Guernsey, 25 November 2009 - Volta Finance Limited (the "Company" or
"Volta Finance" or "Volta") has published its Interim Management
Statement. The full report is attached to this release and is
available on Volta Finance Limited's financial website
(www.voltafinance.com).
Dear Shareholders and Investors,

Over the quarter, from the end of July 2009 to the end of October
2009, the Gross Asset Value (the "GAV") of Volta Finance Limited (the
"Company", "Volta Finance" or "Volta") went from €59.3m or €1.96 per
share, to €76.4m or €2.52 per share.

During the same period, the Company invested €12.2m in 10 different
assets: five tranches of CLOs, three junior-AAA tranches of Corporate
Credit portfolios and two very short-term first pay European ABS
tranches.

Overall, the cash flows generated by the Company's assets amounted to
€4.4m, compared to €7.2m for the same period in 2008 (non euro
amounts being translated in euro using end of month currency rate).
Relative to the valuation of Volta's assets at the beginning of the
period (€27.7m), the cash generated by the assets is rather
significant.

As a consequence of the investments made during the period and
considering the payment of a dividend of €0.10 per share the third of
December (€3m of cash), as well as the settlement of some further
investments and expenses net of interest received since the end of
October, the cash available in the Company's accounts went from
€27.7m at the end of July to €4.7m at the time of writing this
statement.

The increase of the GAV during the quarter is mainly due to increases
in the price of structured credit products, including recently bought
assets, as well as to the generation of cash flows from the
underlying assets.

MARKET ENVIRONMENT AND LATEST DEVELOPMENTS
Over the quarter, the economic crisis continued to affect the
performance of credit assets. However, government and central bank
measures demonstrated their ability to support the economy as they
contributed to an improvement in financial markets over the period.
The 5y European iTraxx index (series 11) tightened modestly from 88.2
to 85 bps, the 5y iTraxx European Crossover index (series 11)
tightened more significantly from 614 bps to 431 bps and the CSFB
Leverage Loan Index, the average price for US liquid first lien
loans, increased significantly from 70.28% to 80.27%.**

During the quarter, rating agencies continued downgrading most of the
CLO tranches, even the most senior one, following the review of the
underlying asset ratings, of their assumptions on corporate defaults
and of their rating models. Numerous defaults and rating downgrades,
especially in the loan market, occurred during the quarter, but at a
slower pace than in the previous near quarters. Payments on the
residual positions and on the most junior debt tranche of CLOs have
frequently been affected.

VOLTA FINANCE PORTFOLIO
Corporate Credit
As regards the Company's Corporate Credit holdings, Jazz III suffered
the default of CIT Group and ARIA III recorded no particular event.
One year ago, after the default of Lehman Brothers Holding Inc., the
Jazz III Euro and USD tranches, accounting respectively for 85% and
15% of the Jazz III residual positions, were respectively 0/3.41% and
0/3.27% tranches. After the default of CIT and considering the
current market recovery on this default, they are expected to be
respectively 0/3.74% and 0/3.41% tranches. This, we believe,
demonstrates the ability of the manager of the underlying portfolio
to preserve and even create some value over the last 12 months. In
September, the positions in Jazz III paid their coupon in line with
previous expectations and are expected to do so in the coming
periods.

The Corporate Credit holdings that were valued at €8.7m at the end of
July generated the equivalent of €2.1m of cash flows during the
quarter (between end of July to end of October 2009) and are valued
for €13.8m at the end of October (including assets purchased during
the quarter for €4.9m).

One third of this bucket is made of junior-AAA tranches of Corporate
Credit portfolios bought recently, and which benefited from
significant subordination. The situation of the remaining Corporate
Credit holdings (Jazz IIII and ARIA III) is unchanged since the end
of July: they are still expected to continue paying cash flows until
their respective maturity. However, due to their first loss position,
Jazz III and Aria III remain immediately at risk of the occurrence of
defaults in this particularly difficult economic environment.

CDO
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 near previous quarters.

During the quarter, the number of residual tranches suffering at
least a partial diversion of cash flows remained almost stable. This
was also the case of the payments received from those positions. Some
information received recently from those assets tend to point towards
some improvement. The residual CLO positions that were valued at
€9.2m at the end of July, have generated the equivalent of €1.6m
during the quarter and have seen their valuation significantly
increasing to €17.8m at the end of October 2009 (including assets
purchased during the quarter for €0.4m).

As regards the 14 mezzanine debt tranches held by Volta, which
represent 20.1% of the end of October GAV, two of them suffered a
diversion of their coupon payments (Cheyne Credit Opp. and Alpstar 2A
E), but, except for Alpstar 2A E that have been impaired at the end
of July, for all of them a full payment of coupons and principal is
expected to be met under an average scenario for defaults and rating
migrations.

The positions in mezzanine debt of CLOs that were valued at €6.1m at
the end of July, have generated the equivalent of €0.3m of cash flows
during the quarter and are valued at €15.3m at the end of October
2009 (including asset purchased for €3.6m).

The depressed economic environment and the ongoing wave of downgrades
and defaults are expected to continue having negative impacts on the
expected cash flows of most of the Company's CLO residuals and less
frequently on debt holdings.

ABS
As regards the Company's ABS investments, no particular event
affected the six UK non-conforming residual holdings. These six
positions, valued at €107 thousand at the end of July, generated the
equivalent of €15 thousand and are valued at €74 thousand at the end
of October.

Promise Mobility, a residual position on a very largely diversified
portfolio of small and medium German companies representing 9.09% of
the end of October GAV, continued 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 of the German "Mittelstand" by the global economic
crisis could, at some point in time, have an effect on the cash flows
expected from this investment.

This asset, which was valued at €7.4m at the end of July, has
generated €0.4m of cash flows during the quarter and is valued at
€6.9m at the end of October 2009.

During the period, Volta invested €3.3m in two short-term European
ABS in order to improve the return on its cash position.

Since the end of October and at the date of publishing this statement
the Company's assets have continued to generate cash flows and the
Company have continued investing: the equivalent €0.8m have been
received from existing assets and the equivalent of €12.7m have been
engaged in recent purchases (one junior-AAA tranches of Corporate
Credit Portfolio and four debt tranches of CLOs).

At the time of publishing this statement, considering the necessity
to maintain some cash for margin calls that could arise from time to
time from the hedging of the currency risk, the Company had
approximately €3m available for investment. Considering the pace at
which investments have been conducted during the most recent months,
it could be expected that most of this cash will be invested before
the end of the calendar year.

Unless stated otherwise, the figures in this document are as at end
of October as valuations and are available only on a monthly basis
with some delays. Between 30 October 2009 and 25 November 2009, the
date of publication of this Interim Management Statement, the Company
is unaware about any significant event, materially affecting the
company's financial position or the company's controlled undertaking.


(Full Interim Management Statement attachment or on
www.voltafinance.com)