Force For Good

Disclaimer

This Report includes information on Alpine’s program for incorporating environmental, social and governance (ESG) considerations across Alpine’s operations and funds. Such program is subject to Alpine’s fiduciary duties and applicable legal, regulatory, and contractual requirements and is expected to change over time. Case studies presented herein have been provided for illustrative purposes only. Descriptions of any ESG or other achievements or improved practices or outcomes are not necessarily intended to indicate that Alpine has substantially or directly contributed to such achievements, practices or outcomes. The act of selecting and evaluating material ESG factors is subjective by nature, and the criteria utilized or judgement exercised by Alpine may not align with the views, beliefs or values, internal policies or preferred practices of any particular investor or other asset manager or with market trends.

In gathering and reporting upon the information provided herein, Alpine may depend on data provided by Alpine’s portfolio companies or other third parties, which may be incomplete, inaccurate or out of date. This Report is intended solely for informational purposes and is not intended to satisfy disclosure requirements under any non-U.S. regulatory regime, including but not limited to the EU Sustainable Finance Disclosure Regulation (SFDR) or any applicable UK Financial Conduct Authority requirements.

Alpine has provided carbon emissions data on a voluntary basis. The provision of this information should not be construed as an assurance or representation that Alpine will commit to annually providing such data. The management company and portfolio carbon emissions data provided herein was collected internally by each portfolio company and reviewed by Alpine Investors. Neither the management company nor the portfolio company emissions data has been reviewed or verified by a third party and Alpine makes no warranties or representations regarding the completeness or accuracy of the data. Emissions measurement methodologies, scope boundaries, and data sources may vary across entities and reporting periods, and such data should not be compared across periods without consideration of these limitations. Alpine makes no representation or warranty as to the accuracy or completeness of the information presented here.

It should not be assumed that the portfolio companies discussed in these case studies were profitable or that future portfolio companies or experiences will be comparable. Past performance is not necessarily indicative, or a guarantee, of future results. Under no circumstances should these case studies be construed as an offer to sell, or a solicitation to buy, any security or as opinions regarding the provision of investment advisory services by Alpine.

Please see Alpine’s Terms of Use on Alpine’s website for disclosures.

Any awards, recognitions, ratings, and scores presented herein are the opinion of the respective parties conferring the award, recognition, rating, or score and not of Alpine. None of the awards or recognitions herein relate to Alpine’s abilities as an asset manager or are indicative of any asset management, client’s experience or prior investment performance. Alpine paid a fee to participate in certain of the awards and recognitions. The receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to any granted award or recognition. There can be no assurance that other providers or surveys would reach the same conclusions as the foregoing. Third-party ratings and scores, including but not limited to PRI star ratings and B Corp Scores, reflect assessments conducted at a specific point in time based on information available to the rating body at that time, and are subject to change. Such ratings and scores do not constitute an endorsement of Alpine or any of its funds or portfolio companies. The inclusion of any third-party brands, logos, and/or names does not imply any affiliation with these firms or companies.

There is no guarantee that Alpine will remain a signatory, supporter, or member of any ESG initiatives or other similar industry frameworks. Certain statements about Alpine made by portfolio company executives herein are intended to illustrate Alpine’s business relationship with such persons, including with respect to Alpine’s facilities as a business partner, rather than Alpine’s capabilities or expertise with respect to investment advisory services.

Case studies presented contain the opinions of past and present Alpine portfolio company executives. Portfolio company executives were not compensated in connection with their participation, although they generally receive compensation and investment opportunities in connection with their portfolio company roles, and in certain cases are also owners of portfolio company securities and/or investors in Alpine-sponsored vehicles. Such compensation and investments subject participants to potential conflicts of interest in making the statements herein.

Statements regarding artificial intelligence adoption, integration, or capabilities reflect conditions and expectations as of the date of this Report and are forward-looking in nature. Actual outcomes may differ materially. Results may vary materially and adversely.

Please see Alpine’s Terms of Use for additional disclaimers.

Endnotes

1. Includes all Alpine sourcing channels.
2. All time, as of September 2025. A ‘PeopleFirst Leader’ includes, CEOs-in-Training (‘CITs’), CEOs-in-Residence (‘CIRs’), Chief People Officers (‘CPOs’), and Chief Financial Officers (‘CFOs’) PeopleFirst Leaders may be employed or retained by Alpine on behalf of the Alpine Funds and/or its portfolio companies and in some cases do not perform services exclusively for the applicable Alpine Fund(s) and/or their portfolio companies. Irrespective of employment and exclusivity, any compensation, expense reimbursements, equity interests or other amounts received by such persons generally is paid for by the applicable Alpine Fund(s) and/or their portfolio companies, and unless otherwise specified in an Alpine Fund’s governing documents, such amounts do not offset the Alpine Fund’s management fee and are not otherwise covered by the management fee. Alpine defines BIPOC as individuals who identify as Black, Indigenous, and/or People of Color (BIPOC). For CITs, data presented is based on self-identification. For women who are also BIPOC, they have been included in the count for women in various positions and BIPOC individuals in various positions.
3. Alpine Operations Group is responsible for executing certain value creation initiatives at Alpine portfolio companies. Any fees, compensation (including incentive equity), reimbursements or other amounts received by Alpine Operations Group members (including without limitation CEO-in-Training (CIT), CEO-in-Residence (CIR), PeopleFirst, Talent/Recruiting, Corporate Development, Direct Sourcing, Customer Experience, Sales & Marketing, Pricing and Financial Operations) generally will be paid by a portfolio company or prospective portfolio company and/or the applicable Alpine Fund and do not offset such Alpine Fund’s management fee. Accordingly, the fees and expenses of Alpine Operations Group members are not covered by the Alpine Fund’s management fee and will not otherwise reduce the management fee. There can be no assurance that no other service provider is more qualified to provide such services or could provide such services at a lesser cost. Similarly, there can be no assurance that Alpine Operations Group services will be deployed on behalf of a portfolio company, or if deployed, that they will lead to investor returns. In addition, Alpine funds own controlling positions in holding companies that may be owned by multiple Alpine-controlled funds. These holding companies may recruit their own staff, use personnel from affiliated entities, or engage other Alpine companies for operational services that may overlap with services provided by Alpine as the investment manager. Personnel may serve multiple portfolio companies simultaneously and may work from Alpine offices. Each Fund will bear its proportional share of the costs associated with maintaining these employment vehicles and providing these services, including compensation, benefits, and overhead expenses. These costs do not offset or reduce any management fees payable to Alpine.
4. All-time average is calculated as a simple average of the period figures from 2020 through 2025, resulting in an all-time average of 40.1. Employee Net Promoter Score (eNPS) measures how employees feel about their company, and is based on customer NPS, a measure of loyalty, engagement, and experience pioneered by Bain & Co. eNPS scores range from -100 to 100. Scores between 10 – 40 are considered ‘good,’ and scores above 40 are considered ‘great’.
5. As of February 2026. PeopleFirst Executive Coaches are independent third parties and are not employees, agents, or representatives of Alpine. Executive Coaches providing services to portfolio companies are retained and compensated by such companies.
6. As of September 2025.
7. As of September 2025. Includes CEOs of platforms and partner businesses.
8. Alpine’s ESG Policy sets forth the responsible investment process solely for majority investments made by Alpine Investors VII-IX, LP (including parallel funds) and to certain continuation vehicles managed by Alpine, as well as applicable future funds.