Alpine Select : Monthly Report December 2017

NAV Update as of 31 December 2017

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) in CHF 16.04

Monthly net return 4.62%

Year to date performance 19.18%

Total Net Assets in CHF/m 180

18

15

12

9

6

3

Share Price as of 31 December 2017

0

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

Jan-03

Jan-05

Jan-07

Cheyne New Europe Fund L.P.

Vifor Pharma AG

HBM Healthcare Investments Ltd.5.8%

Sparx Japan Value Impact Fund

SFP Value Realization Fund Ltd.4.5%

Other Long Positions

Other Hedge Funds Positions

Cash and other assets, net

Allocation by Investment Type1)

Equity

Hedge Funds

Special Situations

Jan-09

Jan-11

4.7%

Credit

CLO

45.8%

Estimated NAV Performance in %2)

Jan-13

Jan-15

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

Alpine Facts

Jan-17

33.0%

Contact

Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Okt	Nov	Dec	YTD
2017	0.8	-3.0	0.3	1.8	4.2	2.5	1.3	0.4	1.6	3.2	0.2	4.6	19.2
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

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.