Swedish Match — Capital/Financing Update 2020

Dec 11, 2020

FINAL TERMS

MIFID II product governance / Professional investors and ECPs only target market — Solety for the purposes of the manufacturer's product approva^l process, the target market assessment in respec^t of the Notes has ted to the conciusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, Mif1D II); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a distributor) should take into consideration the manufacturer's target market assessment; however, ^a distributor subject to MiFID IIis responsibte for undertaking its own target market assessment in respec^t of the Notes (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels.

9 December 2020

SWEDISH MATCII AB (PUBL)

Legal Entity Identifier (LE!): 529900YVXCGNWAUYZG7\$

Issue of E50,000,000 1.20 per cent. Notes duc 2025

(to be consolidated and form ^a single Series with €200,000,000 1.20 per cent. Notes duc ²⁰²⁵ issued on ⁸ November 2017) under the €2,000,000,000 Global Medium Term Note Programme

PART A -CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purpose of the Conditions (the Conditions) set forth in the Offering Circular dated ²¹ September ²⁰¹⁷ which are incorporated by reference in the Offering Circular dated ²⁶ November 2020. This document constitutes the Final Terms of the Notes described herein for the purposes of the Prospectus Regulation and must be read in conjunction with the Offering Circular dated ²⁶ November ²⁰²⁰ (the Offering Circular) which constitutes ^a base prospectus for the purposes of the Prospectus Regulation, including the Conditions incorporated by reference in the Offering Circular, in order to obtain all the relevant information. The Offering Circular has been published on the website of the Issuer (https://www.swedishmatch.com/lnvestors/).

1.	Is su er :		Sw ed ish ch ub l) M A B (p at
2.	(i)	Se rie be N s um r:	42
	(ii )	ch Tr N be an e um r:	2
	(ii i)	D hi ch th N ill be 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:	Th ill N be ol id ed d fo ot sin gl at e es w co ns an rm a e Se rie ith € 20 0, 00 0, 00 0 1.2 0 N du nt ot s w pe r ce es e 20 25 is ed \$ N be 20 17 ch of su on ov em r ex an ge on th Te G lo ba l B N fo in in ot te st e m po ra ry ea re r e re s r th Pe G lo ba l B fe ed t N in e rm an en to ea re r ow as re rr , h hi ch 22 be is ed to ct to pa ra gr ap w w ex pe oc cu r on , ab t 2 0 Ja 20 21 or ou nu ar y
3.	Sp ifi ed Cu ci Cu ec rr en cy or rr en es :		Eu (€ ) ro
4.	A gg re ga	N in al A te nt om m ou :
	(i)	Tr ch an e:	50 ,0 00 ,0 00 €
	(ii )	Se rie s:	€ 25 0, 00 0, 00 0

5.	Is Pr ic of Tr ch su e e an e:		10 2. 81 4 of th A N in al A nt te pe r nt ce e gg re ga om m ou pl d in fr th In te st te st us ac cr ue re om e re C D t at om m en ce m en e
6.	(i)	Sp ifi ed D in io at ec en om ns :	€ 10 0, 00 0 d in al ul tip le of 1, 00 0 in te an gr m s ex ce ss th f d in cl ud in E 19 9, 00 0. N N in to ot er eo up an g o es de fin iti fo ifl be is ed ith de in io at ve rm w su w a no m n ab € 19 9, 00 0. ov e
	(ii )	C ai la tio A nt cu n m ou :	€ 1,0 00
7.	(i)	Is D at su e e:	11 be D 20 20 ec em r
	(ii )	C In t D te st at re om m en ce m en e:	be 10 N r2 02 0 ov em
8.	M ity D at at ur e:		10 be r2 02 5 N ov em
9.	In B is te st re as :		1.2 0 . f ix ed R nt at pe r ce e (s h 14 be lo ) ee pa ra gr ap w
10	R ed io B is pt em n as :		Su bj d ha el la tio t to rly ec an y pu rc se an ca nc n or ea de io th ill N be de ed pt th ot re m n, e es w re em on e M ity D 10 0 of th ei in al at at at nt ur e pe r ce r no m nt am ou
11	Ch of In B is te st an ge re as :		N A tic ab le ot pp
12	Pu t/C i O io at pt ns :		Ch of C l Pu tro t an ge on Is Ca ll su er (s hs 17 d 19 be lo ) ee pa ra gr ap an w

