Volvo Car

• Volvo Cars intends to over time execute share buyback programmes in order to secure delivery of shares in ongoing share based incentive programmes.
• Pursuant to the upcoming repurchase programme, a maximum of 6,500,000 shares of series B (ISIN SE0021628898) may be repurchased for a total maximum amount of SEK 300 million.

The repurchase programme will be carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 ("MAR") and the Commission Delegated Regulation (EU) No 2016/1052 (the "Safe Harbour Regulation"). The repurchase programme will be managed by Skandinaviska Enskilda Banken AB ("SEB") that, based on the trading order given by Volvo Cars to SEB, makes its trading decisions regarding timing of the acquisitions independently and without influence of Volvo Cars.

The repurchase program resolved by the Board is subject to the following terms:

1. Repurchases may only be executed on Nasdaq Stockholm in accordance with the Nordic Main Market Rulebook for Issuers of Shares (the "Rulebook") as well as in accordance with MAR and the Safe Harbour Regulation.
2. Repurchases shall commence no earlier than 12 August 2024 and end no later than 6 September 2024.

3. Repurchases may only be effected at a price per share within the price interval applying on Nasdaq Stockholm from time to time, which refers to the interval between the highest buying price and the lowest selling price continuously disseminated by Nasdaq Stockholm, and in accordance with the restrictions relating to price in the Safe Harbour Regulation.

4. Repurchases may only be executed in accordance with the restrictions regarding volume for acquisitions of own shares stated in the Rulebook and in the Safe Harbour Regulation.

5. A maximum of 6,500,000 own shares of series B may be repurchased for a total maximum amount of SEK 300 million in order to secure the obligations of Volvo Cars to deliver shares to participants in Volvo Cars' share based incentive programmes.

6. Payment for the shares shall be made in cash.

The total number of shares in Volvo Cars is 2,979,524,179 shares of series B. Volvo Cars does not hold any own shares as of the date of this press release.