Altaba Inc (AABA)

[Enterprising Investor]

NAV $15.43 (3/31/21)

Tax Updates

In March 2021 and April 2021, the Fund entered into Closing Agreements with the California Franchise Tax Board (“FTB”) regarding the Fund’s taxable years ending on December 31, 2007 through December 31, 2017 and December 31, 2018 through December 31, 2019 (“CAAgreements”). The CA Agreements are subject to standard carve-outs and exceptions. The tax obligation including penalties and interest from the CA Agreements resulted in payments of $59.9 million. While these payments were made in April 2021, the NAV per share reported at March 31, 2021 reflects the impact of the CA Agreements.