Published on October 1, 2014
U.S. Income & Growth Real Estate Presented to: Presented by: Samuel A. Lieber Co-CEO, Co-Portfolio Manager Faith M. Robinson Director of Institutional Sales & Marketing April 3, 2006 2500 Westchester Avenue, Suite 215 Purchase, New York 10577 T 914.251.0880 F 914.251.9098 www.alpinewoods.com
2 Boston Properties Boston Properties, a self-administered and self-managed real estate investment trust, is one of the largest owners, managers, and developers of first-class office properties in the United States, with a significant presence in four core markets: Boston, Washington, D.C., Midtown Manhattan and San Francisco. Times Square Tower, New York City Located at the “Crossroads of the World” on the south side of 42nd Street between Broadway and 7th Avenue, this 47-story Class A office tower was designed by the world-class architect David Childs of Skidmore, Owings & Merrill, LLP. Times Square Tower, along with the Company’s project across the street, Five Times Square, completes the renaissance of Times Square as New York’s newest, most dynamic business location. Alpine Woods Capital Investors, LLC www.alpinewoods.com 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
3 Firm Profile Alpine Woods Capital Investors, LLC An independent firm headquartered in Purchase, NY, and is 100% employee owned Investment team with an average of twenty years Alpine Woods Capital Investors, LLC www.alpinewoods.com industry experience Consistent value oriented, non-index dependent, multi-cap investment orientation employing top-down, bottom-up methodology Proven track record of managing large pools of assets Growth Values Financial, L.P., $24 U.S. Real Estate Equity $552 International Real Estate Equity $318 $3 Billion Under Management* Assets Listed in $ - million U.S. Concentrated Equity Income, $8.6 Income & Growth Real Estate $691 Growth Values, L.P. $151 Money Market $222 Tax Optimized Income, $45 U.S. Balanced, $92 Private Clients $572 Equity Income, $333 Financial Services $1.0 *as of December 31, 2005 View slide
4 Historical Timeline Company Timeline Funds Timeline Stephen Lieber, LLC Founds Lieber & Company 1969 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 Woods Capital Investors, LLC www.alpinewoods.com Alpine (formerly Evergreen) International Real 1989 Estate Equity Fund 1993 Alpine (formerly Evergreen) U. S. Real Estate fund Sam Lieber founds Alpine Management & Research 1998 Alpine Realty Income & Growth Fund Stephen Lieber founds Saxon Woods Advisors 1999 2000 Alpine Woods Growth Values L. P. 2001 Alpine Dynamic Balance Fund 2002 Alpine Tax Optimized Income Fund 2002 Alpine Muni Money Market Fund 2002 AWGV Financial Equities, L.P. Alpine Woods Investments formed through 2003 Alpine Dynamic Dividend Fund merger of Saxon and Alpine Alpine Woods Capital Investors, Institutional Division 2005 Alpine Dynamic Financial Services Fund (Inception 11/05) formerly Alpine Management Research View slide
5 The Professional Team Samuel A. Lieber CEO/Portfolio Manager Real Estate, Equity Income, Growth Values Stephen A. Lieber CEO/Portfolio Manager Equity Income, Growth Values, Equities Alpine Woods Capital Investors, LLC www.alpinewoods.com Robert Gadsden Portfolio Manager Realty Income & Growth Jill Evans Portfolio Manager Equity Income Steven Shachat Portfolio Manager Money Market, Tax Optimized Peter Kovalski Portfolio Manager Financial Equities, Financial Services Kevin Shacknofsky Associate Portfolio Manager Equity Income Stephen Davis Analyst Andrew Kohl Analyst Alpine Woods Capital Investors, LLC
6 Representative Client List 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* *Institutional Clients in the Mutual Funds Alpine Woods Capital Investors, LLC www.alpinewoods.com Commingled Endowments, Foundations Borrego Foundation Essel Foundation Golick Family Foundation Richman Family Foundation Kerr Foundation Rockefeller Brothers Fund Vicente Foundation Inc. Taft-Hartley Regional Transportation District/Amalgamated Transit Union
7 Investment Philosophy Alpine Woods Capital Investors, LLC www.alpinewoods.com Top-down/Bottom-up, active, value-oriented, investment methodology Industry and sector selection is made in consideration of both share prices relative to private market value and growth opportunities Opportunistic style favors companies which are dominant niche players providing high return-on-equity, and earnings or dividend growth potential not currently reflected in the share price Fundamental research underscores our demonstrated ability to identify undervalued investment opportunities at inflection points Balance risk and opportunity, selecting one carefully researched security at a time
8 Alpine Woods Capital Investors, LLC 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 of REITs, 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 share price U.S. Income & Growth Real Estate Inception Date: December 29, 1998 Boston Properties The Company acquires, develops, and manages its properties through full-service regional offices in Boston, New York City, Washington, D.C., San Francisco, and Princeton, New Jersey. Its property portfolio is comprised primarily of first-class office space and also includes three hotels and one industrial building. Boston Properties is well-known for its in-house building management expertise and responsiveness to tenants’ needs. The company has a superior track record in developing Class-A, Central Business District Office 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, California With sweeping views of San Francisco Bay, the Golden Gate Bridge and the Bay Bridge, Embarcadero Center is situated in the heart of the Financial district. Located on an 8.4-acre site, Embarcadero Center encompasses four million square feet of office and retail space with convenient access to Interstate 80 and public transportation.
9 Investment Process Top-Down Methodology Alpine Woods Capital Investors, LLC www.alpinewoods.com DEVELOP OVERLAY Alpine Consensus Driven Macroeconomic View Fiscal/Monetary Policy Domestic Consumption Capital Investment GDP Global Business Cycle Supply Conditions Capital Availability Natural Constraints Regulated Constraints Demographic Demand Drivers Population Growth Job Growth Income Growth Business Cycle Real Estate Cycle Lease Duration Absorption Historical Patterns Cyclical Velocity Duration Variability Prospective Patterns IDENTIFY Investment Decision Geographic Grid Global/National Regional/Cities Industry Segmentation Property Type
10 Alpine Woods Capital Investors, LLC www.alpinewoods.com Vornado Realty Trust A fully integrated real estate investment trust (REIT), Vornado is one of the largest owners and managers of real estate in the United States with a portfolio of approximately 53 million square feet in its major platforms, primarily located in the New York and Washington, D.C., metor areas. The Company’s four major platforms include: New York City Office, Washington, D.C., Office; Retail Properties and Merchandise Mart. Crystal City, Virginia Crystal 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 Davis Highway (U. S. Highway 1), just south of The Pentagon, just east of Pentagon city, and within walking distance to the west of Ronald Reagan Washington National Airport. Characterized as one of the many “urban villages” by Arlington County, Crystal City is an Urban Village on more than one level – 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, all close 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 of Crystal City. Jefferson Davis Highway (U.S. Highway 1) can be seen running from north to south left of the image center. The main terminal of National airport is in the bottom right corner of the image; a few lanes of I-395 are visible in the top left corner, immediately beyond which is the Pentagon. At the bottom is Virginia State Highway 233, the Airort Viaduct. Image from the United States Geological Survey, taken April 26, 2002.
11 Investment Process Bottom-Up Methodology Alpine Woods Capital Investors, LLC www.alpinewoods.com MANAGEMENT Investment Decision REGIONAL PROPERTY TYPE FOCUS SCREEN UNIVERSE “Skin-in-the-Game” Depth and Breadth Balance Sheet Capacity Market Position Strategic Plan Dynamic Flexibility Risk/Reward All Capitalization Levels Real Estate Investment Trusts, Property Owners/Developers, Hoteliers, Homebuilders, Fee-based Managers, Imbedded Property Plays BUSINESS MODEL Market Fundamentals Track Record Qualitative Portfolio Assessment
12 Investment Process Bottom-Up Methodology PERFORMANCE ASSESSMENT Growth Potential Development Repositioning Refinancing Historic Returns High ROE High ROIC High ROA VALUATION Stock Valuation/Property Level Valuation Price to EBITDA, EBIT, NOI P/E Ratio, Dividend Yield Replacement Cost, Unitized Metrics BUY DECISION Transformational Opportunity Alpine Woods Capital Investors, LLC www.alpinewoods.com Growth Value Inflection Point Portfolio Allocation
13 Alpine Woods Capital Investors, LLC www.alpinewoods.com Simon Property Group Headquartered in Indianapolis, Indiana, Simon Property Group is a real estate investment trust engaged in the ownership, development and management of retail real estate, primarily regional malls, Premium Outlet® centers and community/lifestyle centers. The Company’s current total market capitalization is approximately $41 billion. Through its subsidiary partnership, it currently owns or has an interest in 286 properties in the United States containing an aggregate of 200 million square feet of gross leasable area in 39 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, Nevada The Forum Shops at Caesars boasts a unique atmosphere that simulates ancient Roman streets and has no 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 dazzling surroundings, including fountains, statues and facades? The Forum Shops offers fabulous shopping in a visually stunning atmosphere! The Forum Shops Phase III Expansion opened on October 22, 2004. Phase III is a lavish three-level fashion and dining marvel -- luxurious in every detail, breathtaking from every angle, spectacular beyond all expectation. From its sweeping plaza, complete with replicas of the Trevi and Triton Fountains, to its glorious massive reflecting pool to its dazzling skylight -- here is a wonder among wonders. Take it all in with a delightful ride on the majestic spiral escalator.
14 Portfolio Construction & Sell Discipline Portfolio Construction Sell Discipline Average Market Cap* $6.9 Billion Beta (3 Yr.) 0.80 Standard deviation (3 Yr.) 12.76 Sharpe Ratio 1.82 Number of Holdings 70 Maximum Position Size 5% Cash 1-10% Alpine Woods Capital Investors, LLC www.alpinewoods.com Stocks are candidates for sale: Stock prices have reached objectives and revaluation no longer suggest upward potential. Expected developments supporting values and supporting capital appreciation are no longer present. Change in business plan or market strategy. *As of December 31, 2005 U.S. Income & Growth Dividend Yield 3.70%
15 Sector Allocation U.S. Income & Growth (as of December 31, 2005) Retail, 23.8% Lodging, 23.7% Mortgage/Finance Office & Industrial, 22.0% Alpine Woods Capital Investors, LLC www.alpinewoods.com Health Care 5.4% Apartments 9.5% 4.9% Homebuilders, 4.1% Diversified, 4.1% Net Lease, 2.5% Top Ten Holdings Simon Property Group, Inc., Indiana Real estate investment trust engaged in the ownership, development and management of retail real estate, primarily regional malls, Premium Outlet centers and community/lifestyle centers. 4.54% Vornado Realty Trust, New Jersey A fully integrated real estate investment trust (REIT). Vornado is one of the largest owners and managers of real estate in the United States with a portfolio of approximately 56 million square feet in its major platforms, primarily located in the New York and Washington, D.C., metro areas. 3.93% Boston Properties, Inc., Boston One of the largest owners, managers, and developers of first-class office properties in the United States with a significant presence in four core markets: Boston, Washington, D.C., Midtown Manhattan and San Francisco. 3.77% General Growth Properties, Inc., Chicago The second largest regional mall REIT. General Growth owns, develops, operates, and/or manages shopping malls in 44 states. 3.69% Developers Diversified Realty, Co., Ohio Currently owns or manages over 500 operating and development retail properties in 44 states, 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 company which acquires, develops and manages shopping centers. 3.34% iStar Financial, Inc., New York Focused on the commercial real estate industry, the Company provides custom-tailored financing to high-end private and corporate owners of real estate nationwide, including senior and junior mortgage debt, senior and mezzanine corporate capital, and corporate net lease financing. 3.33% Starwood Hotels & Resorts Worldwide, Inc., New York One of the leading hotel and leisure companies in the world with approximately 850 properties in more than 95 countries. 5.25% Reckson Associates Realty Corporation, New York One of the largest publicly traded owners, managers and developers of Class A office properties in the New York Tri-State area, and wholly owns, has substantial interests in, or has under contract, a total of 102 properties comprised of approximately 20.1 million square feet. 2.97% The Macerich Company, California Acquires dominant regional malls and transforms those properties through redevelopment, leasing, management, and marketing into even more dominant malls. Macerich malls are operated as part of the communities they serve functioning as the town centers within each market. 2.70% 36.68% Alexandria Real Estate Equities, Inc., California In addition to acquiring, developing and operating life science properties, it owns about 110 office and laboratory properties in nine states; these are occupied by biotechnology and pharmaceutical companies, research institutions, government agencies, and similar tenants. 3.16%
16 Performance U.S. Income & Growth Returns for Periods Ending December 31, 2005 2.93 1.74 12.48 12.13 26.49 26.30 21.94 18.70 4Q05 1 Year 3 Years 5 Years U.S. Income & Growth Returns (gross of fees) Morgan Stanley REIT Alpine Woods Capital Investors, LLC www.alpinewoods.com *Returns are net of fees Returns greater than one year are annualized U.S. Income & Growth (net of fees) 2.61 11.10 24.88 20.32
17 Alpine Woods Capital Investors, LLC www.alpinewoods.com Starwood Hotels & Resorts Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 850 properties in more than 95 countries and 145,000 employees at its owned and managed properties. Starwood(R) Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis(R), The Luxury Collection(R), Sheraton(R), Westin(R), Four Points(R) by Sheraton, W(R), Le Meridien(R) and the recently announced Aloft(SM). Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. Westin St. Francis – San Francisco, California Renowned for its legendary service, the historic Westin St. Francis boasts luxurious guest rooms and world-class dining. Overlooking Union Square in downtown San Francisco, Westin’s historic flagship hotel 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 as comprehensive fitness and business centers are available on site. The Imperial Floor, an elegant private-party venue 32 floors above the city, promises spectacular views.
18 U.S. Income & Growth Portfolio As 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% Alpine Woods Capital Investors, LLC www.alpinewoods.com 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%
19 Alpine Woods Capital Investors, LLC www.alpinewoods.com Biographies Stephen A. Lieber Co-CEO, Co-Portfolio Manager of Alpine Dynamic Balance Fund, Portfolio Manager of Alpine Woods Growth Values, L.P., and Alpine Woods Growth 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 Portfolio Manager of Saxon Woods Advisors, LLC. He is a General Partner of Alpine Woods Growth Values, L.P., and co-Portfolio Manager of the Alpine Dynamic Balance Fund. In 1969 Mr. Lieber was a founding partner of Lieber & Company (the parent firm of Evergreen Asset Management Corp., the investment adviser 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 Graduate School of Arts and Sciences. Samuel A. Lieber Co-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 Woods Investments. He serves as Portfolio Manager of Alpine U.S. Real Estate Equity Fund and Alpine International Real Estate Equity Fund, co-Portfolio Manager of the Alpine Dynamic Balance Fund, and is also General Partner of Alpine Woods Growth Values, L.P. Prior to founding Alpine, Mr. Lieber spent thirteen years at Evergreen Asset Management Corp., first as an analyst, later as a portfolio manager. Samuel Lieber earned his bachelor’s degree with high honors from Wesleyan University, and attended New York University’s Graduate School of Business and New York University’s Real Estate Institute.
20 Alpine Woods Capital Investors, LLC www.alpinewoods.com Biographies Stephen Davis, CFA Research Analyst Prior to joining our staff as a senior equity research analyst in April, 2004, Stephen Davis owned SJ Davis Capital. This boutique equity research firm focused on undervalued and under-followed companies. Throughout the 1990’s he was a research analyst then co-portfolio manager with Cowen Asset Management, following two years with Coopers & Lybrand, first as an auditor, then as a strategic consultant. Mr. Davis has a bachelor’s degree in Accounting from the State University of New York at Albany, and is a Chartered Financial Analyst. Jill K. Evans Portfolio Manager of Alpine Dynamic Dividend Fund Jill 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 JP Morgan Securities. She was also the global coordinator of JP Morgan’s passenger and freight transportation sectors. Ms. Evans started at JP Morgan in 1988, first as an analyst then as a project manager in the internal consulting group, Management Services. She spent her last year in Management Services working with McKinsey & Co., consulting on a firm-wide cost reduction project. Ms. Evans received her bachelor’s degree in Economics from the University of Pennsylvania. Robert W. Gadsden Portfolio Manager of Alpine Realty Income & Growth Fund In addition to serving as Portfolio Manager of the Alpine Realty Income & Growth Fund, Robert Gadsden is the Senior Real Estate Analyst for Alpine. Prior to joining Alpine in 1999, Mr. Gadsden was a Vice President of the Prudential Realty Group. He earned his bachelor’s degree Magna Cum Laude from Wesleyan University, an M.B.A. degree from the Wharton School, and pursued Master’s level Architecture studies at the University of Pennsylvania. Andrew Kohl, CFA Research Analyst Andrew Kohl joined Alpine in September, 2005 after working for two years at Wachovia Securities as an Equity Research Associate Analyst covering infrastructure software and data storage companies. Prior to that position he spent three years at Putnam Investments as a Senior Investment Associate on the 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 a Chartered Financial Analyst.
21 Alpine Woods Capital Investors, LLC www.alpinewoods.com Biographies Peter Kovalski, CFA Portfolio 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 before joining the Alpine staff in January, 2002. Prior to joining Lieber & Co. he was a bank analyst with Williams Securities and Ryan, Beck & Co. Specializing in research 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. Shachat Senior Portfolio Manager of Alpine Municipal Money Market Fund and Alpine Tax Optimized Income Fund Steven 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-intermediate municipal bond funds and the fixed-income portfolio of the Evergreen Foundation Fund. Prior to his tenure with Evergreen, Mr. Shachat worked as a Portfolio Manager for Mitchell Hutchins Asset Management, managing the $1.1 billion Paine Webber Tax Exempt Money Market Fund. He was also responsible for co-managing the Paine Webber Municipal Bond Fund and the Paine Webber California Municipal Bond Fund. Mr. Shachat earned his bachelor’s degree from Boston University. Kevin Shacknofsky Associate Portfolio Manager of Alpine Dynamic Dividend Fund Kevin Shacknofsky, who joined the Alpine team in November, 2003, has experience that includes Investment Banking at Lehman Brothers, Private Equity at Hambros, and Corporate Finance at Deloitte. Mr. Shacknofsky earned his M.B.A. degree Beta Gamma Sigma from the Columbia University School of Business and a bachelor’s degree in Business from the University of Technology in Sydney. He is also a qualified Chartered Accountant. Faith M. Robinson Marketing Director Institutional Sales and Marketing Ms. Robinson has over eighteen years experience in institutional marketing, client service and sales. Before joining Alpine in August, 2005, she was with Schneider Capital Management as Managing Director – Institutional Sales and Marketing. Prior to that time she was with Deutsche Bank, ABN-Amro and was an Associate Director at SBC-PMI, the ERISA arm of the Swiss Bank Corporation. She is a graduate of New York University.
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