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FUND FACT CARD

Altegris KKR Commitments Fund

Altegris invites accredited to gain broad exposure to private managed by & Co. (“KKR”) via the Altegris KKR Commitments Fund, a continuously offered closed-end fund.1

Unique Fund Features | There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses ›› Broad exposure to KKR private equity ›› Diversification across investment types, strategies, geographies and vintages ›› Lower minimum investment than traditional private equity ›› 1099 tax reporting ›› No calls

Access to Experts

Kohlberg Kravis Roberts & Co. StepStone Group | SUB-ADVISER Altegris Advisors | INVESTMENT ADVISER

KKR is a leading global investment firm with industry- A global private markets specialist using a highly A premier firm employing leading investment experience, in-depth industry disciplined, research-focused approach to assess an institutional-caliber research team focused knowledge and sophisticated processes for growing primary, secondary and co-investment opportunities. exclusively on alternative investments. Founded in and improving businesses. KKR was founded in 1976 StepStone Group was founded in 2007 and oversees 2002, Altegris currently has approximately $2.44 billion and has $120 billion in AUM as of 12/31/15. $75 billion of private capital allocations as of 12/31/15. in client assets as of 12/31/15. The Altegris KKR Commitments Master Fund As the Master Fund’s sub-adviser, StepStone Group As the Master Fund’s investment adviser, Altegris intends to allocate at least 80% of its assets to private recommends primary, secondary and co-investment Advisors determines the final investment selection equity investments managed by KKR. 2 opportunities, and advises on portfolio construction. and portfolio construction.

Diversification     INVESTMENT TYPES STRATEGIES GEOGRAPHY VINTAGE YEARS Seeks to allocate assets Investments will Investments will be made Investments across a to primary, secondary, be diversified across in multiple geographic range of vintage years in and co-investment strategies, with a bias regions including primary and secondary opportunities towards and special North America, offerings helps to situation opportunities Europe and Asia minimize drag often experienced with investments soley in primary offerings 1 The Fund has a master/feeder structure. The Altegris KKR Commitments Fund (the “Feeder Fund”) has the same objective and strategies as the Altegris KKR Commitments Master Fund (the “Master Fund,” collectively the “Fund”). 2 However, the Master Fund may at any time determine to allocate its assets to investments not sponsored, issued by, or otherwise linked to, KKR or its affiliates and to strategies and not representative of private equity. KKR is neither a sponsor, promoter, adviser nor affiliate of the Fund. There is no agreement or understanding between KKR and Altegris or StepStone regarding the management of the investment program of the Fund. There can be no assurance that all investment types will be available, will be consistent with the Fund’s investment objective, will satisfy the Investment Adviser’s considerations or will be selected for the Fund. Diversification does not ensure profit or protect against loss in a positive or declining market. There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses.

Cash drag in regards to a primary offering refers to the fact that a primary investment is typically required to initially fund only a small percentage of its total capital commitment. This initial funding may be followed by subsequent drawdowns (the timing and size of which will vary and often come with notice) as needed to make new investments. The may hold cash uninvested in order to have it on hand to satisfy later drawdowns, which can result in a “drag” on performance. Co-investment is an investment in an operating company made alongside a private equity fund manager. Primary investments are investments in newly offered private equity investment funds. Secondary investments represent existing private equity fund interests acquired from third parties in a secondary market transaction. is the year a first drawdown of capital.

