CION Ares Diversified Credit Fund Announces Special Distribution Rate Increase

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”) has elected to return additional investment income to shareholders via a special increase to the daily distribution rate for all share classes.

The annualized distribution rate for Class I, the Fund’s largest share class, will increase to 9.13% on NAV, as of May 31, 2023, representing a 10% increase of the current base distribution rate. Other share classes may be available at certain intermediaries. More information regarding the special distribution rate increase can be found in the Form 8-K filing dated June 13, 2023. The increase will be effective from July 1, 2023 through June 30, 2024.

CION co-CEO Michael Reisner noted, "The Fund's structure and investment strategy have brought great value to investors. We believe the special distribution demonstrates the Fund's careful management and its ability to complement traditional portfolios in all market conditions. With alternative investments gaining more popularity, offering diversification and income generation is attractive to investors at every stage of their financial journey.”

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 an open source solutions provider and a leading manager of alternative investment solutions designed to redefine the way individual investors build their portfolios and 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 $3.7 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 March 31, 2023, Ares Management Corporation's global platform had approximately $360 billion of assets under management, with over 2,600 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.

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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The annualized distribution rate for Class I, the Fund’s largest share class, will increase to 9.13% on NAV, as of May 31, 2023, representing a 10% increase of the current base distribution rate.