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This is neither an offer to sell nor a solicitation to purchase the securities described herein. An offering is made only by the prospectus which must precede or accompany this presentation. Please read the prospectus prior to making any investment decision and consider the risks, chargers, expenses and other information described therein. Additional copies of the prospectus may be obtained by contacting CION Securities at 800.435.5697 or by visiting cioninvestments.com. Risks and limitations include, but are not limited to, the following: investment instruments may be susceptible to economic downturns causing losses; there is no guarantee that all shares can be repurchased; the Fund’s business operations may be negatively impacted by fluctuations in the capital markets; the Fund is a newly organized, diversified, closed-end investment company with no operating history; diversification does not eliminate the risk of experiencing investment losses. Please be aware that the Fund, the Advisers, the Distributor or the Wholesale Marketing Agent and their respective officers, directors, employees and affiliates do not undertake to provide impartial investment advice or to give advice in a Fiduciary capacity in connection with the Fund’s public offering of shares. CION Securities, LLC (“CSL”) is the wholesale marketing agent for CION Ares Diversified Credit Fund, advised by CION Ares Management, LLC (“CAM”) and distributed by ALPS Distributors, Inc (“ADI”). CSL, member FINRA, and CAM are not affiliated with ADI, member FINRA.

CION Ares Diversified Credit FundInvestor Presentation

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RisksAn investment in shares of the Fund’s common stock involves a high degree of risk and considered speculative. Potential investors should carefully consider the risk factors described in the prospectus before deciding to invest. An investment in the Fund is subject to, among others, the following risks:

• There is not expected to be any secondary trading market in the Shares.

• Unlike an investor in most closed-end funds, Shareholders should not expect to be able to sell their Shares regardless of how the Fund performs.An investment in the Fund is considered illiquid.

• If a Shareholder is able to sell its Shares outside the quarterly repurchase process, the Shareholder likely will receive less than their purchase price and the then current NAV per Share.

• An investor will pay a sales load of up to 5.75%.

• Unlike most closed-end funds, the Shares are not listed on any securities exchange. The Fund will provide liquidity through quarterly offers to repurchase a limited amount of the Fund’s shares (at least 5%).

• There is no assurance that monthly distributions paid by the Fund will be maintained at the targeted level or that dividends will be paid at all.

• The Fund’s distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. Any capital returned to Shareholders through distributions will be distributed after payment of fees and expenses.

• A return of capital to Shareholders is a return of a portion of their original investment in the Fund, thereby reducing the tax basis of their investment. As a result from such reduction in tax basis, Shareholders may be subject to tax in connection with the sale of Fund Shares, even if such Shares are sold at a loss relative to the Shareholder’s original investment.

• The Fund’s distributions may result from expense reimbursements from CION Ares Management, LLC (“CAM” or the “Advisor”), which are subject to repayment by the Fund. Shareholders should understand that any such distributions are not based on the Fund’s investment performance, and can only be sustained if the Fund achieves positive investment performance in future periods and/or CAM continues to make such expense reimbursements. Shareholders should also understand that the Fund’s repayments will reduce the distributions that a Shareholder would otherwise receive.

Most of the credit instruments in which the Fund invests will be rated below investment grade by rating agencies or would be rated below investment grade if they were rated. Credit instruments that are rated below investment grade (commonly referred to as “high yield” securities or “junk bonds”) are regarded as having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. Because of the risks associated with investing in high yield securities, an investment in the Fund should be considered speculative. Some of the credit instruments will have no credit rating at all.

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CION Ares Management, LLC

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CION Ares Management, LLC Affiliates of CION Investments and Ares Management have joined forces to form CION Ares Management, LLC or “CAM”. As the advisor to the CION Ares Diversified Credit Fund, CAM brings together two highly experienced alternative asset managers in an effort to provide individual investors with access to a global, institutionally managed credit strategy.

Fully integrated manager and sponsor of alternative credit strategies Currently manages $2.0 billion in credit assets Has made $3.1 billion in direct lending investments since 2008

Global alternative asset manager with approximately $106 billion in pro forma assets under management1

Manages 3 distinct yet complementary platforms: Credit, Real Estate & Private Equity Publicly traded on the New York Stock Exchange under the ticker: ARES

1. As of December 31, 2017. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser.

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Ares Management, L.P.

