Volta Finance Limited

Estimated Net Asset Value as at 30 November 2017

Volta Finance Limited (VTA) - November 2017 monthly report

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

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Guernsey, 18 December 2017

AXA IM has published the Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") monthly report for November. 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 November, Volta's Estimated NAV* performance was +0.1%, bringing the performance for the year to date to 6% (dividends reinvested at NAV).

On 21 December, Volta will pay a quarterly dividend of 0.16 euro per share (with an ex-dividend date of 30 November) representing an annualised yield of 9% based on the end of November share price.

The November performance was adversely impacted by the depreciation of the US Dollar against the Euro (-0.7% impact) which more than reversed the 0.4% positive contribution in October. As we have noted previously, currency exposure, principally to the US Dollar, is not intended to act as a meaningful driver of medium to long term performance. Rather, the foreign currency exposure is not fully hedged back to Euro to avoid excessive liquidity demands if hedges were to move adversely and also to limit the cash drag that arises from the need to maintain margin against open hedges. The estimated impact of currency exposures were +0.8% in 2016 and -2.5% for 2017 (as at the end of November).

In November, exposures were increased to the CLO Equity bucket as well as the Bank Balance sheet bucket. It is expected that we will continue to do so at the expense of CLO Debt positions given the significant tightening of CLO debt tranches. During the month, Volta purchased nine assets: two Euro CLO Equity positions, two Bank Balance Sheet transactions and five CLO Debt BB tranches for the equivalent of €24.3m with an average projected yield of close to 9.6% under market standard assumptions. No sales occurred in November.

At the end of November 2017, Volta's Estimated NAV was €308.1m or €8.43 per share calculated on a cum-dividend basis (i.e. before deduction of the dividend of €0.16 per share). The GAV stood at €351.3m.

In November, mark-to-market variations of Volta's asset classes were: +0.9% for Bank Balance Sheet Transactions; +0.2% for CLO Equity tranches; +1.3% for CLO Debt tranches, 0.0% for Cash Corporate Credit deals; and +0.5% for ABS.