Martin Lundstedt appointed President and CEO of the Volvo Group

The Board of Directors of AB Volvo has decided to appoint Martin Lundstedt, 47,
as the President and Chief Executive Officer of the Volvo Group. Martin
Lundstedt will assume his position in October 2015. His most recent role is as
President and CEO of the Scania Group. Jan Gurander, the Group Chief Financial
Officer, will be acting President and Chief Executive Officer in the interim.
“After three years of focus on product renewal, internal efficiency and
restructuring, the Volvo Group is gradually entering a new phase with an
intensified focus on growth and increased profitability. This will be achieved
by further building on our leading brands, strong assets and engaged and skilled
employees all over the world“, says Carl-Henric Svanberg, Chairman of the Board
of AB Volvo. “Martin Lundstedt has 25 years of experience from development,
production and sales within the commercial vehicle industry. He is also known
for his winning leadership style.”

As of April 22, 2015, and until Martin Lundstedt assumes his new position, Jan
Gurander, the Group Chief Financial Officer will be acting President and Chief
Executive Officer of Volvo.

Martin Lundstedt will replace Olof Persson who has led the Group for almost four
years.

“Olof Persson has with energy and determination carried out an extensive change
of the Volvo Group,” says Carl-Henric Svanberg. “He has focused Volvo on
commercial vehicles and sold unrelated businesses and assets to a value of over
SEK 20 billion. He introduced a functional organization and paved the way for
cost savings of SEK 10 billion. He also concluded the agreement with one of
China’s largest truck manufacturers, Dongfeng and led the company during the
largest product renewal in the Group’s history. Today the Volvo Group is
considerably better positioned to compete for leadership in our industry.”

Martin Lundstedt has spent his career at Scania. He joined in 1992 as a trainee
after obtaining an MSc in Industrial Management and Technology. He has held a
number of executive positions.

Curriculum Vitae – Martin Lundstedt

Born in 1967

MSc in Industrial Management and Technology

1995 Project leader Scania do Brasil

1996 Manager Industrial Engineering, Scania Engine Production

1997 Production Manager Scania Engine Production

1999 Head of Basic Engine Development

2001 Managing Director of Scania Production, Angers France

2005 Head of Product Marketing and member of the Executive Team

2006 Head of trucks

2007 Head of Franchise and Factory Sales

2012 President and CEO of the Scania Group

Married, two children

Press conference

Today, at April 22, 2015, at 09.00 a.m. there will be a press conference with
Carl-Henric Svanberg, Chairman of the Board of AB Volvo. The Volvo Group Chief
Financial Officer Jan Gurander will present the result of the first quarter
2015. The press conference will be held at Tändstickspalatset, V Trädgårdsgatan
15 in Stockholm.

Follow the press conference at www.volvogroup.com and www.volvokoncernen.se

April 22, 2015

Journalists who would like further information, please contact: Kina Wileke +46
(0)31323 7229 or +46 (0)765-537229.
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 115,000 people, has production facilities in 19 countries and
sells its products in more than 190 markets. In 2012 the Volvo Group’s sales
amounted to about SEK 304 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.