Guernsey, 17 January 2012 - 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 30.12.11 At 30.11.11
Gross Asset Value (GAV / € million) 139.1 135.8
GAV per share (€) 4.51 4.41

At the end of December 2011, the Gross Asset Value (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was €139.1m or €4.51 per share, an increase of €0.10 per share from €4.41 GAV per share at the end of November 2011. The end of December GAV did not take into account the dividend payment which took place the 16th of January.

The 2011 annual performance of Volta's assets, including the April dividend payment and according to the GAV, is a positive 10.3%.

The December mark-to-market variations* of Volta Finance's asset classes have been: +26.4% for ABS investments, +0.1% for mezzanine of CDO investments, -0.5% for residuals of CDO investments and +1.0% for Corporate Credit investments. The GAV increase in December was in line with slightly positive credit markets in December.

Volta's assets generated the equivalent of €2.4m of cash flows in December 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 €14.7m. This amount can be compared with €11.8m for the previous six-month period ended in June 2011 (the most recent period which is comparable considering the seasonality of payments).

In December, no asset was sold or bought by the Company.
At the end of December, Volta held €6.7m in cash, including €1m 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 fully invested.

MARKET ENVIRONMENT
In December, credit spreads tightened modestly in Europe and in the US reflecting the remaining uncertainties regarding Europe capability to settle a comprehensive package to face the Euro sovereign debt crisis. The spread of the 5y European iTraxx index and of the 5y iTraxx European Crossover Index (series 16) decreased, respectively, from 185 and 759 bps at the end of November to 173 and 755 bps at the end of December. During the same period, credit spreads in the US, as illustrated by the 5y CDX main index (series 17), went from 131 to 120 bps at the end of December 2011. According to the CSFB Leverage Loan Index, the average price for US liquid first lien loans modestly increased from 91.88% to 92.19% at the end of December.**

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 or slightly lower. The significantly positive 2011 performance of Volta's assets mostly reflects the ability of the Company to generate cash flows from its asset base.

VOLTA FINANCE PORTFOLIO
In December, no particular event materially affected the situation of the Corporate Credit holdings. However, 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 December, the average price of the assets in this bucket increased from 39.6% to 40.2% in line with the modest tightening observed in credit markets.

As regards the Company's investments in residual and mezzanine debt of CDOs, at the end of December, all the 53 positions in residual or mezzanine debt of CDOs are currently paying their coupons. The last one that was unable to do so, Carlyle IX, resumed paying a coupon in December. 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 €102.9m of principal amount, were valued at an average price of 59% of par; the 12 classic residual tranches of CLOs, totalling the equivalent of €54.3m of principal amount, were valued at an average price of 59%; the rest of the bucket, one loan fund, for the equivalent of €11.5m of principal amount, was valued at 75% of par.

As regards the Company's ABS investments, at the end of December, nothing special affected the main position (Promise Mobility) or the other investments in this bucket (6 UK non-conforming residual positions). The very good performance of this bucket in December was due to significant amounts received from the 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 may aim at taking 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, what the Company can consider a better opportunity.

* "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 - SCRIP DIVIDEND RESULT
Guernsey, 18 January 2012 - 9th January 2011 end of day closed the period offered to Shareholders of Volta Finance Limited (the "Company") to elect to receive the final dividend for the financial year ended 31 July 2011 either in cash or in the form of newly issued ordinary shares in the capital of the Company ("Shares").
5.45% of Volta's Shareholders elected to receive the dividend payment in Shares.
Hence, 122 868 new shares have been issued