A GUIDE for INVESTORS | 2020

Introducing a new era in .

› Private equity provides the potential to outperform listed stocks over time. › Accredited investors can now access private equity with a modest minimum and no exposure to capital calls. › & Co. (KKR) has over 43 years’ experience in private equity.

RETHINKING PRIVATE EQUITY Altegris KKR Commitments Fund.

Altegris invites accredited investors to gain broad exposure to private equity managed by KKR via the Altegris KKR Commitments Fund, a continuously offered closed-end fund.

References herein to the “Fund” or “Altegris KKR Commitments Fund” in each instance refer to the Altegris KKR Commitments Master Fund, unless specified otherwise. KKR is neither a sponsor, promoter, advisor nor affiliate of the Fund. There is no agreement or understanding between KKR, Altegris, Artivest, or StepStone regarding the management of the investment program of the Fund. 2 • altegris.com/KKR • January 2020 Why privateWhy equity now? Institutional investors recognizedInstitutional have long the value Two reasons:Diversification ofpublicequity 100% Diversification ensure not profit does protect or apositive in loss market. against declining or There guarantee is no that any investment will 1 achieve itsachieve objectives, generate profits avoid losses. or guarantee Past is no of future performance results. that private equity provides in a long-term portfolio. inthat along-term private equity provides fiscal 2018, fiscal largest commitment its single real estate natural and resources. AS OF FIGURE 1.YALE’S GROWINGSTAKE INPRIVATE EQUITY University endowments’ average commitment to University 2 What attracts theseinstitutions toprivate equity? on managers. Many investors’ experience, financial means, objectives, risk tolerance and time frame will differ from that of institutions, and they may not be able to access access to able be not may they and institutions, of that from willdiffer frame time and tolerance risk objectives, means, financial experience, investors’ Many managers. on for example, allocated33.1 pe exposure andthepotentialfor outperformance. We construed as investment advice. For illustrative purposes only. large institutions invested more. Yale The Endowment, the same investment opportunities as institutions. These factors should be taken into consideration when creating an allocation to alternatives. The above should not be be not should above The alternatives. to allocation an creating when consideration into taken be should factors These institutions. as opportunities investment same the private private believe thatpublicequities willproducelow returns Not everyone can invest like an institution. institution. an like invest can everyone Not Source: 2017 2017. 30, Study as of June of Endowments NACUBO-Commonfund 20% 40% 0% 80% Source: 2018 Yale private Includes Endowment. equity, private real estate venture and capital allocations. For 2012–2018, real assets include 0% JUNE 2018 equity was 21 percentequity in 2017, 198 1988

1990 1992 1994 rcent in to private equity Institutions are professional money managers who have unique access and the ability to perform extensive due diligence diligence due extensive perform to ability the and access unique have who managers money professional are Institutions 199 1 though some some though 1998 [ FIGURE 1 FIGURE

2000

2002 ] . 2

2004 Endowment, have significantlyincreased exposure to outperformance topersist.Private canprovide equity over thenext tenyears, butexpect private equity’s volatility. Enhanceddiversification isalsoanimportant equities may help in reducing a total portfolio’sequities may helpinreducingatotal a potentiallypowerful return enhancementtoan investor’s allocation publicequity reason why institutional investors, such as The Yale low diversification between private andpublic equity private over equity the pasttwodecades. 200 2008 2010 2012

2014 201 [ FIGURE 2 FIGURE 2018 T D R Fi Forei A P A C ri eal om sol ash ed O LLO v ] . Additionally, at T est

