Annual General Meeting of AB Volvo

The Annual General Meeting of AB Volvo held on April 4, 2012 approved the Board
of Directors’ motion that a dividend of SEK 3.00 per share be paid to the
company’s shareholders. The record date for dividends was established as April
11, 2012.
The income statement and balance sheet as well as the consolidated income
statement and the consolidated balance sheet were adopted. In accordance with
the Board of Directors’ motion, it was resolved that a dividend of SEK 3.00 per
share would be paid to the shareholders. April 11, 2012 was established as the
record date for receipt of dividends. Disbursement of the dividend by Euroclear
Sweden AB is scheduled to occur on Monday, April 16, 2012. 
The Board Members,
deputies and the two persons who served as President during 2011 were discharged
from liability for their administration during the 2011 fiscal year.

Peter
Bijur, Jean-Baptiste Duzan, Hanne de Mora, Anders Nyrén, Olof Persson, Ravi
Venkatesan, Lars Westerberg and Ying Yeh were reelected as members of the AB
Volvo Board. In addition, Carl-Henric Svanberg was elected member of the Board
and Board Chairman. Carl-Henric Svanberg also holds the position as Chairman of
the Board in BP plc and as member of the Board in Telefonaktiebolaget LM
Ericsson. He will leave his assignment at Ericsson in connection with the
company’s Annual General Meeting on May 3, 2012. His share ownership in AB Volvo
amounted to 700,000 B shares at April 1, 2012.

Individual fees payable to the
members of the Board were adopted at the following level. The Chairman of the
Board was awarded SEK 2,100,000 and each of the other members SEK 700,000 with
the exception of the President, who does not receive a director’s fee. In
addition, the Chairman of the Audit Committee was awarded SEK 300,000, the other
members of the Audit Committee SEK 150,000 each and the Chairman of the
Remuneration Committee was awarded SEK 125,000 and the other members of the
Remuneration Committee SEK 100,000 each.

Carl-Olof By, representing AB
Industrivärden, Jean-Baptiste Duzan, representing Renault s.a.s, Lars Förberg,
representing Violet Partners LP, Håkan Sandberg, representing Svenska
Handelsbanken, SHB Pension Fund, SHB Employee Fund, SHB Pensionskassa and
Oktogonen and the Chairman of the Board were elected members of the Election
Committee. The Meeting resolved that no fees would be payable to the members of
the Election Committee.
A Remuneration Policy for senior executives was adopted
in accordance with the Board of Directors' motion.

April 4,
2012

Journalists who would like more information, please contact Mårten
Wikforss, AB Volvo, +46 31 66 11 27 or +46 705 59 11 49

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http://www.volvogroup.com/globalnews.

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The
Volvo Group is one of the world’s leading manufacturers of trucks, buses and
construction equipment, drive systems for marine and industrial applications and
aerospace components. The Group also provides complete solutions for financing
and service. The Volvo Group, which employs about 115,000 people, has production
facilities in 20 countries and sells their products in more than 190 markets. In
2011 annual sales of the Volvo Group amounted to about SEK 310 billion. The
Volvo Group is a publicly-held company headquartered in Göteborg, Sweden. Volvo
shares are listed on OMX Nordic Exchange Stockholm. For more information, please
visit www.volvogroup.com or www.volvogroup.mobi if you are using your mobile
phone.