7 November 2025

NB Distressed Debt Investment Fund Limited

("NBDDIF" or the "Company")

Publication of Circular in relation to the proposed Members' Voluntary Liquidation

and return of capital

The Company's board hereby gives notice of: (i) an Extraordinary General Meeting ("EGM") of Shareholders; and (ii) class meetings of Shareholders for each of the Ordinary share class (NBDD), Extended Life share class (NBDX) and New Global share class (NBDG) (together, the "Class Meetings"), in connection with a proposed Members' Voluntary Liquidation and return of capital.

This follows the board's announcement on 22 August 2025 that it expects to put such proposals in place before the end of the year. Since that announcement, NBDD has announced two further realisations which now leave the Ordinary (NBDD) and Extended (NBDX) share classes with predominantly cash holdings. The Global (NBDG) share class contains only one remaining holding, in the lodging and casino sector, for which a sale process is underway.

The EGM and the Class Meetings will be held on 26 November 2025 at the Company's registered office: 1st & 2nd Floors, Elizabeth House, Les Ruettes Brayes, St Peter Port, Guernsey, GY1 1EW.

A Shareholder Circular, which includes a letter from the Chairman and further explanatory information, will be mailed to Shareholders, and shortly be made available on https://www.nbddif.com as well as on the National Storage Mechanism: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Copies of the Shareholder Circular, including the Notice of EGM, may also be obtained from the Company's registered office.

John Hallam, the Company's Chairman, commented:

"Today's announcement follows the investment manager's work to realise the proceeds from the Company's portfolio, balancing timely realisations with maximising proceeds to shareholders. The appointment of liquidators marks the conclusion of that process. Cash retained by the Company, to the extent not required to meet expenses and any liabilities, will then be distributed to Shareholders of all three share classes in the short term. The Company intends to retain the listing of its Shares on the London Stock Exchange, with trading suspended, at least until after an initial cash distribution has been made to Shareholders.

The liquidator will then work with Neuberger Berman to continue to realise the final lodging and casino investment held within the NBDG share class and make further distributions to shareholders at the appropriate time. The Board expects that the Company will make material cost savings as a result of being placed into voluntary liquidation."

ENDS

LEI: YRFO7WKOU3V511VFX790

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