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The content of this section is intended for investors and for informational purposes only. The content is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Kommuninvest does not make representation or warranty (express or implied) of any nature or accept any responsibility or liability of any kind for accuracy or sufficiency of any information, statement, assumption or projection in this information, or for any loss or damage (whether direct, indirect, consequential or other) arising out of reliance upon this content. The reader of the information of this section is solely responsible for making its own independent appraisal of the contents herein.

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Information regarding the treatment of personal data by Kommuninvest i Sverige AB

There are provisions contained within The Personal Data Act (“personuppgiftslagen” 1998:204) regarding the way in which personal data should be treated. The purpose of this legislation is to protect individuals from having their privacy violated via the processing of their personal data. The term “personal data” in this context refers to any information that can directly or indirectly be attributed to a living human being.

Kommuninvest i Sverige AB (“Kommuninvest”) is responsible for all personal data that is processed within the entire organisation. Below is a brief description of what personal data is processed, the reason why it is processed, and your individual right of access to any and all data that is held about you. Please feel free to get in touch with us if you need any further information about this by using the contact details below.

Personal data that is being managed

Kommuninvest processes personal data for the administration and execution of contracts that are in force, and also in order to be able to fulfil its legal obligations. Kommuninvest processes personal data that is provided voluntarily in connection with visits to the Kommuninvest website, when entering into contracts, or when data is otherwise recorded in connection with the preparation or administration of a contract (for example, in connection with a lending or borrowing agreement). When matters are dealt with on the telephone, personal data is also processed because such telephone calls are recorded. Kommuninvest may also supplement personal data by obtaining further information from public records.

Personal data may be disclosed in certain situations where Kommuninvest is obliged by law to provide information to an agency, for example the Swedish Financial Supervisory Authority, or the Swedish Data Inspection Board.

Transcript from register and the rectification of errors

Once a year you can, free of charge, request a transcript from Kommuninvest whereby you will receive information on the personal data about you that is being held, where this data came from, why it was obtained, the purpose for which it is being held, and to whom any data may be disclosed. If you would like to be sent such a transcript, please send a written request, signed by you, to the address you will find below. You can notify us at the same address if you no longer wish to receive information from Kommuninvest, or if you would like to request the correction of some erroneous or incomplete personal data.

Kommuninvest full year 2013: Operating profit SEK 757.6 (249.1) million

Kommuninvest’s operating profit for 2013 was SEK 757.6 (249.1) million. Lending amounted to SEK 208.6 (201.0) billion and the capital adequacy ratio was 59.5 (30.4) percent.

Tomas Werngren, Kommuninvest’s President and CEO, comments the annual accounts:

– The operating profit reflects the work to strengthen the capital base ahead of the EU’s introduction of a leverage ratio requirement for credit institutes effective from 2018. This work goes better than expected, providing Kommuninvest with the right conditions to fulfil its vision: to be the world’s best organisation for local government financial administration.

– We continue to be the first choice for local government loan financing. However, the competitive situation is getting tougher, which has contributed to Kommuninvest’s lending growth becoming more subdued over the year.

– Our general cost level is low and declining. For 2013, the cost level was 7.0 basis points, measured in terms of administration costs as a share of the lending portfolio excluding the statutory Swedish stability fee. This can be compared with an average of 8.8 basis points for the period 2010 to 2012.

The Kommuninvest Cooperative Society grew with four (seven) new member municipalities during 2013: the municipalities of Uppsala, Tibro, Järfälla and Svalöv. By year-end, the Society had 278 (274) members, of which 270 (266) were municipalities and 8 (8) were county councils.

Summary of the year

• Balance sheet total SEK 277.5 (283.3) billion

• Lending SEK 208.6 (201.0) billion

• Net interest income SEK 969.5 (771.7) million

• Operating profit SEK 757.6 (249.1) million

• Operating profit, excluding the effect of unrealised market value changes SEK 740.0 (510.0) million

• Total capital base SEK 2,650.8 (1,732.6) million

• Capital adequacy ratio 59.5 (30.4) %

• Leverage ratio 0.96 (0.68) %

• Market share in percent of the local government sector’s total borrowing 44 (46) percent

 

For further information

Tomas Werngren, President and CEO, tel. +46 70 645 06 69

Maria Viimne, Deputy CEO, tel. +46 70 333 69 02

Björn Bergstrand, Head of Media Relations, tel. +46 70 886 94 76 alt. bjorn.bergstrand@kommuninvest.se

 

About Kommuninvest

Kommuninvest i Sverige AB is owned by Swedish municipalities and county councils with the purpose of supporting their financial operations through secure and cost-efficient financing, skills development and cooperation. With approximately SEK 210 billion in lending, Kommuninvest is the largest lender to Swedish local governments.