WARNING: This page is about a different car, the 2002 Volvo C70, 2001 Volvo C70, 2000 Volvo C70, 1999 Volvo C70, and 1998 Volvo C70. However, it is still accessible from the selected car via links, so may be relevant.
Fig 1: Identifying Oil Drained Off
Courtesy of VOLVO CARS OF NORTH AMERICA.
Remove the splash guard under the engine.
Remove the drain plug. Drain the oil from the transmission.