc se an ca nc n or ea y th de io th ill be de ed N pt ot e e re m n, es w re em on in al M it D 10 0 of th ei at at at nt ur y e pe r ce r no m nt am ou
11	C ha ng	of In B is te st e re as :		lic ab le N A ot pp
Un kn do Er r! t p rty ro ow n cu m en ro pe na m e. nk do Er r! U t ty ro no n cu m en pr op er w na m e.

1. Put/Call Options: Change of Control Put

(see paragraph 19 below)

1. Date Board approva^l for issuance of Notes Swedish Match to advice W/Ä obtained:

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

14	Fi d R N Pr is io at ot xe e e ov ns		A lic ab le pp
	(i)	of R e( s) In te st at re :	1. 37 5 bl in ch nt pe r ce pe r an nu m pa ya e ar re ar on ea In Pa t D te st at re ym en e
	(ii )	e( s) In Pa t D te st at re ym en :	30 in ch ci 30 20 18 M M ay ea ye ar co m m en ng on ay d in cl ud in th M it D to at at up an g e ur y e
	(ii i)	Fi d C A (s ): nt xe ou po n m ou	SE 13 50 C ai la tio A K ,7 nt pe r cu n m ou
	(iv )	ke B A (s ): nt ro n m ou	lic ab le N A ot pp
	(v )	D C Fr tio nt ay ou ac n:	30 /3 60
	(v i)	D in io D e( s) et at at er m n :	N A lic ab le ot pp
15	fl in R N Pr is io at at ot o g e e ov ns		N A lic ab le ot pp
16	C is io Ze N Pr ot ou po n ov ns ro e		A lic ab le N ot pp
O IS IO S R E L A T IN G T O R E D E M PT IO N PR V N
17	C al l Is su er		A lic ab le N ot pp
18	In Pu st t ve or		N A lic ab le ot pp
19	C ha of C ol Pu tr t ng e on		A lic ab le pp
20	Fi l R ed io A pt nt na em n m ou		SE K 1, 00 0, 00 0 C ai la tio A nt pe r cu n m ou
21	l ed io A of ch bl E R N pt nt ot ar y em n m ou ea e pa ya e on de io fo tio of pt ta t re m n r xa n re as on s or on ev en de fa ul t:		SE 1, 00 0, 00 0 C al la tio K A nt pe r cu n m ou
G E N E R A L PR O V IS IO N S A PP L IC A B L E T O T H E N O T E S

22. Form of Notes

Bearer Notes

Temporary Bearer Global Note exchangeable for ^a Permanent Bearer Global Bearer Note which is exchangeable for definitive Bearer Notes only upon an Exchange Event.

1. Additional Financial Centre(s)

Stockholm

1. Talons for future Coupons to be attached to No

Error! Unknown document property name. Error! Unknown document property name.

2

Definitive Bearer Notes:

Signed on (pubi):

MarieLouise Hejman

Error! Unknown document property name. Error! Unknown document property name.

PART B -OTHER INFORMATION

LISTING AND ADMISSION TO TRAD1NG

	(i)	Li in A dm is si ad in d st to tr g an on g:	A lic io ha be ad b th Is (o its at pp n s en m e y e su er r on be ha if fo th ) N be ad itt ed ad in th ot to to tr r e es m g on e L do St k E ha e' la d ke d te t xc ng s on n oc re gu m ar an ff ic ia l lis tin th O Li of th U K L is tin st g on e e g A ho ri ith ef fe th fr Is D ut ty ct at w om e su e e.
	(ii )	E im of l la d st at to ta te to e re ex pe ns es ad is si ad in to tr m on g:	G B P 1, 75 0
2.	R A T IN	G S
	R in at gs		Th fo llo in tin fl tin si ed to ts e w g ra gs re ec ra gs as gn N of th is is ed de th Pr ot ty es pe su un r e og ra m m e ll ge ne ra y:
			M d y' In Se ic Lt d: B 2 st oo s ve or s rv e aa
			St da rd & Po 's C di M ke Se ic Eu t t an or ro pe re ar rv es Li ite d: B B B m

Each of Moody's Investors Service Ltd and Standard & Poor's Credit Market Sen'ices Europe Limited is established in the European Union and is registered under Regulation (EC) No. 1060/2009 (as amended).

3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

Save for any fees payable to Nordea Bank AB (publ) (the Dealer, so far as the Issuer is aware, no person involved in the issue of the Notes has an interest material to the offer. The Dealer and its affihiates have engaged, and may in the fliture engage, in investment banldng and/or commercial banking transactions with, and may perform other services for, the Issuer and its affihiates in the ordinary course of business.

4. VIELD

di tio yi el d: In of ca n		1. 37 5 nt pe r ce
		Th yi el d is lc ul ed th th ba si Is D at at at on e s e ca e su e e in di tio of of th Is Pr ic It is ff itu t e su e e. an ca n re no yi el d.
O PE R	O A IO T IO N A L IN F R M T N
(i)	IS fN :	X S 16 19 63 85 28
(ii )	C C od om m on e:	85 16 19 63 2
(ii i)	cl ri (s ) he th D T C A st ot ny ea ng sy em r an , d Eu cL B k S. A ./N .V ro ea r an an C le ki ci ét é B st ar re am an ng so an on ym e ,	A lic ab le N ot pp
		A

and the relevant identification number(s):

• (iv) Names and addresses of additional Paying Not Applicable Agent(s) (if any):
• (v) Registrar: Not Applicable

6. DISTRIBUTION

U.S. Selling Restrictions: Reg. S Compliance Categoiy 2; TEFRA ^D