HOME ABOUT FINANCIALS CORE VALUES TEAM CONTACT LOGIN INVESTMENT MANAGEMENT AND ADVISORY FOR CORPORATE PENSION ABOUT VCG IM VCG Investment Management AB “VCG IM” is a wholly-owned subsidiary of the Volvo Car Corporation and manages the global pension mandate of the Volvo Car Group. Volvo Cars has initiated the shared-services approach to Group pension fund management with the aim to strengthen the overview of Group pension assets while improving risk adjusted performance and lowering costs. VCG IM have a strategic advisory role and is a one-stop-shop for cross-border investment management and advisory services to Volvo Cars pension fund based in Europe or elsewhere. VCG IM may provide services such as portfolio and manager advisory, turnkey outsourced CIO solutions, including full lifecycle advisory ranging from policy formulation, asset allocation, manager selection, and portfolio construction as well as monitoring of exposures and board reporting. The corporate heritage and ownership of VCG IM has given us shared values and a similar operating premise to that of our clients. In this way we share little cultural likeness to the financial advisors of old. VCG IM AB (556955-7118) is licensed and regulated by the Swedish Financial Services Authority: –Discretionary portfolio management (2007:526, 2 chapter 1 paragraph 4 LV) –Investment advisor (2007:526, 2 chapter 1 paragraph 5 LV) FINANCIAL INFORMATION English Svenska Publication of information on capital adequacy In accordance with the Swedish Financial Supervisory Authority (FFFS 2014: 12), European Parliament and Council Regulation No 575/2013 (CRR) and Commission Implementing Regulation (EU) No 1423/2013 VCG Investment Management AB (“VCGIM”) (556955-7118) announces below periodic information on capital adequacy. The company’s license to conduct securities business, etc VCG Investment Management AB (VCGIM) is, under the Financial Supervisory Authority, authorized to conduct investment business under the Securities Market Act (2007: 526) as follows: discretionary portfolio management regarding financial instruments in accordance with Chapter 2, Section 1 § 4 LV investment advice to clients regarding financial instruments in accordance with Chapter 2, Section 1 § 5 LV VCGIM also has an ancillary authorization to carry out foreign exchange services in accordance with Chapter 2 Section 2 § 4 LV. Offentliggörande av information om kapitaltäckning I enlighet med Finansinspektionens föreskrifter (FFFS 2014:12), Europaparlamentets och rådets förordning nr 575/2013 (CRR) samt Kommissionens genomförande förordning (EU) nr 1423/2013 offentliggör Volvo Cars GroupVCG Investment Management AB (”VCGIM”) (556955-7118) nedan periodisk information om kapitaltäckning. Bolagets tillstånd att driva värdepappersrörelse VCG Investment Management AB (VCGIM) står under Finansinspektionens tillsyn med tillstånd att bedriva värdepappersrörelse enligt lagen (2007:526) om värdepappersrörelse enligt följande: • diskretionär portföljförvaltning avseende finansiella instrument enligt 2 kap 1 § 4 LV • investeringsrådgivning till kund avseende finansiella instrument enligt 2 kap 1 § 5 LV VCGIM har även sidotillstånd för att utföra valutatjänster i enlighet med 2 kap. 2 § 4 LV. Periodisk information Q2 2016 Information om ersättningssystem Bolagets styrelse har i enlighet med Finansinspektionens föreskrifter om ersättningssystem i kreditinstitut, värdepappersbolag och fondbolag med tillstånd för diskretionär förvaltning (FFFS 2011:1) antagit en ersättningspolicy som har till syfte att motverka ett överdrivet risktagande. Styrelsen har analyserat vilka risker som är förenade med företagets ersättningssystem och på grundval av analysen identifiera särskilt reglerad personal hos företaget. För reglerad personal, innefattande bolagets samtliga förvaltare, skall del av eventuell rörlig ersättning skjutas upp under tre år. För information om ersättningar hänvisas till VCGIMs årsredovisning. Ersättnings policy CORE VALUES Love what you do or change what you do. We operate as a principal and side by side investor and as such we have a conservative approach to risk and seek to build an “all weather” portfolio. Allocations need to reflect the changing risk landscape of markets, and although as stable as possible, we don't ride through storms with an "over the cycle mentality". The natural inclination is to seek reconfirmation of your past insights and rationalize away such input that disturbs your established “knowledge” – don’t! No amount of time invested will imply that a decision is taken. The investment is not made until the wire has gone. TEAM STEFAN AXELSSON MANAGING DIRECTOR AND CIO BASED IN GOTHENBURG MARTIN HARR QUANT AND EXECUTION BASED IN GOTHENBURG JOHAN BJÖRNHOLM PORTFOLIO MANAGER BASED IN GOTHENBURG ANDERS DAHLSTRÖM PORTFOLIO MANAGER BASED IN NEW YORK. CONTACT STEFAN AXELSSON stefan.axelsson@vcgim.com +46 31 59 63 31 MARTIN HARR martin.harr@vcgim.com +46 31 59 24 86 JOHAN BJÖRNHOLM johan.bjornholm@vcgim.com +46 31 325 28 57 ANDERS DAHLSTRÖM anders.dahlstrom@vcgim.com +1 201 289 7381 ADDRESS c/o Volvo Car Group Treasury Gunnar Engellaus Väg 2 50440 VAK/VCG HD3 405 31 Göteborg, Sweden vcgimTest10.29.2015