Volvo Group – three months ended March 31, 2009

• In the first quarter, net sales decreased by 27% to SEK 56.1 billion (76.6). Adjusted for currency fluctuations, net sales decreased by more than 40%

• The first quarter operating loss amounted to SEK 4,528 M (income 6,487)

• In the first quarter, operating cash flow in the Industrial Operations was negative in an amount of SEK 15.7 billion (neg. 3.3), primarily driven by a reduction of trade payables amounting to SEK 16.6 billion

• New funding of approximately SEK 30 billion secured, resulting in a continued good liquidity position

“Demand weakened sharply in all markets during the first quarter. The economic climate was very difficult in the Group’s markets in Europe, North America and Asia. Adjusted for currency movements, sales fell by more than 40%, to SEK 56 billion in a historically weak quarter. However, I continue to be optimistic about the future possibilities for the Volvo Group ¬– we have the products that customers want, as evidenced by continued high market shares, and we are active in industries characterized by long-term growth.” Leif Johansson, President and CEO.