Volta Finance Ltd.

Fund Information / Factsheet • Feb 21, 2025

Data as of 31 Jan 2025

Gross Asset Value	€283.1m
NAV	€279.0m
NAV per share	€7.63
Outstanding Shares	36.6m
Share Price (Euronext)	€6.15
Share Price (LSE)*	€6.03
	VTA.NA
Tickers	VTA.LN
	VTAS.LN
ISIN	GG00B1GHHH78

Fund Facts

Fund Domicile	Guernsey
Listing and Trading	AEX
	LSE
Type of Fund	Closed-ended
Dividend	Quarterly
Dividend Cover4	2.7 times
Base currency	EUR
Asset types	Corporate Credit
	and ABS

Background and Investment Objective AXA Investment Managers Paris ("AXA IM") has been the Investment Manager of Volta Finance Limited ("Volta") since inception. 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. For this purpose, Volta pursues a multi-asset investment strategy on deals, vehicles and arrangements that provide leveraged exposure to target Underlying Assets (including corporate credit, residential and commercial mortgages, auto and student loans, credit card and lease receivables).

Fund Performance VTA.NA

VTA.LN
VTAS.LN	9.1%	9.0%	1.7%
	Annualised since inception1	Annualised over 5 years1	1 month2

-

-

-

-

• ABS Residual Positions 0.0%
• Cash or equivalent 8.7%

AEX LSE Closed-ended 2.7 times EUR Corporate Credit 1Share (VTA.NA) performance (annualised figures with dividends re-invested). Source: Bbg (TRA function) 2Performance of published NAV (including dividend payments). 3Calculated as the most recent annual dividend payments versus the month-end share price (VTA.NA). 4Calculated as total income divided by the most recent annual dividend payments. USD CLO Equity 21.6% Laboratoire Cerba 0.5% Healthcare-Services USD CLO Debt 12.8% Action Holding BV 0.5% Retail EUR CLO Equity 29.9% Lorca Holdco Ltd 0.5% Telecommunications EUR CLO Debt 19.1% INEOS Group Holdings SA 0.5% Chemicals CMV 4.5% Biogroup-LCD SCM 0.5% Commercial Services X 55 mm CLO Warehouse 3.3% Boxer Parent Co Inc 0.5% Software Bank Balance Sheet Transactions 0.0% Emeria Europe SAS 0.4% Real Estate Cash Corporate Credit Equity 0.2% McAfee LLC 0.4% Computers ABS Residual Positions 0.0% Cash or equivalent 8.7% Others 0.0% Source: Intex, Bloomberg, AXA IM Paris as of January 2025 – unaudited figures - not accounting for unsettled trades Figures expressed in % of the NAV Portfolio Rating Breakdown								NAV as of January 2025					Trailing 12-month Div. Yield3
	As a % of Gross Assets Value L : 97,5 mm Source: AXA IM, as of January 2025 Performance
1% 19% L : 97,5 mm X 50 mm L : 97,5 mm X 50 mm BBB 15% BB
65% B
NR / NA

Monthly Report - January 2025

Monthly Commentary

from positive market conditions for risky assets. In broader economic news, the Federal Reserve decided to keep interest rates unchanged for the first time since it started cutting rates last September. This has led markets to expect that the easing cycle might resume in 2026. In Europe, the eurozone economy showed no growth despite anticipations of a +0.1pp expansion, and Christine Lagarde announced a 25 basis points cut in key European Central Bank interest rates. Although largely backed by the data divergence with the US, it is interesting to note the striking difference in terms of monetary path between the US and the European Union as we anticipate further cuts in Europe. Credit markets tightened significantly this month, although we noted heightened volatility in line with broader macro headlines around mid-month. In Europe, High Yield indices were roughly 20bps tighter while US CDX High-Yield tightened by 11bps. On the Loan side, Euro Loans prices increased by about 40cts up to 98.41% (Morningstar European Leveraged Loan Index), while US Loans rose by 28cts to 97.61%. The primary CLO markets started strong this year, especially in Europe with New Issue volumes up 120% vs. Jan 24 (down 21% in the US vs. Jan 24). In terms of performance, CLO markets performed in line with US High Yield at +1.4% over the month and better than Global Loans +0.9%. In line with all major rating agencies that expect Loan default rates to go down in 2025 we remain constructive on the CLO asset class and the performance of the underlying loan portfolios this year. redeemed at face value.

the overall performance.

