Alpine Global Dynamic Dividend Fund : Alpine Total Dynamic Dividend Fund (NYSE:AOD) and Alpine Global Dynamic Dividend Fund (NYSE:AGD) Announce Increases to Distributions and Reverse Stock Splits

The Boards of Trustees ("Boards") of the Alpine Total Dynamic Dividend Fund (NYSE:AOD) and the Alpine Global Dynamic Dividend Fund (NYSE:AGD) approved increases in the monthly distribution of each of the Funds for the month of January 2014. The Funds' monthly distributions are being increased based on each Fund's performance since the current portfolio management team began managing the Funds in December 2012, the Adviser's current view of each Fund's long-term return potential and the level of dividend income the Funds currently expect to be able to generate over the upcoming year. The Boards have also approved a 1 for 2 reverse stock split for each Fund, the effective date of which is expected to be January 21, 2014 prior to the opening of trading on the New York Stock Exchange.

January 2014 Distribution

The below table reflects the current distribution payable in December 2013, which will remain unchanged for both Funds, and the current distribution rate without giving effect to the increase as well as incorporating the new distribution rate for January 2014, both after giving effect to a 1 for 2 reverse stock split for each Fund.

The percentage increase is 4.63% for AOD and 6.67% for AGD.

Reverse Stock Splits

The reverse stock splits will result in every two outstanding shares being converted into one share, thereby reducing the number of outstanding shares by a factor of two. Shareholders will be paid cash for any fractional shares that may result from the reverse split, except for shareholders participating in the Funds' Dividend Reinvestment Plan, who will receive fractional shares. Once the reverse stock splits are complete, each shareholder's account will reflect fewer shares with a higher net asset value and market price per share. Each Fund's trading price will initially increase by a factor of two, making it potentially available or more attractive to a wider range of investors. Each shareholder will hold the same percentage of the Funds' outstanding common shares immediately following the reverse stock split as held immediately prior to the split, subject to adjustments for the intended sale of fractional shares resulting from the transaction.

The Funds expect the effective date for the reverse stock split to be prior to the opening of trading on Tuesday January 21, 2014. Beginning on January 21, 2014, the Funds are expected to trade on a split-adjusted basis under new CUSIP numbers of 021060207 for AOD and 02082E205 for AGD. The Funds will continue to trade under their old CUSIP numbers until January 21, 2014.

The Funds will not issue new post-split share certificates. Current holders of certificates representing pre-split shares of the Funds will receive non-certificated post-split shares, meaning their holdings will be reflected only in the Funds' record books. Holders of certificates will not be able to trade their shares until they surrender their pre-split share certificates. However, they will continue to receive dividends or other distributions.

Although the reverse split will not result in a taxable transaction for shareholders of the Funds, the exchange of fractional shares for cash may cause some shareholders to realize gains or losses, which could create a taxable event for those shareholders.

The Funds' investment objectives remain the same - to seek high current dividend income, a majority of which with respect to AGD is intended to be qualified dividend income, and secondarily, long-term growth of capital. Consistent with their investment policies, the Funds' management seeks equities across the globe that offer both an attractive dividend yield and capital appreciation potential.

The Funds' management and the Boards will continue to evaluate the level of distribution on a regular basis. As portfolio and market conditions change, the amount of the Funds' future monthly distributions may be adjusted. The Funds intend to continue to make distributions consisting of net investment income.

The Funds' monthly distributions may consist of net investment income, net realized capital gains and / or a return of capital. If a distribution includes anything other than net investment income, the Funds will provide a notice of the best estimate of its distribution sources when distributed, which will be posted on the Funds' website; www.alpinefunds.com. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". Final determination of the federal income tax characteristics of distributions paid during calendar year 2013 will be provided on U.S. Form 1099-DIV, which will be mailed to shareholders. Please consult your tax advisor for further information.

An investment in these Funds' presents a number of risks and is not suitable for all investors. Investors should carefully review and consider potential risks before investing. An investment in the Funds' common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the securities owned by the Fund most of which are traded on a national securities exchange or in the over-the-counter markets. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. Your common shares at any point in time may be worth less than your original investment, even after considering the reinvestment of Fund dividends and distributions. Other risks associated with investing in these Funds include, but are not limited to, risks involved with smaller and medium sized companies, illiquid, foreign and restricted securities, and short-term trading. The Funds' strategy of investing in dividend-paying stocks involves the risk that such stocks may fall out favor with investors and underperform the market. In addition, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future. The Funds' may hold securities for short periods of time related to the dividend payment periods and may experience loss during those periods.

More information about the Funds is available on www.alpinefunds.com.

Based in Westchester, New York, Alpine Woods Capital Investors, LLC was founded in 1998.

This release contains forward-looking statements based on currently available information. The Funds' actual results could differ materially from those anticipated due to various risks and uncertainties. Alpine Total Dynamic Dividend Fund and Alpine Global Dynamic Dividend Fund are closed-end funds and do not continuously offer or redeem shares. The Funds trade in the secondary market and investors wishing to buy or sell shares must place orders through a financial intermediary or broker. Also, share prices of closed-end funds will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of closed-end funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value (a price that reflects the value of the fund's underlying portfolio plus other assets, less the fund's liabilities divided by the number of shares outstanding). Investment return, price and net asset value will fluctuate with changes in market conditions.

To read about the Funds, access the Annual and Semi-Annual Reports in the Related Documents section of the website or call 1-800-617-7616 to receive a copy of the annual and semi-annual reports by mail. An investor should consider the investment objectives, risks, charges and expenses carefully before investing.

Investors:
Alpine Woods Capital Investors, LLC
Marc Rappaport, 914-251-0880