VOLTA FINANCE : - DECEMBER MONTHLY REPORT

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES

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Guernsey, 14 January 2010 -Volta Finance Limited (the "Company" or "Volta
Finance" or "Volta") has published its December monthly report. The full report
is attached to this release and is available on Volta Finance Limited's
financial website (www.voltafinance.com <http://www.voltafinance.com/>).

Gross Asset Value
+-----------------------------+-------------+-------------+
|                             | At 31.12.09 | At 30.11.09 |
+-----------------------------+-------------+-------------+
| Gross Asset Value (GAV / EUR) | 78,477,357  | 77,312,000  |
+-----------------------------+-------------+-------------+
| GAV pershare (EUR)            |    2.59     |    2.55     |
+-----------------------------+-------------+-------------+

At  the end of December 2009, the Gross Asset Value (the "GAV") of Volta Finance
Limited  (the "Company",  "Volta Finance"  or "Volta")  was EUR78.5m  or EUR2.59 per
share,  an  increase  of  EUR0.04  per  share  from  EUR2.55 per share at the end of
November 2009. It should be noted that a dividend of EUR0.10 per share was paid on
the 3rd of December.

The  December mark-to-market variations*  of Volta Finance's  asset classes have
been:  -1.9% for ABS investments, +2.2%  for mezzanine of CDO investments, +6.6%
for residuals of CDO investments and +17.4% for Corporate Credit investments.

Excluding   principal   payments  from  short-term  ABS  investments  (EUR2.6m  in
December),  Volta's assets have generated the  equivalent of EUR0.6m of cash flows
during  December 2009 (non-euro  amounts converted  into euro using end-of-month
cross  currency  rates)  bringing  the  total  cash  generated  for  the current
semi-annual  period that  begun on  the 1st of  August 2009 to  EUR5.8m (excluding
principal  payments  from  short-term  ABS),  compared  with  EUR9.2m for the same
five-month period in 2008.
In  December, the Company invested a total  of EUR2.2m in three deals: a mezzanine
tranche of a Corporate Credit portfolio (Jazz III CA) and two mezzanine tranches
of CLO (Colts 2007, Green Lane 2004.
MARKET ENVIRONMENT
In  December, credit spreads tightened significantly. The economic recovery that
started  to materialise  in the  recent months  is expected  to extend  in 2010
according to most organisations providing economic forecasts.
The  5y European iTraxx index  (series 12) and the  5y iTraxx European Crossover
Index  (series 12) tightened respectively from 86 bps  and 537 bps at the end of
November  to 75 bps and  432 bps at the  end of December.  According to the CSFB
Leverage  Loan Index, the average price for US liquid first lien loans increased
significantly, from 84.96% to 87.41%.**
VOLTA FINANCE PORTFOLIO
As  regards  the  Company's  Corporate  Credit  holdings,  one senior tranche of
Corporate Credit bought in September was sold at the end of December with a gain
linked  to  the  significant  tightening  of  credit  spreads.  In  December, no
particular  event materially affected  the situation of  the remaining Corporate
Credit  holdings. The two first-loss  positions in Jazz III  and ARIA III remain
highly  sensitive to any credit event that  could occur. At the end of December,
these  two  first-loss  positions  represented  64% of  Volta's EUR17.5m Corporate
Credit  assets,  the  remaining  portion  being  composed of two senior tranches
(initially rated AAA) and one mezzanine tranche (initially rated A).
As  regards the  Company's investments  in residual  and mezzanine debt of CLOs,
defaults and downgrades in underlying portfolios continued to occur, albeit at a
slower pace than in the previous months. Taking all these positions together, on
average overcollateralisation tests have continued to improve modestly as it has
been  the case for several months now. As a consequence, quarterly payments from
residual positions in CLO are expected to increase in the coming months.
Taking  into  account  the  two  purchases  made in December, the mezzanine debt
tranche  portfolio  held  by  Volta  is  now  made  of  20 different  positions,
representing  37% of  the  end-of-month  GAV,  relative  to  34% at  the  end of
November. Nothing material occurred during the month regarding these assets. Two
of these positions (Alpstar 2A E and Cheyne Credit Opp.) are still unable to pay
their coupon due to an overcollateralisation test breach.
As  regards  the  Company's  ABS  investments,  in December, no particular event
affected  the  six  UK  non-conforming  residual  holdings  as  well  as Promise
Mobility,  a residual  position in  a highly  diversified portfolio of small and
medium  German  company  loans.  The  largest  of  the four positions taken as a
substitute  for cash management in very  senior euro ABS tranches matured during
the  month resulting  in the  payment of  EUR2.5m. The  remaining three positions,
which  have a market value of close to  EUR1.5m at the end of December, behaved as
expected.
At  the end of December, the Company held the equivalent of EUR5.1m of cash (EUR0.17
per  share). At the end of December the  Company has finished to invest the EUR25m
that  had been kept in  cash at the peak  of the crisis and  is coming back to a
more  usual investment program that, considering the recent pace at which assets
deliver  cash  flows,  consists  in  reinvesting  roughly half of the cash flows
generated by the assets.
The  Company  considers  that  opportunities  could  arise in several structured
credit  sectors  in  the  current  market  environment.  Among others, mezzanine
tranches  of CLOs  and of  European ABS  or senior  tranches of Corporate Credit
portfolios  could  be  considered  for  investments.  Investments  will  be made
depending  on the pace at which market opportunities could be seized and cash is
available.
*  "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 onwww.voltafinance.com
<http://www.voltafinance.com/>)

