Guernsey, 16 June 2009 - Volta Finance Limited (the "Company" or
"Volta Finance" or "Volta") has published its May 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 29.05.09 | At 30.04.09 |
|-----------------------------+-------------+-------------|
| Gross Asset Value (GAV / €) | 56,092,778 | 51,628,669 |
|-----------------------------+-------------+-------------|
| GAV per share (€) | 1.86 | 1.71 |
+---------------------------------------------------------+


As of the end of May 2009, the Gross Asset Value (the "GAV") of Volta
Finance Limited (the "Company", "Volta Finance" or "Volta") was
€56.1m or €1.86 per share, an increase of €0.15 per share from €1.71
per share at the end of April 2009.

The May mark-to-market variations* of Volta Finance's asset classes
have been: -7.6% for ABS investments, +29.9% for CDO investments and
+42.0% for Corporate Credit investments.

In May, the GAV increase was mostly due to a combination of increase
in valuations and of cash flows received from the assets. Volta's
assets have generated the equivalent of €1.5m of cash flows (non-Euro
amounts converted into Euro using end-of-month currency cross rates),
bringing the total cash generated for the current semi-annual period
that began on 1st February 2009 to €7.1m, compared to €9.6m for the
same 4-month period in 2008.

MARKET ENVIRONMENT

In May, the rally in most risky asset markets observed in the
previous month continued at a slower pace as the economic sentiment
kept on improving and some real economic data pointed to recovery.
The 5y European iTraxx index (series 11) as well as the 5y iTraxx
European Crossover Index (serie 11) tightened respectively from 138
bps to 121 bps and from 808 bps to 725 bps from end of April to end
of May 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 fourth consecutive month, from 70.28% to 73.58%.**

VOLTA FINANCE PORTFOLIO

As regards the Company's Corporate Credit holdings, in May, no
particular news or events affected their ability to pay cash flows in
the future. The two Jazz III tranches as well as the investment in
ARIA III, which are first loss positions, remain sensitive to any
deterioration of scenarios.

Volta's positions in residual and mezzanine debt of CLOs was almost
stable in May as defaults and downgrades continued to occur but
prices of loans, especially the lower-rated ones, on average tended
to increase a bit further. Consequently, the number of residual
tranches suffering at least a partial diversion of cash flows
stabilised. At the time of publishing this report, all eight
mezzanine debt tranches of CLOs held by Volta, representing 8.1% of
the end of month GAV, are expected to perform, in terms of cash
flows, in line with the assumptions at the time of their purchase.
One of these tranches, received in May a partial payment of its
principal (5.75% of par) due to a "direct pay" feature that
accelerate the repayment of the mezzanine tranche held by Volta in
certain circumstances (breach of a junior over-collateralisation (OC)
test).

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 holdings
even if the rebound in loan prices allowed some CLO managers to clean
up some positions and to improve their OC tests. A further
significant deterioration of these parameters could also impact the
payments of the mezzanine debt tranches.

As regards the Company's ABS investments, no particular event has
affected the six UK non-conforming residual holdings. Promise
Mobility, a residual position in a very diversified portfolio of
small and medium German companies, represented 13.6% of the GAV as of
the end of May.

At the end of May, the Company held the equivalent of €27.7m of cash
(€0.92 per share). Most of the cash held by the Company can be made
available for investing as well as paying operating expenses.

* "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)

*****