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Guernsey, 23 July 2018
AXA IM has published the Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") monthly report for June. 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 June, Volta's Estimated NAV* performance was +0.2%, a positive performance in a context of relatively quiet credit markets in general, including the 16 cents per share dividend paid on the 28th of June.

The last 4 quarterly dividends were covered 1.6 times by Volta's income and contributed to a 7.5% trailing dividend yield relative to the share price.

In June, mark-to-market performances of Volta's asset classes, in local currencies, were: 0.0% for Bank Balance Sheet Transactions; +0.1% for CLO Equity tranches; +1.1% for CLO Debt tranches, -2.1% for Cash Corporate Credit deals and +0.6% for ABS.

In June, Volta generated the equivalent of €1.7m 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 €18.0m, a level unseen for several years.

The increasing amount of interest and coupons generated by Volta's assets continues, resulting from the increase in the 3 month USD Libor rate as well as the increasing importance of the CLO equity bucket (the asset class with the highest cash on cash contribution).

During the month, Volta sold one European CLO equity position, saw one CLO debt position called and received the final payment from the warehouse facility that closed this month for a total equivalent of approximately €8.1m. Volta purchased two USD CLO debt positions and two recently opened CLO warehouse facilities were partially drawn for a total equivalent amount of €12.5m. On average and under market standard assumptions, the projected IRR of these purchases is in the area of 11.5%.

As planned, we continue to allocate capital to CLO warehousing facilities. It is anticipated that the two warehouses to which Volta contributed this month should lead to a CLO pricing during Q3 2018. Expected returns on such CLO equity positions are in the area of 13% to 15%.

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

We've seen a bit of widening in CLO BB tranches, and if this was to continue we will use this opportunity to deploy more cash in this area.

As of the end of June 2018, Volta's Estimated NAV was €303.9m or €8.31 per share. The GAV stood at €350.6m.

*It should be noted that approximately 11.2% 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 6.8% as at 31 May 2018 and for 4.4% as at 31 March 2018.

** "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.