Guernsey, 19 December 2011 - Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") has published its 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 30.11.11 At 31.10.11
Gross Asset Value (GAV / € million) 135.8 134.4
GAV per share (€) 4.41 4.36

At the end of November 2011, the Gross Asset Value (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was €135.8m or €4.41 per share, an increase of €0.05 per share from €4.36 GAV per share at the end of October 2011.

Year to date performance of Volta's assets, as of the end of November, including April dividend payment and according to the GAV, is a positive 7.9%.

The November mark-to-market variations* of Volta Finance's asset classes have been: +2.1% for ABS investments, -0.2% for mezzanine of CDO investments, +4.0% for residuals of CDO investments and -7.8% for Corporate Credit investments. The almost stable GAV in November reflected the overall widening in credit spreads in line with the deepening of the European sovereign debt crisis and the overall downward revision of growth in developed economies but also in emerging countries. These downward effects on prices being overall compensated by cash flows received during the month.

Volta's assets generated the equivalent of €1.9m of cash flows in November 2011 (non-Euro amounts converted to 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 €13.3m. This amount can be compared with €11.9m for the previous six-month period ended in May 2011 (the most recent period which is comparable considering the seasonality of payments).

In November, one asset was purchased (Hermes 17- E), a mezzanine debt of ABS. No asset was sold by the Company.

At the end of November, Volta held €4.3m in cash (no margin calls received or posted in respect of the currency hedge). Considering the pace at which cash flows are generated and the necessity to keep cash available for the next dividend payment, Volta could be considered as almost fully invested.

MARKET ENVIRONMENT
In November, credit spreads widened significantly in Europe and were almost unchanged in the US reflecting the incapacity of Europe to propose a comprehensive answer to the Euro sovereign crisis. The spread of the 5y European iTraxx index and of the 5y iTraxx European Crossover Index (series 15) widened, respectively, from 160 and 598 bps at the end of October to 193 and 701 bps at the end of November. During the same period, credit spreads in the US, as illustrated by the 5y CDX main index (series 16), were almost unchanged from 97 to 94 bps at the end of November 2011. According to the CSFB Leverage Loan Index, the average price for US liquid first lien loans modestly decreased from 92.44% to 91.88% at the end of November.**

Overall, the tensions that have been present in most markets since March have affected structured finance markets since June. On average, prices are back to the end of 2010 levels. The significantly positive year-to-date performance of Volta roughly reflects the ability of the Company to generate cash flows from its assets.

VOLTA FINANCE PORTFOLIO
Regarding the Corporate Credit holdings of the Company, in November, in line with previous disclosures, Seat Pagine Gialle defaulted. This name represented 0.2% of Aria III's portfolio and 0.85% of Jazz III's portfolio. Such default had a limited impact on Volta's GAV as it was almost fully priced in for months. It should be remembered that the occurrence of such default from time to time is part of the normal life of this kind of asset. For example, looking at Aria III, the expected default rate based on the ratings of the underlying corporate credits in the current portfolio is 0.32% per annum. In fact, Seat Pagine Gialle was the first default for ARIA III's underlying portfolio since the Lehman default in September 2008. Overall the default of Seat Pagine Gialle should diminish expected cash flows on these two assets by less than 10%. Both assets represented 4.3% of Volta's GAV as of the end of November.

It should be remembered that the first-loss positions in Jazz III and ARIA III remain highly sensitive to any credit event that could occur, especially to financial debts considering the significant exposures to bank debt held through these positions.

At the end of November, the average price of the assets in this bucket declined from 42.5% to 39.6% in line with the significant widening in European credit spreads.

As regards the Company's investments in residual and mezzanine debt of CDOs, at the end of November, from a total of 53 positions in residual or mezzanine debt of CDOs, only one residual position (Carlyle IX) is still unable to pay its coupon due to an over collateralisation test breach. The 52 other positions are currently paying. No particular event materially affected the situation of these positions.

At the end of November the 40 mezzanine debt tranches of CDOs (38 tranches of CLOs, 1 tranche of Emerging Debt CDO and 1 tranche of CDO of ABS), totalling the equivalent of €101.2m of principal amount, were valued at an average price of 58% of par; the 12 classic residual tranches of CLOs, totalling the equivalent of €52.7m of principal amount, were valued at an average price of 63%; the rest of the bucket, one loan fund, for the equivalent of €10.8m of principal amount, was valued at 80% of par.

As regards the Company's ABS investments, at the end of November, nothing special affected the main position (Promise Mobility) or the other investments in this bucket (6 UK non-conforming residual positions).

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 as well as 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. The recent widening of discount margins has been seized upon by the Company to invest most of the cash available. Depending on market opportunities, the Company is also in the position to take advantage of current volatility in prices to sell some assets in order to reinvest the sale proceeds on assets representing, at the time of purchase, a better opportunity for the Company.

* "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

VOLTA FINANCE - RESULTS OF THE FIFTH AGM AND DIVIDEND ANNOUNCEMENT

Guernsey, 20 December 2010 - A typo was made in the 16th december dividend announcement. The Ex-Dvidend date for the annual dividend is the 20th December not the 21st.

The correct version of the annoucement is the following :
The fifth Annual General Meeting (AGM) of Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") was held on 16th December 2011. All resolution (listed below) was passed.

1. To adopt the audited financial statements of the Company for the year ended 31 July 2011, including the reports of the Directors and the Auditors (the "Accounts").

2. To reappoint KPMG Channel Islands Limited of 20 New Street, St Peter Port, Guernsey as the Company's Auditors to hold office until the conclusion of the next AGM.

3. To authorise the Board to negotiate and fix the remuneration of the Auditors in respect of the year ending 31 July 2012.

4. To re-elect Christian Jimenez as an Independent Director of the Company for a term of three years.

5. To approve a final dividend for the period ended 31 July 2011 in respect of the Company's ordinary shares of €0.22 per share, with an ex dividend date of 20 December 2011, a record date of 22 December 2011 and a payment date of 16 January 2012.

6. To approve a proposal by the Board that Volta shareholders may, in accordance with Article 29.(18)* of the Company's Memorandum and Articles of Incorporation, elect to receive the final dividend for the period ended 31 July 2011 and any future dividends either in cash or Volta shares**.

* Article 29. (18) states as follows: Subject to the Laws, the Board may, if authorised by an ordinary resolution, offer those Members of a particular class of shares in respect of any dividend the right to elect to receive shares by way of a scrip dividend instead of cash.

** The conversion price will be computed as the Volume Weighted Average Price ("VWAP") of the Company's shares during the 4 weeks preceding the AGM minus the €0.22 dividend. For semi-annual dividend, the conversion price will be computed as the VWAP of the Company's shares during the 4 weeks preceding the Board at which such dividend is decided minus the dividend per share.

In line with the computation mechanism set out in Resolution 6, the conversion price that has been retained is €3.9981 per share. As a consequence, every Volta's shareholder will have to choose to receive either €22 cents per share or to receive three new shares for every 41 shares*** or any combination of both formulas. The default option will be payment in cash.

Ex dividend date is the 20th December 2011, record date the 22nd December 2011 and payment date the 16th of January 2012.

*** The payment of dividend in shares in certain jurisdictions may be restricted (for example, such payment may not be offered within the United States or to of the account of US persons without a public offering duly documented and accepted by the relevant U.S. authorities) or prohibited by law. Shareholders are required to inform themselves about and to observe any such restriction and prohibition. [Nothing contained in this notice constitutes legal advice nor is it to be relied on in making an investment or other decision].