#1CION INVESTMENTS CION Investment Corporation Investor Presentation Second Quarter 2022 USTANN CI#2Disclosures and Forward-Looking Statements This presentation has been prepared by CION Investment Corporation (NYSE: CION) (the "Company" or "CION") and may be used for information purposes only. This presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities. Any such offering of securities will be made only by means of a registration statement (including a prospectus, a prospectus supplement or any related free writing prospectus) filed with the U.S. Securities and Exchange Commission (the "SEC"), and only after such registration statement has become effective. The information contained herein remains subject to further updating, revision, and amendment without notice. It should not be relied upon as the basis for making any investment decision, entering into any transaction or for any other purpose. This information is not, and under no circumstances is to be construed as, a prospectus or an offering memorandum as defined under applicable securities legislation. The information contained herein does not set forth all of the terms, conditions and risks of the Company. This presentation may contain forward-looking statements that involve substantial risks and uncertainties, including the impact of COVID-19, inflation, supply chain disruptions and rising interest rates on the business, future operating results, access to capital and liquidity of the Company and its portfolio companies. You can identify these statements by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate,” “project,” “target," "estimate," "intend," "continue," or "believe" or the negatives thereof or other variations thereon or comparable terminology, including references to assumptions, forecasts of future results, shareholder diversification, institutional research coverage and availability and access to capital. You should read statements that contain these words carefully because they discuss the Company's plans, strategies, prospects and expectations concerning its business, operating results, financial condition and other similar matters. These statements represent the Company's belief regarding future events that, by their nature, are uncertain and outside of the Company's control, such as the price at which the Company's shares of common stock will trade on the NYSE. Any forward-looking statement made by the Company in this presentation speaks only as of the date on which the Company makes it. Factors or events that could cause the Company's actual results to differ, possibly materially from its expectations, include, but are not limited to, the risks, uncertainties and other factors the Company identifies in the sections entitled "Risk Factors" and "Forward-Looking Statements" in filings the Company makes with the SEC, and it is not possible for the Company to predict or identify all of them. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by the Company or as legal, accounting or tax advice. An investment in securities of the type described herein presents certain risks. The Company, its investment adviser and their respective subsidiaries and affiliates and their respective employees, officers and agents make no representations as to the completeness and accuracy of any information contained within this written material. As such, they are not responsible for errors and/or omissions with respect to the information contained herein except and as required by law. In considering investment performance information contained in this presentation, bear in mind that past performance is not necessarily indicative of future results and there can be no assurance that the Company will achieve comparable results. Actual realized value of currently unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the current unrealized valuations are based. Accordingly, the actual realized values of unrealized investments may differ materially from the values indicated herein. Certain information contained in this presentation has been obtained from published and non-published sources and/or prepared by third parties and in certain cases has not been updated through the date hereof. Such information has not been independently verified by the Company and the Company does not assume responsibility for the accuracy of such information (or updating the presentation based on facts learned