Volta Finance Limited (VTA) - March 2018 monthly report
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

***** Guernsey, 18 April 2018
AXA IM has published the Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") monthly report for March. The full report is attached to this release and will be available on Volta's website shortly (www.voltafinance.com).

PERFORMANCE and PORTFOLIO ACTIVITY
In March, Volta's Estimated NAV* performance was -0.2%, an encouraging performance given the backdrop of widening spreads in public credit markets during the month. In contrast to February, the March performance was negatively impacted by the depreciation of the US dollar, which detracted 0.3% from the monthly return.

In March, mark-to-market performances of Volta's asset classes were: +0.1% for Bank Balance Sheet Transactions; -0.5% for CLO Equity tranches; +0.0% for CLO Debt tranches as well as for Cash Corporate Credit deals and +0.6% for ABS.

In March, Volta generated the equivalent of €0.5m in interest and coupons net of repo costs (non-euro amounts translated into euro using end-of-month cross currency rates). This brings the total cash amount generated during the last six months in terms of interest and coupons to €16.9m.

Volta made two investments during the month (two BB tranches of USD CLOs, one being a reset of an existing position), and some money was drawn on the existing CMV (Collateralised Manager Vehicle) for the equivalent of €8.4m in total. Under market standard assumptions, on average, these assets are expected to yield near 9%.

Subsequent to the month end, a USD CLO warehouse was opened during the second week of April. Allocating capital to warehouses, as well as having attractive standalone economic terms, enables access, with good economic terms, to CLO equity tranches. The previous warehouse opened in February should lead to a CLO pricing in May and it is anticipated that another warehouse in Euro will be opened around the same point in time.

At the end of March 2018, Volta's Estimated NAV was €299.0m or €8.18 per share. The GAV stood at €342.6m.

*It should be noted that approximately 10.0% of Volta's GAV comprises investments in funds for which the relevant NAVs as at the month-end date are normally available only after Volta's NAV has already been published. Volta's policy is to publish its own NAV on as timely a basis as possible in order to provide shareholders with Volta's appropriately up-to-date NAV information. Consequently, such investments in funds are valued using the most recently available NAV for each fund. The most recently available fund NAV was for 7.2% as at 28 February 2018 and for 2.8% as at 29 September 2017.

** "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.

This announcement contains information that is inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service this inside information is now considered to be in the public domain.