Capital Distribution Update

1 July 2020

NB Distressed Debt Investment Fund Limited

Capital Distribution Update

NB Distressed Debt Investment Fund Limited (the "Company") announces that, in connection with the capital distribution for the Extended Life ("NBDX") and Global ("NBDG") Share Classes announced on 17 June 2020, the Company has compulsorily redeemed on a pro rata basis 14,969,269 NBDX shares at a price of $0.7009 per NBDX share and 16,429,427 NBDG shares at a price of £0.6387 per NBDG share for cancellation.

Fractions of shares produced by the applicable redemption ratios have not been redeemed and therefore the number of shares redeemed in respect of each shareholder has been 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 10 July 2020. Any certificates currently in circulation will be superseded by a new certificate which will be distributed to shareholders by 10 July 2020.

Following the redemption, the Company has 15,382,770 NBDD, 82,495,074 NBDX and 42,929,950 NBDG Shares in issue. Therefore, the total number of voting rights in the Company is 140,807,794.

The new ISINs, GG00BMY71631 for the NBDX shares and GG00BMY71748 for the NBDG shares, in respect of the remaining shares which have not been redeemed have been enabled and are available for transactions after 30 June 2020.

LEI: YRFO7WKOU3V511VFX790

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