Swedish Match — Capital/Financing Update 2021

Mar 5, 2021

FINAL TERMS

MIFID II product governance / Professional investors and ECPs only target market — Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Notes has led 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, MiFID 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 ta distributor) should take into consideration the manufacturers target market assessment; however, ^a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels.

2 March 2021

SWEDISH MATCH AB (PUBL)

Legal Entity Identifier (LE)): S29900YVXCGNWAUYZG7\$

Issue of SEK 100,000,000 1.395 per cent Fixed Rate Notes due ²⁴ February ²⁰²⁶

(to be consolidated and form ^a single series with the existing SEK 700,000,000 ¹³⁹⁵ per cent Fixed Rate Notes due ²⁴ February 2026, issued on ²⁴ february 2021)

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 purposes ofthe Conditions set forth in the Offering Circular dated ²⁶ November ²⁰²⁰ (the Offering Circular) which constitutes ^a base prospectus for the purposes of the Prospectus Regulation. 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 in order to obtain all the relevant information. The Offering Circular has been published on the website of the Issuer (https:J/www.swedishmatch.com/lnvestors/).

1.	Is su er :		Sw ed ish M ch A B (p ub l) at
2.	(i)	Se rie N be s um r:	50
	(ii )	Tr ch N be an e um r:	2
	(ii i)	D hi ch th N at ill be 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 N ill be ol id ot ed d fo sin gl at e es co ns w an rm a e ith Se rie th is tin SE K 70 0, 00 0, 00 0 1.3 95 s w ex e g t F ix ed R N du 24 Fe br at 20 26 ot pe r c en e es e ua ry , is ed 24 Fe br 20 21 (th T he 1 su on ua ry e ra nc N ") th ot ts D es at on e su e e
3.	Sp ifi ec	ed Cu Cu ci rr en cy or rr en es :	Sw ed ish K (" SE K ") ro no r
4.	A N in al A te nt gg re ga om m ou :
	(i)	Tr ch an e:	SE 10 0, 00 K 0, 00 0
	(ii )	Se rie s:	SE K 80 0, 00 0, 00 0

5,	ls su e	ic Pr of Ir ch e an e:	99 .3 96 of th A N in al nt te pe r ce e gg re ga om A pl ed in fr d nt te st m ou us ac cm re om an in ci ud in 24 fe br 20 21 g ua ry
6.	(i)	Sp ifi ed D in io at ec en om ns :	SE K 2, 00 0, 00 0 d in al ul tip of te SE K te an gr m s 1,0 00 ,0 00 in th f u d in ci ud in to ex ce ss er eo p an g SE K 3, 00 0, 00 0. N N in de fin iti fo ill ot o es ve rm w be is ed ith de in io ab SE at K su w a no m n ov e 3, 00 0, 00 0
	(ii )	ai la tio C A nt cu n m ou :	SE K 1,0 00 ,0 00
7.	(i)	Is D at su e e:	ch 5 M 20 21 ar
	(ii )	C In t D te st at re om m en ce m en e:	br 24 Fe 20 21 ua ry
8.	M at ur	ity D at e:	24 fe br 20 26 ua ry
9.	In B is te st re as :		1.3 95 Fi d R nt at pe r ce xe e (s h 14 be lo ) ee pa ra gr ap w
10	ed io R Ba sis pt em n :		Su bj ha d el la tio t t rly ec o an y pu rc se an ca nc n or ea de io th N ill be de ed pt th ot re m n, e es re em w on e M ity D 10 0 of th ei in al at at nt at ur e pe r ce r no m , nt am ou
11	Ch of In Ba sis te st an ge re :		N A lic ab le ot pp
12	Pu t/C al l O io pt ns :		Ch of C l Pu tro t an ge on (s h 19 be lo ) ee pa ra gr ap w
13	D td al B fo is at of N e ot oa ap pr ov su an ce r es ob in ed ta :		lic ab le N A ot pp

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

14	Fi d R is io N Pr at ot xe e e ov ns		A tic ab le pp
	(i)	R e( s) of In at te st re :	1.3 95 bl in nt pe r ce pe r an nu m pa ya e ar re ar on ch In Pa D te st t at ea re ym en e
	(ii )	In Pa D e( s) te st t at re ym en :	24 Fe br ch in ci 24 ua ry ea ye ar co m m en ng , Fe br 20 22 d in cl ud in th to M ity ua ry at up an g e ur D at e
	(ii i)	Fi d C A (s ): nt xe ou po n m ou	SE K 13 ,9 50 C al la tio A nt cu n pe r m ou
	(iv )	ok Br A (s ): nt en m ou	N A lic ab le ot pp
	(v )	D C tio Fr nt ay ou ac n:	3 0 /3 60
	(v i)	in io D D e( s) et at at er m n :	lic ab le N A ot pp
15	Fl tin oa g	R N Pr is io ot at e e ov ns	A lic ab le N ot pp
16	Ze Co ro	N Pr is io ot up on e ov ns	lic ab le N A ot pp