asset n 1% ut e i A ncom i eui e eui c C L ret

eui s S A

17% t e urn 26% : ty T y

4% 33% t 2 I 15% y

O 0 4% 1 N 8

The referenced indices are shown for general market comparisons and are not meant to represent any particular investment. There are significant differences in differences significant are There investment. particular any represent to meant not are and comparisons market general for shown are indices referenced The Source: State data Street on from Bloomberg, based and S&P. period of availability. common on Date range based fact equities that public barrier have alower to private entry than equities. There is to also greater information access public about DURING 3 Past is indicative not performance of future results. There guarantee is no that any investment will its achieve objectives, generate public equitiespublic provide greater liquidity whereas private equities are highly illiquid. considered 11 Refer to page for further disclosure profitsor avoid losses. Thereare and significant public private equities,differences between but include notare limited which the to, on theStateon Street Private Exchange Global Equity Index. fees that may be charged to an investment product based on the index, which may materially affect the performance data presented. presented. data performance the affect materially may which index, the on based product investment an to charged be may that fees the risks and potential for volatility of the Fund relative to an index. An investor cannot invest directly in an index. Moreover, indices do not reflect commissions or commissions reflect not do indices Moreover, index. an in directly invest cannot investor An index. an to relative Fund the of volatility for potential and risks the companies. Privatecompanies. equities time horizon typically equities have alonger public than before profits, any,if are realized.Additionally,

Annual ReturnofUSStocksversusPrivateEquityIndexRates(%)Q32004–Q32019 an FIGURE 2.PRIVATE EQUITYHASSHOWNHISTORICALOUTPERFORMANCEOVERTIME YEAR The State Street Private Exchange Global therefore, was created Equity 2004, Index Q3 in data reflectspartialperformance. a of year AVERAGE (MEAN) AVERAGE 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 MAXIMUM MINIMUM AVERAGE RETURN 3 the PAST PRIVATE DECADES, TWO EQUITY -37.0% -4.38% -37.0% YEARLY RETURN 12.0% 1.4% 13.7% 16.0% 15.1% 15.8% 7.2% 7.2% 500 0 5 P & S 10.3% 4.9% 28.31% 21.8% 2.1% 26.5% 32.4% 5.5% 32.4% that is 3 HIGHER

than PUBLICLY TRADEDSTOCKS -25.1% -25.1% 12.3% 17.5% 17.3% 17.6% 10.1% 18.7% 12.3% 18.0% PRIVATE EQUITY INDEX EQUITY PRIVATE STATE STREET GLOBAL EXCHANGE GLOBAL STATE STREET 11.9% 21.1% 30.8% 9.74% 8.70% 8.9% 6.0% 6.3% 30.8%

3 has

PRODUCED

3 • Altegris KKR Commitments Fund 4 • altegris.com/KKR • January 2020 Does private equity meet your needs? Source: of US Bureau Labor Statistics; World Federation of Exchanges; Artivest. Thissignificant market depth provides investors opportunityto invest the in universea large of private The numberoflargeprivate companiesismorethanthreetimesthesize ofpubliclytradedfirms. 4 information and public company services. services. company public and information

February 2008, NASDAQ and OMX merged to form the NASDAQ OMX Group Inc., which is a leading provider of trading, exchange technology, listing, listing, technology, exchange trading, of provider is aleading which Inc., Group OMX NASDAQ the form to merged OMX and NASDAQ 2008, February through initialpublicofferings, or recapitalizations that canbeimproved throughoperationalefficiencies NASDAQ Private firmsattempt equity tocapitalizeuponthe established in 2004 as the result of the merger between the Swedish futures and stock exchange (OM AB) and Helsinki Stock Exchange (HEX). In In (HEX). Exchange Stock Helsinki and AB) (OM exchange stock and futures Swedish the between merger the of result the as in 2004 established opportunity setby buildingaportfolio ofcompanies AS OFMARCH2018 sales toastrategicbuyer. companies thathave acquisitionandgrowth potential and strategicgrowth initiatives. Value isrealized FIGURE 3.PRIVATE EQUITYOPPORTUNITIESDWARF THELISTEDMARKET Depicts the percentage of listed domestic companies on US exchanges versus of US private thetotal US exchanges number on of firms, listed sector Depicts percentage the companies domestic

