Guernsey, 17 August 2009 - Volta Finance Limited (the "Company" or
"Volta Finance" or "Volta") has published its July 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 31.07.09 | At 30.06.09 |
|-----------------------------+-------------+-------------|
| Gross Asset Value (GAV / €) | 59,291,371 | 56,239,370 |
|-----------------------------+-------------+-------------|
| GAV per share (€) | 1.96 | 1.86 |
+---------------------------------------------------------+


As of the end of July 2009, the Gross Asset Value (the "GAV") of
Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was
€59.3m or €1.96 per share, an increase of €0.10 per share from €1.86
per share as of the end of June 2009,

The June mark-to-market variations* of Volta Finance's asset classes
have been: -0.1% for ABS investments, +16.1% for CDO investments and
+10.5% for Corporate Credit investments. The increase in the GAV is
mostly due to increases in prices in the CDO and in the Corporate
Credit buckets.

Volta's assets have generated the equivalent of €1.3m of cash flows
during July 2009 (non-Euro amounts converted into Euro using
end-of-month cross currency rates), bringing the total cash generated
for the current semi-annual period that began on 1st February 2009 to
€8.8m, compared with €20.3m for the same 6-month period in 2008.


MARKET ENVIRONMENT

In July, most of credit markets have performed in line with the
pursuit of the recovery in economic sentiments and with some good or
at least some less negative economic news appearing, particularly
relative to industrial production and unemployment. Consumption in
developed countries is still weak and this is likely to remain a drag
on economic recovery for the foreseeable future.

The 5y European iTraxx index (series 11) as well as the 5y iTraxx
European Crossover Index (series 11) tightened respectively from 112
bps to 88 bps and from 713 bps to 612 bps from the end of June to the
end of July 2009. During the same period of time, according to the
CSFB Leverage Loan Index, the average price for US liquid first lien
loans increased for the sixth consecutive month, from 76.47% to
80.27%.**


VOLTA FINANCE PORTFOLIO

As regards the Company's Corporate Credit holdings, in the last
monthly report, it was expected that Jazz III should suffer the
default of CIT Group Inc (the exposure to CIT Group Inc is 0.65% of
the underlying portfolios). At the time of writing this report, CIT
has already been able to finalize a secured loan facility followed by
an agreement about a "Tax benefits preservation plan" with the FED
announced on August 13, which altogether should delay and lower the
risk of bankruptcy.
The other Corporate Credit asset, ARIA III, representing 14.2% of the
end of June GAV, is not exposed to CIT Group and its ability to pay
cash flows in the future hasn't significantly changed since the last
interim report. However, being like Jazz III a first loss position,
it remains sensitive to any credit event that could occur.

As regard the Company's residual and mezzanine debt of CLOs
exposures, defaults and downgrades in underlying portfolios continued
to occur but the prices of loans, especially the lower-rated ones,
tended to increase a bit further on average, consequently the number
of residual tranches suffering at least a partial diversion of cash
flows remains stable.

As regards the 10 mezzanine debt tranches held by Volta, representing
9.9% of the end of month GAV, it should be noticed that one position,
the €3m nominal position in the Class E debt of Alpstar 2.
representing 0.1% of the end of month GAV, suffered a significant
deterioration of its over-collateralization tests due to the
occurrence of defaults in recent months. In May it triggered a
principal payment of 5.75% on the tranche held by Volta but losses
that have occurred since this payment are expected to lead to a
partial or full diversion of cash flow due to Volta's position at the
next payment date. This position could suffer, if defaults continue
to occur in its underlying loans portfolio at a significant pace, a
prolonged diversion of its coupon payment in the coming quarters.
Since this asset represented 0.1% of Volta's end of July GAV, a
further deterioration of its situation shouldn't have a significant
impact on Volta's GAV. The Company will reassess, as of the end of
July, the expected cash flows for all of its positions and expect
that it may probably lead to impair its Alpstar 2 position. The
result of this reassessment will be disclosed in the annual report of
the Company to be published towards the end of October.

The depressed economic environment and the ongoing wave of downgrades
and defaults are expected to continue having a negative impact on the
expected cash flows of most of the Company's CLO residual and debt
holdings, even if the rebound in loan prices allowed some CLO
managers to clean up some positions and to improve their OC tests.

As regards the Company's ABS investments, no particular event has
affected the six UK non-conforming residual holdings or Promise
Mobility, a residual position in a very diversified portfolio of
small and medium German companies, representing 12.9% of the GAV as
of the end of July.

At the end of July, the Company held the equivalent of €27.7m of cash
(€0.92 per share). Most of the cash held by the Company will be used
for investing as well as paying operating expenses and dividends.

The Company is considering that opportunities could arise in current
market environment in several structured credit sectors. Mezzanine
tranches of CLO and of European ABS or senior tranches of Corporate
Credit portfolio could be considered as the main area for such
investments. Investments will be realised depending on the pace at
which market opportunities could be seized.


* "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)