VOLTA FINANCE - JULY MONTHLY REPORT

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Algemeen advies 19/08/2008 19:26
Guernsey, 19 August 2008 - 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 31.07.08 | At 30.06.08 |
|-----------------------------+-------------+-------------|
| Gross Asset Value (GAV / €) | 166,184,738 | 177,907,879 |
|-----------------------------+-------------+-------------|
| GAV per share (€) | 5.53 | 5.92 |
+---------------------------------------------------------+

As of the end of July 2008, the Gross Asset Value (the "GAV") of
Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was
€166.2m or €5.53 per share, a decrease of €0.39 from €5.92 per share
at the end of June 2008. This decrease of the GAV is the consequence
of the decline in the value of the ABS portfolio.

The July mark-to-market variations* of Volta Finance's asset classes
have been: -34.4% for ABS investments, -1.0% for CDO investments and
-1.0% for Corporate Credit investments.

MARKET ENVIRONMENT
The financial environment has remained difficult in July. Markets
still suffer from the ongoing difficulties of banks and financial
institutions, depressed growth, as well as continuing inflationary
pressures. Reflecting this contradictory picture, the European
Central Bank raised its official interest rate by a quarter point in
July, just when the Eurozone economy contracted by 0.2% over Q2 2008.

>From the end of June to the end of July, the spread of the 5y
European iTraxx index (series 9) tightened slightly from 101 bps to
92 bps, while its Crossover counterpart (5y iTraxx European Crossover
index series 8) modestly widened from 516 bps to 523 bps. According
to the iTraxx LevX Senior Series 2 Index, the average price for
European liquid first lien loans increased from 98.585% to 98.77%.**

VOLTA FINANCE PORTFOLIO
At the end of June, the cash position of the Company was €23.2m
equivalent. In July, the Company received the equivalent of €8.7m in
cash from its assets. A significant part of the cash held by the
Company is available for investment. The Company will consider to
continue investing in its primary underlying asset classes (among
which Leveraged Loans and/or Corporate credits) through embedded
leverage at the residual or second loss level. Since the last monthly
report, the Company has invested €2m of nominal in a BB tranche of
European CLO. No investments were waiting for settlement as at the
end of July.

As regards ABS investments, four out of five of the Company's UK
non-conforming residuals experienced reserve draws over June and
July. The spread dislocation between Libor and the Base rate played a
role in reducing the cash flows for some assets. More importantly,
these draws reflect the dramatic deterioration of the UK
non-conforming lending industry. The withdrawal from the
non-conforming market of most UK lenders has induced a dramatic
slowdown in non-conforming lending over the first half of 2008.
Moreover, statistics show that the house price decline has
accelerated in June, becoming even more acute than the previous 1990s
downturn.

The decline in value of ABS residuals in July reflects the
information provided by the latest payment dates, as well as an
increase in loss expectations following the increasing lack of
refinancing alternatives for troubled borrowers and the decline in
house prices. This decline in value for the Company's UK
non-conforming residuals is reflective of diminished expected cash
flows. As of the end of July, the GAV of the six UK non-conforming
residuals owned by the Company represented €9.7m, or €0.32 per share.

Due to the current crisis and its consequences in terms of market
prices, the positions of the Company in the CDO (mainly US CLOs) and
Corporate Credit asset classes have continued to increase. Further
concentration in these two asset classes is to be expected, although
some diversification could be achieved through investments in first
or second loss tranches of European or US Leveraged Loan portfolios.

The Company will continue to monitor and manage its current assets
and to seek to seize reinvestment opportunities in a context of
ongoing volatility and little liquidity.

* "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)

*****

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. Volta Finance's basic
approach to its underlying assets is through vehicles and
arrangements that provide leveraged exposure. The exposure to those
underlying assets is gained through direct and indirect investment in
five principal asset classes: corporate credits, CDOs, ABS, leveraged
loans, and infrastructure assets.

Volta Finance 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 €550 billion in assets under management as of the
end of March 2007. AXA IM employs approximately 2,800 people around
the world and operates out of 19 countries.



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