Volta Finance Ld Volta Finance Limited - Net Asset Value As At 31 July 2019

TIDMVTA

Volta Finance Limited (VTA / VTAS) -- July 2019 monthly report

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

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Guernsey, 12 August 2019

AXA IM has published the Volta Finance Limited (the "Company" or "Volta
Finance" or "Volta") monthly report for July. 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 July, Volta's NAV* total return performance was +0.5%, bringing the
YTD performance to 6.9%.

The principal driver for the month's performance was the appreciation of
the USD appreciation against the EUR by 2.1%, which added slightly more
than 0.5% to the monthly performance and reversing the negative impact
in June.

The performance of the assets was, on average, slightly positive as the
July monthly performances of Volta's sub-asset classes were, in local
currency: +1.0% for Bank Balance Sheet transactions, +0.8% for CLO
Equity tranches; -0.3% for CLO Debt; -4.4% for Cash Corporate Credit
deals; and +0.5% for ABS.

The performance of the CLO equity bucket was driven, this month, by the
good performance of Euro CLO equity positions which benefited from the
tightening on Euro Senior CLO tranches. In the course of just a few
weeks Euro CLO AAA tranches tightened from 115bp over Euribor to 105bp.
Further tightening would open the door for refinancing or reset of
existing European CLO liabilities to the benefit of Equity positions.

In July, we invested the equivalent of EUR4.3m in 2 positions (one third
of a EUR9m commitment to a Portuguese REO transaction and an investment
in a Euro B rated CLO tranche at discount). On average, based on market
standard assumptions, the IRR of these investments was close to 13%.
The Portuguese REO transaction is relatively short term (around 2 years
WAL) and benefit from a competitive embedded leverage. AXA IM Paris
partnered with one of the leading servicer in the Portuguese market for
this transaction.

The total cash amount generated during the last six months in terms of
interest and coupons reached EUR21.4m, an annualised 14.7% yield to
closing NAV. This is a further new high for this measure of Volta's
performance, reflecting the increasing share of CLO Equity positions in
Volta's portfolio.

As at the end of July 2019, Volta's NAV was EUR290.5m or EUR7.94 per
share. The GAV stood at EUR329.0m.

*It should be noted that approximately 9.9% of Volta's GAV comprises
investments for which the relevant NAVs as at the month-end date are
normally available only after Volta's NAV has already been published.
Volta's policy is to publish its own NAV on as timely a basis as
possible in order to provide shareholders with Volta's appropriately
up-to-date NAV information. Consequently, such investments are valued
using the most recently available NAV for each fund or quoted price for
such subordinated note. The most recently available fund NAV or quoted
price was for 8.8% as at 30 June 2019 and for 1.1% as at 29 March 2019.

** "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.

CONTACTS

For the Investment Manager

AXA Investment Managers Paris

Serge Demay

srge.demay@axa-im.com
https://www.globenewswire.com/Tracker?data=zHS9BMQxz0UQZoS600P0T5Sc17XbXFC9HKNDwIlTcDnoPrPvDbXyF4BnbHNuvmsaZFVj9qSgxTDYbozxT5m1GsV5mYX_4vfmUED-v-_aIr4=

+33 (0) 1 44 45 84 47

Company Secretary and Administrator

BNP Paribas Securities Services S.C.A, Guernsey Branch

guernsey.bp2s.volta.cosec@bnpparibas.com
https://www.globenewswire.com/Tracker?data=Ok2z6Jp1pYoXBEqHj6RLFpxSXvFy9gqG4UwLBfLaQXb_BOnLUAMZ_-EEi62_WHRwGE7NsTjCWtNxtbqQzq7rEJ65CfLn9TLH9mR70MweoXatOy9R4_Q2oFhzf5iF1loKkUUxUlvGu8a0GaVqtvmGvl0a0OU8FaE1ZkPMSjDRN9oEf6SRjz0htJiSFH1pN-OlvHFvA7E1TWXTjPQ9hEBN0iAOl2dwp63HUoB6lbRkudXsFWMmTzK2ev7YPArNycoyKhLEudsf6HRq8Lbpq_lA-PAQkEyG-bNHflHZLqGkuCazwT7c5xJaPVQva1P9xLDXnkuO40AXMl3Rcqo0F0AVb8feD_23zqzUpQ6KElN1aATSWBieo-dFVlsWrmleWwT2

+44 (0) 1481 750 853

Corporate Broker

Cenkos Securities plc

Andrew Worne

Oliver Packard

Sapna Shah

+44 (0) 20 7397 8900

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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 across the credit
cycle and to provide a stable stream of income to its shareholders
through dividends. Volta seeks to attain its investment objectives
predominantly through diversified investments in structured finance
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; and, automobile
loans. The Company's approach to investment is through vehicles and
arrangements that essentially provide leveraged exposure to portfolios
of such underlying assets. The Company 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.

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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 739 investment professionals and EUR750 billion in assets
under management as of the end of March 2019.

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This press release is published by AXA Investment Managers Paris ("AXA
IM"), in its capacity as alternative investment fund manager (within the
meaning of Directive 2011/61/EU, the "AIFM Directive") of Volta Finance
Limited (the "Volta Finance") whose portfolio is managed by AXA IM.

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. Volta Finance 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.

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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.

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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 Finance'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. AXA IM 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.

The figures provided that relate to past months or years and past
performance cannot be relied on as a guide to future performance or
construed as a reliable indicator as to future performance. Throughout

this review, the citation of specific trades or strategies is intended 
to illustrate some of the investment methodologies and philosophies of 
Volta Finance, as implemented by AXA IM. The historical success or AXA 
IM's belief in the future success, of any of these trades or strategies 
is not indicative of, and has no bearing on, future results. 
 
   The valuation of financial assets can vary significantly from the prices 
that the AXA IM could obtain if it sought to liquidate the positions on 
behalf of the Volta Finance due to market conditions and general 
economic environment. Such valuations do not constitute a fairness or 
similar opinion and should not be regarded as such. 
 
   Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the 
laws of France, having its registered office located at Tour Majunga, 6, 
Place de la Pyramide - 92800 Puteaux. AXA IMP is authorized by the 
Autorité des Marchés Financiers under registration number 
GP92008 as an alternative investment fund manager within the meaning of 
the AIFM Directive. 
 
   ***** 
 
   Attachments 
 
 
   -- July 2019 Monthly Press Release Final 
      https://ml-eu.globenewswire.com/Resource/Download/ed5bc24b-81bc-44e1-9c33-4d17df8ad401 
 
 
   -- Volta - Monthly Report - July 2019 
      https://ml-eu.globenewswire.com/Resource/Download/5658db04-8f81-4502-8b2c-76da9b6239ad

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August 12, 2019 12:15 ET (16:15 GMT)

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