Largest owners

The largest shareholders in AB Volvo, September 30, 2014

Holding of
Owner
Holding of
A-shares
Holding of
B-shares
Holding of
A+B-shares
Registered Outstanding
Capital Votes Capital Votes
1. Industrivärden

142,164,571

6,448,694

 148,613,265

7.0%

21.2%

7.3%

22.1%

2. Cevian Capital

84,383,884

 24,490,311

 108,874,195

5.1%

12.9%

5.4%

13.4%

3. Norges Bank Investment Management

31,504,757

93,015,840

124,520,597

5.9%

6.0%

6.1%

6.3%

4. SHB 2

37,359,589

786,792

38,146,381

1.8%

5.5%

1.9%

5.8%

5. Alecta

23,175,000

66,710,000

89,885,000

4.2%

4.4%

4.4%

4.6%

6. AFA Insurance

22,006,263

3,998,483

26,004,746

1.2%

3.3%

1.3%

3.5%

7. AMF Insurance & Funds

13,150,000

41,600,007

54,750,007

2.6%

2.6%

2.7%

2.7%

8. AP4 Fund

10,913,777

5,996,140

16,909,917

0.8%

1.7%

0.8%

1.8%

9. Swedbank Robur Funds

2,079,379

89,693,648

91,773,027

4.3%

1.6%

4.5%

1.7%

10. Skandia Liv

6,754,381

6,699,528

13,453,909

0.6%

1.1%

0.7%

1.1%

11. SHB Funds

4,397,208

27,822,634

32,219,842

1.5%

1.1%

1.6%

1.1%

12. Harbor Funds Inc

0

49,961,776

49,961,776

2.3%

0.7%

2.5%

0.8%

13. Nordea Funds

839,769

30,410,284

31,250,053

1.5%

0.6%

1.5%

0.6%

14. Volvo Pension Foundations

3,468,145

735,813

4,203,958

0.2%

0.5%

0.2%

0.5%

15. Didner & Gerge Funds

0

33,214,260

33,214,260

1.6%

0.5%

1.6%

0.5%

Volvo Treasury Stock

20,728,135

79,070,096

99,798,231

4.7%

4.2%

0.0%

0.0%

42.6%

66.6%

Registered shares

 513,115,100

1,615,305,120

2,128,420,220









Outstanding shares

492,386,965 

1,536,235,024

2,028,621,989









Registered votes

513,115,100 

161,530,512

674,645,612









Outstanding votes

492,386,965

153,623,502

646,010,467























   
Source: SIS Ägarservice AB 2014-09-30

One Volvo A share equals one vote. One Volvo B share equals 1/10 of one vote.
1 Comprises SEB funds and SEB and SEB-Trygg Life Insurance.
2 Comprises shares held by SHB, SHB Pension Fund, SHB Employee Fund, SHB pensionskassa and Oktogonen

Dividends are the same for both classes of shares.

In December 2007, as a result of high cost and low liquidity, Volvo de-listed from the NASDAQ Exchange. Thus, the ADR program was changed from a Level III stock that is listed on the NASDAQ, to a Level I stock that trades OTC (Over the Counter) with the new ticker symbol VOLVY.

For more information about the ADR program, please contact the Volvo Group's Investor Relations department in New York.

ISIN codes:
VOLV A: SE0000115420
VOLV B: SE0000115446
ADR Cusip:
VOLV Y: 928856400