Guernsey, 19 February 2009 - Volta Finance Limited (the "Company" or
"Volta Finance" or "Volta") has published its January 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 30.01.09 | At 31.12.08 |
|-----------------------------+-------------+-------------|
| Gross Asset Value (GAV / €) | 57,498,397 | 63,205,615 |
|-----------------------------+-------------+-------------|
| GAV per share (€) | 1.91 | 2.10 |
+---------------------------------------------------------+


As of the end of January 2009, the Gross Asset Value (the "GAV") of
Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was
€57.5m or €1.91 per share, a decrease of €0.19 from €2.10 per share
at the end of December 2008.

The January mark-to-market variations* of Volta Finance's asset
classes have been: -3.3% for ABS investments, -5.2% for CDO
investments and +1.2% for Corporate Credit investments.

In January, the decline in price of most assets held by the Company
led to another significant decrease in the GAV. This decline was once
again due to the continual increase in the discount margin of
structured credit products following ongoing rating downgrades and
defaults in the underlying assets in the midst of a worsening
economic environment.

MARKET ENVIRONMENT AND LATEST DEVELOPMENTS

In January, the economic crisis has continued to drive down the price
of most risky assets, as illustrated by the widening of the 5y iTraxx
European Crossover index (series 10) from 1027 bps to 1078 bps. At
the same time, the announcement of new recovery plans, as well as the
extension of existing ones in most major countries, provided some
support to the less risky parts of the credit market. From the end of
December to the end of January, the spread of the 5y European iTraxx
index (series 10) slightly tightened from 177 bps to 160 bps.

According to the CSFB Leverage Loan Index, the average price for US
liquid first lien loans slightly increased for the first time over
the last nine months from 62.25% to 64.72%.** However, this rebound
seems related to technical factors.

VOLTA FINANCE PORTFOLIO

As regards the Company's Corporate Credit holdings, no underlying
asset default impacted these positions in January. However, it seems
highly probable that one position, IDEARC Inc., representing
respectively 0.575% and 0.51% of ARIA II's and Jazz III's nominal CDS
portfolios, will reorganise its capital structure in the coming weeks
or months, potentially triggering a CDS credit event.

Considering a potentially very low recovery level following an IDEARC
Inc. CDS credit event, as well as the fact that ARIA II is at the end
of January a 0% - 0.52% attachment/detachment tranche, there is a
very high probability that the January ARIA II payment was the last
one. This situation is already mostly priced in since the end of
December, with ARIA II's contribution to the GAV being mainly limited
to its accrued interests. No substantial impact on Jazz III or on
ARIA III, which is not exposed to IDEARC Inc., is to be expected
following such a CDS credit event. Nevertheless, due to their first
loss position, Jazz III and Aria III, remain at risk of the
occurrence of defaults in this particularly difficult economic
environment.

Since the end of December, Volta's positions in residual and
mezzanine debt of CLOs have continued to be negatively affected by
the increasing number of loan defaults particularly in the US. At the
time of publishing this report, taking into account the latest
reports from their respective CLO managers, six out of the 13
residual CLO holdings of the Company are likely to suffer a diversion
of their current payments.

The worsening of the economic environment is expected to continue
having a negative impact on the expected cash flows of most of the
Company's CLO residual holdings. The Company will reassess, as of the
end of January, the expected cash flows for all of its CLO positions
and expects that it may probably lead to impairments for its CDO
residual holdings. The result of this reassessment will be disclosed
in the semi-annual report of the Company to be published towards the
end of March. At the time of writing this report, no impairment is
expected to be recommended for the eight positions in debt of CLOs
held by the Company.

As regards Volta's six UK non-conforming residual holdings, no
particular event has affected these assets since the end of December
and their situation has remained almost unchanged since then.

At the end of January, the Company held the equivalent of €24.1m of
cash (€0.8 per share). Most of the cash held by the Company can be
made available for purposes such as investing, paying dividends and
paying operating expenses. At the time of publishing this report,
taking into account the government rescue plan support to credit
markets and the overall economy, as well as the current prices of
credit assets, the Company is selectively considering opportunities
for investments.

In December, Volta's assets have generated the equivalent of €4.5m of
cash flows (non-Euro amounts converted into Euro using end-of-month
currency cross rates), bringing the total cash flows generated for
the current semi-annual period that begun on 1 August 2008 to €13.7m,
compared to €23.2m for the same semi-annual period in 2007.

* "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 assuming that changes in cross currency rates have no
impact given that Volta Finance implements a currency hedge on
non-euro assets. 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)