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                                                                                Volta Finance Limited


                                                                                 January Monthly Report
                                                                                 At 29 January 2010


  By obtaining access to and reviewing this monthly report, you acknowledge and agree to be bound by the following:
  This monthly report does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of Volta Finance Limited (the
“Company”) whose portfolio is managed by AXA Investment Managers Paris (the “Investment Manager”), or securities of any other entity (together, the “Securities”). Nor shall this monthly report or any part of it nor the
fact of its distribution or publication (on the Company’s website or otherwise) form the basis of, or be relied on in connection with, any contract or investment decision in relation to the Securities. This monthly report does
not constitute a recommendation regarding the Securities. The information contained herein is for information purposes only, does not purport to contain all the information that may be required to evaluate the Company or
any other entity or their respective financial positions.
  This monthly report speaks only as of its date and neither the Company nor the Investment Manager is under any obligation to update the information contained herein. Certain information and estimates contained herein
are originated by or derived from third parties and therefore the accuracy and completeness of such information and estimates has not been verified. It should also be noted that the financial information contained herein
has not been audited. No representation or warranty whatsoever, whether express or implied, is given by or on behalf of the Company, the Investment Manager, their affiliates, or their respective directors, officers or
employees or any other person as to (a) the accuracy or completeness of the information or (b) the opinions contained in this monthly report. None of the Company, the Investment Manager, any of their affiliates, or their
respective directors, officers or employees or any other person accepts any liability whatsoever for any such information or opinions. Nothing contained herein shall be relied upon as a promise or representation whether
as to past or future performance of the Company, any other entity, any Securities or any asset class in the Company’s portfolio. No statement in this monthly report is intended to be nor may be construed as a profit
forecast and there can be no assurance that the assumptions described herein, the returns and targets (including without limitation target portfolio composition) indicated herein will be achieved.
  The valuation of financial assets can vary significantly from the prices that the Company could obtain if it sought to liquidate the positions due to market conditions and general economic environment. Such valuations do
not constitute a fairness or similar opinion and should not be regarded as such. They follow the valuation policy of the Company as adapted from time to time in the best interests of the shareholders, taking into account the
evolutions and the illiquidity of financial markets.
                                                                                                                                                                                                                                1
                                                                                                                          Contact on the portfolio composition
    Comment                                                                                                                                        Volta Admin Team
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Dear Shareholders and Investors,

At the end of January 2010, the Gross Asset Value (the “GAV”) of Volta Finance Limited (the “Company”, “Volta Finance” or “Volta”) was €86.8m or
€2.87 per share, an increase of €0.28 per share from €2.59 per share at the end of December 2009.

The January mark-to-market variations* of Volta Finance’s asset classes have been: +1.9% for ABS investments, +9.5% for mezzanine of CDO
investments, +30.1% for residuals of CDO investments and -2.8% for Corporate Credit investments. These performances reflect the modest widening
of spreads in the corporate credit area and the acknowledgement by market participants of the improving situation of residual positions in CLOs.

Excluding principal payments from short-term ABS investments (€0.1m in January), Volta’s assets have generated the equivalent of €1.6m of cash
flows during January 2010 (non-euro amounts converted into euro using end-of-month cross currency rates) bringing the total cash generated for the
current semi-annual period that began on the 1st of August 2009 to €7.4m (excluding principal payments from short-term ABS), compared with
€13.7m for the same six-month period in 2008 and with €8.8m collected for the previous semi-annual period ended in July 2009.

In January, the Company invested a total of €2.6m in two deals: a mezzanine tranche of CLO (Guggenheim 2002 - C) and one short-term ABS (HMI
2006 – 3A2). As of the end of January the Company held €4.2m of cash, including €0.5m posted through margin calls linked to its currency hedge
positions.

MARKET ENVIRONMENT

In January, credit spreads widened modestly on the back of sovereign risk tensions.

