Interim Report January - June 2009

• Fund capital totalled SEK 175.7 billion at 30 June 2009, SEK 11.0 billion more than at 31 December 2008.
• The net profit was SEK 12.7 billion (–18.2) for the period, corresponding to a total return on assets of 7.9% (–8.7) before expenses. Total return after operating expenses including commission expenses was 7.8% (–8.8).
• The return on the listed equity portfolio was 8.5% (–9.0) before expenses. The active return on listed assets equalled 1.0 percentage point (–0.2).
• For the past five years, AP4 has delivered an average annual return of 3.6%, corresponding to a real annual return of 2.1%.
• Currency exposure was 14.5% at 30 June.

Commenting on the Fund’s performance in the first half, AP4’s CEO Mats Andersson says:

- Considering our previous weak performance, I am extremely pleased to report that our active management during the period produced a gain of almost SEK 1.5 billion, more than twice as much as the Fund’s interim goal of outperforming the index by an average of 0.4 percentage point annually. I am pleased that all management areas achieved gains.

AP4’s complete interim report for January-June 2009 is available at our webpage.