Waiver of Advisory Fee

27 October 2020

NB Distressed Debt Investment Fund Limited

(the "Company")

Waiver of Advisory Fee

Neuberger Berman Europe Limited has announced it is waiving its entitlement to any Base Fee calculated in respect to any cash and cash equivalents held by the Company that is solely attributable to the account of the Ordinary Shares, with such waiver taking effect as at 1 October 2020.

This decision has been made because the Ordinary Shares cannot make any further distributions (given the 10% withholding limit) until a final distribution is paid at the end of the fund's life and also due to the delay in realising the remaining investments.

We will continue to update shareholders on progress towards the final distribution date.

LEI: YRFO7WKOU3V511VFX790

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