<SEC-DOCUMENT>0001104659-20-006961.txt : 20200127
<SEC-HEADER>0001104659-20-006961.hdr.sgml : 20200127
<ACCEPTANCE-DATETIME>20200127093800
ACCESSION NUMBER:		0001104659-20-006961
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200127
DATE AS OF CHANGE:		20200127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CION Investment Corp
		CENTRAL INDEX KEY:			0001534254
		IRS NUMBER:				453058280
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14387
		FILM NUMBER:		20547332

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212 - 418 - 4700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	C&#298;ON Investment Corp
		DATE OF NAME CHANGE:	20111104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CION INVESTMENT MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0001624904
		IRS NUMBER:				453053333
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14387-06
		FILM NUMBER:		20547329

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		2124184700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CION Investment Partners I, L.P.
		CENTRAL INDEX KEY:			0001768842
		IRS NUMBER:				833679037
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14387-07
		FILM NUMBER:		20547330

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVENUE, 36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212 418-4700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE, 36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CION Management, LLC
		CENTRAL INDEX KEY:			0001768831
		IRS NUMBER:				352651366
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14387-08
		FILM NUMBER:		20547331

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVENUE 36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212 418-4700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE 36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
</SEC-HEADER>
<DOCUMENT>
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<SEQUENCE>1
<FILENAME>tm205862-1_40appa.htm
<DESCRIPTION>40-APP/A
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>No.&nbsp;812-14387</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>U.S.
SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT><B><FONT STYLE="font-size: 10pt">Washington, D.C. 20549</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT NO. 8 TO APPLICATION FOR AN
ORDER UNDER SECTIONS 17(d)&nbsp;AND 57(i)&nbsp;OF THE INVESTMENT COMPANY ACT OF 1940 AND RULE 17d-1 UNDER THE 1940 ACT PERMITTING
CERTAIN JOINT TRANSACTIONS OTHERWISE PROHIBITED BY SECTIONS 17(d)&nbsp;AND 57(a)(4)&nbsp;AND RULE 17d-l</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>C</B></FONT><B>&#298;<FONT STYLE="text-transform: uppercase">ON
INVESTMENT CORPORATION,</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>CION
Investment Management, LLC, CION Investment partners i, l.p. </B></FONT><B>and <FONT STYLE="text-transform: uppercase">cion management,
LLC</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3 Park Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel: (212) 418-4700</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>All Communications, Notices and Orders
to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Michael A. Reisner, Co-Chief Executive
Officer<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark Gatto, Co-Chief Executive Officer<BR>
C</FONT>&#298;ON Investment Corporation<BR>
3 Park Avenue<BR>
New York, NY 10016<BR>
Tel: (212)&nbsp;418-4700</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copies to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Richard Horowitz,&nbsp;Esq.<BR>
Matthew K. Kerfoot,&nbsp;Esq.<BR>
Dechert LLP<BR>
1095 Avenue of the Americas<BR>
New York, NY 10036<BR>
Tel: (212)&nbsp;698-3500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>January&nbsp;27, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>summary of
application</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following entities hereby request an
order (the &ldquo;<B>Order</B>&rdquo;) of the U.S. Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) under
Sections 17(d)&nbsp;and 57(i)&nbsp;of the Investment Company Act of 1940, as amended (the &ldquo;<B>1940 Act</B>&rdquo;),<SUP>1</SUP>
and Rule&nbsp;17d-1 thereunder, permitting certain joint transactions that otherwise may be prohibited by Sections 17(d)&nbsp;and
57(a)(4)&nbsp;and Rule&nbsp;17d-1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>C&#298;ON Investment Corporation, a closed-end management investment company that has elected to be regulated as a business
development company (a &ldquo;<B>BDC</B>&rdquo;) under the 1940 Act (&ldquo;<B>C&#298;ON</B>&rdquo;);<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>CION Investment Management, LLC, the investment adviser to C&#298;ON, on behalf of itself and its successors<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
(the &ldquo;<B>CION Adviser</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>CION Investment Partners I, L.P. (&ldquo;<B>CIP</B>&rdquo; or the &ldquo;<B>Existing Affiliated Fund</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>CION Management, LLC, the investment adviser to the Existing Affiliated Fund, on behalf of itself and its successors (&ldquo;<B>CION
Management</B>&rdquo; and together with C&#298;ON, the CION Adviser and the Existing Affiliated Fund, the &ldquo;<B>Applicants</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The relief requested in this application
(the &ldquo;<B>Application</B>&rdquo;) would allow C&#298;ON or any Future Regulated Entity<SUP>4</SUP> (each, a &ldquo;<B>Regulated
Entity</B>&rdquo; and collectively, the &ldquo;<B>Regulated Entities</B>&rdquo;), one or more other Regulated Entities and/or one
or more Affiliated Funds<SUP>5</SUP> to (A)&nbsp;participate in the same investment opportunities through a proposed co-investment
program where such participation would otherwise be prohibited under Sections 17 and 57 of the 1940 Act, and (B)&nbsp;make additional
investments in securities of such issuers, including through the exercise of warrants, conversion privileges, and other rights
to purchase securities of the issuers (&ldquo;<B>Follow-On Investments</B>&rdquo;). For purposes of this Application, a &ldquo;<B>Co-Investment
Transaction</B>&rdquo; shall mean any transaction in which any of the Regulated Entities (or their Wholly-Owned Investment Subsidiaries,
as defined below) participate together with one or more other Regulated Entities and/or Affiliated Funds in reliance on the Order,
and a <B>&ldquo;Potential Co-Investment Transaction&rdquo;</B> shall mean any investment opportunity in which any of the Regulated
Entities (or their Wholly-Owned Investment Subsidiaries) seeks to participate together with one or more other Regulated Entities
and/or Affiliated Funds in reliance on the Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: left">Unless otherwise indicated, all section and rule references
herein are to the 1940 Act and rules promulgated thereunder.</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: left">Section 2(a)(48) defines a BDC to be any closed-end investment
company that operates for the purpose of making investments in securities described in Section 55(a)(1) through 55(a)(3) of the
1940 Act and makes available significant managerial assistance with respect to the issuers of such securities.</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: left">The term &ldquo;successor&rdquo; means an entity that
results from a reorganization into another jurisdiction or change in the type of business organization.</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: left">&ldquo;<B>Future Regulated Entity</B>&rdquo; means any
closed-end management investment company (a) that is formed in the future, (b) that is registered under the 1940 Act or has elected
to be regulated as a BDC and (c) whose investment adviser is the CION Adviser or any future investment adviser that controls,
is controlled by, or is under common control with the CION Adviser and is registered as an investment adviser under the Investment
Advisers Act of 1940, as amended (the &ldquo;Advisers Act,&rdquo; and each such investment adviser, a &ldquo;Regulated Entity
Adviser,&rdquo; except that a Regulated Entity Adviser will not include any future joint venture between an Adviser (defined below)
and Apollo Global Management, LLC or any entity that controls, is controlled by, or is under common control with Apollo Global
Management, LLC).</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: left">&ldquo;<B>Affiliated Funds</B>&rdquo; means the Existing
Affiliated Fund and any Future Affiliated Fund. &ldquo;<B>Future Affiliated Fund</B>&rdquo; means any investment company (a) that
is formed in the future, (b) that would be an investment company but for Sections 3(c)(1), 3(c)(5)(B) or 3(c)(7) of the 1940 Act
and (c) whose investment adviser is CION Management or any future investment adviser that controls, is controlled by, or is under
common control with CION Management and is registered as an investment adviser under the Advisers Act (each, an &ldquo;Affiliated
Fund Adviser,&rdquo; and, collectively with the Regulated Entity Advisers, the &ldquo;Advisers&rdquo;). No Affiliated Fund is
or will be a subsidiary of a Regulated Entity. Applicants do not believe that allowing an Affiliated Fund that would be an investment
company but for Section 3(c)(5)(B) of the 1940 Act (each, a &ldquo;Section 3(c)(5)(B) Fund&rdquo;) to participate in Co-Investment
Transactions as an Affiliated Fund raises any additional legal or policy concerns not otherwise raised by allowing a Regulated
Entity to co-invest with one or more Affiliated Funds that would be an investment company but for Sections 3(c)(1) or 3(c)(7)
of the 1940 Act, because the Section 3(c)(5)(B) Fund would be advised by an Affiliated Fund Adviser in the same way that Affiliated
Funds relying on Sections 3(c)(1) or 3(c)(7) are advised by an Affiliated Fund Adviser. Accordingly, Applicants request that the
Section 3(c)(5)(B) Funds be permitted to participate in Co-Investment Transactions as Affiliated Funds.</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any of the Regulated Entities may, from
time to time, form one or more Wholly-Owned Investment Subsidiaries<SUP>6</SUP>. Such a subsidiary would be prohibited from investing
in a Co-Investment Transaction with any Affiliated Fund or another Regulated Entity because it would be a company controlled by
its parent Regulated Entity for purposes of Section&nbsp;57(a)(4)&nbsp;and Rule&nbsp;17d-1 of the 1940 Act. Applicants request
that each Wholly-Owned Investment Subsidiary be permitted to participate in Co-Investment Transactions in lieu of its parent Regulated
Entity and that the Wholly-Owned Investment Subsidiary&rsquo;s participation in any such transaction be treated, for purposes of
the Order, as though the parent Regulated Entity were participating directly. Applicants represent that this treatment is justified
because a Wholly-Owned Investment Subsidiary would have no purpose other than serving as a holding vehicle for the Regulated Entity&rsquo;s
investments and, therefore, no conflicts of interest could arise between the Regulated Entity and the Wholly-Owned Investment Subsidiary.
The board of directors (the &ldquo;<B>Board</B>&rdquo;)<SUP>7</SUP> of such Regulated Entity would make all relevant determinations
under the conditions with regard to a Wholly-Owned Investment Subsidiary&rsquo;s participation in a Co-Investment Transaction,
and the Regulated Entity&rsquo;s Board would be informed of, and take into consideration, any proposed use of a Wholly-Owned Investment
Subsidiary in the Regulated Entity&rsquo;s place. If the Regulated Entity proposes to participate in the same Co-Investment Transaction
with any of its Wholly-Owned Investment Subsidiaries, the Board of the Regulated Entity will also be informed of, and take into
consideration, the relative participation of the Regulated Entity and the Wholly-Owned Investment Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Applicants do not seek relief for transactions
that would be permitted under other regulatory or interpretive guidance, including, for example, transactions effected consistent
with Commission staff no-action positions.<SUP>8</SUP> We note that C&#298;ON and the CION Adviser have been added as applicants
to an exemptive application filed by Apollo Investment Corporation, et. al. (File No.&nbsp;812-15015-96) (the &ldquo;Apollo Application&rdquo;).
The CION Adviser is a joint venture between CION Investment Group, LLC (&ldquo;<B>CIG</B>&rdquo;) and Apollo Investment Management,
L.P. Pursuant to the Apollo Application, C&#298;ON and the other Apollo Regulated Funds<SUP>9</SUP> and Apollo Affiliated Funds<SUP>10</SUP>
respectfully request an Order of the Commission (the &ldquo;<B>Apollo Order</B>&rdquo;) to permit C&#298;ON and/or one or more
other Apollo Regulated Funds and/or one or more Apollo Affiliated Funds to enter into certain co-investment transactions with each
other where an investment adviser that controls, is controlled by or is under common control with Apollo Global Management, LLC
is sourcing the co-investment transactions (each, an &ldquo;<B>Apollo Co-Investment Transaction</B>&rdquo;). Potential Co-Investment
Transactions under the requested Order will be sourced solely by the Advisers and will not be sourced directly or indirectly by
an Apollo Adviser or any entity that controls, is controlled by, or is under common control with an Apollo Adviser.&nbsp; C&#298;ON
and CION Adviser are the only entities that will rely on any relief granted to permit both co-investment transactions under the
requested Order and separate co-investment transactions under the Apollo Order.&nbsp; The Existing Affiliated Fund, any Future
Affiliated Funds, and any Future Regulated Entities do not currently, and will not in the future, invest in the securities of any
portfolio company in which Apollo Regulated Funds or Apollo Affiliated Funds are invested (other than Co-Investment Transactions
in which the Existing Affiliated Fund, any Future Affiliated Funds, and any Future Regulated Entities participates in reliance
on the requested Order).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6</SUP></FONT></TD><TD STYLE="text-align: left">&ldquo;<B>Wholly-Owned Investment Subsidiary</B>&rdquo;
means any entity: (i) that is wholly-owned by a Regulated Entity (with such Regulated Entity at all times holding, beneficially
and of record, 100% of the voting and economic interests); (ii) whose sole business purpose is to hold one or more investments
on behalf of such Regulated Entity (and, in the case of an entity that is licensed by the Small Business Administration to operate
under the Small Business Investment Act of 1958, as amended (the &ldquo;<B>SBA Act</B>&rdquo;), as a small business investment
company (an &ldquo;<B>SBIC</B>&rdquo;), to maintain a license under the SBA Act and issue debentures guaranteed by the Small Business
Administration); (iii) with respect to which the board of directors of such Regulated Entity has the sole authority to make all
determinations with respect to the entity&rsquo;s participation under the conditions of this Application; and (iv) that would
be an investment company but for Sections 3(c)(1) or 3(c)(7) of the 1940 Act. All subsidiaries participating in Co-Investment
Transactions will be Wholly-Owned Investment Subsidiaries and will have Objectives and Strategies (as defined below) that are
either the same as, or a subset of, their parent Regulated Entity&rsquo;s Objectives and Strategies. A subsidiary that is an SBIC
may be a Wholly-Owned Investment Subsidiary if it satisfies the conditions in this definition.</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT></TD><TD STYLE="text-align: left">The term &ldquo;<B>Board</B>&rdquo; refers to the board
of directors or trustees of any Regulated Entity.</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8</SUP></FONT></TD><TD STYLE="text-align: left"><I>See, e.g</I>., Massachusetts Mutual Life Insurance
Co. (pub. Avail. June 7, 2000), Massachusetts Mutual Life Insurance Co. (pub. Avail. July 28, 2000) and SMC Capital, Inc. (pub.
Avail. Sept. 5, 1995).</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&ldquo;<B>Apollo Regulated
Funds</B>&rdquo; means Apollo Investment Corporation, Apollo Senior Floating Rate Fund Inc., Apollo Tactical Income Fund Inc.,
the Apollo BDC Downstream Funds, and any closed-end management investment company (a) that is formed in the future, (b) that is
registered under the 1940 Act or has elected to be regulated as a BDC and (c) whose investment adviser is an Apollo Adviser. &ldquo;<B>Apollo
Adviser</B>&rdquo; means Apollo Investment Management, L.P., Apollo Credit Management, LLC, and the investment advisers to the
investment vehicles identified in Appendix A of the Apollo Application, together with (a)&nbsp;any future investment adviser that
(i)&nbsp;controls, is controlled by or is under common control with Apollo Global Management, LLC, (ii)&nbsp;is registered as
an investment adviser under the Advisers Act, and (iii)&nbsp;is not an Apollo Regulated Fund or a subsidiary of an Apollo Regulated
Fund. &ldquo;<B>Apollo BDC Downstream Funds</B>&rdquo; means either (a)&nbsp;with respect to Apollo Investment Corporation, Merx
Aviation Finance, LLC or (b)&nbsp;with respect to any Apollo Regulated Fund that is a BDC, an entity (i)&nbsp;that the BDC directly
or indirectly controls, (ii)&nbsp;that is not controlled by any person other than the BDC (except a person that indirectly controls
the entity solely because it controls the BDC), (iii) that would be an investment company but for Sections 3(c)(1) or 3(c)(7)
of the 1940 Act, (iv)&nbsp;whose investment adviser is an Apollo Adviser and (v)&nbsp;that is not a Wholly-Owned Investment Subsidiary
of an Apollo Regulated Fund.</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>10</SUP></FONT></TD><TD STYLE="text-align: left">&ldquo;<B>Apollo Affiliated Fund</B>&rdquo; means the
investment vehicles identified in Appendix A of the Apollo Application or any entity (a) that is formed in the future, (b) whose
investment adviser is an Apollo Adviser, (c) that would be an investment company but for Sections 3(c)(1), 3(c)(5)(C) or 3(c)(7)
of the 1940 Act or their ability to rely on Rule 3a-7 of the 1940 Act and (d) that is not an Apollo BDC Downstream Fund.</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All existing entities that currently intend
to rely on the Order have been named as Applicants and any entities that may rely on the Order in the future will comply with its
terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>II.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>GENERAL DESCRIPTION
OF APPLICANTS</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>A.</I></B></TD><TD><B><I>C&#298;ON</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&#298;ON was organized under the General
Corporation Law of the State of Maryland on August&nbsp;9, 2011 for the purpose of operating as a BDC. In addition, C&#298;ON has
made an election to be treated for tax purposes as a regulated investment company (&ldquo;<B>RIC</B>&rdquo;) under the Internal
Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), and intends to continue to make such election in the future.
C&#298;ON&rsquo;s investment objective is to generate current income and, to a lesser extent, capital appreciation for investors.
C&#298;ON&rsquo;s portfolio is comprised primarily of investments in senior secured debt, including first lien loans, second lien
loans and unitranche loans, and, to a lesser extent, collateralized securities, structured products and other similar securities,
unsecured debt, including corporate bonds and long-term subordinated loans, referred to as mezzanine loans, and equity, of private
and thinly traded U.S. middle-market companies. In connection with C&#298;ON&rsquo;s debt investments, it may receive equity interests
such as warrants or options as additional consideration. C&#298;ON may also purchase minority interests in the form of common or
preferred equity in its target companies, either in conjunction with one of its debt investments or through a co-investment with
a financial sponsor.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Board of C&#298;ON has six members,
of which four members are not &ldquo;interested persons&rdquo; of C&#298;ON within the meaning of Section&nbsp;2(a)(19) (the &ldquo;<B>Independent
Directors</B>&rdquo;).<SUP>11</SUP> No Independent Director of any Regulated Entity will have a direct or indirect financial
interest in any Co-Investment Transaction (other than indirectly through share ownership in one of the Regulated Entities), including
any interest in any company whose securities would be acquired in a Co-Investment Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>11</SUP></FONT></TD><TD STYLE="text-align: justify">The term &ldquo;<B>Independent Directors</B>&rdquo; refers
to the independent directors or trustees of any Regulated Entity.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>B.</I></B></TD><TD><B><I>The CION Adviser</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The CION Adviser is a limited liability
company organized under the Limited Liability Company Act of the State of Delaware on August&nbsp;9, 2011. The CION Adviser is
registered with the Commission under the Advisers Act. On the date of this Application, its sole client is C&#298;ON. The CION
Adviser is a subsidiary of CIG and an affiliate of CION Management, which, together, provide innovative alternative investment
products to individual and institutional investors through publicly-registered programs, private funds and separately managed accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the terms of the investment advisory
agreement with C&#298;ON, the CION Adviser will: (i)&nbsp;determine the composition and allocation of C&#298;ON&rsquo;s portfolio,
the nature and timing of the changes to C&#298;ON&rsquo;s portfolio and the manner of implementing such changes; (ii)&nbsp;determine
which securities C&#298;ON will purchase, retain or sell; (iii)&nbsp;identify, evaluate, negotiate and structure the investments
C&#298;ON makes; perform due diligence on prospective portfolio companies; and (iv)&nbsp;execute, close, monitor and service the
investments C&#298;ON makes. The CION Adviser&rsquo;s services under the investment advisory agreement may not be exclusive, and
it is free to furnish similar services to other entities so long as its services to C&#298;ON are not impaired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>C.</I></B></TD><TD><B><I>CION Management</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">CION Management is a limited liability company
organized under the Limited Liability Company Act of the State of Delaware on June&nbsp;4, 2018. CION Management, an affiliate
of CIP, serves as CIP&rsquo;s investment adviser. CION Management is a registered investment adviser with the Commission under
the Advisers Act. CION Management oversees the management of CIP&rsquo;s activities and is responsible for making investment decisions
for CIP&rsquo;s portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>D.</I></B></TD><TD><B><I>CIP</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">CIP is a limited partnership organized under
the Revised Uniform Limited Partnership Act of the State of Delaware on June&nbsp;5, 2018. CIP&rsquo;s investment objective is
to generate current income and, to a lesser extent, capital appreciation for its partners. CIP operates as a private direct financing
fund in which invested capital is pooled together to make investments primarily in first lien senior secured loans, including &ldquo;unitranche&rdquo;
loans, second lien senior secured loans and mezzanine debt, which in some cases includes an equity component, and, to a lesser
extent, collateralized securities, structured products and other similar securities, of U.S. and European middle-market companies.
CION Management serves as the investment adviser to CIP. CIP&rsquo;s general partner is CION CIP GP, LLC, a limited liability company
organized under the Limited Liability Company Act of the State of Delaware on June&nbsp;4, 2018. <FONT>CIP
is excluded from the definition of &ldquo;investment company&rdquo; in reliance upon Section&nbsp;3(c)(1)&nbsp;of the 1940 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>III.</B></FONT><B><FONT STYLE="font-size: 10pt; text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT STYLE="text-transform: uppercase">order
requested</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Applicants request the Order of the
Commission under Sections 17(d)&nbsp;and 57(i)&nbsp;under the 1940 Act, and Rule&nbsp;17d-1 under the 1940 Act to permit, subject
to the terms and conditions set forth below in this Application (the &ldquo;Conditions&rdquo;), one or more Regulated Entities
to be able to participate in Co-Investment Transactions with one or more other Regulated Entities and/or one or more Affiliated
Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Regulated Entities and Affiliated Funds
seek relief to invest in Co-Investment Transactions because such Co-Investment Transactions would otherwise be prohibited by Sections
17(d)&nbsp;and 57(a)(4)&nbsp;of the 1940 Act and Rule&nbsp;17d-1 under the 1940 Act. This Application seeks relief in order to
(i)&nbsp;enable the Regulated Entities and Affiliated Funds to avoid the practical difficulties of trying to structure, negotiate
and persuade counterparties to enter into transactions while awaiting the granting of the relief requested in individual applications
with respect to each Co-Investment Transaction that arises in the future and (ii)&nbsp;enable the Regulated Entities and the Affiliated
Funds to avoid the significant legal and other expenses that would be incurred in preparing such individual applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Applicants believe that granting this
Order and the Apollo Order does not raise an additional issue because each Co-Investment Transaction under the requested Order
will be sourced solely by the Advisers and will not be sourced by an Apollo Adviser, while each Apollo Co-Investment Transaction
would be sourced by an Apollo Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>A.</I></B></FONT></TD><TD><B><I>Section&nbsp;17(d)&nbsp;and Section&nbsp;57(a)(4)</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;17(d)&nbsp;of the 1940 Act
generally prohibits an affiliated person (as defined in Section&nbsp;2(a)(3)&nbsp;of the 1940 Act), or an affiliated person of
such affiliated person, of a registered closed-end investment company acting as principal, from effecting any transaction in which
the registered closed-end investment company is a joint or a joint and several participant, in contravention of such rules&nbsp;as
the Commission may prescribe for the purpose of limiting or preventing participation by the registered closed-end investment company
on a basis different from or less advantageous than that of such other participant. Rule&nbsp;17d-1 under the 1940 Act generally
prohibits participation by a registered investment company and an affiliated person (as defined in Section&nbsp;2(a)(3)&nbsp;of
the 1940 Act) or principal underwriter for that investment company, or an affiliated person of such affiliated person or principal
underwriter, in any &ldquo;joint enterprise or other joint arrangement or profit-sharing plan,&rdquo; as defined in the rule, without
prior approval by the Commission by order upon application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Similarly, with regard to BDCs, Section&nbsp;57(a)(4)&nbsp;prohibits
certain persons specified in Section&nbsp;57(b)&nbsp;of the 1940 Act from participating in a joint transaction with a BDC, or a
company controlled by a BDC in contravention of rules&nbsp;as prescribed by the Commission. In particular Section&nbsp;57(a)(4)&nbsp;applies
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Any director, officer, employee, or member of an advisory board of a BDC; or any person (other than the BDC itself) who is
an affiliated person of the forgoing pursuant to Section&nbsp;2(a)(3)(C)&nbsp;of the 1940 Act; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Any investment adviser or promoter of, general partner in, principal underwriter for, or person directly or indirectly either
controlling, controlled by, or under common control with, a BDC<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12</SUP></FONT>;
or any person who is an affiliated person of any of the forgoing within the meaning of Section&nbsp;2(a)(3)(C)&nbsp;or (D)&nbsp;of
the 1940 Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2(a)(3)(C)&nbsp;of the 1940
Act defines an &ldquo;affiliated person&rdquo; of another person to include any person directly or indirectly controlling, controlled
by, or under common control with, such other person. Section&nbsp;2(a)(9)&nbsp;of the 1940 Act defines &ldquo;control&rdquo; as
the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result
of an official position with that company. Under Section&nbsp;2(a)(9), a person who beneficially owns, either directly or through
one or more controlled companies, more than 25% of the voting securities of a company is presumed to control such company. The
Commission and its staff have indicated on a number of occasions their belief that an investment adviser controls the fund that
it advises, absent compelling evidence to the contrary.<SUP>13</SUP> The CION Adviser is the investment adviser to C&#298;ON,
and either it or another Regulated Entity Adviser will be the investment adviser to each Future Regulated Entity. In addition,
CION Management or another Affiliated Fund Adviser is or will be the investment adviser of each Affiliated Fund. The Regulated
Entities and Affiliated Funds may be deemed to be under common control, and thus affiliated persons of each other under Section&nbsp;2(a)(3)(C)&nbsp;of
the 1940 Act. As a result, these relationships might cause each Regulated Entity and each Affiliated Fund participating in Co-Investment
Transactions to be subject to Sections 17(d)&nbsp;or 57(a)(4), and thus subject to the provisions of Rule&nbsp;17d-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an Adviser or its principals, or any
person controlling, controlled by, or under common control with an Adviser or its principals, and the Affiliated Funds (collectively,
the &ldquo;Holders&rdquo;) own in the aggregate more than 25 percent of the outstanding voting shares of a Regulated Entity (the
 &ldquo;Shares&rdquo;), then the Holders will vote such Shares as required under condition 14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>12</SUP></FONT></TD><TD STYLE="text-align: left">Excluded from this category are the BDC itself and any
person who, if it were not directly or indirectly controlled by the BDC, would not otherwise be under common control with the
BDC.</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>13</SUP></FONT></TD><TD STYLE="text-align: left"><U>See, e.g., <I>In re </I>Investment Company Mergers,
</U>SEC Rel. No. IC-25259 (Nov. 8, 2001); <I><U>In re </U></I><U>Steadman Security Corp<I>.</I>,</U> 46 S.E.C. 896, 920 n.81 (1977)
(&ldquo;[T]he investment adviser almost always controls the fund. Only in the very rare case where the adviser&rsquo;s role is
simply that of advising others who may or may not elect to be guided by his advice...can the adviser realistically be deemed not
in control.&rdquo;).</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Applicants believe that this condition will
ensure that the Independent Directors will act independently in evaluating the Co-Investment Program, because the ability of an
Adviser or the principals to influence the Independent Directors by a suggestion, explicit or implied, that the Independent Directors
can be removed will be limited significantly. The Independent Directors shall evaluate and approve any such independent third party,
taking into account its qualifications, reputation for independence, cost to the shareholders, and other factors that they deem
relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>B.</I></B></FONT></TD><TD><B><I>Rule&nbsp;17d-1</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Rule&nbsp;17d-1 under the 1940 Act generally
prohibits participation by a registered investment company and an affiliated person (as defined in Section&nbsp;2(a)(3)&nbsp;of
the 1940 Act) or principal underwriter for that investment company, or an affiliated person of such affiliated person or principal
underwriter, in any &ldquo;joint enterprise or other joint arrangement or profit-sharing plan,&rdquo; as defined in the rule, without
prior approval by the Commission by order upon application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Rule&nbsp;17d-1 was promulgated by the
Commission pursuant to Section&nbsp;17(d)&nbsp;and made applicable to BDCs by Section&nbsp;57(i). Section&nbsp;57(i)&nbsp;of the
1940 Act provides that, until the Commission prescribes rules&nbsp;under Section&nbsp;57(a)(4), the Commission&rsquo;s rules&nbsp;under
Section&nbsp;17(d)&nbsp;of the 1940 Act applicable to registered closed-end investment companies will be deemed to apply. Because
the Commission has not adopted any rules&nbsp;under Section&nbsp;57(a)(4), Rule&nbsp;17d-1 applies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Applicants seek relief pursuant to Rule&nbsp;17d-1,
which permits the Commission to authorize joint transactions upon application. In passing upon applications filed pursuant to Rule&nbsp;17d-1,
the Commission is directed by Rule&nbsp;17d-1(b)&nbsp;to consider whether the participation of a registered investment company
or controlled company thereof in the joint enterprise or joint arrangement under scrutiny is consistent with provisions, policies
and purposes of the 1940 Act and the extent to which such participation is on a basis different from or less advantageous than
that of other participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Commission has stated that Section&nbsp;17(d),
upon which Rule&nbsp;17d-1 is based, and upon which Section&nbsp;57(a)(4)&nbsp;was modeled, was designed to protect investment
companies from self-dealing and overreaching by insiders. The Commission has also taken notice that there may be transactions subject
to these prohibitions that do not present the dangers of overreaching. <U>See Protecting Investors: A Half-Century of Investment
Company Regulation,</U> 1504 Fed.Sec.L.Rep., Extra Edition (May&nbsp;29, 1992) at 448, <I>et seq. </I>The Court of Appeals for
the Second Circuit has enunciated a like rationale for the purpose behind Section&nbsp;17(d): &ldquo;The objective of [Section]
17(d)&nbsp;... is to prevent...injuring the interest of stockholders of registered investment companies by causing the company
to participate on a basis different from or less advantageous than that of such other participants.&rdquo; <U>Securities and Exchange
Commission v. Talley Industries,&nbsp;Inc.,</U> 399 F.2d 396, 405 (2d Cir. 1968), <U>cert. denied,</U> 393 U.S. 1015 (1969). Furthermore,
Congress acknowledged that the protective system established by the enactment of Section&nbsp;57 is &ldquo;similar to that applicable
to registered investment companies under Section&nbsp;17 of the 1940 Act, and rules&nbsp;thereunder, but is modified to address
concerns relating to unique characteristics presented by business development companies.&rdquo; H.Rep. No.&nbsp;961341, 96th Con.,
2d Sess. 45 (1980) <I>reprinted in </I>1980 U.S.C.C.A.N. 4827.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Applicants believe that the terms and conditions
of this Application would ensure that the conflicts of interest that Section&nbsp;17(d)&nbsp;and Section&nbsp;57(a)(4)&nbsp;were
designed to prevent would be addressed and the standards for an order under Rule&nbsp;17d-1 are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>C.</I></B></TD><TD><B><I>Protection Provided by the Proposed Conditions</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Applicants believe that the proposed Conditions,
as discussed more fully in Section&nbsp;III.D of this Application, will ensure the protection of shareholders of the Regulated
Entities and compliance with the purposes and policies of the 1940 Act with respect to the Co-Investment Transactions. In particular,
the Conditions, as outlined below, would ensure that each Regulated Entity would only invest in investments that are appropriate
to the interests of shareholders and the investment needs and abilities of that Regulated Entity. In addition, each Regulated Entity
would be able to invest on equal footing with each other Regulated Entity and/or one or more Affiliated Funds, including identical
terms, conditions, price, class of securities purchased, settlement date, and registration rights. Each Regulated Entity would
have the ability to engage in Follow-On Investments in a fair manner consistent with the protections of the other conditions. Each
Regulated Entity would have the ability to participate on a proportionate basis, at the same price and on the same terms and conditions
in any sale of a security purchased in a Co-Investment Transaction. Fees and expenses of Co-Investment Transactions would be borne
by the Adviser, or shared pro rata among the Regulated Entities and Affiliated Funds who participate in the Co-Investment Transactions.
The Conditions would also prevent a Regulated Entity from investing in any issuer in which another Regulated Entity, Affiliated
Fund, or any affiliated person thereof, is an existing investor, which eliminates the possibility of a Regulated Entity being forced
to invest in a manner that would benefit an affiliated person&rsquo;s existing investment. Also, sufficient records of the transactions
would be maintained to permit the examination staff of the Commission to monitor compliance with the terms of the requested order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Conditions impose a variety of duties
on the Adviser with respect to Co-Investment Transactions and Potential Co-Investment Transactions by the Regulated Entities. These
duties include determinations regarding investment appropriateness, the appropriate level of investment, and the provision of information
to the Board of any Regulated Entity. In addition, when considering Potential Co-Investment Transactions for any Regulated Entity,
the relevant Regulated Entity Adviser will consider only the Objectives and Strategies<SUP>14</SUP>, investment policies, investment
positions, capital available for investment, and other pertinent factors applicable to that Regulated Entity. The participation
of a Regulated Entity in a Potential Co-Investment Transaction may only be approved by a Required Majority, as defined in Section&nbsp;57(o)&nbsp;(a
 &ldquo;<B>Required Majority</B>&rdquo;), of the directors of the Board eligible to vote on that Co-Investment Transaction under
Section&nbsp;57(o)&nbsp;(the &ldquo;<B>Eligible Directors</B>&rdquo;).<SUP>15</SUP></P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The amount of each Regulated Entity&rsquo;s
capital available for investment will be determined based on the amount of cash on hand, existing commitments and reserves, if
any, the targeted leverage level, targeted asset mix and other investment policies and restrictions set from time to time by the
Board of the applicable Regulated Entity or imposed by applicable laws, rules, regulations or interpretations. Likewise, an Affiliated
Fund&rsquo;s capital available for investment will be determined based on the amount of cash on hand, existing commitments and
reserves, if any, the targeted leverage level, targeted asset mix and other investment policies and restrictions set by the Affiliated
Fund&rsquo;s directors, general partners or adviser or imposed by applicable laws, rules, regulations or interpretations.</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In sum, the Applicants believe that the
proposed conditions would ensure that each Regulated Entity that participated in a Co-Investment Transaction does not participate
on a basis different from, or less advantageous than, that of such other participants. As a result, the Applicants believe that
the participation of the Regulated Entities in Co-Investment Transactions done in accordance with the Conditions would be consistent
with the provisions, policies, and purposes of the 1940 Act, and would be done in a manner that was not different from, or less
advantageous than, the other participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to each Wholly-Owned Investment
Subsidiary, such a subsidiary would be prohibited from investing in a Co-Investment Transaction with any Affiliated Fund or Regulated
Entity because it would be a company controlled by its parent Regulated Entity for purposes of Section&nbsp;57(a)(4)&nbsp;of the
1940 Act and Rule&nbsp;17d-1 under the 1940 Act. Applicants request that each Wholly-Owned Investment Subsidiary be permitted to
participate in Co-Investment Transactions in lieu of its parent Regulated Entity and that the Wholly-Owned Investment Subsidiary&rsquo;s
participation in any such transaction be treated, for purposes of the Order, as though the parent Regulated Entity were participating
directly. Applicants represent that this treatment is justified because a Wholly-Owned Investment Subsidiary would have no purpose
other than serving as a holding vehicle for the Regulated Entity&rsquo;s investments and, therefore, no conflicts of interest could
arise between the Regulated Entity and the Wholly-Owned Investment Subsidiary. The Regulated Entity&rsquo;s Board would make all
relevant determinations under the conditions with regard to a Wholly-Owned Investment Subsidiary&rsquo;s participation in a Co-Investment
Transaction, and the Regulated Entity&rsquo;s Board would be informed of, and take into consideration, any proposed use of a Wholly-Owned
Investment Subsidiary in the Regulated Entity&rsquo;s place. If the Regulated Entity proposes to participate in the same Co-Investment
Transaction with any of its Wholly-Owned Investment Subsidiaries, the Board will also be informed of, and take into consideration,
the relative participation of the Regulated Entity and the Wholly-Owned Investment Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><SUP>14</SUP></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The term &ldquo;<B>Objectives
and Strategies</B>&rdquo; means a Regulated Entity&rsquo;s investment objectives and strategies as described in the Regulated
Entity&rsquo;s registration statement on Form N-2, other filings the Regulated Entity has made with the Commission under the Securities
Act of 1933 or the Securities Exchange Act of 1934, and the Regulated Entity&rsquo;s reports to shareholders.</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>15</SUP></FONT></TD><TD STYLE="text-align: left">In the case of a Regulated Entity that is a registered
closed-end fund, the Board members that make up the Required Majority will be determined as if the Regulated Entity were a BDC
subject to Section 57(o).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>D.</I></B></TD><TD><B><I>Conditions</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Applicants agree that any Order granting
the requested relief shall be subject to the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">1.</TD><TD>Each time an Adviser considers a Potential Co-Investment Transaction for another Regulated Entity or an Affiliated Fund that
falls within a Regulated Entity&rsquo;s then-current Objectives and Strategies, the Regulated Entity Adviser will make an independent
determination of the appropriateness of the investment for the Regulated Entity in light of the Regulated Entity&rsquo;s then-current
circumstances.<SUP>16</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD><TD>If the Adviser deems a Regulated Entity&rsquo;s participation in any Potential Co-Investment Transaction to be appropriate
for the Regulated Entity, it will then determine an appropriate level of investment for the Regulated Entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD><TD>If the aggregate amount recommended by the applicable Adviser to be invested by the applicable Regulated Entity in the Potential
Co-Investment Transaction, together with the amount proposed to be invested by the other participating Regulated Entities and Affiliated
Funds, collectively, in the same transaction, exceeds the amount of the investment opportunity, the investment opportunity will
be allocated among them pro rata based on each participant&rsquo;s capital available for investment in the asset class being allocated,
up to the amount proposed to be invested by each. The applicable Adviser will provide the Eligible Directors of each participating
Regulated Entity with information concerning each participating party&rsquo;s available capital to assist the Eligible Directors
with their review of the Regulated Entity&rsquo;s investments for compliance with these allocation procedures.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD><TD>After making the determinations required in conditions 1 and 2(a), the applicable Adviser will distribute written information
concerning the Potential Co-Investment Transaction (including the amount proposed to be invested by each Regulated Entity and each
Affiliated Fund) to the Eligible Directors of each participating Regulated Entity for their consideration. A Regulated Entity will
co-invest with another Regulated Entity or an Affiliated Fund only if, prior to the Regulated Entity&rsquo;s participation in the
Potential Co-Investment Transaction, a Required Majority concludes that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">i.</TD><TD>the terms of the Potential Co-Investment Transaction, including the consideration to be paid, are reasonable and fair to the
Regulated Entity and its shareholders and do not involve overreaching in respect of the Regulated Entity or its shareholders on
the part of any person concerned;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD>the Potential Co-Investment Transaction is consistent with:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
interests of the Regulated Entity&rsquo;s shareholders; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Regulated Entity&rsquo;s then-current Objectives and Strategies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>16</SUP></FONT></TD><TD STYLE="text-align: left">Potential Co-Investment Transactions under the requested
Order will be sourced solely by the Advisers and will not be sourced directly or indirectly by an Apollo Adviser or any entity
that controls, is controlled by, or is under common control with an Apollo Adviser.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD>the investment by any other Regulated Entities or any Affiliated Funds would not disadvantage the Regulated Entity, and participation
by the Regulated Entity would not be on a basis different from or less advantageous than that of any other Regulated Entities or
any Affiliated Funds; provided that, if any other Regulated Entity or any Affiliated Fund, but not the Regulated Entity itself,
gains the right to nominate a director for election to a portfolio company&rsquo;s board of directors or the right to have a board
observer or any similar right to participate in the governance or management of the portfolio company, such event shall not be
interpreted to prohibit the Required Majority from reaching the conclusions required by this condition 2(c)(iii), if:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.3in">A.</TD><TD>the Eligible Directors will have the right to ratify the selection of such director or board observer, if any; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</FONT></TD><TD>the applicable Adviser agrees to, and does, provide periodic reports to the Board of the Regulated Entity with respect to the
