Volta Finance Limited (the "Company" or
"Volta Finance" or "Volta") has published its October 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 31.10.08 | At 30.09.08 |
|-----------------------------+-------------+-------------|
| Gross Asset Value (GAV / €) | 89,527,470 | 111,721,711 |
|-----------------------------+-------------+-------------|
| GAV per share (€) | 2.98 | 3.72 |
+---------------------------------------------------------+


As of the end of October 2008, the Gross Asset Value (the "GAV") of
Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was
€89.5 m or €2.98 per share, a decrease of €0.74 from €3.72 per share
at the end of September 2008.

The October mark-to-market variations* of Volta Finance's asset
classes have been: -6.6% for ABS investments, -27.4% for CDO
investments and -34.8% for Corporate Credit investments.

The significant decrease of the GAV in October is mainly the
consequence of the scarcity of buyers relative to sellers for
structured credit products as well as the deterioration of the
economic situation. As an illustration, the Company's residual
tranches of CDOs are priced at 28% of their nominal value as of the
end of October.

The recommended dividend of €0.25 per share that will be subject to
shareholder vote at the Company's Annual General Assembly on 20
November 2008 should be paid on 3 December 2008 according to the
following provisional financial calendar:

20 November 2008: Annual General Meeting
24 November 2008: Ex-dividend date
26 November 2008: Record date
3 December 2008: Dividend payment date

MARKET ENVIRONMENT AND LATEST DEVELOPMENTS

In October, the financial and economic crises continued to extend
their reach. Most central banks cut interest rates significantly and
are expected to continue doing so. In spite of these monetary
actions, economic difficulties have continued to arise and prices of
risky assets have continued to spiral downward.

>From the end of September to the end of October, the spread of the 5y
European iTraxx index (series 10) widened significantly from 129 bps
to 153 bps and its Crossover counterpart (5y iTraxx European
Crossover index series 10) continued to widen from 586 bps to 777
bps. According to the CSFB Leverage Loan Index, the average price for
US liquid first lien loans declined from 82.91% to 71.58%.**

VOLTA FINANCE PORTFOLIO

As regards the Company's Corporate Credit holdings, even if it seems
that no significant financial institution is expected to go bankrupt
in the coming months following the multiple government interventions,
Volta's investments continue to remain at risk of a significant
deterioration of the economic cycle that would affect the exposure of
these assets to non-financial companies.

As regards Volta's six UK non-conforming residual holdings, the
worsening of the economic situation in the UK will almost certainly
tend to increase the difficulties of mortgage borrowers, potentially
raising default rates. On the other hand, the decisive action of the
BoE to cut its base rate twice over a four-week period could be a
positive development for these assets.

One particular transaction, Eurosail 06-01, which was arranged by
Lehman Brothers, suffers a very high and specific level of risk due
to the bankruptcy filing, in October, of the Lehman Brothers'
subsidiary that provide swaps for this transaction. At the time of
writing this comment, no information about swaps replacement has been
provided to us by the servicer. In the current market conditions,
such replacement may prove expensive. Given the general economic
uncertainty and the thinness of remaining expected cash flows, this
additional cost may excess spread proceeds due to Volta's position.
Eurosail, which represented 1.31% of the end of September GAV has
been valued close to zero. The Investment Manager will continue to
monitor the situation and will update the Eurosail 06-01 valuation in
accordance to any positive news received.

As regards Volta's positions in residual and mezzanine debt of CDOs,
the volatility of Libor and Euribor rates over October will make the
payments of these structures more volatile, in addition to the
uncertainties related to the economic situation. It is still assumed
that, at some point in time, the particularly severe economic
situation could have a negative impact on the expected cash flows of
these assets. However, at the time of writing, there is still not
enough information for having a clear idea about the timing and/or
the magnitude of such impact.

Finally, with regard to its currency exposure, as stated in its
annual report, and accordingly to the Company's policy, non-Euro
investments are hedged into Euro Due to the significant appreciation
of the US Dollar over the previous months, the main counterparty of
Volta's currency swaps asked for a margin call relative to the hedge
contracts. For the first time, on 23 October 2008, the Company posted
€730,000 in its main currency swap counterparty's accounts. At the
time of writing this comment, the amount posted to this counterparty
amounted to €3.85m and the nominal amount of US Dollar sold forward
with this counterparty amounted to USD71.4m. Part of the cash of the
Company will be kept aside in order for the Company to be able to
face margin calls.

In the best interest of its shareholders, the Company will continue
to reinvest the cash available without precipitation, taking into
account the liquidity risk inherent to its currency hedge positions.
As of the end of October the cash position was €27.1m (€0.90 per
share), which comprises the amount that has been put aside (€7.5m)
following the recommended dividend of €0.25 per share.

In October, Volta's assets have generated the equivalent of €3.6m of
cash flows (non-Euro amounts converted into Euro using end-of-month
currency cross rates), bringing the total of cash flow generated
since the start of the current semi-annual period that begun on the 1
August 2008 to €6.9m, compared to €9.1m for the same 3-month period
in 2007.


* "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: Markit, Bloomberg

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