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Volvo AB (VOL)


Wednesday 24 April, 2002

Volvo AB

AGM Statement

The Annual General Meeting of AB Volvo held on April 24, 2002 approved
the Board of Directors' proposal that a dividend of SEK 8.00 per share
be paid to shareholders, a total of SEK 3,355,558,736. The record date
for receipt of dividends was set at April 29, 2002. The dividends will
be distributed to shareholders through VPC (the Swedish Securities
Register Center) on May 3, 2002.
The Meeting also approved a proposal that the Board of Directors of AB
Volvo, in the period until the next annual general meeting, 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.
Per-Olof Ericsson, Patrick Faure, Tom Hedelius, Leif Johansson, Finn
Johnsson, Lars Ramqvist, Louis Schweitzer and Ken Whipple were re-
elected members of the board.
Thomas Halvorsen, Bengt Hane, Shemaya Levy, Lars Otterbeck and Lars
Ramqvist were re-elected members of Volvo's Nomination Committee.
Director fees for Board members were set at SEK 3,250,000, to be
distributed among members in accordance with the Board's decision.
April 25, 2001
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