Kepler Liquid Strategies ICAV - KLS Ionic Relative Value Arbitrage Fund Class SI GBP Accumulation

Investment Objective The investment objective of the Fund is to deliver attractive risk-adjusted returns with low volatility and low correlation to equity markets. Investment Policy The Fund will seek to achieve its investment objective by using a multiasset, market-neutral relative value arbitrage investment strategy. This strategy enables the Fund to take advantage of price differentials between related financial instruments, such as equities and bonds. The Fund will simultaneously buy and sell the different instruments. This will allow you to potentially profit from the “relative value” between the related financial instruments. The Fund's exposures will mainly be to equities, depository receipts, preferred stock (perpetual and floating rate), convertible preferred stock, debt securities, market indices representing volatility, eligible indirect commodity exposures through exchange traded instruments, as well as Financial Derivative Instruments and currencies. The Fund's market neutral approach will also use hedging strategies that are intended to enhance returns, reduce downside risk and generate returns in the longer term. The Fund may invest in the following debt securities of any credit quality or maturity: fixed rate or floating rate government and corporate bonds, convertible bonds, convertible preferred stock, mandatory convertible bonds (debt exchangeable for common stock and dividend enhanced convertible bonds) and exchangeable bonds. The Fund will not invest in contingent convertible bonds. The Fund may invest up to 10% in collective investment schemes, including exchange traded funds (ETFs), UCITS or eligible alternative investment funds. The Fund may invest in equities issued by U.S. based, closed-ended ETFs. It is not anticipated that the Fund will invest more than 20% of its assets in such closed-ended ETFs. The Fund may invest in issuers of any size in developed and Emerging Markets. Securities may be issued in currencies other than the U.S. Dollar, Euro or GBP. The Fund may use Financial Derivative Instruments (FDI) for investment or hedging purposes, as further detailed in the FDI table in the Supplement. The Fund may also invest in US treasury bills, commercial paper and other money market instruments including certificates of deposit and commercial bills. For full details of the Fund's investment objective and policies, refer to the "Investment Objectives and Policies" section of Fund's supplement which is available at www.keplerpartners.com/liquidstrategies You can sell your shares or buy more shares each business day (except Saturdays, Sundays and public holidays) on which banks in Dublin, London and New York are open for normal banking business. You must submit your application to the Fund's Administrator before 11.00 a.m. (Irish time) one business day before the day you want to sell or buy shares. Your shares will not pay you a dividend. The Fund is actively managed and is not managed in reference to a benchmark. This Fund may not be appropriate for investors who plan to remove their money within 3 years.