Li Shufu to Become Chairman of the Board at Volvo Car Corporation

Hans-Olov Olsson Named Vice-Chairman

For immediate release:

Hangzhou, China / Gothenburg, Sweden – 15 July, 2010 – Holding Group Co., Ltd. (“Geely Holding Group”), one of the fastest-growing car manufacturers in China, today announced that Li Shufu, its Chairman, will become Chairman of the Board at Volvo Car Corporation (“”), pending completion of the acquisition of the company from .

Geely also named Hans-Olov Olsson as Vice-Chairman at Volvo Cars. Mr Olsson is a former President and Chief Executive of the Swedish car maker.

Li Shufu said: "We have made significant progress in assembling the team that will develop Volvo Cars under Geely's ownership. Today's board appointments underline my personal commitment to this famous company."

The announcement follows the separate disclosure by Ford Motor Company that Stephen Odell, currently CEO of Volvo Cars, will become Chairman and CEO of Ford of Europe.

Ford also named Stuart Rowley, Chief Financial Officer of Volvo Cars, as the new chief financial officer, Ford of Europe. Both executives will remain in their current roles until completion of the Volvo Cars transaction.

Under the proposed change of ownership, Volvo Cars will remain headquartered in Gothenburg, Sweden, with management autonomy to execute on its business plan. As part of that business plan, Volvo Cars aims to strengthen its presence in Europe and North America, while exploiting new growth opportunities in China. The company also plans to extend its industry-leading position in the fields of vehicle safety, fuel efficiency and environmental technology.

Li Shufu added: “The dual roles of Chairman and Vice-Chairman will combine my own knowledge and network from the Chinese market with Hans-Olov Olsson’s extensive international experience from the automotive industry and Volvo Cars.”

Further management and board appointments at Volvo Car Corporation, including a new Chief Executive and Chief Financial Officer, will be announced prior to completion.

Chairman Li thanked Mr Odell and Mr Rowley for their contribution to Volvo Cars in recent years, ensuring a sound product and financial platform for the company as it prepares for the next stage of its development.

Sida 1 av 2 About Zhejiang Geely Holding Group Co., Ltd. Zhejiang Geely Holding Group Co. Ltd. was founded in 1986 with its headquarters in , China. Zhejiang Geely Holding Group and its associated companies have established operations that span the automotive value chain, from research, development and design to production, sales and servicing. They are a fully-integrated independent auto manufacturer producing cars, engines and transmissions. Today, they are one of China’s fastest growing automotive manufacturers, as well as the industry’s leading privately held group.

Contact Details Mr. YUAN Xiaolin Mr. NING Shuyong Zhejiang Geely Holding Group Zhejiang Geely Holding Group Tel: +86 (571) 2813-6666 Tel: +86 (571) 2813-6868 Mobile: +86 1371-806-4551 Mobile: +86 1585-810-3555 Email: [email protected] Email: [email protected] Mr. Tim Burt Mr. Anders Fogel Brunswick Group LLP Brunswick Group LLP Tel: +44 (20) 7396-7497 Tel: +46 (8) 4103-2181 Mobile: +44 (7834) 502-497 Mobile: +46 (709) 627-842 Email: [email protected] Email: [email protected]

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