Capital Distribution

12 November 2019

NB Distressed Debt Investment Fund Limited

Capital Distributions of $10.5 million for NBDX Shares

The Board of NB Distressed Debt Investment Fund Limited (the "Company") is pleased to announce $10.5 million in further capital distributions for the Extended Life ("NBDX") Share Class.

Details of the Q3 2019 portfolio performance for each share class will be provided in the quarterly factsheets, to be published shortly.

The Company has resolved to make a capital distribution totalling (before expenses) $10.5 million to NBDX shareholders (equivalent to approximately $0.0833 per NBDX share) by way of a compulsory partial redemption of NBDX shares at a price equal to $0.9155 per NBDX share (being the last published NAV per NBDX share prior to this announcement). The amount applied to the partial redemption of NBDX shares will be after the deduction of costs and expenses of this partial redemption, expected to be approximately $8,000.

Shareholder information

The redemption of the NBDX shares (the "Redemption") will be effected pro rata to holdings of NBDX shares on the NBDX register at the close of business on 25 November 2019 (the "Redemption Date"), being the record date for the Redemption. Approximately 9.10 per cent. of the NBDX issued share capital will be redeemed on the Redemption Date. Fractions of shares produced by the NBDX Redemption ratio will not be redeemed and so the number of shares of the relevant class to be redeemed from each shareholder will be rounded down to the nearest whole number of shares.

Payments of redemption monies are expected to be effected either through CREST (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) by 5 December 2019. Any certificates currently in circulation will be superseded by a new certificate which will be distributed to shareholders by 5 December 2019. Any share certificates for the balance of the holding will be distributed to shareholders with their redemption monies.

The Company, as at 11 November 2019, which is the latest practical date prior to the announcement has 15,382,770 NBDD, 125,922,143 NBDX and 72,017,915 NBDG shares in issue. All of the NBDX shares redeemed on the Redemption Date will be cancelled.

The shares will be disabled in CREST on the Redemption Date and the existing ISIN number GG00BFZ5JL85 for the NBDX shares (the "Old ISIN") will expire. The new ISIN GG00BKP4Y710 for the NBDX shares (the "New ISIN") in respect of the remaining shares which have not been redeemed will be enabled and available for transactions after 25 November 2019. For the period up to and including the Redemption Date, shares will be traded under the Old ISIN and as such, a purchaser of such shares may have a market claim for a proportion of the redemption proceeds following the activation of the New ISIN. CREST will automatically transfer any open transactions as at the Redemption Date to the New ISIN.

LEI: YRFO7WKOU3V511VFX790

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