Proposal for voluntary conversion of
volvo series a shares to series B shares

The Board of AB Volvo has received a proposal requesting that the
General Meeting approve the introduction of a program for the voluntary
conversion of Series A shares into Series B shares. This would be
motivated by the opportunity for the holders of Series A shares to take
advantage of the somewhat higher price of Series B shares, while
relinquishing the greater voting rights provided by Series A shares.

The Board has contacted the largest shareholders in Volvo to sound out
their position. This review has indicated clearly that the proposal will
not obtain the required support needed (two thirds of the shares and
votes represented at the Annual General Meeting).

One of the reasons discussed among the major shareholders in adopting
this view is that the European commission is currently in the process of
establishing new rules on differentiated voting rights. It would be wise
to await the finalization of the new rules before any changes to the
present system are implemented.

This announcement to all shareholders is prepared on the basis of
information received from shareholders representing well above one third
of the voting rights in Volvo.

The Board of AB Volvo

March 10, 2003


For further information, please contact Marten Wikforss, 
+46 31 66 11 27, +46 705 59 11 49

The Volvo Group is one of the world's leading manufacturers of trucks,
buses and construction equipment, drive systems for marine and
industrial applications, aerospace components and services. The Group
also provides complete solutions for financing and service. The Volvo
Group, which employs about 71,000 people, has production facilities in
25 countries and sells their products in more than 185 markets. Annual
sales of the Volvo Group amount to 18 billion euro. The Volvo Group is a
publicly-held company headquartered in Goteborg, Sweden. Volvo shares
are listed on the stock exchanges in Stockholm, London, Brussels and
Frankfurt and on NASDAQ in the US.