In general, distributions made pursuant to the Plan of Complete Liquidation and Dissolution, including the pre-dissolution liquidating distribution, will be treated for U.S. federal income tax purposes as a series of distributions in complete liquidation of Altaba in which amounts received by stockholders are treated as full payment in exchange for their shares of Altaba common stock.

A liquidating distribution received by a U.S. stockholder will first be applied against and reduce the stockholder’s adjusted tax basis in its Altaba common stock, before the stockholder recognizes any gain or loss. A U.S. stockholder will recognize gain as a result of a liquidating distribution to the extent that the aggregate value of the liquidating distribution and any prior liquidating distributions received by the stockholder with respect to a share exceeds the stockholder’s adjusted tax basis in the share. A U.S. stockholder generally cannot recognize a loss on a liquidating distribution until the final liquidating distribution is made, and then only if the aggregate value of all liquidating distributions with respect to a share is less than the stockholder’s adjusted tax basis in the share. If a U.S. stockholder holds different blocks of Altaba common stock (generally as a result of having acquired shares at different times or at different prices), gain or loss is calculated separately with respect to each such block. Any gain or loss recognized by a U.S. stockholder will be capital gain or loss provided the stockholder holds its Altaba common stock as a capital asset.

For a general summary of certain material U.S. federal income tax consequences of the Plan of Complete Liquidation and Dissolution, including a more detailed description of the U.S. federal income tax consequences of liquidating distributions to U.S. stockholders, please see Altaba’s proxy statement dated May 17, 2019 under “Proposal No. 1: Approval of the Plan of Liquidation and Dissolution — Material U.S. Federal Income Tax Consequences of Liquidation and Dissolution.” That summary and the above discussion are for general information purposes only and are not tax advice. Altaba can make no assurances as to the tax consequences of distributions made pursuant to the Plan of Complete Liquidation and Dissolution.