Guernsey, 16 April 2009 - Volta Finance Limited (the "Company" or
"Volta Finance" or "Volta") has published its March 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 31.03.09 | At 27.02.09 |
|-----------------------------+-------------+-------------|
| Gross Asset Value (GAV / €) | 51,261,785 | 53,887,313 |
|-----------------------------+-------------+-------------|
| GAV per share (€) | 1.70 | 1.79 |
+---------------------------------------------------------+


As of the end of March 2009, the Gross Asset Value (the "GAV") of
Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was
€51.3m or €1.70 per share, a decrease of €0.09 from €1.79 per share
at the end of February 2009. During the monthly period the Company
paid a dividend of €0.06 per share.

The March mark-to-market variations* of Volta Finance's asset classes
have been: +8.5% for ABS investments, -9.7% for CDO investments and
+3.5% for Corporate Credit investments.

In March, declines in prices have been on average almost compensated
by generation of cash flows. The decline in most of the CDO prices
was the direct consequence of numerous downgrades by S&P and Moody's
in the underlying loan portfolios as well as the severe and numerous
downgrades of CLO tranches by S&P following the recent changes in
their methodology.

As it were expected and outlined in the previous Monthly Report,
Idearc Inc. announced the 31st of March its filing for reorganization
under Chapter 11. The impact of this default was already priced in.


MARKET ENVIRONMENT

In March, the economic crisis has continued to spread but hope,
coming from various government and central banks actions, started to
materialise driving to an almost stabilisation of credit spreads. The
5y European iTraxx index (series 10) as well as the 5y iTraxx
European Crossover Index (serie 10) widened respectively from 180 bps
to 193 bps and from 1082 bps to 1160 bps as and of March 2009. During
the same period of time, according to the CSFB Leverage Loan Index,
the average price for US liquid first lien loans slightly increased
from 65.13% to 65.36% for the third consecutive month.**


VOLTA FINANCE PORTFOLIO

As regards the Company's Corporate Credit holdings, the default of
Idearc Inc. that was expected from several months has been announced
the 31st of March. Assuming a very poor recovery rate on the CDS
(below 5% of par) in line with market prices, this default will
affect both ARIA II and JAZZ III investments as already highlighted
in previous monthly report and incorporated since end of January in
the GAV contribution of those deals to Volta. ARIA III, the third
Corporate Credit holding of Volta is not impacted.

As of the end of March the two JAZZ III tranches have paid a
semi-annual payment of respectively 7.8% and 7.5% of their principal
and are expected, as of the end of March and taking into account the
Idearc Inc default, to continue performing, in term of cash flows, in
line with what was expected at the time of their purchase.
Meanwhile, these two tranches as well as the investment in ARIA III,
being first loss position are sensitive to any deterioration of
scenarios.

The situation of Volta's positions in residual and mezzanine debt of
CLOs have been impacted by the numerous downgrades that occurred on
the US and European loan market as well as by the increasing number
of defaults that happened in March. The number of residual tranches
suffering, at least, a partial diversion of cash flows continued to
increase. At the time of publishing this report, all the eight
mezzanine debt tranches of CLOs held by Volta, representing 7.8% of
the end of month GAV, are expected to perform, in term of cash flows,
in line with the assumptions at the time of their purchase.

The depressed economic environment and the ongoing wave of downgrade
and defaults are expected to continue having a negative impact on the
expected cash flows of most of the Company's CLO residual holdings. A
further significant deterioration of those 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. The cash flows
received and expected from these assets are very limited, as
reflected by their combined fair value of €0.7m as of the end of
March 2009. Promise Mobility, a residual position on a very
diversified portfolio of small and medium German companies
represented 16.1% of the GAV as of the end of March.


At the end of March, after the dividend payment (€1.8m), the Company
held the equivalent of €24.2m of cash (€0.80 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 March, 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 begun on 1st February 2009 to €2.9m,
compared to €4.4m for the same 2-month period 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)