XEA - De Beleggersadviseur

Guernsey, 17 May 2011 - 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 31.03.11 At 31.03.11 At 29.04.11

Gross Asset Value (GAV / €) 139,641,509 146,414,238 143,302,466

GAV per share (€) 4.54 * 4.76 4.65

* taking into account the €0.22 per share dividend payment

At the end of April 2011, the Gross Asset Value (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was €143.3m or €4.65 per share, an increase of €0.11 per share from €4.54 post dividend GAV per share at the end of March 2011.

The April mark-to-market variations* of Volta Finance's asset classes have been: +1.5% for ABS investments, +3.3% for mezzanine of CDO investments, +5.9% for residuals of CDO investments and +7.2% for Corporate Credit investments. The increase of the GAV in April reflected the general decrease in credit spreads that occurred following the March tensions

Volta's assets have generated the equivalent of €2.4m of cash flows in April 2011 (non-euro amounts converted into 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 €11.1m. This amount can be compared with the amount of €10.2m for the previous six-month period ended in October 2010 (the most recent period which is comparable considering the seasonality of payments).

In April, the Company bought one tranche of CLOs for €2.8m (Adagio III - E).

At the end of April, Volta held €3m in cash excluding €1.1m received from margin calls in respect to its currency hedge positions. Considering the pace at which cash flows are generated Volta has close to €3m available for investment at the end of April.

MARKET ENVIRONMENT
In April, credit spreads tightened in Europe and in the US despite some volatility during the month. It reflects some cool down on the perception of potential risks coming from current geopolitical instability in or near oil-producing countries and on the uncertainties coming from the painful situation of Japan. The spread of the 5y European iTraxx index and of the 5y iTraxx European Crossover Index (series 15) went, respectively, from 101 and 384 bps at the end of March to 97 and 353 bps at the end of April. During the same period, credit spreads in the US modestly widened as illustrated by the 5y CDX main index (series 16) that went from 96 to 88 bps at the end of April 2011. According to the CSFB Leverage Loan Index, the average price for US liquid first lien loans was almost unchanged from 95.86% to 95.92%.**

Overall, the tensions that appeared in March somewhat relaxed in April and both the prices and the number of transactions in structured finance markets returned to end of February levels. It confirms the renewed appetite from large institutional investors for this asset class for several quarters now.

VOLTA FINANCE PORTFOLIO
In April, no particular event materially affected the situation of the Corporate Credit holdings. However, it should be mentioned that the first-loss positions in Jazz III and ARIA III remain highly sensitive to any credit event that could occur. At the end of April, the average price of all the assets in this bucket (the first loss positions plus three other corporate credit positions (initially rated AAA and A tranches)) modestly increased from an average price of 48.4% to 48.9%.

As regards the Company's investments in residual and mezzanine debt of CLOs, at the end of April, from a total of 51 positions in residual or mezzanine debt of CLOs, one of the mezzanine positions (Alpstar 2A E) and two of the residual positions (Carlyle IX and Northwoods VIII) are still unable to pay their coupon due to over collateralisation test breaches. The 48 other positions are currently paying. As already mentioned, according to the latest report of Alpstar 2, the E tranche held by Volta should resume paying its coupon for the next payment in May.

At the end of April the mezzanine debt tranches of CLOs, totalling the equivalent of €90.7m of principal amount, were valued at an average price of 74.2% of par; the classic residual tranches of CLOs, totalling the equivalent of €48.7m of principal amount, were valued at an average price of 64.4%; the rest of the bucket, one loan fund, for the equivalent of €11m of principal amount, was valued at 92% of par.

As regards the Company's ABS investments, in April, no particular event materially affected the six UK non-conforming residual holdings nor the position held by Volta in Promise Mobility 2006-1. The company has no more investment in short-term euro ABS senior tranches.

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 or senior 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. Thanks to the rally in prices that occurred in the previous months, the Company may be in a position to sell some assets at yields below Volta's target in order to reinvest the sale proceeds depending on market opportunities.

* "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)