CION · CION Investment Corp

Mr. Reisner is the record holder of 15,175 shares, and CION Investment Group, LLC ("CIG") is the record holder of 62,598.77 shares that include 5,932.67 shares acquired under the Issuer's distribution reinvestment plan. Mr. Reisner, together with another individual, controls CIG and, as a result may be deemed to be the indirect beneficial owner of the shares held by CIG. As permitted by Rule 16a-1(a)(4) under the Exchange Act, Mr. Reisner disclaims beneficial ownership of the shares held by CIG except to the extent of his pecuniary interest therein.

A self-employed pension plan is the record holder of these Shares. Mr. Finlay is the direct beneficiary with sole voting and investment power with respect to the Shares held by the self-employed pension plan.

1. Includes 3,000.97 shares acquired under the Issuer's distribution reinvestment plan.

1. Includes 3,886.60 shares acquired under the Issuer's distribution reinvestment plan.

An IRA is the record holder of these Shares. Mr. Breakstone is the direct beneficiary with sole voting and investment power with respect to the Shares held by the IRA.

Does not include (i) 10,905 shares of which the Reporting Person is the record holder and (ii) 62,598.77 shares that includes 5,932.67 shares acquired under the Company's distribution reinvestment plan of which CION Investment Group, LLC (CIG) is the record holder. The Reporting Person, together with another individual, control CIG and, as a result, may be deemed to be the indirect beneficial owners of the shares held by CIG. As permitted by Rule 16a-1(a)(4) under the Exchange Act, the Reporting Person disclaims beneficial ownership of the shares held by CIG except to the extent of his pecuniary interest therein.

Also does not include (a) 50 shares held for A.G., the child of the Reporting Person, through a custodial account established pursuant to the Uniform Transfer to Minors Act (the UTMA) for which the Reporting Person serves as custodian, (b) 50 Shares held for G.G., the child of the Reporting Person, through a custodial account established pursuant to the UTMA for which the Reporting Person serves as custodian, and (c) 50 Shares held for M.G., the child of the Reporting Person, through a custodial account established pursuant to the UTMA for which the Reporting Person serves as custodian.

The Reporting Person, as Co-Trustee of the Gatto Living Trust, may be deemed to beneficially own the shares held by the Gatto Living Trust.

Mr. Reisner is the record holder of 14,703 shares, and CION Investment Group, LLC ("CIG") is the record holder of 62,598.77 shares that include 5,932.67 shares acquired under the Issuer's distribution reinvestment plan. Mr. Reisner, together with another individual, controls CIG and, as a result may be deemed to be the indirect beneficial owner of the shares held by CIG. As permitted by Rule 16a-1(a)(4) under the Exchange Act, Mr. Reisner disclaims beneficial ownership of the shares held by CIG except to the extent of his pecuniary interest therein.

Includes 14,500 shares of which certain investment retirement accounts are the record holder. Mr. Bresner is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement accounts.

Includes 14,500 shares of which certain investment retirement accounts are the record holder. Mr. Bresner is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement accounts.

Mr. Reiner is the record holder of 14,188 shares, and CION Investment Group, LLC ("CIG") is the record holder of 62,598.77 shares that include 5,932.67 shares acquired under the Issuer's distribution reinvestment plan. Mr. Reisner, together with another individual, controls CIG and, as a result may be deemed to be the indirect beneficial owner of the shares held by CIG. As permitted by Rule 16a-1(a)(4) under the Exchange Act, Mr. Reisner disclaims beneficial ownership of the shares held by CIG except to the extent of his pecuniary interest therein.

Includes 3,304.71 shares acquired under the Issuer's distribution reinvestment plan.

An IRA is the record holder of these Shares. Mr. Breakstone is the direct beneficiary with sole voting and investment power with respect to the Shares held by the IRA.

Includes 13,500 shares of which certain investment retirement accounts are the record holder. Mr. Bresner is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement accounts.

A self-employed pension plan is the record holder of these Shares. Mr Finlay is the direct beneficiary with sole voting and investment power with respect to the Shares held by the self-employed pension plan.

Includes 12,500 shares of which certain investment retirement accounts are the record holder. Mr. Bresner is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement accounts.

Includes 1,837.20 shares acquired under the Registrant's distribution reinvestment plan.

Includes 2,519.45 shares acquired under the Issuer's distribution reinvestment plan.

Includes 3,304.71 shares acquired under the Issuer's distribution reinvestment plan.