NASDAQ NYSE; date and OMX of data common on Date range listed based exchanges. foreign these on excludes companies availability from sources. not seasonally adjusted. Listed companies on US exchanges is derived from the number of domestic companies on the the on is derived adjusted. seasonally not Listed of from companies domestic US exchanges on number the companies on USexchanges listed domesticcompanies with 500+employeesversus of USprivatesectorfirms Percentage oftotalnumber 81.1% stands for National Association of Securities Dealers Automated Quotations. Quotations. Automated Dealers Securities of Association National for stands NYSE stands for New York Stock Exchange, and is one of the world’s leading equities markets. equities leading world’s the of is one and Exchange, York Stock New for stands [ FIGURE 3 FIGURE “illiquidity premium.”“illiquidity To promotevalue creationonalong-termbasis, their commitments. The potentialfor outsized pay-off for private equity isreferred toasthe holding periodsfor companiestendto private equity accordingly, shouldnotexpectfor immediateliquidity be lengthy, perhapsasmuch astenyears. Investors, ] .

OMX 4

is the brand name of the company, which was was which company, the of name brand is the

PRIV LISTED A TE C COM OMP

A P A NIES NIES

R E T U R N P E R C E N TAG E “J-curve” effect Investment private the and equity returns The concept that the curve depicted by plotting the returns generated by a private equity fund against time (from inception to termination) will resemble the letter “J.” letter the resemble will termination) to inception (from time against fund equity aprivate by generated returns the plotting by depicted curve the that concept The The “J-curve” describes a typical pattern of returns pattern “J-curve”The atypical describes that this illustrative will example reflect actual returns flows cash or of any private equity fund. investment aprivate in An equity entails fund The INVESTMENT RETURNS RETURNS INVESTMENT investment in the Fund. 5 a high degree of risk. degree a high where Except specifically reference named, to “a private “private or equity fund” equity investors” to apply an not does

Capital call: call: Capital equity fund tends toequity show low negative or returns due to fees whereas investment ifany, gains, in a private equity fund. In early years, aprivate fund. In early in aprivate equity This illustrative flows of cash returns example and of aprivate only. equity is fund purposes provided for discussion There assurance no be can r a I R P AR n e

f H R t

u a t u h n A i r LIFECYCLE AR e d w n se ca S

i s an n E O i ill e t Private equity funds issue capital calls to investors (limited partners) when a portion of their committed capital is needed to fund investments. investments. fund to needed is capital committed their of aportion when partners) (limited investors to calls capital issue funds equity Private i d a N l y

x c pit h a E AR e s i ar b h fl it lowo a s o l o f i ws n v r es

n R tme e AR gat of a of n i v t , e PRIVATE INVESTMENT: EQUITY En P Cap a i P AR 5 n s n H RIV v e C A e i h s t R e t a S d e a A l i E T d o and the and e n T s c d ; t E c v a A W e y

e v l E r f l p R e AR O i Q d f o c

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r l r t l l o I y u m i T o six , f e Y “J-CURVE” EFFECT “J-CURVE” EFFECT u n n

F v

d y es UND s ar R e ar AR t

usually come inusually the come later years as companies commitment being called. commitment called. being receive to distributions prior their entire mature. investors to Private equity often start o s e r

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L I F E C c e i F P E AR Y n an x u H v C x p n es

e A t L i d c y t t s w S E t p o e E T i r d h c R s a ill m a l o l s i H y b l d p a n AR R k e fi v E e e es

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J-curve: J-curve:

