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Interim report 1 January – 30 June 2012

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  • The first six months of 2012 were marked by ongoing worries over the debt crisis in southern Europe and attendant economic weakness.

  • Income for the first six months totaled SEK 9,848 million (3,449), representing a return of 4.6% (1.6) before expenses and 4.6% (1.6) after expenses.
  • Fund capital stood at SEK 222,287 million at 30 June, an increase of SEK 8,181 million during the six months.

  • The change in fund capital includes payments of SEK 1,667 million to the national pension system.

  • AP3 has during the last 10 years generated a annual return of 5.5%. The real annual return (minus inflation) stands at 4.1% during this period. Since inception 2001 AP3’s return amounts to 3.7% per year outpacing the income index that is the benchmark used to keep pension credits in line with inflation.

Kerstin Hessius, AP3 CEO, said: "AP3 generated a strong return of 4.6 percent in the first six months of the year. The risk of further balancing in the pension system and the impact of the global debt crisis of financial markets meant we opted for a lower level of portfolio risk than we have historically."

"Our asset management has been shown to be cost-effective by international standards. The benchmarking survey that we carry out in association with the Canadian company Cost Effectiveness Measurement (CEM) shows that our costs are 30 percent lower than the benchmark group of 17 global pension funds."

AP3 will publish its annual corporate governance report this week. The report presents the Fund’s corporate government strategy for the Swedish and global portfolios and the main focus issues at corporate AGMs during the last 12 months.

AP3’s interim report 2012 can be down loaded from www.ap3.se.

For more information please contact:
Christina Kusoffsky Hillesöy
Head of Communications and Sustainable investments
Phone: +46 8 555 17 123, christina.hillesoy@ap3.se

Kerstin Hessius
CEO
Phone: +46 8 555 17 100, kerstin.hessius@ap3.se

AP3 is one out of five buffer funds within the Swedish National Pension System. The Fund has SEK 222.3 bn assets under management. Read more about AP3 on www.ap3.se.

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