Press release from Volvo's Election Committee - The Election Committee's proposal to the Annual General Meeting as regards Board members

Press release from Volvo's Election Committee - The Election Committee's
proposal to the Annual General Meeting as regards Board members

In view of the appointment of Olof Persson as the new President and
Chief Executive Officer of Volvo to assume his position on September 1,
2011, the Election Committee in AB Volvo has adjusted its proposal as
regards Board members as follows.

The Election Committee proposes re-election of Peter Bijur,
Jean-Baptiste Duzan, Hanne de Mora, Anders Nyrén, Louis Schweitzer, Ravi
Venkatesan, Lars Westerberg and Ying Yeh. The Election Committee further
proposes re-election of Leif Johansson for the time period until and
including August 31, 2011 and new election of Olof Persson as from and
including September 1, 2011. The Election Committee also proposes the
election of Louis Schweitzer as Chairman of the Board.

The Election Committee believes that it is positive for AB Volvo that
the president and the CEO of the Volvo group also is a member of the
Board, which has been the case for many years. The Election Committee
thus considers that the fact that Leif Johansson leaves his position as
President and CEO of Volvo on August 31, 2011 and is replaced by Olof
Persson should be reflected in the composition of the Board.  

April 4, 2011

For further information, please contact the Chairman of the Election
Committee, Thierry Moulonguet, tel +33-1-7684 6343