5 • Altegris KKR Commitments Fund 6 • altegris.com/KKR • January 2020 Implementing aprivate equity allocation An investor cannot invest directly investorAn cannot Moreover, index. an in reflect not investment do an charged to or be may that indices fees commissions T Street, Bloomberg. Barclays Index; US Private Aggregate Bond equity: State Street Private Exchange Global Equity Source: Index. Artivest, Barclays, State for areReturns market to general and represent are meant indices not comparisons investment. any particular represented by benchmark it can be further diversifiedit be can an allocation private adding to by equities. due Differencesto equal notmay rounding. illustration. Past is indicative not performance of future results. There guarantee is no that any investment will its achieve objectives, generate profitsconstruedbe as asset notallocation advice.or avoid should losses. and not intended, Privateis above The equities may product based on the index, which may materially may index, the which on based product data affect presented. performance the Indices: US stocks: TR S&P 500 Index; Bonds: FIGURE 4.ADDINGPRIVATE EQUITYCANPOTENTIALLY ENHANCEAPORTFOLIO’SRISK/RETURNPROFILE not be suitable be not These for everyone. views what historically allocations our about on are based constitutes atraditional how portfolio and With privateWith equity, forgoing short-termliquidity exposure withprivate equity consider replacing a portion of their public equity consider replacingaportionoftheirpublicequity does aninvestor incorporateprivate ina equity diversification topublicequities. That said,how may berewarded withenhancedreturns and Standard deviation Standard rate, per unit of risk, as measured by standard deviation; assumed risk-free rate is 2.5%. rate risk-free assumed deviation; standard by measured as risk, of unit per rate, portfolio? We believe investors thatsuitable should Drawdown ime period: September 2004–September 2019 2004–September September period: ime RAA RF 25.2% 178% measures the peak to valley loss relative to the peak for a stated time period. period. time astated for peak the to relative loss valley to peak the measures 6.9% 7.0% 0.65 is a statistical measure of how consistent returns are over time; a lower standard deviation indicates historically less volatility. volatility. less historically indicates deviation standard alower time; over are returns consistent how of measure is astatistical 40% 60% [ FIGURE 4 FIGURE AA AARA CK AA RR R RA ] . A RR AR RA ; date range based on common period of data availability. common on ; date range based This is ahypothetical RA CK An allocationdependsontheindividualinvestor’sAn time Speak withyour advisortoseewhatisrightfor you. horizon andnear-term needs.Conservative liquidity allocation private, whilemoreaggressive investors investors may make justfive percentoftheirequity may feel comfortablewitha30percentcommitment.

40% 50% 10% RAA RF Sharpe Ratio plus RA measures return in excess of the risk-free risk-free the of in excess return measures 24.2% 254% 6.0% 8.7% 1.04

RF

AC 1.0% 0.9% 1.7% 76% 0.39 An important part of understanding and implementing andimplementing partofunderstanding An important (as proxied byStreetGlobalExchange theState (as proxied by Index) theS&P500 andprivate equity Volatility to aninvestmentproductbased on theindex,whichmaymateriallyaffectperformancedatapresented. investment. Aninvestorcannotinvest directlyinanindex.Moreover, indicesdonotreflect commissionsorfeesthatmaybecharged Returns arerepresentedbybenchmark indicesforgeneralmarketcomparisonsandarenotmeant torepresentanyparticular be furtherdiversifiedbyadding an allocationtoprivateequities. advice. Privateequitiesmaynot be suitableforeveryone.Theseallocationsarebasedonourfir’ belief thatatraditionalportfoliocan achieve itsobjectives,generate profits oravoidlosses.Theaboveisnotintended,andshould beconstruedasassetallocation This isahypotheticalillustration.Pastperformancenotindicative offutureresults.Thereisnoguaranteethatanyinvestmentwill Private EquityIndex. Source: Artivest.USstocksrepresentedbytheS&P500Total ReturnIndex;privateequity representedbytheStateStreetGlobal As apercentageof100%EquityAllocation|September2004–2019 FIGURE 5.EQUITYALLOCATION: IMPACT FROMVARIOUS PRIVATE EQUITYINVESTMENTPERCENTAGES Private Index). Equity Usingthismethodology, We’ve formulated various hypothetical scenariosof different topublic equities allocationpercentages annualized return adding private toone’s equity portfolio ofUSstocks may bothlower thevolatility profile,andincrease benefits as well astherisks. private today equity isassessingthepotential SHARPE RATIO ANNUALIZED VOLATILITY ANNUALIZED RETURN A measurement of the change in price over a given time period. Typically, higher volatility is associated with an elevated level of risk. of level elevated an with is associated volatility Typically, higher period. time agiven over in price change the of Ameasurement [ FIGURE 5 FIGURE ] . 0.51 13.1% 9.2% CONSERVATIVE 5% 95% CONSERVATIVE RA CK