TRUSTED ALTERNATIVES. INTELLIGENT INVESTING.® [1] 888.524.9441 | www.altegris.com FUND FACT CARD › ALTEGRIS KKR COMMITMENTS FUND

Investment Objective The Fund seeks -term capital appreciation. Fund Terms and Conditions

Investment Minimum A $25,000 Investment QualificationsB eligibility as defined by Rule 501(a) of Regulation D under the Securities Act of 1933, as amended; generally, individuals with net worth of $1 million (excluding primary residence); entities with $5 million in total assets Share Repurchases Will not commence for at least two full calendar years following commencement of Fund operations; beginning in the third year, (i.e., Potential LiquidityC) the Investment Adviser will recommend to the Fund’s Board of Trustees (“Board”) that the Fund offers to repurchase Shares from Shareholders on a quarterly basis, in an amount not to exceed 5% of the Fund’s net asset value (“NAV”), subject to the discretion of the Board to make such each quarter Early Repurchase Fee Upon commencement of the Share repurchase program in the third year of Fund operations, any repurchase of Shares from a Shareholder which were held for less than one year will be subject to a 2% of NAV fee on shares repurchased Subscriptions Monthly Distributions Reinvested, with option to receive in cash at least annually Fees and Expenses Master Fund (Advisory) D Feeder Fund (Brokerage) D 1.2% of NAV annual management fee 1.2% of NAV annual management fee F Distribution Fee N/A 0.60% of NAV annually Sales Load No load or distribution fee Sales load charge from 0% to 3.5% of the investment amount when shares purchased G Operating Expenses 0.55% of NAV cap on other expenses E 0.80% of NAV cap on other expenses H Tax Reporting 1099 Registration Securities Act of 1933 and Investment Company Act of 1940 I registered closed-end investment funds Independent Auditor Deloitte & Touche LLP Custodians SEI Private and JP Morgan Chase , N.A. Administrator Gemini Fund Services, LLC

A The Minimum may be waived for certain investors. B Sub-placement agents may impose stricter definitions of eligibility. C Will utilize a line of to manage liquidity within Investment Company Act of 1940 (“1940 Act”) limitations on . D The Feeder Fund invests substantially all of its assets into the Master Fund. The Feeder Fund is intended for brokerage accounts. The Master Fund is intended for advisory accounts, subject to asset based program fees. E 0.55% limit on operating expenses (ex. management fee, credit, trading, acquired fund and extraordinary expenses) at the Master Fund level for at least the first two years of operation. F Management fee assessed at the Master Fund level; no additional management fee at the Feeder Fund level. G Feeder Fund sales load can be up to 3.5% of the investment amount when shares are purchased. Sales load may be lower at certain sub-placement agents. H Includes the 0.55% limit on operating expenses at the Master Fund level plus the 0.25% limit on operating expenses at the Feeder Fund level for at least the first two years of operation. I The Investment Company Act of 1940 regulates the organization of investment companies that offer securities to the public, and whose principal activities are investing, reinvesting and trading in securities. The 1940 Act describes functions, activities, registration, responsibilities and restrictions placed on investment companies. There will be no direct or indirect payments from KKR to Altegris or to any third party, pursuant to any agreement or understanding, that are used to offset any expenses of the Fund.

INVESTORS SHOULD CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE FUND. THIS AND OTHER IMPORTANT INFORMATION ABOUT THE FUND IS CONTAINED IN THE FUND’S PROSPECTUS, WHICH CAN BE OBTAINED BY CALLING ALTEGRIS ADVISORS AT (888) 524-9441. THE PROSPECTUS SHOULD BE READ CAREFULLY BEFORE INVESTING. RISKS ASSOCIATED WITH AN INVESTMENT IN THE FUND The discussions of the various risks associated with the Fund and the Shares are not, and are not intended to be, a complete enumeration or explanation of the risks involved in an investment in the Fund. Prospective investors should read the entire Prospectus and consult with their own advisors before deciding whether to invest in a Fund. An investment in the Fund involves a high degree of risk and may involve loss of capital, up to the entire amount of a Shareholder’s investment. Other risks include:

