<SEC-DOCUMENT>0001104659-22-024991.txt : 20220218
<SEC-HEADER>0001104659-22-024991.hdr.sgml : 20220218
<ACCEPTANCE-DATETIME>20220218084937
ACCESSION NUMBER:		0001104659-22-024991
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220218
DATE AS OF CHANGE:		20220218

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:		22650983

	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 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:		22650984

	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 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:		22650985

	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 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:		22650986

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP/A
<SEQUENCE>1
<FILENAME>tm227018d1_40appa.htm
<DESCRIPTION>40-APP/A
<TEXT>
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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">No.&nbsp;812-14387</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>U.S. SECURITIES AND EXCHANGE COMMISSION</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">Washington, D.C. 20549</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: justify; border-top: Black 0.5pt solid">AMENDMENT NO. 11
TO THE APPLICATION FOR AN ORDER PURSUANT TO SECTIONS 17(d)&nbsp;AND 57(i)&nbsp;OF THE INVESTMENT COMPANY ACT OF 1940 AND RULE 17d-1 UNDER
THE ACT TO PERMIT CERTAIN JOINT TRANSACTIONS OTHERWISE PROHIBITED BY SECTIONS 17(d)&nbsp;AND 57(a)(4)&nbsp;OF THE ACT AND RULE 17d-l UNDER
THE ACT</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"><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>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><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 <BR>
MANAGEMENT,
LLC</FONT></B>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>3 Park Avenue, 36<SUP>th
</SUP>Floor</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10016</B>&nbsp;</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"><I>All Communications, Notices and Orders to:</I></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>Michael A. Reisner, Co-Chief Executive Officer</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mark Gatto, Co-Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>C&#298;ON Investment Corporation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3 Park Avenue,
36<SUP>th</SUP> Floor</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; border-top: Black 0.5pt solid"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Copies to:</I></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">Richard Horowitz,&nbsp;Esq.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1095 Avenue of the Americas&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, NY 10036&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Telephone: (212) 698-3500&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">February&nbsp;18, 2022</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>INTRODUCTION</U></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">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Requested
Relief</U></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: justify; text-indent: 0.25in">C&#298;ON Investment Corporation
and its related entities, identified in section I.B. below, hereby request an order (the &ldquo;<B><I>Order</I></B>&rdquo;) pursuant to
Sections 17(d)&nbsp;and 57(i)&nbsp;of the Investment Company Act of 1940 (the &ldquo;<B><I>Act</I></B>&rdquo;)<SUP>1</SUP> and Rule&nbsp;17d-1
thereunder<SUP>2</SUP> authorizing certain joint transactions that otherwise would be prohibited by either or both of Sections 17(d)&nbsp;and
57(a)(4)&nbsp;as modified by the exemptive rules&nbsp;adopted by the U.S. Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;)
under the Act.</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: justify; text-indent: 0.25in">In particular, the relief
requested in this application (the &ldquo;<B><I>Application</I></B>&rdquo;) would allow one or more Regulated Funds (including one or
more BDC Downstream Funds) and/or one or more Affiliated Funds (each as defined below) to participate in the same investment opportunities
where such participation would otherwise be prohibited under Section&nbsp;17(d)&nbsp;or 57(a)(4)&nbsp;and the rules&nbsp;under the Act.
All existing entities that currently intend to rely on the Order have been named as Applicants (defined below) and any existing or future
entities that may rely on the Order in the future will comply with the terms and conditions set forth in this application (the &ldquo;<B><I>Conditions</I></B>&rdquo;).</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">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicants
Seeking Relief:</U></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: justify; text-indent: 0.5in">&bull; &nbsp;&nbsp;&nbsp;C&#298;ON
Investment Corporation, a Maryland corporation, which is an externally-managed, non-diversified, closed-end management investment company
that has elected to be regulated as a BDC (defined below) under the Act (the &ldquo;<B><I>Existing Regulated Fund</I></B>&rdquo;);</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: justify; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CION
Investment Management, LLC, a Delaware limited liability company, which serves as the investment adviser to the Existing Regulated Fund,
on behalf of itself and its successors (the &ldquo;<B><I>CION Adviser</I></B>&rdquo;);<SUP>3</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; text-align: justify; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CION
Investment Partners I, L.P., a Delaware limited partnership (&ldquo;<B><I>CIP</I></B>&rdquo; or the &ldquo;<B><I>Existing Affiliated Fund</I></B>&rdquo;);
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; text-align: justify; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CION
Management, LLC, a Delaware limited liability company that serves as the investment adviser to the Existing Affiliated Fund, on behalf
of itself and its successors (&ldquo;<B><I>CION Management</I></B>&rdquo; and together with the Existing Regulated Fund, the CION Adviser
and the Existing Affiliated Fund, the &ldquo;<B><I>Applicants</I></B>&rdquo;).</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">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined
Terms</U></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: justify; text-indent: 0.25in">&ldquo;<B><I>Adviser</I></B>&rdquo;
means the CION Adviser, CION Management and any Future Adviser (defined below).</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: justify; text-indent: 0.25in">&ldquo;<B><I>Affiliated Fund</I></B><I>&rdquo;</I>
means (a)&nbsp;any Existing Affiliated Fund; (b)&nbsp;any CION Proprietary Account (as defined below); and (c)&nbsp;any entity (i)&nbsp;whose
investment adviser (and sub-adviser(s), if any) are Advisers, (ii)&nbsp;that either (x)&nbsp;would be an investment company but for Section&nbsp;3(c)(1),
3(c)(5)(C), or 3(c)(7)&nbsp;of the Act or (y)&nbsp;relies on Rule&nbsp;3a-7 under the Act, and (iii)&nbsp;that is not a BDC Downstream
Fund, and (d)&nbsp;that intends to participate in the Co-Investment Program.</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: justify; text-indent: 0.25in">&ldquo;<B><I>BDC</I></B>&rdquo;
means a business development company under the Act.<SUP>4</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; text-align: justify; text-indent: 0.25in">&ldquo;<B><I>BDC
Downstream Fund</I></B>&rdquo; means, with respect to any 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)&nbsp;that would be an investment company but for Section&nbsp;3(c)(1)&nbsp;or
3(c)(7)&nbsp;of the Act, (iv)&nbsp;whose investment adviser (and sub-adviser(s), if any) are an Adviser, (v)&nbsp;that is not a
Wholly-Owned Investment Sub and (vi)&nbsp;that intends to participate in the Co-Investment Program.</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"><SUP>1</SUP> Unless otherwise indicated, all section references herein
are to the Act. <SUP></SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Unless otherwise indicated, all rule references herein are to rules under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> The term
successor, as applied to each Adviser, means an entity which results from a reorganization into another jurisdiction or change in the
type of business organization. <SUP></SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> 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) and makes available significant managerial
assistance with respect to the issuers of such securities.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B><I>Board</I></B>&rdquo;
means (i)&nbsp;with respect to a Regulated Fund other than a BDC Downstream Fund, the board of directors (or the equivalent) of the applicable
Regulated Fund and (ii)&nbsp;with respect to a BDC Downstream Fund, the Independent Party of the BDC Downstream Fund.</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: justify; text-indent: 0.25in">&ldquo;<B><I>Board-Established
Criteria</I></B>&rdquo; means criteria that the Board of a Regulated Fund may establish from time to time to describe the characteristics
of Potential Co-Investment Transactions regarding which the Adviser to the Regulated Fund should be notified under Condition 1. The Board-Established
Criteria will be consistent with the Regulated Fund&rsquo;s Objectives and Strategies (defined below). If no Board-Established Criteria
are in effect, then the Regulated Fund&rsquo;s Adviser will be notified of all Potential Co-Investment Transactions that fall within the
Regulated Fund&rsquo;s then-current Objectives and Strategies. Board-Established Criteria will be objective and testable, meaning that
they will be based on observable information, such as industry/sector of the issuer, minimum EBITDA of the issuer, asset class of the
investment opportunity or required commitment size, and not on characteristics that involve a discretionary assessment. The Adviser to
the Regulated Fund may from time to time recommend criteria for the Board&rsquo;s consideration, but Board-Established Criteria will only
become effective if approved by a majority of the Independent Directors (defined below). The Independent Directors of a Regulated Fund
may at any time rescind, suspend or qualify their approval of any Board-Established Criteria, though Applicants anticipate that, under
normal circumstances, the Board would not modify these criteria more often than quarterly.</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: justify; text-indent: 0.25in">&ldquo;<B><I>CIG</I></B>&rdquo;
means CION Investment Group, LLC.</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: justify; text-indent: 0.25in">&ldquo;<B><I>CIG Proprietary
Account</I></B>&rdquo; means any Adviser in a principal capacity, and any direct or indirect, wholly- or majority-owned subsidiary of
an Adviser that, from time to time, may hold various financial assets in a principal capacity.</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: justify; text-indent: 0.25in">&ldquo;<B><I>Close Affiliate</I></B>&rdquo;
means the Advisers, the Regulated Funds, the Affiliated Funds and any other person described in Section&nbsp;57(b)&nbsp;(after giving
effect to Rule&nbsp;57b-1) in respect of any Regulated Fund (treating any registered investment company or series thereof as a BDC for
this purpose) except for limited partners included solely by reason of the reference in Section&nbsp;57(b)&nbsp;to Section&nbsp;2(a)(3)(D).</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: justify; text-indent: 0.25in">&ldquo;<B><I>Co-Investment
Program</I></B>&rdquo; means the proposed co-investment program that would permit one or more Regulated Funds and/or one or more Affiliated
Funds to participate in the same investment opportunities where such participation would otherwise be prohibited under Section&nbsp;57(a)(4)&nbsp;and
Rule&nbsp;17d&ndash;1 by (a)&nbsp;co-investing with each other in securities issued by issuers in private placement transactions in which
an Adviser negotiates terms in addition to price;<SUP>5</SUP> and (b)&nbsp;making Follow-On Investments (as defined below).</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: justify; text-indent: 0.25in">&ldquo;<B><I>Co-Investment
Transaction</I></B>&rdquo; means any transaction in which a Regulated Fund (or its Wholly-Owned Investment Sub) participated together
with one or more Affiliated Funds and/or one or more other Regulated 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; text-align: justify; text-indent: 0.25in">&ldquo;<B><I>Disposition</I></B>&rdquo;
means the sale, exchange or other disposition of an interest in a security of an issuer.</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: justify; text-indent: 0.25in">&ldquo;<B><I>Eligible Directors</I></B>&rdquo;
means, with respect to a Regulated Fund and a Potential Co-Investment Transaction, the members of the Regulated Fund&rsquo;s Board eligible
to vote on that Potential Co-Investment Transaction under Section&nbsp;57(o)&nbsp;of the Act (treating any registered investment company
or series thereof as a BDC for this purpose).</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: justify; text-indent: 0.25in">&ldquo;<B><I>Follow-On Investment</I></B>&rdquo;
means an additional investment in the same issuer, including, but not limited to, through the exercise of warrants, conversion privileges
or other rights to purchase securities of the issuer.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> The term &ldquo;private placement transactions&rdquo;
means transactions in which the offer and sale of securities by the issuer are exempt from registration under the Securities Act of 1933
(the <B>&ldquo;Securities Act&rdquo;</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B><I>Future Adviser</I></B>&rdquo;
means any future investment adviser that (i)&nbsp;controls, is controlled by, or is under common control with the CION Adviser, (ii)&nbsp;(a)&nbsp;is
registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the &ldquo;<B><I>Advisers Act</I></B>&rdquo;)
or (b)&nbsp;is a relying adviser of an investment adviser that is registered under the Advisers Act and that controls, is controlled by,
or is under common control with, the CION adviser, and (iii)&nbsp;is not a Regulated Fund or a subsidiary of a Regulated Fund.</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: justify; text-indent: 0.25in">&ldquo;<B><I>Future Regulated
Fund</I></B>&rdquo; means a closed-end management investment company (a)&nbsp;that is registered under the Act or has elected to be regulated
as a BDC, (b)&nbsp;whose investment adviser (and sub-adviser(s), if any) are an Adviser, and (c)&nbsp;that intends to participate in the
Co-Investment Program.</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: justify; text-indent: 0.25in">&ldquo;<B><I>Independent
Director</I></B>&rdquo; means a member of the Board of any relevant entity who is not an &ldquo;interested person&rdquo; as defined in
Section&nbsp;2(a)(19) of the Act. No Independent Director of a Regulated Fund (including any non-interested member of an Independent Party)
will have a financial interest in any Co-Investment Transaction, other than indirectly through share ownership in one of the Regulated
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-align: justify; text-indent: 0.25in">&ldquo;<B><I>Independent
Party</I></B>&rdquo; means, with respect to a BDC Downstream Fund, (i)&nbsp;if the BDC Downstream Fund has a board of directors (or the
equivalent), the board or (ii)&nbsp;if the BDC Downstream Fund does not have a board of directors (or the equivalent), a transaction committee
or advisory committee of the BDC Downstream Fund.</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: justify; text-indent: 0.25in">&ldquo;<B><I>JT No-Action
Letters</I></B>&rdquo; means <U>SMC Capital,&nbsp;Inc.</U>, SEC No-Action Letter (pub. avail. Sept. 5, 1995) and <U>Massachusetts Mutual
Life Insurance Company</U>, SEC No-Action Letter (pub. avail. June&nbsp;7, 2000).</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: justify; text-indent: 0.25in">&ldquo;<B><I>Objectives and
Strategies</I></B>&rdquo; means (i)&nbsp;with respect to any Regulated Fund other than a BDC Downstream Fund, its investment objectives
and strategies, as described in its most current registration statement on Form&nbsp;N-2, other current filings with the Commission under
the Securities Act or under the Securities Exchange Act of 1934, as amended, and its most current report to stockholders, and (ii)&nbsp;with
respect to any BDC Downstream Fund, those investment objectives and strategies described in its disclosure documents (including private
placement memoranda and reports to equity holders) and organizational documents (including operating agreements).</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: justify; text-indent: 0.25in">&ldquo;<B><I>Potential Co-Investment
Transaction</I></B>&rdquo; means any investment opportunity in which a Regulated Fund (or its Wholly-Owned Investment Sub) could not participate
together with one or more Affiliated Funds and/or one or more other Regulated Funds without obtaining and relying 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; text-align: justify; text-indent: 0.25in">&ldquo;<B><I>Pre-Boarding
Investments</I></B>&rdquo; are investments in an issuer held by a Regulated Fund as well as one or more Affiliated Funds and/or one or
more other Regulated Funds that were acquired prior to participating in any 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; text-align: justify; text-indent: 0.25in">i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
transactions in which the only term negotiated by or on behalf of such funds was price in reliance on one of the JT No-Action Letters;
or</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: justify; text-indent: 0.25in">ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
transactions occurring at least 90 days apart and without coordination between the Regulated Fund and any Affiliated Fund or other Regulated
Fund.</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: justify; text-indent: 0.25in">&ldquo;<B><I>Regulated Funds</I></B>&rdquo;
means the Existing Regulated Fund, the Future Regulated Funds and the BDC Downstream 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-align: justify; text-indent: 0.25in">&ldquo;<B><I>Related Party</I></B>&rdquo;
means (i)&nbsp;any Close Affiliate and (ii)&nbsp;in respect of matters as to which any Adviser has knowledge, any Remote Affiliate.</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: justify; text-indent: 0.25in">&ldquo;<B><I>Remote Affiliate</I></B>&rdquo;
means any person described in Section&nbsp;57(e)&nbsp;in respect of any Regulated Fund (treating any registered investment company or
series thereof as a BDC for this purpose) and any limited partner holding 5% or more of the relevant limited partner interests that would
be a Close Affiliate but for the exclusion in that definition.</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: justify; text-indent: 0.25in">&ldquo;<B><I>Required Majority</I></B>&rdquo;
means a required majority, as defined in Section&nbsp;57(o)&nbsp;of the Act.<SUP>6</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> In the case of a Regulated Fund that is a registered
closed-end fund, the Board members that make up the Required Majority will be determined as if the Regulated Fund were a BDC subject
to Section 57(o). In the case of a BDC Downstream Fund with a board of directors (or the equivalent), the members that make up the Required
Majority will be determined as if the BDC Downstream Fund were a BDC subject to Section 57(o). In the case of a BDC Downstream Fund with a transaction committee or advisory committee,
the committee members that make up the Required Majority will be determined as if the BDC Downstream Fund were a BDC subject to Section
57(o) and as if the committee members were directors of the fund. </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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B><I>SBIC Subsidiary</I></B>&rdquo;
means a Wholly-Owned Investment Sub that is licensed by the Small Business Administration (the &ldquo;<B><I>SBA</I></B>&rdquo;) to operate
