Swedish Match — Capital/Financing Update 2021

Sep 13, 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 conclusion that: (1) the target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive 20 14/65/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 (a distributor) should take into consideration the manufacturer's 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 manufacturers target market assessment) and determining appropriate distribution channels.

8 September2021

SWEDISH MATCH AB (PUEL)

Legal Entity Identifier (LEJ): 529900YVXCGNWAUYZG7\$

Issue of SEK 200,000,000 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 and the SEK 100,000,000 1.395 per cent Fixed Rate Notes due 24 February 2026, issued on 5 March 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://www.swedishmatch.com/lnvestors/).

1.	Is su er :		Sw ed is h M ch (p ub l) A B at
2.	(1)	Se rie N be s um r:	50
	(ii )	Tr ch N be an e um r:	3
	(ii i)	D hi ch th ill N be at ot e on w e es w ol id ed fo d sin gl Se rie at co ns an rm a e s:	Th N ill be ol id ed sin gl ot d fo at e es w co ns an rm a e rie ith Se th is tin SE K 70 0, 00 0, 00 0 1.3 95 s w e ex g fi d R N du 24 br 20 26 nt at ot Fe pe r ce xe e es e ua ry , is ed 24 br Fe 20 21 (th "T he I su on ua ry e ra nc N ") d th SE K 10 0, 00 0, 00 0 1.3 95 ot es nt an e pe r ce fi d R du 24 N Fe br 20 26 is ed at ot xe e e es ua ry su , 5 M ch 20 21 (th "T he 2 N ") th on ar ot e ra nc es on e Is D at su e e
3.	Sp ifi ec	ed C C ie ur re nc y or ur re nc s:	Sw ed is h 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 20 0, 00 0, 00 0

	(ii )	Se rie s:	SE K 1, 00 0, 00 0, 00 0
5.	Is su e	ic Pr of Tr ch e an e:	of th A N in al 10 0. 30 7 nt te e gg re ga om pe r ce d d in fr A lu te st nt re om an m ou p s ac cr ue br 20 21 in cl ud in 24 Fe g ua ry
6.	(i)	Sp ifi ed D in io at ec en om ns :	in al ul tip le of SE K SE K 2, 00 0, 00 0 d te an gr m s th f d in cl ud in 1, 00 0, 00 0 in to g ex ce ss er eo up an fo ill SE 3, 00 0, 00 0. N in de fin iti K N ot rm es ve w o ab is ed ith de in io SE K be at no m n ov e su w a 3, 00 0, 00 0
	(ii )	C al la tio A nt cu n m ou :	SE K 1, 00 0, 00 0
7.	(1)	Is D at su e e:	13 Se be 20 21 pt em r
	(ii )	C D In te st t at om m en ce m en e: re	24 Fe br 20 21 ua ry
8.	ity D M at at e: ur		Fe br 20 26 24 ua ry
9.	In te re	is B st as :	R 1.3 95 Fi d at nt e pe r ce xe (s h 14 be lo ) w ee pa ra gr ap
10	is R ed io B pt em n as :		d rly bj ha el la tio Su t to ea an pu rc se an ca nc n or ec y th ill be de ed de io th N pt ot w re em on e re m n, e es of th ei in al M ity D 10 0 nt at at at pe r r no m e ce ur , nt am ou
11	B is C ha of In te st as : ng e re		A lic ab le N ot pp
12	Pu t/C al l O io pt ns :		C ha of C l Pu t tro ng e on h be lo ) (s 19 ee pa ra gr ap w
13	D at e ob in ta	is of N B rd al fo ot es oa ap pr ov r su an ce ed :	lic ab le N A ot pp
(I PA Y A B LE A G T O IN T E R E ST F A N Y ) O IS IO S R E L T IN PR V N

Pr 14 Fi d R N ot at xe e e		is io ov ns	A lic ab le pp
	(i)	of In R e( s) te st at re :	bl in 1.3 95 nt pe r an nu m pa ya e ar re ar on ce pe r , ch In Pa D t at te st ea re ym en e
	(ii )	e( s) In Pa D at te st t re ym en :	ch ci 24 br in 24 Fe co m m en ng ea ye ar ua ry , d ity 20 22 in cl ud in th M Fe br at to an g e ur ua ry up D at e
	(ii i)	C A (s ): Fi d nt xe ou po n m ou	SE 13 ,9 50 C al la tio A K nt pe r cu n m ou
	(iv )	ke A (s ): B nt m ou ro n	N A lic ab le ot pp
	(v )	C fr tio D nt ay ou ac n:	30 /3 60
	(v i)	e( s) D in io D at et at er m n :	A lic ab le N ot pp
15	Fl tin oa g	N Pr is io R at ot e ov ns e	N A lic ab le ot pp