actions of such director or the information received by such board observer or obtained through the exercise of any similar right
to participate in the governance or management of the portfolio company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.3in">C.</TD><TD>any fees or other compensation that any Regulated Entity or any Affiliated Fund or any affiliated person of any Regulated Entity
or any Affiliated Fund receives in connection with the right of a Regulated Entity or an Affiliated Fund to nominate a director
or appoint a board observer or otherwise to participate in the governance or management of the portfolio company will be shared
proportionately among the participating Affiliated Funds (who may each, in turn, share its portion with its affiliated persons)
and the participating Regulated Entities in accordance with the amount of each party&rsquo;s investment; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</FONT></TD><TD STYLE="text-align: justify">the proposed investment by the Regulated Entity will
not benefit any Adviser, the other Regulated Entities, the Affiliated Funds, or any affiliated person of any of them (other than
the parties to the Co-Investment Transaction), except (A)&nbsp;to the extent permitted by condition 13, (B)&nbsp;to the extent
permitted by Sections 17(e)&nbsp;or 57(k)&nbsp;of the 1940 Act, as applicable, (C)&nbsp;indirectly, as a result of an interest
in the securities issued by one of the parties to the Co-Investment Transaction, or (D)&nbsp;in the case of fees or other compensation
described in condition 2(c)(iii)(c).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD>Each Regulated Entity has the right to decline to participate in any Potential Co-Investment Transaction or to invest less
than the amount proposed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD>The applicable Adviser will present to the Board of each Regulated Entity, on a quarterly basis, a record of all investments
in Potential Co-Investment Transactions made by any of the other Regulated Entities or Affiliated Funds during the preceding quarter
that fell within the Regulated Entity&rsquo;s then-current Objectives and Strategies that were not made available to the Regulated
Entity, and an explanation of why the investment opportunities were not offered to the Regulated Entity. All information presented
to the Board pursuant to this condition will be kept for the life of the Regulated Entity and at least two years thereafter, and
will be subject to examination by the Commission and its staff.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD>Except for Follow-On Investments made in accordance with condition 8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17</SUP></FONT>,
a Regulated Entity will not invest in reliance on the Order in any issuer in which another Regulated Entity, Affiliated Fund, or
any affiliated person of another Regulated Entity or Affiliated Fund is an existing investor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This exception applies
only to Follow-On Investments by a Regulated Entity in issuers in which that Regulated Entity already holds investments.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD>A Regulated Entity will not participate in any Potential Co-Investment Transaction unless the terms, conditions, price, class
of securities to be purchased, settlement date, and registration rights will be the same for each participating Regulated Entity
and Affiliated Fund. The grant to another Regulated Entity or an Affiliated Fund, but not the Regulated Entity, of the right to
nominate a director for election to a portfolio company&rsquo;s board of directors, the right to have an observer on the board
of directors or similar rights to participate in the governance or management of the portfolio company will not be interpreted
so as to violate this condition 6, if conditions 2(c)(iii)(A), (B)&nbsp;and (C)&nbsp;are met.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">7.</TD><TD></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>If any Regulated Entity or an Affiliated Fund elects to sell, exchange or otherwise dispose of an interest in a security that
was acquired in a Co-Investment Transaction, the applicable Adviser will:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</FONT></TD><TD>notify each Regulated Entity that participated in the Co-Investment Transaction of the proposed disposition at the earliest
practical time; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</FONT></TD><TD>formulate a recommendation as to participation by each Regulated Entity in the disposition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Each Regulated Entity will have the right to participate in such disposition on a proportionate basis, at the same price and
on the same terms and conditions as those applicable to the participating Regulated Entities and Affiliated Funds.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>A Regulated Entity may participate in such disposition without obtaining prior approval of the Required Majority if: (i)&nbsp;the
proposed participation of each Regulated Entity and each Affiliated Fund in such disposition is proportionate to its outstanding
investments in the issuer immediately preceding the disposition; (ii)&nbsp;the Board of the Regulated Entity has approved as being
in the best interests of the Regulated Entity the ability to participate in such dispositions on a pro rata basis (as described
in greater detail in this Application); and (iii)&nbsp;the Board of the Regulated Entity is provided on a quarterly basis with
a list of all dispositions made in accordance with this condition. In all other cases, the Regulated Entity Adviser will provide
its written recommendation as to the Regulated Entity&rsquo;s participation to the Regulated Entity&rsquo;s Eligible Directors,
and the Regulated Entity will participate in such disposition solely to the extent that a Required Majority determines that it
is in the Regulated Entity&rsquo;s best interests.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>Each Regulated Entity and each Affiliated Fund will bear its own expenses in connection with any such disposition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>If a Regulated Entity or an Affiliated Fund desires to make a Follow-On Investment in a portfolio company whose securities
were acquired in a Co-Investment Transaction, the applicable Adviser will:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</FONT></TD><TD>notify each Regulated Entity that participated in the Co-Investment Transaction of the proposed transaction at the earliest
practical time; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</FONT></TD><TD>formulate a recommendation as to the proposed participation, including the amount of the proposed Follow-On Investment, by
each Regulated Entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>A Regulated Entity may participate in such Follow-On Investment without obtaining prior approval of the Required Majority if:
(i)&nbsp;the proposed participation of each Regulated Entity and each Affiliated Fund in such investment is proportionate to its
outstanding investments in the issuer immediately preceding the Follow-On Investment; and (ii)&nbsp;the Board of the Regulated
Entity has approved as being in the best interests of the Regulated Entity the ability to participate in Follow-On Investments
on a pro rata basis (as described in greater detail in this Application). In all other cases, the Adviser will provide its written
recommendation as to the Regulated Entity&rsquo;s participation to the Eligible Directors, and the Regulated Entity will participate
in such Follow-On Investment solely to the extent that a Required Majority determines that it is in the Regulated Entity&rsquo;s
best interests.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>If, with respect to any Follow-On Investment:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</FONT></TD><TD>the amount of a Follow-On Investment is not based on the Regulated Entities&rsquo; and the Affiliated Funds&rsquo; outstanding
investments immediately preceding the Follow-On Investment; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</FONT></TD><TD>the aggregate amount recommended by the Adviser to be invested by each Regulated Entity in the Follow-On Investment, together
with the amount proposed to be invested by the participating Affiliated Funds in the same transaction, exceeds the amount of the
opportunity; then the amount invested by each such party will be allocated among them pro rata based on each party&rsquo;s capital
available for investment in the asset class being allocated, up to the amount proposed to be invested by each.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>The acquisition of Follow-On Investments as permitted by this condition will be considered a Co-Investment Transaction for
all purposes and subject to the other conditions set forth in this Application.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">9.</TD><TD>The Independent Directors of each Regulated Entity will be provided quarterly for review all information concerning Potential
Co-Investment Transactions and Co-Investment Transactions, including investments made by other Regulated Entities or the Affiliated
Funds that the Regulated Entity considered but declined to participate in, so that the Independent Directors may determine whether
all investments made during the preceding quarter, including those investments which the Regulated Entity considered but declined
to participate in, comply with the conditions of the Order. In addition, the Independent Directors will consider at least annually
the continued appropriateness for the Regulated Entity of participating in new and existing Co-Investment Transactions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">10.</TD><TD>Each Regulated Entity will maintain the records required by Section&nbsp;57(f)(3)&nbsp;of the 1940 Act as if each of the Regulated
Entities were a BDC and each of the investments permitted under these conditions were approved by the Required Majority under Section&nbsp;57(f).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">11.</TD><TD>No Independent Director of a Regulated Entity will also be a director, general partner, managing member or principal, or otherwise
