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Presented by:
Samuel A. LieberCo-CEO, Co-Portfolio Manager
Faith M. RobinsonDirector of Institutional Sales & Marketing April 3, 2006
U.S. Income & Growth Real EstatePresented to:
2500 Westchester Avenue, Suite 215 Purchase, New York 10577 T 914.251.0880 F 914.251.9098 www.alpinewoods.com
2Alpine Woods Capital Investors, LLC
www.alpinewoods.com
Boston PropertiesBoston Properties, a self-administered and self-managed realestate investment trust, is one of the largest owners, managers,and developers of first-class office properties in the UnitedStates, with a significant presence in four core markets: Boston,Washington, D.C., Midtown Manhattan and San Francisco.Times Square Tower, New York CityLocated at the “Crossroads of the World” on the south side of42nd Street between Broadway and 7th Avenue, this 47-storyClass A office tower was designed by the world-class architectDavid Childs of Skidmore, Owings & Merrill, LLP. Times SquareTower, along with the Company’s project across the street, FiveTimes Square, completes the renaissance of Times Square asNew York’s newest, most dynamic business location.
Table of Contents
Firm Profile . . . . . . . . . . . . . . . . page 3
Historical Timeline . . . . . . . . . . page 4
The Professional Team. . . . . . page 5
Representative Client List. . . page 6
Investment Philosophy . . . . . page 7
Product Profile . . . . . . . . . . . . . . page 8
Investment Process . . . . . . . . . page 9
Portfolio Construction& Sell Discipline . . . . . . . . . . . page 14
Sector Allocation . . . . . . . . . . page 15
Performance . . . . . . . . . . . . . . . page 16
Portfolio . . . . . . . . . . . . . . . . . . . page 18
Biographies . . . . . . . . . . . . . . . page 19
Fee Schedule . . . . . . . . . . . . . . page 22
3Alpine Woods Capital Investors, LLC
www.alpinewoods.com
Alpine Woods Capital Investors, LLC
An independent firm headquartered inPurchase, NY, and is 100% employee owned
Investment team with an average of twenty yearsindustry experience
Consistent value oriented, non-index dependent,multi-cap investment orientation employing top-down, bottom-up methodology
Proven track record of managing large pools ofassets
Firm Profile
Growth ValuesFinancial, L.P., $24
U.S. Real Estate Equity$552
International RealEstate Equity$318
Income & Growth Real Estate$691
Equity Income, $333U.S. Balanced, $92
Tax OptimizedIncome, $45
Money Market$222
Growth Values, L.P.$151
Financial Services$1.0
U.S. Concentrated Equity Income, $8.6Private Clients$572
$3 Billion Under Management*Assets Listed in $ - million
*as of December 31, 2005
4Alpine Woods Capital Investors, LLC
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Historical Timeline
Lieber & Co. starts the Evergreen Asset Management Corp. 1971
Lieber & Co. develops Institutional Separate Account capability 1980
Sam Lieber joins Evergreen specializing in Real Estate Securities 1985
First Union Bank (now Wachovia) acquires Evergreen.Stephen Lieber remains as Chairman/Co-CEO and Portfolio Manager 1994
Alpine (formerly Evergreen) International Real Estate Equity Fund1989
Alpine (formerly Evergreen) U. S. Real Estate fund1993
1998 Alpine Realty Income & Growth FundSam Lieber founds Alpine Management & Research
1999Stephen Lieber founds Saxon Woods Advisors
Alpine Woods Growth Values L. P.2000
Alpine Dynamic Balance Fund2001
Alpine Tax Optimized Income Fund2002
Alpine Muni Money Market Fund2002
AWGV Financial Equities, L.P.2002
Alpine Dynamic Dividend Fund2003Alpine Woods Investments formed throughmerger of Saxon and Alpine
2005 Alpine Dynamic Financial Services Fund (Inception 11/05)Alpine Woods Capital Investors, Institutional Divisionformerly Alpine Management Research
Company Timeline Funds TimelineStephen Lieber, LLC Founds Lieber & Company 1969
5Alpine Woods Capital Investors, LLC
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The Professional Team
Samuel A. LieberCEO/Portfolio Manager
Real Estate, Equity Income, Growth Values
Stephen A. LieberCEO/Portfolio Manager
Equity Income, Growth Values, Equities
Robert GadsdenPortfolio Manager
Realty Income & Growth
Jill EvansPortfolio Manager
Equity Income
Steven ShachatPortfolio Manager
Money Market, Tax Optimized
Peter KovalskiPortfolio Manager
Financial Equities, Financial Services
Kevin ShacknofskyAssociate Portfolio Manager
Equity Income
Stephen DavisAnalyst
Andrew KohlAnalyst
Alpine WoodsCapital Investors, LLC
6Alpine Woods Capital Investors, LLC
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Alpine U.S. Real Estate Equity Fund
Alpine Realty Income & Growth Fund
Alpine International Real Estate Equity Fund
Alpine Dynamic Balance Fund Alpine Dynamic Dividend Fund
Alpine Municipal Money Market Fund
Alpine Tax Optimized Income Fund
Alpine Dynamic Financial Services Fund (Inception 11/05)
Alpine Woods Growth Values, L.P.