under the Small Business Investment Act of 1958, as amended (the &ldquo;<B><I>SBA Act</I></B>&rdquo;), as a small business investment
company (an &ldquo;<B><I>SBIC</I></B>&rdquo;).</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: justify; text-indent: 0.25in">&ldquo;<B><I>Tradable Security</I></B>&rdquo;
means a security that meets the following criteria at the time of Disposition:</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: justify; text-indent: 0.25in">i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
trades on a national securities exchange or designated offshore securities market as defined in Rule&nbsp;902(b)&nbsp;under the Securities
Act;</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: justify; text-indent: 0.25in">ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
is not subject to restrictive agreements with the issuer or other security holders; 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; text-align: justify; text-indent: 0.25in">iii)&nbsp;&nbsp;&nbsp;&nbsp;it
trades with sufficient volume and liquidity (findings as to which are documented by the Advisers to any Regulated Funds holding investments
in the issuer and retained for the life of the Regulated Fund) to allow each Regulated Fund to dispose of its entire position remaining
after the proposed Disposition within a short period of time not exceeding 30 days at approximately the value (as defined by section 2(a)(41)
of the Act) at which the Regulated Fund has valued the investment.</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: justify; text-indent: 0.25in">&ldquo;<B><I>Wholly-Owned
Investment Sub</I></B>&rdquo; means an entity (i)&nbsp;that is a wholly-owned subsidiary<SUP>7</SUP> of a Regulated Fund (with such
Regulated Fund at all times holding, beneficially and of record, directly or indirectly, 95% or more of the voting and economic interests);
(ii)&nbsp;whose sole business purpose is to hold one or more investments on behalf of such Regulated Fund (and, in the case of an SBIC
Subsidiary, maintain a license under the SBA Act and issue debentures guaranteed by the SBA); (iii)&nbsp;with respect to which such Regulated
Fund&rsquo;s Board has the sole authority to make all determinations with respect to the entity&rsquo;s participation under the Conditions
to this application; and (iv)&nbsp;(A)&nbsp;that would be an investment company but for Section&nbsp;3(c)(1), 3(c)(5)(C), or 3(c)(7)&nbsp;of
the Act, or (B)&nbsp;that qualifies as a real estate investment trust (&ldquo;<B><I>REIT</I></B>&rdquo;) within the meaning of Section&nbsp;856
of the Internal Revenue Code (&ldquo;<B><I>Code</I></B>&rdquo;) because substantially all of its assets would consist of real properties.</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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>II.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>APPLICANTS</U></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: justify">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
Existing Regulated Fund</U></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: justify; text-indent: 0.25in">The Existing Regulated Fund
is an externally-managed, non-diversified, closed-end management investment company incorporated in Maryland. The Existing Regulated Fund
has elected to be regulated as a BDC under the Act, has elected to be treated as a regulated investment company (&ldquo;<B><I>RIC</I></B>&rdquo;)
under Subchapter M of the Code, and intends to continue to qualify as a RIC in the future.</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: justify; text-indent: 0.25in">The Existing Regulated
Fund&rsquo;s investment objective is to generate current income and, to a lesser extent, capital appreciation for its investors. The
Existing Regulated Fund&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 the Existing Regulated Fund&rsquo;s debt investments,
it may receive equity interests such as warrants or options as additional consideration. The Existing Regulated Fund may also
purchase equity 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. The Board of the Existing Regulated Fund has eight members, of
which six members are Independent 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"></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"><SUP>7</SUP> A &ldquo;wholly-owned subsidiary&rdquo; of a person is
as defined in Section 2(a)(43) of the Act and means a company 95% or more of the outstanding voting securities of which are owned by
such person.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Existing
Affiliated Fund</U></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: justify; text-indent: 0.5in">The Existing Affiliated Fund
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. CIP is excluded from the definition
of &ldquo;investment company&rdquo; in reliance upon Section&nbsp;3(c)(1)&nbsp;of the Act.</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: justify">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
CION Adviser, CIG and CION Management</U></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: justify; text-indent: 0.25in">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 the Existing Regulated Fund.
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-align: justify; text-indent: 0.25in">Under the terms of the investment
advisory agreement with the Existing Regulated Fund, the CION Adviser: (i)&nbsp;determines the composition and allocation of the Existing
Regulated Fund&rsquo;s portfolio, the nature and timing of the changes to the Existing Regulated Fund&rsquo;s portfolio and the manner
of implementing such changes; (ii)&nbsp;determines which securities the Existing Regulated Fund will purchase, retain or sell; (iii)&nbsp;identifies,
evaluates, negotiates and structures the investments the Existing Regulated Fund makes; performs due diligence on prospective portfolio
companies; and (iv)&nbsp;executes, closes, monitors and services the investments the Existing Regulated Fund 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 the Existing Regulated Fund are not impaired. CION Management is a Delaware limited liability company that serves
as the investment adviser to the Existing Affiliated Fund on behalf of itself and its successors.</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: justify">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
CIG Proprietary Accounts</U></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: justify; text-indent: 0.25in">The CIG Proprietary Accounts,
if any, will hold various financial assets in a principal capacity. CIG has various business lines that it may operate through wholly-
or majority-owned subsidiaries. Currently, there are no subsidiaries of CIG that exist and currently intend to participate in the Co-Investment
Program.</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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>III.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>ORDER
REQUESTED</U></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: justify; text-indent: 0.25in">The Applicants respectfully
request an Order of the Commission under Sections 17(d)&nbsp;and 57(i)&nbsp;and Rule&nbsp;17d-1 thereunder to permit, subject to the terms
and Conditions set forth below in this Application, a Regulated Fund and one or more other Regulated Funds and/or one or more Affiliated
Funds to enter into Co-Investment Transactions with each other.</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: justify; text-indent: 0.25in">The Regulated Funds and
the Affiliated Funds seek relief to enter into Co-Investment Transactions because such Co-Investment Transactions would otherwise be
prohibited by either or both of Section&nbsp;17(d)&nbsp;or Section&nbsp;57(a)(4)&nbsp;and the Rules&nbsp;under the Act without an
exemptive order from the Commission. This Application seeks relief in order to (i)&nbsp;enable the Regulated Funds and Affiliated
Funds to avoid, among other things, the practical commercial and/or economic 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 Funds 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Overview</U></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: justify; text-indent: 0.25in">Applicants include the CION
Adviser, which manages the Existing Regulated Fund with total assets of approximately $1.8 billion as of September&nbsp;30, 2021. The
CION Adviser manages the assets entrusted to it by its clients in accordance with its fiduciary duty to those clients and, in the case
of the BDC, the Act.</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: justify; text-indent: 0.25in">The CION Adviser has established
rigorous processes for allocating initial investment opportunities, opportunities for subsequent investments in an issuer and dispositions
of securities holdings reasonably designed to treat all clients fairly and equitably. As discussed below, these processes will be extended
and modified in a manner reasonably designed to ensure that the additional transactions permitted under the Order will both (i)&nbsp;be
fair and equitable to the Regulated Funds and the Affiliated Funds and (ii)&nbsp;comply with the Conditions contained in 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; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
Investment Process</U></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: justify; text-indent: 0.25in">The investment process consists
of three stages: (i)&nbsp;the identification and consideration of investment opportunities (including follow-on investment opportunities);
(ii)&nbsp;order placement and allocation; and (iii)&nbsp;consideration by each applicable Regulated Fund&rsquo;s Board when a Potential
Co-Investment Transaction is being considered by one or more Regulated Funds, as provided by 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; text-align: justify; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Identification
and Consideration of Investment Opportunities</U></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: justify; text-indent: 0.25in">Opportunities for Potential
Co-Investment Transactions may arise when investment advisory personnel of an Adviser become aware of investment opportunities that may
be appropriate for a Regulated Fund and one or more other Regulated Funds and/or one or more Affiliated Funds. If the requested Order
is granted, the Advisers will establish, maintain and implement policies and procedures reasonably designed to ensure that, when such
opportunities arise, the Advisers to the relevant Regulated Funds are promptly notified and receive the same information about the opportunity
as any other Advisers considering the opportunity for their clients. In particular, consistent with Condition 1, if a Potential Co-Investment
Transaction falls within the then-current Objectives and Strategies and any Board-Established Criteria of a Regulated Fund, the policies
and procedures will require that the Adviser to such Regulated Fund receive sufficient information to allow such Adviser&rsquo;s investment
committee to make its independent determination and recommendations under Conditions 1, 2(a), 6, 7, 8 and 9 (as applicable).<SUP>8</SUP>
In addition, the policies and procedures will specify the individuals or roles responsible for carrying out the policies and procedures,
including ensuring that the Advisers receive such information. After receiving notification of a Potential Co-Investment Transaction under
Condition 1(a), the Adviser to each applicable Regulated Fund will then make an independent determination of the appropriateness of the
investment for the Regulated Fund in light of the Regulated Fund&rsquo;s then-current circumstances.</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: justify; text-indent: 0.25in">Applicants represent
that, if the requested Order is granted, the investment advisory personnel of the Advisers to the Regulated Funds will be charged
with making sure they identify, and participate in this process with respect to, each investment opportunity that falls within the
Objectives and Strategies and Board-Established Criteria of each Regulated Fund. Applicants assert that the Advisers&rsquo;
allocation policies and procedures are structured so that the relevant investment advisory personnel for each Regulated Fund will be
promptly notified of all Potential Co-Investment Transactions that fall within the then-current Objectives and Strategies and
Board-Established Criteria of such Regulated Fund and that the Advisers will undertake to perform these duties regardless of whether
the Advisers serve as investment adviser or sub-adviser to the Regulated Fund or 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"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> Representatives from each Adviser to a Regulated Fund
are members of each investment committee or otherwise entitled to participate in each meeting of any investment committee that is expected
to approve or reject recommended investment opportunities falling within its Regulated Funds&rsquo; Objectives and Strategies and Board-Established
Criteria. Accordingly, the policies and procedures may provide, for example, that an Adviser will receive the information required under
Condition 1 in conjunction with its representatives&rsquo; participation in the relevant investment committee&rsquo;s meetings. The allocation
memorandum for each Potential Co-Investment Transaction will document the recommendations by the investment committee.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Order
Placement and Allocation</U></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: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>General</U></FONT>.
If the Adviser to a Regulated Fund deems the Regulated Fund&rsquo;s participation in any Potential Co-Investment Transaction to be appropriate,
it will formulate a recommendation regarding the proposed order amount for the Regulated Fund.</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: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Allocation
Procedure</U></FONT>. For each Regulated Fund and Affiliated Fund whose Adviser recommends participating in a Potential Co-Investment
Transaction, such Adviser&rsquo;s investment committee will approve an investment with the Adviser&rsquo;s allocation committee approving
the amount to be allocated to each Regulated Fund and/or Affiliated Fund participating in the Potential Co-Investment Transaction. Prior
to the External Submission (as defined below), each proposed order amount may be reviewed and adjusted, in accordance with the applicable
Adviser&rsquo;s written allocation policies and procedures, by the applicable Adviser&rsquo;s investment committee.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT>
The order of a Regulated Fund or Affiliated Fund resulting from this process is referred to as its &ldquo;<B><I>Internal Order</I></B>&rdquo;.
The Internal Order will be submitted for approval by the Required Majority of any participating Regulated Funds in accordance with the
Conditions and as discussed in section III.A.1.c. below.</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: justify; text-indent: 0.25in">If the aggregate Internal
Orders for a Potential Co-Investment Transaction do not exceed the size of the investment opportunity immediately prior to the submission
of the orders to the underwriter, broker, dealer or issuer, as applicable (the &ldquo;<B><I>External Submission</I></B>&rdquo;), then
each Internal Order will be fulfilled as placed. If, on the other hand, the aggregate Internal Orders for a Potential Co-Investment Transaction
exceed the size of the investment opportunity immediately prior to the External Submission, then the allocation of the opportunity will
be made pro rata on the basis of the size of the Internal Orders.<SUP>10</SUP> If, subsequent to such External Submission, the size
of the opportunity is increased or decreased, or if the terms of such opportunity, or the facts and circumstances applicable to the Regulated
Funds&rsquo; or the Affiliated Funds&rsquo; consideration of the opportunity, change, the participants will be permitted to submit revised
Internal Orders in accordance with written allocation policies and procedures that the Advisers will establish, implement and maintain.
The Board of the Regulated Fund will then either approve or disapprove of the investment opportunity in accordance with Condition 2, 6,
7, 8 or 9, as applicable.</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: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Compliance</U></FONT>.
Applicants represent that the Advisers&rsquo; allocation review process is a robust process designed as part of their overall compliance
policies and procedures to ensure that every client is treated fairly and that the Advisers are following their allocation policies. The
entire allocation process is monitored and reviewed by the compliance team, led by the chief compliance officer, and approved by the Board
of each Regulated Fund as it applies to such Regulated Fund.</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: justify; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Approval
of Potential Co-Investment Transactions</U></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: justify; text-indent: 0.25in">A Regulated Fund will enter
into a Potential Co-Investment Transaction with one or more other Regulated Funds and/or Affiliated Funds only if, prior to the Regulated
Fund&rsquo;s participation in the Potential Co-Investment Transaction, the Required Majority approves it in accordance with the Conditions
of this 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-align: justify; text-indent: 0.25in">In the case of a BDC
Downstream Fund with an Independent Party consisting of a transaction committee or advisory committee, the individuals on the
committee would possess experience and training comparable to that of the directors of the parent Regulated Fund and sufficient to
permit them to make informed decisions on behalf of the applicable BDC Downstream Fund. Applicants represent that the Independent
Parties of the BDC Downstream Funds would be bound (by law or by contract) by fiduciary duties comparable to those applicable to the
directors of the parent Regulated Fund, including a duty to act in the best interests of their respective funds when approving
transactions. These duties would apply in the case of all Potential Co-Investment Transactions, including transactions that could
present a conflict of interest.</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: justify; text-indent: 0.25in">Further, Applicants believe
that the existence of differing routes of approval between the BDC Downstream Funds and other Regulated Funds would not result in Applicants
investing through the BDC Downstream Funds in order to avoid obtaining the approval of a Regulated Fund&rsquo;s Board. Each Regulated
Fund and BDC Downstream Fund has its own Objectives and Strategies and may have its own Board-Established Criteria, the implementation
of which depends on the specific circumstances of the entity&rsquo;s portfolio at the time an investment opportunity is presented. As
noted above, consistent with its duty to its BDC Downstream Funds, the Independent Party must reach a conclusion on whether or not an
investment is in the best interest of its relevant BDC Downstream Funds. An investment made solely to avoid an approval requirement at
the Regulated Fund level should not be viewed as in the best interest of the entity in question and, thus, would not be approved by the
Independent Party.</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"><SUP>9</SUP> The reason for any such adjustment to a proposed order
amount will be documented in writing and preserved in the records of each Adviser. </P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> The Advisers will maintain records of
all proposed order amounts, Internal Orders and External Submissions in conjunction with Potential Co-Investment Transactions. Each applicable
Adviser will provide the Eligible Directors with information concerning the Affiliated Funds&rsquo; and Regulated Funds&rsquo; order
sizes to assist the Eligible Directors with their review of the applicable Regulated Funds&rsquo; investments for compliance with the
Conditions.</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>