				Currency
			21%	0%
					EURO
					USD
				79%
Market Value (€m)	Breakdown (% GAV)
	USD CLO Equity	21.6%	10%
	USD CLO Debt	12.8%
	EUR CLO Equity	29.9%	5%
CLO 257.8	EUR CLO Debt	19.1%
	CMV	4.5%
	CLO Warehouse	3.3%	0%
	Synthetic Corporate Credit Equity	0.0%
Synthetic Credit 0.1	Synthetic Corporate Credit Debt	0.0%
	Bank Balance Sheet Transactions	0.0%	-5%
	Cash Corporate Credit Equity	0.2%
Cash Corporate
0.5 Credit	Cash Corporate Credit Debt	0.0%
	ABS Residual Positions	0.0%	-10%
ABS -	ABS Debt	0.0%
24.7 Cash or equivalent	Cash or equivalent	8.7%	-15%
GAV 283.1
Liability	- Debt from Repurchase Agreement	0.0%
Payables	(4.1) Fees, dividend and other payables	(1.4)%

Volta Finance started 2025 on a positive note as net performance reached +1.7% in January while Financial Half Year net performance for Volta settled at 11.4%. Both our investments in CLO Debt and CLO Equity performed positively over the course of the month, benefiting As of end of January 2025, Volta's NAV was €279.0m, i.e. €7.63 per share. *It should be noted that approximately 0.16% 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 NAV on as timely a basis as possible 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 notes. The most recently available fund NAV or quoted price was 0.05% as at 31 December 2024, 0.11% as at 30 September 2024. ** "performances" of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, 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. Currency and Geography exposures (%)

Source: Intex, Bloomberg, AXA IM Paris as of January 2025 – unaudited figures - not accounting for unsettled trades Figures expressed in % of the NAV

Monthly Report - January 2025

Important Information This monthly report 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 «Company») whose portfolio is managed by AXA IM. This monthly report is intended only for the person to whom it has been delivered. By obtaining access to and reviewing this monthly report, you acknowledge and agree to be bound by the following: No part of this document may be reproduced in any manner without the prior written permission of AXA IM. This monthly report does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of the Company whose portfolio is managed by AXA IM, or securities of any other entity (together, the "Securities"). The Securities described in this monthly report may not be eligible for sale in some states or countries and may not be suitable for all types of investors. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Securities in the Company may not be offered or sold directly or indirectly into the United States or to U.S. Persons. Nor shall this monthly report or any part of it nor the fact of its distribution or publication (on the Company's website or otherwise) form the basis of, or be relied on in connection with, any contract or investment decision in relation to the Securities. This monthly report does not constitute a recommendation to buy, sell or hold the Securities. The information contained herein is for information purposes only, does not purport to contain all the information that may be required to evaluate the Company or any other entity or their respective financial positions. This monthly report speaks only as of its date and neither AXA IM nor the Company is under any obligation to update the information contained herein. Certain information and estimates contained herein are originated by or derived from third parties and the accu- racy and completeness of such information and estimates has not been verified. It should also be noted that the financial information contained herein has not been audited. No representation or warranty whatsoever, whether express or implied, is given by or on behalf of AXA IM, the Company, their affiliates, or their respective directors, officers or employees or any other person as to (a) the accuracy or completeness of the information or (b) the opinions contained in this monthly report. None of AXA IM, the Company, any of their affiliates, or their respective direc- tors, officers or employees or any other person accepts any liability whatsoever for any such information or opinions. Nothing contained herein shall be relied upon as a promise or representation whether as to past or future performance of the Company, any other entity, any Securities or any asset class in the Company's portfolio. 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 the Company, 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. No statement in this monthly report is intended to be nor may be construed as a profit forecast and there can be no assurance that the assumptions described herein, the returns and targets (including without limitation target portfolio composition) indicated herein will be achieved. The views and opinions expressed herein include forward-looking statements which may or may not be accurate. Forward-looking statements can be identified by words like ''believe'', ''expect'', ''anticipate'', or similar expressions. You should not place undue reliance on forward-looking statements, which are current as of the date of this report. AXA IM disclaims any obligation to update or alter any forward- looking statements, whether as a result of new information, future events or otherwise. 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 Company 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. They follow the valuation policy of the Company as adapted from time to time in the best interests of the shareholders, taking into account the conditions of financial markets at that time. Volta qualifies as an alternative investment fund within the meaning of the AIFM Directive and is notified as such under the license held by AXA IM with the Autorité des Marchés Financiers (the "AMF") in France. 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 92908 Paris – La Défense cedex – France, registered with the Nanterre Trade and Companies Register under number 353 534 506, a Portfolio Management Company, holder of AMF Approval no. GP 92-08, issued on 7 April 1992. For the Investment Manager AXA Investment Managers Paris François Touati +33 (0) 1 44 45 80 22 Company Secretary and Administrator BNP Paribas S.A, Guernsey Branch

Contact:

Francois.touati@axa-im.com

guernsey.bp2s.volta.cosec@bnpparibas.com +44 (0) 1481 750 853