JPMORGAN WINS ADR MANDATE FOR VOLVO AB

-JPMorgan appointed as successor depository bank for world's leader in commercial transportation products

London, 3 March 2005 - JPMorgan has announced that it has been appointed successor depositary bank by Volvo AB for its NASDAQ listed American Depositary Receipt (ADR) programme. The programme went live with JPMorgan on 22 February 2005.

Volvo AB is a leader in commercial transportation products including trucks, construction equipment and marine and industrial engines.

JPMorgan is a market leader in the depositary receipt business, with more than 40% of the ADR market's capitalisation and 110 ADR clients in the Europe, Middle East and Africa region.

"Good recognition in external markets is crucial to any ADR programme, and a depositary bank can play a key role in this. We are delighted to be working with a major transportation company such as Volvo," said Patrick Colle, global head of ADRs at JPMorgan.

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