following its issuance). CION INVESTMENTS 2#3CION Investment Corporation (CION) at a glance CION INVESTMENTS • • Size & Scale Externally managed business development company (BDC) with a market cap of $550 million (1) $1.9bn of Total Assets within CION Investment Group's total $5.4bn AUM(2) CION (1) As of August 31, 2022. (2) As of July 31, 2022. . NYSE: CION Strategy Origination via proprietary • sources and a strong network of public and private partners for direct and club opportunities Size, scope and investment philosophy allows for high degree of selectivity Focus High quality senior secured debt financings, primarily first lien U.S. middle market companies with $25-$75 million annual EBITDA INVESTMENTS 3#4CION Platform Overview CION Investment Group is a vertically integrated alternative investment manager and retail distribution organization founded in 2011 Key Products Expect more CION for your INVESTMENTS portfolio. Profile External Manager CION INVESTMENTS CION Investment Corporation Publicly listed business development company (NYSE: CION) 2012 $1.9B CION Investment Management, LLC CIONARES INVESTMENTS CION Ares Diversified Credit Fund Globally diversified interval fund 2017 $3.5B² CION Ares Management, LLC Founded 2011 Headquarters New York, NY Inception AUM $5.4B AUM Employees 823 CION INVESTMENTS Note: Unless otherwise indicated, all data as of June 30, 2022 (2) As of July 31, 2022 (3) As of August 19, 2022 4#5Evolution of CION Investment Corporation Apollo Investment Management ("AIM") engaged as sub-advisor, Apollo affiliates execute Private Placement Dec-12: CION officially commences operations $4 FY'12 FY'13 CION INVESTMENTS $105 2012 $1.15B 30+ Inception Year Total Equity Raised Advisor Years of Experience FY'14 $362 FY'15 $670 CION acquires Credit Suisse Park View BDC, Inc. $1,089 CION reaches $1B in total equity raised FY'16 0.05% Annualized Loss Rate Since Inception¹ $1,865 $1,765 $1,805 $1,714 $1,754 $1,569 CION terminates AIM sub-advisory relationship and AIM and CION Investment Group enter into Joint Venture FY'17 FY'18 Follow-on continuous public offering ends Total Portfolio Investments ($ in Millions, at Fair Value) Oct 5, 2021: CION begins trading on the NYSE FY 19 FY'20 FY'21 FY'22 Source: Company Filings. Note: Financial data as of June 30, 2022. (1) The cumulative annualized loss rate as of June 30, 2022 is calculated as the aggregate investment cost at write-off less (i) any economic benefit realized (interest and fees) and (ii) any economic recovery over total Invested Capital. 5#6$30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 History of Value Creation 24.04 24.33 23.49 21.96 22.29 22.25 22.67 20.89 21.15 21.33 21.78 21.86 20.57 20.07 19.65 18.67 18.00 18.00 17.94 19.05 0.35 0.71 3.26 3.63 1.07 1.43 1.77 2.13 2.53 2.89 00000000 25.22 r f f f f f f f f f f f l 25.56 26.50 26.23 25.91 26.13 26.41 26.56 26.52 24.85 27.04 25.18 25.46 8.75 9.11 9.48 10.24 9.84 10.60 10.60 18.00 18.00 17.94 18.32 18.34 18.58 18.64 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 CION INVESTMENTS Source: Company Filings. 18.80 Jun-14 18.76 18.44 18.62 18.70 Sep-14 Dec-14 18.66 18.26 17.42 17.14 17.58 18.04 18.22 18.14 18.30 18.30 18.28 18.26 18.22 18.12 17.38 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 ■Net Asset Value Per Share Cumulative Distributions Paid Per Share Sep-17 Dec-17 Mar-18 28.66 28.95 29.09 29.06 28.22 27.73 26.85 26.02 11.61 11.88 11.35 10.78 16.34 16.52 12.14 12.61 12.89 13.17 16.34 16.20 15.89 Jun-18 Sep-18 Dec-18 Mar-19 17.08 16.80 17.30 16.68 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 15.50 14.86 14.58 15.24 16.12 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 6#7$2.0b Credit Portfolio is Focused on First Lien Loans $1.58b $1.54b $1.55b $1.51b $1.5b $ (Billions) Senior Secured First Lien Loans Senior Secured Second Lien Loans Other Investments $1.85b $1.80b $1.81b $1.80b $1.82b $1.79b $1.75b $1.74b $1.74b $1.68b $1.67b $1.63b $1.58b $1.54b $1.52b $1.53b $1.50b 76.6% 77.0% 79.0% 78.7% 79.9% 80.9% 77.9% $1.0b 69.0% 69.6% 73.4% 84.0% 92.7% 73.0% 80.6% 91.8% 80.4% 81.3% 81.8% 87.6% 91.6% 81.8% $0.5b 26.9% 26.0% 22.1% 22.4% 20.3% 19.3% 14.3% 17.4% 17.3% 16.0% 15.3% 12.7% 12.5% 10.7% 10.1% 10.1% 8.5% 6.1% 2.3% 2.1% 1.5% 7.8% 4.1% 4.4% $0.0b 4.9% Jun-17 Sep-17 Dec-17 Mar-18 4.2% 3.1% Jun-18 3.7% 4.0% 3.6% Sep-18 Dec-18 Mar-19 Jun-19 4.1% 6.7% 7.1% 8.0% 8.1% 8.1% 7.5% 6.3% 6.1% 6.1% 5.8% 3.8% Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 CION INVESTMENTS Source: Company Filings. 