Annual General Meeting of AB Volvo

Annual General Meeting of AB Volvo

The Annual General Meeting of AB Volvo held on April 14, 2010 approved the
proposal from the Board of Directors and the President not to pay a dividend to
the shareholders and that all of the funds at the disposal of the Annual General
Meeting would be carried forward to the following year.

The income statement and the balance sheet, as well as the consolidated income
statement and the consolidated balance sheet, were adopted.

It was resolved, in accordance with a proposal from the Board of Directors and
the President, that no dividend would be paid to the shareholders and that the
funds at the disposal of the Annual General Meeting would be carried forward to
the following year.

The Members of the Board, Deputy Members of the Board and the President were
granted discharge from liability for their administration during the 2009 fiscal
year.

Peter Bijur, Jean-Baptiste Duzan, Leif Johansson, Anders Nyrén, Louis
Schweitzer, Ravi Venkatesan, Lars Westerberg and Ying Yeh were reelected as
members of the Board of AB Volvo, and Hanne de Mora was newly elected. Louis
Schweitzer was elected Chairman of the Board. 

The individual fees to be paid to the members of the Board were adopted at the
same level as in 2009, to be distributed among the members as follows. The
Chairman of the Board was allocated SEK 1,500,000 and each of the other members
SEK 500,000 with the exception of the President, who does not receive director
fees. In addition, the Chairman of the Audit Committee was allocated SEK
250,000, the other two members of the Audit Committee SEK 125,000 each and the
members of the Remuneration Committee SEK 75,000 each. 

The registered public accounting firm PricewaterhouseCoopers was elected as the
company's auditor for a period of four years. Auditor fees will be paid based on
invoices.

Thierry Moulonguet, representing Renault s.a.s, Carl-Olof By, representing AB
Industrivärden, Håkan Sandberg, representing Svenska Handelsbanken, SHB Pension
Fund, SHB Employee Fund, SHB Pensionskassa and Oktogonen, Lars Förberg,
representing Violet Partners LP and the Chairman of the Board, were elected
members of the Election Committee. The Meeting resolved that no fees be paid to
the members of the Election Committee. 

New guidelines concerning remuneration of senior executives were adopted in
accordance with the Board of Directors' proposal.

April 14, 2010

Reporters who want more information, please contact: Mårten Wikforss, AB Volvo,
+46 31 66 11 27 or +46 705 59 11 49

Visit http://www.thenewsmarket.com/volvogroup to access broadcast-standard video
from Volvo Group. You can preview and request video, and choose to receive as a
MPEG2 file or by Beta SP tape. Registration and video is free to the media.

The Volvo Group is one of the world's leading manufacturers of trucks, buses and
construction equipment, drive systems for marine and industrial applications,
aerospace components and services. The Group also provides complete solutions
for financing and service. The Volvo Group, which employs about 90,000 people,
has production facilities in 19 countries and sells their products in more than
180 markets. In 2009 annual sales of the Volvo Group amounted to about SEK 218
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.