1. Zero Coupon Note Provisions Not Applicable

PROVISIONS RELATING TO REDEMPTION

17	C al l Is su er	N A lic ab le ot pp
18	In Pu t st ve or	lic ab le N A ot pp
19	C ha of C l Pu tro t on ng e	A lic ab le pp
20	Fi l R ed io A pt nt em n na m ou	SE K 1, 00 0, 00 0 C al la tio A nt pe r cu n m ou
21	Ea rl R ed io A of ch N pt nt ot em n y m ou e ea	SE 1, 00 0, 00 0 al la tio K C A nt pe r cu n m ou

Early Redemption each Note payable on redemption for taxation reasons or on event of default:

GENERAL PROVESIONS APPLICABLE TO THE NOTES

1. Form of Notes Bearer Notes

Permanent Bearer Global Note exchangeable for definitive Bearer Notes only upon an Exchange Event.

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

1. Additional financial Centre(s) Not Applicable

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

THIRD PARTY INFORMATION

Not Applicable

Signed on (pubi):

PART 3-OTHER INFORMATION

LISTING AND ADMISSION TO TRADING

(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 Exchanges regulated market and listing on the Official List ofthe FCA with effect from or about the Issue Date. (ii) Estimate oftotal expenses related to admission GBP 445 to trading: 2. RATINGS Ratings The following ratings reflect ratings assigned to Notes of this type issued under the Programme generally:

Moody's Investors Service Ltd. ("Moody's"): Baa2

S&P Global Ratings Europe Limited ("S&P"): BBB

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 Symbols 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 thelowerendofthatgenericratingcategory".

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 obligor's 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 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 affiliates in the ordinary course of business.

4. YIELD

Indication of yield: 1.323 per cent. p.a.

The yield is calculated 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)	fo R th of fe ea so ns r r: e	Se "U of Pr ds " in th O ff in C irc ul e se oc ee e er g ar
(ii )	E sti ed ds at t m ne pr oc ee :	SE K 20 1, 93 25 0. 00 6,

6. OPERATIONAL INFORMATION

(i)	IS IN :	X S2 30 68 15 11 4
(ii )	C C od om m on e:	23 06 81 51 1
(ii i)	C U SI P:	lic ab le N A ot pp
(iv )	C S: IN	lic ab le N A ot pp
(v )	C f 1:	D TF U FB da d, eb sit th of te t t as up as se ou on e w e , th A ia tio of N io l be rin N A ie at e ss oc n na um g ge nc s (A A ) N N al iv el d fr th te at or rn y so ur ce om e sib le N io l N be rin A th at re sp on at na um g ge nc y si ed th IS FN as gn e
(v i)	F IS N :	SW ED IS H M A TC H A /i .3 95 M TN 20 26 02 24 as , da d, th eb sit of th te t t up ou as se on e w e e A ia tio of io l N N be rin A ie at ss oc n na um g ge nc s (A A ) N N al iv el d fr th te at or rn y so ur ce e om sib le N io l N be rin A th at at re sp on na um g ge nc y si ed th IS [N as gn e
(v ii)	A cl rin (s ) he th st ot ny ea g sy em r an TC D Eu cl k SA /N B V d ro ea r an an , C le B ki S. A d th str ar ea m an ng an e le id tif ic io be r( s) nt at re va en n nu m :	N A lic ab le ot pp
(v iii	) N d ad dr of ad di tio l am es an es se s na Pa yi (if A (s ) y) nt ng ge an :	N A lic ab le ot pp
(ix )	R is tra eg r:	A lic ab le N ot pp

Applicable

7. DISTRIBUTION

(1) U.S. Selling Restrictions: Reg. S Compliance Category 2; TEFRA

C

• (ii) Prohibition of Sales to EEA and UK Not ApplicableRetail Investors:
• (iii) Prohibition of Sales to Belgian Applicable Consumers: