Altaba Announces Board Approval of Plan of Complete Liquidation and Dissolution

Altaba Inc. (“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 U.S. Securities and Exchange
Commission (the “SEC”) with respect to a special meeting of stockholders
to seek stockholder approval of the liquidation and dissolution pursuant
to the Plan.

As previously disclosed in the Fund’s public filings with the SEC, the
Fund’s investment objective is to increase the price per share at which
it trades relative to the then-current value of the Fund’s underlying
assets. The Fund seeks to do this by reducing the discount at which
shares of the Fund’s common stock, par value $0.001 per share (the
“Shares”), trade relative to the underlying value of its net assets
while simplifying its net asset base and returning capital to its
stockholders in ways that are accretive and increase stockholder value.

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 American Depository
Shares (“ADSs”) of Alibaba Group Holding Limited (“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.

Thomas J. McInerney, Chief Executive Officer of the Fund, said, “Since
June of 2017 we have taken a series of aggressive actions designed to
drive shareholder value and these have yielded measureable results as
our trading discount has narrowed and our stock has meaningfully
outperformed a composite of its underlying assets. The right next action
for shareholders is the Plan we are announcing today as it represents
the most definitive step, generally within our control, that we could
take to reduce the discount to net asset value at which our Shares
trade.”

If the liquidation and dissolution pursuant to the Plan is approved by
the Fund’s stockholders, the Fund expects to:

• sell or otherwise dispose of all of the remaining ordinary shares and
  ADSs of Alibaba (collectively, “Alibaba Shares”) held by the Fund
  (other than Alibaba ADSs, if any, to be distributed in kind) and its
  equity interests in Excalibur IP, LLC, to the extent any such assets
  have not been sold or disposed of by the Fund before the special
  meeting;
• make a pre-dissolution liquidating distribution to stockholders (in
  cash, Alibaba ADSs or a combination thereof), which the Fund currently
  expects will be made in the fourth quarter of 2019 and estimates will
  be in an amount between $52.12 and $59.63 per Share in cash and/or
  Alibaba ADSs (which estimates assume, among other things, an Alibaba
  Share price realized on sale and, if applicable, an Alibaba Share
  value at the time of distribution, of $177.00 per Alibaba Share);
• file a certificate of dissolution with the Secretary of State of the
  State of Delaware;
• after filing such certificate of dissolution, limit its operations and
  activities to those required to wind up our business affairs as
  required by law;
• follow the “safe harbor” procedures under Sections 280 and 281(a) of
  the General Corporation Law of the State of Delaware to obtain an
  order from the Delaware Court of Chancery (the “Court”) establishing
  the amount and form of security for contested known, contingent and
  potential future claims that are likely to arise within five years of
  the date of dissolution (or such longer period of time as the Court
  may determine not to exceed ten years after the date of dissolution);
• as soon as practicable after the issuance of such Court order, pay or
  make reasonable provision for the Fund’s uncontested known claims and
  expenses and establish reserves as required by the Court order; and
• thereafter, to the extent that the Fund’s actual liabilities and
  expenses are less than the amounts required to be held as security for
  its outstanding claims and expenses, distribute all of the Fund’s
  remaining assets in one or more liquidating distributions on a pro
  rata basis to or for the benefit of the Fund’s stockholders.

Prior to making any pre-dissolution liquidating distribution, the Fund
plans to sell not less than a sufficient number of Alibaba Shares to
ensure that the Fund has sufficient liquid assets to cover the maximum
potential reserves that might be required by the Court to satisfy the
Fund’s known, contingent and potential future claims and to fund the
cash portion of such distribution. The Fund intends to sell no more than
approximately 50% of the Alibaba Shares it holds prior to receiving
stockholder approval of the liquidation and dissolution pursuant to the
Plan and to sell its remaining Alibaba Shares after stockholder
approval, except that any Alibaba Shares it does not need to sell to
cover the reserve amounts may instead be distributed in kind. The Fund
intends to sell its Alibaba Shares through open market transactions
and/or through private dispositions not executed or recorded on a public
exchange or quotation service. 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 $39.8 billion and $41.1 billion (approximately $76.62 and
$79.22 per Share, respectively), which estimates assume, among other
things, an Alibaba Share price realized on sale and, if applicable, an
Alibaba Share value at the time of distribution, of $177.00 per Alibaba
Share. Further details regarding anticipated future distributions will
be disclosed in the Fund’s proxy materials to be filed in connection
with the special meeting.

The amount distributable to stockholders may vary substantially from the
estimated amounts above based on a number of factors, including the
resolution of outstanding known and contingent liabilities, the possible
assertion of claims that are currently unknown to the Fund and costs
incurred to wind down the Fund’s business. 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. In addition, the Fund will close its
stock transfer books, after which record holders of the Shares generally
will be prohibited from transferring record ownership of their Shares
(except by will, intestate succession or operation of law). The Fund
will, however, request that, following such time, The Depository Trust
Company (“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.

The proxy statement to be filed in connection with the special meeting
will contain important information regarding the Plan, including, among
other things, the assumptions and qualifications applicable to the
Fund’s estimates of the pre-dissolution liquidating distribution, the
aggregate liquidating distributions the Fund expects to make, and the
amounts of assets the Fund expects to withhold from such liquidating
distributions. Stockholders of the Fund are urged to read the proxy
statement and other relevant materials filed by the Fund with respect to
the special meeting when they become available because they will contain
important information about the Fund and the proposed liquidation and
dissolution pursuant to the Plan.