››The Master Fund expects to invest a substantial portion Managers and strategies and effectively allocate Master ››Subject to the limitations and restrictions of the Investment of its assets in Investment Funds managed by assets among them. The Fund is organized to provide Company Act of 1940, the Master Fund may use leverage Managers affiliated with KKR, and therefore may be less Shareholders with a multi-strategy investment program and by borrowing money for investment purposes, to satisfy diversified, and more subject to concentration risk and/ not as an indirect way to gain access to any particular KKR repurchase requests and for other temporary purposes, or Investment Manager-specific risk, than other funds or other Investment Fund.The Master Fund’s investment which may increase the Fund’s volatility. Leverage is a of private equity funds. If the Fund determines that its portfolio will consist of Investment Funds which hold speculative technique that exposes the Fund to greater focused investment strategy on KKR Investment Funds securities issued primarily by privately held companies, and risk and higher costs than if it were not implemented. The and Co-Investment Opportunities is no longer appropriate operating results for the portfolio companies in a specified Master Fund will have to pay interest and dividends on its or desirable, the Master Fund would allocate its assets period will be difficult to predict. Such investments involve borrowings, which may reduce the Fund’s current income. to other non-KKR investment opportunities, which may a high degree of business and that can result ››An Investment Manager’s investments, depending upon expose the Fund to other risks or make it more difficult for in substantial losses. strategy, may be in companies whose capital structures are the Fund to achieve its investment objective. ››The securities in which an Investment Manager may invest highly leveraged. Such investments involve a high degree ››The Fund’s performance depends upon the performance may be among the most junior in a portfolio company’s of risk, in that adverse fluctuations in the cash flow of such of the Investment Managers and selected strategies, the and, thus, subject to the greatest risk of companies, or increased interest rates, may impair their adherence by such Investment Managers to such selected loss. Generally, there will be no collateral to protect an ability to meet their obligations, which may accelerate strategies, the instruments used by such Investment investment once made. and magnify declines in the value of any such portfolio Managers and the Advisers’ ability to select Investment company investments in a down market.

TRUSTED ALTERNATIVES. INTELLIGENT INVESTING.® [2] 888.524.9441 | www.altegris.com FUND FACT CARD › ALTEGRIS KKR COMMITMENTS FUND

