NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES ***** Guernsey, 25 May 2009 - 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 to the end of April 2009, the Gross Asset Value (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") went from ¤57.5m or ¤1.91 per share, to ¤51.6m or ¤1.71 per share. During the same period, the Company made only one investment worth ¤0.2m in a short term maturity Euro Auto Loans ABS senior tranche. Overall, the cash flows generated by the Company's assets amounted to ¤5.3m, compared to ¤7.4m for the same period in 2008 (non Euro amounts being translated in Euro using end of month currency rate). As a consequence of this investment and considering the payment of a dividend of ¤0.06 per share at the end of March (¤1.8m), the settlement of the remaining commitment that was due on Tennenbaum Opportunities Fund (USD1.5m), as well as the settlement of fees and expenses during the quarter, the cash position of the Company went from ¤24.5m at the end of January to ¤26.4m at the end of April 2009. The decline of the GAV during the quarter is mainly due to the continual increase in the discount margin of structured credit products as well as to the ongoing rating downgrades and defaults in underlying assets, especially loans related assets, in the midst of a worsening economic environment. However, over the quarter, the assets continued to pay significant cash flows, especially when compared to their value as of the beginning of the period (¤33.8m). MARKET ENVIRONMENT AND LATEST DEVELOPMENTS Over the quarter, the economic crisis continued to affect the performances of credit assets. However, government and central bank measures started to gain traction in the second half of the quarter, contributing to a relative stabilisation and even an improvement of credit spreads by the end of the period. The 5y European iTraxx index (series 10) was finally almost stable from 160 bps to 163 bps, the 5y iTraxx European Crossover index (series 10) tightened from 1078 bps to 945 bps and the CSFB Leverage Loan Index, the average price for US liquid first lien loans, increased from 64.72% to 70.28%.** During the quarter, rating agencies downgraded all but the most senior CLO tranches following the review of the underlying asset ratings, of their assumptions on corporate defaults and of their rating models. Numerous defaults and rating downgrades, especially in the loan market, occurred during the quarter, which affected the rating of the mezzanine tranches of CLOs as well as the payments on CLO residual positions. VOLTA FINANCE PORTFOLIO Corporate Credit As regards the Company's Corporate Credit holdings, the default of IDEARC Inc, which was expected, occurred and had the following impact: ARIA II, that was priced for 1.16% of par as of the end of January 2009, lost its remaining principal and no more payments are now expected from this asset; Jazz III, that paid a coupon of respectively, 7.8% for the Euro tranche and 7.5% for the USD tranche, at the end of March 2009, was able to absorb part of the losses incurred by the default of Idearc Inc. At the end of April, Jazz III has a remaining principal of 58.7% for the EUR8.6m nominal tranche and of 54.4% for the USD2m nominal tranche, almost unchanged from respectively 59% and 57% six months ago after the default of Lehman Brothers. The last Corporate Credit holding, ARIA III, was not affected by Idearc default and did not suffer any default over the quarter. The Corporate credit holdings that were valued at ¤8.7m as of the end of January have generated ¤2.3m and USD0.2m of cash flows during the quarter and are valued for ¤4.8m as of the end of April. The situation of the remaining Corporate Credit holdings (Jazz IIII and ARIA III) is unchanged since the end of January: they are still expected to continue paying cash flows until their respective maturity. However, 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. CDO Following the occurrence of numerous downgrades in the loan market and the occurrence of a significant number of defaults, the situation of the CLO residual holdings has continued to deteriorate. During the quarter, as stated in the last Semi Annual Report of the Company, partial or full diversions of cash flows have continued to occur and are still expected to occur at some point in time in 2009 for the majority of these positions. The residual CLO positions that were valued at ¤8.6m as of the end of January, have generated ¤0.4m and USD1.8m of cash flows during the quarter and are valued at ¤7.4m as of the end of April. The situation of the eight positions in mezzanine debt of CLOs held by the Company is almost unchanged since the end of January: some of these positions could suffer, from time to time, some delays in their payments but, globally, under an average scenario for defaults and rating migrations, payments are expected to be met. However considering their second or third loss position, under more pessimistic scenarios, these positions could suffer significant losses. As of the end of April, this possibility seems reflected in an average price of 14.4% of par for these eight positions. The mezzanine debt CLO positions that were valued at ¤5.9m as of the end of January, have generated ¤0.3m and USD0.2m of cash flows during the quarter and are valued at ¤3.9m as of the end of April. ABS No particular event affected the six UK non-conforming residual holdings. These six positions that were valued at ¤0.9m as of the end of January, have generated GBP0.3m of cash flows during the quarter and are valued at ¤0.5m as of the end of April.The cash flows received and expected from these assets are still very limited, as reflected by their combined value as of the end of April 2009. Promise Mobility, a residual position on a very largely diversified portfolio of small and medium German companies representing 16% of the end of April GAV, continues to perform in line or above initial expectations. However, the worsening situation of the German economy, despite a strong commitment from the German government to limit the contamination of the German "Mittelstand" by 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 ¤8.9m as of the end of January, has generated ¤0.4m of cash flows during the quarter and is valued at ¤8.3m as of the end of April. During the period, Volta has 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 six 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. Unless stated otherwise, the figures in this document are as of end of April as valuations are available only on a monthly basis. Between 30 April 2009 and 25 May 2009, the date of publication of this Interim Management Statement, The Company is unaware about any significant event or transaction, materially affecting the company's financial position or the company's controlled undertaking. Between these two dates the Company's assets continued to generate cash flows at a pace comparable to previous month : ¤0.7m and USD1.1m have been received. (Full Interim Management Statement 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.