7#8Differentiated Investment Platform CION's unique platform drives selectivity, efficiency and focus Sourcing Powered by Strong Network Organizational Flexibility Generates Efficiency Size & Scale Provides Competitive Advantage CION is Exclusive Focus of Investment Team Direct first lien and club investments based on deep, long-standing relationships with like-minded partners, including other leading private and public lenders Internal direct origination efforts provides a unique and proprietary flow of transactions Robust origination funnel allows for high degree of selectivity Flat organization and highly involved Investment Committee results in an efficient, dynamic culture Emphasis on pre-screening and "front-loading" of critical underwriting issues combined with iterative approach results in timely feedback/responses to partners and borrowers Attractive scale in niche market; large enough to be impactful but not pressured to buy the market Flexibility to invest across a borrower's capital structure without technical restrictions or limitations CION is the exclusive focus of the investment team providing tremendous attention and efficiency to sourcing, underwriting and portfolio management Portfolio managers have one distinct fiduciary duty and not required to satisfy differing objectives and legal/regulatory considerations of multiple feeder funds on platform CION INVESTMENTS 8#9Sourcing Strategy Drives Selectivity CION's open architecture origination approach capitalizes on a deep and diverse network of highly experienced and like-minded partners: ■ Private and Public Lenders ■ Select middle market PE sponsors Large cap PE sponsors, on a limited basis ■ Investment Banking / Advisory Firms Lightly syndicated loans Relationships are deep, long-term and personal; often date back for decades ■ Loan pipeline is comprised of opportunities pre-screened by blue-chip origination partners Familiarity leads to efficient internal vetting, evaluation and diligence ■ Increases pool of relative value opportunities Sourcing strategy enables CION to be highly selective with a diverse array of high-quality opportunities, which results in an investment portfolio with unique exposure across the middle market spectrum. This optimizes the transaction funnel, which we believe provides relative value in all markets CION INVESTMENTS 6#10Investment Strategy CION drives investor returns primarily through a first lien focus supplemented with select, opportunistic investments ☐ CORE OPPORTUNISTIC JOINT VENTURE (1) As of June 30, 2022. First lien primarily, with unitranche and second lien Companies with EBITDA between $25-$75 million; target $20 million initial hold sizes 94% senior secured loans and 97% of portfolio companies with PE and financial institution sponsorship (1) Selectively target higher return / special situations in the secondary loan market through the purchase of illiquid, lightly syndicated first lien loans offered at a discount due to credit rating/technical considerations or higher quality BDC/loan portfolios ■ Strategic JV formed in December 2021 with an affiliate of EagleTree Capital, a leading middle-market private equity firm, to jointly pursue higher yielding first lien debt, special situation, crossover, subordinated and other junior capital investment opportunities Principals of EagleTree and CION have worked and partnered together on transactions for over 25 years CION INVESTMENTS 10#11Fund Flexibility and Scale are Highly Advantageous CION has attractive scale within its niche market along with investing flexibility ■ At $1.9 billion in total assets (1), CION is a scaled BDC with enough influence to have "a voice at the table" Flexibility to invest across a borrower's capital structure without technical restrictions and limitations. ■ Source across a plethora of private equity sponsors and public lenders, direct lenders and other debt platforms ■ Not beholden to a small set of sponsors or partners that require off-market or sub-quality investments to sustain the relationships Allows team to focus on originating the most attractive assets ■ One of the few BDCs investing in the $25 - $75 million EBITDA range, a true middle market lender CION (1) INVESTMENTS CION is large enough to be impactful to our partners, but is not pressured to buy the market to achieve "fully invested" status As of June 30, 2022. 