Guernsey, 19 May 2010 - Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") has published its April 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 30.04.10 At 31.03.10
Gross Asset Value (GAV / €) 100,184,834 97,571,728
GAV per share (€) 3.31 3.22

At the end of April 2010, the Gross Asset Value (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was €100.2m or €3.31 per share, an increase of €0.09 per share from €3.22 per share at the end of March 2010 despite taking into account the payment,on the 6th of April, of a €3.9m dividend (€0.13 per share).

The April mark-to-market variations* of Volta Finance's asset classes have been: +1.2% for ABS investments, +5.9% for mezzanine of CDO investments, +6.0% for residuals of CDO investments and +5.0% for Corporate Credit investments.

Excluding principal payments from short-term ABS investments (almost zero in April), Volta's assets have generated the equivalent of €2.2m of cash flows in April 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 €8.5m.. This amount could be compared with €7.8m for the previous six-month period ended in October 2009 (the most recent period which is comparable considering the seasonality of payments).

In April, the Company made one investment for €0.6m in a mezzanine debt tranche of CLO (Atrium D1 tranche) and sold 2 residual positions in CLOs (a USD8m nominal position in Ocean Trail 2006 and a USD6m nominal position in Kingsland 2007) for a total of USD6.7m. It should be noted that those positions accounted for USD4.1m in the GAV of Volta at the end of March, illustrating again that some of Volta's positions are undervalued by the market prices that are collected from banks or brokers and that are used when establishing the GAV.

At the end of April, Volta had €9.7m in cash including €1.5m posted for margin calls coming from its currency hedge positions.

MARKET ENVIRONMENT
In April, some credit spreads modestly widened reflecting a nervous period in some markets as tensions on sovereign debts seem to exacerbate again even if the economic recovery, at least in the US, tends to be confirmed. The 5y European iTraxx index (series 12) went from 75 bps at the end of March to 85 bps at the end of March. Despite some intra-month volatility the 5y iTraxx European Crossover Index (series 12) was stable at 392 bps. According to the CSFB Leverage Loan Index, the average price for US liquid first lien loans modestly increased from 90.63% to 91.85%.**

VOLTA FINANCE PORTFOLIO
In April, no particular event materially affected the situation of the Corporate Credit holdings. However it should be mentioned that the first-loss positions in Jazz III and ARIA III remain highly sensitive to any credit event that could occur and that both positions are exposed, through CDS, to Republic of Greece for the same percentage of their underlying portfolio: 0.5%. Such position if it were to trigger an event of default could generate some direct losses on both positions. Considering an hypothetical recovery of 70%, that circulates amongst market participants when a Greece debt restructuring is evocated, such potential default could represent an immediate direct loss of less than 2% of Volta's current GAV from these positions. According to the most recent market observations, the probability of a default of Republic of Greece seems to have diminished in the immediate future.

At the end of April, these first-loss positions represented 10.9% of Volta's GAV. The other Corporate Credit positions, representing 8.5% were two senior tranches (initially rated AAA) and one mezzanine tranche (initially rated A).

As regards the Company's investments in residual and mezzanine debt of CLOs, the company has succeeded in selling two residual positions at what seems to be very good prices at this time when considering the prices at which those assets were previously valued. At the end of April the sale proceeds have not been reinvested but reinvestments could be expected to occur in the following weeks or months.

At the end of April, from a total of 33 positions, two of the mezzanine positions (Alpstar 2A E and Cheyne Credit Opp.) and two of the residual positions (Carlyle IX and Northwoods VIII) are still unable to pay their coupon due to over collateralisation test breaches. The 29 other positions are currently paying.

As regards the Company's ABS investments, in April, 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 held by the Company to enhance its cash management amounted to €3.2m.

The Company considers that opportunities could arise in several structured credit sectors in the current market environment. Amongst 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 was the case in January 2010 and again in April 2010, and in line with what has been described in the latest semi-annual report of Volta, the Company could be expected to sell some previous assets in order to reinvest the sale proceeds in almost similar investments for which expected cash flows are anticipated to be less uncertain or higher than the ones that were expected from the sold assets.

* "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)