8 November 2022

NB Distressed Debt Investment Fund Limited

(the "Company")

Capital Distributions of $18.9 million for NBDX Shares

and £6.8 million for NBDG Shares

Further to the announcement released on 2 November 2022, the Board of NB Distressed Debt Investment Fund Limited (the "Company") is pleased to announce an $18.9 million capital distribution for the Extended Life ("NBDX") Share Class and a £6.8 million capital distribution for the Global ("NBDG") Share Class.

NBDX

The Company has resolved to make a capital distribution totalling (before expenses) $18.9 million to NBDX shareholders (equivalent to approximately $0.2355 per NBDX share) by way of a compulsory partial redemption of NBDX shares at a price equal to $0.9285 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.

NBDG

The Company has resolved to make a capital distribution totalling (before expenses) £6.8 million to NBDG shareholders (equivalent to approximately £0.1658 per NBDG share) by way of a compulsory partial redemption of NBDG shares at a price equal to £0.6756 per NBDG share (being the last published NAV per NBDG share prior to this announcement). The amount applied to the partial redemption of NBDG shares will be after the deduction of costs and expenses of this partial redemption, expected to be approximately £6,500.

Shareholder information

The redemptions of the NBDX and NBDG shares (the "Redemptions") will be effected pro rata to holdings of NBDX and NBDG shares respectively on the register at the close of business on 18 November 2022 (the "Redemption Date"), being the record date for the Redemptions. Approximately 25.36 per cent of the NBDX issued share capital and approximately 24.55 per cent of the NBDG issued share capital will be redeemed on the Redemption Date. Fractions of shares produced by the 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 2 December 2022. Any certificates currently in circulation will be superseded by a new certificate which will be distributed to shareholders by 2 December 2022.

The Company has 80,545,074 NBDX and 41,116,617 NBDG shares in issue as at 4 November 2022. All of the NBDX and NBDG shares redeemed on the Redemption Date will be cancelled.

The shares will be disabled in CREST on the Redemption Date and the existing ISIN numbers, GG00BMY71631 for the NBDX shares and GG00BMY71748 for the NBDG shares (the "old ISINs") will expire. The new ISINs will be released shortly.

The new ISIN for the NBDX shares and new ISIN for the NBDG shares (the "new ISINs") in respect of the remaining shares which have not been redeemed will be enabled and available for transactions after 21 November 2022. For the period up to and including the Redemption Date, shares will be traded under the old ISINs 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 ISINs. CREST will automatically transfer any open transactions as at the Redemption Date to the new ISINs.

LEI: YRFO7WKOU3V511VFX790

For further information, please contact: