Volvo Car AB (publ) ("Volvo Cars") would like to remind shareholders that the conversion period for conversion of Swedish Depository Receipts ("SDRs") into American Depository Shares ("Polestar Class A ADSs"), which represent the underlying Class A shares in Polestar, listed on Nasdaq New York, will expire on 13 August 2024. To ensure participation in the conversion, holders of SDRs should apply for conversion well in advance of the expiration of the conversion period on 13 August 2024.

The conversion period, during which holders of SDRs may, free of charge, apply for conversion of SDRs into Polestar Class A ADSs, which can be traded on Nasdaq New York, will expire on 13 August 2024. The SDR-program is a temporary solution that will be terminated in connection with the expiry of the conversion Period on 13 August 2024. To ensure participation in the conversion, holders of SDRs should apply for conversion well in advance of the expiration of the conversion period on 13 August 2024.
Upon termination, all holders of SDRs who have not yet converted their SDRs into Polestar Class A ADSs, will automatically have their SDRs redeemed by Skandinaviska Enskilda Banken, as agreed with Volvo Cars, whereby the Polestar Class A ADSs that the SDRs represent will be sold on Nasdaq New York, at prevailing market terms at that point in time. The sale will take place as soon as practicable after the termination of the SDR-program. The payment of the proceeds from the sale of Polestar Class A ADSs will be paid pro rata to the previous holders of such SDRs. Such payment is expected to take place on or around 27 August 2024.

An information brochure with further information and detailed instructions on the conversion from SDRs to Polestar Class A ADSs as well as the general terms and conditions for the SDRs, are available on Volvo Cars' website, https://investors.volvocars.com/en/the-share/polestar (subject to certain confirmations). An information video relating to the disitribution and a shareholder Q&A has also been prepared and made available on Volvo Cars' website and can be accessed via the same link.

For information regarding Polestar, as well as the Polestar Class A ADSs, please refer to Polestar's website, https://investors.polestar.com/.

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About Volvo Car Group

Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales to customers in more than 100 countries. Volvo Cars is listed on the Nasdaq Stockholm exchange, where it is traded under the ticker "VOLCAR B".

"For life. To give people the freedom to move in a personal, sustainable and safe way." This purpose is reflected in Volvo Cars' ambition to become a fully electric car maker by 2030 and in its commitment to an ongoing reduction of its carbon footprint, with the ambition to achieve net-zero greenhouse gas emissions by 2040.

As of December 2023, Volvo Cars employed approximately 43,400 full-time employees. Volvo Cars' head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars' production plants are located in Gothenburg, Ghent (Belgium), South Carolina (US), Chengdu, Daqing and Taizhou (China). The company also has R&D and design centres in Gothenburg and Shanghai (China).

For further information please contact:

Volvo Cars Media Relations

+46 31-59 65 25
media@volvocars.com

Volvo Cars Investor Relations

+46 31-793 94 00

investors@volvocars.com

Disclaimer / Forward Looking Statements

The information contained in this document is for background information only and does not purport to be full or complete. This document does not constitute or form part of any invitation or inducement to engage in investment activity, nor does it constitute an offer or invitation to buy any securities in any jurisdiction or a recommendation in respect of buying, holding or selling any securities. This document is not an offer to sell, or solicitation of an offer to buy, acquire or subscribe for, or otherwise invest in, any securities to any person in any jurisdiction. Volvo Car AB (publ) (the"Company") has not made and does not intend to make any offer of securities in any jurisdiction. The proposed corporate events and securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable state or local securities law.

This document is not for publication or distribution, directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The distribution of this document may be restricted by laws in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Nothing in this document constitutes legal, financial, tax or other advice and each shareholder should consult an independent adviser as to the possible application of legal (including on national security and investment regulations, foreign direct investment regulations and/or similar laws or regulations), financial, tax or other advice in relation to the corporate events described herein.

In the United Kingdom, this document has not been approved by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000. Accordingly, such document is not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials as a financial promotion is only being made to, and may only be acted upon by, those persons in the United Kingdom falling within Article 43 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Financial Promotion Order") (which includes the existing shareholders of the Company) or any other persons to whom it may otherwise lawfully be made available to under the Financial Promotion Order.

This document may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believe", "expect", "anticipate", "intend", "estimate", "project", "will", "may", "target", "should" and similar expressions, or, in each case, their negative or other variations or comparable terminology, or by discussions of strategies, plans, objectives, goals, future events or intentions. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, financial position, liquidity, prospects, growth and strategies. Forward-looking statements speak only as of the date they are made and are subject to change. To the fullest extent permitted under applicable laws, the Company and its affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this document whether as a result of new information, future developments or otherwise.

None of the Company or any of its affiliates, or any of the Company's or its affiliates' directors, officers, employees, advisors or agents, accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this document (or whether any information has been omitted from the document) or that any transaction has been or may be effected on the terms or in the manner stated herein or as to the achievement or reasonableness of future projections, estimates or prospects, if any, or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the document or its contents or otherwise arising in connection therewith.

The timing of the proposed corporate events described herein may be influenced by a variety of factors which include market conditions. Past performance is not a guide to future performance. Information in this document cannot be relied upon as a guide to future performance.