Largest owners

The largest shareholders in AB Volvo, March 31, 2015

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

142,154,571

3,822,713

145,977,284

6.9%

21.2%

7.19%

22.15%

2. Cevian Capital

86,274,625

87,969,025

174,243,650

8.2%

14.1%

8.58%

14.78%

3. SHB 2

37,397,825

4,567,279

41,965,104

2.0%

5.6%

2.07%

5.88%

 4. Norges Bank Investment Management

27,604,757

 55,408,558

 83,013,315

 3.9%

 4.9%

 4.09%

 5.15%

5. Alecta

23,175,000

60,210,000

83,385,000

3.9%

4.3%

4.11%

4.54%

6. AFA Insurance

21,236,863

4,733,703

25,970,566

1.2%

3.2%

1.28%

3.37%

7. AMF Insurance & Funds

13,620,000

44,777,326

58,397,326

2.7%

2.7%

2.88%

2.81%

8. AP4 Fund

10,889,155

6,187,760

17,076,915

0.8%

1.7%

0.84%

1.79%

9. Swedbank Robur Funds

2,031,641

87,384,728

89,416,369

4.2%

1.6%

4.40%

1.67%

10. SHB Funds

4,105,747

26,757,360

30,863,107

1.5%

1.0%

1.52%

1.05%

11. Skandia Liv

5,092,575

6,371,826

11,464,401

0.5%

0.9%

0.56%

0.89%

12. SEB AB

4,586,741

5,270,738

9,857,479

0.5%

0.8%

0.49%

0.79%

13. Harbor Funds Inc

0

44,407,368

44,407,368

2.1%

0.7%

2.19%

0.69%

14. Nordea Funds

1,024,262

31,005,148

32,029,410

1.5%

0.6%

1.58%

0.64%

15. Volvo Pension Foundations

3,409,654

724,507

4,134,161

0.2%

0.5%

0.20%

0.54%

Volvo Treasury Stock

20,728,135

77,750,795

98,478,930

4.6%

4.2%

0.0%

0.0%

46.9%

68.6%

Registered shares

 510,114,267

1,618,305,953

2,128,420,220









Outstanding shares

489,386,132

1,540,555,158

2,029,941,290









Registered votes

510,114,267

161,830,595

671,944,862









Outstanding votes

489,386,132

154,055,516

643,441,648























   
Source: SIS Ägarservice AB 2015-03-31

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