Guernsey, 31 October 2008 - Volta Finance Limited has published its
results for the financial year ended 31 July 2008. The Annual Report
and Accounts 2008 is attached to this release and is available on
Volta Finance Limited's financial website (www.voltafinance.com).

A conference call for analysts and investors will be held on 31
October 2008 at 15:00 (France time) / 14:00 (UK time) to discuss the
annual results.

* Investors calling from the UK may access the conference by
dialing +44 (0) 207 153 2027
* Investors calling from France may access the conference by
dialing +33 (0) 1 70 99 35 14
* Investors calling from other countries can call either one of
these numbers.

Highlights for the Financial Year

* Net Asset Value of €165.5 million (€5.57 per share) at 31 July
2008
* A recommended dividend of €0.25 per share for the semi-annual
period from 1 February 2008 to 31 July 2008
* Distribution Income of the company for the annual period was
negative €57.9 million, or negative €1.93 per share
* Net loss of the Company for the annual period was €70.6 million,
or €2.35 per share, taking into account the recognition of an
impairment under IFRS accounting for six UK non-conforming Asset
Backed Securities ("ABS"), the losses realised following the
liquidation of the Total Return Swap ("TRS") and the unrealised
mark-to-market losses of assets held for trading and derivative
financial instruments
* As of the end of the financial year, Volta Finance was invested
in three underlying asset classes (CDO, Corporate Credit, ABS)
following the liquidation of the Leveraged Loan TRS over the
course of the annual period
* The investments held by the Company generated €37.2 million of
cash over the annual period. The cash holding was €23.4 million
at financial year end
* Following the increase in discount margins, the Company enlarged
its investment horizon to assets that could benefit from larger
subordination and/or lower leverage and/or have exposure to
portfolios with better characteristics such as a higher average
rating factor
* Operating expenses as a percentage of average Net Asset Value for
the year ended 31 July 2008 were 2.26% (2.21% for the period
ended 31 July 2007)

The 2008 accounts of Volta Finance Limited have been audited by KPMG
Channel Islands Limited.

STATEMENT BY PETER CROOK, CHAIRMAN OF THE BOARD (the following is an
extract of the Chairman's Statement published in the Annual Report
and Accounts 2008)

The global financial crisis has further reduced the value of the Company's assets during the second financial year of the Company.

The NAV has significantly declined over the period from €260.1 million as of 31 July 2007 to €165.5 million as of 31 July 2008.

This annual period was marked by significant events that have affected the value of the Company. In addition to the impairment announced on five UK non-conforming ABS residuals in the last semi-annual report, which was then followed by the liquidation of the Leveraged Loan Total Return Swap ("TRS"), further write-downs have been recognised on all of the Company's six UK non-conforming ABS residuals following a review of the expected cash flows of these
assets as of the end of July 2008.

Consequently, there was a loss of €70.6 million (or €2.35 per share)
for the financial year ended 31 July 2008, compared to a loss of
€16.9 million (or €0.56 per share) for the previous financial year.

The Distribution Income for the financial year ended 31 July 2008 was
negative €57.9 million (or negative €1.93 per share), with two
consecutive semi-annual periods featuring negative Distribution
Income. This compares to a positive Distribution Income of
€14.1 million (or €0.47 per share) for the financial period ended 31
July 2007 and reflects primarily the losses incurred following the
liquidation of the TRS and the impairments taken on all of the
Company's UK non-conforming ABS residuals.

However, in spite of the sharp reduction in the value of the
Company's assets, both in mark-to-market and expected cash flow
terms, our assets have continued to generate cash, resulting in €23.4
million held in cash at the financial year-end.

Dividend

The Board of Directors of Volta Finance Limited recommends a dividend
of €0.25 per share for the semi-annual period ended 31 July
2008, amounting to €7.5 million. This dividend will be paid out
of the Company's distributable reserves. Its level corresponds to the
originally anticipated net return on the Company's assets of
approximately 10% applied to the Company's performing asset base as
at 7 October 2008, the date of the Company's last Board Meeting.

Outlook

The results presented in this annual report, which covers the year
from 1 August 2007 to 31 July 2008, do not take into account
subsequent market events, among which is the bankruptcy of Lehman
Brothers Holding Inc. ("LBHI"). These subsequent events have further
negatively affected the value of the Company's assets.

The impact of these events, which have sent credit spreads to higher
levels, has been felt throughout the credit markets. For the most
part, the impact has been on the Company's three Corporate Credit
assets, all of which are junior CDO tranches referencing investment
grade names, among which is LBHI. Following this event, significant
losses will be recognised on these three assets in the results for
the semi-annual period ending 31 January 2009. As of end of September
2008, following LBHI's bankruptcy, the unaudited value of these
assets has declined to €23.0 million, from €69.3m at end of July
2008. The end of September mark-to-market value of these three assets
already priced in the probability of further defaults in the
underlying portfolios.

As reported at the end of August, and prior to LBHI's default, the
Gross Asset Value of the Company had declined to €159 million. As of
end of September 2008, after LBHI's default, the Gross Asset Value of
the Company was €111.7 million (€3.72 per share).

At the time of writing, and after the payment of the dividend and
taking into account other commitments, the Company is expected to
have nearly €10 million in cash available. As for the previous
semi-annual period, considering that the present volatility and price
declines could last for several months, and taking into account the
Investment Manager's advice, the Company will aim to take time to
deploy capital in order to take advantage of stressed market
conditions.

The Company is fully committed to managing the situation in the best
interests of its shareholders in these extremely challenging
conditions.