Change in Volvo Group management and organization in Asia

Pär Östberg, currently Executive Vice President Truck Joint Ventures (JVs) in
the Volvo Group, has been appointed Executive Vice President of the holding
company Industrivärden with responsibility for investment operations.  In
conjunction with Pär Östberg’s departure from the Volvo Group, Truck Joint
Ventures will organizationally become part of Group Trucks Sales & Marketing and
JVs APAC, headed by Joachim Rosenberg. As a result of this change, the former
Group Trucks Sales & Marketing APAC operation will be renamed Group Trucks Sales
& Marketing and JVs APAC.
Group Trucks Sales & Marketing and JVs APAC encompasses Asia and the Pacific
region. Organizationally, it is also globally responsible for UD Trucks’ brand
and product strategy. Under the previous organizational structure of the Volvo
Group, Joachim Rosenberg was responsible for the former ATO, Asia Truck
Operations.

Pär Östberg’s roles during his 22 years at Volvo have included being Group CFO
and President of the former Trucks Asia business area. He has also served as CFO
of Renault Trucks and President of Volvo Treasury in Singapore. He will take up
his new position on October 1, 2012.

“I have had many wonderful years at the Volvo Group and worked with several
companies and in different parts of the world,” says Pär Östberg. “I am
particularly satisfied with the development of the truck and bus operations in
Asia and the conditions that we have created for future growth.”

August 27, 2012

Reporters who want more information, please contact Kina Wileke, +46 (0)31-66 12
32 or +46 (0)739-02 55 44.

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 and
construction equipment, drive systems for marine and industrial applications and
aerospace components. The Group also provides complete solutions for financing
and service. The Volvo Group, which employs about 115,000 people, has production
facilities in 20 countries and sells their products in more than 190 markets. In
2011 annual sales of the Volvo Group amounted to about SEK 310 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.