An IRA is the record holder of these Shares. Mr. Breakstone is the direct beneficiary with sole voting and investment power with respect to the Shares held by the IRA.

Includes 2,184.62 shares acquired under the Issuer's distribution reinvestment plan.

Mr. Reisner is the record holder of 13,698 shares, and CION Investment Group, LLC ("CIG") is the record holder of 62,598.77 shares that includes 5,932.67 shares acquired under the Issuer's distribution reinvestment plan. Mr. Reisner, together with another individual, controls CIG and, as a result, may be deemed to be the indirect beneficial owner of the shares held by CIG. As permitted by Rule 16a-1(a)(4) under the Exchange Act, Mr. Reisner disclaims beneficial ownership of the shares held by CIG except to the extent of his pecuniary interest therein.

Includes 2,842.77 shares acquired under the Issuer's distribution reinvestment plan.

An IRA is the record holder of these Shares. Mr. Breakstone is the direct beneficiary with sole voting and investment power with respect to the Shares held by the IRA.

Represents the aggregate of purchases effected on the same trading day at different prices.

Represents the weighted average purchase price per share. The shares were purchased at prices of $11.40 and $11.41 per share. Full information regarding the number of shares purchased at each price shall be provided upon request to the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer.

Includes 12,500 shares of which certain investment retirement accounts are the record holder. Mr. Bresner is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement accounts.

Represents the aggregate of purchases effected on the same trading day at different prices.

Represents the weighted average purchase price per share. The shares were purchased at prices of $11.38 and $11.41 per share. Full information regarding the number of shares purchased at each price shall be provided upon request to the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer.

Includes 13.43 shares acquired under the Issuer's distribution reinvestment plan.

Represents shares acquired in the Reporting Person's account with a third-party, non-Issuer 401(k) retirement savings plan qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended.

Mr. Reisner is the record holder of 13,261 shares, and CION Investment Group, LLC ("CIG") is the record holder of 62,598.77 shares that includes 5,932.67 shares acquired under the Issuer's distribution reinvestment plan. Mr. Reisner, together with another individual, controls CIG and, as a result, may be deemed to be the indirect beneficial owner of the shares held by CIG. As permitted by Rule 16a-1(a)(4) under the Exchange Act, Mr. Reisner disclaims beneficial ownership of the shares held by CIG except to the extent of his pecuniary interest therein.

Includes 1,877.78 shares acquired under the Issuer's distribution reinvestment plan.

Includes 12,500 shares of which certain investment retirement accounts are the record holder. Mr. Bresner is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement accounts.

Includes 1,338.06 shares acquired under the Registrant's distribution reinvestment plan.

Includes 12,500 shares of which certain investment retirement accounts are the record holder. Mr. Bresner is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement accounts.

Represents shares acquired in the Reporting Person's account with a third-party, non-Issuer 401(k) retirement savings plan qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended.

Includes 2,484.98 shares acquired under the Issuer's distribution reinvestment plan.

An IRA is the record holder of these Shares. Mr. Breakstone is the direct beneficiary with sole voting and investment power with respect to the Shares held by the IRA.

Represents a distribution of shares to the Reporting Person from his father's estate.

Includes 11,500 shares of which certain investment retirement accounts are the record holder. Mr. Bresner is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement accounts.

Includes 1,115.88 shares acquired under the Registrant's distribution reinvestment plan.

Includes 1,596.44 shares acquired under the Issuer's distribution reinvestment plan.

Includes 11,500 shares of which certain investment retirement accounts are the record holder. Mr. Bresner is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement accounts.

Mr. Reisner is the record holder of 12,861 shares, and CION Investment Group, LLC ("CIG") is the record holder of 62,598.77 shares that includes 5,932.67 shares acquired under the Issuer's distribution reinvestment plan. Mr. Reisner, together with another individual, controls CIG and, as a result, may be deemed to be the indirect beneficial owner of the shares held by CIG. As permitted by Rule 16a-1(a)(4) under the Exchange Act, Mr. Reisner disclaims beneficial ownership of the shares held by CIG except to the extent of his pecuniary interest therein.

Includes 1,115.88 shares acquired under the Registrant's distribution reinvestment plan.

Includes 1,596.44 shares acquired under the Issuer's distribution reinvestment plan.

The shares are held for G.G., the child of the Reporting Person, through a custodial account established pursuant to the UTMA for which the Reporting Person serves as custodian.

