Helena Stjernholm, Håkan Samuelsson and Martin Lundstedt proposed as new Board members of AB Volvo

The Election Committee of AB Volvo has proposed that Helena Stjernholm, Håkan
Samuelsson and Martin Lundstedt, President and CEO of Volvo, be elected as new
Board members at the Annual General Meeting on April 6, 2016. The Election
Committee has also resolved to propose the re-election of Chairman of the Board
Carl-Henric Svanberg, as well as Board members Matti Alahuhta, Eckhard Cordes,
James W. Griffith, Kathryn V. Marinello, Martina Merz, Hanne de Mora and Lars
Westerberg. Anders Nyrén has announced that he will not be standing for re
-election.
Since September 2015, Helena Stjernholm, 45, has been the President and CEO of
the investment company AB Industrivärden. She has many years of experience of
various companies and industries, financing, corporate transactions and active
ownership from her previous position as partner and head of the Stockholm office
of the venture capital company, IK Investment Partners. Helena Stjernholm has
been a member of several Swedish and international boards of directors.

Håkan Samuelsson, 64, has more than 35 years’ experience from executive
positions in the automotive industry and since 2012 has held the position of
President and CEO of the Volvo Car Group. Most of his career has been spent in
the truck industry, with nine years at the German truck manufacturer, MAN, and
before that nearly 25 years with the Swedish truck company Scania. Håkan
Samuelsson is currently a board member of the Teknikföretagen employers’
organization.

Martin Lundstedt assumed his position as Volvo President and CEO in October
2015. He has held a number of executive positions, most recently as President
and CEO of Scania. The Election Committee considers it to be positive and
valuable for the company that the President and CEO is a member of the Board.

The Election Committee of AB Volvo comprises four representatives of the
company’s largest shareholders, who together represent 22.9 percent of the
shares and 49.1 percent of the votes, and the Chairman of the Board. The members
who represent the largest shareholders are Bengt Kjell, representing AB
Industrivärden, Lars Förberg, representing Cevian Capital, Yngve Slyngstad,
representing Norges Bank Investment Management, as well as Pär Boman,
representing Handelsbanken, SHB Pension Fund, SHB Employee Fund, SHB
Pensionskassa and Oktogonen.

February 23, 2016

For further information, please contact: Bengt Kjell, Chairman of the Election
Committee, Tel: +46 8 666 64 00.

For more news from the Volvo Group, 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 Volvo Group also
provides complete solutions for financing and service. Volvo, which employs
about 100,000 people, has production facilities in 19 countries and sells its
products in more than 190 markets. In 2015 the Volvo Group’s sales amounted to
about SEK 313 billion (EUR 33.4 billion). The Volvo Group is a publicly-held
company headquartered in Göteborg, Sweden. Volvo shares are listed on Nasdaq
Stockholm. For more information, visit www.volvokoncernen.se 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 3.30 p.m. on February 23,
2016.