an &ldquo;affiliated person&rdquo; (as defined in the 1940 Act), of an Affiliated Fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">12.</TD><TD>The expenses, if any, associated with acquiring, holding or disposing of any securities acquired in a Co-Investment Transaction
(including, without limitation, the expenses of the distribution of any such securities registered for sale under the Securities
Act of 1933, as amended) will, to the extent not payable by an Adviser under the investment advisory agreements with the Regulated
Entities and the Affiliated Funds, be shared by the Affiliated Funds and the Regulated Entities in proportion to the relative amounts
of the securities held or to be acquired or disposed of, as the case may be.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">13.</TD><TD>Any transaction fee<SUP>18</SUP> (including break-up or commitment fees but excluding broker&rsquo;s fees contemplated by
Sections 17(e)&nbsp;or 57(k)&nbsp;of the 1940 Act, as applicable) received in connection with a Co-Investment Transaction will
be distributed to the participating Regulated Entities and Affiliated Funds on a pro rata basis based on the amounts they invested
or committed, as the case may be, in such Co-Investment Transaction. If any transaction fee is to be held by the Adviser pending
consummation of the transaction, the fee will be deposited into an account maintained by the Adviser at a bank or banks having
the qualifications prescribed in Section&nbsp;26(a)(1)&nbsp;of the 1940 Act, and the account will earn a competitive rate of interest
that will also be divided pro rata among the participating Regulated Entities and Affiliated Funds based on the amounts they invest
in such Co-Investment Transaction. None of the Affiliated Funds, the Adviser, the other Regulated Entities or any affiliated person
of the Regulated Entities or Affiliated Funds will receive additional compensation or remuneration of any kind as a result of or
in connection with a Co-Investment Transaction (other than (a)&nbsp;in the case of the Regulated Entities and Affiliated Funds,
the pro rata transaction fees described above and fees or other compensation described in condition 2(c)(iii)(C)&nbsp;and (b)&nbsp;in
the case of the Adviser, investment advisory fees paid in accordance with the agreements between the Adviser and the Regulated
Entities or the Affiliated Funds.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">14.</TD><TD>If the Holders own in the aggregate more than 25 percent of the Shares of a Regulated Entity, then the Holders will vote such
Shares as directed by an independent third party when voting on (1)&nbsp;the election of directors; (2)&nbsp;the removal of one
or more directors; or (3)&nbsp;all other matters under either the 1940 Act or applicable State law affecting the Board&rsquo;s
composition, size or manner of election.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">15.</TD><TD><FONT STYLE="background-color: white">Each Regulated Entity&rsquo;s chief compliance officer, as defined in Rule&nbsp;38a-1(a)(4),
will prepare an annual report for its Board that evaluates (and documents the basis of that evaluation) the Regulated Entity&rsquo;s
compliance with the terms and conditions of the Application and the procedures established to achieve such compliance.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>IV.</B></FONT><B><FONT STYLE="font-size: 10pt; text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT STYLE="text-transform: uppercase">STATEMENT
IN SUPPORT OF RELIEF REQUESTED</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Applicants submit that allowing the Co-Investment
Transactions described by this Application is justified on the basis of (i)&nbsp;the potential benefits to the Regulated Entities
and the shareholders thereof and (ii)&nbsp;the protections found in the terms and conditions set forth in this Application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>A.</I></B></TD><TD><B><I>Potential Benefits</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the absence of the relief sought hereby,
in some circumstances the Regulated Entities would be limited in their ability to participate in attractive and appropriate investment
opportunities. Section&nbsp;17(d), Section&nbsp;57(a)(4)&nbsp;and Rule&nbsp;17d-1 of the 1940 Act should not prevent BDCs and registered
closed-end investment companies from making investments that are in the best interests of their shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In cases where the applicable Adviser identifies
investment opportunities requiring larger capital commitments, it must seek the participation of other entities with similar investment
styles. The ability to participate in Co-Investment Transactions that involve committing larger amounts of financing would enable
each Regulated Entity to participate with one or more of the Affiliated Funds and the other Regulated Entities in larger financing
commitments, which would, in turn, be expected to obtain discounted prices and increase income, expand investment opportunities
and provide better access to due diligence information for the Regulated Entities. Indeed, each Regulated Entity&rsquo;s inability
to co-invest with one or more of the Affiliated Funds and the other Regulated Entities could potentially result in the loss of
beneficial investment opportunities for such Regulated Entity and, in turn, adversely affect such Regulated Entity&rsquo;s shareholders.
For example, a Regulated Entity may lose investment opportunities if the CION Adviser cannot provide &ldquo;one-stop&rdquo; financing
to a potential portfolio company. Portfolio companies may reject an offer of funding arranged by the CION Adviser due to a Regulated
Entity&rsquo;s inability to commit the full amount of financing required by the portfolio company in a timely manner (i.e., without
the delay that typically would be associated with obtaining single-transaction exemptive relief from the Commission). The CION
Adviser expects that any portfolio company that is an appropriate investment for a Regulated Entity should also be an appropriate
investment for one or more other Regulated Entities and/or one or more Affiliated Funds, with certain exceptions based on available
capital or diversification. The Regulated Entities, however, will not be obligated to invest, or co-invest, when investment opportunities
are referred to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>18</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Applicants are not requesting
and the staff is not providing any relief for transaction fees received in connection with any Co-Investment Transaction.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Regulated Entity and its shareholders
will benefit from the ability to participate in Co-Investment Transactions. The Board of C&#298;ON, including the Independent Directors,
has determined that it is in the best interests of C&#298;ON to participate in Co-Investment Transactions because, among other
matters, (i)&nbsp;C&#298;ON will be able to participate in a larger number and greater variety of transactions; (ii)&nbsp;C&#298;ON
will be able to participate in larger transactions; (iii)&nbsp;C&#298;ON will be able to participate in all opportunities approved
by a Required Majority or otherwise permissible under the Order rather than risk underperformance through rotational allocation
of opportunities among the Regulated Entities; (iv)&nbsp;C&#298;ON and any other Regulated Entities participating in the proposed
investment will have greater bargaining power, more control over the investment and less need to bring in other external investors
or structure investments to satisfy the different needs of external investors, each of which could result in terms that are more
favorable for the participating Regulated Entities; (v)&nbsp;C&#298;ON will be able to obtain greater attention and better deal
flow from investment bankers and others who act as sources of investments; and (vi)&nbsp;the general terms and conditions of the
proposed Order are fair to the Regulated Entities and their shareholders.<SUP>19</SUP> The Board of C&#298;ON, including the
Independent Directors, also determined that it is in the best interests of C&#298;ON and its shareholders to obtain the Order at
the earliest possible time and instructed the officers of C&#298;ON, the CION Adviser and counsel to use all appropriate efforts
to accomplish such goal. For these reasons, the Board of C&#298;ON has determined that is proper and desirable for C&#298;ON to
participate in Co-Investment Transactions with other Regulated Entities and one or more Affiliated Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>B.</I></B></TD><TD><B><I>Protective Representations and Conditions</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The terms and conditions set forth in this
application ensure that the proposed Co-Investment Transactions are consistent with the protection of each Regulated Entity&rsquo;s
shareholders and with the purposes intended by the policies and provisions of the 1940 Act. Specifically, the Conditions incorporate
the following critical protections: (i)&nbsp;in each Co-Investment Transaction, all Regulated Entities and Affiliated Funds participating
in the Co-Investment Transactions will invest at the same time for the same price and with the same terms, conditions, class, registration
rights and any other rights, so that none of them receives terms more favorable than any other; (ii)&nbsp;a Required Majority of
each Regulated Entity must approve various investment decisions with respect to such Regulated Entity in accordance with the Conditions;
and (iii)&nbsp;the Regulated Entities are required to retain and maintain certain records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other than pro rata dispositions and Follow-On
Investments as provided in conditions 7 and 8, and after making the determinations required in conditions 1 and 2(a), the CION
Adviser will present each Potential Co-Investment Transaction and the proposed allocation to the Eligible Directors, and the Required
Majority will approve each Co-Investment Transaction prior to any investment by the participating Regulated Entity. With respect
to the pro rata dispositions and Follow-On Investments provided in conditions 7 and 8, a Regulated Entity may participate in a
pro rata disposition or Follow-On Investment without obtaining prior approval of the Required Majority if, among other things:
