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Volta Finance Limited (VTA)

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Tuesday 19 August, 2008

Volta Finance Limited




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 (

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.


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%.**


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

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
** Index data source: Bloomberg.

(Full monthly report in attachment or on



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.


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.


Company Secretary
Mourant Guernsey Limited
+44 (0) 1481 715601

Portfolio Administrator
Deutsche Bank

For the Investment Manager
AXA Investment Managers Paris
Julien Laplante
+33 (0) 1 44 45 94 92


This press release is for information only and does not constitute an
invitation or inducement to acquire shares in Volta Finance. Its
circulation may be prohibited in certain jurisdictions and no
recipient may circulate copies of this document in breach of such
limitations or restrictions.

This press release is not an offer of securities for sale in the
United States.  Securities may not be offered or sold in the United
States absent registration with the United States Securities and
Exchange Commission or an exemption from registration under the U.S.
Securities Act of 1933, as amended (the "Securities Act").  Volta
Finance has not registered, and does not intend to register, any
portion of any offering of its securities in the United States or to
conduct a public offering of any securities in the United States.

This document is being distributed by Volta Finance Limited in the
United Kingdom only to investment professionals falling within
article 19(5) of the Financial Services and Market Act 2000
(Financial Promotion) Order 2005 (the "Order") or high net worth
companies and other persons to whom it may lawfully be communicated,
falling within article 49(2)(A) to (E) of the Order ("Relevant
persons"). The shares are only available to, and any invitation,
offer or agreement to subscribe, purchase or otherwise acquire the
shares will be engaged only with, relevant persons. Any person who is
not a relevant person should not act or rely on this document or any
of its contents. Past performance cannot be relied on as a guide to
future performance.


This press release contains statements that are, or may deemed to be,
"forward-looking statements". These forward-looking statements can be
identified by the use of forward-looking terminology, including the
terms "believes", "anticipated", "expects", "intends", "is/are
expected", "may", "will" or "should". They include the statements
regarding the level of the dividend, the current market context and
its impact on the long-term return of Volta's investments. By their
nature, forward-looking statements involve risks and uncertainties
and readers are cautioned that any such forward-looking statements
are not guarantees of future performance. Volta Finance's actual
results, portfolio composition and performance may differ materially
from the impression created by the forward-looking statements. Volta
Finance does not undertake any obligation to publicly update or
revise forward-looking statements.

Any target information is based on certain assumptions as to future
events which may not prove to be realised. Due to the uncertainty
surrounding these future events, the targets are not intended to be
and should not be regarded as profits or earnings or any other type
of forecasts. There can be no assurance that any of these targets
will be achieved. In addition, no assurance can be given that the
investment objective will be achieved.