The Fund’s management will conduct a corporate update conference call to
discuss the liquidation and dissolution and the matters described in
this press release on April 3, 2019 at 8:00 a.m. (Eastern time).
Participants are encouraged to pre-register for the conference call
using the following link. Callers who pre-register will be given a
conference passcode and unique PIN to gain immediate access to the call
and bypass the live operator. Participants may pre-register at any time,
including up to and after the call start time.

To pre-register, go to: http://dpregister.com/10130105.

Those without internet access or unable to pre-register may dial in by
calling:

Global Toll: +1 412 317 5413

USA Toll Free: 1 866 777 2509

An audio webcast will also be available for this call and can be
accessed via the following link: https://services.choruscall.com/links/abmac190403.html.

For those who are unavailable to listen to the live broadcast, a replay
will be available shortly after the call for seven days, and can be
accessed by dialing 1-877-344-7529 or 1-412-317-0088 Replay Code:
10130105.

About Altaba

Altaba is an independent, publicly traded, non-diversified, closed-end
management investment company registered under the Investment Company
Act of 1940. The Fund’s assets primarily consist of a substantial
position in Alibaba, which has become one of the world’s largest online
retailers.

Prior to June 16, 2017, Altaba was known as “Yahoo! Inc.” Altaba was
created from Yahoo! Inc. after the sale of its operating businesses, at
which time Yahoo! Inc. reorganized as an investment company, was renamed
Altaba Inc., and began trading under the Nasdaq ticker symbol AABA.

Visit www.altaba.com
for more information.

Additional Information about the Dissolution and Where to Find It

In connection with the proposed liquidation and dissolution of the Fund
pursuant to the Plan, the Fund intends to file relevant materials with
the SEC, including a preliminary proxy statement on Schedule 14A. The
Fund will mail the definitive proxy statement and a proxy card to each
stockholder of the Fund entitled to vote at the special meeting relating
to the proposed liquidation and dissolution pursuant to the Plan.
STOCKHOLDERS OF THE FUND ARE URGED TO CAREFULLY READ THESE MATERIALS IN
THEIR ENTIRETY (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY
OTHER RELEVANT MATERIALS THAT THE FUND WILL FILE WITH THE SEC WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The
proxy statement and other relevant materials (when they become
available), and any other documents filed by the Fund with the SEC, may
be obtained free of charge at the SEC’s website at www.sec.gov.
In addition, stockholders may obtain free copies of the documents filed
with the SEC by the Fund by contacting the Fund’s Secretary at 140 East
45th Street, 15th Floor, New York, New York 10017 or to Georgeson LLC
toll free at 1-866-219-9786.

Participants in the Solicitation

The Fund and its directors and executive officers may, under SEC rules,
be deemed to be participants in the solicitation of proxies from the
Fund’s stockholders in connection with the proposed liquidation and
dissolution pursuant to the Plan. Information about the persons who may,
under the rules of the SEC, be considered to be participants in the
solicitation of the Fund’s stockholders in connection with the proposed
liquidation and dissolution pursuant to the Plan, and any interest they
have in the proposed liquidation and dissolution pursuant to the Plan,
will be set forth in the definitive proxy statement when it is filed
with the SEC. Additional information regarding these individuals is set
forth in the Fund’s proxy statement for its 2018 annual meeting of
stockholders, which was filed with the SEC on August 31, 2018, and its
Annual Report on Form N-CSR for the fiscal year ended December 31, 2018,
which was filed with the SEC on February 27, 2019. These documents may
be obtained free of charge at the SEC’s website at www.sec.gov.
In addition, stockholders may obtain free copies of the documents filed
with the SEC by the Fund by contacting the Fund’s Secretary at 140 East
45th Street, 15th Floor, New York, New York 10017 or to Georgeson LLC
toll free at 1-866-219-9786.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This document contains forward-looking statements concerning the
proposed liquidation and dissolution pursuant to the Plan. Without
limiting the foregoing, words or phrases such as “will likely result,”
“are expected to,” “will continue,” “anticipate,” “estimate,” “project,”
“believe,” “intend” or similar expressions are intended to identify
forward-looking statements. These statements are not statements of
historical facts and do not reflect historical information.
Forward-looking statements are subject to numerous risks and
uncertainties and actual results may differ materially from those
statements. 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 Alibaba Shares; 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. Further information regarding the
risks, uncertainties and other factors that could cause actual results
to differ from the results in these forward-looking statements will be
discussed under the section “Risk Factors” in the definitive proxy
statement that will be filed with the SEC in connection with the
proposed liquidation and dissolution pursuant to the Plan, when it
becomes available. Please carefully consider these factors, as well as
other information contained in the definitive proxy statement, when it
becomes available, and in our periodic reports and documents filed with
the SEC. The forward-looking statements included in this document are
made only as of the date hereof.

The Fund does not undertake any obligation to update or supplement such
forward-looking statements to reflect events or circumstances after the
date hereof, except as required by law. Because the Fund is an
investment company, the forward-looking statements and projections in
this press release are excluded from the safe harbor protection provided
by Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities and Exchange Act of 1934, as amended.

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