Horizon Kinetics Ise Wealth Strategy

HORIZON KINETICS ISE WEALTH STRATEGY

I. Firm Overview

II. Horizon Kinetics ISE Wealth Strategy

III. Appendix – Holdings – Bios – Disclosures

At a Glance

Horizon Kinetics LLC Investment Approach . Independent, employee owned, serving clients since 1994. . Independent Thinking . $7.3 billion in firm-wide assets under management.1 − Primary source data driven process. . 80+ employees. − Research analysts culturally guided to overcome confirmation biases and data availability errors. . Offices in New York City and Elmsford, NY. . Opportunity Stable, tenured investment team − Seek higher returns and margin of safety by capturing . Co-Founders investing together for over 25 years. high discount rates associated with the “Equity Yield Curve.” − Murray Stahl – Chief Investment Officer − Earn returns of underlying fundamental business and − Steven Bregman – Director of Research potential narrowing of discount rate. − Peter Doyle – President of Kinetics Mutual Funds, Inc. . Focus . 19 Investment Professionals with an average tenure of 8 years − Research team and process organized around with the firm and 19 years in the industry. attributes associated with long-term excess returns. Dedicated Culture − Seek to avoid the permanent loss of capital. . Committed exclusively to investment research and portfolio . Differentiated management across the capital structure. − Philosophy and process lead us to explore lesser . Independent publisher of research for institutional investment researched and less frequently trafficked investments. community since 1995. . Discipline . Adhering to a research-intensive, time-tested fundamental − Portfolio Managers and Research Analysts must write investment philosophy. logical, clear and understandable investment theses . Institutional quality client service and operations infrastructure. that withstand internal and external scrutiny. . Patience − Capturing long-term excess returns requires commitment.

1 As of March 31st, 2012

History

Team Formation at Bankers Trust Murray Stahl (1978) Steven Bregman (1985) Peter Doyle (1985) − Portfolio Management: − Special Opportunities − Utilities − Tangible Assets − Portfolio management responsibilities for separately managed accounts within the Bank’s Private Client Group and Trust Company. − Identified need for independent research.

1978-1994 1995 1996 1998 2000 2003 2008 2010 2011

Horizon Research Contrarian Intangible Capital Global Spin-off ETF Horizon Kinetics LLC Research Asset Structure Contrarian Milestones Report Report Report Report Arbitrage Report (2011) Merger of underlying companies.

Investment Management Horizon Asset Equity and − Senior portfolio Milestones Management LLC Fixed Alternative Options Income Strategies Strategies managers focused on (1994) Strategies investing and research.

− Formalized Professional Management. Kinetics Asset Created to advise and manage mutual funds − Single comprehensive Management LLC under Kinetics Mutual Funds, Inc. leveraging Horizon’s investment research. platform with (1996) institutional quality client service, business development, Internet Paradigm legal/compliance and Fund Fund operations.

Alternative Strategies

Strategy and Client Type Overview

Firmw ide Asse ts Un der Managemen t $7. 3 B Client Asset s by Type

Separately Managed Accounts1 $5.7 B

Focused Strategies Unconstrained Strategies2 Large Cap Strategic Value Investing Global Large Cap Value Research Select Kinetics Funds, Small Cap 16% Intermediary4, Asia 25% Spin-Off High Yield Opportunity Core Value High Net Worth, 20% Kinetics Mutual Funds, Inc3 $1.2 B Subadvisory, 13%

Broad Markets Specialty Markets Alternati ves* , Paradigm Fund Internet Fund 6% Small Cap Fund Medical Fund Institutions, 21% Global Fund Market Opportunities Fund Multi Disciplinary Fund Water Infrastructure Fund

Alternative Investments* $0.4 B

AUM as of March 31, 2012. Client Type as of December 31, 2011. * Additional information available upon request for qualified investors. 1 Includes assets in customized portfolios and other strategies developed for intermediaries. 2 Su bjec t to cli en t guid e lines. 3 Kinetics Mutual Funds, Inc. (“Kinetics Funds”) are distributed by Kinetics Funds Distributors, Inc. (“KFD”), an affiliate of Horizon Kinetics LLC. KFD is not affiliated with the Kinetics Funds. 4 Includes individual client accounts through intermediaries. You should consider the investment objectives, risks, charges and expenses of the mutual funds carefully before investing. For a free copy of the mutual funds’ prospectus, which contains this and other information, visit our website at www.kineticsfunds.com or call 1-800-930-3828. You should read the prospectus carefully before you invest.

