Alpine Select AG

euro adhoc: Alpine Select AG
Alpine Select AG, Zug: terminates relationship with Citicorp (E)

--------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. ---------------------------------------------------------------------

Zug, 20 December 2002. Effective December 31, 2002 Alpine Select (Overseas) Ltd., Cayman Islands - a wholly-owned subsidiary of Alpine Select AG, Zug - agreed to terminate the Investment Management Agreement with its trading and risk manager, Citicorp Trust N.A. (California), for a consideration of USD 1'000'000.

This will allow the Board of Directors to regain control of the Company's asset allocation. Accordingly, the Board of Directors have instructed Citicorp Trust to redeem all investments. The proceeds will be received over the next few months. The Board of Directors of Alpine Select AG is now reviewing the Company's Investment Policy and will propose changes to shareholders in due course.

end of announcement            euro adhoc 20.12.2002
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Further inquiry note: Dr. Hermann Strehler Alpine Select AG, Bahnhofstrasse 23, 6304 Zug Telephone 041 720 44 11, Fax 041 720 44 12 hstrehler@alpine-select.ch / www.alpine-select.ch

Branche: Financial & Business Services
ISIN:      CH0008441229
WKN:        844122
Börsen:  SWX Swiss Exchange / official dealing



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