11 11#12Solid Performance and Current Valuation Senior Secured¹ Portfolio Yield² 100.0% 95.0% 10.00% 94.2% 9.50% 8.90% 90.0% 86.3% 9.00% 85.0% 8.50% 80.0% 8.00% 75.0% 7.50% 70.0% 7.00% 65.0% 6.50% 60.0% 6.00% 55.0% 5.50% 50.0% 5.00% CION BDC Peers CION Distribution Yield4 16.0% 13.4% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% CION Leverage³ 130.0% 9.06% 120.0% 110.0% 104.7% 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% BDC Peers CION Non-Accrual %5 1.8% 1.6% 1.5% 1.4% 9.9% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% BDC Peers CION 1.0x Price to NAV6 0.8x 0.61x 0.6x 0.8% 0.4x BDC Peers 0.2x 0.0x CION 117.7% BDC Peers 0.92x BDC Peers CION BO 1) Unless otherwise noted, all financial data as of June 30, 2022. BDC Peers consists of 14 externally managed, publicly traded BDCs with a senior secured focus and a market capitalization between approximately $2.9bn and $539mm as of August 31, 2022. Calculated as first lien and second lien loans at fair value as a percentage of total investments at fair value 4) 2) INVESTMENTS 3) Weighted average yield on income producing debt and other investments, exclusive of investments on non-accrual status. Two BDC peers used calculated weighted average yield at fair value of all income-producing investments. Leverage statistic calculated as gross debt outstanding divided by total shareholders' equity Distribution Yield is calculated as trailing-twelve months quarterly distributions declared as of June 30, 2022, divided by market share price as of August 31, 2022. 12 5) Non-accrual statistic is calculated as a percentage of total investments at fair value 6) Calculated as Net Asset Value per share divided by market share price as of August 31, 2022.#13" ☐ Recent Developments On December 21, 2021, CION entered into a joint venture partnership with EagleTree Capital: The joint venture was initially capitalized through the contribution of nearly a $100 million portfolio of junior capital investments from CION and proprietary Firm-level cash from EagleTree, in exchange for an 85% and 15% ownership in the joint venture, respectively. The joint venture will jointly pursue higher yielding first lien debt, special situation, crossover, subordinated and other junior capital investment opportunities. The joint venture leverages the combined sourcing, execution and portfolio management capabilities of the respective platforms. On December 30, 2021, CION's shareholders approved a proposal to increase regulatory leverage by reducing CION's asset coverage ratio requirement from 200% to 150%. As a result, CION could unlock more than $350 million in incremental borrowing capacity to drive investment income growth. (1) On March 28, 2022, CION further amended its senior secured credit facility with JPMorgan to increase the aggregate amount available for borrowing by $100 million, from $575 million to $675 million, which increase bears interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.10% per year, and a LIBOR to SOFR credit spread adjustment of 0.15% On April 27, 2022, CION entered into a 5-year unsecured term loan agreement with More Provident Funds and Pension Ltd. under which CION borrowed $50 million, which bears interest at a floating rate equal to the three-month SOFR plus a credit spread of 3.50% per year and subject to a 1.0% SOFR floor. On June 24, 2022, CION's board of directors, including the independent directors, increased the amount of shares of CION's common stock that may be repurchased under CION's share repurchase policy by $10 million to up to an aggregate of $60 million. CION implemented its share repurchase policy pursuant to a 10b5-1 trading plan under which an independent broker dealer commenced repurchasing shares on the NYSE in August 2022. On August 9, 2022, CION declared, and on September 8, 2022 CION paid, a third quarter 2022 regular distribution of $0.31 per share, which is an increase of $0.03 per share, or 10.7%, from the regular distribution of $0.28 per share paid for the quarter ended June 30, 2022. CION INVESTMENTS (1) Assuming a rate of return on investment greater than the rate on additional liabilities. 