Guernsey, 22 May 2010 - 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 January 2010 to the end of April 2010, the Gross Asset Value (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") went from €86.8m or €2.87 per share, to €100.2m or €3.31 per share. During the quarter, Volta paid, the 6th of April, a €0.13 per share dividend for a total of €3.9m.

During the same period, the Company invested €1.8m in three different assets (two mezzanine debt of CLO and one residual tranche of a low leverage CLO) and sold two assets (two residual tranches of CLO) for €5.1m.

During the Quarter, cash flows generated by the Company's assets, excluding asset sales and €0.4m of principal payments from short term ABS, amounted to €5.5m (non euro amounts being translated in euro using end of month currency rate). This amount could be compared to €4.4m for the most recent comparable 3-month period in 2009 (from the end of July to the end of October 2009). Relative to the valuation of Volta's assets at the beginning of the period (€86.8m), the cash generated by the assets is rather significant, slightly above an annual rate of 25%.

As a consequence of the investments and sales made during the period and after taking into account the payment of the dividend, as well as the settlement of some further expenses, the cash position in the Company's accounts went from €4.2m at the end of January to €9.7m at the end of April. This amount include €1.5m posted for margin calls linked to the currency hedge strategy of the Company. Since the end of April as a result of some further coupon payments and two investments, the cash position in the company has decreased to €7.7m 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 as well as to the generation of cash flows from the underlying assets.

MARKET ENVIRONMENT AND LATEST DEVELOPMENTS
Over the quarter, the economic recovery, specially outside Europe, continued to sustain the performance of credit assets despite raising concerns regarding the financing of some government debts (Republic of Greece amongst others). Government and central bank demonstrated again their ability to bring some support to the current economic and financial situation and it contributed to the stabilization of financial markets over the period. From the end of January 2010 to the end of April 2010, the 5y European iTraxx index (series 12) was almost unchanged from 83 to 85 bps, the 5y iTraxx European Crossover index (series 11) tightened significantly from 454 bps to 392 bps and the CSFB Leverage Loan Index, the average price for US liquid first lien loans, increased from 88.94% to 91.85%.**

VOLTA FINANCE PORTFOLIO
Corporate Credit
Over the quarter, no event of default 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. Both positions are exposed, through CDS, to a credit name that was raising public concerns, 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. Assuming an hypothetical recovery of 70%, which is a level commonly discussed among 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 end of April 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.

44% of this bucket is made of two junior-AAA and one A tranche of Corporate Credit portfolios bought in 2009 that benefited from a significant level of subordination contrary to the first loss positions. The average price of the debt tranches of Corporate Credit positions went from 47.5% at the end of January to 55.8% at the end of April.

The Corporate Credit holdings that were all together valued at €17.4m at the end of January generated the equivalent of €2.5m of cash flows during the quarter (between end of January to end of April 2010) and are valued for €19.5m at the end of April 2010.

CDO
This bucket that accounted, at the end of April for 61% of the GAV, is composed of residual and mezzanine debt tranches of CLOs. During the quarter, defaults and downgrades in the underlying loan portfolios continued to occur, albeit at a slower pace than in the near previous quarters. On average overcollateralisation tests and residual payments of these structures improved during this quarter relative to the previous one.

At the end of April, amongst the 14 residual CLO positions, two of them (Carlyle IX and Northwoods Capital) continued to suffer a diversion of their residual payment. The 14 positions were valued at €23.2m at the end of January, have generated the equivalent of €1.9m during the quarter and have seen their valuation increasing to €27.2m at the end of April 2010 (despite the sale of two assets for €5.1m and the purchase of one asset for €0.5m). The average price of the 12 classic residual CLO positions (accounting for €16m and excluding two investments that are very specific considering their low level of leverage) went from 25.3% at the end of January to 35.4% at the end of April.

As regards the 22 mezzanine debt tranches held by Volta, which represent 33.8% of the end of April GAV, two of them continued to suffer a diversion of their coupon payments (Cheyne Credit Opp. and Alpstar 2A E), but, except for Alpstar 2A E, 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 €31.8m at the end of January, have generated the equivalent of €0.8m of cash flows during the quarter and are valued at €33.9m at the end of April (including 2 assets purchased for €1.3m). The average price of the mezzanine debt tranches of CLO positions went from 52.6% at the end of January to 55.6% at the end of April.

ABS
Promise Mobility, a residual position on a very largely diversified portfolio of small and medium German companies representing, at the end of April, 68% of this asset class, continued to perform in line or above initial expectations. However, the difficult situation of the German economy, despite a strong commitment from the German government to limit the contamination of the German "Mittelstand" from 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 €6.6m at the end of January, has generated €0.4m of cash flows during the quarter and is valued at €6.8m at the end of April 2010.

The remaining portion of this asset class was made, at the end of April, of two investments (for €3.2m) in short-term European ABS that have been purchased to improve the return on its cash position and by 6 positions in residuals of UK non-conforming residual loans ABS. These six positions valued for €54 thousand at the end of January have been valued for almost zero at the end of April reflecting the very poor cash flows that could be expected from these assets.

Since the end of April and at the date of publishing this statement the Company's assets have continued to generate cash flows and the Company has continued investing: the equivalent €1.5m of cash flows have been received from existing assets and the equivalent of €3.6m have been engaged in recent purchases (two mezzanine debt 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 €2.5m available for investment.

Unless stated otherwise, the figures in this document are as at end of April 2010 as valuations are available only on a monthly basis with some delays. Between 30 April 2010 and 22 May 2010, 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.