Alpine Associates Management Inc

5 above under "Advisory Business" and "Fees and Compensation" for additional
information about the relationships among Alpine and AAS.

Employees of Alpine and its affiliates may serve as officers, advisors or in comparable
management functions for portfolio companies in which Alpine's clients invest, or provide
other services to portfolio companies, and may receive compensation in connection
therewith. Employees of Alpine may also from time to time serve on the board of directors
or a creditors committee of a portfolio company, or be given access for other reasons to
confidential information relating to companies in which Alpine's clients invest. As a result,
Alpine's clients may, under certain circumstances, be prohibited for a period of time from
engaging in transactions with respect to the debt or securities of such a portfolio company,
which prohibition may have an adverse effect on Alpine's clients.

Selection or Recommendation of Other Advisers

Alpine does not recommend or select other investment advisers for its clients or receive
compensation from such advisers in a manner that would create a material conflict of
interest. Alpine does not have other business relationships with other advisers that create
a material conflict of interest.

Types of Clients

Alpine provides advice to the Alpine Funds, which are pooled investment vehicles operated
under the exemptions under either Section 3(c)(1) or Section 3(c)(7) of the Investment
Company Act of 1940, as amended (the "Investment Company Act"). Investors in the

Alpine Funds may include high net worth individuals, corporations, partnerships, trusts,
endowments, foundations, estates, pension and profit sharing plans and other institutions.

Alpine also provides investment management services to one UCITS fund and also to
corporations and other institutional investors through separately managed accounts.

Minimum Investment Requirements

Alpine and its related persons require that each investor in each of the Alpine Funds be an
"accredited investor" as defined in Regulation D under the Securities Act of 1933, as
amended. In addition, each investor in an Alpine Fund operating under Section 3(c)(1) of
the Investment Company Act is required to be a "qualified client" as defined in Rule 205-
3(d)(1) under the Advisers Act, and each investor in an Alpine Fund operating under
Section 3(c)(7) of the Investment Company Act is required to be a "qualified purchaser" as
defined in Section 2(a)(51) of the Investment Company Act.

Minimum investment amounts in the Alpine Funds are determined from time to time by
Alpine. Generally, Alpine will not advise an individually managed account unless it has a
net asset value of at least $30,000,000.