Volvo Aero issues preliminary lay-off notice

VOLVO AERO ISSUES PRELIMINARY LAY-OFF NOTICE As announced earlier on October 24, Volvo Aero will be forced to reduce the number of employees as a result of the sharp downturn in the aviation industry. The preliminary notice of pending lay-offs, which was sent today to the County Labor Board, means that 310 employees in Trollhättan will leave the company after the summer of 2002. (The Swedish labour legislation stipulates that notice must be given to employees six months in advance.) Some 100 employees are also to be released by Volvo Aero Services in the US, compared with the 70 announced earlier. December 10, 2001 For more information, contact Fredrik Fryklund, Press Officer, Volvo Aero + 46 520 94401 ------------------------------------------------------------ This information was brought to you by Waymaker The following files are available for download:

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The Volvo Group is one of the world’s leading manufacturers of trucks, buses, construction equipment and marine and industrial engines. The Group also provides complete solutions for financing and service. The headquarter is located in Gothenburg, Sweden.