Polycom VVX 500 Owner's Manual page 21

All calls are split into individual calls and put on hold
Setting Up Conference Calls
You may conference up to two calls plus yourself (a 3-way call).
To set up a conference call:
1. Call the first party.
2. Press
All conference participants hear the dial tone and ring back when
the conference host places a call to a new party.
Note
3. Call the second party. The new party will be automatically joined to your
call.
Splitting Conference Calls
After you have created a conference call, you may split those calls back to
their individual calls.
to create a new call.
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Owner's Manual