Swedish Match — Capital/Financing Update 2017

Jul 3, 2017

FINAL TERMS

30 June 2017

SWEDISH MATCH AB (PUEL)

Issue of SEK 600,000,000 1.375 per cent. Fixed Rate Notes duc 30 May 2022 (to be consolidated and form ^a single Series with the existing SEK 500,000,000 1.375 per cent. Notes duc 30 May 2022, issued on 30 May 2017) under the fl,500,000,000 Global Medium Term Note Programme

PART A -CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Offering Circular dated 30 August 2016 and the supplement to it dated 9 September 2016 (the Offering Circular) which together constitute ^a base prospectus for the purposes of the Prospectus Directive. This document constitutes the Final Terms 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 only available on the basis of the combination of these Final Terms and the Offering Circular. The Offering Circular has been published on 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 M ch A B ( bi ) at pu
2.	(i )	S ie be sN er um r:	41
	(ii )	be he N T um r: ra nc	2
	(i ii )	hi ch th ill be D N at ot e on w e es w ol id ed d fo si le at co ns an rm a ng Se ri es :	he il l be ol id ed d T N fo ot at es w co ns an rm si le Se ri ith th is ti SE K a ng es w e ex ng 50 0 ,0 00 ,0 00 1. 37 5 du N nt ot pe r ce es e 30 M 20 22 is ed 30 M 20 17 ay su on ay , , th Is D at on e su e e
3.	S ci fi ed C C ie pe ur re nc y or ur re nc s:		Sw ed is h (S ) K E K ro na
4.	in al A N A te nt gg re ga om m ou :
	(i )	T he 1: ra nc he T 2: ra nc	SE K 50 0 ,0 00 ,0 00 SE K 60 0 ,0 00 ,0 00
	(ii )	Se ri es :	SE 1 ,1 00 ,0 00 ,0 00 K
5.	ic of he Is Pr T su e e ra nc :		of th 10 0. 04 6 A nt te pe r ce e gg re ga N in al A of T he 2 pl nt om m ou ra nc us ed in fr th In te st te st ac cm re om e re C D t at om m en ce m en e

6.	( i)	Sp if ie d D in io at ec en om ns :	SE 1, 00 0, 00 0 K
	( ii)	C ai la ti A nt cu on m ou :	SE K 1, 00 0, 00 0
7.	i) (	Is D at su e e:	4 Ju ly 20 17
	( ii)	In C D te st t at re om m en ce m en e:	M 20 17 30 ay
8.	M it D at at ur y e:		20 22 30 M ay
9.	is 1. In B te st re as : (s		37 5 F ix ed R nt at pe r ce e h be lo 14 ) pa ra gr ap ee w
10	ed ti R B is em p on as :		Su bj ha d el la ti t to ec an y pu rc se an ca nc on rl de ti he il l b N , t ot es e or ea y re m p on w de ed th M it D 10 0 at at at re em on e ur y e of th ei in al nt nt pe r ce r no m am ou
11	C ha ng	of In B is te st e re as :	A li bl N ot pp ca e
12	/C al l O ti P ut p on s:		C ha of C ol Pu tr t ng e on h be lo (s 19 ) ee pa ra gr ap w
13	D B at e ob in ta	rd al fo is of N ot oa ap pr ov r su an ce es ed :	N A li bl ot pp ca e
S IN T E R E T ( If A N Y ) P R O W S IO N S R E L A T IN G T O P A Y A B L E

14	F ix ed Pr is io R N at ot e e ov ns		A li bl pp ca e
	i) (	R e( s) of In at te st re :	in 1. 37 5 bl nt pe r ce pe r an nu m pa ya e ch In P D te st t at on ea ay m en e ar re ar re
	( ii)	In P D e( s) te st t at re ay m en :	30 M in ch ci 30 ay ea ye ar co m m en ng on 20 18 M d in cl ud in th to ay up an g e M it D at at e ur y
	( iii )	fi ed C A (s ): nt ou po n m ou x	SE K 13 75 0 C ai la ti A nt pe r cu on m ou ,
	( iv )	ke A (s ): B nt ro n m ou	A li bl N ot pp ca e
	(v )	C fr ti D nt ay ou ac on :	30 /3 60
	(v i)	in io D e( s) D et at at er m n :	N A li bl ot pp ca e
15	fl ti R N Pr is io at ot oa n g e e ov ns		A li bl N ot pp ca e
16	Z C N Pr is io ot er o ou po n e ov ns		A li bl N ot pp ca e

PROVISIONS RELATING TO REDEMPTION

17	Is C al l su er	li bl N A ot pp ca e
18	In Pu st t: ve or	A li bl N ot pp ca e
19	C ha of C ol Pu tr t: ng e on	A li bl pp ca e
20	fi al ed io A R pt nt n em n m ou :	SE K 1 ,0 00 ,0 00 C ai la ti A nt pe r cu on m ou
21	E l R ed io A of ch N pt nt ot ar y em n m ou ea e de io bl fo ti pt ta on pa ya e re m n r xa on of de fa ul t t: re as on s or on ev en	C ai la ti SE K 1 ,0 00 ,0 00 A nt cu on pe r m ou

GENERAL PROVISIONS APPLICABLE TO THE NOTES

1. Form of Notes:

Bearer Notes:

Stockholm

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):

2. Talons for future Coupons to be attached to Definitive Bearer Notes: No

Duly Petra Edensträ,

PARTB -OTHER INFORMATION

LISTING AND ADMISSION TO TRÄDING

• (i) Listing and Admission to Application is expected to be made by the trading: Issuer (or on its behaif) for the Notes to be admitted to trading on the London Stock Exchange's regulated market and listing on the Official List of the UK Listing Authority with effect from the Issue Date.
• (ii) Estimate of total expenses £2,700 related toadmission to trading:

2.RATINGS

Ratings: The following rating reflects ratings assigned to Notes of this type issued under theProgramme generally:

Moody's Investors Service Ltd (Moody's): Baa2

Standard & Poor's Credit Market Services Europe Limited (S&P): BBB

Each of Moody's and \$&P 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 Skandinaviska Enskilda Banken AB (publ) (the Dealer), ⁵⁰ 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 affiliates have engaged, and may in the future engage, in investment banldng and/or commercial banking transactions with, and may perform other services for, the Issuer and its affiliates in the ordinary course of business.

4. YIELD(Fixed Rate Notes Only)

Indication

of yield: 1.365 per cent. per annum

The yield is calculated at the Issue Date on the basis of the Issue Price. It is not an indicationof future yield.

5. OPERATIONAL INFORMATION

(v )	R is tr eg ar :	A li bl N ot pp ca e
(iv )	d ad dr of N es se s am es an ad di ti al in A (s ) (i f P nt on ay g ge y) an :	A li bl N ot pp ca e
(i ii )	cl ri (s ) he A st ot ny ea ng sy em r th D T C E le B k an ur oc ar an , d C le S .A ./N .V st an ar re am ld ci ét é d B an ng so an on ym e an , th le id ti fi ti nt e re va en ca on be r( s) nu m :	N A li bl ot pp ca e
(ii )	C od C e: om m on	16 19 63 85 2
(i )	IS 1N :	X S 16 19 63 85 28

U.S. Selling Restrictions: Reg. 5 Compliance Category 2; TEFRA D