Press release

Patrick Shannon Appointed Vice President, Finance, and Chief Financial Officer for Volvo Construction Equipment North America

2009-07-31

Beatrice Cardon

Patrick Shannon, Vice President, Construction Equipment Finance, Volvo Financial Services North America, Greensboro, North Carolina, has been appointed Vice President, Finance, and Chief Financial Officer for Volvo Construction Equipment North America, Asheville, North Carolina. Shannon’s appointment is effective September 1, 2009.

Shannon joined Volvo Financial Services North America (VFSNA) in 1995 in a management position, and from 2002 to 2008 was a vice president primarily responsible for retail and wholesale financing and risk management. In early 2008 he was appointed to his current position with VFSNA, managing its construction equipment financial business.

Shannon graduated from St. John’s University in 1988, and earned a Master of Business Administration degree from Wake Forest University in 2000.

During this interim period (until the first of September), Shannon will be working with his predecessor, Muriel Huyghebaert, to ensure a smooth and orderly transition of duties and responsibilities. Huyghebaert, presently the Volvo CE North America Vice President, Finance and Chief Financial Officer, is returning to Brussels as Vice President, Finance, and CFO for Volvo Construction Equipment Technology.