. Volta Finance Limited (VTA) - April 2018 monthly report
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
***** Guernsey, 18 May 2018
AXA IM has published the Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") monthly report for April. 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 April, Volta's Estimated NAV* performance was +0.9%, a good performance in a context of more supportive credit markets in general. This month the dollar exposure of Volta contributed positively.

In April, mark-to-market performances of Volta's asset classes were: +0.4% for Bank Balance Sheet Transactions; +2.4% for CLO Equity tranches; +0.4% for CLO Debt tranches, +3.9% for Cash Corporate Credit deals and +1.6% for ABS.

In April, Volta generated the equivalent of €7.7m 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 €18.1m, a level unseen for several years.

The increasing quantum of interest and coupons generated by Volta assets is the result of two phenomena: the increase in 3 month Libor rate directly benefit to Volta, as the vast majority of Volta assets are floating instruments receiving a spread or an excess cash flow above Euribor or Libor rates, and the slight increase of the CLO Equity bucket (being the asset class with the highest cash contribution).

Volta made six investments during the month (three CLO equity tranches, two CLO warehouses were opened and one USD BB tranche of USD CLO was refinanced) and some additional money was drawn on the CMV (Collateralised Manager Vehicle) we hold for the equivalent of €20.9m in total. Under market standard assumptions, on average, these assets are expected to perform in the area of 13.5% up to expected maturity. The equivalent of €7.5m was received from two CLO debt positions being called.

Our goal for this year is to continue opening CLO warehousing facilities and continue to increase the CLO Equity bucket. The warehouse opened in February led to a CLO pricing in April and it is anticipated that the two opened this month should lead to a CLO pricing by the end of Q2/early Q3 2018. Expected return on such CLO equity positions are most of the time in the area of 13 to 15%.

On top of the good performance that we expected and realized on the warehouse facilities, they generally offer a way to secure attractive terms for new CLO equity positions.

At the end of April 2018, Volta's Estimated NAV was €301.7m or €8.25 per share. The GAV stood at €346.4m.

*It should be noted that approximately 9.8% 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 8.0% as at 31 March 2018 and for 1.8% as at 31 December 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.