PROVISIONS RELATING TO REDEMPTION

17	Is Ca ll su er	A lic ab le N ot pp
18	In Pu sto t ve r	lic ab le N A ot pp
19	Ch of C l Pu tro t an ge on	lic ab A te pp
20	fin a! R ed io A pt nt em n m ou	SE K 1,0 00 ,0 00 C la tio A at nt pe r cu n m ou
21	Ea rly R ed io A of ch N pt nt ot em n m ou ea e bl de io fo tio pt ta pa ya e on re m n r xa n re as on s or f d ef lt: t o on ev en au	SE K 1,0 00 ,0 00 C ai la tio A nt pe r cu n m ou

GENERAL PROVISIONS APPLICABLE TO THE NOTES

22	fo of N ot rm es	B N ot ea re r es
		Te B lo ba l G N ch ab le m po ra ry ot ea re r e ex an ge fo Pe B G lo ba l B t N ot r a rm an en ea re r ea re r e hi ch is ch ab le fo de fin iti B w ex an ge ve r ea re r N ly Ex ch Ev ot t. es on up on an an ge en
		N sh al l be ph ic al ly ot t de liv ed in es no ys er B el gi cl rin pt to ste um ex ce a ea g sy m a , , de sit he in sti tio fo he ot tu of r t po or y or r n pu rp os e th ei im ob ili tio in rd ith tic 4 r m sa n te ac co an ce w ar of th B el gi La of 14 D be 20 05 e an w ec em r
23	A dd iti a! fin ci al C (s ) tre on an en	N A lic ab le ot pp

1. Talons for future Coupons to be attached to Definitive Beater Notes: No

THtRD PARTY INFORMATION

Not Applicable

Match AB (pubi):

ai,thorised

A4QAs

PART 8- OTHER INFORMATION

LISTING AND ADMISSION TO TRADING

(i)	Li sti d A dm is sio di to tra ng an n ng :	A lic io ha be ad by th Is at (o pp n s en m e su er e r on its be ha if) fo he N be ad itt ed ot di r t to to tra es m ng th nd Lo St k E ha la d te on e on oc xc ng es re gu ke nd lis tin th O ffi ci al t a Li of th FC A m ar st g on e e ith ef fe fr ab he ls D ct t t at w om or ou su e e.
(ii )	tim Es of l e la d ad is sio at to ta te to e xp en se s re m n di to tra ng :	G BP 39 5
2.	R A TE N G S
	in R at gs	Th fo llo in tin fle tin sig d ct e w g ra gs to re ra gs as ne N of th is is ed de th ot Pr ty es pe su un r e og ra m m e lly ge ne ra :
		dy 's M In Se ic Lt d. (M dy 's ") sto oo ve rs rv e oo : B 2 aa
		S& P G lo ba l in Eu Li ite d R (" S& P" ): at gs ro pe m BB B

Each of Moody's and S&P is established in the United Kingdom and European Union respectively and is registered under Regulation (EC) No. 1060/2009 (as amended).

Moody's in its ²⁶ January ²⁰²¹ publication entitled "Rating Symbots and Definitions 'describe ^a credit rating of "Baa2" in the following terms "Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and ^a such may possess ^a certain speculative characteristics. Moody ' ^s appends numerical modifiers 1,2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category, the modifier ² indicates ^a mid-range ranking, and the modifier ³ indicates ^a ranking in the lower end of that generic rating category".

S&P in its ⁵ January 2021 publication entitled "S&P Global Ratings Definitions" describe ^a credit rating of "BBB" in the following terms "An obligation rated 'BBB exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligors capacity to meet its financial commitments on the obligation."

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

Save for the fees payable to Nordea Bank Abp (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 Deater and its affihiates 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. YCELD

Indication ofyield: 1.522 per cent. p.a. The yield is caicutated at the Issue Date on the basis of the Issue Price. It is not an indication of future yield. 5. REASONS FOR THE OFFER AND ESTIMATED NET PROCEEDS (i) Reasons for the offer: See "Use of Proceeds" in the Offering Circular (ii) Estimated net proceeds: SEK 99,288,625 6. OPERATIONAL INFORMATION (i) ISIN: XS2306815114 (ii) Common Code: 230681511 (iii) CUSIP: Not Applicable (iv) CINS: Not Appticable (v) Cfl: DTFXFB, as updated, as set out on the website of the Association of National Numbering Agencies (ANNA) or alternatively sourced from the responsible National Numbering Agency that assigned the ISIN (vi) FISN: SWEDISH MAICH A/1.395 MTN 20260224, as updated, as set out on the website of the Association of National Numbering Agencies (ANNA) or altematively sourced from the responsibte National Numbering Agency that assigned the ISIN (vii) Any clearing system(s) other than Not Applicable DTC, Euroclear Bank SAINV and Clearstream Banking SA, and the relevant identification number(s): (viii) Names and addresses of additional Not Applicable Paying Agent(s) (if any):

(ix) Registrar: Not Applicable

7. DISTRIBUTION

• (i) U.S. Selling Restrictions: Reg. ^S Compliance Categoiy 2; TEFRA D
• (ii) Prohibition of Sales to EEA and UK Not Applicable Retail Investors:
• (iii) Prohibition of Sales to Belgian Applicable Consumers: