Alpine Select : Monthly Report December 2016

December 2016

Alpine Select Ltd. is a professional investment company listed on the SIX Swiss Exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio with core investment strategies focusing on: discount, risk-arbitrage, tactical exploitation of under-researched companies / situations, short term opportunities and liquid hedge funds.

Latest NAV (Estimate)

Monthly net return

Year to date performance Total Net Assets

CHF 16.29

0.44%

3.12%

CHF 182 m

NAV Update as of 31 December 2016

Latest cons. NAV (Estimate) CHF 17.10

19 NAV

NAV cons

17 Share price SIX

15

13

11

Share price CHF 17.00

Monthly performance 0.59% Year to date performance 6.84% Premium/(Discount) to NAV 4.38%

Share Price as of 31 December 2016

9

7

Alpine Facts

5

Incorporation date

Listing

18.09.1997

SIX Swiss Exchange

Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16

Top Positions as a Percentage of Net Asset Value (NAV)

Altin Ltd.

Stock Exchange Symbol ALPN

Swiss Security Number

ISIN Code Reuters Bloomberg Type of shares

Outstanding shares Custodian Management fees Advisory / Performance fees

Distributions

1.919.955

CH0019199550 ALPN.S

ALPN SW EQUITY

Registered shares 11,202,900

Bank Julius Baer None

None

41.4%

Cheyne New Europe Fund L.P. Sparx Japan Value Impact Fund

CQS Directional Opp. Feeder… Arcus Genseki Fund Other Long Positions

Other Hedge Funds Positions Cash and other assets, net

8.1%

5.2%

3.7%

3.6%

11.3%

1.6%

25.3%

Allocation by Investment Type1)

Hedge Funds

9%

Equity

Special Situations Credit

CLO

Out of reservers from

capital contributions

5% 3%

52%

Contact

1) Excluding cash and other assets/(liabilities), net

Alpine Select Ltd. Gotthardstrasse 31

6300 Zug

T [phone]

[e-mail] www.alpine-select.ch

31%

Estimated NAV Performance in %2)

Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Okt	Nov	Dec	YTD
2016	-1.3	-2.3	2.5	-3.0	1.1	-0.6	1.5	0.3	2.5	0.8	1.3	0.4	3.1
2015	0.6	3.2	2.8	-0.8	0.2	-0.8	-1.0	-1.8	-1.8	-1.7	1.8	-1.2	-0.6
2014	2.3	1.4	-1.8	-0.8	5.8	1.2	-1.1	0.6	-2.2	2.9	0.9	1.6	11.1
2013	1.8	0.2	0.5	-0.7	3.9	-2.1	1.0	-1.2	3.9	3.5	-0.1	1.0	12.2
2012	1.5	3.1	-	1.8	-2.7	2.6	0.3	1.4	1.4	-4.9	-2.8	7.2	8.7

2) The monthly NAV performance as disclosed in above performance table is based on the estimated monthly NAV as published by Alpine Select. The NAV effect of the acquisition and consolidation of Absolute Invest is considered from April 2014 on. Published NAVs are not adjusted except for the effect of dividend distributions of Alpine Select. Estimated and effective monthly NAVs may differ. Effective performance for the year 2015 was -1.25% (2014: 11.5%). Change to publication of consolidated NAV as of April 2014. Reference is also made to the Company's disclaimer.

Disclaimer

None of the information in this report does, by itself, constitute an offering or an offering circular according to Article 652a of the Swiss Code of Obligations and is subject to change without notice. The data is intended for information purposes only and is provided without any warranty of any kind, either expressed or implied. Before making an investment, you must obtain and carefully read all information needed to evaluate the investment including, but not limited to the documents providing important disclosures regarding risks, fees and expenses.

All Net Asset Values (NAV) are best estimates. Monthly and YTD NAV performances are based on the estimated monthly NAVs as published by Alpine Select. The NAV effect of the acquisition and consolidation of Absolute Invest is considered from April 2014 on. Published NAVs are not adjusted except for the effect of dividend distributions of Alpine Select.

While some information used on this report may have been obtained from various published and unpublished sources considered to be reliable, Alpine Select neither guarantees its accuracy or completeness nor accepts liability for any direct or consequential losses arising from its use. Shares in Alpine Select are not bank deposits and are subject to investment risk, including the loss of the principal amount invested. This investment is not guaranteed by Alpine Select Ltd.

Past performance is no indication of future performance.