The 5y European iTraxx index (series 12) and the 5y iTraxx European Crossover Index (series 12) widened respectively from 73 bps and 430 bps at
the end of December to 82 bps and 454 bps at the end of January. According to the CSFB Leverage Loan Index, the average price for US liquid first
lien loans increased significantly, from 87.41% to 88.94%.**

VOLTA FINANCE PORTFOLIO

As regards the Company’s Corporate Credit holdings, in January, no particular event materially affected the situation of the Corporate Credit holdings.
The two first-loss positions in Jazz III and ARIA III remain highly sensitive to any credit event that could occur. At the end of January, these two first-
loss positions represented 60% of Volta’s €17.4m Corporate Credit assets, the remaining portion being composed of two senior tranches (initially
rated AAA) and one mezzanine tranche (initially rated A). The slight decline in value for these assets is linked to the modest widening of credit
spreads.


                                                                                                                                                                2
                                                                                                                       Contact on the portfolio composition
  Comment (continued)                                                                                                                           Volta Admin Team
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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 slower pace than in the previous months. Taking all these positions together, it has been highlighting for several months in the
previous monthly reports that the average situation of those positions were improving. In January, it finally started to be reflected by their market
prices: the average market price of the classical residual positions (excluding Tennenbaum Opportunities Fund and Confluent) went from 19.8% to
28.8%.

Considering the latest purchase made in January, the mezzanine debt tranche portfolio held by Volta is now made of 21 different positions,
representing 37% of the end-of-month GAV. Nothing material occurred during the month regarding these assets. Two of these positions (Alpstar 2A
E and Cheyne Credit Opp.) are still unable to pay their coupon due to an overcollateralisation test breach.

As regards the Company’s ABS investments, in January, no particular event affected the six UK non-conforming residual holdings as well as
Promise Mobility, a residual position in a highly diversified portfolio of small and medium German company loans. The various investments in short-
term euro ABS senior tranches amounted to €3.5m.

The Company considers that opportunities could arise in several structured credit sectors in the current market environment. Among others,
mezzanine tranches of CLOs and of European ABS or senior tranches of Corporate Credit portfolios could be considered for investments.
Investments will be made depending on the pace at which market opportunities could be seized and cash is available. From time to time, as it was
the case in December, the Company should be expected to sell some previous investments in order to seize other opportunities in the market.


* “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.




                                                                                                                                                             3
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Gross Asset Value                                                                                                                                                                             Volta Admin Team
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                    At 29.01.10                          At 31.12.09                                                                                          Note
Gross Asset Value
    (GAV - €)
                    86,771,993                           78,477,357

GAV per Share (€)      2.87                                    2.59                                                                            30 280 713 outstanding shares


                                                                      GAV and Share Price History

                                                                                Volta Finance Limited
                                                 Share Price                                       GAV / Share
                                                 (source: www.euronext.com)                        (source: www.voltafinance.com)


                              11,0

                              10,0

                               9,0

                               8,0

                               7,0

                               6,0

                               5,0

                               4,0

                               3,0

                               2,0

                               1,0

                                -
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                                                                                                                                                                                                             4
                                                                                                                            Contact on the portfolio composition
Portfolio Composition                                                                                                                                      Volta Admin Team
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 Breakdown by Primary Target Asset Class                                                            Breakdown by Geography *


                                                                                                          Others 4,6%
                                     CASH 4,9%

                         ABS 11,7%                 Corporate Credits 20,1%




                                                                                                                                              Europe non-UK 42,7%


       CDO Equities 26,7%
                                                                                     USA 50,1%

                                                    CDO Debts 36,7%



                                                                                                                                   UK 2,6%



       Asset class                   At 29.01.10        At 31.12.09                        Region                       At 29.01.10                At 31.12.09
                                     (€ million)        (€ million)                                                      (€ million)                (€ million)

     Corporate Credits                                                                  Europe non-UK                       37.0                       37.7
                                         17.4                17.7
        CDO Debts                                                                            UK                             2.3                         2.2
                                         31.8                28.9
       CDO Equities                                                                         USA                             43.5                       36.6
                                         23.2                18.7
  Asset Backed Securities
                                                                                           Others                           4.0                         1.9
                                         10.1                 8.1
                                                                             * Look through. Includes the geographic exposure gained through the underlying
           Cash                          4.2                  5.1            portfolio of Jazz III, Aria II and Aria III. Does not include cash.




                                                                                                                                                                          5
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Volta Finance Portfolio Holdings: Complete List                                                                                                                     Volta Admin Team
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           Issuer            %      Primary target        Description of       Description of        Manager/Servicer       Principal              ISIN              Arranging
                            GAV      asset class           investment         underlying asset                            geographical                               Institution
                                                                                                                            exposure

ARIA CDO III (tranche 0%-   11.45   Corporate Credit   Bespoke CDO tranche   Majority investment      Axa Investment          USA              XS0375442307      JP Morgan
3%)                                                                           grade corporate         Managers Paris
                                                                                    credit

TENNENBAUM                  10.70        CDO             Residual of CLO      High yield bonds     Tennenbaum Capital         USA             NA                  Wachovia Bank,
OPPORTUNITIES FUND V                                                             and loans            Partners, LLC                                                   N.A.

PROMISE MOBILITY 2006-1     7.63         ABS             Residual of ABS      German SME first              IKB           Europe non-UK       NA                 Deutsche Bank
                                                                                   loss


JAZZ III CDO (IRELAND)      5.65    Corporate Credit    Mezzanine debt of    Majority investment      Axa Investment          USA             US47215CAB19       Merrill Lynch
P.L.C. – Junior AAA DEBT                                 Corporate CDO        grade corporate         Managers Paris                                             International
                                                                                    credit

MCDONNELL LOAN              4.25         CDO            Mezzanine debt of    Broadly syndicated    McDonnell Investment       USA             USG6016MAA11       Deutsche Bank
OPPORTUNITY LTD                                              CLO                   loans                Mgt LLC


RMF Euro CDO                3.99         CDO            Mezzanine debt of    Broadly syndicated        PEMBA Credit       Europe non-UK        XS0292424024         BNP Paribas
                                                             CLO                   loans                 Advisors


ADAGIO III CLO – X Y        3.57         CDO            Mezzanine debt of    Broadly syndicated       Axa Investment      Europe non-UK        XS0262698904       Lehman Brothers
                                                             CLO                   loans              Managers Paris


OAK HILL European Credit    3.54         CDO            Mezzanine debt of    Broadly syndicated          OAK HILL         Europe non-UK        XS0300347910        Deutsche Bank
2007 – 2X C1                                                 CLO                   loans

BATALLION CLO LT-           2.56         CDO             Residual of CLO     Broadly syndicated       Brigade Capital         USA             USG08887AA27         Deutsche Bank
EQUITY                                                                             loans               Management

GOLDEN TREE LOAN            2.49         CDO             Residual of CLO     Broadly syndicated         Golden Tree           USA             USG39607AC37       Deutsche Bank
OPPORTUNITIES                                                                      loans

HOLMES Master Issue Plc     2.28         ABS            Senior Debt of ABS    Residential Loans    Abbey National Plc         Other           XS0275492683       Barclays Capital


Dryden XVII - Junior AAA    2.14    Corporate Credit    Senior Tranche of    Majority investment   Prudential IM              USA             USG7546RAP40       UBS
Debt                                                          CSO             grade corporate
                                                                                    credit

SANDS POINT FUNDING         1.99         CDO             Residual of CLO     Middle market loans       Guggenheim             USA             USG7800DAA93       Deutsche Bank
LTD


                                                                                                                                                                                    6
                                                                                                                               Contact on the portfolio composition
Volta Finance Portfolio Holdings: Complete List (ctd.)                                                                                                     Volta Admin Team
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         Issuer          % GAV   Primary target    Description of      Description of       Manager/Servicer      Principal               ISIN              Arranging
                                  asset class       investment        underlying asset                          geographical                                Institution
                                                                                                                  exposure

 PUMCL 2008-1X E –        1.95       CDO          Mezzanine debt of   Broadly syndicated     M&G Investment     Europe non-UK       XS0368831896         RBS
 BB DEBT                                               CLO                  loans            Management Ltd

 BATALLION CLO LTD –      1.90       CDO          Mezzanine debt of   Broadly syndicated      Brigade Capital       USA             US071322AE14          Deutsche Bank
 BBB DEBT                                              CLO                  loans              Management

 BATALLION CLO LTD –      1.80       CDO          Mezzanine debt of   Broadly syndicated      Brigade Capital       USA              USG08889AF79         Deutsche Bank
 BB DEBT                                               CLO                  loans              Management

 LAURELIN – 2X D1         1.78       CDO          Mezzanine debt of   Broadly syndicated    Golden Tree Asset   Europe non-UK        USG39607AC37         Barclays Capital
                                                       CLO                  loans            Management LP

 DUANE STREET CLO –       1.60       CDO          Mezzanine debt of   Broadly syndicated      Dimaio Capital        USA               US26321804          Morgan Stanley
 AA DEBT                                               CLO                  loans

 RMAC 2007-NS2            1.43       ABS          Residual of ABS     UK non-conforming        GMAC-RFC         United Kingdom      XS0194465141           HSBC - RBS
                                                                           RMBS

 ADAGIO III CLO – A       1.42       CDO          Mezzanine debt of   Broadly syndicated      Axa Investment    Europe non-UK         XS0262682148           Lehman
 DEBT                                                  CLO                  loans             Managers Paris                                                 Brothers

 GALAXY VII CLO LTD       1.36       CDO          Residual of CLO     Broadly syndicated           AIG              USA              USG25796AB20         Morgan Stanley
                                                                            loans

 ALPSTAR CLO 2 PLC -      1.34       CDO          Mezzanine debt of   Broadly syndicated   Alpstar Management   Europe non-UK       XS0291705928         Bank of America
 AA Debt                                               CLO                  loans

 H1776 CLO – BBB          1.34       CDO          Mezzanine debt of   Broadly syndicated      W.R.Huff Asset        USA              US81806PAE07            Lehman
 DEBT                                                  CLO                  loans              Management                                                    Brothers

 Green Lane CLO – BBB     1.31       CDO          Mezzanine debt of   Broadly syndicated       Guggenheim           USA              US393106AJ84        Wachovia Bank
 DEBT                                                  CLO                  loans                                                                        N.A.

 Leopard CLO BV –         1.30       CDO          Mezzanine debt of   Broadly syndicated      Prudential M&G    Europe non-UK         XS0252656532             RBS
 Combo note                                            CLO                  loans

 CHEYNE CREDIT            1.28       CDO          Mezzanine debt of   Broadly syndicated         Nomura         Europe non-UK       XS0243225728         Cheyne Capital
 OPPORTUNITY CDO –                                     CLO                  loans                                                                        Management
 BBB DEBT                                                                                                                                                Limited

 Leverage Fin Cap II –    1.17       CDO          Mezzanine debt of   Broadly syndicated       BNP Paribas      Europe non-UK       XS0174376151         BNP Paribas
 AA-DEBT                                               CLO                  loans


                                                                                                                                                                             7
                                                                                                                                       Contact on the portfolio composition
Volta Finance Portfolio Holdings: Complete List (ctd.)                                                                                                             Volta Admin Team
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        Issuer           % GAV   Primary target        Description of        Description of        Manager/Servicer       Principal               ISIN              Arranging
                                  asset class           investment          underlying asset                            geographical                                Institution
                                                                                                                          exposure

CONFLUENT Senior          1.14        CDO             Residual of CLO       Broadly syndicated           CAAM              Europe           XS0262321804         CALYON
Loan Opportunity                                                                  loans

LIGHTPOINT CLO V,         1.12        CDO             Residual of CLO       Broadly syndicated         Lightpoint           USA             USG5487GAG31           Credit Suisse
LTD                                                                               loans

CARLYLE HY PART IX        1.07        CDO             Residual of CLO       Broadly syndicated           Carlyle            USA             KYG1908R1048             Lehman
                                                                                  loans                                                                              Brothers

LIGHTPOINT PAN            1.04        CDO             Residual of CLO       Broadly syndicated         Lightpoint          Europe           XS0282169803         Credit Suisse
EUROPEAN CLO PLC                                                                  loans

COLTS Trust CLO – A       1.03        CDO            Mezzanine debt of      Broadly syndicated      Structured Asset        USA              USG23108AC01        Wachovia Bank
DEBT                                                      CLO                     loans              Investors, LLC                                              N.A.

KINGSLAND IV LTD          1.00        CDO             Residual of CLO       Broadly syndicated      Kingsland Capital       USA             USG52702AB68         Wachovia Bank
                                                                                  loans               Management                                                 N.A.