Alpine Woods Growth Values Financial Equities, L.P.
CIBA Specialty Chemicals*
PriceWaterhouse*
Maltz Foundation*
Representative Client List
*Institutional Clients in the Mutual Funds
Commingled
Borrego Foundation
Essel Foundation
Golick Family Foundation
Richman Family Foundation
Kerr Foundation
Rockefeller Brothers Fund
Vicente Foundation Inc.
Endowments, Foundations
Taft-Hartley
Regional TransportationDistrict/Amalgamated Transit Union
7Alpine Woods Capital Investors, LLC
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Investment Philosophy
Top-down/Bottom-up, active, value-oriented, investmentmethodology
Industry and sector selection is made in consideration of bothshare prices relative to private market value and growthopportunities
Opportunistic style favors companies which are dominant nicheplayers providing high return-on-equity, and earnings ordividend growth potential not currently reflected in the shareprice
Fundamental research underscores our demonstrated ability toidentify undervalued investment opportunities at inflectionpoints
Balance risk and opportunity, selecting one carefullyresearched security at a time
8Alpine Woods Capital Investors, LLC
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Product Profile
Investment Objective:
Strategy provides high-dividend income, capital growth and low beta
Diversified portfolio of dividend paying REITs, high yield preferred equities ofREITs, and other real estate securities
Focus on companies where dividends will be covered by operating cash flow,earnings and dividend growth that are not currently reflected in the shareprice
U.S. Income & Growth Real EstateInception Date: December 29, 1998
Boston PropertiesThe Company acquires, develops, and manages its properties through full-service regional offices in Boston, New York City, Washington, D.C., SanFrancisco, and Princeton, New Jersey. Its property portfolio is comprisedprimarily of first-class office space and also includes three hotels and oneindustrial building. Boston Properties is well-known for its in-house buildingmanagement expertise and responsiveness to tenants’ needs. The companyhas a superior track record in developing Class-A, Central Business DistrictOffice buildings, suburban office centers and build-to-suit projects for the U.S.Government and a diverse array of high-credit tenants.
Embarcadero Center – San Francisco, CaliforniaWith sweeping views of San Francisco Bay, the Golden Gate Bridge and theBay Bridge, Embarcadero Center is situated in the heart of the Financialdistrict. Located on an 8.4-acre site, Embarcadero Center encompasses fourmillion square feet of office and retail space with convenient access toInterstate 80 and public transportation.
