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Altaba Announces Planned Sale of Alibaba Shares

The Fund intends to sell the Alibaba Shares through open market transactions and/or through private dispositions not executed or recorded on a public exchange or quotation service. The Fund’s assets primarily consist of a substantial position in Alibaba, which has become one of the world’s largest online retailers. It is neither a solicitation of a proxy, an offer to purchase, nor a solicitation of an offer to sell shares of the Fund. Such risks and uncertainties relate to, among other things: the availability, timing and amount of liquidating distributions, including prior to the filing of a certificate of dissolution; the amounts that will need to be set aside by the Fund; the adequacy of such reserves to satisfy the Fund’s obligations; the ability of the Fund to favorably resolve certain potential tax claims, litigation matters and other unresolved contingent liabilities of the Fund; the amount of proceeds that might be realized from the sale or other disposition of the Fund’s primary asset, its shares of Alibaba Group Holding Limited; the application of, and any changes in, applicable tax laws, regulations, administrative practices, principles and interpretations; the incurrence by the Fund of expenses relating to the proposed liquidation and dissolution; and the ability of the Board to abandon, modify or delay implementation of the Plan, even after stockholder approval.

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