Guernsey, 16 October 2008 - Volta Finance Limited (the "Company" or
"Volta Finance" or "Volta") has published its September 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 30.09.08 | At 29.08.08 |
|-----------------------------+-------------+-------------|
| Gross Asset Value (GAV / €) | 111,721,711 | 159,160,332 |
|-----------------------------+-------------+-------------|
| GAV per share (€) | 3.72 | 5.30 |
+---------------------------------------------------------+


As of the end of September 2008, the Gross Asset Value (the "GAV") of
Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was
€111.7m or €3.72 per share, a decrease of €1.58 from €5.30 per share
at the end of August 2008.

The September mark-to-market variations* of Volta Finance's asset
classes have been: -4.2% for ABS investments, -14.3% for CDO
investments and -63.6% for Corporate Credit investments.

As stated in the previous monthly report, the default of Lehman
Brothers Holdings Inc (LBHI) has had a significant impact on some of
Volta's assets. Direct losses were generated on the Corporate Credit
investments (ARIA II, ARIA III and Jazz III) and the prices of other
assets have been indirectly affected by this event. In the August
monthly report, the Company estimated the LBHI jump-to-default to
reduce the value of the three Corporate Credit investments that are
directly impacted from €62.7m to €20.1m. As of the end of September
the cumulative value of these three investments, €22.8m, is close to
the August monthly report estimate. The end of September value was
established using an estimated recovery of 10% on LBHI's default. A
recent value estimate of these positions taking into account the
effective recovery (8.625%) and the significant improvement in
financial CDS spreads would not be materially different.

The Company also announced on 10 October 2008 that a dividend of
€0.25 per share will be recommended by the Company's Board of
Directors to the General Assembly, which is going to take place on 20
November 2008.

MARKET ENVIRONMENT AND LATEST DEVELOPMENTS

In September, the financial crisis reached a level requiring
coordinate government actions in order to restore financial
stability. These actions have started to take place in the first
weeks of October in most developed countries. Nevertheless, economic
difficulties are now materialising even if the financial crisis now
seems to be somewhat contained.

As an illustration, from the end of August to the end of September,
the spread of the 5y European iTraxx index (series 9) widened
significantly from 100 bps to 116 bps, reaching 144 bps on 17
September at the peak of the turbulence and its Crossover counterpart
(5y iTraxx European Crossover index series 8) continued to widen from
550 bps to 597 bps. According to the CSFB Leverage Loan Index, the
average price for US liquid first lien loans declined from 87.62% to
82.91%.**

Since the end of September, Leveraged Loans prices have continued to
decline significantly and the iTraxx indices have continued to widen.
During the same period the sub-index representative of senior
financial debt in Europe went from 119 bps at the end of September to
84 bps on 14 October. This shows that the default risk has switched
from the financial companies to the non-financial companies.

VOLTA FINANCE PORTFOLIO

All these events have affected and will continue to affect
significantly Volta's assets if the economic situation worsens. Under
such a worsening situation scenario, the impact would be felt first
through continuing asset price decline and second, if defaults were
to increase significantly, through a downward revision of expected
cash flows on some assets. Nevertheless it is too early in the
default cycle to estimate the impact of the worsening economic
situation on Volta's assets,

As regards Aria II, Aria III and Jazz III, even if it seems that,
following the multiple government interventions, no significant
financial institution is expected to go bankrupt in the coming
months, these investments remain at risk of a significant
deterioration of the economic cycle that would affect their exposure
to non-financial companies. In September, these assets benefited from
a tightening of the spread of financial companies following the
previous dramatic widening. The underlying portfolios of these three
assets are significantly overweighted on financial companies.

Taking into account the final recovery on LBHI (8.625% for
Euro-denominated Senior CDS), and prior to the reinvestment of the
recovered amount, the situation of these three assets is the
following:

- ARIA II, which was a 1.53/2.53% attachment/detachment tranche at
the end of August 2008, has lost 30% of its future coupons and
principal, and is now a 0/0.70% tranche.

- ARIA III, which was a 0/3% attachment/detachment tranche with a
0.6% internal reserve at the end of August 2008 has lost its reserve,
41% of its future coupons and principal, and is now a 0/1.77%
tranche.

- Jazz III Euro and USD tranches, which accounted respectively for
85% and 15% of the initial Jazz III investments, were both 0/5.75%
tranches at the end of August 2008 and are expected to lose a little
less than 20% of their expected quarterly payments, and respectively
41% and 43% of their principal. The Euro tranche is now a 0/3.41%
tranche and the USD one a 0/3.27% one.

As regards the ABS asset class, one of the UK non-conforming residual
owned by Volta, Eurosail 2006-, is indirectly concerned by the
failure of LBHI. Some of the swaps in the structure were concluded by
Lehman Brothers Special Financing and the transaction servicer is
Capstone, both of which are subsidiaries of LBHI. While these two
entities were outside LBHI's bankruptcy perimeter, this situation
does create a certain level of uncertainty.

Given the ongoing volatility and uncertainties around structured
products, Volta has continued to maintain a significant level of cash
in its portfolio. Cash was representing 25.2% of the GAV at the end
of September. Since then, Volta has spent €3.1m to buy €5m and $4m of
principal amount in two BBB tranches of CLO.

In the best interest of its shareholders, the Company will continue
to reinvest the cash available without precipitation. As of the end
of September the cash position was €28.2m (€0.94 per share), which
comprises the amount that has been put aside (€7.5m) following the
recommended dividend of €0.25 per share and the latest investments
(€3.1m). The company still owns a significant amount of cash to seize
market opportunities.

* "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 assuming that changes in cross currency rates have no
impact given that Volta Finance implements a currency hedge on
non-euro assets. Nevertheless, some residual currency effects could
impact the aggregate value of the portfolio when aggregating each
bucket.
** Index data source: Bloomberg.

(Full monthly report in attachment or on www.voltafinance.com)