As permitted by Rule 16a-1(a)(4) under the Exchange Act, the Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

The Reporting Person, as Co-Trustee of the Gatto Living Trust, may be deemed to beneficially own the shares held by the Gatto Living Trust.

The shares are held for A.G., the child of the Reporting Person, through a custodial account established pursuant to the Uniform Transfer to Minors Act (the "UTMA") for which the Reporting Person serves as custodian.

As permitted by Rule 16a-1(a)(4) under the Exchange Act, the Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

The shares are held for M.G., the child of the Reporting Person, through a custodial account established pursuant to the UTMA for which the Reporting Person serves as custodian.

As permitted by Rule 16a-1(a)(4) under the Exchange Act, the Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

Mr. Reisner is the record holder of 12,454 shares, and CION Investment Group, LLC ("CIG") is the record holder of 62,598.77 shares that includes 5,932.67 shares acquired under the Issuer's distribution reinvestment plan. Mr. Reisner, together with another individual, controls CIG and, as a result, may be deemed to be the indirect beneficial owner of the shares held by CIG. As permitted by Rule 16a-1(a)(4) under the Exchange Act, Mr. Reisner disclaims beneficial ownership of the shares held by CIG except to the extent of his pecuniary interest therein.

Represents the aggregate of purchases effected on the same trading day at different prices.

Represents the weighted average purchase price per share. The shares were purchased at prices ranging from $10.77 to $10.79 per share. Full information regarding the number of shares purchased at each price shall be provided upon request to the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer.

Includes 11,500 shares of which certain investment retirement accounts are the record holder. Mr. Bresner is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement accounts.

A self-employed pension plan is the record holder of these Shares. Mr Finlay is the direct beneficiary with sole voting and investment power with respect to the Shares held by the self-employed pension plan.

Mr. Gatto is the record holder of 10,905 shares, and CION Investment Group, LLC ("CIG") is the record holder of 62,598.77 shares that includes 5,932.67 shares acquired under the Issuer's distribution reinvestment plan. Mr. Gatto, together with another individual, controls CIG and, as a result, may be deemed to be the indirect beneficial owner of one-half of the shares held by CIG. As permitted by Rule 16a-1(a)(4) under the Exchange Act, Mr. Gatto disclaims beneficial ownership of the shares held by CIG except to the extent of his pecuniary interest therein.

Mr. Reisner is the record holder of 11,985 shares, and CION Investment Group, LLC ("CIG") is the record holder of 62,598.77 shares that includes 5,932.67 shares acquired under the Issuer's distribution reinvestment plan. Mr. Reisner, together with another individual, controls CIG and, as a result, may be deemed to be the indirect beneficial owner of the shares held by CIG. As permitted by Rule 16a-1(a)(4) under the Exchange Act, Mr. Reisner disclaims beneficial ownership of the shares held by CIG except to the extent of his pecuniary interest therein.

Mr. Reisner is the record holder of 11,551 shares, and CION Investment Group, LLC ("CIG") is the record holder of 62,598.77 shares that includes 5,932.67 shares acquired under the Issuer's distribution reinvestment plan. Mr. Reisner, together with another individual, controls CIG and, as a result, may be deemed to be the indirect beneficial owner of the shares held by CIG. As permitted by Rule 16a-1(a)(4) under the Exchange Act, Mr. Reisner disclaims beneficial ownership of the shares held by CIG except to the extent of his pecuniary interest therein.

Represents the aggregate of purchases effected on the same trading day at different prices.

Represents the weighted average purchase price per share. The shares were purchased at prices ranging from $9.40 to $9.57 per share. Full information regarding the number of shares purchased at each price shall be provided upon request to the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer.

Includes 2,896.68 Shares of which an investment retirement account is the record holder that includes 396.68 shares acquired under the Issuer's distribution reinvestment plan. Mr. Franz is the indirect beneficial owner with sole voting and investment power with respect to the Shares held by the investment retirement account.

Includes 7,500 shares of which certain investment retirement accounts are the record holder. Mr. Bresner is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement accounts.

Includes 7,500 shares of which certain investment retirement accounts are the record holder. Mr. Bresner is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement accounts.

Includes 7,500 shares of which certain investment retirement accounts are the record holder. Mr. Bresner is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement accounts.

Includes 7,500 shares of which certain investment retirement accounts are the record holder. Mr. Bresner is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement accounts.

Includes two purchases by two IRAs of the Reporting Person at the same price.