Kommuninvest Grön investerarpresentation Stockholm, April 18, 2018
Disclaimer These materials are confidential and are not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States (other than to qualified institutional buyers ("QIBs") (as defined below) who are also “qualified purchasers” within the meaning of Secti on 2(a)(51)(A) of the Investment Company Act (as defined below) and the rules and regulations thereunder), Canada, Japan or Australia. IMPORTANT: YOU ARE ADVISED TO READ THE FOLLOWING CAREFULLY BEFORE READING, ACCESSING OR MAKING ANY OTHER USE OF THE MATERIALS THAT FOLLOW. These materials have been prepared by and are the sole responsibility of Kommuninvest i Sverige AB (publ ) (the “Issuer”) and have not been verified, approved or endorsed by any lead manager, bookrunner or underwriter retained by the Issuer. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. These materials are provided for information purposes only and do not constitute, or form part of, any offer or invitation to underwrite, subscribe for or otherwise acquire or dispose of, or any solicitation of any offer to underwrite, subscribe for or otherwise acquire or dispose of, any debt or other securities of the Issuer (“securities”) and are not intended to provide the basis for any credit or any other third party evaluation of securities. These materials should not be considered as a recommendation that any investor should subscribe for or purchase any securities. If any such offer or invitation is made, it will be done pursuant to separate and distinct documentation in the form of a prospectus, offering circular or other equivalent document (a "prospectus") and any decision to purchase or subscribe for any securities pursuant to such offer or invitation should be made solely on the basis of such prospectus and not these materials. These materials may not be relied upon for the entering into of any transaction. In particular, investors should pay special attention to any sections of the final prospectus describing any risk factors. The merits or suitability of any securities or any transaction described in these materials to a particular person’s situation should be independently determined by such person . Any such determination should involve, inter alia , an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of the securities or such transaction. These materials may contain projections and forward looking statements. Any such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Issuer’s actual performance or achievements to be materially different from any future performanc e or achievements expressed or implied by such forward-looking statements. Any such forward- looking statements will be based on numerous assumptions regarding the Issuer’s pr esent and future strategies and the environment in which the Issuer will operate in the future. Bloomberg ticker: KOMINS 2
Disclaimer (cont.) Further, any forward-looking statements will be based upon assumptions of future events which may not prove to be accurate. Any such forward-looking statements in these materials will speak only as at the date of these materials and the Issuer assumes no obligation to update or provide any additional information in relation to such forward- looking statements. These materials are confidential, are being made available to selected recipients only and are solely for the information of such recipients. These materials must not be reproduced, redistributed or passed on to any other person or published, in whole or in part, for any purpose without the prior written consent of the Issuer. These materials are 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 local law or regulation. In particular, these materials are for distribution in the United Kingdom only to persons who meet the following criteria: 1. (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (ii) persons f all ing within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc ”) of the Order or 2. persons to whom these materials may otherwise be directed without contravention of section 21 of the Financial Services and Markets Act 2000 (all such persons being referred to as “relevant persons”). These materials must not be acted or relied on by persons who are not relevant persons. In member states of the European Economic Area, these materials are only directed at persons who are “qual ifi ed investors” within the meaning of Article 2(1)(e) of Directive 2003/71/EC. These materials and the information contained herein do not constitute and should not be construed as an offer to sell or solicitation of an offer to buy securities in the United States. The securities described in these materials have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold within the United States or for the account or the benefit of, US persons (as defined in Regulation S under the Securities Act ("Regulation S")) absent registration under the Securities Act or unless an exemption from the registration requirements of the Securities Act is available. The Issuer does not intend to conduct a public offering of any securities in the United States. These materials are not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States except to qualified institutional buyers ("QIBs") as defined in Rule 144A under the Securities Act who are also “quali fie d purchasers” ("QPs") within the meaning of Section 2(a)(51)(A) of the US Investment Company Act of 1940, as amended (the "Investment Company Act"), and the rules and regulations thereunder. By accepting delivery of these materials the recipient warrants and acknowledges that it is either (i) a non-US person (as defined in Regulation S) outside the United States or (ii) a QIB that is also a QP. Any failure to comply with the foregoing restrictions may constitute a violation of US securities laws. 3
Agenda Municipal sector review & outlook Kommuninvest funding strategy Green Bonds Impact Report 2017 Environmental Committee New Green Bond Framework 4
Kommunernas ekonomi, nu och framöver
Kommunal sektor står inför utmaningar Kraftig befolkningsökning Antalet äldre och yngre ökar snabbare än antalet sysselsatta Svårt att hitta personal med rätt kompetens driver upp kostnaderna Kraftigt ökade investeringsutgifter Källa: SKL 6
Stora behov framöver Badhus Gymnasieskolor Äldreboenden Källa: Svenskt vatten Idrottsanläggningar Gruppboenden Källa: Boverket Grundskolor Förskolor 0 200 400 600 800 Källa: SKL 7
Ökade investeringsvolymer Investeringsvolymerna har ökat med cirka 50 mdkr sedan 2010. Ökningstakten förväntas vara fortsatt hög de kommande åren 8
Vad investeras det i? Kommunkoncerner Landstingskoncerner 9
Nominell vs real ökning Andel av BNP Mdkr 90% 700 80% 600 70% 500 60% 400 50% 40% 300 30% 200 20% 100 10% 0 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017* 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Kommunkoncerner Landstingskoncerner Staten Hushållen Kommunsektorn 10
Skulden och tillgångarnas fördelning Kontor, 7000 800 000 idrottshallar, Förskole- bostäder grupp- och enheter äldreboenden 4000 grundskole- Produktion av 30 300 000 enheter GWh fjärrvärme ha skog och 8 GWh el 1300 gymnasie- skolor 40 000 km gator och vägar 160 000 km VA-ledningar 350 badhus Skattefinanserad skuld Taxe- och intäktsfinasierad skuld 11
Vad händer om räntorna går upp? Procent Mdkr 2,5 18 16 2 14 12 1,5 10 1 8 6 0,5 4 2 0 2014 2015 2016 2017 2018 2019 2020 2021 0 Huvudscenario Alterntivt scenario 2014 2015 2016 2017 2018 2019 2020 2021 Huvudscenario Alterntivt scenario 12
Funding
Swedish Local Government Debt Office • Mission: provide members with cost efficient and stable funding for investments. • AAA/Aaa, stable outlook. (Moody’s & S&P) • Balance sheet 2017: 357 bn SEK Only lending to members (310 bn SEK). • • Founded 1986 by ten local governments. Currently 288 owners/members (out of 310 total) 14
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