9Alpine Woods Capital Investors, LLC
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OVERLAY
DEVELOP
Alpine Consensus DrivenMacroeconomic View
Fiscal/Monetary PolicyDomestic ConsumptionCapital InvestmentGDP
GlobalBusiness Cycle
Supply Conditions Capital Availability Natural Constraints Regulated Constraints
Demographic Demand Drivers Population Growth Job Growth Income Growth
Business CycleReal Estate Cycle Lease Duration Absorption
Historical Patterns Cyclical Velocity Duration VariabilityProspective Patterns
IDENTIFY
Investment Process Top-Down Methodology
Investment Decision
Geographic Grid Global/National Regional/Cities
Industry Segmentation Property Type
10Alpine Woods Capital Investors, LLC
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Vornado Realty TrustA fully integrated real estate investment trust (REIT), Vornado is one of the largest owners andmanagers of real estate in the United States with a portfolio of approximately 53 million square feetin its major platforms, primarily located in the New York and Washington, D.C., metor areas. TheCompany’s four major platforms include: New York City Office, Washington, D.C., Office; RetailProperties and Merchandise Mart.
Crystal City, VirginiaCrystal City is an unincorporated area located in the southeastern corner of Arlington County,Virginia, a suburb of Washington, D.C. Crystal City is centered along a stretch of Jefferson DavisHighway (U. S. Highway 1), just south of The Pentagon, just east of Pentagon city, and withinwalking distance to the west of Ronald Reagan Washington National Airport. Characterized as oneof the many “urban villages” by Arlington County, Crystal City is an Urban Village on more than onelevel – literally. A network of underground shops and walkways make this community unique.Above ground, Crystal City offers a dramatic streetscape of shops, office buildings, and hotels, allclose to National Airport and Metorail. The community is also well served by Metrobus and ART-Arlington Transit, and has its own VRE station.
Above: Satellite image of the interlocking highrises ofCrystal City. Jefferson Davis Highway (U.S. Highway 1)can be seen running from north to south left of the imagecenter. The main terminal of National airport is in thebottom right corner of the image; a few lanes of I-395 arevisible in the top left corner, immediately beyond which isthe Pentagon. At the bottom is Virginia State Highway233, the Airort Viaduct. Image from the United StatesGeological Survey, taken April 26, 2002.
11Alpine Woods Capital Investors, LLC
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Investment ProcessBottom-Up Methodology
MANAGEMENT
Investment Decision
REGIONAL PROPERTYTYPE FOCUS
SCREEN UNIVERSE
“Skin-in-the-Game”Depth and Breadth
Balance Sheet Capacity
Market PositionStrategic Plan
Dynamic FlexibilityRisk/Reward
All Capitalization Levels Real Estate Investment Trusts, Property
Owners/Developers, Hoteliers, Homebuilders,Fee-based Managers, Imbedded Property Plays
BUSINESS MODEL
Market FundamentalsTrack Record
Qualitative Portfolio Assessment
12Alpine Woods Capital Investors, LLC
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Investment ProcessBottom-Up Methodology
Portfolio Allocation
Growth ValueInflection Point
Transformational Opportunity
Growth Potential Development Repositioning Refinancing
Historic Returns High ROE High ROIC High ROA
VALUATION
PERFORMANCE ASSESSMENT
BUY DECISION
Stock Valuation/Property Level ValuationPrice to EBITDA, EBIT, NOIP/E Ratio, Dividend Yield
Replacement Cost, Unitized Metrics
13Alpine Woods Capital Investors, LLC
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Simon Property GroupHeadquartered in Indianapolis, Indiana, Simon Property Group is a real estate investment trust engaged inthe ownership, development and management of retail real estate, primarily regional malls, PremiumOutlet® centers and community/lifestyle centers. The Company’s current total market capitalization isapproximately $41 billion. Through its subsidiary partnership, it currently owns or has an interest in 286properties in the United States containing an aggregate of 200 million square feet of gross leasable area in39 states plus Puerto Rico. Simon also owns interests in 51 European shopping centers in France, Italy,and Poland; 5 premium Outlet® centers in Japan; and one Premium Outlet center in Mexico®.
Forum Shops at Caesar’s – Las Vegas, NevadaThe Forum Shops at Caesars boasts a unique atmosphere that simulates ancient Roman streets and hasno visual rival in the world. More than 160 stores create a retail attraction similar to the Via Condotti,Rodeo Drive or Madison Avenue. Where else can you shop at high-fashion stores among dazzlingsurroundings, including fountains, statues and facades? The Forum Shops offers fabulous shopping in avisually stunning atmosphere!
