XEA - De Beleggersadviseur

- Volta Finance Limited (VTA) - April 2016 monthly report
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
Guernsey, 24 May 2016
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's website (www.voltafinance.com).

PERFORMANCE
At the end of April 2016, Volta's Estimated NAV* was €271.4m or €7.43 per share, a 2.0% performance for the month, taking into account the €0.31 dividend per share paid on 19 April 2016. The GAV stood at €311.7m at the end of April 2016.

This positive performance is in line with the recent good performance of credit markets. In April, mark-to-market variations** of Volta's asset classes were: -1.7% for Synthetic Corporate Credit deals; +4.7% for CLO Equity tranches; +2.1% for CLO Debt tranches, +1.2% for Cash Corporate Credit deals; and, +0.0% for ABS.

PORTFOLIO ACTIVITY
In April Volta purchased only one asset, a USD BB rated tranche of CLO for USD 4.5m. The projected yield of this asset was 10.2% using standard market assumptions. During the month, Volta also received principal proceeds of the equivalent of €2.7m from the maturity of a CHF denominated Bank Balance Sheet transaction.

In April, Volta generated the equivalent of €4.5m in interest and coupons (non-euro amounts translated into euro using end-of-month cross currency rates), bringing the total cash amount generated in terms of interest and coupons during the last six months to €18.9m.

Cash or cash equivalent instruments at the end of April totalled €14.8m. Volta can be considered as having approximately €10m available for new investments. AXA IM expects to continue to rotate the portfolio from its old positions to more recently issued deals in order to increase the projected yield of the portfolio.

AXA IM continues to see opportunities in several structured credit sectors including mezzanine and equity tranches of CLOs, RMBS tranches and tranches of Cash Corporate Credit and Synthetic Corporate Credit portfolios.