VOLTA FINANCE - APRIL MONTHLY REPORT

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES ***** Guernsey, 18 May 2009 - 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 30.04.09 | At 31.03.09 | |-----------------------------+-------------+-------------| | Gross Asset Value (GAV / ¤) | 51,628,669 | 51,261,785 | |-----------------------------+-------------+-------------| | GAV per share (¤) | 1.71 | 1.70 | +---------------------------------------------------------+ As of the end of April 2009, the Gross Asset Value (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was ¤51.6m or ¤1.71 per share, an increase of ¤0.01 per share from ¤1.70 per share at the end of March 2009. The April mark-to-market variations* of Volta Finance's asset classes have been: 0.1% for ABS investments, 0.7% for CDO investments and 2.0% for Corporate Credit investments. In April, the GAV has been relatively stable as declines in prices have been on average compensated by generation of cash flows. MARKET ENVIRONMENT In April, the economic crisis has continued to spread but at a slower pace than during the previous months. The rally in most risky markets was sustained as market participants were on the lookout for any signs of hope. The 5y European iTraxx index (series 10) as well as the 5y iTraxx European Crossover Index (serie 10) tightened respectively from 196 bps to 163 bps and from 1160 bps to 945 bps as of the end of April 2009. During the same period of time, according to the CSFB Leverage Loan Index, the average price for US liquid first lien loans increased for the fourth consecutive month, from 65.36% to 70.28%.** VOLTA FINANCE PORTFOLIO As regards the Company's Corporate Credit holdings, the recovery on Idearc Inc was extremely low and caused the ARIA II tranche held by Volta to lose its remaining principal, as expected and previously communicated by Volta Finance. As highlighted in previous monthly reports, JAZZ III investments have also been affected by this default. As of the end of April, its remaining principal was respectively 58.7% of EUR8.6m nominal for the Euro tranche and 54.4% of USD2m nominal for the USD tranche, almost unchanged from respectively 59% and 57% six months ago after the default of Lehman Brothers. The last Corporate Credit holding, ARIA III, is unaffected by Idearc default. Meanwhile, the two Jazz III tranches as well as the investment in ARIA III, which are first loss positions, remain sensitive to any deterioration of scenarios. The situation of Volta's positions in residual and mezzanine debt of CLOs stabilized in April as the pace of defaults tended to moderate and as prices of Loans, especially the worst rated ones, tended to increase from very low levels. Consequently, the number of residual tranches suffering at least a partial diversion of cash flows is stabilizing. At the time of publishing this report, all the eight mezzanine debt tranches of CLOs held by Volta, representing 7.9% of the end of month GAV, are expected to perform, in term of cash flows, in line with the assumptions at the time of their purchase. The depressed economic environment and the ongoing wave of downgrade and defaults are expected to continue having a negative impact on the expected cash flows of most of the Company's CLO residual holdings even if the rebound in loan prices has encouraged CLO managers to clean up some positions. A further significant deterioration of these parameters could also impact the payments of the mezzanine debt tranches. As regards the Company's ABS investments, no particular event has affected the six UK non-conforming residual holdings. The cash flows received and expected from these assets are very limited, as reflected by their combined fair value of ¤0.7m as of the end of April 2009. Promise Mobility, a residual position on a very diversified portfolio of small and medium German companies, represented 16.0% of the GAV as of the end of April. In April Volta invested ¤0.2m in one European Auto Loans ABS in order to improve the return on its cash position. This asset had an expected WAL (weighted average life) of less than 6 months at the time of purchase. At the end of April, the Company held the equivalent of ¤26.4m of cash (¤0.88 per share). Most of the cash held by the Company can be made available for purposes such as investing as well as paying operating expenses. In April, Volta's assets have generated the equivalent of ¤2.4m of cash flows (non-Euro amounts converted into Euro using end-of-month currency cross rates), bringing the total cash generated for the current semi-annual period that begun on 1st February 2009 to ¤5.3m, compared to ¤7.4m for the same 3-month period in 2008. * "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) ***** ABOUT VOLTA FINANCE LIMITED Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Laws, 1994 to 1996 (as amended) and listed on Euronext Amsterdam. Its investment objectives are to preserve capital and to provide a stable stream of income to its shareholders through dividends. For this purpose, it pursues a multi-asset investment strategy targeting various underlying assets. Volta Finance's basic approach to its underlying assets is through vehicles and arrangements that provide leveraged exposure. The exposure to those underlying assets is gained through direct and indirect investment in five principal asset classes: corporate credits, CDOs, ABS, leveraged loans, and infrastructure assets. Volta Finance has appointed AXA Investment Managers Paris, an investment management company with a division specialised in structured credit, for the investment management of all its assets. ABOUT AXA INVESTMENT MANAGERS AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with ¤485 billion in assets under management as of the end of December 2008. AXA IM employs approximately 2,900 people around the world and operates out of 21 countries. CONTACTS Company Secretary Mourant Guernsey Limited volta.finance@mourant.com +44 (0) 1481 715601 Portfolio Administrator Deutsche Bank voltaadmin@list.db.com For the Investment Manager AXA Investment Managers Paris Serge Demay serge.demay@axa-im.com +33 (0) 1 44 45 84 47 ***** This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). Volta Finance has not registered, and does not intend to register, any portion of any offering of its securities in the United States or to conduct a public offering of any securities in the United States. ***** This document is being distributed by Volta Finance Limited in the United Kingdom only to investment professionals falling within article 19(5) of the Financial Services and Market Act 2000 (Financial Promotion) Order 2005 (the "Order") or high net worth companies and other persons to whom it may lawfully be communicated, falling within article 49(2)(A) to (E) of the Order ("Relevant persons"). The shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the shares will be engaged only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance. ***** This press release contains statements that are, or may deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "anticipated", "expects", "intends", "is/are expected", "may", "will" or "should". They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta's investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance's actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. Volta Finance does not undertake any obligation to publicly update or revise forward-looking statements. Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved. This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.