Friday, 18. September 2009 18:11


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

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


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%.**


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

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

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)



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 ¤485 billion in assets under management as of the
end of December 2008. AXA IM employs approximately 2,900 people
around the world and operates out of 21 countries.


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

Portfolio Administrator
Deutsche Bank

For the Investment Manager
AXA Investment Managers Paris
Serge Demay
+33 (0) 1 44 45 84 47


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.


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

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