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2014-04-24

Volta Finance Limited: VOLTA FINANCE - MARCH MONTHLY REPORT

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

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Guernsey, 24 April 2014 -
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

--------------------------------------------------------------
| At 28.02.14 At 31.03.14 |
|Gross Asset Value (GAV / € million) 269.7 272.1 |
|GAV per share (€) 7.44 7.50 |
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At the end of March 2014, the Gross Asset Value* (the "GAV") of Volta Finance
Limited (the "Company", "Volta Finance" or "Volta") was €272.1 m or €7.50 per
share, an increase of €0.06 per share from the end of February 2014.

This reflects a +2.0% performance for the first 3 months of 2014.

We have changed the way the GAV (Gross Asset Value) is computed to get closer
to a NAV (Net Asset Value) measure by deducting from the valuation our assets
the accrued management and incentive fees on a monthly basis. We felt it
would be a better measure of Volta's intrinsic value to the extent fees could
be predicted, rather than to deduct management fees on a semi-annual basis
and take the corresponding hit on valuation twice a year.

The March mark-to-market variations* of Volta's asset classes have been: +0.8%
for Synthetic Corporate Credit deals, +2.9% for CLO Equity tranches; +0.4%
for CLO Debt tranches, -0.1% for Cash Corporate Credit deals and +4.2% for
ABS. The positive performance of our assets in March, is due to a modest but
positive performance of credit markets in general.

Volta's assets generated the equivalent of €3.6m cash flows in March 2014
(non-Euro amounts converted to Euro using end-of-month cross currency rates
and excluding principal payments from debt assets) bringing the total cash
generated during the last six months to €15.2m.

In March, we purchased two assets, a CLO Equity tranche and a CLO Debt
tranche, USD denominated, for the equivalent of €7.4m. We sold an ABS debt
position for €3.3m. Under reasonable and standard assumptions, the projected
IRR of the purchases was close to 9%, the asset we sold had a projected IRR
below 5%.

In March, Jazz III, our last Synthetic Corporate Credit Equity position
matured after delivering an annualized performance close to 16% since its
purchase in 2007.

At the end of March, Volta held €28m in cash excluding €2m received in
relation to its currency hedge and T-Notes positions. Volta has approximately
€15m available to invest bearing in mind further expected payments including
the next dividend.

MARKET ENVIRONMENT

In March 2014, credit markets were modestly well oriented in Europe and in the
US. Derivative corporate credit markets modestly tightened as illustrated by
the 5 year iTraxx European Main index and 5 year iTraxx European Crossover
Index (series 20) spreads that went respectively, from 70 and 257 bps at the
end of February 2014 to 68 and 230 bps at the end of March 2014. During the
same period, in the US the 5y CDX main index (series 21) was almost unchanged
from 64 to 62 bps. According to the CSFB Leverage Loan Index, the average
price for USA liquid first lien loans was almost unchanged from 98.71% at the
end of February 2014 to 98.72% at the end of March 2014. In Europe, the price
of the S&P European Leveraged Loan Index increased from 94.97% to 95.31% at
the end of March 2014, reversing the February decrease.**

VOLTA FINANCE PORTFOLIO

In March 2014, no particular event materially affected the situation of the
Synthetic Corporate Credit deals.

Regarding the Cash Corporate Credit Deals, no particular event or information
materially affected the situation of the positions in this bucket during the
month.

In March the Company's investments in Equity or Debt tranches of CLOs, were
not particularly affected . All the positions are currently paying coupons.

Finally, no particular event affected the situation of ,the Company's ABS
investments .

We consider that opportunities could arise in several structured credit
sectors in the current market environment. Amongst others, mezzanine or
equity tranches of CLOs, RMBS tranches as well as tranches of Cash or
Synthetic Corporate Credit portfolios could all be considered for investment.
We are currently contemplating an investment in a European private loan
funds.

* "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.
** Index data source: Markit, Bloomberg.

(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 NYSE Euronext Amsterdam. Its
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
€553 billion in assets under management as of the end of December 2012. AXA
IM employs approximately 2,450 people around the world and operates out of 21
countries.

CONTACTS

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

Portfolio Administrator
Deutsche Bank
voltaadmin@list.db.com

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.

*****

March Monthly Report
http://hugin.info/137695/R/1779133/607774.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#1779133

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