Guernsey, 19 March 2009 - Volta Finance Limited (the "Company" or
"Volta Finance" or "Volta") has published its February 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 30.01.09 | At 30.01.09 |
|-----------------------------+-------------+-------------|
| Gross Asset Value (GAV / €) | 53,887,313 | 57,498,397 |
|-----------------------------+-------------+-------------|
| GAV per share (€) | 1.79 | 1.91 |
+---------------------------------------------------------+


As of the end of February 2009, the Gross Asset Value (the "GAV") of
Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was
€53.9m or €1.79 per share, a decrease of €0.12 from €1.91 per share
at the end of January 2009.

The February mark-to-market variations* of Volta Finance's asset
classes have been: -9.9% for ABS investments, -0.4% for CDO
investments and -19.1% for Corporate Credit investments.

In February, the decline in price of most assets held by the Company
led to another GAV decrease. This decline was due to the continual
increase in the discount margin of structured credit products
following ongoing rating downgrades and defaults in the underlying
assets in the midst of a worsening economic environment. However, the
generation of cash flows from the CDO investments almost compensated
their decline in price.

On 17 March 2009, the Company announced a dividend of €0.06 per share
for the semi-annual period ended 31 January 2009.

MARKET ENVIRONMENT AND LATEST DEVELOPMENTS

In February, the economic crisis has continued to drive down the
price of most risky assets. The spread widening was significant on
the less risky parts of the credit markets, with the 5y European
iTraxx index (series 10) widening significantly from 160 bps to 180
bps. Meanwhile, the 5y iTraxx European Crossover index (series 10)
remained almost unchanged from 1078 bps to 1080 bps in February
2009.**

According to the CSFB Leverage Loan Index, the average price for US
liquid first lien loans slightly increased from 64.72% to 65.13% for
the second consecutive month.**

In the early days of March, Moody's put all but most senior CLO
tranches on review for downgrade following the review of their
assumptions based on corporate defaults that are likely to exceed
their historical long-term average and the heightened interdependence
of credit markets in the current global economic contraction. As a
result, all rated mezzanine tranches of CLOs held by Volta are
expected to be downgraded below investment grade in the coming weeks.
The significant decline in price of these tranches seen in the
previous months was partially reflecting the likelihood of such a
review. Standard & Poor's is also in the process of finalising its
own methodology review. Once defined and applied, it should also
affect significantly the rating of the mezzanine tranches of CLOs
held by Volta.

VOLTA FINANCE PORTFOLIO

As regards the Company's Corporate Credit holdings, no particular
credit event affected Volta's assets in February. As for stated in
the previous monthly report, the probability of having ARIA II unable
to pay further cash flow is still very high, which is reflected in
its contribution to the GAV that is close to zero. Jazz IIII and ARIA
III are expected to continue paying cash flows until their respective
maturity. However, due to their first loss position, Jazz III and
Aria III remain at risk of the occurrence of defaults in this
particularly difficult economic environment.

The situation of Volta's positions in residual and mezzanine debt of
CLOs remains mostly unchanged. At the time of publishing this report,
taking into account the latest reports from their respective CLO
managers, five out of the 13 residual CLO holdings of the Company are
likely to suffer at least a partial diversion of cash flows at their
next payment date. The eight others are expected to receive normal
cash flows at their next payment date. The depressed economic
environment is expected to continue having a negative impact on the
expected cash flows of most of the Company's CLO residual holdings.
As of the end of January 2009, all eight mezzanine debt tranches of
CLOs held by Volta, representing 8.5% of the end of February GAV, are
expected to continue paying their coupons.

On 2 February, Volta settled the last part of its commitment to
Tennenbaum Opportunities Fund ("TOF"). As a result, the Company has
no more commitment to be settled from previous investments. TOF has
been positioned by its manager so as to be able to seize
opportunities that are expected to abound in the current financial
and economic context by taking positions in Debtor-In-Possession or
Bankruptcy Exit loans or even taking equity ownership when loans
default. TOF represents 14.6% of the end of February GAV.

As regards the Company's ABS investments, no particular event has
affected the six UK non-conforming residual holdings. The cash flows
received and expected from these assets are very limited, as
reflected by their combined fair value of €0.9m as of the end of
February 2009. Promise Mobility, a residual position on a very
largely diversified portfolio of small and medium German companies
representing 14.6% of the end of February GAV continues to perform in
line or above initial expectations. However, the worsening situation
of the German economy, despite a strong commitment from the German
government to limit the contamination from the global economic crisis
to the German "Mittelstand", could, at some point in time, have an
effect on the cash flows expected from this investment.

At the end of February and taking into account the next dividend
payment, the Company held the equivalent of €22.5m of cash (€0.75 per
share). Most of the cash held by the Company can be made available
for purposes such as investing as well as paying operating expenses.
At the time of publishing this report, considering government rescue
plans the significant mobilisation of most central banks and their
expected support to companies and households, as well as the current
prices of credit assets, the Company is selectively considering
opportunities for investments.

In February, Volta's assets have generated the equivalent of €1.4m of
cash flows (non-Euro amounts converted into Euro using end-of-month
currency cross rates), compared to €2.3m for the same month in 2008.

* "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)