Press Release from the Election Committee of AB Volvo

Regulatory News:

   In preparation of the Annual General Meeting of AB Volvo
(NASDAQ:VOLV) (STO:VOLVA) (STO:VOLVB) on 9 April 2008, Volvo's
Election Committee has decided to propose that Peter Bijur, Tom
Hedelius, Leif Johansson, Philippe Klein, Louis Schweitzer, Ying Yeh,
Lars Westerberg and the Chairman of the Board, Finn Johnsson, be
re-elected as members of the Board of Directors. Per-Olof Eriksson has
announced that he is not available for re-election.

   A survey among Volvo's shareholders indicates that owners
representing more than 50 percent of the votes in the company support
the proposal of the Election Committee.

   The Election Committee started at an early stage a search for a
suitable candidate to propose as a new board member. After a global
and deep search as well as the thorough review of several high
talented candidates, the EC was unanimously ready to propose the
election of one of these candidates at the upcoming AGM. However, the
selected candidate who has confirmed his interest to join the Volvo
Board could not fully complete at this stage the internal process to
get the necessary authorization to confirm his candidacy. In these
circumstances the EC remains ready to support the nomination of the
selected candidate if he can clear his internal process before the
AGM. If so this will be communicated through a press release. If not,
the EC would hand over the task to the next EC.

   AB Volvo published on 5 March the notice of the AGM. The Election
Committee's proposals are the following in relation to the proposed
agenda of the AGM:

   Item 12. Determination of the number of members and deputy members
of the Board of Directors to be elected by the Meeting The Election
Committee proposes eight members and no deputy members.

   Item 13. Determination of the remuneration to be paid to the Board
of Directors The Election Committee proposes that the individual fees
shall remain on the same level as 2007. The Election Committee
accordingly proposes that the Chairman of the Board is awarded SEK
1,500,000 and each of the other members SEK 500,000 with the exception
of the President. It is further proposed that the Chairman of the
Audit Committee is awarded SEK 250,000 and the other two members of
the Audit Committee SEK 125,000 each and the members of the
Remuneration Committee SEK 75,000 each.

   Item 14. Election of the Board of Directors The Election Committee
proposes the re-election of Peter Bijur, Tom Hedelius, Leif Johansson,
Finn Johnsson as Chairman, Philippe Klein, Louis Schweitzer, Lars
Westerberg and Ying Yeh.

   2008-03-10

   This information was brought to you by Cision
http://newsroom.cision.com
  
    
  
  
    
      Regulatory News:
    
    
      In preparation of the Annual General Meeting of AB Volvo (NASDAQ:VOLV) 
      (STO:VOLVA) (STO:VOLVB) on 9 April 2008, Volvo’s 
      Election Committee has decided to propose that Peter Bijur, Tom 
      Hedelius, Leif Johansson, Philippe Klein, Louis Schweitzer, Ying Yeh, 
      Lars Westerberg and the Chairman of the Board, Finn Johnsson, be 
      re-elected as members of the Board of Directors. Per-Olof Eriksson has 
      announced that he is not available for re-election.
    
    
      A survey among Volvo’s shareholders indicates 
      that owners representing more than 50 percent of the votes in the 
      company support the proposal of the Election Committee.
    
    
      The Election Committee started at an early stage a search for a suitable 
      candidate to propose as a new board member. After a global and deep 
      search as well as the thorough review of several high talented 
      candidates, the EC was unanimously ready to propose the election of one 
      of these candidates at the upcoming AGM. However, the selected candidate 
      who has confirmed his interest to join the Volvo Board could not fully 
      complete at this stage the internal process to get the necessary 
      authorization to confirm his candidacy. In these circumstances the EC 
      remains ready to support the nomination of the selected candidate if he 
      can clear his internal process before the AGM. If so this will be 
      communicated through a press release. If not, the EC would hand over the 
      task to the next EC.
    
    
      AB Volvo published on 5 March the notice of the AGM. The Election 
      Committee’s proposals are the following in 
      relation to the proposed agenda of the AGM:
    
    
      Item 12. Determination of the number of members and deputy members of 
      the Board of Directors to be elected by the Meeting The Election 
      Committee proposes eight members and no deputy members.
    
    
      Item 13. Determination of the remuneration to be paid to the Board of 
      Directors The Election Committee proposes that the individual fees shall 
      remain on the same level as 2007. The Election Committee accordingly 
      proposes that the Chairman of the Board is awarded SEK 1,500,000 and 
      each of the other members SEK 500,000 with the exception of the 
      President. It is further proposed that the Chairman of the Audit 
      Committee is awarded SEK 250,000 and the other two members of the Audit 
      Committee SEK 125,000 each and the members of the Remuneration Committee 
      SEK 75,000 each.
    
    
      Item 14. Election of the Board of Directors The Election Committee 
      proposes the re-election of Peter Bijur, Tom Hedelius, Leif Johansson, 
      Finn Johnsson as Chairman, Philippe Klein, Louis Schweitzer, Lars 
      Westerberg and Ying Yeh.
    
    
      2008-03-10
    
    
      This information was brought to you by Cision http://newsroom.cision.com