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2015-08-24

Volta Finance Limited : Net Asset Value(s)

VOLTA
FINANCE - JULY MONTHLY REPORT

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES

*****

Guernsey, 24 August 2015 -
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

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| At 31.07.15 At 30.06.15 |
| Gross Asset Value (GAV / € million) 330.2 328.7 |
| Liabilities (€ million) 30.4 29.4 |
| Estimated NAV (€ million) 299.9 299.3 |
| Estimated NAV per share (€) 8.21 8.20 |
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PERFORMANCE

At the end of July 2015, the Estimated NAV of Volta Finance Limited (the
"Company", "Volta Finance" or "Volta") was €299.9m or €8.21 per share, an
increase of €0.01 per share since the end of June 2015. The monthly
performance was +0.2%, in line with stable credit markets.

The YTD performance for the 2015 calendar year, including the April dividends
paid, stands at +11.1% as at the end of July.

The GAV stood at €330.2m at the end of July.

MARKET REVIEW AND PORTFOLIO ACTIVITY

In July, uncertainties surrounding Greece abated somewhat, but this was
overshadowed by general disappointment with respect to emerging market growth
and a further decline in commodity prices continues to weigh on credit
markets. Consistent with roughly stable prices but still volatile credit
markets, Volta's asset classes generated the following performances: July
mark-to-market variations* of Volta's asset classes were: -2.1% for Synthetic
Corporate Credit deals; +0.2% for CLO Equity tranches; -0.3% for CLO Debt
tranches; -0.9% for Cash Corporate Credit deals; and, +0.6% for ABS. The
slight appreciation of the USD against the Euro (+1.5% in July) contributed
to generate a slightly positive monthly performance. As at the end of July,
Volta's exposure to USD represented 42.7% of the Estimated NAV.

In July, Volta purchased 4 assets (one USD CLO Equity tranche and three USD
CLO Debt tranches, all rated BB) for a total of €15.0m. Under reasonable
hypotheses, the projected yield for the USD CLO Equity tranche was in the
area of 10% and 8.5% for the BB debt tranches. Thanks to the implementation
of the modest leverage facility in March, Volta has been able to continue to
acquire CLO Debt tranches at attractive pricing.

At the end of July, Volta held €22.8m in cash, excluding €0.9m which is
pledged as margin under Volta's currency hedging facilities as well as €15.0m
which is earmarked for the purchases made in July that are to be settled in
August. Most of this surplus cash should be deployed in August with a new
European CLO warehouse expected to be signed.

CLO warehouses are still offering projected returns in the area of 13 to 15%;
notwithstanding that they are short term investments.

In July, Volta received the equivalent of €3.6m of interest and coupons
(non-Euro amounts translated to Euro using end-of-month cross currency rates)
bringing the total cash amount received in terms of interest and coupons
during the last six months to €15.4m.

In July 2015, no particular event materially impacted any of Volta's assets.

We continue to see opportunities in several structured credit sectors
including mezzanine or equity tranches of CLOs, RMBS tranches as well as
tranches of Cash or Synthetic Corporate Credit portfolios. In addition, we
are evaluating a first investment in a CMV. A CMV is a Capitalized Manager
Vehicle - a structure that facilitates the issuance of CLOs whilst satisfying
regulatory capital retention rules. CMVs have the potential to provide
attractive returns and access to investment in CLO tranches from high quality
managers at enhanced pricing.

* "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.

(Full monthly report in attachment or onwww.voltafinance.com)

*****

ABOUT VOLTA FINANCE LIMITED

Volta Finance Limited is incorporated in Guernsey under The Companies
(Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the
London Stock Exchange's Main Market for listed securities. Volta's home
member state for the purposes of the EU Transparency Directive is the
Netherlands. As such, Volta is subject to regulation and supervision by the
AFM, being the regulator for financial markets in the Netherlands.

Volta's 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
€689 billion in assets under management as of the end of March 2015. AXA IM
employs approximately 2,350 people around the world and operates out of 22
countries.

CONTACTS

Company Secretary and Portfolio Administrator

Sanne Group (Guernsey) Limited
voltafinance@sannegroup.com
+44 (0) 1481 739810

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.

*****

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.

*****

Volta Finance Limited: Monthly Report - July 2015
http://hugin.info/137695/R/1947065/706850.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Volta Finance Limited via Globenewswire

HUG#1947065

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