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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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A Regulated Fund may participate
in Pro Rata Dispositions (defined below) and Pro Rata Follow-On Investments (defined below) without obtaining prior approval of the Required
Majority in accordance with Conditions 6(c)(i)&nbsp;and 8(b)(i).</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: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delayed
Settlement</U></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: justify; text-indent: 0.25in">All Regulated Funds and Affiliated
Funds participating in a Co-Investment Transaction 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. However, the settlement
date for an Affiliated Fund in a Co-Investment Transaction may occur up to ten business days after the settlement date for the Regulated
Fund, and vice versa. Nevertheless, in all cases, (i)&nbsp;the date on which the commitment of the Affiliated Funds and Regulated Funds
is made will be the same even where the settlement date is not and (ii)&nbsp;the earliest settlement date and the latest settlement date
of any Affiliated Fund or Regulated Fund participating in the transaction will occur within ten business days of each other.</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: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Permitted
Follow-On Investments and Approval of Follow-On Investments</U></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: justify; text-indent: 0.25in">From time to time the Regulated
Funds and Affiliated Funds may have opportunities to make Follow-On Investments in an issuer in which a Regulated Fund and one or more
other Regulated Funds and/or Affiliated Funds previously have invested and continue to hold an investment. If the Order is granted, Follow-On
Investments will be made in a manner that, over time, is fair and equitable to all of the Regulated Funds and Affiliated Funds and in
accordance with the proposed procedures discussed above and with the Conditions of 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; text-align: justify; text-indent: 0.25in">The Order would divide Follow-On
Investments into two categories depending on whether the Regulated Funds and Affiliated Funds holding investments in the issuer previously
participated in a Co-Investment Transaction with respect to the issuer and continue to hold any securities acquired in a Co-Investment
Transaction for that issuer. If such Regulated Funds and Affiliated Funds have previously participated in a Co-Investment Transaction
with respect to the issuer, then the terms and approval of the Follow-On Investment would be subject to the process discussed in Section&nbsp;III.A.3.a.
below and governed by Condition 8. These Follow-On Investments are referred to as &ldquo;Standard Review Follow-Ons.&rdquo; If such Regulated
Funds and Affiliated Funds have not previously participated in a Co-Investment Transaction with respect to the issuer, then the terms
and approval of the Follow-On Investment would be subject to the &ldquo;onboarding process&rdquo; discussed in Section&nbsp;III.A.3.b.
below and governed by Condition 9. These Follow-On Investments are referred to as &ldquo;Enhanced Review Follow-Ons.&rdquo;</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: justify; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Standard
Review Follow-Ons</U></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: justify; text-indent: 0.25in">A Regulated Fund may invest
in Standard Review Follow-Ons either with the approval of the Required Majority using the procedures required under Condition 8(c)&nbsp;or,
where certain additional requirements are met, without Board approval under Condition 8(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: justify; text-indent: 0.25in">A Regulated Fund may participate
in a Standard Review Follow-On without obtaining the prior approval of the Required Majority if it is (i)&nbsp;a Pro Rata Follow-On Investment
or (ii)&nbsp;a Non-Negotiated Follow-On Investment.</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: justify; text-indent: 0.25in">A &ldquo;<B><I>Pro Rata
Follow-On Investment</I></B>&rdquo; is a Follow-On Investment (i)&nbsp;in which the participation of each Affiliated Fund and each
Regulated Fund is proportionate to its outstanding investments in the issuer or security, as appropriate,<SUP> 11</SUP> immediately
preceding the Follow-On Investment, and (ii)&nbsp;in the case of a Regulated Fund, a majority of the Board has approved the
Regulated Fund&rsquo;s participation in the pro rata Follow-On Investments as being in the best interests of the Regulated Fund. The
Regulated Fund&rsquo;s Board may refuse to approve, or at any time rescind, suspend or qualify, their approval of Pro Rata Follow-On
Investments, in which case all subsequent Follow-On Investments will be submitted to the Regulated Fund&rsquo;s Eligible Directors
in accordance with Condition 8(c).</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"><SUP>11</SUP> See note 26, below.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A &ldquo;<B><I>Non-Negotiated
Follow-On Investment</I></B>&rdquo; is a Follow-On Investment in which a Regulated Fund participates together with one or more Affiliated
Funds and/or one or more other Regulated Funds (i)&nbsp;in which the only term negotiated by or on behalf of the funds is price and (ii)&nbsp;with
respect to which, if the transaction were considered on its own, the funds would be entitled to rely on one of the JT No-Action Letters.</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: justify; text-indent: 0.25in">Applicants believe that these
Pro Rata and Non-Negotiated Follow-On Investments do not present a significant opportunity for overreaching on the part of any Adviser
and thus do not warrant the time or the attention of the Board. Pro Rata Follow-On Investments and Non-Negotiated Follow-On Investments
remain subject to the Board&rsquo;s periodic review in accordance with Condition 10.</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: justify; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Enhanced
Review Follow-Ons</U></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: justify; text-indent: 0.25in">One or more Regulated Funds
and/or one or more Affiliated Funds holding Pre-Boarding Investments may have the opportunity to make a Follow-On Investment that is a
Potential Co-Investment Transaction in an issuer with respect to which they have not previously participated in a Co-Investment Transaction.
In these cases, the Regulated Funds and Affiliated Funds may rely on the Order to make such Follow-On Investment subject to the requirements
of Condition 9. These enhanced review requirements constitute an &ldquo;onboarding process&rdquo; whereby Regulated Funds and Affiliated
Funds may utilize the Order to participate in Co-Investment Transactions even though they already hold Pre-Boarding Investments. For a
given issuer, the participating Regulated Funds and Affiliated Funds need to comply with these requirements only for the first Co-Investment
Transaction. Subsequent Co-Investment Transactions with respect to the issuer will be governed by Condition 8 under the standard review
process.</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: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dispositions</U></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: justify; text-indent: 0.25in">The Regulated Funds and Affiliated
Funds may be presented with opportunities to sell, exchange or otherwise dispose of securities in a transaction that would be prohibited
by Rule&nbsp;17d-1 or Section&nbsp;57(a)(4), as applicable. If the Order is granted, such Dispositions will be made in a manner that,
over time, is fair and equitable to all of the Regulated Funds and Affiliated Funds and in accordance with procedures set forth in the
proposed Conditions to the Order and discussed below.</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: justify; text-indent: 0.25in">The Order would divide these
Dispositions into two categories: (i)&nbsp;if the Regulated Funds and Affiliated Funds holding investments in the issuer have previously
participated in a Co-Investment Transaction with respect to the issuer and continue to hold any securities acquired in a Co-Investment
Transaction for such issuer, then the terms and approval of the Disposition (hereinafter referred to as &ldquo;Standard Review Dispositions&rdquo;)
would be subject to the process discussed in Section&nbsp;III.A.4.a. below and governed by Condition 6; and (ii)&nbsp;if the Regulated
Funds and Affiliated Funds have not previously participated in a Co-Investment Transaction with respect to the issuer, then the terms
and approval of the Disposition (hereinafter referred to as &ldquo;Enhanced Review Dispositions&rdquo;) would be subject to the same &ldquo;onboarding
process&rdquo; discussed in Section&nbsp;III.A.4.b. below, and governed by Condition 7.</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: justify; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Standard
Review Dispositions</U></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: justify; text-indent: 0.25in">A Regulated Fund may participate
in a Standard Review Disposition either with the approval of the Required Majority using the standard procedures required under Condition
6(d)&nbsp;or, where certain additional requirements are met, without Board approval under Condition 6(c).</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: justify; text-indent: 0.25in">A Regulated Fund may participate
in a Standard Review Disposition without obtaining the prior approval of the Required Majority if (i)&nbsp;the Disposition is a Pro Rata
Disposition or (ii)&nbsp;the securities are Tradable Securities and the Disposition meets the other requirements of Condition 6(c)(ii).</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: justify; text-indent: 0.25in">A &ldquo;<B><I>Pro Rata
Disposition</I></B>&rdquo; is a Disposition (i)&nbsp;in which the participation of each Affiliated Fund and each Regulated Fund is
proportionate to its outstanding investment in the security subject to Disposition immediately preceding the Disposition;<SUP>
12</SUP> and (ii)&nbsp;in the case of a Regulated Fund, a majority of the Board has approved the Regulated Fund&rsquo;s
participation in pro rata Dispositions as being in the best interests of the Regulated Fund. The Regulated Fund&rsquo;s Board may
refuse to approve, or at any time rescind, suspend or qualify, their approval of Pro Rata Dispositions, in which case all subsequent
Dispositions will be submitted to the Regulated Fund&rsquo;s 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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> See note 24, below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the case of a
Tradable Security, approval of the required majority is not required for the Disposition if: (x)&nbsp;the Disposition is not to the
issuer or any affiliated person of the issuer;<SUP> 13</SUP> and (y)&nbsp;the security is sold for cash in a transaction in which
the only term negotiated by or on behalf of the participating Regulated Funds and Affiliated Funds is price. Pro Rata Dispositions
and Dispositions of a Tradable Security remain subject to the Board&rsquo;s periodic review in accordance with Condition 10.</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: justify; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Enhanced
Review Dispositions</U></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: justify; text-indent: 0.25in">One or more Regulated
Funds and one or more Affiliated Funds that have not previously participated in a Co-Investment Transaction with respect to an
issuer may have the opportunity to make a Disposition of Pre-Boarding Investments in a Potential Co-Investment Transaction. In these
cases, the Regulated Funds and Affiliated Funds may rely on the Order to make such Disposition subject to the requirements of
Condition 7. As discussed above, with respect to an investment in a given issuer, the participating Regulated Funds and Affiliated
Funds need only complete the onboarding process for the first Co-Investment Transaction, which may be an Enhanced Review Follow-On
or an Enhanced Review Disposition.<SUP> 14</SUP> Subsequent Co-Investment Transactions with respect to the issuer will be governed
by Condition 6 or 8 under the standard review process.</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: justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Wholly-Owned Investment Subs</U></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: justify; text-indent: 0.25in">A Regulated Fund may, from
time to time, form one or more Wholly-Owned Investment Subs. Such a subsidiary may be prohibited from investing in a Co-Investment Transaction
with a Regulated Fund (other than its parent) or any Affiliated Fund because it would be a company controlled by its parent Regulated
Fund for purposes of Section&nbsp;57(a)(4)&nbsp;and Rule&nbsp;17d-1. Applicants request that each Wholly-Owned Investment Sub be permitted
to participate in Co-Investment Transactions in lieu of the applicable parent Regulated Fund that owns it and that the Wholly-Owned Investment
Sub&rsquo;s participation in any such transaction be treated, for purposes of the Order, as though the parent Regulated Fund were participating
directly.</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: justify; text-indent: 0.25in">Applicants note that an entity
could not be both a Wholly-Owned Investment Sub and a BDC Downstream Fund because, in the former case, the Board of the parent Regulated
Fund makes any determinations regarding the subsidiary&rsquo;s investments while, in the latter case, the Independent Party makes such
determinations.</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: justify">B.&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicable
Law</U></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: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;17(d)&nbsp;and
Section&nbsp;57(a)(4)</U></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: justify; text-indent: 0.25in">Section&nbsp;17(d)&nbsp;of
the Act generally prohibits an affiliated person (as defined in Section&nbsp;2(a)(3)&nbsp;of the Act), or an affiliated person of such
affiliated person, of a registered investment company acting as principal, from effecting any transaction in which the registered 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 investment company on a basis different from or less advantageous than that
of such other participant.</P>

