13D Filing: Saba Capital and Alpine Total Dynamic Dividend Fund (AOD)

The Reporting Persons intend to review their investment
in the Issuer on a continuing basis. Depending on various factors,
including, without limitation, the outcome of any discussions referenced
above, the Issuer’s financial position and strategic direction, actions
taken by management or the Board of Directors, price levels of the Common
Shares, other investment opportunities available to the Reporting Persons,
conditions in the securities market and general economic and industry
conditions, the Reporting Persons may in the future take such actions with
respect to their investment in the Issuer as they deem appropriate,
including, without limitation, purchasing additional Common Shares or
selling some or all of their Common Shares, engaging in short selling of
or any hedging or similar transactions with respect to the Common Shares
and/or otherwise changing their intention with respect to any and all
matters referred to in Item 4 of Schedule 13D. The Reporting Persons may,
at any time and from time to time, review or reconsider their position
and/or change their purpose and/or formulate plans or proposals with
respect to their investment in the Common Shares.

The Reporting Persons have not entered into any agreement
with any third party to act together for the purpose of acquiring,
holding, voting or disposing of the Common Shares reported herein.

See rows (11) and (13) of the cover pages to this
Schedule 13D for the aggregate number of Common Shares and percentages of
the Common Shares beneficially owned by each of the Reporting Persons. The
percentages used herein are calculated based upon 107,593,339 shares of
common stock outstanding as of 4/30/2017, as disclosed in the company’s
Certified Shareholder Report Form N-CSRS filed 7/7/2017.

See rows (7) through (10) of the cover pages to this
Schedule 13D for the number of Common Shares as to which each Reporting
Person has the sole or shared power to vote or direct the vote and sole or
shared power to dispose or to direct the disposition.

The transactions in the Common Shares effected within the
past sixty days by Saba Capital, which were all in the open market, are
set forth in Schedule A, and are incorporated herein by
reference.

No person other than the Reporting Persons and the Saba
Entities is known to have the right to receive, or the power to direct the
receipt of dividends from, or proceeds from the sale of, such Common
Shares.