Total return of 17.9% – record performance for AP3

January – 31 December 2005

• The AP3 portfolio generated a total return of 17.9% before expenses and 17.7% after expenses.

• The return on the market-listed portfolio (which excludes private equity investments) was 17.3% before expenses.

• Active return totalled 1.2%.

• Net profit amounted to SEK 28.8 billion.

• Fund capital rose SEK 31.7 billion to SEK 192.0 billion.

• Currency exposure was 17.0% at year-end.

• The risk-adjusted return (sharpe ratio) was 3.4

• The information ratio amounted to 2.2