The Forum Shops Phase III Expansion opened on October 22, 2004. Phase III is a lavish three-levelfashion and dining marvel -- luxurious in every detail, breathtaking from every angle, spectacular beyondall expectation. From its sweeping plaza, complete with replicas of the Trevi and Triton Fountains, to itsglorious massive reflecting pool to its dazzling skylight -- here is a wonder among wonders. Take it all inwith a delightful ride on the majestic spiral escalator.
14Alpine Woods Capital Investors, LLC
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Portfolio Construction & Sell Discipline
Portfolio Construction Sell Discipline
Stocks are candidates for sale:
Stock prices have reached objectives and revaluation nolonger suggest upward potential.
Expected developments supporting values and supportingcapital appreciation are no longer present.
Change in business plan or market strategy.
*As of December 31, 2005
$6.9 BillionAverage Market Cap*
0.80Beta (3 Yr.)
12.76Standard deviation (3 Yr.)
1.82Sharpe Ratio
70Number of Holdings
5%Maximum Position Size
1-10%Cash
U.S.Income & Growth
3.70%Dividend Yield
15Alpine Woods Capital Investors, LLC
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Sector AllocationU.S. Income & Growth (as of December 31, 2005)
Retail, 23.8%
Lodging, 23.7%Office & Industrial, 22.0%
Apartments9.5%
Health Care5.4%
Mortgage/Finance4.9%
Homebuilders, 4.1%Diversified, 4.1%
Net Lease, 2.5%
Top Ten Holdings
Simon Property Group, Inc., IndianaReal estate investment trust engaged in the ownership, development and management ofretail real estate, primarily regional malls, Premium Outlet centers and community/lifestylecenters.
4.54%
Vornado Realty Trust, New JerseyA fully integrated real estate investment trust (REIT). Vornado is one of the largest ownersand managers of real estate in the United States with a portfolio of approximately 56 millionsquare feet in its major platforms, primarily located in the New York and Washington, D.C.,metro areas.
3.93%
Boston Properties, Inc., BostonOne of the largest owners, managers, and developers of first-class office properties in theUnited States with a significant presence in four core markets: Boston, Washington, D.C.,Midtown Manhattan and San Francisco.
3.77%
General Growth Properties, Inc., ChicagoThe second largest regional mall REIT. General Growth owns, develops, operates, and/ormanages shopping malls in 44 states.
3.69%
Developers Diversified Realty, Co., OhioCurrently owns or manages over 500 operating and development retail properties in 44states, plus Puerto Rico, comprising approximately 113 million square feet. It is a self-administered and self-managed REIT operating as a fully integrated real estate companywhich acquires, develops and manages shopping centers.
3.34%
iStar Financial, Inc., New YorkFocused on the commercial real estate industry, the Company provides custom-tailoredfinancing to high-end private and corporate owners of real estate nationwide, includingsenior and junior mortgage debt, senior and mezzanine corporate capital, and corporate netlease financing.
3.33%
Starwood Hotels & Resorts Worldwide, Inc., New YorkOne of the leading hotel and leisure companies in the world with approximately 850 properties inmore than 95 countries.
5.25%
Reckson Associates Realty Corporation, New YorkOne of the largest publicly traded owners, managers and developers of Class A officeproperties in the New York Tri-State area, and wholly owns, has substantial interests in, orhas under contract, a total of 102 properties comprised of approximately 20.1 million squarefeet.
2.97%
The Macerich Company, CaliforniaAcquires dominant regional malls and transforms those properties through redevelopment,leasing, management, and marketing into even more dominant malls. Macerich malls areoperated as part of the communities they serve functioning as the town centers within eachmarket.
2.70%
36.68%
Alexandria Real Estate Equities, Inc., CaliforniaIn addition to acquiring, developing and operating life science properties, it owns about 110office and laboratory properties in nine states; these are occupied by biotechnology andpharmaceutical companies, research institutions, government agencies, and similar tenants.
