Dec 31, 1997 Dec 31, 1998 Group holdings of shares and participations in non-Group companies Registration number Percentage holding 1) Book value SEK M 2) Book value SEK M 2) Shares in associated companies, equity method of accounting         AB Volvofinans, Göteborg, Sweden 556069-0967 50 552 608 Bilia AB, Göteborg, Sweden 556112-5690 37 505 572 Blue Chip Jet HB, Göteborg, Sweden 969639-1011 50 — 204 Arrow Truck Sales, Kansas City, United States — 50 — 171 AVC Intressenter AB, Göteborg, Sweden 556506-8789 50 610 110 Xian Silver Bus Corp, Yan Liang, China — 50 70 88 SM Motors Pte Ltd, Singapore — 40 75 77 VOCS Finance Ltd, Barnet, Great Britain — 49 126 59 Euclid Hitachi Heavy Equipment Inc, Cleveland, United States — 20 — 59 Arbustum Invest AB, Arboga, Sweden 556543-4247 40 — 42 Aviation Lease Finance, Delaware, United States   49 — 30 Distribuidora de Tutilos e Valores, Curitiba, Brazil   100 — 27 Merkavim Metal Works Ltd, Petah-Tiqva, Israel — 27 23 20 TurboGen AB, Malmö, Sweden 556556-2096 50 — 20 Harvest Technology Partners LP, New York, United States — 23/21 17 16 SveviaFin SpA, Rome, Italy — 50 4 15 Arabian Vehicle and Trucks Industry Ltd, Jeddah, Saudi Arabia   25 — 9 VKR-Kiinteistöt Oy Ab, Vanda, Finland — 40 6 6 Expar Incorporated, Elk Grove, United States — 50 5 5 First Rent A Car AB, Stockholm, Sweden 556434-7820 45 3 4 Transport Financial Services, Moncton, Canada   49 — 4 Intalogic, Great Britain   50 — 3 OmniNova Technology AB, Uddevalla, Sweden 556540-1691 35 1 1 Industrigruppen JAS AB, Stockholm, Sweden 556147-5921 20 — 1 AutoNova AB, Uddevalla, Sweden 556232-0142 49 0 0 Netherlands Car BV, Born, The Netherlands — 33 0 0 HSG Development AB, Stockholm, Sweden 556182-1694 33 — 0 ABB Olofström Automation AB, Olofström, Sweden — — 100 — Concorcio Nacional Volvo s/c Ltda, Curitiba, Brazil — — 30 — EBP i Olofström AB, Olofström, Sweden — — 6 — Total shares and participations in associated companies 3)     2,133 2,151           Shares and participations in other companies         Deutz AG, Köln, Germany 4) — 11 — 670 Henlys Group Plc, Borehamwood, Great Britain 4) — 10 — 376 Pharmacia & Upjohn, Inc, Wilmington, Delaware, United States — — 2,082 — Other holdings     368 196 Total shares and participations in other companies     2,450 1,242 Book value in accordance with Group balance sheet     4,583 3,393                 Dec 31, 1997 Dec 31, 1998 AB Volvo´s holding of shares and participations in non-Group companies Registration number Percentage holding 1) Book value SEK M Book value SEK M Deutz AG, Köln, Germany   11 — 670 Bilia AB, Göteborg, Sweden 4) 556112-5690 37 641 641 Henlys Group Plc, Borehamwood, Great Britain   10 — 376 AB Volvofinans, Göteborg, Sweden 556069-0967 50 253 253 Blue Chip Jet HB, Göteborg, Sweden 969639-1011 50 131 164 Protorp Förvaltnings AB, Malmö, Sweden 556127-6881 43/33 12 12 Näringslivskredit NLK AB, Stockholm, Sweden 556270-1432 33/48 0 0 Other investments     14 15 Total book value, non-Group companies     1,051 2,131 1) Where two percentage figures are shown, the first refers to share capital and the second to voting rights. 2) Associated companies are reported in accordance with the equity method. Other companies are reported at cost. 3) Volvo´s calculated share of the net worth of associated companies amounts to 2,151 (2,133), which refers to the book value. 4) The market value of the holdings is shown in Note 13, Notes to consolidated financial statements.