These risksinclude,butarenotlimitedto,liquidity Equity securitiesaresubjecttomarket Equity risk, or riskoflossduetoadverse company news, securities, managementrisk,concentrationand set ofrisks. decline. Inaddition,privateisconsidered equity and isspeculative therefore subjecttoaunique industry developments industry andgeneraleconomic non-diversification risk, foreign investment risk, risk andlack market totrade ofasecondary lack oftransparency, leverage riskandvolatility.

0.59 11.9% 9.5% MODERATE 15% 85% ODERATE RA CK 0.72 10.4% 10.0% AGGRESSIVE 30% 70% AGGRESSIVE RA CK

7 • Altegris KKR Commitments Fund 8 • altegris.com/KKR • January 2020 7 Among themostexperienced investors inprivate One thingaboutprivateisclear: equity provider and proven private equity proven and expert provider Combining the of talent alternative investment apremier Commitments KKR Fund? Altegris the Why totaling $615totaling billioninenterprisevalue. with amorethan43-year track recordoftransactions 6 equity isKohlbergequity Kravis Roberts (KKR),acompany is limited.Navigating theprivatespace equity information aboutprivately heldcompanies requires expertise andexperience. A portion of theFund’s Aportion assets invested affiliated private in by be or may are which investment funds managed equity not or with KKR; KKR information is provided by KKR derived or from materials by KKR for use approved reliable. is accurate to believed be and and Altegris of, Advisors guarantee accuracy the cannot suitability for timeliness, the or responsible be or completeness of for use such information. Inform affiliate of Altegristhe KKR Commitments Fund. however, this allocation is anticipated not material to be to theFund’s overall strategy. EQUITY MANAGED BROAD EXPOSURE to PRIVATE by KKR ation is as of September 30, 2019, 30, ation is as of September othe unless

6

LOWER MINIMUM than PRIVATE EQUITY INVESTMENT ACCESS TRADIIONAL Through the › › › › accredited investors areableto:

at a Access private atalower equity minimum Avoid ofprivate callstypical capital Obtain broadexposureObtain toprivate equity K-1 tax reporting K-1 tax Enjoy 1099 reportingratherthan tax equity investmentsequity investment thantraditional private equity managed by KKR rwise noted. KKR is neither asponsor, promoter, nor advisor

Altegris KKRCommitmentsFund 7

CAPITAL CALLS REPORTING 1099 TAX and NO NO

Source: Artivest will satisfytheInvestmentAdvisor’s duediligenceconsiderationsorwillbeselected fortheFund.Overtime,allocationrangesand Investment AdvisoranticipatesthattheFundwillnotbefullydeployed untiltheFundhasbeeninoperationforaconsiderableperiod Minimum andmaximumallocationpercentagesshownabovereflect rangesforwhentheFundis“fullydeployed.”However, the 9 relevant timeandotherpertinent factors. 8 of time.Therecanbenoassurance thatallinvestmenttypeswillbeavailable,consistent withtheFund’s investmentobjective, commitment strategymaybeadjusted basedontheAdvisor’s analysisoftheprivateequitymarket,Fund’s existingportfolioatthe reflected intheFund’s netassetvalue. Investment Fundallocations general, theFund’s privateequityallocationwillconsistofboth fundedandunfunded commitments.Onlythefundedprivate equitycommitmentsare PORTFOLIO CHARACTERISTICS Not inclusive Not of Liquidity the Portfolio. theProspectus See for more details. The to intends allocate Fund at least 80% of its assets to private by KKR. equity investments However, managed at may theFund strategies representative not assetclasses and of private equity. any time determine to allocate its assets by, to investmentsissued sponsored, not otherwise linked to, or KKR its or affiliates and to KKR PrivateEquity 80% –100% aremadeintheformofcapitalcommitments which arecalleddownby an InvestmentFundovertime.Thus,in 8 Non-Private Equity Non-KKR and/or 0% –20% 8 ter nestmentFunds Conestment ortunities eondr nestments rimr nestments Investment Type ALLOCATION ort Geographic Region ter eil itutions uout Investment Strategies ter Asi uroe nrstruture relestteenergdiretlendingmenine Ameri 9