(i)&nbsp;the proposed participation of each Regulated Entity and each Affiliated Fund in such disposition is proportionate to its
outstanding investments in the issuer immediately preceding the disposition or Follow-On Investment, as the case may be; and (ii)&nbsp;the
Board of the Regulated Entity has approved that Regulated Entity&rsquo;s participation in pro rata dispositions and Follow-On Investments
as being in the best interests of the Regulated Entity. If the Board does not so approve, any such disposition or Follow-On Investment
will be submitted to the Regulated Entity&rsquo;s Eligible Directors. The Board of any Regulated Entity may at any time rescind,
suspend or qualify its approval of pro rata dispositions and Follow-On Investments with the result that all dispositions and/or
Follow-On Investments must be submitted to the Eligible Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Applicants believe that participation by
the Regulated Entities in pro rata dispositions and Follow-On Investments, as provided in conditions 7 and 8, is consistent with
the provisions, policies and purposes of the 1940 Act and will not be made on a basis different from or less advantageous than
that of other participants. A formulaic approach, such as pro rata dispositions and Follow-On Investments, eliminates the discretionary
ability to make allocation determinations, and in turn eliminates the possibility for overreaching and promotes fairness. Applicants
note that the Commission has adopted a similar pro rata approach in the context of Rule&nbsp;23c-2, which relates to the redemption
by a closed-end investment company of less than all of a class of its securities, indicating the general fairness and lack of overreaching
that such approach provides.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>19</SUP></FONT></TD><TD STYLE="text-align: left">The Board of each Future Regulated Entity will make the
same findings before engaging in a Co-Investment Transaction in reliance on the requested order.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing analysis applies equally where
a Wholly-Owned Investment Subsidiary is involved in a Co-Investment Transaction as each Wholly-Owned Investment Subsidiary will
be treated as one company with its parent for purposes of this Application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>V.</B></FONT><B><FONT STYLE="font-size: 10pt; text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT STYLE="text-transform: uppercase">PRECEDENTS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Commission previously has issued orders
permitting certain investment companies subject to regulation under the 1940 Act and their affiliated persons to co-invest in certain
joint transactions that otherwise may be prohibited by Sections 17(d)&nbsp;and 57(a)(4)&nbsp;and Rule&nbsp;17d-1 of the 1940 Act.<SUP>20</SUP>
Applicants note, in particular, that the co-investment protocol to be followed by Applicants here is substantially similar to the
protocol followed by Gladstone Capital Corporation and its affiliates, for which an order was granted on July&nbsp;26, 2012.<SUP>21</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>VI.</B></FONT><B><FONT STYLE="font-size: 10pt; text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT STYLE="text-transform: uppercase">PROCEDURAL
MATTERS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>A.</I></B></TD><TD><B><I>Communications</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please address all communications concerning
this Application and the Notice and Order to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Stephen Roman,&nbsp;Esq.<BR>
C&#298;ON Investment Corporation<BR>
3 Park Avenue<BR>
New York, NY 10016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please address any questions, and a copy
of any communications, concerning this Application, the Notice and Order to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>20</SUP></FONT></TD><TD STYLE="text-align: left"><I>See, e.g</I>., <U>Corporate Capital Trust, Inc., et
al.</U>,&nbsp;(File No.&nbsp;812-14408), Release No. IC-32683 (June 19, 2017) (order), Release No.&nbsp;IC-32642 (May 22, 2017)
(notice); <U>Goldman Sachs BDC, Inc., et al.</U> (File No. 812-14219), Release No. IC-32409 (Jan. 4, 2017) (order), Release No.
IC-32382 (Dec. 7, 2016) (notice);&nbsp;<U>Crescent Capital BDC, Inc., et al.</U> (File No. 812-14454), Release No. IC-32056 (March
29, 2016) (order), Release No. IC-32018 (Mar. 2, 2016) (notice); <U>Garrison Capital Inc., et al.</U> (File No. 812-14097), Release
No. IC-31409 (Jan. 12, 2015) (order), Release No. IC-31373 (Dec. 15, 2014) (notice); <U>TPG Specialty Lending, Inc., et al.</U>
(File No. 812-13980), Release No. IC-31379 (Dec. 16, 2014) (order), Release No. IC-31338 (Nov. 18, 2014) (notice); <U>Monroe Capital
Corporation, et al.</U> (File No. 812-14028), Release No. IC-31286 (Oct. 15, 2014) (order), Release No. IC-31253 (Sept. 19, 2014)
(notice); <U>Fifth Street Finance Corp., et al.</U> (File No. 812-14132), Release No. IC 31247 (Sept. 9, 2014) (order), Release
No. IC-31212 (Aug. 14, 2014) (notice); <U>Solar Capital Ltd., et al.</U> (File No. 812-14195), Release No. IC-31187 (July 28,
2014) (order), Release No. IC-31143 (July 1, 2014) (notice); <U>WhiteHorse Finance, Inc., et al.</U> (File No. 812-14120), Release
No. 31152 (July 8, 2014) (order), Release No. IC-31080 (June 12, 2014) (notice); <U>PennantPark Investment Corp., et al.</U> (File
No. 812-14134), Release No. IC-31015 (Apr. 15, 2014) (order), Release No. IC-30985 (Mar. 19, 2014) (notice); <U>NF Investment
Corp., et al.</U> (File No. 812-14161), Release No. IC-30968 (Feb. 26, 2014) (order), Release No. IC-30900 (Jan. 31, 2014) (notice);
<U>Prospect Capital Corporation, et al.</U> (File No.&nbsp;812-14199), Release No. IC-30909 (Feb. 10, 2014) (order), Release No.
IC-30855 (Jan. 13, 2014) (notice); <U>Medley Capital Corporation, et al.</U>&nbsp;(File No.&nbsp;812-14020), Release No. IC-30807
(Nov. 25, 2013) (order), Release No. IC-30769 (Oct. 28, 2013) (notice);&nbsp;<U>Stellus Capital Investment Corporation, et al.</U>&nbsp;(File
No.&nbsp;812-14061), Release No. IC-30754 (Oct. 23, 2013) (order), Release No. IC-30739 (Sept. 30, 2013) (notice); <U>FS Investment
Corporation, et al.</U> (File No.&nbsp;812-13665), Release No. IC-30548 (June 4, 2013) (order), Release No. IC-30511 (May 9, 2013)
(notice); <U>Gladstone Capital Corporation, et al.</U> (File No. 812-13878), Release No. IC-30154 (July 26, 2012) (order), Release
No. IC-30125 (June 29, 2012) (notice); <U>Ridgewood Capital Energy Growth Fund, LLC, et al.</U> (File No. 812-13569), Release
No. IC-28982 (Oct. 21, 2009) (order), Release No. IC-28931 (Sept. 25, 2009) (notice).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>21</SUP></FONT></TD><TD STYLE="text-align: justify"><U>Id.</U></TD>
</TR></TABLE>















<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Richard Horowitz,&nbsp;Esq.<BR>
Matthew K. Kerfoot,&nbsp;Esq.<BR>
Dechert LLP<BR>
1095 Avenue of the Americas<BR>
New York, NY 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>B.</I></B></TD><TD><B><I>Authorizations</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The filing of this Application for the order
sought hereby and the taking of all acts reasonably necessary to obtain the relief requested herein was authorized by the Board
of C&#298;ON. The Board of C&#298;ON also authorizes the filing of the Application on behalf of the CION Adviser because of its
affiliation with C&#298;ON and any Future Regulated Entities. In accordance with Rule&nbsp;0-2(c)&nbsp;under the 1940 Act, each
person executing the Application on behalf of the Applicants being duly sworn deposes and says that he has duly executed the attached
Application for and on behalf of the applicable entity listed; that he is authorized to execute the Application pursuant to the
terms of an operating agreement, management agreement or otherwise; and that all actions by members, directors or other bodies
necessary to authorize each such deponent to execute and file the Application have been taken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All requirements for the execution and filing
of this Application in the name and on behalf of each Applicant by the undersigned have been complied with and the undersigned
is fully authorized to do so and has duly executed this Application this 27<SUP>th</SUP> day of January, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Applicants have caused this Application
to be duly signed on their behalf on the 27<SUP>th</SUP> day of January, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C&#298;ON INVESTMENT CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Michael A. Reisner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael A. Reisner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CION INVESTMENT MANAGEMENT, LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Michael A. Reisner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael A. Reisner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CION INVESTMENT PARTNERS I, L.P.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Michael A. Reisner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael A. Reisner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CION MANAGEMENT, LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Michael A. Reisner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael A. Reisner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VERIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STATE OF NEW YORK</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COUNTY OF NEW YORK</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned states that he has duly
executed the attached Application for and on behalf of C&#298;ON Investment Corporation, CION Investment Management, LLC, CION
Investment Partners I, L.P. and CION Management, LLC; that he is the authorized signatory of each such company; and that all actions
necessary to authorize him to execute and file such instrument have been taken. The undersigned further states that he is familiar
with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information
and belief.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Michael A. Reisner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael A. Reisner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&nbsp;27, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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