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ABOUT VOLTA FINANCE LIMITED

Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey)
Laws, 1994 to 1996 (as amended) and listed on Euronext Amsterdam. Its investment
objectives are to preserve capital and to provide a stable stream of income to
its shareholders through dividends. For this purpose, it pursues a multi-asset
investment strategy targeting various underlying assets. Volta Finance's basic
approach to its underlying assets is through vehicles and arrangements that
provide leveraged exposure. The exposure to those underlying assets is gained
through direct and indirect investment in five principal asset classes:
corporate credits, CDOs, ABS, leveraged loans, and infrastructure assets.

Volta Finance has appointed AXA Investment Managers Paris, an investment
management company with a division specialised in structured credit, for the
investment management of all its assets.

ABOUT AXA INVESTMENT MANAGERS

AXA Investment Managers (AXA IM) is a multi-expert asset management company
within the AXA Group, a global leader in financial protection and wealth
management. AXA IM is one of the largest European-based asset managers with
nearly EUR500 billion in assets under management as of the end of November 2009.
AXA IM employs approximately 2,875 people around the world and operates out
of 21 countries.
CONTACTS

Company Secretary
MourantGuernsey Limited
[e-mail] 
[phone]

Portfolio Administrator
Deutsche Bank
[e-mail] 

For the Investment Manager
AXA Investment Managers Paris
Serge Demay
[e-mail] 
[phone]

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This press release is for information only and does not constitute an invitation
or inducement to acquire shares in Volta Finance. Its circulation may be
prohibited in certain jurisdictions and no recipient may circulate copies of
this document in breach of such limitations or restrictions.

This press release is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration
with the United States Securities and Exchange Commission or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the "Securities
Act").  Volta Finance has not registered, and does not intend to register, any
portion of any offering of its securities in the United States or to conduct a
public offering of any securities in the United States.

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This document is being distributed by Volta Finance Limited in the United
Kingdom only to investment professionals falling within article 19(5) of the
Financial Services and Market Act 2000 (Financial Promotion) Order 2005 (the
"Order") or high net worth companies and other persons to whom it may lawfully
be communicated, falling within article 49(2)(A) to (E) of the Order ("Relevant
persons"). The shares are only available to, and any invitation, offer or
agreement to subscribe, purchase or otherwise acquire the shares will be engaged
only with, relevant persons. Any person who is not a relevant person should not
act or rely on this document or any of its contents. Past performance cannot be
relied on as a guide to future performance.

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This press release contains statements that are, or may deemed to be,
"forward-looking statements". These forward-looking statements can be identified
by the use of forward-looking terminology, including the terms "believes",
"anticipated", "expects", "intends", "is/are expected", "may", "will" or
"should". They include the statements regarding the level of the dividend, the
current market context and its impact on the long-term return of Volta's
investments. By their nature, forward-looking statements involve risks and
uncertainties and readers are cautioned that any such forward-looking statements
are not guarantees of future performance. Volta Finance's actual results,
portfolio composition and performance may differ materially from the impression
created by the forward-looking statements. Volta Finance does not undertake any
obligation to publicly update or revise forward-looking statements.

Any target information is based on certain assumptions as to future events which
may not prove to be realised. Due to the uncertainty surrounding these future
events, the targets are not intended to be and should not be regarded as profits
or earnings or any other type of forecasts. There can be no assurance that any
of these targets will be achieved. In addition, no assurance can be given that
the investment objective will be achieved.

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[HUG#1373728]





    December Monthly Report : http://hugin.info/137695/R/1373728/336634.pdf