I MAX MIN

9 • Altegris KKR Commitments Fund 10 • altegris.com/KKR • January 2020 The asset management division ofThe Artivest, asset management Altegris Advisors is aCFTC-registered operator, pool commodity NFA member, SEC- and Artivest remains privately outside investors, renowned by its held and Aquiline Capital employees Partners, including Capital, Genstar Artivest is transformingnetinvestors advisors way the worth financial high evaluateand access, privateinvest in and equity, as real KKR, Thiel and Capital. sets and hedge funds. Our platform funds. Our deliverssets hedge and astreamlined digital for investors experience to transact directly with of selection awide are provided by Altegris Investments, LLC, aSEC-registered of FINRA/SIPC. broker-dealer member and registered and/or investment that adviser sponsors aplatform manages of alternative investment products. All brokerage services regions. geographical sectors and particular on afocus or securities, of number alimited in invested assets Fund to due greater for volatility potential as the well as layers expenses, of additional and fees leverage, higher of risks the to subject also is The Fund private equity. specific manager- in invested assets Fund of portion substantial the concentration risk and potentially less diversification due to market to, risk, are limited but not include, risks Other making them illiquid. thereby transferability, on restrictions to areand subject exchange securities national any on listed be not shares will Fund More importantly, as expected. perform not may which investments venture early-stage in assets investing including Fund, the by employed strategies speculative to increased due is loss of risk the and information, transparency limited to due alack of in can result The private nature of equity investment. ashareholder’s of amount entire the to up capital, of loss involve may and risk of degree ahigh involves and investment aspeculative considered be should The Fund Fund. the in investment an in involved risks the of explanation or enumeration acomplete be to intended not is risks various the of The discussion FUND THE IN INVESTMENT AN WITH ASSOCIATED RISKS THE PROSPECTUS SHOULDBEREADCAREFULLY BEFOREINVESTING. CONTAINED IN PROSPECTUS,THE FUND’S WHICH CANBEOBTAINED BY CALLING(888)524-9441. AND EXPENSESOF THE FUND. THIS AND OTHER IMPORTANT INFORMATION ABOUT THE FUNDIS INVESTORS SHOULDCAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES high qualityhigh private alternatives, The minimums. at sensible Network: Artivest Open Your Path to aBetter Portfolio Here. Begins portfolio. Investments acquired in reliance on imperfect relianceimperfect acquired on in Investments portfolio. the in held investments market of fair value determining in inaccuracies for greater price in potential and risk result may and risks liquidity to Fund the subjects private equity market trading scrutiny. for The asecondary lackregulatory of heightened and risk tax involves laws tax and business in adverse for changes The markets. potential emerging for magnified is risk this and US, the in applicable not typically to various geopolitical risks and currency fluctuations Fund the exposes securities foreign in invested Assets anticipated value may not be realized. be not may value anticipated and liabilities, and risk increases counterparty information TM TM