<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>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> In the case of a Tradable Security, Dispositions to
the issuer or an affiliated person of the issuer are not permitted so that funds participating in the Disposition do not benefit to the
detriment of Regulated Funds that remain invested in the issuer. For example, if a Disposition of a Tradable Security were permitted
to be made to the issuer, the issuer may be reducing its short term assets (i.e., cash) to pay down long term liabilities.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> However, with respect to an issuer, if a Regulated Fund&rsquo;s
first Co-Investment Transaction is an Enhanced Review Disposition, and the Regulated Fund does not dispose of its entire position in
the Enhanced Review Disposition, then before such Regulated Fund may complete its first Standard Review Follow-On in such issuer, the
Eligible Directors must review the proposed Follow-On Investment not only on a stand-alone basis but also in relation to the total economic
exposure in such issuer (i.e., in combination with the portion of the Pre-Boarding Investment not disposed of in the Enhanced Review
Disposition), and the other terms of the investments. This additional review is required because such findings were not required in connection
with the prior Enhanced Review Disposition, but they would have been required had the first Co-Investment Transaction been an Enhanced
Review Follow-On.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Similarly, with regard to
BDCs, Section&nbsp;57(a)(4)&nbsp;prohibits certain persons specified in Section&nbsp;57(b)&nbsp;from participating in a joint transaction
with the BDC, or a company controlled by the 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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); or</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: justify; text-indent: 0.25in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (except the BDC itself and any person who, if it were not directly
or indirectly controlled by the BDC, would not be directly or indirectly under the control of a person who controls the BDC);<SUP>
15</SUP> 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).</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: justify; text-indent: 0.25in">Pursuant to the foregoing
application of Section&nbsp;57(a)(4), BDC Downstream Funds on the one hand and other Regulated Funds and Affiliated Funds on the other,
may not co-invest absent an exemptive order because the BDC Downstream Funds are controlled by a BDC and the Affiliated Funds and other
Regulated Funds are included in Section&nbsp;57(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: justify; text-indent: 0.25in">Section&nbsp;2(a)(3)(C)&nbsp;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)(3)(D)&nbsp;defines &ldquo;any officer, director, partner, copartner, or employee&rdquo;
of an affiliated person as an affiliated person. Section&nbsp;2(a)(9)&nbsp;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 that provides discretionary investment management services to a fund and that sponsored,
selected the initial directors, and provides administrative or other non-advisory services to the fund, controls such fund, absent compelling
evidence to the contrary.<SUP> 16</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; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rule&nbsp;17d-1</U></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: justify; text-indent: 0.25in">Rule&nbsp;17d-1
generally prohibits an affiliated person (as defined in Section&nbsp;2(a)(3)), or an affiliated person of such affiliated person, of
a registered investment company acting as principal, from effecting any transaction in which the registered investment company, or a
company controlled by such registered 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 investment company on a basis
different from or less advantageous than that of such first or second tier affiliate. Rule&nbsp;17d-1 generally prohibits
participation by a registered investment company and an affiliated person (as defined in Section&nbsp;2(a)(3)) 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"></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">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> Also excluded from this category by Rule 57b-1 is any
person who would otherwise be included (a) solely because that person is directly or indirectly controlled by a business development
company, or (b) solely because that person is, within the meaning of Section 2(a)(3)(C) or (D), an affiliated person of a person described
in (a) above.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> See, e.g., SEC Rel. No. IC-4697 (Sept. 8, 1966) (&ldquo;For
purposes of Section 2(a)(3)(C), affiliation based upon control would depend on the facts of the given situation, including such factors
as extensive interlocks of officers, directors or key personnel, common investment advisers or underwriters, etc.&rdquo;); Lazard Freres
Asset Management, SEC No-Action Letter (pub. avail. Jan. 10, 1997) (&ldquo;While, in some circumstances, the nature of an advisory relationship
may give an adviser control over its client&rsquo;s management or policies, whether an investment company and another entity are under
common control is a factual question&hellip;&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Rule&nbsp;17d-1 was promulgated
by the Commission pursuant to Section&nbsp;17(d)&nbsp;and made applicable to persons subject to Sections 57(a)&nbsp;and (d)&nbsp;by Section&nbsp;57(i)&nbsp;to
the extent specified therein. Section&nbsp;57(i)&nbsp;provides that, until the Commission prescribes rules&nbsp;under Sections 57(a)&nbsp;and
(d), the Commission&rsquo;s rules&nbsp;under Section&nbsp;17(d)&nbsp;applicable to registered closed-end investment companies will be
deemed to apply to persons subject to the prohibitions of Section&nbsp;57(a)&nbsp;or (d). Because the Commission has not adopted any rules&nbsp;under
Section&nbsp;57(a)&nbsp;or (d), Rule&nbsp;17d-1 applies to persons subject to the prohibitions of Section&nbsp;57(a)&nbsp;or (d).</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: justify; text-indent: 0.25in">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 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-align: justify; text-indent: 0.25in">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.<SUP> 17 </SUP> 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)&hellip;is to prevent&hellip;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;<SUP> 18</SUP>
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, and rules&nbsp;thereunder, but is modified to address
concerns relating to unique characteristics presented by business development companies.&rdquo;<SUP> 19</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; text-align: justify; text-indent: 0.25in">Applicants believe that the
Conditions 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 and Section&nbsp;57(i)&nbsp;would be 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; text-align: justify">C.&nbsp;&nbsp;&nbsp;&nbsp;<U>Need
for Relief</U></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: justify; text-indent: 0.25in">Co-Investment Transactions
are prohibited by Rule&nbsp;17d-1 and either or both of Sections 17(d)&nbsp;and 57(a)(4)&nbsp;without a prior exemptive order of the Commission,
to the extent that the Affiliated Funds and the Regulated Funds participating in such transactions fall within the category of persons
described by Rule&nbsp;17d-1, Section&nbsp;17(d)&nbsp;and/or Section&nbsp;57(b), as modified by Rule&nbsp;57b-1 thereunder, as applicable,
vis-&agrave;-vis each participating Regulated Fund.</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: justify; text-indent: 0.25in; background-color: white">Each
of the participating Regulated Funds and Affiliated Funds may be deemed to be affiliated persons vis-&agrave;-vis a Regulated Fund
within the meaning of Section&nbsp;2(a)(3)&nbsp;by reason of common control because (i)&nbsp;an Adviser, that is either the CION
Adviser or an entity that controls, is controlled by, or under common control with the CION Adviser, will be the investment adviser
(and sub-adviser, if any) to each of the Regulated Funds and the Affiliated Funds; (ii)&nbsp;the CION Adviser is the Adviser to, and
may be deemed to control, the Existing Regulated Fund; and an Adviser will be the investment adviser and sub-adviser to, and may be
deemed to control, any Future Regulated Fund; (iii)&nbsp;each BDC Downstream Fund will be deemed to be controlled by its BDC parent
and/or its BDC parent&rsquo;s Adviser; and (iv)&nbsp;the Advisers are under common control. Thus, each Regulated Fund and each
Affiliated Fund may be deemed to be a person related to a Regulated Fund or BDC Downstream Fund in a manner described by
Section&nbsp;57(b)&nbsp;(or Section&nbsp;17(d)&nbsp;in the case of Regulated Funds that are registered under the Act) and therefore
would be prohibited by Section&nbsp;57(a)(4)&nbsp;(or Section&nbsp;17(d)&nbsp;in the case of Regulated Funds that are registered
under the Act) and Rule&nbsp;17d-1 from participating in Co-Investment Transactions without 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; text-align: justify; text-indent: 0.25in">Further, because the BDC
Downstream Funds and Wholly-Owned Investment Subs are controlled by the Regulated Funds, the BDC Downstream Funds and Wholly-Owned Investment
Subs are subject to Section&nbsp;57(a)(4)&nbsp;(or Section&nbsp;17(d)&nbsp;in the case of Wholly-Owned Investment Subs controlled by Regulated
Funds that are registered under the Act), and thus also subject to the provisions of Rule&nbsp;17d-1, and therefore would be prohibited
from participating in Co-Investment Transactions without 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">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> <U>See Protecting Investors: A
Half-Century of Investment Company Regulation</U>, 1504 Fed. Sec. L. Rep., Extra Edition (May 29, 1992) at 488 et seq.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> <U>Securities and Exchange Commission
v. Talley Industries, Inc.</U>, 399 F.2d 396, 405 (2d Cir. 1968), cert. denied, 393 U.S. 1015 (1969).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> H.Rep. No. 96-1341, 96th Cong., 2d Sess. 45 (1980) reprinted
in 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"></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: justify; text-indent: 0.25in">In addition, because the
CIG Proprietary Accounts will be controlled by an Adviser and, therefore, may be under common control with the Existing Regulated Fund,
the CION Adviser, and any Future Regulated Funds, the CIG Proprietary Accounts could be deemed to be persons related to the Regulated
Funds (or a company controlled by the Regulated Funds) in a manner described by Section&nbsp;17(d)&nbsp;or 57(b)&nbsp;and also prohibited
from participating in the Co-Investment Program.</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: justify">D.&nbsp;&nbsp;&nbsp;&nbsp;<U>Precedents</U></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: justify; text-indent: 0.25in">The Commission has issued
numerous exemptive orders under the Act permitting registered investment companies and BDCs to co-invest with affiliated persons, including
precedents involving proprietary accounts.<SUP> 20</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; text-align: justify; text-indent: 0.25in">Applicants submit that the
allocation procedures set forth in the Conditions for relief are consistent with and expand the range of investor protections found in
the orders cited in 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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IV.</B></FONT>&nbsp;&nbsp;&nbsp;<B><U>STATEMENT
IN SUPPORT OF RELIEF REQUESTED</U></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: justify; text-indent: 0.25in">In accordance with Rule&nbsp;17d-1
(made applicable to transactions subject to Section&nbsp;57(a)&nbsp;by Section&nbsp;57(i)), the Commission may grant the requested relief
as to any particular joint transaction if it finds that the participation of the Regulated Funds in the joint transaction is consistent
with the provisions, policies and purposes of the Act and is not on a basis different from or less advantageous than that of other participants.
Applicants submit that allowing the Co-Investment Transactions described in this Application is justified on the basis of (i)&nbsp;the
potential benefits to the Regulated Funds and the shareholders thereof and (ii)&nbsp;the protections found in the Conditions.</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: justify; text-indent: 0.25in">As required by Rule&nbsp;17d-1(b),
the Conditions ensure that the terms on which Co-Investment Transactions may be made will be consistent with the participation of the
Regulated Funds being on a basis that it is neither different from nor less advantageous than other participants, thus protecting the
equity holders of any participant from being disadvantaged. The Conditions ensure that all Co-Investment Transactions are reasonable and
fair to the Regulated Funds and their shareholders and do not involve overreaching by any person concerned, including the Advisers.</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: justify">A.&nbsp;&nbsp;&nbsp;&nbsp;<U>Potential
Benefits</U></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: justify; text-indent: 0.25in">In the absence of the
