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CĪON Investment Corporation Announces Second Quarter Operating Results

CĪON Investment Corporation, a middle market loan fund that is structured as a non-traded business development company, provides an overview of its operating results for the second quarter of 2016.

Financial Highlights:

• Total investment return-net asset value was 5.23 percent during the six months ended June 30, 2016. Since commencement of operations on December 17, 2012, total investment return-net asset value is 28.24 percent, an annualized return of 7.28 percent.

• CĪON declared cash distributions to shareholders totaling approximately $38.2 million, or $0.3658 per share, during the six months ended June 30, 2016, which were fully covered by taxable income, up from approximately $24.0 million, or $0.3658 per share, during the six months ended June 30, 2015.

• During the six months ended June 30, 2016, CĪON decreased its gross share price once from $9.95 to $9.40 per share and increased its gross share price eight times from $9.40 to $9.80 per share. Subsequent to June 30, 2016, CĪON increased its gross share price three times from $9.80 to $9.95 per share.

• During the quarter, CĪON made approximately $118.6 million of new investments and sold or received repayment of investments totaling approximately $115.7 million, resulting in net investment activity of approximately $2.9 million.

• As of June 30, 2016, CĪON had an interest in investments in 140 portfolio companies with a fair value of $1.37 billion.

According to the company’s quarterly filing, total investment income for the quarter was $17.8 million, compared to $11.9 million during the same period of 2015. Net investment income was $10.8 million for the second quarter, compared to last year’s totals of $4.5 million.

Since commencing its initial continuous public offering in July 2012, CION has raised $1.1 billion at an average price per share of $10.20. The BDC, which invests primarily in the senior-secured debt of private U.S. middle market companies, is advised by CĪON Investment Management LLC an ICON Investments company – and its sub-advised by Apollo Investment Management L.P., a subsidiary of Apollo Global Management.

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