1. Press conference
Stina Thorman, Investor Relations
1

2. Interim Report January-June 2008
Jan Ytterberg, CFO
2

3. First half of 2008 – highlights
Profitability at all time high
Operating margin 16.6%
–
– Net margin 12.1%
– Record returns
– Good revenue growth
3

4. Profitable growth
Vehicles & Services
SEK m. Percent
100,000 55
Net sales growth EBIT Margin Revenue
ROCE
50
90,000
15% 45
80,000
40
EBIT growth 70,000
35
60,000
30% 30
50,000
25
ROCE 50.3% 40,000
20
30,000
15
20,000 10
10,000 5
0 0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008*
Q2
* Rolling 12 months
4

5. High volumes
Total deliveries, trucks and buses
Units
24,000
Deliveries +5%
20,000
Delivery times
becoming 16,000
shorter
12,000
8,000
4,000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2004 2005 2006 2007 2008
5

6. High demand for services
Service revenue
SEK m.
5,000
Growing vehicle
population
4,000
Expanded
3,000
network
2,000
1,000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2004 2005 2006 2007 2008
6

7. Operating income
Vehicles & Services
Impressive EBIT
growth due to Volume
Price
– Higher vehicle
and service EBIT increase: Product mix
volume + SEK 1,715 m. in 1H
– Prices
Currency
– Product mix
R&D
7

8. Cash flow
Vehicles & Services
SEK m.
4,500
Working capital
4,000
increased mainly
due to seasonal 3,500
factors and 3,000
volume growth 2,500
2,000
Capital 1,500
expenditures due 1,000
to capacity 500
increases 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2004 2005 2006 2007 2008
Note: Excluding acquisitions/divestments and Financial Services
8

9. Volume driven growth
Credit portfolio, Financial Services
SEK m.
45,000
Portfolio +5.4%,
local currencies 40,000
35,000
Competitive 30,000
market 25,000
20,000
Operating income
15,000
+12%
10,000
Well balanced 5,000
portfolio 0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
9

10. Building shareholder value
SEK Percent
14 50
Net income +36% EPS (SEK)
ROE
45
12
Earnings per share 40
10
SEK 12.52 rolling 35
12 month 30
8
25
6
Return on equity 20
43.5% (29.2) 15
4
10
2
5
0 0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
10

11. Conclusion
Profitable growth resulting in
all time high earnings
11

12. 12

13. Outlook
Leif Östling, President and CEO
13

14. Orders in balance with deliveries
Units
30,000
Orders Deliveries
25,000
20,000
15,000
10,000
5,000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q2
Q1
2004 2005 2006 2007 2008
14

15. Efficiency improvement
Productivity
Vehicles per employee
– Ratio close to 7*
vehicles per 6.6
Number of vehicles
employee Production employees
5 78,300
Structure
4
– Restructuring 55,600
proceeding as 3 46,400
planned
31,800
– SEK 300 m. in
annual savings 12,800 11,800
12,000 11,300
with full effect
from 2009 1990 1995 2000 2007
* Rolling 12 month figures
15

16. Improved flexibility
Global
product
range
Product mix
drives
profitability
Relative
profitability
neutral to
market mix
Production units
Sales & Service units
16

17. Market outlook
Strong demand in most markets outside EU
Structural demand in CIS countries and Russia
–
– Latin America – strong growth in Brazil
– Asia – strong demand due to infrastructure
investments
Europe – softer demand due to economic
uncertainty
17

18. Financial outlook
Earnings 2008 will be higher than 2007
18

19. 19