Guernsey, 23 September 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 ValueAt 31.08.10 At 30.07.10
Gross Asset Value (GAV / €) 103,550,147 99,264,391
GAV per share (€) 3.42 3.27

At the end of August 2010, the Gross Asset Value (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was €103.6m or €3.42 per share, an increase of €0.15 per share from €3.27* per share at the end of July 2010.

The August mark-to-market variations** of Volta Finance's asset classes have been: +1.1% for ABS investments, +4.2% for mezzanine of CDO investments, +5.5% for residuals of CDO investments and -0.7% for Corporate Credit investments. The increase of the GAV in August reflects the relatively good behaviour of CLO's underlying assets despite an overall widening of credit spreads.

Volta's assets have generated the equivalent of €2.0m of cash flows in August 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 €9.7m. This amount can be compared with the amount of €7.8m for the previous six-month period ended in February 2010 (the most recent period which is comparable considering the seasonality of payments).

In August, the Company bought three mezzanine debt tranches of CLOs (Madison Park 6X-E, Century CDO 2007 14A-E, Lightpoint 2005 3X-C) for €2.7m (USD6.350m of nominal at an average price of 54.8%) and one residual tranche of CLO (Denali Capital CLO V) (USD1m of nominal). No asset was sold during the monthly period.

At the end of August, Volta had €4m in cash including €2.4m posted for margin calls in respect to its currency hedge positions.

MARKET ENVIRONMENT
In August, credit spreads widened, following the uncertainties that surfaced about economic growth projections and about the quality of some sovereign debts. The spread of the 5y European iTraxx index (series 13) and the 5y iTraxx European Crossover Index (series 13) increased respectively from 105 and 479 bps at the end of July to respectively 118 and 530 bps at the end of August. According to the CSFB Leverage Loan Index, the average price for US liquid first lien loans modestly increased from 90.09% to 90.26%.***

VOLTA FINANCE PORTFOLIO
In August, 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 August, the price of these tranches, on average, slightly declined from 38.8% to 36.4% of a notional amount of €25.5m in respects of the increase of corporate credit spreads. The price of the three other corporate credit positions (initially rated AAA and A tranches) remained almost stable at 56.3% of a principal amount of €16m.

As regards the Company's investments in residual and mezzanine debt of CLOs, representing 70% of Volta's GAV, the Company continued to invest in this area, purchasing in August two initially rated BB tranches, one initially rated BBB tranche and one residual tranche.

In August, one of the mezzanine tranches, the initially rated BBB tranche of Cheyne Credit Opp, that was unable to pay its coupons for one year paid its full coupon and the previous due ones. This tranche is now expected to remain current on its payment according to a reasonable scenario.

At the end of August, from a total of 46 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 43 other positions are currently paying.

At the end of August the mezzanine debt tranches of CLOs, totalling €83m of principal amount, were valued at an average price of 51.7% of par; the classic residual tranches of CLOs, totalling €47.6m of principal amount, were valued at an average price of 39.2%; the rest of the bucket, two low-leverage residual positions, totalling €17.1m of principal amount, were valued at an average price of 77.7%.

As regards the Company's ABS investments, in August, no particular event materially affected the six UK non-conforming residual holdings nor the position held by Volta in Promise Mobility 2006-1. 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.

The Company takes the opportunity of this monthly report to inform you of a change in the organisation of its investment manager, AXA Investment Managers Paris. Pierre-Emmanuel Juillard is leaving AXA IMP and will be replaced by Laurent Gueunier (who is currently the head of the Structured Corporate Credit team), from October 15, 2010 to take the lead of AXA Structured Finance, the department which includes the team that manages Volta's portfolio.

* such end of July GAV per share was subject to a minor adjustment of 3 cents post audit of the GAV.

** "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)