Alpine Announces a New Team Approach to the Portfolio Management of Its Dynamic Dividend Funds

Alpine Woods Capital Investors, LLC (Alpine), the investment adviser to the Alpine Funds, announced today a new investment team for its Dynamic Dividend Funds that it believes will enhance and broaden the portfolio management of the funds. The changes are effective immediately and include the following funds: Alpine Total Dynamic Dividend Fund (AOD), Alpine Global Dynamic Dividend Fund (AGD), and Alpine Dynamic Dividend Fund (ADVDX/ADAVX) (the “Funds”).

The new investment team is led by newly appointed co-portfolio managers Joshua Duitz and Brian Hennessey, who are responsible for the day to day management of the portfolios, and have a combined 30 years of industry experience. The investment team also includes experienced Alpine portfolio managers and research analysts, who will provide analysis and recommendations regarding the sectors they cover. Importantly, the team includes Samuel A. Lieber, CEO, Stephen A. Lieber, CIO, and Bruce Ebnother, Senior Investment Risk Strategist, who will provide strategic oversight. Mr. Duitz and Mr. Hennessey previously served as associate portfolio managers of Alpine Dynamic Dividend Fund. The previous co-portfolio managers of the Funds are no longer part of the investment team.

“We are pleased to announce this change to a team approach for our Dynamic Dividend Funds,” said Alpine CEO Samuel Lieber. “This select Alpine team, led by Josh and Brian, bring a depth and breadth of knowledge and experience to the management of these Funds.”

Mr. Duitz currently manages Alpine Global Infrastructure Fund and has since its inception in 2008. He joined Alpine in February 2007 after eight years at Bear Stearns, where he was a Managing Director Principal who specialized in trading international equities. Mr. Duitz is a Certified Public Accountant and earned his bachelor’s degree in Business Administration from Emory University. He also received his M.B.A. from the Wharton School of Business where he graduated with honors.

Mr. Hennessey joined Alpine in December 2008, bringing nine years of investment experience. Prior to joining Alpine, Mr. Hennessey spent two years focusing on event-driven and distressed credit and equity opportunities at two hedge funds: Tribeca Global Investments (a former unit of Citigroup), and Litespeed Partners. He also served as a credit analyst at Putnam Investments and at Partner Re Asset Management. Mr. Hennessey earned a bachelor’s degree from Williams College and an M.B.A. from M.I.T. Sloan School of Management.

Mr. Samuel Lieber is a founding member and Chief Executive Officer of Alpine. He is also the Chairman of the Board of Trustees and President of the Alpine Funds. Prior to founding Alpine, Mr. Lieber spent thirteen years at Evergreen Asset Management Corp., first as an analyst, later as a portfolio manager. He earned his bachelor's degree with high honors from Wesleyan University, and attended New York University's Graduate School of Business and New York University's Real Estate Institute.

Mr. Stephen Lieber is a founding member and Chief Investment Officer of Alpine. In 1969, Mr. Lieber was a founding partner of Lieber & Company (the parent firm of Evergreen Asset Management Corp., the investment adviser to the Evergreen Funds). He served as Senior Partner until its 1994 acquisition by First Union Corp., continuing as Chairman, Co-Chief Executive and Portfolio Manager until 1999. Mr. Lieber received his bachelor's degree with honors from Williams College, and attended Harvard University's Graduate School of Arts and Sciences. He received an honorary doctorate degree from Williams College and served on that institution's Finance Committee.

Mr. Ebnother joined Alpine in 2011 as its Senior Investment Risk Strategist as well as a Portfolio Manager focusing on Real Estate Investments. Prior to joining Alpine, Mr. Ebnother spent 15 years at UBS Global Asset Management as a Senior Portfolio Manager and Chief Investment Officer for Global Real Estate Securities. He earned his bachelor’s degree in Brazilian Studies from Brown University.

More information about the Funds is available on www.alpinefunds.com.

Based in Westchester, New York, Alpine Woods Capital Investors, LLC was founded in 1998.

This release contains forward-looking statements based on currently available information. The Funds’ actual results could differ materially from those anticipated due to various risks and uncertainties. Alpine Total Dynamic Dividend Fund and Alpine Global Dynamic Dividend Fund are closed-end funds and do not continuously offer or redeem shares. The Funds trade in the secondary market and investors wishing to buy or sell shares must place orders through a financial intermediary or broker. Also, share prices of closed-end funds will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of closed-end funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value (a price that reflects the value of the fund's underlying portfolio plus other assets, less the fund's liabilities divided by the number of shares outstanding). Investment return, price and net asset value will fluctuate with changes in market conditions.

To read about the closed-end funds, access the Annual and Semi-Annual Reports in the Related Documents section of the website or call 1-800-617-7616 to receive a copy of the annual and semi-annual reports by mail. An investor should consider the investment objectives, risks, charges and expenses carefully before investing.

Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus or the summary prospectus contains this and other information about a fund. To obtain a free prospectus, please contact your financial advisor or view the product specific page on www.alpinefunds.com. An investor should read the prospectus carefully before investing.

Mutual fund investing involves risk. Principal loss is possible. The strategy of investing in dividend-paying stocks involves the risk that such stocks may fall out favor with investors and underperform the market. In addition, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future or the anticipated acceleration of dividends could not occur. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. Medium, small and micro-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Favorable U.S. federal tax treatment of Fund distributions may be adversely affected, changed or repealed by future changes in tax laws. Under current law, favorable U.S. federal tax treatment of distributions as qualified dividend income will expire as of December 31, 2012 unless new legislation extending that deadline is enacted.

References to other mutual fund should not be interpreted as an offer of these securities.

The Alpine open-end funds are distributed by Quasar Distributors, LLC.

Contacts:

Investors:
Alpine Woods Capital Investors, LLC
Marc Rappaport, 914-251-0880
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