Guernsey, 18 March 2010 - Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") has published its January 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 26.02.10 At 29.01.10
Gross Asset Value (GAV / €) 91,911,310 86,771,993
GAV per share (€ 3.03 2.87
At the end of February 2010, the Gross Asset Value (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was €91.9m or €3.03 per share, an increase of €0.16 per share from €2.87 per share at the end of January 2010.

The February mark-to-market variations* of Volta Finance's asset classes have been: +1.4% for ABS investments, -0.5% for mezzanine of CDO investments, +19.3% for residuals of CDO investments and -0.7% for Corporate Credit investments. These performances reflect some significant increases in the price of some of the residuals of CLOs held by the Company, reflecting the ongoing acknowledgment by market participants of recent improvements in their situation.

Excluding principal payments from short-term ABS investments (€0.2m in February), Volta's assets have generated the equivalent of €1.0m of cash flows during February 2010 (non-euro amounts converted into euro using end-of-month cross currency rates) bringing the total cash generated during the last six months to €7.8m (excluding principal payments from short-term ABS), compared with €8.2m for the previous six-month period ended in August 2009 (the most recent period which is comparable considering the seasonality of payments).

In February, the Company invested only €0.8m in a residual tranche of CLO (Confluent Senior Loans Opportunity). As of the end of February the Company held €4.4m of cash, including €1.3m posted through margin calls linked to its currency hedge positions.

MARKET ENVIRONMENT
In February, credit spreads were very modestly widening reflecting a very stable period during which tensions on sovereign debts seem to stabilize as well as the economic activity. The 5y European iTraxx index (series 12) and the 5y iTraxx European Crossover Index (series 12) went from respectively from 83 bps and 454 bps at the end of January to 84 bps and 463 bps at the end of February. According to the CSFB Leverage Loan Index, the average price for US liquid first lien loans very modestly declined, from 88.94% to 88.78%.**

VOLTA FINANCE PORTFOLIO
In February, 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 February, these two first-loss positions represented 57% 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 very slight decline in value for this asset class is linked to the very modest widening of credit spreads.

As regards the Company's investments in residual and mezzanine debt of CLOs, it should be noticed that the ratio of downgrades to upgrades for the underlying assets (loans) is almost stable for the second consecutive month and that defaults continued to occur but still at a lower 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 was improving. In February, for the second monthly period, it has been clearly reflected into their market prices: the average market price of the classical residual positions (excluding Tennenbaum Opportunities Fund and Confluent that are no or low-leverage deals) held by the Company went from 28.8% to 33.3% (19.8% at the end of December).

At the end of February, from a total of 35 positions, two of the mezzanine positions (Alpstar 2A E and Cheyne Credit Opp.) and three of the residual positions (Carlyle IX, Kingsland IV and Nortwoods VIII) are still unable to pay their coupon due to overcollateralisation test breaches. The 30 other positions are normally paying.

As regards the Company's ABS investments, in February, 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 €3.3m.

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. Potential 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 January 2010, the Company could 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.