CION Investment : February 2024 >>

CION ARES DIVERSIFIED CREDIT FUND

IMPORTANT INFORMATION REGARDING YOUR FUND'S DISTRIBUTION

February 29, 2024

The following table provides an estimate of the source of the February 29th distribution made by CION %VIW (MZIVWMƼIH 'VIHMX *YRH XLI ƈ*YRHƉ FEWIH SR XLI *YRHƅW ]IEV XS HEXI EGXMZMX] 8LMW MRJSVQEXMSR MW FIMRK TVSZMHIH TYVWYERX XS 7IGXMSR E SJ XLI -RZIWXQIRX 'SQTER] %GX SJ EW EQIRHIH 8LMW IWXMQEXI

MW RSX MRXIRHIH XS FI YWIH RSV WLSYPH MX FI YWIH F] WLEVILSPHIVW MR TVITEVMRK ER] XE VIXYVR HIXIVQMRMRK XLI EQSYRX SJ ER] XE HYI SV JSV ER] SXLIV XE VITSVXMRK TYVTSWIW

Payment Date	Share Class	CUSIP	Distributions Paid (Per Share)	Ordinary Taxable Income (Per Share)	Long Term Capital Gains1 (Per Share)	Other2 (Per Share)
2/29/2024	A Share	+	$0.178115	$0.178115
2/29/2024	' 7LEVI	+	$0.162162	$0.162162
2/29/2024	- 7LEVI	+	$0.184982	$0.184982
2/29/2024	L Share	+	$0.173762	$0.173762
2/29/2024	U Share	+	$0.169079	$0.169079
2/29/2024	9 7LEVI	+	$0.168896	$0.168896
2/29/2024	W Share	+	$0.175079	$0.175079

1 1E] VITVIWIRX E HMWXVMFYXMSR JVSQ GYVVIRX TIVMSH VIEPM^IH GETMXEP KEMRW [LMGL EVI WYFNIGX XS GLERKI FEWIH SR XLI *YRHƅW MRZIWXQIRX EGXMZMX] XLVSYKL MXW

GEPIRHEV ]IEV IRH 7LSYPH XLI *YRHƅW RIX MRGSQI SV GETMXEP KEMRW TSWMXMSR GLERKI XLI GEPIRHEV ]IEV XS HEXI EQSYRXW [MPP FI YTHEXIH XS VIƽIGX XLSWI GLERKIW

8LMW EQSYRX QE] VITVIWIRX E HMWXVMFYXMSR JVSQ IMXLIV YRVIEPM^IH GETMXEP KEMRW XLEX QE] FI VIGSKRM^IH TVMSV XS XLI *YRHƅW GEPIRHEV ]IEV IRH SV TEMH MR WYVTPYW SV WSQI GSQFMREXMSR XLIVISJ 7LSYPH XLI *YRHƅW RIX MRGSQI SV GETMXEP KEMRW TSWMXMSR GLERKI XLI GEPIRHEV ]IEV XS HEXI EQSYRXW [MPP FI YTHEXIH XS VIJPIGX XLSWI GLERKIW

-R XLI *YRH [MPP WIRH XS WLEVILSPHIVW WYGL XE MRJSVQEXMSR VITSVXMRK JSVQW I K -RXIVREP 6IZIRYI 7IVZMGI *SVQ (-: EW EVI VIUYMVIH F] PE[ 8LSWI XE MRJSVQEXMSR VITSVXMRK JSVQW [MPP GSRXEMR MRJSVQEXMSR EFSYX XLI GLEVEGXIV SJ HMWXVMFYXMSRW TEMH F] XLI *YRH HYVMRK XLI GEPIRHEV ]IEV ERH [MPP EPWS FI VITSVXIH XS XLI ETTPMGEFPI XE EYXLSVMXMIW EPSRK [MXL SXLIV MRJSVQEXMSR VIUYMVIH XS FI VITSVXIH YRHIV PE[

The Fund does not provide tax advice. Shareholders should consult with their own tax advisors as to the tax consequences of the source of any distributions by the Fund, or any other aspect of holding shares in the Fund.