Mack President joins Volvo Group Executive Committee

Volvo today announced that Paul L Vikner, who has served since July 2001
as President and CEO of Mack Trucks, Inc., will become a member of
Volvo's Group Executive Committee (GEC) effective January 1, 2004,
reporting to Leif Johansson, President and CEO of the Volvo Group. The
GEC is the highest-level management committee in the Volvo Group.

Vikner will continue to serve as President and CEO of Mack.

"Paul Vikner and the entire North American management team have made
tremendous progress in strengthening the Mack brand since Volvo acquired
the company in 2001," said AB Volvo President Leif Johansson. "We
welcome Paul's participation on the Group Executive Committee, and look
forward to continuing to work with him to ensure that Mack reaches its
full potential as a member of the Volvo Group."

October 16, 2003

For further information, please contact 
Marten Wikforss, +46 31 66 11 27 or
Bob Martin, +1 (610) 709 26 70