Volvo Car

Not for distribution, directly or indirectly, in or into the United States. This announcement is not an offer to sell or a solicitation of an offer to purchase securities. Any securities mentioned herein have not been and will not be registered with the U.S. Securities and Exchange Commission and may not be sold in or into the United States or to U.S. persons except pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended.

Volvo Car AB (publ)’s (“Volvo Cars”) distribution of a portion of the shareholding in Polestar Automotive Holding UK PLC (“Polestar”) to Volvo Cars’ shareholders has resulted in a decrease in the number of shares and votes in Volvo Cars. As of 31 May 2024, the total number of shares and votes in the company amounts to 2,979,524,179.

On 26 March 2024, the Annual General Meeting of Volvo Cars resolved, in accordance with the Board of Directors’ proposal, to distribute a portion of Volvo Cars’ shareholding in Polestar to Volvo Cars’ shareholders by way of a share split, followed by an automatic share redemption. On 5 April 2024, the Board of Directors decided on the final terms and timetable for the distribution. The distribution involved a share split (2:1), whereby each existing share of series B were split into two new shares of series B. As a result of the share split, the number of series B shares and the number of votes in Volvo Cars increased temporarily by 2,979,524,179 during April 2024. The 2,979,524,179 new shares of series B were redemption shares which were redeemed as part of the automatic share redemption in May 2024. Consequently, as of 31 May 2024, the total number of shares and votes in Volvo Cars amounts to 2,979,524,179, which is the same number as prior to the distribution.

For further information on the distribution and the conversion procedure, please see the information brochure which is available on the company’s website, https://investors.volvocars.com/en/the-share/polestar (subject to certain confirmations).