NB Distressed Debt Investment Fund Limited commences share repurchases on June 20, 2018 under the program mandated by the shareholders in the Annual General Meeting held on June 19, 2018. As per the mandate, the company is authorized to repurchase up to 14.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for a share of any class shall be 1 pence. The maximum price (exclusive of expenses) which may be paid for a share is not more than an amount equal to the higher of 5% above the average of the mid-market value of the shares of the relevant class on the regulated market where the purchase is made for the five business days before the day the purchase is made and the higher of the price of the last independent trade and the highest independent bid for the shares of the relevant class, on the regulated market when the purchase is made. The shares of any class bought back may be held in treasury in accordance with the Law or be subsequently cancelled by the company. The authority will expire at the conclusion of the next Annual General Meeting of the company to be held in 2019 or after 18 months.