Largest owners

The largest shareholders in AB Volvo, December 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

142,154,571

2,339,015

144,493,586

6.8%

21.1%

7.1%

22.0%

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

88,118,086

119,622,843

5.6%

6.0%

5.9%

6.2%

4. SHB 2

37,413,906

2,334,760

39,748,666

1.9%

5.6%

2.0%

5.8%

5. Alecta

23,175,000

64,710,000

87,885,000

4.1%

4.4%

4.3%

4.6%

6. AFA Insurance

22,006,263

4,861,103

26,867,366

1.3%

3.3%

1.3%

3.5%

7. AMF Insurance & Funds

13,165,000

38,879,952

52,044,952

2.4%

2.5%

2.6%

2.6%

8. AP4 Fund

10,901,413

7,063,883

17,965,296

0.8%

1.7%

0.9%

1.8%

9. Swedbank Robur Funds

1,980,725

87,780,047

89,760,772

4.2%

1.6%

4.4%

1.7%

10. Skandia Liv

6,754,381

7,152,502

13,906,883

0.7%

1.1%

0.7%

1.2%

11. SHB Funds

4,061,229

26,648,341

30,709,570

1.4%

1.0%

1.5%

1.0%

12. Harbor Funds Inc

0

49,961,776

49,961,776

2.3%

0.7%

2.5%

0.8%

13. Nordea Funds

895,426

30,745,133

31,640,559

1.5%

0.6%

1.6%

0.6%

14. Volvo Pension Foundations

3,468,145

747,653

4,215,798

0.2%

0.5%

0.2%

0.5%

15. Didner & Gerge Funds

0

33,464,260

33,464,260

1.6%

0.5%

1.6%

0.5%

Volvo Treasury Stock

20,728,135

78,353,598

99,081,733

4.7%

4.2%

0.0%

0.0%

41.9%

66.4%

Registered shares

 513,115,100

1,615,305,120

2,128,420,220









Outstanding shares

492,386,965 

1,536,951,522

2,029,338,487









Registered votes

513,115,100 

161,530,512

674,645,612









Outstanding votes

492,386,965

153,695,152

646,082,117























   
Source: SIS Ägarservice AB 2014-12-30

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