presentation sample

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


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


www.alpinewoods.com

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


www.alpinewoods.com

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


www.alpinewoods.com

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


www.alpinewoods.com

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


www.alpinewoods.com

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.


www.alpinewoods.com

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


www.alpinewoods.com

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.


www.alpinewoods.com

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


www.alpinewoods.com

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


www.alpinewoods.com

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.


www.alpinewoods.com

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


www.alpinewoods.com

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%


www.alpinewoods.com

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


www.alpinewoods.com

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.


www.alpinewoods.com

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%


www.alpinewoods.com

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.


www.alpinewoods.com

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.


www.alpinewoods.com

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.

presentation sample

Business

alpine woods investments

estate equity fund1993

alpine management research

concentrated equity

real estate fundsam

real estate securities

growth valuesstephen

saxon woods advisors