››Fund Shareholders will bear two layers of fees and will be able to confirm independently the accuracy of the to significant penalties, including the complete forfeiture expenses: asset-based fees and expenses at the Master Investment Managers’ valuations (which are unaudited, of the Master Fund’s investment in the Investment Fund. Fund level, and asset-based fees, carried interests, except at year-end). This risk is exacerbated to the extent Any failure by the Master Fund to make timely capital incentive allocations or fees and expenses at the that Investment Funds generally provide valuations only on contributions in respect of its commitments may (i) impair Investment Fund level. There are also fees and expenses a quarterly basis. While such information is provided on a the ability of the Master Fund to pursue its investment borne by Shareholders of the Feeder Fund. quarterly basis, the Fund will provide valuations, and will program, (ii) force the Master Fund to borrow, (iii) indirectly ››The Fund is a non-diversified fund which means that the issue Shares, on a monthly basis. cause the Fund, and, indirectly, the Shareholders to be percentage of the Master Fund’s assets that may be ›› The Fund may not be able to vote on matters that require subject to certain penalties from the Investment Funds invested in the securities of a single issuer is not limited the approval of Investment Fund investors, including (including the complete forfeiture of the Master Fund’s by the Investment Company Act of 1940. As a result, the matters that could adversely affect the Master Fund’s investment in an Investment Fund), or (iv) otherwise impair Master Fund’s investment portfolio may be subject to investment in such Investment Fund. the value of the Master Fund’s investments (including the devaluation of the Fund). greater risk and volatility than if investments had been ›› The Master Fund may receive from an Investment Fund an made in the securities of a broad range of issuers. in-kind distribution of securities that are illiquid or difficult ›› Investment Managers may invest the Investment Funds’ ››Fund Shareholders will have no right to receive information to value and difficult to dispose of. assets in securities of non-US issuers, including those in emerging markets, and the Master Fund’s assets may be about the Investment Funds or Investment Managers, and ›› There is no market exchange available for Shares of the invested in Investment Funds that may be denominated in will have no recourse against Investment Funds or their Fund thereby making them illiquid and difficult to dispose non-US currencies, thereby exposing the Master Fund (and Investment Managers. of. thus the Feeder Fund and the Shareholders) to various risks ››The Fund is subject to the risk that KKR and/or other ›› The Master Fund will allocate to multiple Investment that may not be applicable to US securities. Investment Managers may not provide information Funds, resulting in investment-related expenses, such An Investment Manager may focus on a particular sufficient to ensure that the Fund qualifies as a Regulated as additional layers of expenses, including management ›› industry or sector (e.g., energy, utilities, , Investment Company (“RIC”) under the Code. To qualify fees and performance fees, that may be higher than if the healthcare, consumer products, industrials and technology), as a RIC under the Internal Revenue Code of 1986, Master Fund invested in other types of securities. an investment company must satisfy, among other which may subject the Investment Fund, and thus the Fund, ›› Investment Funds located outside of the US may be subject requirements, certain ongoing asset diversification, source to greater risk and volatility than if investments had been to withholding taxes in such jurisdictions, which may of income and annual distribution requirements. made in issuers in a broader range of industries. reduce the return of the Fund and thus indirectly reduce the An Investment Manager may focus on a particular country ›› The Fund intends to qualify as a RIC under the Code, but return of the Shareholders. ›› may be subject to substantial tax liabilities if it fails to so or geographic region, which may subject the Investment ›› Investment Funds will not be registered as investment qualify. Fund, and thus the Fund, to greater risk and volatility than companies under the Investment Company Act of 1940 if investments had been made in issuers in a broader range ›› The Fund is subject to risks associated with legal and and, therefore, the Fund and Fund Shareholders, as indirect of geographic regions. regulatory changes applicable to private equity funds. limited partners or members in such Investment Funds, An Investment Fund’s assets may be invested in a limited ›› The Securities and Exchange Commission (“SEC”) has may not avail themselves of 1940 Act protections. ›› number of securities or portfolio companies which may been inspecting and continues to inspect advisers and ›› The Fund will be registered as an investment company subject the Investment Fund, and thus the Fund, to greater general partners of private equity funds, which inspections under the 1940 Act, which may limit its investment risk and volatility than if investments had been made in a to date have identified issues concerning, among other flexibility compared to a fund that is not so registered. larger number of securities. things, whether certain advisers and general partners ›› Investment Managers may invest the Investment Funds’ have misallocated certain fees and expenses to the private ›› Secondary investments may be acquired based on assets in securities of early-stage venture investments equity funds to the detriment of their limited partners and/ incomplete or imperfect information, and may expose the which may result in or contribute to significant losses to or may have breached their fiduciary duties to their limited Master Fund to contingent liabilities, counterparty risks, the Fund. partners. The SEC has initiated enforcement proceedings reputational risks and execution risks. Additionally, the against certain advisers and general partners and may ›› The Master Fund may maintain a sizeable cash absence of a recognized “market” price means that the initiate other enforcement proceedings in the future. in anticipation of funding capital calls. As a result, the Master Fund cannot be assured that it is realizing the most Master Fund generally will not contribute the full amount favorable price in connection with trades in secondaries. Proposed tax legislation in Congress, if adopted into ›› of its commitment to an Investment Fund at the time of law, could alter the favorable tax treatment of the carried ›› While the Advisers will conduct independent due diligence its admission to the Investment Fund. Instead, the Master interest earned by advisers and general partners of private before entering into a Co-Investment Opportunity, the Fund will be required to make incremental contributions equity funds, which could adversely affect the business of Fund’s ability to realize a profit on such investments will pursuant to capital calls issued from time to time by the these advisers and general partners. be particularly reliant on the expertise of the lead investor Investment Fund. The overall impact on performance due in the transaction. To the extent that the lead investor in ›› The Master Fund will invest a substantial portion of its to holding a portion of the investment portfolio in cash or such a Co-Investment Opportunity assumes control of the assets in Investment Funds that follow a particular type cash equivalents could be negative. management of the private company, the Fund will be of investment strategy, which may expose the Fund to the ›› The Master Fund will employ an “over-commitment” reliant not only upon the lead investor’s ability to research, risks of that strategy. strategy, which could result in an insufficient cash supply analyze, negotiate and monitor such investments, but also ›› The Master Fund’s investments in Investment Funds to fund Investment Fund commitments. Such a short on the lead investor’s ability to successfully oversee the (which will constitute a vast majority of the Master fall would have negative impacts on the Master Fund, operation of the company’s business. The Master Fund’s Fund’s investments), and many of the investments held including an adverse impact on the Master Fund’s ability ability to dispose of such investments is typically severely by the Investment Funds, will be priced in the absence to pay for repurchases of Shares tendered by Shareholders limited, both by the fact that the securities are unregistered of a readily available market and may be priced based or to meet expenses generally. Moreover, if the Master and illiquid and by contractual restrictions that may on determinations of fair value, which may prove to be Fund defaults on its commitment or fails to satisfy capital preclude the Master Fund from selling such investment. inaccurate. Neither the Advisers nor the Board of Trustees calls in a timely manner then, generally, it will be subject

