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OFFICIAL PRESS RELEASE

CION Ares Diversified Credit Fund Announces Increase to Distribution Rate and Pricing of Preferred Shares

CION Ares Management LLC, a joint venture between affiliates of CION Investments (“CION”), a leading manager of alternative investment solutions for individual investors, and Ares Management Corporation (“Ares”), a leading global alternative investment manager, announced that the CION Ares Diversified Credit Fund (“CADC” or the “Fund”) will increase its distribution rates for all share classes, effective as of April 1, 2023.

The annualized distribution rate for Class I, the Fund’s largest share class, will increase to 8.25% on NAV, as of February 28, 2023, representing a 15% increase to the distribution rate for Class I. Other share classes may be available at certain intermediaries. More information regarding the distribution rate increase can be found in the Form 8-K filing dated as of March 6, 2023.

The Fund’s distribution rate has been increased four times over the last year, reflective of the portfolio’s ability to generate significant current income.

In addition to the distribution rate increase, the Fund recently priced $150 million of preferred shares. Proceeds from the issuance are expected to be primarily used for investments and for general corporate purposes.

CION co-CEO Michael A. Reisner noted, “We believe that the Fund offers a compelling investment opportunity, as the dynamic allocation process allows it to take advantage of opportunities in all market conditions. The broadly diversified portfolio comprises more than 600 issuers, and the rigorous underwriting standards and defensive investments position the portfolio to perform throughout market and economic uncertainty.”

CADC invests in illiquid and liquid credit investments, seeking superior risk-adjusted returns across various market cycles in a continuously offered interval fund structure. The Fund employs a dynamic asset allocation framework, leveraging the extensive operational resources, infrastructure and origination network of Ares. The Fund is currently distributed through a broad universe of RIAs, independent broker-dealers, and wirehouses.

ABOUT CION INVESTMENTS

CION Investments is a open sourced solution provider and a leading manager of alternative investment solutions designed to redefine the way individual investors can build their portfolios and help meet their long-term investment goals. CION Investments currently sponsors, among other products, CION Investment Corporation (NYSE: CION), a leading publicly listed business development company that currently manages approximately $1.9 billion in assets, and also sponsors, through CION Ares Management, the CION Ares Diversified Credit Fund, a globally diversified interval fund that currently manages approximately $3.6 billion in assets. CION Investments has also partnered with the Man Group to create unique, scalable, and accessible investment solutions, which began with Man Global Private Markets (Man GPM), Man Group’s private markets business.

For more information, please visit cioninvestments.com.

ABOUT ARES MANAGEMENT CORPORATION

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate, and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2022, Ares Management Corporation’s global platform had approximately $352 billion of assets under management, with over 2,550 employees operating across North America, Europe, Asia Pacific, and the Middle East. For more information, please visit www.aresmgmt.com.

FORWARD-LOOKING STATEMENTS

The information in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are identified by words such as “may,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” and variations of these words and similar expressions, including references to assumptions, forecasts of future results, shareholder diversification, institutional research coverage and availability and access to capital. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. CADC undertakes no obligation to update any forward-looking statements contained herein to conform the statements to actual results or changes in its expectations.

PLACEMENT OF MRPS

The MRPS will not be and has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws and may not be offered or sold absent registration under the Securities Act, or pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

This press release is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted. An investor should consider CADC’s investment objective, risks, charges, and expenses carefully before investing.

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800.435.5697 sales@cioninvestments.com