relief sought hereby, in many circumstances the Regulated Funds 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 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-align: justify; text-indent: 0.25in">Each Regulated Fund and its
shareholders will benefit from the ability to participate in Co-Investment Transactions. The Board, including the Required Majority, of
each Regulated Fund has determined that it is in the best interests of the Regulated Fund to participate in Co-Investment Transactions
because, among other matters, (i)&nbsp;the Regulated Fund should be able to participate in a larger number and greater variety of transactions;
(ii)&nbsp;the Regulated Fund should be able to participate in larger transactions; (iii)&nbsp;the Regulated Fund should 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 Funds; (iv)&nbsp;the Regulated Fund and any other Regulated Funds participating
in the proposed investment should 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; (v)&nbsp;the Regulated Fund should 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
Conditions are fair to the Regulated Funds and 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"></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> <U>See, e.g.</U>, <U>Commonwealth
Credit Partners BDC I, Inc.</U>, et al., (File No. 812-15195) Release No. IC-34325 (July 7, 2021) (notice), Release No. IC-34347 (August
2, 2021) (order), <U>Kayne Anderson MLP/Midstream Investment Company, et al.</U>, (File No. 812-14940) Release No. IC-33742 (January
8, 2020) (notice), Release No. IC-33798 (February 4, 2020) (order), <U>Prospect Capital Corporation, et al.</U>, (File No. 812-14977)
Release No. IC-33716 (December 16, 2019) (notice), Release No. IC-33745 (January 13, 2020) (order); <U>New Mountain Finance Corporation,
et al.</U>, (File No. 812-15030) Release No. IC-33624 (September 12, 2019) (notice), Release No. IC-33656 (October 8, 2019) (order),
<U>John Hancock GA Mortgage Trust, et al.</U> (File No. 812-14917) Release No. IC-33493 (May 28, 2019) (notice), Release No. IC- 33518
(June 25, 2019) (order), <U>BlackRock Capital Investment Corporation, et al.</U> (File No. 812-14955) Release No. IC-33480 (May 21, 2019)
(notice), Release No. IC- 33515 (June 20, 2019) (order), <U>Nuveen Churchill BDC LLC, et al.</U> (File No. 812-14898) Release No. IC-33475
(May 15, 2019) (notice), Release No. IC-33503 (June 7, 2019) (order).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B.&nbsp;&nbsp;&nbsp;&nbsp;<U>Protective
Representations and Conditions</U></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: justify; text-indent: 0.25in">The Conditions ensure that
the proposed Co-Investment Transactions are consistent with the protection of each Regulated Fund&rsquo;s shareholders and with the purposes
intended by the policies and provisions of the Act. Specifically, the Conditions incorporate the following critical protections: (i)&nbsp;all
Regulated Funds participating in the Co-Investment Transactions will invest at the same time (except that, subject to the limitations
in the Conditions, the settlement date for an Affiliated Fund in a Co-Investment Transaction may occur up to ten business days after the
settlement date for the Regulated Fund, and vice versa), 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
Fund must approve various investment decisions (not including transactions completed on a pro rata basis pursuant to Conditions 6(c)(i)&nbsp;and
8(b)(i)&nbsp;or otherwise not requiring Board approval) with respect to such Regulated Fund in accordance with the Conditions; and (iii)&nbsp;the
Regulated Funds 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-align: justify; text-indent: 0.25in">Applicants believe that participation
by the Regulated Funds in Pro Rata Follow-On Investments and Pro Rata Dispositions, as provided in Conditions 6(c)(i)&nbsp;and 8(b)(i),
is consistent with the provisions, policies and purposes of the 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 investment or disposition eliminates the possibility for overreaching
and unnecessary prior review by the Board. 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; text-align: justify; text-indent: 0.25in">Applicants also believe that
the participation by the Regulated Funds in Non-Negotiated Follow-On Investments and in Dispositions of Tradable Securities without the
approval of a Required Majority is consistent with the provisions, policies and purposes of the Act as there is no opportunity for overreaching
by affiliates.</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: justify; text-indent: 0.25in">If an Adviser, its principals,
or any person controlling, controlled by, or under common control with the Adviser or its principals, and the Affiliated Funds (collectively,
the &ldquo;<B><I>Holders</I></B>&rdquo;) own in the aggregate more than 25 percent of the outstanding voting shares of a Regulated Fund
(the &ldquo;<B><I>Shares</I></B>&rdquo;), then the Holders will vote such Shares as required under Condition 15.</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: justify; text-indent: 0.25in">Applicants believe that this
condition will ensure that the Independent Directors will act independently in evaluating Co-Investment Transactions, because the ability
of an Adviser or its principals to influence the Independent Directors by a suggestion, explicit or implied, that the Independent Directors
can be removed if desired by the Holders will be limited significantly. The Independent Directors shall evaluate and approve any independent
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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In sum, Applicants
believe that the Conditions would ensure that each Regulated Fund that participates in any type of Co-Investment Transaction does
not participate on a basis different from, or less advantageous than, that of such other participants for purposes of
Section&nbsp;17(d)&nbsp;or Section&nbsp;57(a)(4)&nbsp;and the Rules&nbsp;under the Act. As a result, Applicants believe that the
participation of the Regulated Funds in Co-Investment Transactions in accordance with the Conditions would be consistent with the
provisions, policies, and purposes of the 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-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>V.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>CONDITIONS</U></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: justify; text-indent: 0.25in">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Identification
and Referral of Potential Co-Investment Transactions</U></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: justify; text-indent: 0.25in">(a)&nbsp;The Advisers will
establish, maintain and implement policies and procedures reasonably designed to ensure that each Adviser is promptly notified of all
Potential Co-Investment Transactions that fall within the then-current Objectives and Strategies and Board-Established Criteria of any
Regulated Fund the Adviser manages.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(b)&nbsp;When an Adviser
to a Regulated Fund is notified of a Potential Co-Investment Transaction under Condition 1(a), the Adviser will make an independent determination
of the appropriateness of the investment for the Regulated Fund in light of the Regulated Fund&rsquo;s then-current circumstances.</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: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Board
Approvals of Co-Investment Transactions</U></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: justify; text-indent: 0.25in">(a)&nbsp; If the Adviser
deems a Regulated Fund&rsquo;s participation in any Potential Co-Investment Transaction to be appropriate for the Regulated Fund, it will
then determine an appropriate level of investment for the Regulated Fund.</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: justify; text-indent: 0.25in">(b)&nbsp; If the aggregate
amount recommended by the Advisers to be invested in the Potential Co-Investment Transaction by the participating Regulated Funds and
any participating Affiliated Funds, collectively, exceeds the amount of the investment opportunity, the investment opportunity will be
allocated among them pro rata based on the size of the Internal Orders, as described in section III.A.1.b. above. Each Adviser to a participating
Regulated Fund will promptly notify and provide the Eligible Directors with information concerning the Affiliated Funds&rsquo; and Regulated
Funds&rsquo; order sizes to assist the Eligible Directors with their review of the applicable Regulated Fund&rsquo;s investments for compliance
with these Conditions.</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: justify; text-indent: 0.25in">(c)&nbsp; After making the
determinations required in Condition 1(b)&nbsp;above, each Adviser to a participating Regulated Fund will distribute written information
concerning the Potential Co-Investment Transaction (including the amount proposed to be invested by each participating Regulated Fund
and each participating Affiliated Fund) to the Eligible Directors of its participating Regulated Fund(s)&nbsp;for their consideration.
A Regulated Fund will enter into a Co-Investment Transaction with one or more other Regulated Funds or Affiliated Funds only if, prior
to the Regulated Fund&rsquo;s participation in the Potential Co-Investment Transaction, a Required Majority concludes that:</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 0.25in; text-align: justify; text-indent: 0.25in">(i)&nbsp; the
terms of the transaction, including the consideration to be paid, are reasonable and fair to the Regulated Fund and its equity holders
and do not involve overreaching in respect of the Regulated Fund or its equity holders on the part of any person concerned;</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 0.25in; text-align: justify; text-indent: 0.25in">(ii)&nbsp; the
transaction is consistent with:</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 0.75in; text-align: justify; text-indent: 0.25in">(A)&nbsp; the
interests of the Regulated Fund&rsquo;s equity holders; 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 0.75in; text-align: justify; text-indent: 0.25in">(B)&nbsp; the
Regulated Fund&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 0pt 0.25in; text-align: justify; text-indent: 0.25in">(iii)&nbsp; the
investment by any other Regulated Fund(s)&nbsp;or Affiliated Fund(s)&nbsp;would not disadvantage the Regulated Fund, and participation
by the Regulated Fund would not be on a basis different from, or less advantageous than, that of any other Regulated Fund(s)&nbsp;or Affiliated
Fund(s)&nbsp;participating in the transaction; <U>provided</U> that the Required Majority shall not be prohibited from reaching the conclusions
required by this Condition 2(c)(iii)&nbsp;if:</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 0.75in; text-align: justify; text-indent: 0.25in">(A)&nbsp; the
settlement date for another Regulated Fund or an Affiliated Fund in a Co-Investment Transaction is later than the settlement date for
the Regulated Fund by no more than ten business days or earlier than the settlement date for the Regulated Fund by no more than ten business
days, in either case, so long as: (x)&nbsp;the date on which the commitment of the Affiliated Funds and Regulated Funds is made is the
same; and (y)&nbsp;the earliest settlement date and the latest settlement date of any Affiliated Fund or Regulated Fund participating
in the transaction will occur within ten business days of each other; or</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 0.75in; text-align: justify; text-indent: 0.25in">(B)&nbsp; any
other Regulated Fund or Affiliated Fund, but not the Regulated Fund itself, gains the right to nominate a director for election to a portfolio
company&rsquo;s board of directors, the right to have a board observer or any similar right to participate in the governance or management
of the portfolio company so long as: (x)&nbsp;the Eligible Directors will have the right to ratify the selection of such director or board
observer, if any; (y)&nbsp;the Adviser agrees to, and does, provide periodic reports to the Regulated Fund&rsquo;s Board 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 (z)&nbsp;any fees or other compensation that any other Regulated
Fund or Affiliated Fund or any affiliated person of any other Regulated Fund or Affiliated Fund receives in connection with the right
of one or more Regulated Funds or Affiliated Funds 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 any participating Affiliated Funds (who may, in
turn, share their portion with their affiliated persons) and any participating Regulated Fund(s)&nbsp;in accordance with the amount of
each such party&rsquo;s investment; 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 0.25in; text-align: justify; text-indent: 0.25in">(iv)&nbsp; the
proposed investment by the Regulated Fund will not involve compensation, remuneration or a direct or indirect<SUP>21</SUP> financial
benefit to the Advisers, any other Regulated Fund, 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 14, (B)&nbsp;to the extent permitted by Section&nbsp;17(e)&nbsp;or
57(k), 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)(B)(z).</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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> For example, procuring the Regulated Fund&rsquo;s investment
in a Potential Co-Investment Transaction to permit an affiliate to complete or obtain better terms in a separate transaction would constitute
an indirect financial benefit.</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>

