Revised Monthly Report and Fact Sheet

Volta Finance Limited (VTA / VTAS)

December 2023 Monthly Report – Cancel & Replace

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

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Guernsey, 30 January 2024

This announcement replaces both the December 2023 Monthly Report announcement released on 16 January 2024 and the Revised December 2023 Monthly Report announcement released on 23 January 2024.

The following text has been added to the first sentence of the first paragreaph under “PERFORMANCE and PORTFOLIO ACTIVITY”: “(+2.6% including the January dividend payment)”. In addition the year-to-date performance figure has been amended from +22.0% to +24.5%.

Please note that this has not impacted the NAV as reported on 16 January 2024.

This announcement also contains a link to the revised December 2023 Monthly Report which has been reissued to reflect the changes noted above.

AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for December 2023. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).

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PERFORMANCE and PORTFOLIO ACTIVITY

Volta Finance posted yet another positive monthly performance of +0.6% in December 2023 (+2.6% including the January dividend payment). This concluded a calendar year where Volta recorded a positive production each month of year to the exception of March (-1.5% MoM) and June (flat). All-in, the year-to-date performance settled at +24.5%, Volta’s strongest since 2013.

Despite challenges stemming from geopolitical tensions and Central Bank policy anticipations, broader markets remained composed in December and managed to shrug volatility off as central banks indicated by mid-month that they would maintain rates unchanged. This essentially signaled a pause in the rate hikes cycle as the Federal Reserve acknowledged indications of softer economic growth, prompting traders to price three rate cuts for 2024. Fixed income markets rallied, for instance both Investment Grade and High Yield spreads tightened over the quarter.

In the CLO space, market remained active both in Primary and Secondary. As Primary gradually slowed down into Christmas, spreads tightened significantly across all rated tranches and lifted valuations up. We saw notably a decent appetite on low mezzanine assets especially for tranches that had underperformed their peers price-wise due to worsening collaterals quality. A pivot in rates may provide relief to the weakest companies those CLOs are specifically exposed to, prompting bids up.