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Volvo AB (VOL)

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Wednesday 05 June, 2002

Volvo AB

Volvo to arrange new ocean race 2005-2006



VOLVO TO ARRANGE NEW OCEAN RACE 2005-2006

AB Volvo and the Volvo Car Corporation will arrange a new Volvo Ocean
Race, with start in Europe in 2005-2006. The nearly completed
competition - the closest in the history of the race - has been a major
public and sports success. After careful consideration, the two
companies have decided to arrange a new round of the around the world
yacht race.

Interest for the Volvo Ocean Race from the media and the public has been
enormous during the nine months of the race. As of completion of the
sixth leg, on May 5, TV broadcasts had reached an audience of more than
650 million around the world. As of the same date, TV stations in major
markets in Europe, the US, South America, Asia and Africa had broadcast
more than 760 hours from the Volvo Ocean Race. In the eleven most
important markets, the race had generated nearly 13,000 articles.
Interest was also heavy on the Internet - the Volvo Ocean Race website
attracted nearly three million unique visitors.

"For the Volvo Group, there was no doubt about continuing with the race.
The media response has been overwhelming and the response within the
Group has been very positive," says Leif Johansson, President of AB
Volvo. "We are looking forward to another successful event in 2005-2006
and we are determined to strive to make the next race an even greater
success."

The Volvo Car Corporation is also very satisfied with the results of the
race.

"Owning an event such as this has proven to be of great value for us.
The attention focused on the race generates a highly positive message,
externally and internally," says Hans-Olov Olsson, President of Volvo
Car Corporation. "The TV and press coverage alone of the Volvo Ocean
Race has made the event a good investment."

In preparation for the next round of the race, the ambition of AB Volvo
and Volvo Car Corporation is to reduce the costs for the participating
syndicates. To succeed with this, both companies will carefully analyze
a number of aspects of the race, such as the legs, timeframe, boat type,
sails and other factors. The next
 round of the Volvo Ocean Race will probably involve stops in South
Africa, Asia, South America, the US and Europe. The details regarding
the final route will be announced in spring 2003. There are also
discussions under way about adding new elements to the race.

The next round of the race will also be organized and managed by Volvo
Event Management and the Volvo Ocean Race headquarters in Southampton,
UK. AB Volvo and Volvo Car Corporation will soon finalize decisions and
more detailed information and it is expected that the first preliminary
plan will be released in spring 2003.

June 5, 2002

For further information contact:
Marten Wikforss, AB Volvo, 031-66 11 27
Lennart Strom, Volvo Car Corporation, 031-59 65 25
Lizzie Green, Volvo Ocean Race press officer, +44 7801 185 320



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