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<P STYLE="text-align: justify; 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: justify">3.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Right
to Decline.</U></P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">Each Regulated Fund has the
right to decline to participate in any Potential Co-Investment Transaction or to invest less than the amount proposed.</P>

<P STYLE="text-align: justify; 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: justify">4.&#8239;&#8239;&#8239;&#8239;&#8239;<U>General
Limitation.</U></P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">Except for Follow-On Investments
made in accordance with Conditions 8 and 9 below,<SUP>22</SUP> a Regulated Fund will not invest in reliance on the Order in any issuer
in which a Related Party has an investment.</P>

<P STYLE="text-align: justify; 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: justify">5.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Same
Terms and Conditions<I>.</I></U></P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">A Regulated Fund will not
participate in any Potential Co-Investment Transaction unless (i)&nbsp;the terms, conditions, price, class of securities to be purchased,
date on which the commitment is entered into and registration rights (if any) will be the same for each participating Regulated Fund and
Affiliated Fund and (ii)&nbsp;the earliest settlement date and the latest settlement date of any participating Regulated Fund or Affiliated
Fund will occur as close in time as practicable and in no event more than ten business days apart. The grant to one or more Regulated
Funds or Affiliated Funds, but not the respective Regulated Fund, 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 5, if Condition 2(c)(iii)(B)&nbsp;is met.</P>

<P STYLE="text-align: justify; 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: justify">6.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Standard
Review Dispositions.</U></P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(a)&nbsp; <I>General</I>.
If any Regulated Fund or Affiliated Fund elects to sell, exchange or otherwise dispose of an interest in a security and one or more Regulated
Funds and Affiliated Funds have previously participated in a Co-Investment Transaction with respect to the issuer, then:</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(i)&nbsp; the
Adviser to such Regulated Fund or Affiliated Fund<SUP>23</SUP> will notify each Regulated Fund that holds an investment in the issuer
of the proposed Disposition at the earliest practical time; and</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>22
</SUP></FONT>This exception applies only to Follow-On Investments by a Regulated Fund in issuers in which that Regulated Fund already
holds investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>23
</SUP></FONT>Any CIG Proprietary Account that is not advised by an Adviser is itself deemed to be an Adviser for purposes of Conditions
6(a)(i), 7(a)(i), 8(a)(i) and 9(a)(i).</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(ii)&nbsp; the
Adviser to each Regulated Fund that holds an investment in the issuer will formulate a recommendation as to participation by such Regulated
Fund in the Disposition.</P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(b)&nbsp; <I>Same Terms and
Conditions</I>. Each Regulated Fund 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 Affiliated Funds and any other Regulated Fund.</P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(c)&nbsp; <I>No Board Approval
Required</I>. A Regulated Fund may participate in such a Disposition without obtaining prior approval of the Required Majority if:</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(i)&nbsp; (A)&nbsp;the
participation of each Regulated Fund and Affiliated Fund in such Disposition is proportionate to its then-current holding of the security
(or securities) of the issuer that is (or are) the subject of the Disposition;<SUP>24</SUP> (B)&nbsp;the Board of the Regulated Fund
has approved as being in the best interests of the Regulated Fund the ability to participate in such Dispositions on a pro rata basis
(as described in greater detail in the Application); and (C)&nbsp;the Board of the Regulated Fund is provided on a quarterly basis with
a list of all Dispositions made in accordance with this Condition; or</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(ii)&nbsp; each
security is a Tradable Security and (A)&nbsp;the Disposition is not to the issuer or any affiliated person of the issuer; and (B)&nbsp;the
security is sold for cash in a transaction in which the only term negotiated by or on behalf of the participating Regulated Funds and
Affiliated Funds is price.</P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(d)&nbsp; <I>Standard Board
Approval</I>. In all other cases, the Adviser will provide its written recommendation as to the Regulated Fund&rsquo;s participation to
the Eligible Directors and the Regulated Fund will participate in such Disposition solely to the extent that a Required Majority determines
that it is in the Regulated Fund&rsquo;s best interests.</P>