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Ares Management, LP

1. As of December 31, 2017. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser.

Credit Private Equity Real EstateA leading participant in the non-investment grade corporate credit markets

One of the most consistent private equity managers in the U.S. with a growing international presence

A leading participant in the real estate private equity markets and a growing direct lender

Assets Under Management(1) $71.7 billion $24.5 billion $10.2 billion

Key Strategies

• High Yield Bonds• Syndicated Loans• Structured Credit

• Direct Lending

• Corporate Private Equity• U.S. Power & Energy Infrastructure

• Special Situations

• Real Estate Debt• Real Estate Private Equity

Ares has three distinct but complementary investment groups that have the ability to

invest across the capital structure

Ares Management, L.P. (NYSE: ARES) is a leading global alternative asset manager with approximately $106

billion of assets under management(1)

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More Liquid Products Less Liquid Products

Wide Range of Strategies

Ares is a global manager with significant experience investing across multiple credit strategies, all of which may be employed by CION Ares Diversified Credit Fund.

1. As of December 31, 2017, AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser. Bank Loan AUM includes Ares managed CLOs. Excludes AUM associated with the Ares Income Opportunity Strategy. AUM shown includes funds managed in a separate account format.

2. As of December 31, 2017, AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser.

Syndicated Loans High YieldCredit

OpportunitiesStructured Credit Real Estate Debt Direct Lending

AUM(1) $16.5 billion $4.6 billion $3.3 billion $4.8 billion $2.9 billion $42.4 billion(2)

Targeted Investments

• Leveraged loans and high yield • U.S. & Europe

• Bank loans• High yield bonds• Structured credit• Special situations• Shorts• Hedges

• Collateralized Loan Obligations - Debt & Equity

• Specialty finance

• Directly originated financing of commercial real estate and multifamily properties

• Directly originated loans

• Middle market• Project finance• Asset-based

loans

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Overview of Ares Credit & Real Estate Debt Business

Ares’ Scaled, Global Credit Platform is a key differentiator in the market

Note: As of December 31, 2017, unless otherwise noted.1. As of December 31, 2017, AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered

investment adviser. Includes $2.5 billion of Real Estate Debt AUM, which is not included in the Ares Credit Group AUM reported in Ares SEC filings.2. Effective July 1, 2016, we moved our Special Situations strategy from our Credit Group into our Private Equity Group. However, the Credit Group leverages the resources of the

Special Situations team regularly and therefore they are reflected in the personnel figures stated herein.

~$71.7 billion AUM(1) Local Market Presence Across 15 Offices~30 Partners

averaging 24 years of experience(2)

~235 dedicated investment

professionals

Origination, Research & Investments(2)

• 11 portfolio managers• ~55 research professionals• ~120 direct origination professionals• 11 distressed and restructuring specialists

Syndication, Trading & Servicing

• 6 traders across the U.S. and Europe• 6 dedicated loan syndications professionals• 30 direct lending and real estate professionals

focused on asset management

Ares’ experienced teams across the platform provide for excellence in investing and client service

Investor Relations & Business Operations

• Well-established investor service and business operations across the Americas, Europe, Asia, Australia and the

Middle East

Dallas

Los Angeles Atlanta

New York

Chicago

San Francisco

LondonStockholm

Frankfurt

LuxembourgParis

Sydney

Dubai

Chengdu

Hong Kong

Shanghai

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The Economic Environment

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Fixed Income Yields are Historically Low

Investors are struggling to find yield with traditional fixed income vehicles

1. Source: Bloomberg.com – March 2018. Treasury Bond Yield is represented by the Bloomberg US Treasury Bond Index, Municipal Bond Yield is represented by the BVAL Municipal 10 Year Benchmark, and Corporate Bond Yield is represented by the 10 Year High Quality Market Corporate Bond Par Yield Index. This data is for illustrative purposes only and is not indicative of any investment. An investment cannot be made directly in an index.

2. Past performance is no guarantee of future results. Although CDs are insured and offer a fixed rate of return, U.S. Government Bonds and Treasury Bills are only guaranteed as to the timely payment of principal and interest. The amount of interest paid can vary. Corporate Bonds carry higher risk than Government issued debt as their interest payments are not guaranteed and are typically based on the expectation that a company will make timely repayments of its debt.

YIELDS OF TRADITIONAL FIXED INCOME INVESTMENTS1,2

3.13%

2.32%2.31%

2.10%

"A" rated Corporate Bond "A" rated Municipal Bond Treasury Bond CDs10 Year 10 Year 10 Year 1 Year

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Interest Rate Environment

Interest Rates have been hovering near historical lows for a prolonged period of time.

