Guernsey, 28 July 2010 - Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") has published its June monthly report. The full report is attached to this release and is available on Volta Finance Limited's financial website (www.voltafinance.com).

Gross Asset Value At 30.06.10 At 31.05.10
Gross Asset Value (GAV / €) 96,994,933 100,745,605
GAV per share (€) 3.20 3.32

At the end of June 2010, the Gross Asset Value (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was €97.0m or €3.20 per share, a slight decrease of €0.12 per share from €3.32 per share at the end of May 2010.

The June mark-to-market variations* of Volta Finance's asset classes have been: -8.3% for ABS investments, +0.5% for mezzanine of CDO investments, -4.3% for residuals of CDO investments and -0.4% for Corporate Credit investments. The slight decline of the GAV in June, reflect the still nervous situation of credit markets for some months now.

Excluding principal payments from short-term ABS investments (€0.2m), Volta's assets have generated the equivalent of €0.6m of cash flows in June 2010 (non-euro amounts converted into euro using end-of-month cross currency rates) bringing the total cash generated during the last six months to €9.6m, unchanged from end of May. This amount could be compared with €7.2m for the previous six-month period ended in December 2009 (the most recent period which is comparable considering the seasonality of payments).

In June, the Company took advantage of the decline in market prices of mezzanine debt tranches of CLOs to make 4 investments for €1.7m in this area (Colt Trust-D, Apidos 2006-E, Black Diamond 2005-E and OHECP 2007-E).

At the end of June, Volta had €4.9m in cash including €2.6m posted for margin calls in respect of its currency hedge positions.

MARKET ENVIRONMENT
In June, credit spreads continued to widen, reflecting a prolonged nervous period in most markets as tensions on sovereign debts seem to remain high and as some economic indicators tend to reflect that the rapid inventory-driven growth cycle recorded in Q4 2009 and Q1 2010 couldn't last once inventories are replenished.

The spread of the 5y European iTraxx index (series 13) and the 5y iTraxx European Crossover Index (series 13) increased respectively from 118 and 558 bps at the end of May to respectively 129 and 574 bps at the end of June. According to the CSFB Leverage Loan Index, the average price for US liquid first lien loans modestly decreased from 89.73% to 89.41%.**

VOLTA FINANCE PORTFOLIO
In June, no particular event materially affected the situation of the Corporate Credit holdings. However it should be mentioned that the first-loss positions in Jazz III and ARIA III remain highly sensitive to any credit event that could occur. At the end of June, these first-loss positions represented 9.0% of Volta's GAV. The other Corporate Credit positions, representing 8.8% were two senior tranches (initially rated AAA) and one mezzanine tranche (initially rated A).

As regards the Company's investments in residual and mezzanine debt of CLOs, representing two-thirds of Volta's GAV, the company continued to reinvest (one deal in April, 3 in May, 4 in June) the proceed of the two residual positions that were sold in April and part of the incoming cash flows. At the end of June, from a total of 42 positions in residual or mezzanine debt of CLOs, two of the mezzanine positions (Alpstar 2A E and Cheyne Credit Opp.) and two of the residual positions (Carlyle IX and Northwoods VIII) are still unable to pay their coupon due to over collateralisation test breaches. The 38 other positions are currently paying. At the end of June the mezzanine debt tranches, totalling €77.8m of principal amount, were valued for €39.1m.

As regards the Company's ABS investments, in June, no particular event materially affected the six UK non-conforming residual holdings. In June the price of Promise Mobility declined by 12% reflecting some losses in its underlying loans portfolio according to its latest published report. Despite the recent significant increase in cumulative losses on this deal, the cumulated losses (0.23% since inception) are still significantly below what was projected when this deal entered into Volta's portfolio. The two investments in short-term euro ABS senior tranches held by the Company to enhance its cash management amounted to €3m.

The Company considers that opportunities could arise in several structured credit sectors in the current market environment. Amongst others, mezzanine tranches of CLOs and of European ABS or senior tranches of Corporate Credit portfolios could be considered for investments. Potential investments will be made depending on the pace at which market opportunities could be seized and cash is available. From time to time, as was the case in January 2010 and again in April 2010, and in line with what has been described in the latest semi-annual report of Volta, the Company could be expected to sell some previous assets in order to reinvest the sale proceeds in almost similar investments for which expected cash flows are anticipated to be less uncertain or higher than the ones that were expected from the sold assets.

* "Mark-to-market variation" is calculated as the Dietz-performance of the assets in each bucket, taking into account the MtM of the assets at month-end, payments received from the assets over the period, and ignoring changes in cross currency rates Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

** Index data source: Markit, Bloomberg.
(Full monthly report in attachment or on www.voltafinance.com)