3.16%
16Alpine Woods Capital Investors, LLC
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PerformanceU.S. Income & Growth Returns for Periods Ending December 31, 2005
*Returns are net of fees Returns greater than one year are annualized
4Q05 1 Year 3 Years 5 Years
U.S. Income & Growth Returns (gross of fees) Morgan Stanley REIT
U.S. Income & Growth(net of fees) 2.61 11.10 24.88 20.32
2.931.74
12.48 12.13
26.49 26.30
21.94
18.70
17Alpine Woods Capital Investors, LLC
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Starwood Hotels & ResortsStarwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in theworld with approximately 850 properties in more than 95 countries and 145,000 employees at its ownedand managed properties. Starwood(R) Hotels is a fully integrated owner, operator and franchisor ofhotels and resorts with the following internationally renowned brands: St. Regis(R), The LuxuryCollection(R), Sheraton(R), Westin(R), Four Points(R) by Sheraton, W(R), Le Meridien(R) and therecently announced Aloft(SM). Starwood Hotels also owns Starwood Vacation Ownership, Inc., one ofthe premier developers and operators of high quality vacation interval ownership resorts.
Westin St. Francis – San Francisco, CaliforniaRenowned for its legendary service, the historic Westin St. Francis boasts luxurious guest rooms andworld-class dining. Overlooking Union Square in downtown San Francisco, Westin’s historic flagshiphotel is just minutes from Chinatown, Fisherman’s Wharf and San Francisco’s financial district.
At The Westin St. Francis, your convenience is their top priority – rental car counter, as well ascomprehensive fitness and business centers are available on site. The Imperial Floor, an elegantprivate-party venue 32 floors above the city, promises spectacular views.
18Alpine Woods Capital Investors, LLC
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U.S. Income & Growth PortfolioAs of December 31, 2005
COMMON STOCKS (17.2%)
Starwood Hotels & Resorts Worldwide, Inc. 5.3%
Hilton Hotels Corporation 1.6%
Marriott International, Inc. - Class A 1.5%
Toll Brothers, Inc. 0.9%
Standard-Pacific Corp. 0.9%
Hovnanian Enterprises, Inc. - Class A 0.6%
KB HOME 0.6%
NVR, Inc. 0.5%
Technical Olympic USA, Inc. 0.4%
Four Seasons Hotels, Inc. 0.3%
REIT STOCKS ( 73.9%)
Simon Property Group, Inc. 4.5%
Vornado Realty Trust 3.9%
Boston Properties, Inc. 3.8%
General Growth Properties, Inc. 3.7%
Developers Diversified Realty Corporation 3.3%
iStar Financial Inc. 3.3%
Alexandria Real Estate Equities, Inc. 3.1%
Reckson Associates Realty Corporation 3.0%
The Macerich Company 2.7%
DiamondRock Hospitality Company 2.6%
ProLogis 2.5%
The Mills Corp. 2.5%
CBL & Associates Properties, Inc. 2.4%
Host Marriott Corporation 2.4%
Sunstone Hotel Investors, Inc. 2.4%
Entertainment Properties Trust 2.3%
United Dominion Realty Trust, Inc. 2.2%
Equity Office Properties Trust 2.1%
Kimco Realty Corporation 2.0%
FelCor Lodging Trust, Inc. 2.0%
AMB Property Corporation 1.9%
Equity Residential 1.5%
BRE Properties, Inc. 1.5%
Archstone-Smith Trust 1.4%
Maguire Properties, Inc. 1.4%
Brandywine Realty Trust 1.3%
Sunrise Senior Living Real Estate Investment Trust 1.3%
Ventas, Inc. 1.0%
Omega Healthcare Investors, Inc. 1.0%
Essex Property Trust, Inc. 0.9%
Innkeepers USA Trust 0.9%
Taubman Centers, Inc. 0.9%
Health Care REIT, Inc. 0.8%
Apartment Investment & Management Company - Class A 0.8%
Home Properties, Inc. 0.6%
Senior Housing Properties Trust 0.6%
Hospitality Properties Trust 0.6%
Strategic Hotel Cap, Inc. 0.5%
