Swedish Match — Capital/Financing Update 2018

May 31, 2018

25 May 2018

SWEDISH MATCH AB (PUBL)

Issue of SEK 500,000,000 0.550 per cent. Fixed Rate Notes due 1 December 2020 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 prospecms 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 Circutar. 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 ch A (p ub i) M B at
2.	(i)	Se rie be N s um r:	46
	(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 Se rie 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 or rr en es : y	Sw ed ish K (" SE K ") ro no r
4.	A gg re	N in al A te nt ga om m ou :
	(i)	Tr ch an e:	SE K 50 0, 00 0, 00 0
	(ii )	Se rie s:	SE 50 0, 00 0, 00 0 K
5.	Is Pr su e	ic of Tr ch e an e:	10 0. 00 0 of th A N in al A nt te nt pe r ce e gg re ga om m ou ,
6.	(i)	Sp ifi ed in io D at ec en om ns :	SE 2, 00 0, 00 0 d K in al ul tip le of SE K te an gr m s 1, 00 0, 00 0 in th f. ex ce ss er eo
	(ii )	C ai la tio A nt cu n m ou :	SE K 1,0 00 ,0 00
7.	(i)	Is D at su e e:	1 Ju 20 18 ne
	(ii )	In C t D te st at re om m en ce m en e:	Is D at su e e
8.	M ity at ur	D at e:	1 D be 20 20 ec em r
9.	In te st re	B is as :	0. 55 0 Fi d R nt at pe r ce xe e (s h 14 be lo ) ee pa ra gr ap w
10	ed io is R B 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 N ill be de ed th pt ot re m n, e es w re em on e

			10 0 th ei in al M ity D of at at nt at r no m ur e pe r ce , nt am ou
11	of In B is C ha te st re as : ng e		A lic ab le N ot pp
12	t/C al l O io Pu pt ns :		A lic ab le N ot pp
13	is of D B rd al fo N ot at e oa ap pr ov r su an ce es ob in ed ta :		N A lic ab le ot pp
A G (I A ) PA Y A B LE PR O V IS IO N S R E L T IN TO IN TE R E ST F N Y
14	Fi d Pr is io R N at ot ov ns xe e e		A lic ab le pp
	(i)	e( s) of R In at te st re :	ch 0. 55 0 bl in nt pe r ce pe r an nu m pa ya e an ea r on ea t D In Pa at te st ym en e re
	(ii )	In Pa t D e( s) te st at re ym en :	ch ci 1 1 D be in ea ye ar co m m en ng on ec em r d in ci ud in ity D be 20 18 th M at to ec em r up an g e ur D at e
	(ii i)	fix ed C A (s ): nt ou po n m ou	SE K 5, 50 0 C ai la tio A nt pe r cu n m ou
	(iv )	ke A (s ): B nt ro n m ou	2, 75 0 r C ai la tio A ab le th SE K nt pe cu n m ou on e , p ay P t D fa lti 1 be r 2 01 8 In D at te st ay m en e ng on re ec em
	(v )	tio D C Fr nt ay ou ac n:	30 /3 60
	(v i)	D in io D e( s) et at at er m n :	lic ab le N A ot pp
15	Fl tin R N Pr is io at ot oa g e e ov ns		N A lic ab le ot pp
16	C N Pr is io Ze ot ou po n e ov ns ro		N A lic ab le ot pp
PR O V IS IO N S R E L A T IN G TO R E D E M PT IO N
17	Is Ca II su er		A lic ab le N ot pp
18	In Pu sto t ve r		A lic ab le N ot pp
19	Ch of C l Pu tro t on an ge		A lic ab le pp

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

GENERALPROVISIONS APPLICABLE TO THE NOTIS

1. Formof Notes

Final Redemption Amount

20.

BearerNotes

SEK

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

1,000,000 per Caiculation Amount

1. Additional financial Centre(s) Stockholm

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

Signed on behaif of Swedish Match AB (pubi):

By. 1. Dtity authorised

Per Anderberg Av1åf i-OL4

PARTB -OTHER INFORMATION

LISTINGAND ADMISSION TO TRADING

(i)	d dm is sio di Li sti A to tra ng an n ng :	lic io ha be ad by th (o iis A Is at s en m e e su er r on pp n be ha lf) fo th N be ad itt ed di th ot to to tra es m ng on e r e Lo nd St k Ex ch 's la d ke d te t on oc an ge re gu m ar an lis tin th O ff ic ia l Li of th U K Li sti st g e ng on e ith ef fe fr ab A ho rit he Is D ct t t at ut y w om or ou su e e.
(ii )	of l la d ad is sio Es tim to ta te to to at ex pe ns es m n e re di tra ng :	G BP 2, 18 5
2.	R A TI N G S
	R in at gs	Th tin fle tin sig d fo llo in ct to as ne e w g ra gs re s ra gs is ed de N of th is th Pr ot ty og ra m m e es pe su un r e lly ge ne ra :

Moody's Investors Service Ltd: Baa2

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

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. INTERESTSOF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

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 affiliates have engaged, and may in the future engage, in investment banking andlor commercial banking transactions with, and may perform other services for, the Issuer and its affihiates in the ordinary course of business.

4.YIELD

Indication

of yietd: 0.550 per cent.

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

5. OPERATIONALINFORMATION

• (i) ISIN: XS1830406937 (ii) Common Code: 183040693 (iii) Any clearing system(s) other than DTC, Not Applicable
• Eurochear Bank SA/Ny, and ClearstreamBanking, société anonyme

and the relevant identification number(s):

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

6. DISTRIBUTION

• (i) U.S. Selling Restrictions: Reg. ⁵ Compliance Category 2; TEFRA D
• (ii) Prohibition of Sales to EEA Retail Not Applicable Investors: