Guernsey, 16 January 2009 - Volta Finance Limited (the "Company" or
"Volta Finance" or "Volta") has published its December 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 31.12.08 | At 28.11.08 |
|-----------------------------+-------------+-------------|
| Gross Asset Value (GAV / €) | 63,205,615 | 73,036,443 |
|-----------------------------+-------------+-------------|
| GAV per share (€) | 2.10 | 2.43 |
+---------------------------------------------------------+


As of the end of December 2008, the Gross Asset Value (the "GAV") of
Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was
€63.2m or €2.10 per share, a decrease of €0.33 from €2.43 per share
at the end of November 2008.

The December mark-to-market variations* of Volta Finance's asset
classes have been: -27.1% for ABS investments, -22.1% for CDO
investments and +10.6% for Corporate Credit investments.

The significant decrease of the GAV in December is the consequence of
the continual increase in discount margin of structured credit
products, following the ongoing rating downgrades, price declines and
the occurrence of defaults in their underlying assets in conjunction
with the significant worsening of the economic environment. The
increase in value of the Corporate Credit assets is mainly due to the
accrual of the next coupon payment of ARIA II given that its accrued
interest represents nearly 80% of its end of December price.

MARKET ENVIRONMENT AND LATEST DEVELOPMENTS

In December, the financial and economic crises have continued to
extend their reach, with deflation now setting in. In such an
environment, we can only expect prices of structured credit assets to
continue decreasing

>From the end of November to the end of December, the spread of the 5y
European iTraxx index (series 10) widened from 170 bps to 177 bps and
its Crossover counterpart (5y iTraxx European Crossover index series
10) continued to widen from 889 bps to 1027 bps. According to the
CSFB Leverage Loan Index, the average price for US liquid first lien
loans declined from 65.56% to 62.25%.**

VOLTA FINANCE PORTFOLIO

As regards the Company's Corporate Credit holdings, as already
disclosed in the previous monthly report, one of the three assets
held by the Company has been affected by the Tribune Co bankruptcy.
No other default impacted these positions in December and in the
first two weeks of January. Due to their first loss position, the
Corporate Credit holdings of the Company remain at risk of the
occurrence of defaults in this particularly difficult economic
environment.

As regards Volta's positions in residual and mezzanine debt of CLOs,
since the end of December, nine out of the 19 CLOs in which the
Company holds either a residual position or debt position have been
affected by the default of Lyondell Basell Industries. At the time of
publishing this report, taking into account the consequences of this
default and the latest reports from their respective CLO managers,
six out of the 13 residual CLO holdings of the Company are likely to
suffer a diversion of their current payments.

The current diversions of cash flows are the consequence of the
combination of a significant increase in CCC or lower-rated assets in
the underlying loan portfolios following massive rating downgrades,
an increase in losses due to defaults or to distressed sales, and for
three of CLO positions, also the consequence of the resetting at a
very high level, between end of September and mid-October, of the
Libor rate that dictates the level of payment due to debt holders.

The worsening of the economic environment is expected to continue
having a negative impact on the expected cash flows of most of the
CLO residual holdings of the Company. The Company will have to
reassess in the coming months the expected cash flows for all of its
CLO positions and expects that it will lead to significant
impairments for its CDO residual holdings. On the basis of the
information available at the time of the report publication, the 16%
of par average price for the 13 CLO residual holdings probably
overestimates the impaired amount that will be recognised on these
assets once their expected cash flows have been reassessed. The
result of this reassessment will be disclosed in the semi-annual
report of the Company to be published towards the end of March. At
the time of writing this comment, the Company does not expect to take
any impairment for the eight positions in debt of CLOs held by the
Company.

As regards Volta's six UK non-conforming residual holdings, the
recent payments and the remittance reports received in December on
most of the Company's holdings showed further deterioration affecting
both the price and the expected cash flows of these assets. The
current value of these positions (€1.2m) broadly reflects the current
expected cash flows from these assets.

The previous monthly reports highlighted a liquidity risk incurred by
the Company due to the margin calls on the currency hedge of the USD
investments (mostly residuals of CLOs). This risk has been contained
through the purchase of USD Calls. This means that most of the €20m
of cash (€0.66 per share) held by the Company can be made available
for purposes such as investing, paying a dividend for the current
semi-annual period, and paying operating expenses.

In December, Volta's assets have generated the equivalent of €0.7m of
cash flows (non-Euro amounts converted into Euro using end-of-month
currency cross rates), bringing the total of cash flows generated
since the start of the current semi-annual period that begun on the 1
August 2008 to €9.2m, compared to €13.9m for the same 5-month period
in 2007.

* "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
bucket.
** Index data source: Markit, Bloomberg

(Full monthly report in attachment or on www.voltafinance.com)

*****

ABOUT VOLTA FINANCE LIMITED

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.

ABOUT AXA INVESTMENT MANAGERS

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.