1. Date Board approva^l for issuance of Notes Not Applicable obtained:

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

14	Fi d N Pr is io R at ot e ov ns xe e		A lic ab te pp
	(i)	of R e( s) In at te st re :	1.2 0 bl in ch nt pe r ce pe r an nu m pa ya e ar re ar on ea , Pa D tn te st t at re ym en e
	(ii )	In Pa D e( s) te st t at re ym en :	lO N be in ch ci 10 ov em r ea ye ar co m m en ng on , be N 20 21 d in ci ud in th M ity to at ov em r an up g e ur , D at e
	(ii i)	Fi d C A (s ): nt xe ou po n m ou	€ 12 00 al la tio C A nt pe r cu n m ou
	(iv )	ok A (s ): Br nt en m ou	N A lic ab le ot pp
	) tv	D C Fr tio nt ay ou ac n:	l/A l A (IC A ) ct ct M ua ua
	(v i)	D in io D e( s) et at at er m n :	10 N be in ch ov em r ea ye ar
15	Fl tin N is io R Pr at ot oa g e e ov ns		N A tic ab le ot pp
16	Ze Co N Pr is io ot ro up on e ov ns		N A lic ab le ot pp

PROVISIONS RELATING TO REDEMPTION

17	Is Ca ll su er		A tic ab le pp
	(i)	O io R ed l io pt D e( s) pt at na em n :	A B in D (a de fin ed in C di tio 5( b) ) ny us es s ay s on n fr d in ci ud in 10 A t 2 02 5 bu lu di om to an g t e ug us xc ng th M ity D at at e ur e
	(ii )	O io R ed l io A pt pt em nt na n m ou	€ 1,0 00 C ai la tio A nt pe r cu n m ou
	(ii i)	If de ab le in rt re em pa	N A lic ab le ot pp
18	In Pu sto t ve r		A N 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	€ 1,0 00 C ai la tio A pe nt r cu n m ou
21	Ea rly R ed io A of ch pt N bl nt em ot n m ou ea e pa ya on e de io fo tio pt ta of re m n t r xa n re as on s or on ev en de fa ul t:		€ 1,0 00 C ai la tio A nt pe r cu n m ou

GENERAL PROVISIONS APPLICABLE TO THE NOTES

1. F orm of Notes Bearer Notes

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

Notes shall not be ^physically delivered in Betgium, except to ^a clearing system, ^a depository or other institution for the purpose of their immobilisation in accordance with articie ⁴ of the Belgian Law of ¹⁴ December 2005.

1. Additionat Financial Centre(s) Not Applicable

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

Signed on behaIfpf-Ssh Match AB (pubi):

Duly authorised

PART B -OTHER INFORMATION

LISTING AND ADMESSION TO TRADING

(i)	Li sti d dm is sio A di to tra ng an n ng :	A lic io be ha ad th at b Is (o its pp n s en m e y e su er r on be ha if) fo th N be ad itt ed ot di th to to tra r e es m ng e on Lo nd St k Ex ch 's la d ke d te on t oc an ge re gu m ar an lis tin th O ffi ci al Li th of FC A ith ef fe st g ct on e e w fro ab D be 11 20 20 t m or ec em r ou
(ii )	E sti of l la d ad is sio at to ta te m e to to ex pe ns es re m n di tra ng :	£2 ,2 95
2.	A G S R TI N
	R in at gs	Th N be is ed ed be d: ot to ct to te e es su ar e ex pe ra
		M d y' In Se ic Lt d: B 2 sto oo s ve rs rv e aa
		S& P G lo ba l in R Eu Li ite d: BB B at gs ro pe m
		M d y' In Se ic d sto Lt d S& P G lo ba l oo s ve rs rv e an R in Li ite d Eu bl is he d at in th U ni d ta te gs ro pe m ar e es e in gd K d th ni Eu U tiv el d om an e ro pe an on re sp ec y an bo th gi d de R ul io ste (E C) N at ar e re re un r eg n o. 10 60 /2 00 9 de d) (a s am en
		A di M d y' Se ic In d' tin to sto Lt cc or ng oo s ve rs rv e ra g s ob li tio d ste "B " ju d d be te sy m ga ns ra to aa ar e ge , ed iu de d b je od ed it ri sk ct to at m m -g ra an su m er e cr d ch in ul iv rta an at as su m ay po ss es s ce sp ec e ch ri sti M d y' In te Se ic d sto Lt ar ac cs oo s ve rs rv e nd ic al od ifi 2 d 1, 3 ch to ap pe s nu m er m er s an ea ric tin cl sif ic io fr A th h C at ge ne ra g as n om a ro ug aa Th od ifi 2 in di id nk in te e m er ca s a m -r an ge ra g.
		A di S& P G lo ba R in to Eu Li ite d' t at cc or ng gs ro pe m s tin ob li tio d "B B B " hi bi ste te ts ra g sy m an ga n ra ex , ad tio te H ot ad et eq ua pr ec n pa ra m er s. ow ev er ve rs e , ic nd iti ch gi ci st ec on om co on s or an ng rc um an ce s ar e lik el ke th ob li r' ci to ty m or e to t y w ea n e go s ca pa m ee its fin ci al itm th ob li tio ts an co m m en on e ga n.

