VOLTA FINANCE LIMITED - APRIL MONTHLY REPORT - Seite 2

In April, Volta purchased three new assets (the B and the BB tranche of a recently issued USD CLO and the equity tranche of a European CLO) for the equivalent of €12.0m and €3.5m was added to the warehouse position previously established. As mentioned above, two assets were sold during the month (two of the five UK non-conforming residual positions) for an equivalent of €12.2m and two USD CLO Equity tranches were called, generating the equivalent of €1.9m.

As previously reported, Volta has been participating in the financing of a CLO warehouse; the CLO priced as expected on 30^th April and the closing is scheduled for 18^th June. The European CLO equity purchase noted above is the equity of this particular CLO.

At the end of April, Volta held €37.6m in cash, excluding an amount of €2.8m which is pledged as margin under its currency hedging facilities. All the new purchases mentioned above have as yet to be settled. Post settlement, cash available stand at €27m.

Volta received the equivalent of €3.6m of interest and coupons in April 2015 (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 €17.1m.

Volta's exposure to the US Dollar fell slightly during the month as the Dollar saw sustained weakness against the Euro. As at 30^th April 2015 Volta had 37.2% net exposure to the US Dollar, after accounting for the impact of currency hedging.

In April 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.

LONDON STOCK EXCHANGE LISTING

An EGM was held on 6^th May 2015, at which Shareholders approved the New Investment Policy, as set out in the Circular. As a result, the Company is able to proceed with the listing of shares on the Main Market of the London Stock Exchange. Admission is expected on or around  29^th 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.