FINANCIAL STATEMENTS 2009

KOMMUNINVEST I SVERIGE AB 2010-02-24

The year in summary • 25 new members • Balance sheet total SEK 183.0 (142.7) billion • Lending SEK 123.6 (104.7) billion • Operating profit SEK 193.7 (75.3) million The President’s comments Kommuninvest has enjoyed positive membership growth ever since it was possible for all Swedish municipalities and county councils to become members. During 2009, 25 new members were added, the second highest number on record. At year-end, 248 municipalities and county councils were members of Kommuninvest, which has evolved into the largest lender to the Swedish local government sector, accounting for over a third of the sector’s total borrowings. We are proud to present these good results. It provides scope to reach the target outlined in the ownership directive, to increase the capital base of Kommuninvest to a target level of 1 percent of the balance sheet total. Increased lending margins accounted for the lion’s share of the improved operating profit in 2009. During 2009 we launched several new funding programs, partly in new markets, and have been able to benefit from a market situation that has favoured the most creditworthy borrowers. Our position as the Swedish Local Government Debt Office was strengthened both by the solid lending and membership growth and by the decision of the Swedish Riksbank to approve Kommuninvest as a Monetary Policy Counterparty. The implemented and discussed changes to financial regulations and supervision of banks and financial institutions will lead to transformation in the financial system over the course of the coming years. We believe one of the effects will be reduced lending by banks to the local government sector. This highlights the need for well-functioning and efficient financial cooperation within the local government sector. We are therefore very satisfied that Kommuninvest’s position has been strengthened in so many ways during 2009. Tomas Werngren, President and CEO