Swedish Match — Capital/Financing Update 2018

Mar 13, 2018

FENAL TERMS

8 March 2018

SWEDISH MATCH AB (PUBL)

Issue of SEK 250,000,000 0.810 per cent. Notes due January 2021 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. comlexchange/news/market-news/ market-news home.html).

1.	Is su er :		Sw ed is h M ch A B ( b 1) at pu
2.	(i)	Se ri be N es um r:	45
	(ii )	ch be Tr N an e um r:	1
	(ii i)	D hi ch th N ill be at ot w e w e on es ol id ed d fo si le Se rie at co ns an rm a ng s:	N A lic ab le ot pp
3.	S ci fi pe	ed C C ie ur re nc or ur re nc s: y	Sw ed is h K (" SE K ") ro na
4.	A gg re ga	N in al A te nt om m ou :
	(i)	ch Tr an e:	SE 25 0, 00 0, 00 0 K
	(ii )	Se rie s:	SE 25 0, 00 0, 00 0 K
5.	Is Pr su e	ic of ch Tr e an e:	10 0. 00 of th A in al A N nt te nt pe r ce e gg re ga om m ou
6.	(i)	ci fi ed in io S D at pe en om ns :	SE K 2, 00 0, 00 0
	(ii )	C ai la tio A nt cu n m ou :	SE K 1, 00 0, 00 0
7.	(i)	Is D at su e e:	13 M ch 20 18 ar
	(ii )	C In t D te st at re om m en ce m en e:	Is D at su e e
8.	it M at ur	D at y e:	20 21 29 Ja nu ar y
9.	In B is te st re as :		0. 8 10 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 b je ha d el la tio rl ct to an pu rc se y an ca nc n or ea y de io th th N ill be de ed pt ot re m n, e es e w re em on

Applicable Maturity Date at 100 per cent. of their nominal amount.Not Applicable Change of Control Put (see paragraph 19 below) Not Applicable 11. Change of Interest Basis: 12. Put/Call Options: 13. Date Board approval for issuance of Notes obtained:PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 14. Fixed Rate NoteProvisions

	(i)	R e( s) of In at te st re :	0. 8 10 bl in ch nt pe r ce pe r 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 t D e( s) Pa te st at re : ym en	29 Ja in ch 29 ci Ja nu ar y ea ye ar co m m en ng on nu ar y , 20 19 d in ci ud in th ity D M to at at , u p an g e e ur
	(ii i)	fi d C A (s ): nt xe m ou ou po n	SE K 8, 10 0 C ai la tio bl A ch nt pe r cu n m ou pa ya e on ea In Pa D fr d in ci ud in 29 te st t at re ym en e g om an Ja 20 20 d in ci ud in ity th M D to at at nu ar y an g e ur e
	(iv )	B ke A (s ): nt ro n m ou	SE K 11 0 C ai la tio bl 7, A th nt pe r cu n pa ya e on m ou e In P t D fa lli 20 19 te st 29 Ja at re ay m en e ng on nu ar y
	(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 is io Pr at ot oa g e e ov ns		N A lic ab le ot pp
16	Z C er o	is io N Pr ot ou po n e ov ns	A lic ab le N ot pp
PR O V IS IO N S R E L A T IN G O R E D E M PT IO N T
17	Is C al l su er		N A lic ab le ot pp
18	In Pu st t ve or		N A lic ab le ot pp
19	ha C 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 ai la tio 1, 00 0, 00 0 C A nt pe r cu n m ou

1. Farly Redemption Amount of each Note payable on redemption for taxation reasons or on event of default:SEK1,000,000 per Caiculation Amount

GENERAL PROVISIONS APPLICABLE TOTHE NOTIS

22 Fo of N ot rm es
---------------------------------------	--

BearerNotes

Temporary Bearer Global Note exchangeable for ^a Permanent Bearer Global Note which is exchangeable for defimtive Bearer Notes only upon

an Exchange Event.

1. Additional Financial Centre(s) Not Applicable

Talons for future Coupons to be attached to No 24. Definitive Bearer Notes:

Signed on behalf of Swedish Match AB (publ):

$\mathcal{I}$ By: .................................... MARLONE FORSELL Per Anderberg

PART B-OTHER INFORMATION

LISTING AND ADMISSION TOTRADING

(i) Listing and Admission to tradmg: Application is expected to be made by the Issuer (or on its behaif) for the Notes to be admitted to tradmg 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. RÄTINGSRatings The following rating reflects the rating assigned to Notes of this type issued under the Programme generally:

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

S&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 INTHE ISSUE

Save for any fees payable to Danske Bank AlS (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 sen'ices for, the Issuer and its affihiates in the ordinary course of business.

4.YIELD

Indication

of ^yield: 0.8 10 per cent, per annum

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

5. OPERATIONALINfOR1vIÄTION

• (i) IS1N: XS1791337923
• (ii) Common Code: 179133792
• (iii) Any clearing system(s) other than DTC, Not Applicable Euroclear Bank S.A./N.V. and Clearstream Banicing, société anonyme andthe relevant identification number(s):
• (iv) Names and addresses of additional Paying Not Applicable Agent(s) (if any):

D

(v )	R is tr eg ar :	A lic ab le N ot pp

6. DISTRiBUTION

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