Annual General Meeting of AB Volvo

ANNUAL GENERAL MEETING OF AB VOLVO The Annual General Meeting of AB Volvo held on April 26 approved the Board of Directors' proposal that a dividend of SEK 7.00 per share be paid to shareholders, a total of SEK 3,090,646,195. The record date for receipt of dividends was set at May 2, 2000. The dividends will be distributed to shareholders through VPC (the Swedish Securities Register Center) on May 5, 2000. The Meeting also approved a proposal that the Board of Directors of AB Volvo be authorized to make decisions regarding the acquisition and transfer of Volvo's own shares. Acquisition may be made of a maximum number of Series A and/or Series B shares so that Volvo, after each purchase, holds not more than 10 percent of the total number of shares. Acquisitions may be made through an offer directed to all shareholders at a price that is a maximum of 30 percent higher than the prevailing market price at the time of the Board's decision regarding such an offer. Purchases may also be made through trading on a stock exchange, authorized marketplace or another regulated marketplace on which the Company's shares are traded at a price per share corresponding to the prevailing market price. For the purpose of financing company acquisitions, transfer may be affected through an offer to all shareholders. Transfer may also be made to another party than a shareholder as payment in conjunction with company acquisitions. The Meeting also voted in favor of the Board's proposal regarding the transfer of shares, due to the previously approved options program. In accordance with this decision, a maximum of 595,000 Series B shares may be transferred to senior executives within the Volvo Group. Per-Olof Ericsson, Sören Gyll, Tom Hedelius, Leif Johansson, Sören Mannheimer, Lars Ramqvist and Finn Johnsson were re-elected members of the Board. Director fees for Board members were set at SEK 2,475,000, to be distributed among members in accordance with the Board's decision. April 26, 2000 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/04/26/20000426BIT01580/bit0001.doc http://www.bit.se/bitonline/2000/04/26/20000426BIT01580/bit0002.pdf