13#14Conclusion CION offers investors a differentiated investment platform and strategy built over nearly a decade of operations High-quality portfolio focused on senior secured loans, primarily first lien الممم P CION INVESTMENTS Sourcing, origination & investment pipeline product of strong network not easily replicated Underwriting anchored to rigorous credit culture Experienced team with long track record of consistent performance Conservative leverage, with potential meaningful increase to drive investment income growth 14#15CION INVESTMENTS Second Quarter 2022#16Second Quarter and Other Highlights - Ended June 30, 2022 The Company completed a 2-to-1 reverse stock split effective September 21, 2021. Accordingly, share and per share amounts in this presentation have been retroactively adjusted to reflect the 2-to-1 reverse stock split. ■ Net investment income and earnings per share for the quarter ended June 30, 2022 were $0.34 per share and $(0.02) per share, respectively; " Net asset value per share was $15.89 as of June 30, 2022 compared to $16.20 as of March 31, 2022. The decrease was primarily due to mark-to-market adjustments caused by wider credit spreads and price declines on our portfolio during the quarter; ■ As of June 30, 2022, the Company had $947.5 million of total principal amount of debt outstanding, of which 78% was comprised of senior secured bank debt and 22% was comprised of unsecured debt. The Company's debt-to-equity ratio was 1.05x as of June 30, 2022 compared to 0.95x as of March 31, 2022; ■ As of June 30, 2022, the Company had total investments at fair value of $1,791 million in 121 portfolio companies across 22 industries. The investment portfolio was comprised of 94.2% senior secured loans, including 92.7% in first lien investments; 1 ■During the quarter, the Company had new investment commitments of $184 million, funded new investment commitments of $165 million, funded previously unfunded commitments of $8 million, and had sales and repayments totaling $110 million, resulting in a net funded portfolio change of $63 million; ■ As of June 30, 2022, investments on non-accrual status amounted to 1.5% and 3.6% of the total investment portfolio at fair value and amortized cost, respectively; ■ On April 27, 2022, the Company entered into a 5-year floating rate unsecured term loan agreement with More Provident Funds and Pension Ltd. under which the Company borrowed $50 million; and ■ On June 24, 2022, the Company's board of directors, including the independent directors, increased the amount of shares of the Company's common stock that may be repurchased under the Company's share repurchase policy by $10 million to up to an aggregate of $60 million. DISTRIBUTIONS ■ For the quarter ended June 30, 2022, the Company paid a regular quarterly distribution totaling $15.9 million, or $0.28 per share; and ■ On August 9, 2022, the Company's co-chief executive officers declared a third quarter 2022 regular distribution of $0.31 per share payable on September 8, 2022 to shareholders of record as of September 1, 2022, which is an increase of $0.03 per share, or 10.7%, from the regular distribution of $0.28 per share paid for the quarter ended June 30, 2022. CION (1) The discussion of the investment portfolio excludes short term investments. INVESTMENTS 16#17Selected Financial Highlights ($ in millions) Investment portfolio, at fair value(1) Total debt outstanding(2) Net assets Ending debt-to-equity Q2 2022 Q1 2022 Q4 2021 $1,791 $1,740 $1,666 Q3 2021 $1,630 Q2 2021 $1,676 $948 $875 $830 $805 $805 $905 $922 $931 $941 $926 1.05x 0.95x 0.89x 0.86x 0.87x Total investment income $43.6 $41.7 $40.4 $42.6 $38.0 Net investment income $19.3 $19.5 $18.4 $19.6 $18.7 Net realized and unrealized (losses) gains ($20.6) ($11.6) ($2.4) $5.5 $9.3 Net (decrease) increase in net assets resulting from operations ($1.3) $7.9 $16.0 $25.1 $28.0 Per Share Data Net asset value per share Net investment income per share Net realized and unrealized (losses) gains per share Earnings per share $15.89 $16.20 $16.34 $16.52 $16.34 $0.34 $0.34 $0.32 $0.35 $0.33 ($0.36) ($0.20) ($0.04) $0.09 $0.16 ($0.02) $0.14 $0.28 $0.44 $0.49 $0.28 $0.28 $0.46 $0.26 $0.26 Distributions declared per share(3) (1) The discussion of the investment portfolio excludes short term investments. (2) Total debt outstanding excludes netting of debt issuance costs. Please refer to page 10 for debt net of issuance costs. (3) Includes a special distribution of $0.20 per share during the quarter ended December 31, 2021. CION INVESTMENTS 17#18Investment Activity ■New investment commitments for the quarter were $184 million, of which $165 million were funded and $19 million were unfunded. ■ New investment commitments were made across 10 new portfolio companies and 9 existing portfolio companies. ■ Fundings of previously unfunded commitments for the quarter were $8 million. ■ Sales and repayments totaled $110 million for the quarter primarily driven by the full sale or repayment of investments in 4 portfolio companies. ($ in millions) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 New investment commitments $184 $155 $353 $179 $231 Funded $165 $123 $339 $157 $220 Unfunded $19 $32 $14 $22 $11 Fundings of previously unfunded commitments $8 $15 $10 $8 $2 Repayments ($103) ($59) ($107) ($197) ($92) Sales ($7) ($2) ($212) ($27) ($5) Net funded investment activity $63 $77 $30 ($58) $125 The discussion of the investment portfolio excludes short term investments. Unfunded commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than the loan's maturity date. CION INVESTMENTS 18#19Portfolio Asset Composition End of Period Investments (in millions) $1,791 4% 2% 1% 0%* $1,740 4% 2% 2% 0%* $1,666 $1,676 $1,630 4% 2% 2% 0%* 5% 0%* 6% 0%* 1% 1% 6% 8% 93% 92% 92% 88% 84% Q2 2022 Q1 2022 Q4 2021 Q3 2021 First lien debt Second lien debt *Less than 1%. Q2 2021 New Investment Commitments (in millions) $353 6% 6% $184 1% 1% $155 88% 98% 99% Q2 2022 $179 2% $231 100% 98% Q1 2022 Q4 2021 Q3 2021 Q2 2021 Unsecured debt Equity Collateralized securities and structured products - equity The discussion of the investment portfolio is at fair value and excludes short term investments. CION INVESTMENTS 19#20Credit Quality of Investments INTERNAL INVESTMENT RISK RATINGS(1) (% of Total Portfolio, Fair Value) Q2 2022 NON-ACCRUAL %(1) Higher Credit Quality Rating Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 123 7.3% 2.6% 2.8% 5.3% 7.3% 82.8% 86.2% 82.5% 79.7% 75.5% 3.55% 8.4% 10.6% 14.0% 14.1% 16.7% 4 1.5% 0.4% 0.5% 0.9% 0.4% 1.49% 5 0.0%* 0.2% 0.2% 0.0%* 0.1% Lower Credit Quality Total 100.0% 100.0% 100.0% 100.0% 100.0% Amortized Cost Fair Value * - Less than 1%. Internal Investment Risk Rating Definitions Rating Definition 1 2 3 4 5 Indicates the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit. Indicates a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing in accordance with our analysis of its business and the full return of principal and interest or dividend is expected. Indicates that the risk to our ability to recoup the cost of such investment has increased since origination or acquisition, but full return of principal and interest or dividend is expected. A portfolio company with an investment rating of 3 requires closer monitoring. Indicates that the risk to our ability to recoup the cost of such investment has increased significantly since origination or acquisition, including as a result of factors such as declining performance and noncompliance with debt covenants. We expect some loss of interest, dividend or capital appreciation, but still expect an overall positive internal rate of return on the investment. Indicates that the risk to our ability to recoup the cost of such investment has increased materially since origination or acquisition and the portfolio company likely has materially declining performance. Loss of interest or dividend and some loss of principal investment is expected, which would result in an overall negative internal rate of return on the investment. (1) The discussion of the investment portfolio excludes short term investments. CION INVESTMENTS 20 20#21Portfolio Summary PORTFOLIO BY SECURITY TYPE(4) 0.1% 1.6% Portfolio Characteristics (as of June 30, 2022) Investment Portfolio 94% Senior Total investments and unfunded commitments $1,892.1 million Secured Debt 4.1% 1.5% Unfunded commitments $101.1 million Investments Investments at fair value $1,791.0 million Yield on debt and other income producing investments at amortized cost(1) Yield on performing loans at amortized cost(1) Yield on total investments at amortized cost (1) Portfolio Companies Number of portfolio companies Weighted average leverage (net debt/EBITDA)(2) Weighted average interest coverage(2) Median EBITDA(3) 9.14% 9.51% 8.90% 121 4.67x 3.29x $33.7 million Industry Services: Business Healthcare & Pharmaceuticals Media: Diversified & Production 92.7% First Lien Debt (92.7%) Second Lien Debt (1.5%) Equity (4.1%) Collateralized Securities & Structured Products: Equity (0.1%) Unsecured Debt (1.6%) PORTFOLIO BY INTEREST RATE TYPE(4) 4.0% .1.1% Industry Diversification(4) % of Investment Portfolio 10.0% 19.9% 12.8% 8.2% 7.6% 5.6% 45.9% Services: Consumer Diversified Financials Other (4.9% each) (1) See endnote 4 in our press release filed with the SEC on August 11, 2022. (2) See endnote 5 in our press release filed with the SEC on August 11, 2022. (3) See endnote 6 in our press release filed with the SEC on August 11, 2022. (4) The discussion of the investment portfolio excludes short term investments. CION INVESTMENTS 84.9% Floating Interest Rate Investments (84.9%) Fixed Interest Rate Investments (10.0%) Non-Income Producing Investments (4.0%) Other Income Producing Investments (1.1%) 21 22#22Q2 2022 Net Asset Value Bridge Per Share Data $0.34 $16.20 $15.89 $(0.28) $(0.37) Q1' 22 Ending NAV Net investment income Distributions Net realized loss Net unrealized depreciation Q2' 22 Ending NAV CION INVESTMENTS - Less than $0.01 per share. 22#23Debt Summary $82 million in available capacity within existing senior secured facilities DEBT SCHEDULE ($ in millions) DEBT MATURITIES ($ in millions) Total Commitment Amount Principal Amount Outstanding Interest Rate Maturity Date $30 $75 JPM Credit Facility $675 $600 L+ 3.10% (2) 5/15/2024 UBS Facility 150 143 L+ 3.375% 11/19/2023 Unsecured Notes, 2026(1) 125 125 4.50% 2/11/2026 2022 Unsecured Term Loan 50 50 50 S+ 3.50% 4/27/2027 $7 2021 Unsecured Term Loan(1) Total Debt 30 30 5.20% 9/30/2024 $143 $1,030 $948 4.3% (1) Investment grade credit rating. (2) $100 million bears interest at a rate of SOFR + 3.10% and a LIBOR to SOFR credit spread adjustment of 0.15%. CION INVESTMENTS $600 2023 2024 2025 I Drawn Credit Facility Undrawn Credit Facility $125 $50 2026 2027 Unsecured Notes Unsecured Term Loan 24 24#24Distribution Per Share and Distribution Coverage Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Net Investment Income $0.38 $0.38 $0.31 $0.33 $0.35 $0.32 $0.34 $0.34 (per share) Distribution $0.18¹ $0.57 $0.26 $0.26 $0.26 $0.46 $0.28 $0.28 (per share) Distribution coverage 2.14x 0.67x 1.17x 1.24x 1.32x 0.70x 1.21x 1.21x $0.57 $0.31 $0.46 $0.20 $0.28 $0.28 $0.26 $0.26 $0.26 $0.26 $0.26 $0.181 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Regular Distribution Q3 2021 IYE Special Distribution Q4 2021 Q1 2022 Q2 2022 CION INVESTMENTS (1) In March 2020, the Company determined to suspend distributions commencing with the month ended April 30, 2020 in order to provide financial flexibility in response to the COVID-19 pandemic. In July 2020, the Company determined to recommence distributions in August 2020. 25#25Quarterly Operating Results Investment income Interest income(1) Dividend income Fee income Total investment income Expenses Management fees Interest and other debt expenses Incentive fees Other operating expenses Total expenses before taxes Income tax expense, including excise tax Net investment income after taxes Net realized and unrealized (losses) gains Net realized gain (loss) Net change in unrealized (depreciation) appreciation Net realized and unrealized (losses) gains Net (decrease) increase in net assets resulting from operations Per share data Net investment income Net realized (loss) gain and unrealized (depreciation) appreciation on investments Earnings per share Distributions declared per share(2) Weighted average shares outstanding Shares outstanding, end of period CION INVESTMENTS (1) Includes certain prepayment fees, exit fees and paid-in-kind interest income. (2) Includes a special distribution of $0.20 per share during the quarter ended December 31, 2021. Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 40,932 53 $ 40,195 $ 37,695 $ 37,206 $ 36,117 46 138 3,871 1,024 2,567 1,442 2,571 1,543 880 43,552 $ 41,683 $ 40,404 $ 42,620 $ 38,021 6,839 6,655 $ 6,674 $ 8,443 8,243 10,841 8,459 8,256 8,175 7,828 4,091 4,133 3,942 2,933 2,493 2,942 2,821 3,431 3,260 24,264 $ 22,189 21,693 $ 22,982 $ 19,331 11 301 26 4 $ 19,288 $ 19,483 $ 18,410 $ 19,612 $ 18,686 180 $ (69) $ (15,209) $ 19,736 $ 441 (20,734) (11,525) 12,772 (14,240) 8,842 $ (20,554) $ (11,594) $ (2,437) $ 5,496 $ 9,283 $ (1,266) $ 7,889 $ 15,973 $ 25,108 $ 27,969 0.34 $ 0.34 $ 0.32 (0.36) $ (0.20) $ (0.04) (0.02) 0.14 0.28 0.28 0.28 56,958,440 56,958,440 56,958,440 56,958,440 0.46 56,958,440 56,958,440 es es e $ 0.35 ՄՌ $ 0.33 $ 0.10 $ 0.16 $ 0.44 $ 0.49 0.26 0.26 56,774,323 56,958,440 56,747,687 56,648,478 26#26Quarterly Balance Sheet Assets Investments, at fair value Cash Interest receivable on investments Receivable due on investments sold Dividend receivable on investments Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 $1,805,452 42,542 $1,755,297 $1,754,039 $1,746,298 $1,724,038 17,500 3,774 2,159 1,496 21,962 21,298 21,549 21,283 20,279 2,713 7,303 2,854 19,559 8,888 135 187 2,112 3,618 466 474 426 $1,874,781 $1,805,016 $1,782,682 $1,789,908 $1,755,314 Prepaid expenses and other assets Total Assets Liabilities & Net Assets Financing arrangements (net of debt issuance costs) (1) $939,651 $867,364 $822,372 $796,673 $796,003 Payable for investments purchased 11,635 11,327 33,360 17,938 Accounts payable and accrued expenses 1,194 862 1,922 3,509 2,160 Interest payable 5,603 3,173 4,339 2,838 4,185 Accrued management fees 6,839 6,655 6,673 8,443 8,243 Accrued subordinated incentive fee on income 4,091 4,133 3,942 2,933 Accrued administrative services expense 530 376 1,595 1,139 905 Total Liabilities $969,543 $882,563 $852,170 $848,895 $829,434 Total Net Assets Total Liabilities and Net Assets $905,238 $922,453 $930,512 $941,013 $925,880 $1,874,781 $1,805,016 $1,782,682 $1,789,908 $1,755,314 Net Asset Value per share Asset coverage ratio(2) All figures in thousands, except per share data. $15.89 1.96 $16.20 2.05 $16.34 $16.52 $16.34 2.12 2.17 2.15 (1) The Company had debt issuance costs of $7,849 as of June 30, 2022, $7,636 as of March 31, 2022, $7,628 as of December 31, 2021, $8,327 as of September 30, 2021 and $8,997 as of June 30, 2021. (2) Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) total senior securities outstanding at the end of the period (excluding unfunded commitments), divided by (ii) total senior securities outstanding at the end of the period. CION INVESTMENTS 27#27CION INVESTMENTS Appendix#28CION Team Overview Executive Team Mark Gatto Years of Relevant Experience 17 Years at CION Background • Co-Founder, CION Investment Group, LLC 10 • Attorney, private practice in NJ • Co-Chief Executive Officer Michael A. Reisner 17 10 • Co-Chief Executive Officer Gregg Bresner, CFA 25 6 President & Chief Investment Officer Keith Franz 25 10 Chief Financial Officer & Treasurer Other Senior Professionals Eric Pinero-Chief Legal Officer Stephen Roman - Chief Compliance Officer, Counsel Nicholas Tzoumas - Director of Valuations (1) As of August 19, 2022. CION INVESTMENTS B.A., Montclair State University; J.D. and M.B.A, Seton Hall University Co-Founder, CION Investment Group, LLC Attorney, private practice in NY B.A., University of Vermont; J.D., cum laude, New York Law School • Wasserstein Perella, Bankers Trust, BT Alex. Brown, Deutsche Bank, Briscoe Capital, and Plainfield Asset Management B.S., magna cum laude, Rensselaer Polytechnic Institute; M.B.A, Columbia University • E&Y LLP audit and business advisory practice, SMART Business Advisory and Consulting, LLP, Voxx International Corp. B.S., Binghamton University Geoff Manna - Senior Managing Director, Originations Joe Elsabee - Managing Director, Originations and Credit Aditi Budhia - Senior Vice President, Originations and Credit Supported by 821 employees within the CION Investment Group platform 29#29Corporate Information Board of Directors Mark Gatto Co-Chairman of the Board Michael A. Reisner Co-Chairman of the Board Robert A. Breakstone Independent Director Peter I. Finlay Independent Director Aron I. Schwartz Independent Director Earl V. Hedin Independent Director Catherine K. Choi Independent Director Edward J. Estrada Independent Director Senior Management Mark Gatto Co-Chief Executive Officer Michael A. Reisner Co-Chief Executive Officer Gregg Bresner Chief Investment Officer Keith Franz Chief Financial Officer Geoff Manna Managing Director Joe Elsabee Managing Director Eric Pinero Chief Legal Officer Stephen Roman Chief Compliance Officer Investment Committee Mark Gatto Co-Chief Executive Officer Michael A. Reisner Co-Chief Executive Officer Gregg Bresner Chief Investment Officer Corporate Headquarters 3 Park Avenue, 36th Floor New York, NY 10016 Security Listings Common Stock NYSE: CION Transfer Agent DST Systems, Inc. Independent Audit Firm RSM US LLP Research Coverage Finian O'Shea Wells Fargo Investor Relations Account related: Toll Free: 800.343.3736/888.729.4266 Lena Cati at The Equity Group, Inc. [email protected]/ (212) 836-9611 CION INVESTMENTS 30#30CI