OAK HILL EUROPEAN         0.93        CDO             Residual of CLO       Broadly syndicated          Oak Hill        Europe non-UK       XS0300349700          Deutsche Bank
CREDIT PARTNERS PLC                                                               loans

WASATCH CLO LTD           0.80        CDO             Residual of CLO       Broadly syndicated          Invesco             USA             USG94608AB57         JP Morgan
                                                                                  loans

OCEAN TRAILS CLO I        0.80        CDO             Residual of CLO       Broadly syndicated        WG Horizons           USA             USG66999AA46         UBS
LLC                                                                               loans

ADAGIO III CLO – BB       0.76        CDO            Mezzanine debt of      Broadly syndicated       Axa Investment     Europe non-UK         XS0262683971           Lehman
DEBT                                                      CLO                     loans              Managers Paris                                                  Brothers

Guggenheim 1888 Fund      0.75        CDO            Mezzanine debt of      Broadly syndicated        Guggenheim            USA              USG6752LAD58        Wachovia Bank
LTD                                                       CLO                     loans                                                                          N.A.

ALPSTAR CLO 2 PLC –       0.65        CDO            Mezzanine debt of      Broadly syndicated    Alpstar Management    Europe non-UK       XS0291723079         Bank of America
BB DEBT                                                   CLO                     loans

JAZZ III CDO (IRELAND)    0.58   Corporate Credit   Residual of Corporate   Majority investment      Axa Investment         USA             XS0263617374 /       Merrill Lynch
P.L.C.                                                     CDO               grade corporate         Managers Paris                         XS0263615675         International
                                                                                   credit

NORTHWOODS                0.50        CDO             Residual of CLO       Broadly syndicated       Angelo Gordon          USA             USG6666RAB18         JP Morgan
CAPITAL LIMITED                                                                   loans

EURO GALAXY CLO BV        0.35        CDO            Mezzanine debt of      Broadly syndicated         AIG Global       Europe non-UK        US29871UAG31         Morgan Stanley
                                                          CLO                     loans               Investments

                                                                                                                                                                                   8
                                                                                                                                  Contact on the portfolio composition
Volta Finance Portfolio Holdings: Complete List (ctd.)                                                                                                      Volta Admin Team
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          Issuer         % GAV   Primary target       Description of       Description of       Manager/Servicer     Principal              ISIN             Arranging
                                  asset class          investment         underlying asset                         geographical                              Institution
                                                                                                                     exposure

Holland Euro              0.27        ABS           Senior Debt of ABS        Residential        SNS Bank NV       Europe non-UK       XS0177871950         SNS Bank NV
Denominated MBS S7                                                            Mortgages

JAZZ III CDO (IRELAND)    0.25   Corporate Credit   Mezzanine debt of     Majority investment    Axa Investment        USA             XS0263615675       Merrill Lynch
P.L.C. – A DEBT                                      Corporate CDO         grade corporate       Managers Paris                                           International
                                                                                 credit

RMAC 2007-NS1             0.06        ABS            Residual of ABS      UK non-conforming       GMAC-RFC         United Kingdom      NA                   HSBC - RBS
                                                                               RMBS

Abest 1                   0.00        ABS           Senior Debtl of ABS   Italian Auto Loans     Fiat Sava Spa          Italy          XS0193710182          ABN Amro,
                                                                                                                                                           UniCredit Banca
                                                                                                                                                              Mobiliare

ALBA 2007-1 PLC           0.00        ABS            Residual of ABS      UK non-conforming        Oakwood         United Kingdom      NA                 Credit Suisse
                                                                               RMBS

ALBA 2006-1 PLC           0.00        ABS            Residual of ABS      UK non-conforming        Oakwood         United Kingdom      NA                   Credit Suisse
                                                                               RMBS

NEWGATE FUNDING           0.00        ABS            Residual of ABS      UK non-conforming       Mortgage Plc     United Kingdom      NA                 Merrill Lynch
PLC 2006-2                                                                     RMBS                                                                       International

ALBA 2006-2 PLC           0.00        ABS            Residual of ABS      UK non-conforming        Oakwood         United Kingdom      NA                 Credit Suisse
                                                                               RMBS

