Tranche Update on NB Distressed Debt Investment Fund Limited's Equity Buyback announced on July 2, 2020.

NB Distressed Debt Investment Fund Limited is a Guernsey-based closed-end investment company. The Company's primary objective is to provide investors with attractive risk-adjusted returns through long-biased, opportunistic exposure to stressed, distressed and special situation credit-related investments while seeking to limit downside risk by, amongst other things, focusing on senior and senior secured debt with both collateral and structural protection. It invests in various sectors, including auto components, building and development, commercial mortgage, containers and packaging, financial intermediaries, lodging and casinos, oil and gas, shipping and surface transport. It invests in various countries, including United States, the Marshall Islands, Luxembourg, Spain and the Netherlands. The Company is managed by Neuberger Berman Europe Limited. The Company’s alternative investment fund manager is Neuberger Berman Investment Advisers LLC.