AB VOLVO ANNUAL GENERAL MEETING

At the Annual General Meeting of AB Volvo on April 9, 2003, the
shareholders adopted the Board's proposal to pay a dividend of SEK 8.00
per share, or a total of SEK 3,355,558,736, to the shareholders. April
14, 2003 was adopted as the record date for entitlement to receive the
dividend. Payment of the dividend will be made through VPC (Swedish
Central Securities Depository & Clearing Organization) on April 17,
2003.

The Annual General Meeting also resolved to authorize the Board of
Directors of AB Volvo to decide on the purchase and transfer of the
Company's own shares during the period up to the next Annual General
Meeting. The Company may purchase Series A and/or Series B shares in a
maximum amount so that following each purchase Volvo holds not more than
10% of the total number of shares outstanding in the Company. The share
purchases may be made through offerings directed to all shareholders at
a price that exceeds the prevailing market price by not more than 30% at
the time of the Board's decision to purchase shares through such an
offering. The purchases may also be made through trading on a stock
exchange, or another regulated market in which the Company's shares are
traded, at a price per share that corresponds to the prevailing market
price. For the purpose of financing company acquisitions, the transfer
of shares may be effected through an offering directed to all
shareholders. Transfer may also take place to a party other than a
shareholder as payment in connection with the acquisition of companies.

The following AB Volvo Board members were reelected: Per-Olof Eriksson,
Patrick Faure, Tom Hedelius, Leif Johansson, Finn Johnsson, Lars
Ramqvist, Louis Schweitzer and Ken Whipple. Neelie Kroes and Haruko
Fukuda were elected as new members. Haruko Fukuda is Senior Adviser at
Lazard, and a member of the Board of Foreign & Colonial Investment Trust
plc, among other companies, and is a member of the Business Advisory
Council of the United Nations Office for Project Service (UNOPS). She
was formerly a member of the
Board and President of the World Gold Council, Vice Chairman of Nikko
Europe plc and a partner in James Capel & Co.

Neelie Kroes is a member of the Boards of P&O Nedlloyd and Nederlandse
Spoorwegen N.V, among other companies. She has also held the office of
Transport Minister of the Netherlands and was former advisor to the
Transport Commissioner within the EU Commission.

The Meeting also resolved to authorize the Board Chairman to appoint
three members from among the representatives of the Company's three
principal owners, in terms of voting rights, and who are not members of
the Company's Board of Directors, plus one member representing the small
shareholders in the Company, all of whom jointly with the Chairman shall
comprise the Nomination Committee for the period up to the next Annual
General Meeting. The composition of the Committee shall be announced in
advance of the election of the members of the Board in 2004 and in
conjunction with the publication of the Company's report on operations
for the third quarter of 2003. No fees shall be paid to the Nomination
Committee.

It was determined that a total of SEK 5,200,000 in fees be paid to the
Board for distribution in accordance with the Board's own instructions.

The Annual General Meeting resolved to appoint the certified public
accounting firm of PricewaterhouseCoopers as the Company's auditors for
a period of four years.

April 9, 2003