EUROSAIL 2006-1 PLC       0.00        ABS            Residual of ABS      UK non-conforming          SPML          United Kingdom      NA                     Lehman
                                                                               RMBS                                                                           Brothers




                                                                                                                                                                             9
                                                     Contact on the portfolio composition
Asset Class Analysis                                                         Volta Admin Team
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                       Number of Positions   Average Position Size (€) at
         Asset Class
                          at 29/01/10                 29/01/10

Corporate Credit                5                     3,481,726

CDO Debt                       21                      1,514,811

CDO Equity                     14                     1,657,328

ABS                            11                       921,582




                                                                                          10
                                                                                                                                         Contact on the portfolio composition
About Volta Finance Ltd                                                                                                                                                Volta Admin Team
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Volta Finance Ltd. (the "Company") is incorporated in Guernsey under the Companies (Guernsey) Laws. The Company's investment objectives are to preserve
capital and to provide a stable stream of income to its shareholders through dividends. It seeks to attain its investment objectives by pursuing a multi-asset class
investment strategy. The strategy focuses on direct and indirect investment in and exposures to a variety of assets selected for the purpose of generating overall
stable and predictable cash flows for the company. The underlying assets principally targeted for direct and indirect investment (collectively, the "Primary
Underlying Assets'') consists of (but not limited to): corporate credits‚ sovereign and quasi-sovereign debt, residential mortgage loans, commercial mortgage loans,
automobile loans, student loans, credit card receivables, leases, and debt and equity interests in infrastructure projects.

Volta Finance Ltd.’s basic approach to investment in these Primary Underlying Assets is through vehicles and arrangements that essentially provide leveraged
exposure to portfolios of Primary Underlying Assets (for example, the kind of risk/reward profile typically associated with the residual interest in a securitisation
transaction). In this regard, the Company has instructed AXA Investment Managers Paris, the company's investment portfolio manager (the "Investment
Manager"), to pursue its investment strategy by concentrating initially on five principal target asset classes, each of which is supported principally if not entirely by
cash flows generated by Primary Underlying Assets ("Primary Target Asset Classes''):



Corporate Credits                                                                             Leveraged Loans

Investment grade, sub-investment grade and unrated credits. These may include                 Leveraged loan obligations, including positions in mezzanine and second lien
industrial companies as well as financial institutions (such as banks), among                 loans, as well as loans with higher payment priorities. These loan obligations may
others. The Company uses the term ""corporate credits'' to refer both to cash                 be rated or unrated, secured or unsecured and senior or subordinated. Initially, the
obligations (bonds or loans) of corporate or other commercial borrowers and to                Company intends to obtain exposure to this asset class in a leveraged format
synthetic arrangements (such as credit default swaps) referencing these entities.             through a synthetic arrangement (Total Return Swap).

The Company's focus in this area is on acquiring or creating loss investment
exposure to diversified portfolios of these credits (e.g., through bespoke
collateralised swap obligations ("CSOs'') managed by the Investment Manager).
The Company includes in this Primary Target Asset Class cash and synthetic                    Asset-Backed Securities
CDOs/CSOs that have corporate credits a majority of which are investment grade
and that are managed by the Investment Manager.                                               The Company's initial focus in this area is on residual income positions of asset-
                                                                                              backed securities, although the Company may also invest in debt tranches in a
                                                                                              leveraged format.

CDOs

The Company intends to invest in the securities of collateralised debt obligations,           Infrastructure Assets
collateralised loan obligations, collateralised synthetic obligations and similar
leveraged investment vehicles (collectively "CDOs'').                                         Infrastructure assets. The Company will seek to acquire investments in
                                                                                              infrastructure projects generally but not necessarily located in Europe. Among the
The Company's initial focus in this Primary Target Asset Class will be on the                 sectors in which the Company may invest are transport, public buildings, energy
residual income positions of CDOs managed by portfolio managers other than the                and utilities. The Company may invest in both "greenfield'' and "brownfield'‘
Investment Manager, although the Company may invest to a lesser extent in                     projects, and may acquire both debt and equity/quasi-equity interests in
higher-ranking positions in a leveraged format as well.                                       infrastructure projects.

                                                                                                                                                                                      11

				
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