Accordingly, the Fund should be considered a speculative investment and entails substantial risks, and a prospective investor should invest in the Fund only if they can sustain a complete loss of its investment.

TRUSTED ALTERNATIVES. INTELLIGENT INVESTING.® [3] 888.524.9441 | www.altegris.com FUND FACT CARD › ALTEGRIS KKR COMMITMENTS FUND

GLOSSARY

Advisers. Altegris Advisors, LLC serves as the Master Fund’s investment adviser (“Altegris Advisors” or the “Investment Adviser”), and StepStone Group LP serves as the Master Fund’s sub- adviser (“StepStone Group” or the “Sub-Adviser”, and together with the Investment Adviser, the “Advisers”). Altegris and StepStone are not affiliated.

Board of Trustees. Each Fund has a Board of Trustees (collectively, the “Board”) that has overall responsibility for monitoring and overseeing the Fund’s investment program and its manage- ment and operations.

Co-investment Opportunity. Directly acquiring an interest in an operating company alongside an investment by a private equity fund, and are generally structured such that the lead and co-investors hold a controlling interest of the operating company.

Investment Fund. Primary offerings and secondary acquisitions of interests in alternative investment funds that pursue private equity strategies.

Investment Manager. Each underlying Investment Fund is, or will be, managed by the general partner, managing member of affiliated investment adviser of the Investment Fund (the “Investment Manager”) under the direction of the portfolio managers or investment teams selected by the Investment Manager.

Prospectus. Each Fund has a prospectus (collectively, the “Prospectus”) that provides details about an investment offering for sale to the public, which contains information such as an invest- ment offering’s costs, investment objectives and risks.

Shares and Shareholders. Shares of beneficial interest of the Fund (“Shares”) will be sold in comparatively large minimum denominations to eligible high net worth individual and institutional investors (“Shareholders”).

Distributed by Altegris Investments. Altegris Advisors is an affiliate of Altegris Investments, and serves as the investment adviser to the Altegris KKR Commitments Master Fund. Altegris Advisors is a CFTC-registered pool operator, commodity trading advisor, NFA member and SEC-registered investment adviser that sponsors and/or manages a platform of alternative investment products. The Altegris group of companies (“Altegris”) includes Altegris Investments, Altegris Advisors and Altegris Clearing Solutions.

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TRUSTED ALTERNATIVES. INTELLIGENT INVESTING.® [4] 888.524.9441 | www.altegris.com