Guernsey, 20 November 2013 - 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 31.10.13 At 30.09.13
Gross Asset Value (GAV / € million) 262.2 256.1
GAV per share (€) 7.36 7.19

At the end of October 2013, the Gross Asset Value* (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was €262.2 m or €7.36 per share, an increase of €0.17 per share from the end of September 2013.

Year to date 2013 performance is +20.4%.

The October mark-to-market variations* of Volta's asset classes have been: +3.1% for Synthetic Corporate Credit deals, +2.1% for CLO Equity tranches; +2.4% for CLO Debt tranches, +2.9% for Cash Corporate Credit deals and +14.3% for ABS. The positive performance of assets in October is explained by positive credit markets and by the revaluation of one ABS position following the improvement of cash flow outlook in valuation assumptions.

Volta's assets generated the equivalent of €3.3m cash flows in October 2013 (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 €16.2m compared with €16.1m for the previous six-month period ended in April 2013.

In October the Company sold USD15m nominal of one Synthetic Corporate Credit position for USD14.7m and purchased one USD BB CLO debt for €4.6m (projected IRR of purchase was 8.5% under standard assumptions).

At the end of October, subtracting the amounts mentioned above in relation to the Investment Manager fees (to be paid in the coming weeks), Volta held €26.3m in cash, including €0.3m in relation to the Liquidity Enhancement Contract and excluding €0.6m paid in relation to its currency hedge and T-Notes positions. Volta could be considered to have €16m available to invest when considering the need to finance the upcoming dividend payment.

MARKET ENVIRONMENT
In October 2013, credit spreads tightened significantly in Europe and in the US. The 5 year iTraxx European Main index and 5 year iTraxx European Crossover Index (series 20) spreads went respectively, from 104 and 407 bps at the end of September 2013 to 83 and 342 bps at the end of October 2013. During the same period, credit spreads in the US, as illustrated by the 5y CDX main index (series 21) went from 82 to 73 bps. According to the CSFB Leverage Loan Index, the average price for USA liquid first lien loans increased from 97.81% at the end of September 2013 to 98.22% at the end of October 2013. In Europe: the price of the S&P European Leveraged Loan Index increased significantly from 93.97% to 94.66% at the end of October 2013.**

VOLTA FINANCE PORTFOLIO
In October 2013, no particular event materially affected the situation of the Synthetic Corporate Credit deals. 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.

Regarding the Cash Corporate Credit Deals, no particular event or information materially affected the situation of the positions in this bucket during the month.

Regarding the Company's investments in Equity or Debt tranches of CLOs, in October 2013, no particular event materially affected the situation of the positions in this bucket. All the positions are currently paying coupons.

Regarding the Company's ABS investments, no particular event affected the situation of these investments.

The Company considers that opportunities could arise in several structured credit sectors in the current market environment. Amongst others, mezzanine or equity tranches of CLOs, RMBS tranches as well as tranches of Cash or Synthetic Corporate Credit portfolios could be considered for investment.

The Company took the opportunity of this summer's increases in US government rates to put in place a long position on US T-notes futures. At the end of October the position is equivalent to a USD10M nominal position and has generated a gain of USD1 m. The aim of this position is to transform part of the USD floating rate positions of Volta into fixed. This position should mature by the end of November and the final gain should be very close to the end of October gain.

Considering Volta's present cash position, we intend to purchase some new assets in the coming weeks.
* "Mark-to-market variation" is calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market 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)