Investors

Net Asset Value (NAV)

Net Asset Value (NAV) per share (in CHF)
as at 25 May 2023	CHF 10.81
as at 18 May 2023	CHF 11.82
as at 11 May 2023	CHF 11.77

Distributions to Shareholders 2011 - 2022: Total CHF 14.62

Year	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Distribution per share	2.00	1.00	1.00	1.00	1.00	1.00	3.00	1.00	0.45	1.17	1.00	1.00	1.00
audited NAV (annual report as per 31-Dec)	16.72	15.43	15.77	16.60	17.86	16.72	16.33	16.22	13.61	14.45	13.96	16.03	11.77
Distribution in % to NAV	11.96%	6.48%	6.34%	6.02%	5.60%	5.98%	18.37%	6.17%	3.31%	8.10%	7.16%	6.24%	8.50%

Alpine Select N ISIN: CH0019199550

Alpine Select Monthly return table (share price)

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2023	-1.7%	1.7%	-0.8%	0.0%									-0.8%
2022	0.7%	-6.5%	3.4%	0.0%	-3.1%	-3.7%	-1.5%	-0.8%	-5.5%	0.0%	0.8%	0.0%	-15.4%
2021	0.7%	2.9%	3.5%	3.4%	0.7%	-0.7%	1.4%	1.4%	2.1%	1.3%	2.6%	-0.6%	20.3%
2020	0.0%	-1.4%	-7.8%	2.3%	0.1%	1.6%	0.8%	0.8%	1.6%	0.8%	2.3%	3.0%	3.7%
2019	0.0%	0.7%	0.7%	1.4%	-1.4%	0.0%	1.2%	0.7%	0.0%	0.7%	1.4%	0.7%	6.4%
2018	1.8%	0.0%	-0.6%	0.0%	0.5%	-1.3%	0.6%	-0.7%	0.0%	-4.6%	-1.4%	-3.1%	-8.3%
2017	1.2%	2.0%	0.3%	-0.3%	2.1%	1.4%	1.7%	0.0%	1.6%	5.8%	-0.6%	0.0%	16.0%
2016	-1.8%	-1.2%	0.0%	1.8%	3.0%	0.0%	0.0%	0.9%	0.9%	0.6%	1.8%	0.6%	6.8%
2015	2.3%	1.7%	3.8%	1.0%	-0.5%	-1.6%	1.1%	-3.9%	-2.9%	0.3%	0.6%	-0.9%	0.7%
2014	4.2%	1.2%	-0.6%	-0.6%	5.2%	1.2%	-0.6%	0.3%	-1.4%	1.8%	0.6%	1.1%	12.8%
2013	1.9%	-0.3%	0.6%	0.3%	2.0%	-1.9%	1.6%	-1.0%	2.9%	5.1%	0.3%	0.0%	12.0%
2012	1.0%	2.9%	4.1%	0.6%	0.0%	0.6%	0.9%	0.3%	-0.6%	-0.6%	-1.9%	1.3%	8.8%
2011	4.2%	3.5%	-0.8%	3.6%	3.7%	-0.3%	-1.8%	-3.9%	-1.0%	0.0%	-1.9%	0.3%	5.3%
2010	-1.2%	2.8%	2.3%	1.6%	0.0%	2.9%	1.4%	1.6%	2.5%	3.8%	7.4%	3.0%	31.9%
2009	-2.8%	-0.9%	0.9%	0.9%	3.8%	1.7%	3.6%	2.5%	5.0%	0.8%	-2.3%	0.0%	13.6%
2008	-5.6%	0.0%	-2.3%	1.2%	-4.7%	0.0%	-1.2%	-1.3%	-6.3%	-15.5%	-9.6%	-2.6%	-39.5%
2007	9.0%	-2.1%	-0.5%	2.0%	0.6%	0.0%	-2.1%	-5.8%	0.0%	0.6%	0.0%	0.5%	1.7%
2006	3.7%	4.5%	3.7%	1.7%	-1.7%	1.2%	1.1%	0.0%	1.8%	5.1%	1.6%	1.7%	27.1%
2005	0.8%	0.0%	1.1%	-0.7%	1.1%	0.4%	5.2%	1.0%	3.6%	0.0%	-1.9%	-0.4%	10.4%
2004	3.6%	4.9%	6.3%	2.2%	1.4%	-0.8%	0.0%	1.5%	0.0%	0.0%	-1.1%	-0.5%	18.8%
2003	n/a	n/a	n/a	n/a	n/a	2.6%	0.8%	2.1%	1.5%	1.7%	0.5%	0.2%	9.7%

Annual report

Semi-Annual Report

Monthly Report

Latest Corporate Documents

Annual General Shareholders' Meeting

NAV AND SHARE PRICE

Alpine Select’s goal is to achieve attractive absolute returns by building a diversified portfolio investing in securities, quoted or otherwise, of Swiss and foreign corporations. Furthermore, Alpine Select takes positions in special situations (significant transactional events such as spin-offs, acquisitions, arbitrages, mergers, carve-outs and recapitalizations).

Investment Rationale

It is the intention of Alpine Select to be recognized as an efficient company. Accordingly, emphasis is on retaining a light and flexible cost structure with the Company contracting outside expertise when cost/benefit of such advice can be demonstrated

Alpine Select applies a shareholder friendly dividend policy: The Company intends to distribute a dividend to shareholders, taking the return goals and economic situations of the Company into consideration (since 2014 an annual dividend has been distributed).

It is the intention of Alpine Select to be recognized as an efficient company. Accordingly, emphasis is on retaining a light and flexible cost structure with the Company contracting outside expertise when cost/benefit of such advice can be demonstrated.

