Guernsey, 21 October 2010 - Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") has published its 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 30.09.10 At 31.08.10
Gross Asset Value (GAV / €) 107,440,977 103,550,147
GAV per share (€) 3.54 3.42
At the end of September 2010, the Gross Asset Value (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was €107.4m or €3.54 per share, an increase of €0.12 per share from €3.42 per share at the end of August 2010.

The September mark-to-market variations* of Volta Finance's asset classes have been: +0.1% for ABS investments, +9% for mezzanine of CDO investments, +3.9% for residuals of CDO investments and +18.6% for Corporate Credit investments. The increase of the GAV in September reflects the relatively good performance of most of Volta's buckets.

Volta's assets have generated the equivalent of €2.1m of cash flows in September 2010 (non-euro amounts converted into euro using end-of-month cross currency rates and excluding principal payments from debt assets) bringing the total cash generated during the last six months to €9.8m. This amount can be compared with the amount of €8.4m for the previous six-month period ended in March 2010 (the most recent period which is comparable considering the seasonality of payments).

In September, the Company bought three mezzanine debt tranches of CLOs (Adagio II - D1, Galaxy 2007 VIII - E, LFE IV- 4), one first loss tranche of Corporate Credit portfolio (Jazz III CDO) and one short term tranche of European ABS (Fastnet Sec PLC A - A1) for a total of €5m. Two assets were sold during the monthly period (Confluent SLO and Adagio III - B) for a total of €4.9m.

At the end of September, Volta had €4.7m in cash net of amounts due to brokers for settlement of late purchases at month end and including €1.250m posted for margin calls in respect to its currency hedge positions.

MARKET ENVIRONMENT
In September, credit spreads tightened, following the belief that upcoming quantitative easing from the US Federal Reserve will help the US economy which has been facing recent economic uncertainties. The spread of the 5y European iTraxx index (series 13) and the 5y iTraxx European Crossover Index (series 13) decreased respectively from 118 and 530 bps at the end of August to respectively 106 and 447 bps at the end of September. According to the CSFB Leverage Loan Index, the average price for US liquid first lien loans increased from 90.26% to 91.11%.**

VOLTA FINANCE PORTFOLIO
In September, 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. In September, the average price of all the assets in this bucket (the first loss positions plus three other corporate credit positions (initially rated AAA and A tranches)) increased from an average price of 35.7% to 38.7% reflecting the tightening of corporate credit spreads.

As regards the Company's investments in residual and mezzanine debt of CLOs, the Company continued to invest in this area, purchasing in September two initially rated BBB tranches and one initially rated BB tranche.

At the end of September, from a total of 47 positions in residual or mezzanine debt of CLOs, one of the mezzanine positions (Alpstar 2A E) 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 44 other positions are currently paying.

At the end of September the mezzanine debt tranches of CLOs, totalling €86m of principal amount, were valued at an average price of 52.8% of par; the classic residual tranches of CLOs, totalling €45m of principal amount, were valued at an average price of 40.8%; the rest of the bucket, one loan fund, totalling €11m of principal amount, was valued at 90% of par.

As regards the Company's ABS investments, in September, no particular event materially affected the six UK non-conforming residual holdings nor the position held by Volta in Promise Mobility 2006-1. Three investments in short-term euro ABS senior tranches held by the Company to enhance its cash management amounted to €4.9m. One of these three positions is expected to mature in October 2010.

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 three times since the beginning of 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)