Source of Chart: Lewitinn, Lawrence. “Here’s 222 years of interest rate history on one chart”. Talking Numbers. Yahoo Finance, September 18, 2013. 2012-2017 Data from Bloomberg.

36YEARS

22YEARS

35YEARS

Yiel

d

1790 1810 1830 1850 1870 1890 1910 1930 1950 1970 1990 2010 2030

Where are interest rates headed

27YEARS

36YEARS

37YEARS

22YEARS

26YEARS

35YEARS

?YEARS

2017

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Number of Days S&P 500 Moved 2% Or More

The Public Markets are Becoming Increasingly Volatile

Source: Bloomberg – as of 12/31/2017. Past performance is not indicative of future results. An investor cannot invest directly in an index.

27

80

53

94

193

242

0

50

100

150

200

250

300

1956-1965 1966-1975 1976-1985 1986-1995 1996-2005 2006-2017

For the twenty years beginning in 1996 through 2017, the S&P 500 Index had intraday movements of 2% or more on 177 more trading days than the prior 40 years combined.

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Changing Competitive Landscape – U.S. Perspective

Numerous middle market focused banks have disappeared over the last two decades, leaving a handful of large banks focused on large borrowers and smaller banks have de-emphasized cash flow lending.

Select Bank Competitors in the 1990’s Consolidators

(Commercial Finance)

In 2014, GE Capital announced the sale of its sponsor finance business, eliminating one of the largest players in the marketFor illustrative purposes only. Not all banks in the competitive landscape may be listed.

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CION Ares Diversified Credit Fund

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Why Diversified Credit?

Diversified Credit Provides Access to Alternative Credit in a Single Fund

1 Downside ManagementCAM is focused on identifying and understanding downside risks to help preserve capital

2 YieldIn an environment where yields are at historical lows and continue to be compressed, this product has potential to offer a compelling current yield

3 Diversification1

The Fund will tactically invest and dynamically allocate across multiple credit asset classes to allow for superior risk-adjusted return opportunities across market cycles

4 Access2

CAM seeks to deliver on this investment strategy given its global presence and scale

1. Diversification does not assure profit or protect against market loss.2. There is no guarantee the investment strategy will be met.

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18%U.S.

5%

30%Euro

25%U.S.5%

15%

Bonds/Loans

Opportunistic Credit

Structured Credit / Asset-Based Lending

Direct Lending

Real Estate Debt

Hypothetical Portfolio Allocation*

How CADC would position a diversified credit strategies portfolio in today’s market.

Dynamic portfolio allocation targeting attractive risk-adjusted returns

* The hypothetical portfolio allocation is intended to provide a visual representation of a particular allocation strategy. There is no guarantee that the final portfolio allocation will be identical to this hypothetical representation.

2%Euro

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Keith Ashton (18 yrs)• Ares Management – Co-Head and Portfolio Manager, Structured Credit• Indicus Advisors – Partner• TIAA-CREF – Portfolio Manager and Head of Structured Credit

CION Ares Diversified Credit Fund Allocation Committee

Note: All information as of December 31, 2017

Portfolio Management

Mitch Goldstein (23 yrs)• Ares Management – Co-Head of Ares Credit Group• Credit Suisse First Boston – Managing Director, Financial Sponsors Group• Indosuez Capital – IC Member and Principal

Additional Members of Allocation Committee

Gregory Margolies (30 yrs)• Ares Management – Head of Markets• Merrill Lynch & Co.– Managing Director, Head of Global Leveraged Finance and

Capital Commitments

Mark Gatto (18 yrs)• CION Investment Group – Co-Chairman, Co-Chief Executive Officer• Topps Company – Director• Cella & Goldstein — Attorney

Jamie Henderson (15 yrs)• Ares Management – Head of Real Estate Debt• Barings Real Estate Advisors – Head of Structured Real Estate Investments• Oldcastle/CRH – Vice President of Development

John Leupp (28 yrs)• Ares Management – Co-Head and Portfolio Manager, U.S. Liquid Credit• Credit Suisse First Boston – Director of Fixed Income• Libra Investments – High Yield Research Analyst

David Sachs (36 yrs) • Ares Management – Partner, Ares Strategy and Relationship Management• Onyx Partners – Partner, Merchant Banking & Capital Raising• Taylor & Co. – Principal & Portfolio Manager

