Martina Merz and Eckhard Cordes proposed as new Board members of AB Volvo

The Election Committee of AB Volvo has proposed Martina Merz and Eckhard Cordes
for election as new Board members at the Annual General Meeting on April 1,
2015. The Election Committee has also resolved to propose the reelection of
Chairman Carl-Henric Svanberg and Board members Matti Alahuhta, James W.
Griffith, Kathryn V. Marinello, Hanne de Mora, Anders Nyrén, Olof Persson and
Lars Westerberg. Jean-Baptiste Duzan will not stand for re-election.
Martina Merz, 51, recently relinquished her position as CEO of the global brake
manufacturer Chassis Brakes International. Prior to that, she worked for nearly
25 years with Robert Bosch GmbH, most recently as head of marketing and sales at
the Chassis System Brakes division. Martina Merz has long experience of the
automotive industry and is currently a member of the Board of SAF Holland S.A, a
subcontractor to the truck and bus industry. She holds a BS in mechanical
engineering from the University of Cooperative Education in Stuttgart.

Eckhard Cordes, 64, has devoted most of his active professional life to the
automotive industry. For nearly 30 years, he has held a number of management
positions with Daimler Benz, including head of the company’s truck and bus
operations. Eckhard Cordes has also been a member of several boards of
directors, including Air Berlin, SKF, Carl Zeiss and Rheinmetall AG. He is
currently Chairman of the Board of the industrial group Bilfinger SE. Eckhard
Cordes is a partner in Cevian Capital and EMERAM Capital Partners. He holds a
PhD and an MBA from the University of Hamburg.

The Election Committee of AB Volvo comprises the Chairman of the Board and four
representatives of the company’s largest owners, who together represent 22.4% of
the shares and 46.7% of the votes. The members who represent the largest owners
are Carl-Olof By, representative of AB Industrivärden, Lars Förberg,
representative of Cevian Capital, Yngve Slyngstad, representative of Norges Bank
Investment Management and Håkan Sandberg, representative of Svenska
Handelsbanken, SHB Pension Fund, SHB Employee Fund, SHB Pensionskassa and
Oktogonen.

For further information, please contact: Carl-Olof By, Chairman of the Election
Committee, telephone +46 (0)8-666 64 00.

For more news 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 100,000 people, has production facilities in 19 countries and
sells its products in more than 190 markets. In 2014 the Volvo Group’s sales
amounted to about SEK 283 billion and is 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 08.30 a.m February 25,
2015.