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

Save for the fees payable to Danske Bank A/S (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 and/or commercial banking transactions with, and may perform other services for, the Issuer and its affihiates in the ordinaiy course of business.

4. YIELD

Indication ofyield: 0.6 ¹⁷ per cent. per annum

The yield is caiculated at the lssue Date on the basis

of the Issue Price. It is not an indication of future yield.

5.	R EA SO E ST IN	N S FO O R TH E FF E R A N D IA TE D O C S N ET PR EE D
	(i)	he of fe R fo r t ea so ns r:	Se of Pr ds " in "U th O ff in C irc ul oc ee e se e er g ar
	(ii )	Es tim ed ed at t p ro ce s: ne	5 1, 39 6, 45 8. 90
6.	O PE R	& T IO N A L IN FO R M A TI O N
	(i)	IS IN :	Te S2 27 23 64 85 IS IN X 7 be id ed to ot at m po ra ry co ns d fo sin gl Se rie ith X S1 71 53 28 76 8 an rm a e s w
	(ii )	Co de C om m on :	Te C C od 22 72 36 48 5 be to m po ra ry om m on e ol id ed d sin gl ith fo Se rie at co ns an rm a e s w 17 15 32 87 6
	(ii i)	CU SI P:	N A lic ab le ot pp
	(iv )	CI N S:	N A lic ab le ot pp
	(v )	CF I:	D TF X FB da d, th eb sit of th te t t o as up as se ou n e e w e , ia tio A of io N be rin ie N A at t ss oc n na um g ge nc s (A N N A ) al iv el d fr th te at or rn so ur ce y om e sib le io l be rin N N A th at at re sp on na um g ge nc y sig d th IS IN as ne e
	(v i)	fI SN :	SW ED IS H M A TC H A /1 .2 M TN 20 25 11 10 as , da d, th eb sit of th A ia tio te t t up as se ou on w e e e ss oc n of N io l N be rin A ie (A N N A ) at na um g ge nc s or al iv el d fro th sib le io l te at N at rn so ur ce y m e re sp on na be rin N A th sig d th IS IN at um g ge nc y as ne e
	(v ii)	(s ) th A cl rin he D TC ste ot ny ea g sy m r an , k le Eu cl B SA /N V d C str ro ea r an an ar ea m B ki S. A d th le nt an ng an e re va id tif ic io be r( s) at en n nu m :	lic ab le N A ot pp
	(v iii )	d ad dr of ad di tio l yi N Pa es se s na am es an ng A (s ) y) (if nt an : ge	N A lic ab le ot pp
	(ix )	is R tra eg r:	lic ab le N A ot pp
7.	D IS TR	IB U TI O N
	(i)	Se lli U .S R tri io ct ng es ns :	Re 5 C pl ia C 2; TE FR A D at g. om nc e eg or y
	(ii )	Pr oh ib iti of Sa le A d EE U K to on s an R ai l In et sto ve rs :	A lic ab le N ot pp
	(ii i)	Pr oh ib iti of Sa le B el gi to on s an C on su m er s:	A lic ab te pp