BOEING AND VOLVO AERO SERVICES EXTEND THEIR MARKET AND DISTRIBUTION
AGREEMENT

The Boeing Company (NYSE:BA) and Volvo Aero Services have extended their
Marketing and Distribution Agreement through December 2009.
Under this Agreement, Volvo Aero Services will continue to market and
sell Boeing Surplus Inventory for commercial aircraft in addition to
developing new joint customer offerings.

Mark Owen, Vice President of Spares for Commercial Aviation Services  at
The  Boeing Company, said, "Boeing and Volvo Aero have had an  excellent
working relationship since the first contract was signed in 1999, and we
look forward to continuing this partnership through 2009. The renewal of
this  agreement allows us to continue to reduce our inventory,  generate
additional  revenue  by  leveraging Volvo Aero Services  sales  team  to
market these parts, and allow us to make them more readily available  to
our customers. At the same time, we'll be able to focus Boeing resources
on our main spare parts operation."

Boeing  and  Volvo  Aero Services will continue to manage  the  existing
programs that they have jointly developed from the initial relationship.
It  is  further agreed that they will jointly develop and establish  new
spares related initiatives. This will provide a greater array of support
offerings  designed  to  further enhance  the  needs  of  their  airline
customers  as  well  as services provided by MROs  and  repair  stations
around the globe.

Claes  Malmros,  President of Volvo Aero Services,  said,  "Through  the
extension  of this relationship, Volvo Aero and Boeing have demonstrated
the  ability  to  rapidly adapt to the changing aviation environment  by
continuing  to  provide  innovative and  value  added  services  to  our
customers and partners."

Volvo Aero Services will use its existing sales force to market the
expanded service offerings as well as to continue its distribution of
Boeing surplus parts to aircraft operators and maintenance and repair
stations worldwide.

June 15, 2003


For further information, please contact:

Ann-Sophie Berner, Director of Communications, Volvo Aero Services,
phone +1 561-809-9600

Ed McGinn, Senior Manager, Communications, Boeing Commercial Airplanes,
phone +1 206-766-2161

Facts:
Commercial Aviation Services (CAS) is a business unit of Boeing
Commercial Airplanes. CAS offers a wide range of products, services and
integrated solutions to fleet operators. Capabilities of the
organization include global customer support, spares and logistics
support, maintenance and engineering services, fleet enhancements and
modifications, and flight operations support.

Additional information on CAS and The Boeing Company is available on the
Internet at www.boeing.com.

Volvo Aero Services LP is the aviation service provider within Volvo
Aero, a
US$1-billion company with broad operations in the aerospace industry.

Volvo Aero, a subsidiary in the Volvo Group, develops and manufactures
components for commercial aero engines and rocket engines with a high
technology content as a partner to the world's leading manufacturers in
this segment. Volvo Aero also develops, manufactures and services
military engines. In its service operations, the company offers a broad
range of products, including sale of spare parts for aircraft engines
and aircraft, sale and leasing of aircraft engines and aircraft, and
overhaul and repair of aircraft engines. Business Area Land & Marine Gas
Turbines develops, produces and provides power generation and propulsion
applications with gas turbine engines as well as after-market services.
Additional information on the company is available on the Internet at
www.volvoaero.com.

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 headquarterd in Goteborg, Sweden. Volvo shares are
listed on the stock exchanges in Stockholm, London, Brussels and
Frankfurt and on NASDAQ in the US.