Disclaimer

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 focuses on public benefit

Kommuninvest is the largest provider of credit to Swedish municipalities and county councils/regions. Our loans are used for investments at the heart of welfare, such as in premises for health services, education and care, the production of environmentally friendly energy, public transportation and housing for a growing population.

A leader in municipal financing

Kommuninvest’s vision is to be the world’s best organisation for local government financial administration. We finance the development of Sweden’s local and regional sectors, as well as investments for a sound and sustainable society.

Open to all

Kommuninvest is a member organisation that, based on municipal values, effectively represents the municipal sector in public funding issues. We conduct public, socially beneficial operations.

Kommuninvest’s creditworthiness is supported by a joint and several guarantee from its members. This helps to make Kommuninvest an attractive counterparty for qualified investors and financial institutions.

Kommuninvest welcomes all Swedish municipalities and county councils/regions that wish to become members. The members themselves determine the focus of the operations and bear the ultimate responsibility for the organisation. Each member has one vote regardless of its size, business volume or contribution.

Kommuninvest has no interest of its own in generating profit. Its purpose is to provide economic benefit to members. Following any necessary consolidation, profits accrue to the members.

With motivated and competent employees, Kommuninvest can be a quality and knowledge-oriented organisation that offers its customers competitive solutions and excellent service.

Our ambition is for society and actors in the finance market to perceive Kommuninvest as a stable, efficient and knowledgeable player, whose role as a local government debt office benefitting society provides the Swedish local government sector the most efficient financial administration possible, focusing on financing.

Targets and target fulfilment

Kommuninvest focuses its long-term effort on continuous improvements in the core operations. The strategy was adopted in 2013.

Customer

Meet customers’ needs in local government financing

Kommuninvest provides products and services for municipal financial management, focusing on financing. By being sensitive to customers’ needs and challenges, and by offering cost-efficient loans, knowledge transfer and tools that address specific challenges in customers’ day-to-day operations, customer satisfaction can be increased. Kommuninvest seeks to make a difference with products and solutions that are cheaper and better for the customer.

Customer satisfaction index 2009–2014¹

1) Survey not conducted in 2011 and 2013, data used is as an average.

Target
To have a sustainable better result than comparable institutions according to the Swedish Quality Index customer satisfaction index (CSI), albeit with a rating of at least 72.

Target fulfilment 2014
In the customer survey conducted in 2014, Kommuninvest had a CSI of 78. The average for comparable institutions was 71.

Sustainability

Knowledge-oriented operations with motivated personnel and efficient working methods, operated with financial stability and a conservative risk appetite

Kommuninvest has no interest of its own in generating a profit – its principal objective is to generate financial benefit for the members of the Kommuninvest Cooperative Society. The objective can be more easily attained with knowledgeable and competent employees who are committed to their duties and an organisation characterised by efficient processes, knowledge transfer and innovation. It is also important that Kommuninvest maintain a high level of financial stability and a conservative risk appetite.

Employee satisfaction index 2009–2014¹

1) Survey not conducted in 2011 and 2013, data used is as an average.

Target By the end of 2017 at the latest, to have better results than other public sector employers according to the Swedish Quality Index Employee satisfaction index (ESI), albeit with a rating of at least 72.

Target fulfilment 2014 In the employee survey conducted in 2014, Kommuninvest had an ESI of 72. The average for comparable employers was 70.

Financing

Stable and cost-effective proprietary debt management

Kommuninvest’s funding operations and liquidity management are critical to supporting customer needs. The financing target is an expression of the need for Kommuninvest to be able to fund itself even in times of uncertainty and of the objective that funding should always be feasible at the lowest possible cost. Easily accessible and secure liquidity preparedness is also crucial.

Target
To be the best local government financing institution according to an international Investor satisfaction index (ISI) by the end of 2017. To have, by the end of 2017, a cost of borrowing in the Swedish bond market that is 0.25 percentage points lower than the average of the borrowing costs of the five largest municipalities/county councils/regions.

Target fulfilment 2014
In the survey conducted in 2014, Kommuninvest placed as the third-best local government financing institution, among ten institutions. Kommuninvest’s funding costs on the Swedish bond market in 2014 was 0.15 percentage points lower than the average of proprietary funding costs obtained by the five largest member authorities.

Year	%
2009	75
2010	75
2011	76
2012	77
2013	77.5
2014	78

Year	%
2009	70
2010	68
2011	65
2012	62
2013	67
2014	72