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: Drain Valve And Coolant Reservoir Cap
Courtesy of VOLVO CARS OF NORTH AMERICA.
Remove the front air baffle
Open the nipple on the engine
Drain the coolant into a container
Close the nipple
Remove the screw that holds the inlet pipe for the coolant pump to the cylinder block.