Guernsey, 15 December 2009 - Volta Finance Limited (the "Company" or
"Volta Finance" or "Volta") has published its November 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 30.11.09 | At 30.10.09 |
|-----------------------------+-------------+-------------|
| Gross Asset Value (GAV / €) | 77,312,000 | 76,368,834 |
|-----------------------------+-------------+-------------|
| GAV per share (€) | 2.55 | 2.52 |
+---------------------------------------------------------+


At the end of November 2009, the Gross Asset Value (the "GAV") of
Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was
€77.3 million or €2.55 per share, an increase of €0.03 per share from
€2.52 per share at the end of October 2009.

The November mark-to-market variations* of Volta Finance's asset
classes have been: +1.1% for ABS investments, +4.1% for mezzanine of
CDO investments, +2.7% for residuals of CDO investments and +7.6% for
Corporate Credit investments.

Excluding principal payments from short term ABS investments, Volta's
assets have generated the equivalent of €0.8m of cash flows during
November 2009 (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 begun on the 1st of August
2009 to €5.2m (excluding principal payments from short term ABS),
compared with €8.5m for the same four-month period in 2008.

In November the Company invested a total of €14.1m in six deals: a
senior tranche of a Corporate Credit portfolio (Jazz III AB), four
mezzanine tranches of CLO (RMFE V, OHECP 2007, LAURELIN 2 and ADAGIO
III) and one currently first-pay tranche of European ABS (RMAC 2004).

MARKET ENVIRONMENT

In November, credit spreads were almost unchanged. The muted economic
recovery that started to materialise in the recent months is expected
to be prolonged over next year according to most of the institutional
sources that provide economic forecasts. However evidences that
domestic consumption without government stimuli is able to progress
in US or in Europe are still rare, but sentiment has significantly
rebounded and it should push into the right direction.

The 5y European iTraxx index (series 12) was unchanged at 89 bps from
end of October to end of November. During the same period, the 5y
iTraxx European Crossover Index (series 12) widened modestly from 517
bps to 540 bps. According to the CSFB Leverage Loan Index, the
average price for US liquid first lien loans increased very modestly,
from 84.76% to 84.96%.**

VOLTA FINANCE PORTFOLIO

As regards the Company's Corporate Credit holdings, no particular
event materially affected their situation in November. However, the
two first-loss positions in Jazz III and ARIA III remain highly
sensitive to any credit event that could occur. These two first-loss
positions represented 56% of the €16.3m Corporate Credit bucket, the
remaining portion being composed of 3 senior tranches.

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. The
number of residual tranches suffering at least a partial diversion of
cash flows remained almost stable but overcollateralisation tests
continued to improve modestly as it was the case for several months
now. As a consequence, quarterly payments from residual positions in
CLO are expected to increase in the coming months.

The mezzanine debt tranches portfolio held by Volta is now made off
18 different positions, representing 34% of the end of month GAV,
relative to 20.1% at the end of October. Nothing material occurred
during the month regarding those assets. Two of those positions
(Alpstar 2A E and Cheyne Credit Opp.) are still unable to pay their
coupon due to the breach of the relevant overcollateralisation test.

As regards the Company's ABS investments, no particular event has
affected the six UK non-conforming residual holdings as well as
Promise Mobility, a residual position in a very diversified portfolio
of small and medium German company loans. The four positions taken as
a substitute for cash management in very senior euro ABS tranches
behaved as expected. The largest one is expected to be fully repaid
in December.

At the end of November, the Company held the equivalent of €6.2m of
cash (€0.21 per share). From this amount a bit more than €3m have
been spent to pay a €0.10 per share dividend the 3rd of December. At
the end of November the Company has almost finished to invest the
€25m that have been kept in cash during the peak of the crisis. Most
of the remaining cash, with ongoing cash flows expected to be
received months after months, will be used for investing as well as
paying operating expenses and further dividends.

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 such
investments. Investments will be made depending on the pace at which
market opportunities could be seized and cash is available.

* "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)

tijd 17.04
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