1 April 2019 NAV Update as of 30 April 2019 is a professional investment company listed on the SIX Swiss Alpine Select Ltd. 14.38 Latest NAV (Estimate) in CHF Exchange since 1998. The company offers instit utional and individual investors the 0.91% Monthly net return opportunity to buy into a broad portfolio with core investment strategies focusing on: 4.31% Year to date performance discount, risk-arbitrage, tactical exploitation of under-researched companies / 147.3 Total Net Assets in CHF/m situations, short term opportunities and liquid hedge funds. 18 Share Price as of 30 April 2019 NAV 14.30 15 Share price in CHF Share price SIX 1.42% Monthly performance 12 2.88% Year to date performance 9 -0.52% Premium/(Discount) to NAV 6 3 Alpine Facts 0 18.09.1997 Incorporation date Jan-07 Jan-05 Jan-03 Jan-13 Jan-15 Jan-19 Jan-17 Jan-09 Jan-11 Listing SIX Swiss Exchange Top Positions as a Percentage of Net Asset Value (NAV) Stock Exchange Symbol ALPN Swiss Security Number 1.919.955 Alpine Select Alternative Fund 43.8% CH0019199550 ISIN Code Cheyne New Europe Fund L.P. 12.3% ALPN.S Reuters HBM Healthcare Investments Ltd. 8.9% Bloomberg ALPN SW EQUITY Castle Alternative Invest AG 8.7% Registered shares Type of shares Vifor Pharma AG 10,305,734 Outstanding shares 6.3% Custodian Bank Julius Baer Other Long Positions 17.4% None Management fees Other Hedge Funds Positions 2.7% CHF 0.12m/annually Advisory fees Cash and other assets, net 0.0% None Performance fees Out of reservers from Distributions Allocation by Investment Type capital contributions 0.0% 2.7% 12.3% Contact Alpine Select Alternative Fund Alpine Select Ltd. Equity Gotthardstrasse 31 43.7% Legacy (RE) 6300 Zug Hedge Fund T +41 (0) 41 720 4411 Cash and other assets, net [email protected] 41.2% www.alpine-select.ch *) Estimated NAV Performance in % YTD Aug Jul Sep Okt Nov Jan May Dec Jun Apr Mar Feb 2019 4.3 0.5 1.1 1.8 0.9 2018 -0.2 0.4 -0.2 -0.1 0.3 2.4 -4.7 -3.0 -7.7 -1.5 -0.0 -1.9 0.9 2017 0.4 4.2 0.2 1.6 1.8 0.3 -3.0 19.2 4.6 0.8 1.3 3.2 2.5 2016 1.1 0.3 1.3 3.1 2.5 2.5 -2.3 -3.0 -0.6 -1.3 0.4 1.5 0.8 2015 -0.8 -0.8 -1.8 0.2 -1.8 -1.0 0.6 -1.2 3.2 2.8 -0.6 -1.7 1.8 sted except for the effect of dividend lpine Select. Published NAVs are not adju ble is based on the estimated monthly NAV as published by A *) The monthly NAV performance as disclosed in above performance ta eference is also made to the Company’s disclaimer. Alpine Select. Estimated and effective monthly NAVs may differ. R distributions and of the issuance of tradeable put options of Disclaimer an offering or an offering circular according to Article 652 None of the information in this report does, by itself, constitute a 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 inves information needed to evaluate the investment tment, you must obtain and carefully read all rtant disclosures regarding risks, fees and expenses. including, but not limited to the documents providing impo ished by Alpine Select. The NAV effect of the acquisition and consolidation of Absolute All Net Asset Values (NAV) are best estimates. Monthly and YTD NAV performances are based on the estimated monthly NAVs as publ justed except for the effect of dividend distributions of Alp ine Select. Invest is considered from April 2014 on. Published NAVs are not ad ublished sources considered to ned from various published and unp be reliable, Alpine Select neither guarantees its accuracy or completeness nor accepts While some information used on this report may have been obtai liability for any dir ect or consequential losses arising from its use. Shares in Alpine Select are not bank deposits and are su bject 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.