Seth Brufsky (27 yrs)• Ares Management – Co-Head and Portfolio Manager, U.S. Liquid Credit• Merrill Lynch & Co – Corporate Strategy and Research Group• UBS – Member of Fixed Income Sales and Trading Group

Kipp deVeer (22 yrs)• Ares Management – Head of Ares Credit Group• RBC Capital Partners – Partner • Indosuez Capital – VP, Merchant Banking Group

Blair Jacobson (22 yrs)• Ares Management – Co-Head of European Credit• The StepStone group – Partner• Citigroup Private Equity and Mezzanine Partners – Partner

Jeffrey Kramer (30 yrs)• Ares Management – Co-Head and Portfolio Manager, Structured Credit• Goldman Sachs – Special Situations Group• ReMark Capital Group – Founder

Michael Reisner (19 yrs)• CION Investment Group – Co-Chairman, Co-Chief Executive Officer• Brodsky, Altman & McMahon LLP — Attorney

Michael Smith (24 yrs)• Ares Management – Co-Head of Ares Credit Group• RBC Capital Partners - Partner• Indosuez Capital – VP, Merchant Banking Group

Kort Schnabel (19 yrs)• Ares Management – Partner and Portfolio Manager, U.S. Direct Lending• Walker Digital Corporation – Corporate Development Group• Morgan Stanley Dean Witter – Corporate Finance Group

Scott Graves (24 yrs)• Ares Management – Co- Head and Partner, Private Equity Group • TIAA-CREF – Managing Director• Credit Suisse – Managing Director

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Current Features of the Fund

*Fund objective - The Fund seeks to capitalize on market inefficiencies and relative value opportunities throughout the entire global credit spectrum. Diversification does not assure profit or protect against market loss. 1. NAV or Net Asset Value is the value of a fund's asset less the value of its liabilities per unit.

2. Fund objective - There is no assurance monthly distributions paid by the fund with be maintained at the targeted level or paid at all.

1 2

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Offering Profile

To provide superior risk adjusted returns across various market cycles by investing in a diversified portfolio of liquid and illiquid asset classes. The Fund seeks to capitalize on market inefficiencies and relative value opportunities throughout the entire global credit spectrum.

Fund Objective

The Fund invests primarily in a portfolio of directly originated loans, secured floating and fixed rate syndicated loans, corporate bonds, asset-backed securities, commercial real estate loans and other types of credit instruments.

Investment Strategy

Symbol

Class A: CADEXClass C: CADCXClass I: CADUXClass L: CADWX

CUSIP

Class A: 17260G103Class C: 17260G202Class I: 17260G301Class L: 17260G400

Structure 1940 Act continuously offered closed-end interval fund

Minimum Investment Non-Qualified Accounts: $2,500Qualified Accounts: $1,000

Dividend Reinvestment Plan Automatic participation, unless otherwise elected

Limited Liquidity /Repurchase Offer

Quarterly at NAV. No less than 5% of the outstanding shares offered.

Fund Advisor CION Ares Management, LLC

Distributor ALPS Distributors, Inc.

Wholesaler CION Securities, LLC

Fund Custodian State Street Bank & Trust Company

Transfer Agent DST Systems, Inc.

Effective Date Class A: December 2016Class C & I: July 2017

Tax Reporting 1099-DIV

Upfront Sales LoadClass A: 5.75%2,4

Class C: No front-end load 1,2,3,4 Class I: No load4

Class L: 4.25%2,3,4

(1) Subject to a 1.00% contingent deferred sales charge if redeemed during the first 365 days after purchase.

(2) Subject to a shareholder servicing fee of up to 0.25% per year. (3) Subject to a 0.75% (Class C) or 0.25% (Class L) annual distribution fee. (4) Subject to management fees and other expenses.

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Glossary

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Glossary of Terms

1. Collateralized Loan Obligations (CLOs) - a form of securitization where payments from multiple middle sized and large business loans are pooled together and passed on to different classes of owners in various tranches. A CLO is a type of collateralized debt obligation.

2. Floating Rate Loans - refers to any type of debt instrument, such as a loan, bond, mortgage, or credit, that does not have a fixed rate of interest over the life of the instrument.

3. Net Asset Value (NAV) - the value of a fund's asset less the value of its liabilities per unit.

4. The S&P 500 Index - an American stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ. The S&P 500 index components and their weightings are determined by S&P Dow Jones Indices . The S&P 500 is widely regarded as the most accurate gauge of the performance of large-cap American equities.

22CAD000111 12/18