Swedish Match — Capital/Financing Update 2018

Feb 26, 2018

23 February 2018

SWEDISH MATCH AB (PUBL)

Issue of SEK 800,000,000 1.600 per cent. Notes due 27 February 2023 under the €1,500,000,000 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 21 September 2017 (the Offering Circular) which 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. com/exchange/news/market-news/ market-news home.html).

1.	Is su er :		Sw ed is h M ch A B (p ub i) at
2.	(i)	Se rie N be s um r:	43
	(ii )	Tr ch N be an e um r:	1
	(ii i)	hi ch th ill be D N at ot e on w e es w ol id ed d fo sin gl rie Se at co ns an rm a e s:	A lic ab le N ot pp
3.	Sp ifi ec	ed C Cu ci ur re nc y or rr en es :	Sw ed ish K (" 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 80 0, 00 0, 00 0
	(ii )	Se rie s:	SE K 80 0, 00 0, 00 0
5.	Is Pr su e	ch ic of Tr e an e:	29 of th A in al A 99 .9 N nt te nt pe r ce e gg re ga om m ou ,
6.	(i)	Sp ifi ed D in io at ec en om ns :	SE K 1,0 00 ,0 00
	(ii )	C ai la tio A nt cu n m ou :	SE 1,0 00 ,0 00 K
7.	(i)	Is D at su e e:	20 18 27 Fe br ua ry
	(ii )	t D In C te st at e: re om m en ce m en	Is D at su e e
8.	ity M at ur	D at e:	br 20 23 27 Fe ua ry
9.	In te st re	B is as :	1.6 00 Fi d R nt at pe r ce xe e (s h 14 be lo ) ee pa ra gr ap w
10	R ed io B is pt em n as :		Su bj ha d el la tio rly t to ec an y pu rc se an ca nc n or ea de io th ill be de ed th N pt ot re m n, e es w re em on e

Maturity Date at 100 per cent, of their nominal

			nt am ou
11	Ch an ge	of In Ba sis te st re :	N A lic ab le ot pp
12	Pu t/C al l O io pt ns :		A lic N ab ot te pp
13	D at e ob in ta	B rd al fo is of N oa ap pr ov r ot su an ce es ed :	N A lic ab le ot pp
PR O V	IS IO N S	R E L A T IN G TO IN TE R E ST (I f A N Y ) PA	Y A B LE
14	fix ed	R N Pr is io at ot e e ov ns	A lic ab le pp
	(i)	R e( of s) In at te st re :	1.6 00 bl in nt ch pe r ce . p er an nu m pa ya e ar re ar on ea In P t D te st at re ay m en e
	(ii )	In Pa te t D e( s) st at re ym en :	27 fe br in ch ci 27 ua ry ea ye ar co m m en ng on br Fe 20 19 d in ci ud in th to M ity D ua ry up at at an g e ur e
	(ii i)	Fi d C A (s ): xe nt ou po n m ou	SE X 16 ,0 00 C ai la tio A pe nt r cu n m ou
	(iv )	B ke A (s ): nt ro n m ou	N A lic ab le 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 tin R N Pr isi at oa ot g e e ov on s		N A lic ab le ot pp
16	Ze C ro	N Pr isi ot ou po n e ov on s	N A lic ab le ot pp
PR O V	IS IO N S	R EL A TC G TO N R E D E M PT IO N
17	Is C su er	al l	N A lic ab le ot pp
18	In sto ve	Pu t r	N A lic ab le ot pp
19	Ch an ge	of C l Pu tro t on	A lic ab le pp
20	Fi l R na	ed io A pt nt em n m ou	SE 1,0 K 00 ,0 00 C ai la tio A nt pe r cu n m ou
21	Ea rly R de pt re m de fa ul t:	ed io A of ch N pt bl nt ot em n m ou ea e pa ya e on fo io tio ta of n r t xa n re as on or ev s on en	SE K 1,0 00 ,0 C ai 00 la tio A nt pe r cu n m ou
G EN ER	A L PR	O V IS LO N S A PP L IC A B LE TO TH E N O TE	S

1. formof Notes

BearerNotes

Temporary Bearer Global Note exchangeable for ^a Permanent Bearer Global Bearer Note which isexchangeable for definitive Bearer Notes only upon anExchange Event.

1. Additional financialCentre(s) Stockholm

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

Signed on behalf of Swedish Match AB (publ):

By: A hill PER AMBERBERG

mon

Marlene Forsell

PART B -OTHERINFORMATION

LISTING AND ADMISSION TOTRADING

(i) Listing and Admission to trading: Application has been made by the Issuer (or on its behalf) 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 related to admission to GBP 2,700 trading:

2.RATINGS

Ratings The following ratings reflects ratings assigned to Notes of this type issued under the Programme generally:

Moody's Investors Service Ltd: Baa2

Standard & Poor's Credit Market Services Europe Limited:BB3

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

3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THEISSUE

Save for any fees payable to Nordea Bank AB (pubi) (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 haveengaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform other services for, the Issuer and its affihiates in the ordinary course of business.

4.YIELD

Indicationof

^yield: 1.615 per cent.

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

5. OPERATIONALINFORMATION

• (i) ISIN: XS1782926924
• (ii) Common Code: 178292692
• (iii) Any clearing system(s) other than DTC, Not Applicable Euroclear Bank SA/Ny, and ClearstreamBanking, société anonyme

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

• (i) US. Selling Restrictions: Reg. ^S Compliance Category 2; TEFRA D
• (ii) Prohibition of Sales to EEA Retail Not Applicable Investors: