Alpine Select : March 2022

Market commentary	in CHF	31-Mar-22	MTD	YTD
Share price ALPN	15.00	3.45%	-2.60%
Given the war, the inflationary pressures, and the rising yields (espe-
Latest NAV (net, est.)	14.70	0.39%	-4.14%
HFRX Global HF Index	1,215.19	0.37%	-1.63%

cially on the short end in the US) the most popular question seemed to be why the main western equity indices held up so well in March: S&P 500 +3.6%, NASDAQ +3.4%and Nikkei +4.8%.

We are confirmed in our view that as long as real interest rates remain negative, an institutional investment portfolio should allocate to real as- sets and avoid nominal assets (i.e. bonds).

Exemplary has been this month's heightened inflationary fears which led to a stressed fixed income market and even investment grade (IG) debt was marked down 7-10% during the month. Such dislocations, driven primarily by outflows rather than by deteriorating credit quality, represent opportunities for an active investment organization like ours. Given the magnitude of the dislocation in the market and our agile set up with short time to market we could secure a special dealing with our trusted IG Credit manager Cheyne Capital. Cheyne's Total Return Credit fund could lock in an expected 34% return to maturity on a lev- eraged IG credit portfolio, maturing in December 2024.

Portfolio commentary

Rockaway Blockchain Fund held its second investor conference in London, whereby we could again gain first hand onsite insights from the fund's management team. Given the strong performance and well-executed cash realizations, the fund will be distributing appr. 1x called capital to investors later this year and on top committed capital will be released. A second venture fund to further build on the success story is about to launch in late summer 2022.

In parallel with equity indices, the broader digital assets market also gained strength by mid-March, advancing around +15% for the month. ETH and BTC, constructed deflationary by nature are benefiting from inflationary pressures in western countries.

Portfolio activity

The first special situation of the year was successfully realized in mid-March when Pfizer paid $100 per Arena Pharmaceutical share. We en-tered this merger arbitrage situation in January 2022 at around $93.50 and were able to secure a return of +6.9% (around 32% on an annu- alized basis) for our shareholders.

Top Positions of the Portfolio (in % of Total Assets)

IP Group PLCVifor Pharma Ltd.

Cheyne New Europe Fund L.P. Nishkama Capital OffshoreNorthwest Feilong Fund Ltd.

EquityEquity

Real Estate (Legacy) Hedge FundsHedge Funds

Net annualized return (30 Sept. 2003 to 31 Mar 2022)

Share price ALPN Monthly NAV (net, est.)

6.68%6.32%

Allocation by Region

(in % of Total Assets)GlobalEuropeChinaUSAJapanCash

Allocation by Asset Class

(in % of Total Assets)

Equity

Credit

Hedge Funds

Digital Assets

Real Estate (Legacy)

Net Cash

Allocation by Listed/Unlisted Investments and Cash (in % of Total Assets)

Unlisted Investments

14.3%

12.9% 7.3% 5.5%

Listed Investments

5.1%Net Cash

About Alpine Select

Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998. The Company offers shareholders the key benefit of investing into a global diversified and CHF hedged alternative investment portfolio.

The portfolio exposure is actively being risk adjusted to current market sentiment and outlook. The investment style is value-oriented, and the investments are selected based on the Company's target return of 6-8% p.a. above CHF risk free rate.

Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of our shareholders. Alpine Select does not charge any management or performance fees.

Price-History in CHF for the Period

30 September 2003 to 31 March 2022

(Share price: net annualized return 6.68% | NAV: Net annualized return 6.32%)

16 14

12

10

8

6

4

2 -

Jan-03

Jan-11

Jan-05

Jan-07

Jan-09

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

NAV Performance (in %)

JanFebMarAprMayJuneJulyAugSepOctNovDecYTD

2022

-1.4

-3.2

0.4

-4.2

2021

0.3

3.0

4.2

2020

-0.1

-1.6

-3.4

2019

0.5

1.1

1.8

2018

2.4

0.3

-0.2

1.7 -4.6 0.9 -0.1

1.4 2.4 0.5 0.4

0.0 0.6 -0.9 -1.5

-0.6 2.6 1.7 0.9

1.2 0.9 -1.3 -0.2

4.9 1.4 0.4 -0.0

-2.0 -0.2 0.1 -1.9

1.0 1.7 2.7 -4.7

2.9 3.5 0.5 -3.0

19.6 3.1 9.5 -9.9

Alpine Facts

Incorporation date Listing

18.09.1997

Stock Exchange Symbol

SIX Swiss Exchange ALPN

CH0019199550 8,860,768 Bank Julius Baer

ISIN

Management fees Performance fees Advisory fees

None None

TCHF 108/annually

Contact

Alpine Select Ltd.

Gotthardstrasse 31, 6300 Zug / Switzerland T [phone]

Disclaimer

None of the information in this report does, by itself, constitute an offering or an offering circular according to Article 652a of the Swiss Code of Obligations and is subject to change without notice. The data is intended for information purposes only and is provided without any warranty of any kind, either express or implied. Before making an investment, you must obtain and carefully read all information needed to evaluate the investment, including, but not limited to the documents providing important disclosures regarding risks, fees, and expenses.

While some information used on this report may have been obtained from published and unpublished sources considered to be reliable, Alpine Select AG neither guarantees its accuracy or completeness nor accepts liability for any direct or consequential losses arising from its use. Shares in Alpine Select are not bank deposits, and are subject to investment risks, including the loss of the principal amount invested. This investment is not guaranteed by Alpine Select AG. Past performance is not indicative of future results.