Capital Distribution

20 February 2015

NB Distressed Debt Investment Fund Limited

Capital Distribution of $5.0 million for NBDD share class and approximately $8.9 million for NBDX share class

The Board of NB Distressed Debt Investment Fund Limited (the "Company") is pleased to announce a further capital distribution for both the Ordinary Share Class ("NBDD") and the Extended Life Share Class ("NBDX").

The Company has resolved to return a total (before expenses) of $5.0 million to NBDD shareholders (equivalent to approximately $0.0666 per NBDD share) by way of a compulsory partial redemption of NBDD shares at a price equal to $1.2391 per NBDD share (being the last published NAV per NBDD share prior to this announcement).  The amount applied to the partial redemption of NBDD shares will be after the deduction of costs and expenses of this partial redemption, expected to be approximately $8,000.

The Company has further resolved to return a total (before expenses) of approximately $8.9 million to NBDX shareholders (equivalent to approximately $0.02701 per NBDX share) by way of a compulsory partial redemption of NBDX shares at a price equal to $1.1746 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.

The redemption of both the NBDD and NBDX shares (the "Redemptions") will be effected pro rata to holdings of NBDD and NDBX shares on the NBDD and NBDX registers at the close of business on 4 March 2015 (the "Redemption Date"), being the record date for the Redemptions.  Approximately 5.37 per cent. of the NBDD issued share capital and approximately 2.29 per cent. of the NBDX issued share capital will be redeemed on the Redemption Date.  Fractions of shares produced by the NBDD Redemption Ratio or 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 18 March 2015. It is requested that certificated shareholders send all of their share certificates to the Company's Registrar. Any share certificates for the balance of the holding will be distributed to shareholders with their redemption monies.

The Company currently has 75,011,865 NBDD and 331,375,856 NBDX shares in issue.  All of the NBDD and 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 GG00BSNLHB54 for the NBDD shares and GG00BPT2C943 for the NBDX shares (the "Old ISINs") will expire.  The new ISIN number GG00BVYQ6F70 for the NBDD shares and GG00BVYQ6B33 for the NBDX shares (the "New ISINs") in respect of the remaining shares which have not been redeemed will be enabled and available for transactions after 4 March 2015.  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.

For further information, please contact:

Neuberger Berman Europe Limited Damian Holland	+44 (0)20 3214 9000
Oriel Securities Limited Neil Winward Mark Bloomfield Gaudi Le Roux	+44 (0)20 7710 7600
Winterflood Investment Trusts Joe Winkley Neil Langford	+44 (0)20 3100 0000

---

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: NB DISTRESSED DEBT INVESTMENT FUND LIMITED EXT SHS NPV via Globenewswire

HUG#1895949