Investor Presentaiton

Investment 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

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