Due to its listing on the Swiss Stock Exchange, Alpine offers daily liquidity within a stable regulatory environment.

Pooling of investors’ interest through investment policy and business Credo
Access the investment capabilities of the experienced Alpine Select investment team
Members of the investment team are significantly invested in Alpine Select Ltd. and Alpine Select Alternative Fund
Cost efficient set-up: 'Performance before growth'
Stable regulatory environment, regular updates and reports

The Ordinary Shareholders' Meeting of Alpine Select held on 20 May 2020 authorized the board of directors to repurchase up to 10% of the share capital in the period up to the ordinary shareholders' meeting in 2022 for the subsequent definitive cancellation of the shares through a capital reduction. Based on this authorization the board of directors launched the buyback program 2020 – 2022 by publishing the buyback notice on 24 June 2020 (“Buyback program 2020”). Alpine Select can acquire up to a maximum of 925,797 registered shares under the Buyback program 2020. As of 27 May 2022, Alpine Select has acquired a total of 397,202 treasury shares under the Buyback program 2020, equalling 4.29% of the share capital.

At the proposal of the board of directors, the Ordinary Shareholders’ Meeting of Alpine Select held on 18 May 2022 authorized the board of directors to extend the Buyback program 2020 until 31 May 2023. With the prolongation of the Buyback program 2020, the maximum number of shares to be repurchased remains at 925,797 treasury shares (corresponding to 10% of the share capital). During the extension of the Buyback program 2020, a further maximum number of 528,595 Alpine Select shares can be bought back. The actual number of shares bought back will be determined by Alpine Select's freely available liquidity on the one hand and by the supply on the second trading line on the other hand. The board of directors will propose to the ordinary shareholders' meeting 2023 a capital reduction by cancellation of all shares purchased within the prolonged Buyback program 2020.

Valor	55,039,512
ISIN	CH0550395120
Ticker	ALPNE

Buyback Notice

Current Status of share Repurchase

Click below for an overview on the progression of, and on the transactions made in own shares, during the current (2020 - 2022) share buyback program.

Alpine Select: Share buyback via second trading line

Based on the authorization resolution of the General Assembly of 16 May 2019, the Board of Directors of Alpine Select has decided to launch a new share buyback program on a separate trading line at SIX Swiss Exchange. Starting 29 July 2019 (first trading day) a maximum of 514,155 registered shares or an equal of 5.00 % of the share capital registered in the commercial register will be purchased for cancellation purposes. The maximum buyback volume per day is 5,492 shares (in accordance with Art. 123 para. 1 lit. c FinraV).

Valor	48,458,157
ISIN	CH0484581571
Ticker	ALPNE

Press Release Launch Buyback

Buyback Notice - 25 July 2019

Current Status of Share Repurchase

Click here for an overview on the progression of, and on the transactions made in own shares, during the (2019 - 2021) share buyback program.

Termination of the Share Buyback Program at Market Price

Tradeable
Put Options

Based on the authorization resolution of the General Assembly of 16 May 2019, the Board of Directors of Alpine Select has decided on repurchasing a maximum of 514,155 registered shares (which corresponds to a maximum of 4.59% of the outstanding share capital currently registered in the commercial register or a maximum of 5% of the outstanding share capital following the cancellation of 919,795 own shares on 22 July 2019) by issuing tradeable put options:

1 put option for each registered share held, free of charge;
20 put options entitle shareholders to tender one registered share with a nominal value of CHF 0.02;
the exercise price is CHF 17.00, and represents a premium of 24% to the closing price of the registered share on 26 June 2019;
the put options will be traded from 1 July 2019 to and including 16 July 2019;
the put options must be exercised (European style) on 18 July 2019 by 11.00 am CEST at the latest (any put options not exercised on time and the rights related to these options will expire without any compensation);
payment of net purchase price (exercise price minus 35% withholding tax calculated on the difference between the exercise price and the nominal value) will be on 19 July 2019.

Valor	48,459,294
ISIN	CH0484592941
Ticker	ALLPPO

When considering whether to sell the put options on the stock exchange or to exercise them in order to tender registered shares, shareholders are advised to follow the instructions and recommendations of their custodian bank or other professional advisers.

The Board of Directors of Alpine Select intends to ask the next Shareholders' Meeting to resolve on the cancellation of the repurchased shares and on the corresponding capital reduction.

In addition, the Board of Directors of Alpine Select is considering launching a new share buyback program on a second trading line, following the share buyback program through the issuance of tradeable put options.

Press Release Launch Buyback

Buyback Notice - 27 June 2019

Successful completion of the repurchase of own shares by issuing tradeable put options for the purpose of capital reduction

In total, 510,980 registered shares were tendered which corresponds to 4.56% of the share capital registered in the commercial register. The net purchase price (exercise price minus 35% withholding tax calculated on the difference between the exercise price and the nominal value) will be paid on 19 July 2019. The board of directors of Alpine Select will propose to the next Shareholders' Meeting the cancellation of all registered shares repurchased under this share buyback program.

Incorporation date	18 September 1997
Listing	SIX Swiss Exchange, Swiss Standard Segment
Stock Exchange Symbol	ALPN
ISIN Cide	CH0019199550
Reuters	ALPN.S
Bloomberg	ALPN SW EQUITY
Types of shares:	Registered shares
Shares issued:	9'257'970
Nominal value	CHF 0.02
Net Asset Value	Published on the Company Website, in Finanz und Wirtschaft, Zurich (Saturday edition), on various data providers
Management fee	None
Performance fee	None
Advisory fee	TCHF 108/annually
Custodian	Bank Julius Bär & Co. AG
Distributions	Out of retained earnings