Dec 31, 1997 Dec 31, 1998 AB Volvo´s holding of shares and participations in Group companies Registration number Percentage holding Book value SEK M Book value SEK M Volvo Personvagnar Holding AB, Göteborg, Sweden 556074-3089 100 10,758 10,758    Volvo Personvagnar AB, Göteborg, Sweden 556245-5567 100 — —    Volvo Personvagnar Komponenter, Göteborg, Sweden 556197-4931 100 — —    Volvo Personbilar Sverige AB, Göteborg, Sweden 556034-3484 100 — —    Volvo Personvagnar Norden AB, Göteborg, Sweden 556413-4848 100        Volvo Car Finance Holding AB, Göteborg, Sweden 556130-4246 100 — —    Volvo Personbiler Norge AS, Kolbotn, Norway — 100 — —    Volvo Auto Oy Ab, Vanda, Finland — 100 — —    Volvo Auto Polska SpZOO, Warsawa, Poland — 100 — —    Volvo Nederland Personenauto BV, Beesd, The Netherlands — 100 — —    Volvo Cars Europe Industry NV, Gent, Belgium — 100 — —    Volvo Deutschland GmbH, Köln, Germany — 100 — —    Volvo Automobiles France SA, Nanterre, France — 100 — —    Volvo Automobile (Schweiz) AG, Lyss, Switzerland — 100 — —    Volvo España, SA, Madrid, Spain — 100 — —    Volvo Auto Hungaria, Budapest, Hungary — 100 — —    Volvo Auto Czech, Prag, Czech Republic — 100 — —    Volvo Cars of North America Inc, Rockleigh, NJ, United States — 100 — —    Volvo Canada Ltd, Willowdale, Canada — 100 — —    Volvo Sudamericana SA, Buenos Aires, Argentine — 100 — —    Volvo Thailand Ltd, Bangkok, Thailand — 100 — —    Volvo Cars Japan Corporation, Tokyo, Japan — 100 — —    Swedish Motor Assembly Sdn Bhd, Shah Alam, Malaysia — 58 — —    Thai Swedish Assembly Co Ltd, Bangkok, Thailand — 56 — — Volvo Lastvagnar AB, Göteborg, Sweden 556013-9700 100 8,420 8,420    Volvo Lastvagnar Komponenter AB, Göteborg, Sweden 556000-0753 100 — —    Volvo Lastvagnar Sverige AB, Göteborg, Sweden 556411-6878 100 — —    Volvo Lastvogne og Busser Danmark A/S, Bröndby, Denmark — 100 — —    Volvo Kuorma ja Linja Autot-Oy AB, Vanda, Finland — 100 — —    Volvo Truck Poland Company SpZOO, Warsawa, Poland — 100 — —    Volvo Truck Latvia Sia, Riga, Latvia — 100 — —    Volvo Truck Czech S R O, Prag, Czech Republic — 100 — —    Volvo Truck Slovak, Bratislava, Slovakia — 100 — —    Volvo Trucks (Deutschland) GmbH, Dietzenbach, Germany — 100 —      Volvo Truck en Bus Nederland BV, Beesd, The Netherlands — 100 — —    Volvo Truck Finance Holding BV, Rotterdam, The Netherlands — 100 — —    Volvo Europa Truck NV, Gent, Belgium — 100 — —    Volvo Truck and Bus Ltd, Warwick, Great Britain — 100 — —    Volvo Trucks France SA, Nanterre, France — 100 — —    Volvo Trucks (Schweiz) AG, Lyss,, Switzerland — 100 — —    Volvo Veicoli Industriali SpA, Bergamo, Italy — 100 — —    Volvo Truck España, SA, Madrid, Spain — 100 — —    Volvo Trucks de Mexico, Mexico DF, Mexico — 100 — —    Volvo do Brasil Veiculos Ltda, Curitiba, Brazil — 99 — —    Volvo Peru Sociedad Anonima, Lima, Peru — 100        Volvo Truck (Thailand) Co Ltd, Bangkok, Thailand — 100 — —    Volvo Truck Korea Ltd, Seoul, South Korea — 100 — —    Volvo Pakistan Ltd, Punjab Lahore, Pakistan — 51 — —    Volvo India Private Ltd, New Delhi, India — 100 — — Volvo Bussar AB, Göteborg, Sweden 556197-3826 100 181 1,831    Säffle Karosseri AB, Säffle, Sweden 556058-3485 100 — —    Carrus Oy, Helsinki, Finland   100 — —    Volvo Bus Poland SpZOO, Warsawa, Poland   55 — —    Volvo Busse Deutschland GmbH, Heilbronn, Germany   100 — —    Volvo Austria GmbH, Wien, Austria   100 — —    Prévost Car Inc, St Claire, Canada   100 — —    Volvo Bus Asia Pacific (Pte) Ltd, Singapore   100 — —