Newcastle Investment Corporation 0.4%
Universal Health Realty Income Trust 0.4%
KKR Financial Corp. 0.4%
Kite Realty Group Trust 0.4%
Prentiss Properties Trust 0.3%
Mack-Cali Realty Corporation 0.3%
Northstar Rlty Fin Corp. 0.3%
Glimcher Realty Trust 0.2%
Highland Hospitality Corporation 0.2%
PREFERRED STOCKS (3.7%)
FelCor Lodging Trust, Inc. Series A 1.1%
Prime Group Realty Trust 1.0%
FelCor Lodging Trust, Inc. Series C, 8.000% 0.6%
La Quinta Corp. Series A, 9.000% 0.3%
Novastar Financial, Inc. Series C, 8.900% 0.2%
Omega Healthcare Investors, Inc. 0.1%
Apartment Investment & Management Co. 0.1%
Digital Realty Trust, Inc. Series A, 8.5% 0.1%
Anthracite Capital, Inc. Series C,9.375% 0.1%
Winston Hotels, Inc. 0.1%
Cash & Equivalents (5.2%)
Alpine Municipal Money Market Fund 4.7%
Fidelity Institutional Government Portfolio 0.5%
19Alpine Woods Capital Investors, LLC
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Biographies
Stephen A. LieberCo-CEO, Co-Portfolio Manager of Alpine Dynamic Balance Fund, Portfolio Manager of Alpine Woods Growth Values, L.P., and Alpine WoodsGrowth Values Financial Equities, L.P.
Serving as Vice-President of the Adviser and co-CEO of its parent, Alpine Woods Investments, Stephen Lieber is also Chairman and Senior PortfolioManager of Saxon Woods Advisors, LLC. He is a General Partner of Alpine Woods Growth Values, L.P., and co-Portfolio Manager of the Alpine DynamicBalance Fund. In 1969 Mr. Lieber was a founding partner of Lieber & Company (the parent firm of Evergreen Asset Management Corp., the investmentadviser to the Evergreen Funds). He served as Senior Partner until its 1994 acquisition by First Union Corp., continuing on as chairman, co-chief executive,and portfolio manager until 1999. Mr. Lieber received his bachelor’s degree with honors from Williams College, and attended Harvard University’s GraduateSchool of Arts and Sciences.
Samuel A. LieberCo-CEO, Portfolio Manager of Alpine U.S. Real Estate Equity Fund and Alpine International Real Estate Equity Fund,Co-Portfolio Manager of Alpine Dynamic Balance Fund, and Portfolio Manager of Alpine Woods Growth Values, L.P.
Samuel Lieber is the founder and Chief Executive Officer of the Adviser, Alpine Woods Capital Investors, LLC, and co-CEO of its parent, Alpine WoodsInvestments. He serves as Portfolio Manager of Alpine U.S. Real Estate Equity Fund and Alpine International Real Estate Equity Fund, co-Portfolio Managerof the Alpine Dynamic Balance Fund, and is also General Partner of Alpine Woods Growth Values, L.P. Prior to founding Alpine, Mr. Lieber spent thirteenyears at Evergreen Asset Management Corp., first as an analyst, later as a portfolio manager. Samuel Lieber earned his bachelor’s degree with high honorsfrom Wesleyan University, and attended New York University’s Graduate School of Business and New York University’s Real Estate Institute.
20Alpine Woods Capital Investors, LLC
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Biographies
Stephen Davis, CFAResearch AnalystPrior to joining our staff as a senior equity research analyst in April, 2004, Stephen Davis owned SJ Davis Capital. This boutique equity research firmfocused on undervalued and under-followed companies. Throughout the 1990’s he was a research analyst then co-portfolio manager with Cowen AssetManagement, following two years with Coopers & Lybrand, first as an auditor, then as a strategic consultant. Mr. Davis has a bachelor’s degree inAccounting from the State University of New York at Albany, and is a Chartered Financial Analyst.
