Guernsey, 20 September 2013 - 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 Value
At 30.08.13 At 31.07.13
Gross Asset Value (GAV / € million) 252.3 247.1
GAV per share (€) 7.14 7.00

At the end of August 2013, the Gross Asset Value* (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was €252.3 m or €7.14 per share, an increase of €0.14 (+2.1%) since the end of July 2013 GAV.

Year to date 2013 performance is +17.0%.

The August mark-to-market variations* of Volta Finance's asset classes have been: +0.3% for Synthetic Corporate Credit deals, +6.2% for CLO Equity tranches; +1.2% for CLO Debt tranches, +0.3% for Cash Corporate Credit deals and +0.8% for ABS. The increase of the GAV in August is explained by strong payments, relative to their respective marks, from the two Euro CLO Equity positions held by Volta.

Volta's assets generated the equivalent of €2.3m cash flows in August 2013 (non-Euro amounts converted to 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 €16.2m which can be compared with €16.0m for the previous six-month period ended in February 2013.

In August, the company did not make any purchase or sale.
At the end of August, Volta held €6.3m in cash, including €0.3m in relation with the Liquidity Enhancement Contract and €0.6m received in relation with its currency hedge positions and considering two trades executed in July and not yet settled. Volta could be considered as having roughly €4m available to invest.

MARKET ENVIRONMENT
In August 2013, credit spreads modestly widened in Europe and in the US. The 5 year iTraxx European Main index and 5 year iTraxx European Crossover Index (series 19) spreads went respectively, from 100 and 404 bps at the end of July 2013 to 107 and 434 bps at the end of August 2013. During the same period, credit spreads in the US, as illustrated by the 5y CDX main index (series 20) widened from 75 to 84 bps. According to the CSFB Leverage Loan Index, the average price for USA liquid first lien loans decreased from 98.24% at the end of July 2013 to 97.91% at the end of August 2013. In Europe: the price of the S&P European Leveraged Loan Index increased from 92.44% to 92.93% at the end of August 2013.**

VOLTA FINANCE PORTFOLIO
In August 2013, no particular event materially affected the situation of the Synthetic Corporate Credit deals. However, the first loss positions in this bucket (ARIA III and the residual positions in JAZZ III) remain highly sensitive to any new credit event.

Regarding the Cash Corporate Credit Deals, no particular event or information materially affected the situation of the positions in this bucket during the month.

Regarding the Company's investments in Equity or Debt tranches of CLOs, in August 2013, no particular event materially affected the situation of the positions in this bucket. All the positions are currently paying their coupons. It should be mentioned that the 2 European CLO equity positions held by Volta generated solid payments in August (on average 24% of the end of July valuation for a semi-annual payment) following quarters of improvement in their overall situation.

Regarding the Company's ABS investments, no particular event affected the situation of these investments

The Company considers that opportunities could arise in several structured credit sectors in the current market environment. Amongst others, mezzanine or equity tranches of CLOs, RMBS tranches as well as tranches of Cash or Synthetic Corporate Credit portfolios could be considered for investment.

It can be noticed that the Company took the opportunity of this summer increases in US government rates to put in place a long position on US T-notes futures. At the end of August the position is equivalent to a USD30M nominal position and has generated a modest USD0.2m gain as of the end of August. The aim of this position is to transform part of the USD floating rate positions of Volta into fixed one.

Considering the cash position of Volta some investments should be executed in the coming weeks.

* "Mark-to-market variation" is calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market 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)