Alpine Total Dynamic Dividend Fund Announces a Special Dividend Distribution of $0.54 per Share

PURCHASE, N.Y., Dec. 21 /PRNewswire-FirstCall/ -- The Board of Directors of the Alpine Total Dynamic Dividend Fund (NYSE: AOD) today announced a $0.54 per share special year end dividend distribution in addition to its regular monthly dividend distribution of $0.18 per share for December. The Fund will distribute no capital gains in 2007.

AOD began trading on the NYSE on January 26, 2007. From inception through year end 2007, AOD will have distributed a total of $2.34 per share in dividend income. This entire dividend payment is expected to be treated as qualified dividend income and available for the reduced federal tax rate on dividends. However, the final determination of the source of all distributions in 2007, including the percentage of qualified dividend income, will be made after year-end.

    The following information applies to today's dividend declaration:
    Alpine Total Dynamic Dividend Fund  (NYSE: AOD) 

    Record Date Ex-Distribution Date Payable Date
    Record Date: December 27, 2007
    Ex-Distribution Date:  December 24, 2007
    Payable Date:  December 31, 2007
    Income Dividend Distribution - $0.54
    Short Term Capital Gains Distribution - $0.00
    Long Term Capital Gains Distribution - $0.00

More information about the Fund is available on www.alpinecef.com. Information about Alpine and its nine open-end no-load funds are available at www.alpinefunds.com.

Based in Westchester County, New York, Alpine Woods Capital Investors, LLC was founded in 1997. As of September 30, 2007, Alpine had over $12 billion of assets under management. Alpine has a rich history of creating new and innovative equity strategies in which Alpine employees and directors have their own capital invested side-by-side with shareholders in the various mutual funds managed by Alpine.