Changes to Volvo’s Group management

As a result of the merger of the current three sales and market regions in the
truck operation into a single global sales organization, as well as creating a
smaller and more efficient management, the number of members of Volvo’s Group
Executive Team is being reduced from 16 to 10.
Group Trucks Sales will be organized in seven regions with underlying market
organizations. Today’s three regional sales offices will be consolidated into a
single global head office for sales located in Gothenburg. The new organization
will generate opportunities for a more cost-effective global structure with a
clearer focus on customers, brands and product offering.

In conjunction with the merger of the sales organization, the existing
purchasing department for the truck operation will also be moved from Group
Trucks Technology to Group Trucks Operations. The changes will apply from
January 1, 2015.

Following this change, Volvo’s entire truck operation will be organized in three
global organizations:

Group Trucks Sales, with global responsibility for all marketing and sales of
trucks, as well as associated products and services, under the management of
Joachim Rosenberg.
Group Trucks Operations, with global responsibility for all production,
logistics and purchasing related to truck manufacture, under the management of
Mikael Bratt.

Group Trucks Technology, with global responsibility for all technology and
product development related to truck manufacture, under the management of
Torbjörn Holmström.

Smaller Group Executive Team

To be able to work together more efficiently and to enable rapid decision-making
paths, the number of members of Volvo’s Group Executive Team is being reduced
from the current 16 to 10. This will be achieved by the following changes:

The merger of the three sales and marketing organizations in Group Trucks will
result in one Executive Team member instead of today’s three.

The head of Volvo CE and the head of Volvo Financial Services will no longer be
members of Group management. The head of Volvo CE will continue to report to the
head of Business Areas and the head of Volvo Financial Services will continue to
report to the Group’s CFO.

Corporate Process & IT will be relocated organizationally under the Group’s
Chief Financial Officer (CFO).

The Corporate Sustainability & Public Affairs and Corporate Communication staff
functions are being merged into a single unit.

Following the changes, Volvo’s Group Executive Team will comprise the following
persons as of January 1, 2015:

Olof Persson – President and CEO

Joachim Rosenberg – Group Trucks Sales

Michael Bratt – Group Trucks Operations

Torbjörn Holmström – Group Trucks Technology

Håkan Karlsson – Business Areas (Volvo Construction Equipment, Volvo Penta,
Volvo Buses, Governmental Sales)

Karin Falk – Corporate Strategy

Sofia Frändberg – Corporate Legal & Compliance

Jan Gurander – Corporate Finance &Control

Kerstin Renard – Human Resources

No appointment yet – Communication & Sustainability Affairs

Volvo has also resolved to relocate Group management and the related staff
functions from the current head office in Torslanda to the Group office in the
Lundby area, where most of the truck operation’s central units are gathered.

October 24, 2014

Journalists who would like further information, please contact Kina Wileke, +46
31-66 12 32 or +46 765-53 72 29

For more stories from the Volvo Group, please visit
http://www.volvogroup.com/globalnews.

The Volvo Group is one of the world’s leading manufacturers of trucks, buses,
construction equipment and marine and industrial engines. The Group also
provides complete solutions for financing and service. The Volvo Group, which
employs about 110,000 people, has production facilities in 18 countries and
sells its products in more than 190 markets. In 2013 the Volvo Group’s sales
amounted to about SEK 270 billion. The Volvo Group is a publicly-held company
headquartered in Göteborg, Sweden. Volvo shares are listed on Nasdaq Stockholm.
For more information, please visit www.volvogroup.com or www.volvogroup.mobi if
you are using your mobile phone.

AB Volvo (publ) may be required to disclose the information provided herein
pursuant to the Securities Markets Act and/or the Financial Instruments Trading
Act. The information was submitted for publication at 07.22 a.m October 24,
2014.