Dec 31, 1997 Dec 31, 1998 AB Volvo´s holding of shares and participations in Group companies (cont.) Registration number Percentage holding Book value SEK M Book value SEK M Volvo Construction Equipment NV, Beesd, The Netherlands — 100 2,582 2,582    Volvo Wheel Loaders AB, Eskilstuna, Sweden 556310-1319 100 — —    Volvo Construction Equipment Components AB, Eskilstuna, Sweden 556527-6820 100 — —    Volvo Articulated Haulers AB, Växjö, Sweden 556360-1615 100 — —    Volvo Construction Equipment Customer Support AB, Eskilstuna, Sweden 556310-1301 100 — —    Volvo Excavators AB, Eslöv, Sweden 556022-1813 100 — —    Volvo Construction Equipment International AB, Eskilstuna, Sweden 556310-1293 100 — —    Volvo Materiels Tp France SA, Trappes, France — 100 — —    Groupe Pel Job SA, Annecy le Vieux, France — 100 — —    Framateq SA, Danmarie le lys Melun, France — 100 — —    Volvo Maquinaria De Construccion España SA, San Fernando do Henar, Spain — 100 — —    Volvo Construction Equipment GB Ltd, Duxford, Great Britain — 100 — —    Volvo Baumaschinen Deutschland GmbH, Konz, Germany — 100 — —    Volvo Compact Service Equipment GmbH, Konz, Germany — 100 — —    Champion Road Machinery Ltd, Ontario, Canada – 100 — —    Volvo Construction Equipment Australia Pty Ltd, Chatswood, Australia — 100 — —    Volvo Construction Equipment East Asia (Pte) Ltd, Singapore — 100 — — AB Volvo Penta, Göteborg, Sweden 556034-1330 100 421 421    Volvo Penta Norden AB, Göteborg, Sweden 556127-7533 100 — —    Volvo Penta Central Europe GmbH, Kiel, Germany — 100 — —    Volvo Penta Benelux BV, Mijdrecht, The Netherlands — 100 — —    Volvo Penta France SA, Nanterre, France — 100 — —    Volvo Penta Italia SpA, Trezzano sul Naviglio, Italy — 100 — —    Volvo Penta España, SA, Madrid, Spain — 100 — —    Volvo Penta Asia (Pte) Ltd, Singapore — 100 — —    Volvo Penta Japan Corporation (Kabushiki Kaisha), Tokyo, Japan   100     Volvo Aero AB, Trollhättan, Sweden 556029-0347 100 1,843 2,015    Volvo Aero Engine Services AB, Stockholm, Sweden 556328-9171 100 — —    Volvo Aero Turbines AB, Malmö, Sweden 556092-3574 100 — — VNA Holding Inc, Greensboro, United States — 100 1,054 1,627    Volvo Trucks North America Inc, Greensboro, United States — 87 — —    Volvo Construction Equipment North America Inc, Asheville, United States — 100 — —    Volvo Penta of The Americas Inc, Chesapeake, United States — 100 — —    Volvo Aero North America, Wilmington, United States — 100 — —    Volvo Group Treasury North America Inc, Montvale, United States — 100 — —    The AGES Group, Boca Raton, United States — 57 — —    Volvo Group Finance Sweden AB, Göteborg, Sweden 556135-4449 100 2,348 3,044    Försäkrings AB Volvia, Göteborg, Sweden 557207-1784 100 601 601    Volvo Group Insurance Försäkrings AB, Göteborg, Sweden 516401-8037 100 182 182    Danafjord AB, Göteborg, Sweden 556006-8313 100 508 —    Volvo Information Technology AB, Göteborg, Sweden 556103-2698 100 54 0    Fortos Ventures AB, Stockholm, Sweden 556004-2748 100 340 340    Volvo Group Credit Sweden AB, Göteborg, Sweden 556000-5406 100 486 486    Sotrof AB, Göteborg, Sweden 556519-4494 100 9,854 9,854    Volvo Technology Transfer AB, Göteborg, Sweden 556542-4370 100 66 66    Volvo Holding Danmark AS, Broendby, Denmark — 100 — 133    Volvo Group Finance Europe BV, Amsterdam, The Netherlands — 100 — 1,003    Volvo Construction Equipment Korea Co, Ltd,Changwon, South Korea — 100 — —    Volvo International Holding BV, Beesd, The Netherlands — 100 — 70    Volvo Car Finance UK Ltd, Marlow, Great Britain — 100 — 431    Volvo Car UK Ltd, Marlow, Great Britain — 100 — 265    Volvo Penta UK Ltd, Watford, Great Britain — 100 — 64    Volvo Holding Italia SpA, Bologna, Italy — 100 — 49    Mexicana de Autobuses, SA de CV, Mexico City, Mexico — 100 — 764    Other companies     170 187 Total book value, subsidiaries 5)     39,868 45,193 5) AB Volvo´s share of shareholders in subsidiaries (including equity in untaxed reserves) was 53,202 (61,800).