The Funds’ management considered a number of factors before recommending to the Board that the Funds’ current distributions be changed, including current market conditions, availability of dividend income, volatility, costs of implementing different dividend strategies, the level of assets in the Funds and the dividend yield of the Funds at NAV.

The Funds’ management and the Board will continue to evaluate the level of distribution on a regular basis. As portfolio and market conditions change, the amount of the Funds’ future monthly distributions may be adjusted. The Funds intend to continue make distributions consisting of net investment income.

The Funds’ monthly distributions may consist of net investment income, net realized capital gains and / or a return of capital. Final determination of the federal income tax characteristics of distributions paid during calendar year 2013 will be provided on U.S. Form 1099-DIV, which will be mailed to shareholders.

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.

Investor Contact: Marc Rappaport, Alpine Woods Capital Investors, LLC, 914.251.0880

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.

To read about the 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.

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