Press release; Nov 22, 2004 2:08 PM CET

Swedish Match announces repurchase of bonds

Swedish Match has repurchased EUR 119 874 000 nominal amount, of the 6 1/8 percent Global Medium Term Notes due 1 October 2006 (ISIN No XS0102264651).

The bonds were repurchased in order to reduce repayments in 2006 and give Swedish Match a more balanced debt structure.

Remaining outstanding nominal amount, of the 6 1/8 percent Global Medium Term Notes due 1 October 2006, amount to EUR 180 126 000 (approximately SEK 1.6 billion).

Swedish Match is a unique company with its range of market-leading brands in the product areas of snuff and chewing tobacco, cigars and pipe tobacco – tobacco’s niche products – as well as matches and lighters. The Group’s global operations generated sales of 13,141MSEK in 140 countries for the twelve month period ending September 30, 2004. Swedish Match shares are listed on Stockholmsbörsen (SWMA).

Swedish Match AB (publ), SE-118 85 Stockholm
Visiting address: Rosenlundsgatan 36, Telephone: + 46 8 658 02 00
Corporate Identity Number: 556015-0756
www.swedishmatch.com

For further information, please contact:
Lars Dahlgren, Chief Financial Officer
Office +46 8 658 04 41, Mobile +46 70 958 04 41
Magnus Heimburg, Vice President, Group Treasurer
Kontor +46 8 658 0112, Mobil +46 70 887 01 96
Emmett Harrison, Vice President, Investor Relations (IR)
Office +46 8 658 01 73, Mobile +46 70 938 01 73
Richard Flaherty, Vice President, Business Control & CFO, IR (US)
Office +1 804 302 1774, Mobile +1 804 400 1774