- and turnaroundinvestments. investment, suchasdistresseddebt,energyorutilityinvestments dition, specialsituationsinvestmentsmayincludeotherformsof preferred stockorsomeotherformofequityinvestment.Inad together withequityintheformofwarrants,commonstock, special situationinvestmentmayincludealoantoborrower, of thecapitalstructureandaboveequitylevel.Atypical that provideamiddlelevelfinancingbelowtheseniordebt investments typicallymakemezzanineorotherdebt . institutional investors(“Shareholders”). minimum denominationstoeligiblehighnetworthindividualand of theFund(“Shares”)willbesoldincomparativelylarge SHARES ANDSHAREHOLDERS. available at:http://www.sec.gov/about/laws/sa33.pdf activities inthesaleofsecurities.Thefulltextthisactis prohibit deceit,misrepresentations,andotherfraudulent material informationtoinvestors;and2)establishlaws 1) requirethatissuerssellingsecuritiestothepublicdisclose securities” law, theSecurities Acthastwomainobjectives: SECURITIES ACTOF1933. in newlyofferedprivateequityinvestmentfunds. PRIMARY INVESTMENT. the letter“J.” that agraphofcashfloworreturnsversustimewouldresemble produce results,thecashfloworreturnswillmoveupwardso to investments,losses,andstart-upcosts;butasinvestments of aprivateequityfund,cashfloworreturnsarenegativedue J-CURVE EFFECT. peak forastatedtimeperiod. DRAWDOWN. capital isneededtofundinvestments. investors (limitedpartners)whenaportionoftheircommitted CAPITAL CALL. assets exceeding$5million. level inthecurrentyear;andcertainlegalentitieswithtotal and hasareasonableexpectationofreachingthesameincome spouse inexcessof$300,000)eachthetwoprecedingyears income inexcessof$200,000(orjointwiththeinvestor’s natural person’s primaryresidence,inexcessof$1million,or net worthwiththatperson’s spouse),excludingthevalueofsuch investor” includesanaturalpersonwithnetworth(orjoint Regulation Dpromulgatedunderthe1933Act.An“accredited ACCREDITED INVESTOR. GLOSSARY Measures thepeaktovalleylossrelative Private equityfundsissuecapitalcallsto A conceptthatduringthefirstfewyears Fundsthatfocusonspecialsituations Primary investmentsare As definedinRule501(a)of Often referredtoasthe“truthin Sharesofbeneficialinterest . - may decline. rise; creditrisk RISKS: ment Index,Treasury Index,AgencyandCreditIndex. specific indicesincludetheGovernment/CreditIndex,Govern indices thatarecalculatedandreportedonaregularbasis.These securities. Thesemajorsectorsaresubdividedintomorespecific securities, mortgagepass-throughandasset-backed market, withindexcomponentsforgovernmentandcorporate nated. TheindexcoverstheUSinvestmentgradefixedratebond securities thatareSEC-registered,taxable,anddollardenomi BARCLAYS USAGGREGATE BONDINDEX. DESCRIPTIONS INDEX year theprivateequityfundbeginsinvesting. . historically lessvolatility. tent returnsareovertime;alowerstandarddeviationindicates STANDARD DEVIATION. world eventsmayadverselyaffectvalues. market risk–stockspricesmaydecline;country/regionalrisk– a priceadjustmentinthereturnindex. the S&P500indexonex-date.Specialcashdividendstrigger reinvested. Allregularcashdividendsareassumedreinvestedin markets. FortheS&P500Total ReturnIndex,dividendsare generally representativeofcertainportionstheUSequity of S&P500index.Theindexisunmanagedand S&P 500TOTAL RETURNINDEX. representing about$2.7trillionofcapitalcommitments Equity Indexiscurrentlycomprisedofmorethan2,800funds large assetowners,theStateStreetGlobalExchangePrivate service provider, inpartnershipwithleadingacademicsand INDEX STATE STREETGLOBALEXCHANGEPRIVATE EQUITY . interest raterisk Developed byStateStreet,anindependentthirdparty – bond issuermaynotpay;incomerisk Thefirstdrawdownofcapitalwhichisthe – bond priceswilldeclineifinterestrates Astatisticalmeasureofhowconsis The totalreturnversion and RISKS KEY RISKS: Represents – income . stock KEY - - - 11 • Altegris KKR Commitments Fund altegris.com/kkr

Distributed by Altegris Investments. Altegris Advisors is an affiliate of Altegris Investments, and serves as the investment adviser to the Altegris KKR Commitments Fund. 272891 | 1746875_011720