Disclaimer

General – United States, Australia, Canada and Japan

These materials (these "Materials") are not for release, distribution or publication, whether directly or indirectly and whether in whole or in part, into or in or from the United States of America or directed at or intended to be accessible by persons resident or physically located in the United States of America (including its territories and possessions, any state of the United States of America and the District of Columbia) (the "United States") (other than to Qualified Institutional Buyers ("QIBs") within the meaning of Rule 144A under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or pursuant to another exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act), Australia, Canada or Japan or any (other) jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

These materials are for information purposes only and are not intended to constitute, and should not be construed as, an offer to sell or a solicitation of any offer to buy securities of VOLVO CAR AB (the "Company", and such securities, the "Securities") in the United States, Australia, Canada or Japan or in any other jurisdiction in which such offer, solicitation or sale would be unlawful absent registration or an applicable exemption from registration or qualification under the securities laws of such jurisdiction.

In particular, these Materials are not an offer of securities for sale in the United States, Australia, Canada and Japan, or in any (other) jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The Securities may not be offered or sold and these Materials may not be viewed in the United States other than by QIBs within the meaning of Rule 144A of the U.S. Securities Act.

The Securities are not and will not be registered under the U.S. Securities Act and will also not be registered with any authority competent with respect to securities in any state or other jurisdiction of the United States. The Securities are being offered and sold outside the United States in accordance with Regulation S under the U.S. Securities Act. The Securities may not be offered, subscribed for, exercised, pledged, sold, resold, granted, delivered or otherwise transferred, directly or indirectly, in or into the United States absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act. There will be no public offering of Securities in the United States. The Securities will not be offered in, or registered under applicable securities laws of, any state, province, territory, county or jurisdiction of Australia, Canada or Japan, or any (other) jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction, unless an exemption under the relevant securities law is applicable.

United Kingdom

This communication does not constitute an offer of Securities to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in relation to the Securities. In the United Kingdom, these materials are only being distributed to, and are only directed at, and any investment or investment activity to which they relate is available only to, and will be engaged in only with, "qualified investors" within the meaning of Article 2(e) of Regulation (EU) 2017/1129 of the European Parliament and of the Council of the European Union of 14 June 2017 (the "Prospectus Regulation"), as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, and who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Financial PromotionOrder"); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Financial Promotion Order; or (iii) other persons to whom these Materials may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). Persons who are not relevant persons should not take any action on the basis of these materials and should not act or rely on them.

European Economic Area

The Company has not authorised any offer to the public of Securities in any Member State of the European Economic Area (each a "Member State") other than Sweden, Denmark, Finland and Norway. No action has been undertaken or will be undertaken to make an offer to the public of Securities requiring publication of a prospectus in any Member State other than Sweden, Denmark, Finland and Norway (each a "Relevant State"). As a result, the Securities may only be offered in Relevant States (i) to any legal entity which is a qualified investor as defined in the Prospectus Regulation; or (ii) in any other circumstances falling within Article 1(4) of the Prospectus Regulation. For the purpose of this paragraph, the expression "offer of securities to the public" means the communication in any form and by any means of sufficient information on the terms of the offer and the Securities to be offered so as to enable the investor to decide to exercise, purchase or subscribe for the Securities.

Other

No action has been taken by the Company that would permit an offer of Securities or the possession or distribution of these Materials or any other offering or publicity material relating to such Securities in any jurisdiction where action for that purpose is required.

The release, publication or distribution of these Materials in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which they are released, published or distributed, should inform themselves about, and observe, such restrictions.

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