Share conversion option

In accordance with a resolution on the AGM on April 6, 2011, the Articles of Association have been amended to include a conversion clause, stipulating that series A shares may be converted into series B shares, after a request sent to the Board.

During the year a total of 14.1 million A shares was converted to B shares, representing 2.1% of the initially outstanding A shares. A total of 50 requests from 33 persons or entities were handled.

Further information on the procedure is available on the Volvo Group's web site: www.volvogroup.com