<P STYLE="text-align: justify; 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: justify">7.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Enhanced
Review Dispositions<I>.</I></U></P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(a)&nbsp; <I>General</I>.
If any Regulated Fund or Affiliated Fund elects to sell, exchange or otherwise dispose of a Pre-Boarding Investment in a Potential Co-Investment
Transaction and the Regulated Funds and Affiliated Funds have not previously participated in a Co-Investment Transaction with respect
to the issuer:</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(i)&nbsp; the
Adviser to such Regulated Fund or Affiliated Fund will notify each Regulated Fund that holds an investment in the issuer of the proposed
Disposition at the earliest practical time;</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(ii)&nbsp; the
Adviser to each Regulated Fund that holds an investment in the issuer will formulate a recommendation as to participation by such Regulated
Fund in the Disposition; and</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(iii)&nbsp; the
Advisers will provide to the Board of each Regulated Fund that holds an investment in the issuer all information relating to the existing
investments in the issuer of the Regulated Funds and Affiliated Funds, including the terms of such investments and how they were made,
that is necessary for the Required Majority to make the findings required by this Condition.</P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(b)&nbsp; <I>Enhanced Board
Approval</I>. The Adviser will provide its written recommendation as to the Regulated Fund&rsquo;s participation to the Eligible Directors,
and the Regulated Fund will participate in such Disposition solely to the extent that a Required Majority determines that:</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(i)&nbsp; the
Disposition complies with Condition 2(c)(i), (ii), (iii)(A), and (iv); and</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(ii)&nbsp; the
making and holding of the Pre-Boarding Investments were not prohibited by Section&nbsp;57 or Rule&nbsp;17d-1, as applicable, and records
the basis for the finding in the Board minutes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><SUP>24</SUP> In the case of any Disposition,
proportionality will be measured by each participating Regulated Fund&rsquo;s and Affiliated Fund&rsquo;s outstanding investment in the
security in question immediately preceding the Disposition.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(c)&nbsp; <I>Additional Requirements:</I>
The Disposition may only be completed in reliance on the Order if:</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(i)&nbsp; <I>Same
Terms and Conditions</I>. Each Regulated Fund has 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 Affiliated Funds and any other Regulated Fund;</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(ii)&nbsp; <I>Original
Investments</I>. All of the Affiliated Funds&rsquo; and Regulated Funds&rsquo; investments in the issuer are Pre-Boarding Investments;</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(iii)&nbsp; <I>Advice
of counsel</I>. Independent counsel to the Board advises that the making and holding of the investments in the Pre-Boarding Investments
were not prohibited by Section&nbsp;57 (as modified by Rule&nbsp;57b-1) or Rule&nbsp;17d-1, as applicable;</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(iv)&nbsp; <I>Multiple
Classes of Securities.</I> All Regulated Funds and Affiliated Funds that hold Pre-Boarding Investments in the issuer immediately before
the time of completion of the Co-Investment Transaction hold the same security or securities of the issuer. For the purpose of determining
whether the Regulated Funds and Affiliated Funds hold the same security or securities, they may disregard any security held by some but
not all of them if, prior to relying on the Order, the Required Majority is presented with all information necessary to make a finding,
and finds, that: (x)&nbsp;any Regulated Fund&rsquo;s or Affiliated Fund&rsquo;s holding of a different class of securities (including
for this purpose a security with a different maturity date) is immaterial<SUP>25</SUP> in amount, including immaterial relative to the
size of the issuer; and (y)&nbsp;the Board records the basis for any such finding in its minutes. In addition, securities that differ
only in respect of issuance date, currency, or denominations may be treated as the same security; and</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(v)&nbsp; <I>No
control</I>. The Affiliated Funds, the other Regulated Funds and their affiliated persons (within the meaning of Section&nbsp;2(a)(3)(C)&nbsp;of
the Act), individually or in the aggregate, do not control the issuer of the securities (within the meaning of Section&nbsp;2(a)(9)&nbsp;of
the Act).</P>

<P STYLE="text-align: justify; 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: justify">8.&#8239;&#8239;&#8239;&#8239;<U>Standard
Review Follow-Ons.</U></P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(a)&nbsp; <I>General</I>.
If any Regulated Fund or Affiliated Fund desires to make a Follow-On Investment in an issuer and the Regulated Funds and Affiliated Funds
holding investments in the issuer previously participated in a Co-Investment Transaction with respect to the issuer:</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(i)&nbsp; the
Adviser to each such Regulated Fund or Affiliated Fund will notify each Regulated Fund that holds securities of the portfolio company
of the proposed transaction at the earliest practical time; and</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(ii)&nbsp; the
Adviser to each Regulated Fund that holds an investment in the issuer will formulate a recommendation as to the proposed participation,
including the amount of the proposed investment, by such Regulated Fund.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><SUP>25</SUP> In determining whether a holding
is &ldquo;immaterial&rdquo; for purposes of the Order, the Required Majority will consider whether the nature and extent of the interest
in the transaction or arrangement is sufficiently small that a reasonable person would not believe that the interest affected the determination
of whether to enter into the transaction or arrangement or the terms of the transaction or arrangement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(b)&nbsp; <I>No Board Approval
Required</I>. A Regulated Fund may participate in the Follow-On Investment without obtaining prior approval of the Required Majority if:</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(i)&nbsp; (A)&nbsp;the
proposed participation of each Regulated Fund and each Affiliated Fund in such investment is proportionate to its outstanding investments
in the issuer or the security at issue, as appropriate,<SUP>26</SUP> immediately preceding the Follow-On Investment; and (B)&nbsp;the
Board of the Regulated Fund has approved as being in the best interests of the Regulated Fund the ability to participate in Follow-On
Investments on a pro rata basis (as described in greater detail in this Application); or</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(ii)&nbsp; it
is a Non-Negotiated Follow-On Investment.</P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(c)&nbsp; <I>Standard Board
Approval</I>. In all other cases, the Adviser will provide its written recommendation as to the Regulated Fund&rsquo;s participation to
the Eligible Directors and the Regulated Fund will participate in such Follow-On Investment solely to the extent that a Required Majority
makes the determinations set forth in Condition 2(c). If the only previous Co-Investment Transaction with respect to the issuer was an
Enhanced Review Disposition the Eligible Directors must complete this review of the proposed Follow-On Investment both on a stand-alone
basis and together with the Pre-Boarding Investments in relation to the total economic exposure and other terms of the investment.</P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(d)&nbsp; <I>Allocation</I>.
If, with respect to any such Follow-On Investment:</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(i)&nbsp; the
amount of the opportunity proposed to be made available to any Regulated Fund is not based on the Regulated Funds&rsquo; and the Affiliated
Funds&rsquo; outstanding investments in the issuer or the security at issue, as appropriate, immediately preceding the Follow-On Investment;
and</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(ii)&nbsp; the
aggregate amount recommended by the Advisers to be invested in the Follow-On Investment by the participating Regulated Funds and any participating
Affiliated Funds, collectively, exceeds the amount of the investment opportunity,</P>

<P STYLE="text-align: justify; 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: justify">then the Follow-On Investment opportunity will
be allocated among them pro rata based on the size of the Internal Orders, as described in section III.A.1.b. above.</P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(e)&nbsp; <I>Other Conditions</I>.
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.</P>

<P STYLE="text-align: justify; 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: justify">9.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Enhanced
Review Follow-Ons.</U></P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(a)&nbsp; <I>General</I>.
If any Regulated Fund or Affiliated Fund desires to make a Follow-On Investment in an issuer that is a Potential Co-Investment Transaction
and the Regulated Funds and Affiliated Funds holding investments in the issuer have not previously participated in a Co-Investment Transaction
with respect to the issuer:</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(i)&nbsp; the
Adviser to each such Regulated Fund or Affiliated Fund will notify each Regulated Fund that holds securities of the portfolio company
of the proposed transaction at the earliest practical time;</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(ii)&nbsp; the
Adviser to each Regulated Fund that holds an investment in the issuer will formulate a recommendation as to the proposed participation,
including the amount of the proposed investment, by such Regulated Fund; and</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(iii)&nbsp; the
Advisers will provide to the Board of each Regulated Fund that holds an investment in the issuer all information relating to the existing
investments in the issuer of the Regulated Funds and Affiliated Funds, including the terms of such investments and how they were made,
that is necessary for the Required Majority to make the findings required by this Condition.</P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(b)&nbsp; <I>Enhanced Board
Approval</I>. The Adviser will provide its written recommendation as to the Regulated Fund&rsquo;s participation to the Eligible Directors,
and the Regulated Fund will participate in such Follow-On Investment solely to the extent that a Required Majority reviews the proposed
Follow-On Investment both on a stand-alone basis and together with the Pre-Boarding Investments in relation to the total economic exposure
and other terms and makes the determinations set forth in Condition 2(c). In addition, the Follow-On Investment may only be completed
in reliance on the Order if the Required Majority of each participating Regulated Fund determines that the making and holding of the Pre-Boarding
Investments were not prohibited by Section&nbsp;57 (as modified by Rule&nbsp;57b-1) or Rule&nbsp;17d-1, as applicable. The basis for the
Board&rsquo;s findings will be recorded in its minutes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><SUP>26</SUP> To the extent that a Follow-On
Investment opportunity is in a security or arises in respect of a security held by the participating Regulated Funds and Affiliated Funds,
proportionality will be measured by each participating Regulated Fund&rsquo;s and Affiliated Fund&rsquo;s outstanding investment in the
security in question immediately preceding the Follow-On Investment using the most recent available valuation thereof. To the extent
that a Follow-On Investment opportunity relates to an opportunity to invest in a security that is not in respect of any security held
by any of the participating Regulated Funds or Affiliated Funds, proportionality will be measured by each participating Regulated Fund&rsquo;s
and Affiliated Fund&rsquo;s outstanding investment in the issuer immediately preceding the Follow-On Investment using the most recent
available valuation thereof.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(c)&nbsp; <I>Additional Requirements</I>.
The Follow-On Investment may only be completed in reliance on the Order if:</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(i)&nbsp; <I>Original
Investments</I>. All of the Affiliated Funds&rsquo; and Regulated Funds&rsquo; investments in the issuer are Pre-Boarding Investments;</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(ii)&nbsp; <I>Advice
of counsel</I>. Independent counsel to the Board advises that the making and holding of the investments in the Pre-Boarding Investments
were not prohibited by Section&nbsp;57 (as modified by Rule&nbsp;57b-1) or Rule&nbsp;17d-1, as applicable;</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(iii)&nbsp; <I>Multiple
Classes of Securities</I>. All Regulated Funds and Affiliated Funds that hold Pre-Boarding Investments in the issuer immediately before
the time of completion of the Co-Investment Transaction hold the same security or securities of the issuer. For the purpose of determining
whether the Regulated Funds and Affiliated Funds hold the same security or securities, they may disregard any security held by some but
not all of them if, prior to relying on the Order, the Required Majority is presented with all information necessary to make a finding,
and finds, that: (x)&nbsp;any Regulated Fund&rsquo;s or Affiliated Fund&rsquo;s holding of a different class of securities (including
for this purpose a security with a different maturity date) is immaterial in amount, including immaterial relative to the size of the
issuer; and (y)&nbsp;the Board records the basis for any such finding in its minutes. In addition, securities that differ only in respect
of issuance date, currency, or denominations may be treated as the same security; and</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(iv)&nbsp; <I>No
control</I>. The Affiliated Funds, the other Regulated Funds and their affiliated persons (within the meaning of Section&nbsp;2(a)(3)(C)&nbsp;of
the Act), individually or in the aggregate, do not control the issuer of the securities (within the meaning of Section&nbsp;2(a)(9)&nbsp;of
the Act).</P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(d)&nbsp; <I>Allocation</I>.
If, with respect to any such Follow-On Investment:</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(i)&nbsp; the
amount of the opportunity proposed to be made available to any Regulated Fund is not based on the Regulated Funds&rsquo; and the Affiliated
Funds&rsquo; outstanding investments in the issuer or the security at issue, as appropriate, immediately preceding the Follow-On Investment;
and</P>

