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2015-04-22

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

*****

Guernsey, 21 April 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 31.03.15 At 27.02.15 |
| Gross Asset Value (GAV / € million) 336.9 293.9 |
| Liabilities (€ million) 34.0 Not reported |
| Estimated NAV (€ million) 302.9 293.9 |
| Estimated NAV per share (€) 8.30 8.05 |
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PERFORMANCE

At the end of March 2015, the Estimated NAV of Volta Finance Limited (the
"Company", "Volta Finance" or "Volta") was €302.9m or €8.30 per share, an
increase of €0.25 per share or 3.0% since the end of February 2015.

The YTD performance for 2015 stands at +8.2% as at the end of March.

REPURCHASE TRANSACTION

As previously announced, the Company entered into a Repurchase Agreement with
Societe Generale towards the end of March. $30m was received against USD CLO
debt tranches. The proceeds have begun to be invested and $6m was invested
into two debt tranches of a USD CLO in early April. The balance of the
proceeds will be invested as opportunities arise in the coming weeks and
months, most likely principally through the primary market.

As Volta now has leverage at a Company level, the Board has agreed to provide
investors with additional reporting metrics. Henceforth, the Company will
report a Gross Asset Value ("GAV") and an Estimated Net Asset Value ("NAV")
on a monthly basis, with an audited Net Asset Value for 31stJuly and
31stJanuary.

As at the end of March, the GAV of Volta was €336.9m from which €27.9m of debt
(in relation with the repurchase agreement signed in March) and €6.1m of
accrued fees (management fees and performance fees not yet settled) have to
be subtracted to reach the NAV. The reporting of the breakdown of assets
later in this report are in % of the GAV.

DIVIDEND

On 7thApril, the Company paid a dividend of 31 cents per share to
shareholders on the register on 2ndof April. The €8.30 per share NAV is
before dividend payment.

PORTFOLIO REVIEW

In March, Volta made no new investments but €1.8m was drawn down on existing
commitments. No assets were sold during the month.

At the end of March, reflecting the Repurchase Transaction, Volta held €35.5m
in cash, excluding an amount of €2.4m which is pledged as margin under its
currency hedging facilities. €11.3m was paid to shareholders in the dividend
in April.

Volta's assets generated the equivalent of €2.2m cash flows in March 2015
(non-Euro amounts translated 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 €16.6m.

The March mark-to-market variations* of Volta's asset classes were: -1.2% for
Synthetic Corporate Credit deals, +1.8% for CLO Equity tranches; +1.0% for
CLO Debt tranches, -1.8% for Cash Corporate Credit deals and +2.4% for ABS.
The positive performance of Volta in March reflects the very calm credit
markets during the month and the further appreciation of the USD against
Euro. At 31stMarch 2015 Volta had 44.3% net exposure to the US Dollar, after
accounting for the impact of currency hedging.

In March 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.

SHARE PRICE PERFORMANCE

Buying interest has continued to be seen from a range of existing and new
investors during the last month, although the volume of shares traded has
been lower at 0.8m (based on Bloomberg, including volume across brokers).
Based on the end of March 2015 NAV (adjusted for the 31 cents per share
dividend payment), the shares are trading at a discount of 14% to NAV (as at
21stApril 2015). As noted previously, the discount remains markedly wider
than the Company's London listed peers.

LONDON STOCK EXCHANGE LISTING

As recently announced, an EGM will be held on 6thMay 2015 at which certain
resolutions are put to shareholders. The Directors strongly recommend that
shareholders vote in favour of the resolutions. If all resolutions are
approved, it is expected that the Company will list on the Main Market of the
London Stock Exchange before the end of May.

* "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
€607 billion in assets under management as of the end of September 2014. AXA
IM employs approximately 2,300 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

Sanne Group (Guernsey) Limited
voltafinance@sannegroup.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/1913079/683109.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#1913079

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