Liquidating fund

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This document contains forward-looking statements concerning the proposed liquidation and dissolution pursuant to the Plan.

The Fund has pursued a number of strategies with the goal of achieving its investment objective, including by repurchasing the Shares, both in the open market and through an exchange offer of (“Alibaba”) and cash for Shares, the simplification of the Fund through the disposition of assets (other than its position in Alibaba) and the resolution of certain actual and contingent liabilities, and through other means.

After carefully considering the risks, timing, viability and potential impact on the Fund’s stockholders of additional strategies potentially available to the Fund to achieve its investment objective, as well as the recommendation of management, and in consultation with the Fund’s advisors, the Board unanimously determined that the liquidation and dissolution pursuant to the Plan is advisable and in the best interests of the Fund and its stockholders.

Regardless of the method chosen by the Fund, it currently intends to provide additional information upfront regarding the manner and timing that it expects to use or sell its Alibaba Shares.

The Fund currently estimates that the Fund could make total aggregate liquidating distributions to stockholders, including the pre-dissolution liquidating distribution referred to above, ranging between approximately .

The Fund will, however, request that, following such time, (“DTC”) maintain records representing the right to receive any post-dissolution liquidating distributions, including any transfers of such rights.

Consequently, the Fund expects that any transfers of such rights will be tracked by DTC.

(“Altaba” or the “Fund”) (NASDAQ: AABA) today announced that the Fund’s Board of Directors (the “Board”) has approved the liquidation and dissolution of the Fund pursuant to a Plan of Complete Liquidation and Dissolution (the “Plan”), subject to stockholder approval.

The Fund intends to file a proxy statement with the (the “SEC”) with respect to a special meeting of stockholders to seek stockholder approval of the liquidation and dissolution pursuant to the Plan.

Further, if additional amounts ultimately are determined to be necessary to satisfy or make provision for any of these obligations, stockholders may receive substantially less than the current estimates.

It is possible that the aggregate liquidating distributions that would be paid to a stockholder under the Plan would not exceed the amount that a stockholder could have received upon sales of its Shares in the open market.

Upon the filing of a certificate of dissolution, trading in the Fund’s Shares on the Nasdaq Global Select Market will be suspended, and our Shares will thereafter be delisted.


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