Step 1: Use the meaning of extreme points.
At an extreme point the first derivative is zero, and we are told these occur at $x = -2$ and $x = 4$ for $y = x^3 - \alpha x^2 - \beta x + 5$.
Step 2: Differentiate.
$\dfrac{dy}{dx} = 3x^2 - 2\alpha x - \beta$.
Step 3: Apply x = -2.
$3(4) + 4\alpha - \beta = 0 \Rightarrow 4\alpha - \beta = -12$. (Equation 1)
Step 4: Apply x = 4.
$3(16) - 8\alpha - \beta = 0 \Rightarrow 8\alpha + \beta = 48$. (Equation 2)
Step 5: Add the two equations.
Adding eliminates $\beta$: $12\alpha = 36$, so $\alpha = 3$.
Step 6: Back-substitute for beta.
From Equation 2, $8(3) + \beta = 48 \Rightarrow \beta = 24$. So $\alpha = 3,\ \beta = 24$, which is option 1 and matches the key.
\[ \boxed{\alpha = 3,\ \beta = 24} \]