WARNING: This page is about a different car, the 2004 Volvo S40, 2003 Volvo S40, 2002 Volvo S40, 2001 Volvo S40, and 2000 Volvo S40. However, it is still accessible from the selected car via links, so may be relevant.
Fig 1: Draining Brake Fluid
Courtesy of VOLVO CARS OF NORTH AMERICA.
Remove the protective cap from the bleed nipple. Connect a hose. Unscrew the nipple.
Lock the pedal in its depressed position using a pedal jack.