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ESSITY AKTIEBOLAG (PUBL) (Incorporated with Limited Liability in Sweden with the Registered Number 556325-5511)

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ESSITY AKTIEBOLAG (PUBL) (Incorporated with Limited Liability in Sweden with the Registered Number 556325-5511) BASE PROSPECTUS ESSITY AKTIEBOLAG (PUBL) (incorporated with limited liability in Sweden with the registered number 556325-5511) Euro 6,000,000,000 Euro Medium Term Note Programme This document constitutes a base prospectus for the purposes of Article 5.4 of Directive 2003/71/EC, as amended, including by Directive 2010/73/EU and any relevant implementing measures in the Member State (the "Prospectus Directive") for the purposes of giving information with regard to the issue of notes (the "Notes") by Essity Aktiebolag (publ) ("Essity" or the "Issuer") under the Euro Medium Term Note Programme (the "Programme") described in this Base Prospectus (the "Base Prospectus"). Any Notes issued under the Programme on or after the date of this Base Prospectus are issued subject to the provisions described herein. This does not affect any Notes already in issue. Pursuant to the Programme, the Issuer may from time to time issue Notes denominated in any currency agreed between the Issuer and the relevant Dealer(s) (as defined below). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed Euro 6,000,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement described herein), subject to increase as described herein. The Notes may be issued on a continuing basis to one or more of the Dealers specified under "General Description of the Programme" and any additional Dealer appointed under the Programme from time to time by the Issuer (each a "Dealer" and together the "Dealers"), which appointment may be for a specific issue or on an ongoing basis. References in this Base Prospectus to the "relevant Dealer" shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe such Notes. An investment in Notes issued under the Programme involves certain risks. For a discussion of these risks see "Risk Factors". Application has been made to the Luxembourg Stock Exchange for Notes issued under the Programme as described in this Base Prospectus to be listed on the Official List of the Luxembourg Stock Exchange and to be admitted to trading on the regulated market of the Luxembourg Stock Exchange. Application has also been made to the Commission de Surveillance du Secteur Financier (the "CSSF") for approval of this Base Prospectus under the Luxembourg Act dated 10 July 2005, as amended, (the "Prospectus Act") on prospectuses for securities (loi relative aux prospectuses pour valeur mobilières). By approving the Base Prospectus, the CSSF assumes no responsibility for the economic and financial soundness of the transactions contemplated by this Base Prospectus or the quality or solvency of the Issuer in accordance with Article 7(7) of the Prospectus Act. References in this Base Prospectus to Notes being "listed" (and all related references) shall mean that such Notes have been listed on the Official List of the Luxembourg Stock Exchange. The Luxembourg Stock Exchange's regulated market is a regulated market for the purposes of the Markets in Financial Instruments Directive 2014/65/EU (as amended, "MIFID II"). Notice of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes, the issue price of Notes and any other terms and conditions not contained herein which are applicable to each Tranche (as defined under "Terms and Conditions of the Notes") of Notes will be set out in a final terms document (the "Final Terms") which, with respect to Notes to be listed and admitted to trading on the Luxembourg Stock Exchange, will be filed with the CSSF on or before the date of issue of the Notes of such Tranche. The Programme provides that Notes may be listed or admitted to trading, as the case may be, on such other or further stock exchange(s) or markets as may be agreed between the Issuer and the relevant Dealer(s). The Issuer may also issue unlisted Notes and/or Notes not admitted to trading on any market. The Issuer may agree with the relevant Dealer(s) that Notes may be issued in a form not contemplated by the Terms and Conditions of the Notes herein, in which event a supplement to the Base Prospectus, if appropriate, will be made available which will describe the effect of the agreement reached in relation to such Notes. Application has been made to the CSSF, which is the Luxembourg competent authority for the purpose of the Prospectus Directive for its approval of this Base Prospectus. The Issuer has been assigned a Baa1 long-term senior unsecured rating with a negative outlook and a P-2 short- term senior unsecured rating with a negative outlook by Moody's Deutschland GmbH ("Moody's") and a 224313-3-2-v7.7 - i - 70-40677419 preliminary BBB+ long-term senior unsecured rating with a stable outlook and a preliminary A-2 short-term senior unsecured rating with a stable outlook by S&P Global Ratings, acting through Standard & Poor's Credit Market Services Europe Limited ("Standard & Poor's"). Moody's and Standard & Poor's are established in the European Economic Area and are registered under Regulation (EC) No. 1060/2009 (as amended) (the "CRA Regulation"). As such Moody's and Standard & Poor's are included in the list of registered credit rating agencies published by the European Securities and Markets Authority on its website in accordance with such Regulation at www.esma.europa.eu/page/List-registered-and- certified-CRAs (list last updated as of 1 December 2015). Series of Notes issued under the Programme may be rated or unrated. Where a Series of Notes is rated, such rating will not necessarily be the same as the ratings assigned to the Programme. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. Please also refer to "Credit ratings may not reflect all risks" in the Risk Factors section of this Base Prospectus. The Notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States, and Notes in bearer form are subject to U.S. tax law requirements. The Notes may not be offered, sold or (in the case of Notes in bearer form) delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act ("Regulation S")) except in certain transactions exempt from the registration requirements of the Securities Act. Arranger and Dealer Citigroup Dealers BNP PARIBAS Crédit Agricole CIB Deutsche Bank NatWest Markets The date of this Base Prospectus is 9 May 2018 224313-3-2-v7.7 - ii - 70-40677419 IMPORTANT NOTICES The Issuer accepts responsibility for the information contained in this Base Prospectus and the Final Terms for each Tranche of Notes. To the best of the knowledge and belief of the Issuer (having taken all reasonable care to ensure that such is the case) the information contained in this Base Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. The Issuer, having made all reasonable enquiries, confirms that this Base Prospectus contains or incorporates all information which is material in the context of the issuance and offering of Notes, that the information contained or incorporated in this Base Prospectus is true and accurate in all material respects and is not misleading, that the opinions and intentions expressed in this Base Prospectus are honestly held and that there are no other facts the omission of which would make this Base Prospectus or any of such information or the expression of any such opinions or intentions misleading. Subject as provided in the applicable Final Terms, the only persons authorised to use this Base Prospectus in connection with an offer of Notes are the persons named in the applicable Final Terms as the relevant Dealers or the Managers, as the case may be. This Base Prospectus is to be read in conjunction with all documents which are deemed to be incorporated herein by reference (see "Documents Incorporated by Reference" below). This Base Prospectus shall be read and construed on the basis that such documents are incorporated and form part of this Base Prospectus. The Dealers make no representation, warranty or undertaking, express or implied, and no responsibility or liability is accepted by the Dealers as to the accuracy or completeness of the information contained or incorporated in this Base Prospectus or any other information provided by the Issuer in connection with the Programme. No Dealer accepts any liability in relation to the information contained or incorporated by reference in this Base Prospectus or any other information provided by the Issuer in connection with the Programme. The Dealers accept no responsibility for any acts or omissions of the Issuer or any third party in connection with the issue and offering of Notes. The Issuer is responsible for the information contained in this Base Prospectus has not authorised anyone to provide any other information, and the Issuer and the Dealers take no responsibility for any other information that others may supply. Neither this Base Prospectus nor any other information supplied in connection with the Programme or any Notes (i) is intended to provide the basis of any credit or other evaluation or (ii) should be considered as a recommendation by the Issuer or any of the Dealers that any recipient of this Base Prospectus or any other information supplied in connection with the Programme or any Notes should purchase any Notes.
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