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OFFICIAL PRESS RELEASE

CION Ares Diversified Credit Fund Announces Increase to Distribution Rate

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”) increased its distribution rates for all share classes, effective as of January 1, 2023.

The annualized distribution rate for Class I, the Fund’s largest share class, increased to 7.29% of the NAV per share of $24.12, as of December 31, 2022, representing a 10% 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 December 8, 2022.

Over the past twelve months, the annualized distribution rate of the Fund’s Class I shares rose more than 26%, from $1.39 per share to $1.76 per share.

CION co-CEO Michael A. Reisner noted, “We believe that the performance of the Fund throughout the volatility experienced during 2022 is a testament to the Fund’s dynamic allocation process, defensive positioning, and disciplined investment approach.”

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 advisor’s extensive operational resources, infrastructure and origination network. The Fund is currently distributed through a broad universe of RIAs, independent broker-dealers, and wirehouses.

ABOUT CION INVESTMENTS

CION Investments is an 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 www.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 September 30, 2022, Ares Management Corporation’s global platform had approximately $341 billion of assets under management, with approximately 2,100 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.

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800.435.5697 sales@cioninvestments.com