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, 21 January 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 31.12.12

At 30.11.12

Gross Asset Value

(GAV / € million)

205.1

209.8

GAV per share (€)

6.37

6.60

At the end of December 2012, the Gross Asset Value (the "GAV") of Volta Finance Limited
(the "Company", "Volta Finance" or "Volta") was €205.1 m or €6.37 per share, a decrease of €0.23 (-
3.5%) since the end of November 2012 GAV that roughly corresponds to the dividend payment (€0.26 per share paid the 28th of December). Taking into account the dividend payment it is an increase in shareholder's value by €0.03 per share.

2012 NAV performance (including dividend payments) is + 56.1%.

The December mark-to-market variations* of Volta Finance's asset classes have been: +0.3% for
Synthetic Corporate Credit deals, -0.1% for CLO Equity tranches; +1.1% for CLO Debt tranches,
+1.0% for Cash Corporate Credit deals and +16.5% for ABS. The increase in the value of the portfolio (when taking into account the dividend payment) in December is in line with a modestly positive credit market in Europe over the month and mostly reflects ongoing cash flows from the assets.
Volta's assets generated the equivalent of €2.2m cash flows in December 2012 (non-Euro amounts converted to Euro using end-of-month cross currency rates and excluding principal payments from debt assets as well as the gain on the ABS sale) bringing the total cash generated during the last six months to €15.9m. It can be compared with €15.7m rfothe previous six-month period which ended in June 2012.
In December, the company participated in one Bank Balance Sheet transactions, executed by AXA Structured Finance with a large European bank and invested in a BB tranche of CLO recently issued. These investments total €6.1m.
At the end of December, Volta held €3.4m in cash, ni cluding €0.2m posted in respect to the currency
hedge transactions as well as €0.3m in relation wiht
the Liquidity Enhancement Contract and
excluding €2.3m to be settled that corresponds to one of the most recent purchases. Considering the pace at which cash flows are generated, Volta could be considered as being able to invest €1 to 2m presently.

MARKET ENVIRONMENT

In December 2012, credit spreads modestly tightened in Europe. The 5 year iTraxx European Main index and 5 year iTraxx European Crossover Index (series 18) spreads went respectively, from 123 and 497 bps at the end of November 2012 to 117 and 482 bps at the end of December 2012. During the same period, credit spreads in the US, as illustrated by the 5y CDX main index (series 19), also modestly tightened from 99 to 95 bps. According to the CSFB Leverage Loan Index, the average price

for USA liquid first lien loans slightly increased from 96.3% at the end of November 2012 to 96.6% at the end of December 2012. It was almost similar in Europe: the price of the S&P European Leveraged Loan Index went from 89.6% to 90.0% at the end of December 2012.**

VOLTA FINANCE PORTFOLIO

In December 2012, 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 materially affected the situation of the
3 positions in this bucket during the month.
Regarding the Company's investments in Equity or Debt tranches of CLOs, at the end of December
2012, except for one Euro CLO equity position affected by a default, all 57 positions are currently paying their coupons.
Regarding the Company's ABS investments, no particular event materially affected the situation of the positions in this bucket during the month.
The Company considers that opportunities could arise in several structured credit sectors in the current market environment. Amongst others, mezzanine tranches of CLOs 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.

* "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)

***** 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. The assets that the Company may invest in either directly or indirectly include, but are not limited to: corporate credits; sovereign and quasi-sovereign debt; residential mortgage loans; automobile loans. Volta
Finance Limited's basic approach to its underlying assets is through vehicles and arrangements that provide leveraged exposure to some of those underlying assets.
Volta Finance Limited 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 €553 billion in assets under management as of the end

of November 2012. AXA IM employs approximately 2,450 people around the world and operates out of 21 countries.

CONTACTS Company Secretary

State Street (Guernsey) Limited volta.finance@ais.statestreet.com
+44 (0) 1481 715601

Portfolio Administrator Deutsche Bank voltaadmin@list.db.com For the Investment Manager AXA Investment Managers Paris Serge Demay

serge.demay @axa-im.com
+33 (0) 1 44 45 84 47

***** 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 document is not an offer for sale of the securities referred to herein in the United States or to persons who are "U.S. persons" for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. The company does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States. ***** This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in 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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