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Volvo AB (VOL)

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Tuesday 25 June, 2002

Volvo AB

Volvo Trucks and Volvo Construction Equipment sign



VOLVO TRUCKS AND VOLVO CONSTRUCTION EQUIPMENT
SIGN CONTRACT WITH SERBIAN MINISTRY OF CONSTRUCTION

Volvo Trucks and Volvo Construction Equipment have signed a letter of
intent with Republic of Serbia Republican Roads Directorate covering
delivery of slightly more than 100 trucks and construction equipment.
Total value of the transaction is SEK 120 M.

The vehicles will be used throughout Serbia in the build-up of the
Serbian road network. The letter of intent pertains to Volvo FM12 truck
for construction duties as well as excavators, wheel loaders and motor
graders.

"This order is significant for us since it represents a penetration of
an important market and because it also demonstrates that we can conduct
business through the joint efforts of the various business areas within
the Group," says Leif Johansson, President of AB Volvo.

June 25, 2002

For further information, pls contact
Claes Claeson, Volvo Trucks, +46 31 66 39 08, +46 708 36 39 08,
or Klas Magnusson, Volvo Construction Equipment, +32 475 57 62 14.

The Volvo Group is one of the world's leading manufacturers of trucks,
buses and construction equipment, drive systems for marine and
industrial applications and aircraft engine components. The Group also
provides complete solution for financing and service. The Group has
about 71,000 employees, production in 25 countries and operations are
carried out in more than 185 markets. Annual sales of the Volvo Group
amount to nearly SEK 180 billion.

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