Guernsey, 19 March 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 29.02.12 At 31.01.12

Gross Asset Value (GAV / € million) 148.2 139.8
GAV per share (€) 4.79 4.52

At the end of February 2012, the Gross Asset Value (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was €148.2 m or €4.79 per share, an increase of €0.27 per share (or 6.0%) from €4.52 GAV per share at the end of January 2012.

After a 2011 +10.3% annual performance of Volta's assets reflecting a decrease in prices more than compensated by actual cash flows received from the assets, 2012 starts the year with a positive 11.1% increase in two months.

The February mark-to-market variations* of Volta Finance's asset classes have been: +2% for ABS investments, +3.9% for mezzanine of CDO investments, +15.6% for residuals of CDO investments and +4.5% for Corporate Credit investments. The GAV increase in February was in line with the positive stance, overall, on credit markets.

Volta's assets generated the equivalent of €2.4m of cash flows in February 2012 (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 €15.1m. This amount can be compared with €12.4m for the previous six-month period ended in August 2011 (the most recent comparable period considering the seasonality of payments).

In February 2012, the Company did not purchase or sell any asset.

At the end of February, Volta held €5.8m in cash, net of €0.3m of margin calls received in respect of the currency hedge. Considering the pace at which cash flows are generated and the need to keep cash available for the next dividend payment in April, Volta's capacity for new investments is limited.

MARKET ENVIRONMENT
In February 2012, credit spreads tightened significantly in Europe and in the USA reflecting some improvement regarding the economic situation in the US and less uncertainties regarding the Euro sovereign crisis. The spread of the 5y European iTraxx index and of the 5y iTraxx European Crossover Index (series 16) decreased, respectively, from 143 and 620 bps at the end of January 2012 to 129 and 563 bps at the end of February 2012. During the same period, credit spreads in the US, as illustrated by the 5y CDX main index (series 17), went from 103 to 93 bps at the end of February 2012. According to the CSFB Leverage Loan Index, the average price for USA liquid first lien loans increased from 93.60% to 93.96% at the end of February 2012.**

The February 2012 increase in prices have reversed the decrease in prices seen between May and November 2011 which reflected the various tensions and uncertainties that weighted on most of risky assets during that period. Any continuation in the easing in tensions and uncertainties should continue to benefit Volta's asset values.

VOLTA FINANCE PORTFOLIO
In February 2012, no particular event materially affected the situation of the Corporate Credit holdings. However, since then, and in line with previous disclosures Jazz III and ARIA III suffered the triggering of a credit event of the Hellenic Republic (0.5% in their respective underlying portfolio). Such event was priced in for months and should have no material impact on Volta's GAV in March. These two transactions remain highly sensitive to any new credit event, especially to financial debts considering the significant exposures to bank debt held through these positions.

As regards the Company's investments in residual and mezzanine debt of CDOs, at the end of February 2012, all 53 positions in residual or mezzanine debt of CDOs are currently paying their coupons. No particular event materially affected the situation of these positions.

As regards the Company's ABS investments, at the end of February 2012, nothing special affected the main position (Promise Mobility) or the other investments in this bucket (6 UK non-conforming residual positions).

Please find in the table below the market value and average prices of Volta's main buckets (the ABS bucket is excluded as it is constituted of different asset types and its average price is meaningless):

Market Value (€m)
Current Average Price Last Month Average Price
Corporate Credits 28.2 44.0% 42.2%
CDO Equities USD 40.7 71.9% 64.5%
CDO Equities EUR 3.4 37.3% 37.3%
CDO Debts USD 34.5 72.8% 70.6%
CDO Debts EUR 29.8 55.1% 53.5%

The Company considers that opportunities could arise in several structured credit sectors in the current market environment. Amongst others, mezzanine or senior tranches of CLOs, 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. 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 considers 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 ANNOUNCEMENT
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
Guernsey, 20 March 2012 - The Board of Directors of Volta Finance Limited (the "Company") resolved at its latest Board Meeting (March the 19th) to pay a dividend of €0.22 per share for the semi-annual period ended 31 January 2012, amounting to €6.8 million. This level is in line with the current dividend policy of the Company to pay to the extent possible and reasonable, a dividend in the range of an annual rate of 10% of the Company's end of period net assets excluding cash.

In line with Resolution 7 adopted at the last AGM (16 December 2011) shareholders will be able to elect to receive this semi-annual dividend either in cash or in Volta ordinary Euro shares.

In line with the computation mechanism set out in Resolution 7, the conversion price that has been retained is €3.1718 per share. As a consequence, every Volta's shareholder will have to choose to receive either €0.22 per share or to receive two new shares for every twenty-nine shares* or any combination of both formulas. The default option will be payment in cash.

Ex dividend date is the 21st March 2012, record date the 23rd March, end of election period the 11th April and payment date the 19th of April 2012.