Guernsey, 18 September 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 31.08.09 | At 31.07.09 |
|-----------------------------+-------------+-------------|
| Gross Asset Value (GAV / €) | 64,385,155 | 59,291,371 |
|-----------------------------+-------------+-------------|
| GAV per share (€) | 2.13 | 1.96 |
+---------------------------------------------------------+


As of the end of August 2009, the Gross Asset Value (the "GAV") of
Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was
€64.4m or €2.13 per share, an increase of €0.17 per share from €1.96
per share as of the end of July 2009.

The July mark-to-market variations* of Volta Finance's asset classes
have been: -3.2% for ABS investments, +21.5% for CDO investments and
+28.4% for Corporate Credit investments. The increase in the GAV is
mostly due to increases in prices in the CDO and in the Corporate
Credit bucket both from equity pieces as well as from mezzanine debt
tranches.

Volta's assets have generated the equivalent of €0.6m of cash flows
during August 2009 (non-Euro amounts converted into Euro using
end-of-month cross currency rates). In August the Company invested in
two deals, a mezzanine tranche of a corporate credit portfolio (Jazz
III) and a mezzanine tranche of a CLO (Alpstar 2), for a total of
€3.7m.

MARKET ENVIRONMENT

In August, credit markets were almost unchanged after several very
good months. Economic data collected during the period confirmed the
recovery in economic sentiments and the trend towards less negative
economic news, particularly relative to industrial production and
unemployment. However, domestic consumption (excluding government
spending) 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) were almost unchanged at the end
of August, respectively at 91 bps and 598 bps, from 88 bps and 612
bps at 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 seventh consecutive month,
from 80.27% to 81.87%.**

VOLTA FINANCE PORTFOLIO

As regards the Company's Corporate Credit holdings, nothing special
occurred during the month. The two first-loss positions in Jazz III
and ARIA III remain sensitive to any credit event that could occur.

As regards the Company's investments in residual and mezzanine debt
of CLOs, defaults and downgrades in underlying portfolios continued
to occur, albeit at a lower pace than in the previous months. The
number of residual tranches suffering at least a partial diversion of
cash flows remains stable.

As regards the 11 mezzanine debt tranches held by Volta, which
represents 12.8% of the end of month GAV, it should be noticed that
one position, the €5m nominal position in the Class IV debt of Cheyne
Credit Opportunity CDO representing 0.7% of the end of month GAV,
suffered a significant deterioration of its over-collateralisation
(OC) tests mainly due to the occurrence of downgrades but also to the
occurrence of some defaults in recent months. In August, this asset
missed its semi-annual payment. This position could continue to
suffer further diversion of its coupon payments. However, under an
average default scenario, we expect payments to resume at a later
point in time. This asset initially rated BBB both by S&P and Fitch
is now rated BBB- by S&P and BB by Fitch.

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 modestly 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, which is a residual position in a very diversified
portfolio of small and medium German companies that represents 11.1%
of the GAV as of the end of August.

At the end of August, the Company held the equivalent of €24.5m of
cash (€0.81 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 considers that opportunities could arise in current
market environment in several structured credit sectors. Mezzanine
tranches of CLOs and of European ABS or senior tranches of Corporate
Credit portfolios 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)