Guernsey, 19 August 2010 - 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 30.07.10 At 30.06.10
Gross Asset Value (GAV / €) 100,127,671 96,994,933
GAV per share (€) 3.30 3.20

At the end of July 2010, the Gross Asset Value (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was €100.1m or €3.30 per share, an increase of €0.10 per share from €3.20 per share at the end of June 2010.

The July mark-to-market variations* of Volta Finance's asset classes have been: +1.2% for ABS investments, +1.7% for mezzanine of CDO investments, +7.3% for residuals of CDO investments and +7.7% for Corporate Credit investments. The increase of the GAV in July, reflect the tightening of credit spreads in July following some easing on sovereign debt concerns.

Excluding some minor and early principal payments from two mezzanine debt of CDOs (€0.1m), Volta's assets have generated the equivalent of €1.0m of cash flows in July 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 €9.1m. This amount could be compared with €7.4m for the previous six-month period ended in January 2010 (the most recent period which is comparable considering the seasonality of payments).

In July, the Company bought two mezzanine debt tranches of CLOs (Octagon XI-D, ICE 1-A3) for €2.5m (USD5.750m of nominal at an average price of 56.8%) and sold two others mezzanine debt tranches of CLOs (Alpstar 2-B, Leopard IV-B) for €2.1m (€3.250m of nominal at an average price of 65.6%).

At the end of July, Volta had €5.5m in cash including €2.3m posted for margin calls in respect of its currency hedge positions.

MARKET ENVIRONMENT
In July, credit spreads tightened, reflecting a positive period in most credit and equity markets as tensions on sovereign debts seemed to calm down. Economic indicators were demonstrating that even if the pace of growth couldn't stay at the high level recorded in Q4 2009 and Q1 2010, it should maintain at such a pace that some stability could be expected. The spread of the 5y European iTraxx index (series 13) and the 5y iTraxx European Crossover Index (series 13) decreased respectively from 129 and 574 bps at the end of June to respectively 105 and 479 bps at the end of July. According to the CSFB Leverage Loan Index, the average price for US liquid first lien loans modestly increased from 89.41% to 90.09%.**

VOLTA FINANCE PORTFOLIO

In July, 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 July, these first-loss positions were priced on average for 28.1% of par. The other Corporate Credit positions, representing 8.2% of the GAV were two senior tranches (initially rated AAA) and one mezzanine tranche (initially rated A), priced on average for 53.2% of par.

As regards the Company's investments in residual and mezzanine debt of CLOs, representing 68% of Volta's GAV, the company continued to invest in this area (one deal in April, three in May, four in June, two in July). In July the Company sold two of its most senior positions in mezzanine debt of CLOs to finance its monthly purchases. One of the July purchases (ICE 1-A3) is the first purchase of Volta in CDO tranches of emerging debts. This position initially rated, three years ago, AA by S&P and Aa2 by Moody's, is still AA (with negative watch) at S&P and has been downgraded to A2 by Moody's.

At the end of July, 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 of CLOs, totalling €78.4m of principal amount, were valued at an average price of 49.8% of par; the classic residual tranches of CLOs, totalling €45.8m of principal amount, were valued at an average price of 38.2%; the rest of the bucket, two low-leverage residual positions, totalling €16.8m of principal amount, were valued at an average price of 77.3%.

As regards the Company's ABS investments, in July, no particular event materially affected the six UK non-conforming residual holdings nor the position held by Volta in Promise Mobility 20006-1. 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 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)



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ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Laws, 1994 to 1996 (as amended) and listed on Euronext Amsterdam. Its investment objectives are to preserve capital and to provide a stable stream of income to its shareholders through dividends. For this purpose, it pursues a multi-asset investment strategy targeting various underlying assets. The assets that the Company may invest in either directly or indirectly include, but are not limited to: corporate credits; sovereign and quasi-sovereign debt; residential mortgage loans; automobile loans. Volta Finance Limited's basic approach to its underlying assets is through vehicles and arrangements that provide leveraged exposure to some of those underlying assets.

Volta Finance Limited has appointed AXA Investment Managers Paris, an investment management company with a division specialised in structured credit, for the investment management of all its assets.

ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with nearly €525 billion in assets under management as of the end of June 2010. AXA IM employs approximately 2,521 people around the world and operates out of 21 countries.