Insufficient support for reclassification of shares

Insufficient support for reclassification of shares A proposal has been submitted to the Board of Directors of AB Volvo for a decision at the forthcoming Annual General Meeting to initiate voluntary conversion of A shares to B shares. In contacts with some of AB Volvo's large owners, shareholders representing more than one third of the total number of votes outstanding have indicated that they will not vote for a reclassification. A proposal has been made for decision at the forthcoming Annual General Meeting of AB Volvo for a reclassification of the company's A shares to B shares. Accordingly, AB Volvo investigated the interest for reclassification among some of the company's owners and determined that shareholders' representing more than one third of the number of votes outstanding will not support the proposal. An approval by the Meeting regarding reclassification requires that two thirds of the number of shares represented at the Meeting and the number of votes cast at the Meeting support the reclassification proposal. March 8, 2004 For further information, please contact Mårten Wikforss, +46 31 66 11 27, +46 31 705 59 11 49 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 76,000 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 headquartered in Göteborg, Sweden. Volvo shares are listed on the stock exchanges in Stockholm, London and Frankfurt and on NASDAQ in the US. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/03/08/20040308BIT20460/wkr0001.pdf eng pdf http://www.waymaker.net/bitonline/2004/03/08/20040308BIT20460/wkr0003.doc