Volvo AB

Torbjörn Holmström new president of Volv

Torbjörn Holmström new president of Volvo 3P

Torbjörn Holmström, head of engine development at Volvo Powertrain, has
been appointed new president of Volvo 3P.

Torbjörn Holmström succeeds Odile Desforges as president of Volvo 3P and
will assume his new position immediately. Holmström has been employed by
the Volvo Group since 1979 and his previous positions have also included
that of head of transmission development at Volvo Powertrain.

Volvo 3P is a business unit within the Volvo Group responsible for
product planning, product development, purchasing and product range

January 14, 2003

For further information, please contact Mårten Wikforss +46 31-66 11 27