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Volvo AB (VOL)

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Friday 13 December, 2002

Volvo AB

AB Volvo forms audit committee

AB VOLVO FORMS AUDIT COMMITTEE

As a result of more stringent requirements placed on companies whose
shares are traded in the United States, the Board of Directors of AB
Volvo has decided to establish an audit committee.

Finn Johnsson was elected chairman of the committee and Per-Olof
Eriksson and Ken Whipple were appointed members. As assigned by the
Board, the committee's duties will include examining internal and
external audits and the company's financial reporting.

December 13, 2002

For further information contact: Mårten Wikforss tel +46 31 661127

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 71,000 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 headquarterd in Göteborg, Sweden. Volvo shares are
listed on the stock exchanges in Stockholm, London, Brussels and
Frankfurt and on NASDAQ in the US.
  

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