New Entity to Focus on Telematics Technology and Product Evolution

CHESAPEAKE, VA, September 30, 2005 – Volvo Penta of the Americas announced today that it has spun-off its SeaKey telematics business to become a new entity: SeaKey, LLC. SeaKey telematics integrate Global Positioning System technologies with electronic mapping and mobile communications to monitor and provide important boat data from port, land or sea. The first satellite communications system designed specifically for the marine industry, SeaKey provides a safer and more enjoyable boating experience for all, with 24-hour service and customer support.

Installed in more than 8,000 boats across North America, SeaKey has received wide acclaim from prominent boat builders and boat owners alike. SeaKey offers an array of services that cater to boat security, boater safety, and boating enjoyment –– including an advanced emergency messaging system that can pinpoint a distressed boat’s location offshore. SeaKey can also alert boat owners to potential problems when they are not using their boats, such as low battery voltage or water intrusion in the bilge. In addition, SeaKey has a proven record of assisting law enforcement agencies in tracking and recovering stolen boats, offering boat owners a new level of security and safety.

SeaKey concierge services are available to all SeaKey customers. Knowledgeable operators are on duty 24 hours a day, seven days a week, to help with any reasonable request including dock reservations, weather information, fueling, car rental, and repair information and assistance. All SeaKey services are provided on an unlimited basis to its customers for a low fixed monthly fee.

Jan Hellaker, former Volvo Penta Chief Telematics Officer and director of Volvo Penta’s Sea Key business unit, will lead SeaKey, LLC as its General Manager. Hellaker has extensive telematics experience, leading Volvo’s corporate Telematics R&D division, as well as managing other telematics businesses, for 15 years. As General Manager of SeaKey, LLC, Hellaker will provide consistent leadership through the company’s transition and beyond –– and will focus the newly independent company’s efforts on product development, business growth and customer support.

“This an exciting time for SeaKey, LLC and the SeaKey product,” says Hellaker. “As an independent company with an exclusive focus on telematics, we’ll be looking to expand our technology base and accelerate the pace of product development. Customers can count on the same high level of service and support from SeaKey, LLC that they’ve come to expect from Volvo Penta, and can look forward to new product innovations in the coming year.”

Volvo Penta is a member of the Volvo Group, a publicly held company headquartered in Gothenburg, Sweden. With annual sales of approximately $27 billion (USD), Volvo is a world-leading manufacturer of heavy trucks, buses, construction equipment, marine and industrial engines, aerospace components, and financial services. In the United States, Volvo shares are listed on NASDAQ and are traded as ADRs (symbol: VOLVY).