Jill K. EvansPortfolio Manager of Alpine Dynamic Dividend FundJill Evans joined the Alpine Woods team in May, 2003 after serving as the senior equity research analyst covering small and mid-cap basic industries at JPMorgan Securities. She was also the global coordinator of JP Morgan’s passenger and freight transportation sectors. Ms. Evans started at JP Morgan in1988, first as an analyst then as a project manager in the internal consulting group, Management Services. She spent her last year in ManagementServices working with McKinsey & Co., consulting on a firm-wide cost reduction project. Ms. Evans received her bachelor’s degree in Economics from theUniversity of Pennsylvania.
Robert W. GadsdenPortfolio Manager of Alpine Realty Income & Growth FundIn addition to serving as Portfolio Manager of the Alpine Realty Income & Growth Fund, Robert Gadsden is the Senior Real Estate Analyst for Alpine. Priorto joining Alpine in 1999, Mr. Gadsden was a Vice President of the Prudential Realty Group. He earned his bachelor’s degree Magna Cum Laude fromWesleyan University, an M.B.A. degree from the Wharton School, and pursued Master’s level Architecture studies at the University of Pennsylvania.
Andrew Kohl, CFAResearch AnalystAndrew Kohl joined Alpine in September, 2005 after working for two years at Wachovia Securities as an Equity Research Associate Analyst coveringinfrastructure software and data storage companies. Prior to that position he spent three years at Putnam Investments as a Senior Investment Associate onthe Global Asset Allocation team. Mr. Kohl earned a bachelor’s degree at Williams College, an M.B.A. from the MIT Sloan School of Management, and is aChartered Financial Analyst.
21Alpine Woods Capital Investors, LLC
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Biographies
Peter Kovalski, CFAPortfolio Manager of Alpine Woods Growth Values Financial Equities, L.P.Peter Kovalski was the principal bank and thrift securities analyst for Lieber & Company and Evergreen Asset Management Corp, in the ten years beforejoining the Alpine staff in January, 2002. Prior to joining Lieber & Co. he was a bank analyst with Williams Securities and Ryan, Beck & Co. Specializing inresearch on regional banking institutions, over 100 of his selection of banks and thrifts have gone on to be acquired by other institutions at premium prices.Mr. Kovalski received his bachelor’s degree from Columbia Union College and is a Chartered Financial Analyst.
Steven C. ShachatSenior Portfolio Manager of Alpine Municipal Money Market Fund and Alpine Tax Optimized Income FundSteven Shachat was with Lieber & Company and Evergreen Mutual Funds for thirteen years before he joined Alpine in 2002. As Senior Portfolio Manager,Mr. Shachat managed over $6.5 billion in total assets, with responsibility for seven municipal money market funds. He also managed two short-intermediatemunicipal bond funds and the fixed-income portfolio of the Evergreen Foundation Fund. Prior to his tenure with Evergreen, Mr. Shachat worked as aPortfolio Manager for Mitchell Hutchins Asset Management, managing the $1.1 billion Paine Webber Tax Exempt Money Market Fund. He was alsoresponsible for co-managing the Paine Webber Municipal Bond Fund and the Paine Webber California Municipal Bond Fund. Mr. Shachat earned hisbachelor’s degree from Boston University.
Kevin ShacknofskyAssociate Portfolio Manager of Alpine Dynamic Dividend FundKevin Shacknofsky, who joined the Alpine team in November, 2003, has experience that includes Investment Banking at Lehman Brothers, Private Equity atHambros, and Corporate Finance at Deloitte. Mr. Shacknofsky earned his M.B.A. degree Beta Gamma Sigma from the Columbia University School ofBusiness and a bachelor’s degree in Business from the University of Technology in Sydney. He is also a qualified Chartered Accountant.
Faith M. RobinsonMarketing Director Institutional Sales and MarketingMs. Robinson has over eighteen years experience in institutional marketing, client service and sales. Before joining Alpine in August, 2005, she was withSchneider Capital Management as Managing Director – Institutional Sales and Marketing. Prior to that time she was with Deutsche Bank, ABN-Amro andwas an Associate Director at SBC-PMI, the ERISA arm of the Swiss Bank Corporation. She is a graduate of New York University.