CION Investment Corporation — Director's Dealing 2023

Feb 27, 2023

Name of Beneficial Owner	Number of Shares Owned Beneficially(1)	Percentage of Class(2)	Percentage Assuming Maximum Offering Amount is Purchased
Directors:
Interested Directors
Mark Gatto(3)	38,333.05	*	*
Michael A. Reisner(4)	38,924.05	*	*
Independent Directors
Robert A. Breakstone(5)	6,000.00	*	*
Peter I. Finlay(6)	2,000.00	*	*
Aron I. Schwartz	None	None	None
Earl V. Hedin(7)	5,431.18	*	*
Catherine K. Choi	None	None	None
Edward J. Estrada	3,695.00	*	*
Executive Officers:
Keith S. Franz(8)	55,500.00	*	*
Gregg A. Bresner(9)	40,099.00	*	*
Stephen Roman	6,000.00	*	*
Eric A. Pinero	4,500.00	*	*
All directors and officers as a group (12 persons)(2)	200,482.28	*	*

* Less than 1 %.

(1) Beneficial ownership has been determined in accordance with Rule 13d-3 under the Exchange Act.

(2) Based on a total of 55,181,794 shares issued and outstanding as of February 16, 2023.

(3) Mr. Gatto is the record holder of 10,000 shares and CIG is the record holder of 56,666.10 shares. Messrs. Gatto and Reisner 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, Mr. Gatto disclaims beneficial ownership of the shares held by CIG except to the extent of his pecuniary interest therein.

(4) Mr. Reisner is the record holder of 10,591 shares and CIG is the record holder of 56,666.10 shares. Messrs. Gatto and Reisner 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, Mr. Reisner disclaims beneficial ownership of the shares held by CIG except to the extent of his pecuniary interest therein.

(5) An investment retirement account is the record holder of these shares. Mr. Breakstone is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement account.

(6) A self-employed pension plan is the record holder of these shares. Mr Finlay is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the self-employed pension plan.

(7) The Hudson Partners Group Incentive Savings Trust is the record holder of these shares. Mr. Hedin is the indirect beneficial owner with sole voting and investment power with respect to the shares held by The Hudson Partners Group Incentive Savings Trust.

(8) Mr. Franz is the record holder of 53,000 shares and an investment retirement account is the record holder of 2,500 shares. Mr. Franz is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement account.

(9) Mr. Bresner is the record holder of 34,599 shares and an investment retirement account is the record holder of 5,500 shares. Mr. Bresner is the indirect beneficial owner with sole voting and investment power with respect to the shares held by the investment retirement account.