<P STYLE="text-align: justify; 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 0.25in; text-align: justify; text-indent: 0.25in">(ii)&nbsp; the
aggregate amount recommended by the Advisers to be invested in the Follow-On Investment by the participating Regulated Funds and any participating
Affiliated Funds, collectively, exceeds the amount of the investment opportunity,</P>

<P STYLE="text-align: justify; 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: justify">then the Follow-On Investment opportunity will
be allocated among them pro rata based on the size of the Internal Orders, as described in section III.A.1.b. above.</P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(e)&nbsp; <I>Other Conditions</I>.
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.</P>

<P STYLE="text-align: justify; 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: justify">10.&#8239;&#8239;&#8239;<U>Board
Reporting, Compliance and Annual Re-Approval</U></P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(a)&nbsp; Each Adviser to
a Regulated Fund will present to the Board of each Regulated Fund, on a quarterly basis, and at such other times as the Board may request,
(i)&nbsp;a record of all investments in Potential Co-Investment Transactions made by any of the other Regulated Funds or any of the Affiliated
Funds during the preceding quarter that fell within the Regulated Fund&rsquo;s then-current Objectives and Strategies and Board-Established
Criteria that were not made available to the Regulated Fund, and an explanation of why such investment opportunities were not made available
to the Regulated Fund; (ii)&nbsp;a record of all Follow-On Investments in and Dispositions of investments in any issuer in which the Regulated
Fund holds any investments by any Affiliated Fund or other Regulated Fund during the prior quarter; and (iii)&nbsp;all information concerning
Potential Co-Investment Transactions and Co-Investment Transactions, including investments made by other Regulated Funds or Affiliated
Funds that the Regulated Fund considered but declined to participate in, so that the Independent Directors, may determine whether all
Potential Co-Investment Transactions and Co-Investment Transactions during the preceding quarter, including those investments that the
Regulated Fund considered but declined to participate in, comply with the Conditions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(b)&nbsp; All information
presented to the Regulated Fund&rsquo;s Board pursuant to this Condition will be kept for the life of the Regulated Fund and at least
two years thereafter, and will be subject to examination by the Commission and its staff.</P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(c)&nbsp; Each Regulated
Fund&rsquo;s chief compliance officer, as defined in rule&nbsp;38a-1(a)(4), will prepare an annual report for its Board each year that
evaluates (and documents the basis of that evaluation) the Regulated Fund&rsquo;s compliance with the terms and Conditions of the application
and the procedures established to achieve such compliance. In the case of a BDC Downstream Fund that does not have a chief compliance
officer, the chief compliance officer of the BDC that controls the BDC Downstream Fund will prepare the report for the relevant Independent
Party.</P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">(d)&nbsp; The Independent
Directors (including the non-interested members of each Independent Party) will consider at least annually whether continued participation
in new and existing Co-Investment Transactions is in the Regulated Fund&rsquo;s best interests.</P>

<P STYLE="text-align: justify; 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: justify">11.&#8239;&#8239;&#8239;<U>Record
Keeping.</U></P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">Each Regulated Fund will
maintain the records required by Section&nbsp;57(f)(3)&nbsp;of the Act as if each of the Regulated Funds were a BDC and each of the investments
permitted under these Conditions were approved by the Required Majority under Section&nbsp;57(f).</P>

<P STYLE="text-align: justify; 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: justify">12.&#8239;&#8239;&#8239;<U>Director
Independence.</U></P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">No Independent Director (including
the non-interested members of any Independent Party) of a Regulated Fund will also be a director, general partner, managing member or
principal, or otherwise be an &ldquo;affiliated person&rdquo; (as defined in the Act) of any Affiliated Fund.</P>

<P STYLE="text-align: justify; 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: justify">13.&#8239;&#8239;&#8239;<U>Expenses.</U></P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">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) will, to the extent not payable by the Advisers
under their respective advisory agreements with the Regulated Funds and the Affiliated Funds, be shared by the Regulated Funds and the
participating Affiliated Funds in proportion to the relative amounts of the securities held or being acquired or disposed of, as the case
may be.</P>

<P STYLE="text-align: justify; 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: justify">14.&#8239;&#8239;&#8239;<U>Transaction
Fees</U>.<SUP>27</SUP></P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">Any transaction fee (including
break-up, structuring, monitoring or commitment fees but excluding brokerage or underwriting compensation permitted by Section&nbsp;17(e)&nbsp;or
57(k)) received in connection with any Co-Investment Transaction will be distributed to the participants 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
an 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), and the account will earn a competitive rate of interest that will also
be divided pro rata among the participants. None of the Advisers, the Affiliated Funds, the other Regulated Funds or any affiliated person
of the Affiliated Funds or the Regulated Funds will receive any additional compensation or remuneration of any kind as a result of or
in connection with a Co-Investment Transaction other than (i)&nbsp;in the case of the Regulated Funds and the Affiliated Funds, the pro
rata transaction fees described above and fees or other compensation described in Condition 2(c)(iii)(B)(z), (ii)&nbsp;brokerage or underwriting
compensation permitted by Section&nbsp;17(e)&nbsp;or 57(k)&nbsp;or (iii)&nbsp;in the case of the Advisers, investment advisory compensation
paid in accordance with investment advisory agreements between the applicable Regulated Fund(s)&nbsp;or Affiliated Fund(s)&nbsp;and its
Adviser.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><SUP>27</SUP> Applicants are not requesting and
the Commission is not providing any relief for transaction fees received in connection with any Co-Investment Transaction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.&#8239;&#8239;&#8239;<U>Independence.</U></P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">If the Holders own in the
aggregate more than 25 percent of the Shares of a Regulated Fund, then the Holders will vote such Shares in the percentages as the Regulated
Fund&rsquo;s other shareholders (not including the Holders) when voting on (1)&nbsp;the election of directors; (2)&nbsp;the removal of
one or more directors; or (3)&nbsp;any other matter under either the Act or applicable State law affecting the Board&rsquo;s composition,
size or manner of election.</P>

<P STYLE="text-align: justify; 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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VI.</B></FONT>&#8239;&#8239;&#8239;<B><U>PROCEDURAL
MATTERS</U></B></P>

<P STYLE="text-align: justify; 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: justify">A.&#8239;&#8239;&#8239;&#8239;<U>Communications</U></P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">Please address all communications
concerning this Application and the Notice and Order to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Michael A. Reisner, Co-Chief
Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Mark Gatto, Co-Chief Executive
Officer<BR>
C&#298;ON Investment Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">3 Park Avenue, 36<SUP>th
</SUP>Floor<BR>
New York, NY 10016</P>

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

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">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; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">1095 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">New York, NY 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Telephone: (212) 698-3500</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Applicants desire that the
Commission issue an Order pursuant to Rule&nbsp;0-5 without conducting a hearing.</P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">Pursuant to Rule&nbsp;0-2,
each person executing the Application on behalf of an Applicant says that he or she has duly executed the Application for and on behalf
of such Applicant; that he or she 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 deponent to execute and
file the Application have been taken.</P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.25in">The verifications required
by Rule&nbsp;0-2(d)&nbsp;and the authorizations required by Rule&nbsp;0-2(c)&nbsp;are attached hereto as Exhibit&nbsp;A and Exhibit&nbsp;B.</P>

<P STYLE="text-align: justify; 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: justify">B.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Authorization</U></P>

<P STYLE="text-align: justify; 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: justify; 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 as of this 18<SUP>th</SUP> day of February, 2022.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C&#298;ON
    INVESTMENT CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Michael A. Reisner</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael A. Reisner</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CION
    INVESTMENT MANAGEMENT, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Michael A. Reisner</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael A. Reisner</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CION
    INVESTMENT PARTNERS I, L.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Michael A. Reisner</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael A. Reisner</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CION
    MANAGEMENT, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Michael A. Reisner</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael A. Reisner</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chief Executive Officer</FONT></TD></TR>
  </TABLE>


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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">/s/ Michael A. Reisner</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Michael A. Reisner</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Authorized Signatory</TD></TR>
  </TABLE>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Resolutions of the Board of Directors of</B></P>

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

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

<P STYLE="text-align: justify; 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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE, BE IT RESOLVED</B></FONT>, that the officers (the &ldquo;Officers&rdquo;) of C&#298;ON Investment Corporation (the &ldquo;Corporation&rdquo;)
be, and they hereby are, authorized, empowered and directed, in the name and on behalf of the Corporation, to cause to be prepared, executed,
delivered and filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) an application for an order pursuant to
Section&nbsp;57(i)&nbsp;of the Investment Company Act of 1940 and Rule&nbsp;17d-l promulgated under the Investment Company Act of 1940
(an &ldquo;Application&rdquo;), to authorize the entering into certain joint transactions and co-investments by the Corporation with certain
entities which may be deemed to be &ldquo;affiliates&rdquo; of the Corporation pursuant to the provisions of the Investment Company Act
of 1940, which such joint transactions and co-investments would otherwise be prohibited by Sections 17(d)&nbsp;and 57(a)(4)&nbsp;of the
Investment Company Act of 1940, all as more fully set forth in the memo that has been presented to the Board, and to do such other acts
or things and execute such other documents, including amendments to the Application, as they deem necessary or desirable to cause the
Application to conform to comments received from the staff of the Commission and otherwise to comply with the Investment Company Act of
1940 and the rules&nbsp;and regulations promulgated thereunder, in such form and accompanied by such exhibits and other documents, as
the Officer or Officers preparing the same shall approve, such approval to be conclusively evidenced by the filing of the Application;
and</P>

<P STYLE="text-align: justify; 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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESOLVED
FURTHER</B></FONT>, that the Officers be, and each of them hereby is, authorized, empowered and directed, in the name and on behalf of
the Corporation, to perform all of the agreements and obligations of the Corporation in connection with the foregoing resolution and to
consummate the transactions contemplated thereby, to take or cause to be taken any and all further actions, to execute and deliver, or
cause to be executed and delivered, all other documents, instruments, agreements, undertakings, and certificates of any kind and nature
whatsoever, to incur and pay all fees and expenses and to engage such persons as the Officer or Officers may determine to be necessary,
advisable or appropriate to effectuate or carry out the purposes and intent of the foregoing resolution, and the execution by the Officer
or Officers of any such documents, instruments, agreements, undertakings and certificates, the payment of any fees and expenses or the
engagement of such persons or the taking by them of any action in connection with the foregoing matters shall conclusively establish the
Officer&rsquo;s or Officers&rsquo; authority thereof and the authorization, acceptance, adoption, ratification, approval and confirmation
by the Corporation thereof.</P>

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

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

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

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