Guernsey, 23 November 2012 - 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 July 2012 to the end of October 2012, the Gross Asset Value* (the "GAV") of Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") went from €174.9m or €5.57 per share, to €203.0m or €6.47 per share. It reflects a positive 16.2% quarterly performance in its value.

It should be noted that the Company decided to subtract from the end of October GAV approximately €4.1m of expenses not yet settled at this time (€0.13 per share), relating to the Investment Manager's Management and Performance Fees for the semi-annual period ended 31 July 2012 (see Annual Report recently published for more details) in order to better reflect in its GAV the value of assets per share.

The Company is expected (it is submitted for approval to shareholders at the 3 December 2012 AGM) to pay a €0.26 dividend per share by the end of December 2012. Shareholders will then have the opportunity to elect to receive all or part of this dividend payment in shares of the Company.

During the quarterly period, the Company purchased 2 assets for €3.8m and sold a portion of its position in a USD CLO Equity tranche (Northwoods Capital VIII) for the equivalent of €2.4m.

During the quarter, cash flows generated by the Company's assets, excluding asset sales and principal payments from assets, amounted to €9.6m (non euro amounts being translated in euro using the end of month currency rate). This amount could be compared to €8.8m for the most recent comparable 3-month period (from the end of January 2012 to the end of April 2012). The cash generated by the assets, during the quarter under review, is rather significant, being close to an annual rate of 23% of Volta's asset valuation, excluding cash, at the beginning of the period (€167.8m).

The cash position in the Company's accounts went from €7.1m at the end of July 2012 to €9.6m in cash, including €0.3m posted in respect to the currency hedge transactions at the end of October 2012 and excluding the €4.1m not yet settled. Considering the pace at which cash flows are generated and the necessity to finance the next dividend payment, Volta could be considered as being able to invest €4 to 5m.

The increase in the GAV during the quarter is due to decreases in discount margins attached to structured credit products as well as to the high level of cash flows generated by its assets.

MARKET ENVIRONMENT AND LATEST DEVELOPMENTS
From the end of July 2012 to the end of October 2012, the 5y European iTraxx index (series 17) and the 5y iTraxx European Crossover index (series 17) tightened significantly, from respectively 159 and 633 bps to respectively 124 and 462 bps. During the same period, credit spreads in the US, as illustrated by the 5y CDX main index (series 18), decreased from 107 to 89 bps at the end of October 2012. According to the CSFB Leverage Loan Index, the average price for US liquid first lien loans increased from 94.80% to 96.23%. **

VOLTA FINANCE PORTFOLIO
Over the quarter, no material event affected the Synthetic Corporate Credit holdings. However, the first loss positions in this bucket (ARIA III and the residual positions in JAZZ III) remain highly sensitive to any new credit event, especially to debt of financial institutions considering the significant exposures to banks held through these positions.

Over the quarter, the value of the Equity positions went from €9.5m to €14.8m. They generated €2.1m of interest or coupons during the quarter.

The value of the debt tranches went from €17.7m to €19.6m (€23.5m of principal amount) and generated €0.1m of coupons during the quarter.

The value of the Bank Balance Sheet transactions went from €7.1m to €7.5m at the end of October 2012 and generated €0.1m of coupons during the quarter.

CLO Equity and Debt tranches
During the quarter, on average, defaults and downgrades in the underlying loan portfolios continued to occur, albeit at a slower pace than in the more recent quarters which remained low compared to historical average for USD deals but at an increasing pace and at above historical average rate for European deals. This situation has no material consequences for Volta over the quarter.

Over the quarter, the value of USD CLO equity positions went from €36.5m (74% of par on average) to €39.5m (87% of par) taking into account a partial sale for €2.4m. They generated €3.5m of cash flows.

The value of Euro CLO equity positions went from €2.9m (32% of par on average) to €3.0m (33% of par) and generated €0.5m of cash flows.

The value of USD CLO Debt positions went from €42.6m (74% of par on average) to €48.1m (84% of par) including a recent purchase valued for €2.2m at the end of the quarter. They generated €0.5m of cash flows.

The value of Euro CLO Debt positions went from €27.5m (56% of par on average) to €37.1m (68% of par) including a recent purchase valued for €1.7m at the end of the quarter. They generated €0.6m of cash flows.

Cash Corporate Credit
Over the quarter, one deal in this bucket (Promise Mobility) was priced down in order to take into account a slight resumption of credit events at the underlying loan level. No material event affected the other positions in this bucket during the quarter.

The value of the Cash Corporate Credit positions went from €16.8m at the end of July 2012 to €15.5m at the end of October 2012. They generated €0.6m of interest and coupons during the quarter.

ABS
Over the quarter, no material event affected the ABS holdings.

During the quarter the value of the positions in this bucket went from €8.6m to €8.5m and generated €1.4m of cash flows.

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 or US ABS as well as tranches of Cash or Synthetic Corporate Credit portfolios could be considered for investment. Potential investments could be done depending on the pace at which market opportunities could be seized and cash is available. Depending on market opportunities, the Company may aim to take advantage of the current volatility in prices to sell some assets in order to reinvest the sale proceeds on assets representing, at the time of purchase, those which the Company considers a better opportunity.

Unless stated otherwise, the figures in this Interim Management Statement are as at the end of October 2012 as valuations are available only on a monthly basis with some delays. Between the end of October 2012 and 22 November 2012, the date of publication of this Interim Management Statement, the Company is not aware of any significant event, materially affecting the Company's financial position or the Company's controlled undertaking.

* GAV : In order to give a better indication of the value of assets for shareholders the GAV has been diminished by Management and Incentive Fees due for the financial period recently closed but not yet settled at the end of the reported period

** Index data source: Markit, Bloomberg.

(Full Interim Management Statement attachment on www.voltafinance.com)