Guernsey, 18 April 2011 - Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") has published its December 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 31.03.11 At 31.03.11 At 28.02.11
Gross Asset Value (GAV / €) 139,641,509 * 146,414,238 148,897,123
GAV per share (€) 4.54 * 4.76 4.84
* taking into account the €0.22 per share dividend payment

At the end of March 2011, the Gross Asset Value (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was €146.4m or €4.76 per share, a decrease of €0.08 per share from €4.84 per share at the end of February 2011. Taking into account the dividend amount (€0.22 per share) known at the end of March but not yet settled (settlement was the 11th of April), GAV per share is €4.54 per share.

The March mark-to-market variations** of Volta Finance's asset classes have been: +0.0% for ABS investments, -2.1% for mezzanine of CDO investments, +0.9% for residuals of CDO investments and +2.5% for Corporate Credit investments. The decrease of the GAV in March reflected a decrease in prices of most of Volta's CDO assets in line with the general widening of discount margins for risky assets that occurred following the sharpening of tensions in the Middle East and the Japanese earthquake. These events modestly increased the level of uncertainties on global growth.

Volta's assets have generated the equivalent of €2.6m of cash flows in March 2011 (non-euro amounts converted into euro using end-of-month cross currency rates and excluding principal payments from debt assets) bringing the total cash generated during the last six months to €10.8m. This amount can be compared with the amount of €10.5m for the previous six-month period ended in September 2010 (the most recent period which is comparable considering the seasonality of payments).

In March, the Company bought three tranches of CLOs for €4m and sold four other tranches of CLOs and one short term ABS for €9.1m.

At the end of March, Volta held €10.7m in cash excluding €0.5m received from margin calls in respect to its currency hedge positions and including €3.7m received in the early days of April for the settlement of a sale that occurred the 31st of March. Considering the settlement of the dividend payment Volta has €3 to 4m available for investment at the end of March.

MARKET ENVIRONMENT
In March, credit spreads were almost unchanged in Europe and in the US despite some volatility during the month. It roughly reflects the persistence of potential risks coming from current geopolitical instability in or near oil-producing countries and the uncertainties coming from the painful situation of Japan. The spread of the 5y European iTraxx index and of the 5y iTraxx European Crossover Index (series 14) went, respectively, from 97 and 386 bps at the end of February to 96 and 382 bps at the end of March. During the same period, credit spreads in the US modestly widened as illustrated by the 5y CDX main index (series 15) that went from 82 to 84 bps at the end of March 2011. According to the CSFB Leverage Loan Index, the average price for US liquid first lien loans was unchanged at 95.86%.***

Overall, with the tensions that appeared in March both the prices and the number of transactions in structured finance markets modestly decline in March but things seem to have reverted rapidly in line with the renewed appetite from large institutional investors for this asset class for several quarters now.

VOLTA FINANCE PORTFOLIO
In March, 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. At the end of March, the average price of all the assets in this bucket (the first loss positions plus three other corporate credit positions (initially rated AAA and A tranches)) decreased from an average price of 49.8% to 48.4% reflecting the increase in overall uncertainties.

As regards the Company's investments in residual and mezzanine debt of CLOs, at the end of March, from a total of 51 positions in residual or mezzanine debt of CLOs, one of the mezzanine positions (Alpstar 2A E) 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 48 other positions are currently paying. As already mentioned, according to the latest report of Alpstar 2, the E tranche held by Volta should resume paying its coupon for the next payment in May.

At the end of March the mezzanine debt tranches of CLOs, totalling the equivalent of €88.3m of principal amount, were valued at an average price of 72.3% of par; the classic residual tranches of CLOs, totalling the equivalent of €50.4m of principal amount, were valued at an average price of 61.3%; the rest of the bucket, one loan fund, for the equivalent of €11m of principal amount, was valued at 93.5% of par.

As regards the Company's ABS investments, in March, no particular event materially affected the six UK non-conforming residual holdings nor the position held by Volta in Promise Mobility 2006-1. The company has no more investment in short-term euro ABS senior tranches.

The Company considers that opportunities could arise in several structured credit sectors in the current market environment and accordingly sold some assets in March in order to be able to seize opportunities in the coming weeks. Amongst others, mezzanine tranches of CLOs and of European ABS or senior tranches of Corporate Credit portfolios could be considered for investments. Potential investments could be made depending on the pace at which market opportunities could be seized and cash is available. Thanks to the rally in prices that occurred in the previous months, the Company could be expected to sell some assets at yields below Volta's target in order to reinvest the sale proceeds according to current market opportunities.

** "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)