Volvo concludes disposal of shares in Pharmacia&Upjohn

VOLVO CONCLUDES DISPOSAL OF SHARES IN PHARMACIA&UPJOHN Volvo is now concluding the disposal of its remaining holding, of 9,879,616 shares, in Pharmacia&Upjohn. As a result of the disposal Volvo will report revenues amounting to approximately SEK 3.4 billion and a book gain of slightly more than SEK 2.3 billion in the fourth quarter of 1998. At the beginning of 1998, Volvo's holding in Pharmacia&Upjohn amounted to 3.9 percent, or a total of 19,759,232 shares. In June this year, Volvo sold 50 percent of this holding to JP Morgan, with a reported capital gain of SEK 2.1 billion. At the same time, an agreement was signed with JP Morgan regarding the balance of the holding, whereby Volvo was assured of a minimum price that was in line with the share price prevailing at that time and also allowing Volvo to partially benefit from a possible price increase. Volvo is now concluding the disposal. As a result of this action, Volvo is reporting revenues of approximately SEK 3.4 billion and a book gain of slightly more than SEK 2.3 billion in the fourth quarter of the current year. As a result of arrangements made by JP Morgan, conclusion of the disposal does not lead to any placement of Pharmacia&Upjohn shares on the market. November 6, 1998 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1998/11/06/19981106BIT00260/bit0001.pdf http://www.bit.se/bitonline/1998/11/06/19981106BIT00260/bit0002.doc