Alpine Total Dynamic Dividend Fund Announces A New Share Repurchase Plan

Alpine Total Dynamic Dividend Fund (NYSE: AOD) (the “Fund”) today announced that its Board of Trustees (the “Board”), as part of an ongoing evaluation of strategic options focusing on enhancing shareholder value, has authorized a share repurchase plan (the “Repurchase Plan”). Under the Repurchase Plan the Fund may purchase, in the open market, its outstanding common shares. The amount and timing of repurchases will be at the discretion of the Fund’s investment adviser, Alpine Woods Capital Investors, LLC (the “Adviser”), and subject to market conditions and investment considerations.

The decision to authorize the Repurchase Plan reflects the Board’s belief that a period of time has passed since the reduction in the Fund’s distribution level and that the market continues to undervalue the Fund’s shares relative to its NAV (which was $4.57 as of February 26, 2013). In reaching its decision, the Board considered that the discount to NAV at which Fund shares have recently traded and the Fund’s approximate 8.24% market price yield (on a market price of $3.93 as of February 26, 2013), in combination with what the Adviser believes to be the prospective global growth potential, diminished excess pessimism and gradual improvement of the macro economic situation, make acquiring Fund shares under the Repurchase Plan an attractive opportunity for the Fund.

The Repurchase Plan allows the Fund to acquire shares in the open market at a discount to NAV, which benefits remaining shareholders by increasing the NAV per share. The Board remains focused on actions that may increase value for long-term Fund shareholders.

The Fund’s repurchase activity will be disclosed in its shareholder report for the relevant fiscal period. There is no assurance that the Fund will repurchase shares at any specific discount levels or in any specific amounts. There is also no assurance that the market price of the Fund’s shares, either absolute or relative to NAV, will increase as a result of any share repurchases, or that the Repurchase Plan will enhance shareholder value over the long-term. The Board will continue to monitor the Repurchase Plan, which can be terminated at any time.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements that describe our strategies and goals and our beliefs concerning future conditions and the outlook for the Alpine Total Dynamic Dividend Fund based on currently available information. The Fund’s actual results could differ materially from those anticipated in the forward-looking statements because of various risks and uncertainties, including the factors set forth in the Fund’s filings with the SEC. You should carefully consider those risks and the other information in the Fund’s SEC filings before investing.

About Alpine Total Dynamic Dividend Fund

Alpine Total Dynamic Dividend Fund is a diversified, closed-end management investment company that seeks total return, consisting of capital appreciation and income. The Fund’s investment adviser is Alpine Woods Capital Investors, LLC with its principal executive offices located at 2500 Westchester Avenue, Suite 215, Purchase, New York 10577. The Fund is a closed-end fund and does not continuously offer or redeem shares.

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