Investing Alongside Successful Business Leaders

The Horizon Kinetics ISE Wealth Index provides a The Wealth Index benchmark for investors interested in tracking the Qualitative Attributes performance of U.S.-listed companies managed by executives whose track records of skill and Vested Interests specific industry knowledge have made them In many cases, wealthy people have used their companies as some of the wealthiest individuals in the United their primary means of accumulating personal wealth. States.

Horizon Kinetics partnered with the International Astute Asset Allocators Wealthy people tend to have the option of either remaining in a Securities Exchange (ISE) to launch the Horizon given business or to allocating capital elsewhere in a timely Kinetics ISE Wealth Index in August of 2011 (ticker manner. RCH).

In most cases, a very wealthy individual has Access to Capital Because of their history of sound decision-makinggy, they benefit placed a substantial portion of his or her net from access to capital not available to employee managers. worth in the stock of the constituent companies. Given the historical success records of these individuals, we believe that an index comprised Long Track Record of the companies they choose to own and Their record of success makes them desirable partners. manage has thepottiltential tooutftperform the broader market. Information They have developed a reputation and a network over their careers that provides them with an information advantage.

Methodology

ThThee HHorizonorizonKinKineticsetics IISESEWWealthealthIndex Index uses an equal weighted allocation A Wealthy Individual in Control methodology for all components in •Wealthy: Personal Assets Exceeding $1 the index. This allows the Index to gain billion equal exposure to the mindset of •Control: Senior management position Listed on a U.S. Exchange these successful business people, and that allows for substantial decision avoids biasing the Index toward making authority companies with relatively higher price to earnings ratios.

Index components are reviewed quarterly for eligibility, and weights The are reset accordingly. Wealth

While not all of the companies Index included in the Wealth Index are owner-operator companies, the Index An Operating Company Meeting the Following Market •Not a closed-end fund or an exchange Capitalization and Concentration provides substantial exposure to the Requirements: owner-operator theme. All of the traded fund (ETF) •Min $100M market capitalization following requirements must be met in •Max 24% individual weighting, order for a company to be eligible for •Max 50% total of individual weights >5% inclusion: •Trailing 3-month average daily value > $1M

Source: ISE. For a complete index methodology guide, please refer to http://www.ise.com/assets/documents/OptionsExchange/index_reports/RCH_IMG.PDF © 2012 Horizon Kinetics LLC.™ All rights reserved. 9 Horizon Kinetics ISE Wealth Index

Performance History and Statistics (as of March 31, 2012)

Sta tis tics Performance Statistics 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years 20 Years Number of Components 103 Horizon Kinetics Wealth Index 11.1% 40.6% 8.4% 10.9% 10.9% 10.9% 11.7% Total Return (gross)* Avg. Market Cap. (B) $22.97 B S&P 500 Index* 8.5% 23.4% 2.0% 4.7% 4.1% 6.1% 8.6% Excess Return (gross)* 2.5% 17.2% 6.4% 6.2% 6.8% 4.8% 3.1% Dividend Yield 1.66 Standard Deviation (%)* 20.7% 23.7% 26.0% 22.8% 21.8% 24.3% 21.8% Estimated P/E 26.36 Tracking Error* 6.2% 11.3% 10.7% 9.9% 9.4% 11.7% 10.7% Risk Adjusted Return (gross)* 0.54 1.72 0.32 0.48 0.50 0.45 0.54 Price/Sales 3.61 Information Ratio (gross)* 0.41 1.53 0.60 0.63 0.72 0.41 0.29 Cashflow/Share 4.85 Beta 1.20 1.32 1.27 1.28 1.26 1.33 1.29 Batting Average (1) (gross)* 62.70% 65.91% 66.84%

Historical Index Levels Sector Allocation, %

1,200 Consumer Discretionary 1,000 Consumer Staples 6.8% 5.8% 1.0% 800 Energy

32.0% Financials 600 14.6% Health Care 400 Industrials 200 4.9% 2.9% 3.9% Information Technology 0 4.9% Materials 23.3% Telecom. Services

Horizon Kinetics ISE Wealth Index TOTAL RETURN PRICE LEVEL S&P 500 Index TOTAL RETURN PRICE LEVEL Utilities

*Note: Calculated Using Total Returns. The Horizon Kinetics ISE Wealth Index began in January 2012, therefore, a portion of the returns stated above contain back-tested performance. See the Disclosure slide for important considerations when evaluating back-tested performance data. Source: Horizon Kinetics LLC, International Securities Exchange, Bloomberg, Factset.

No. Ticker Security Name Individual Name Position No. Ticker Security Name Individual Name Position 1AHGP Alliance Holdings GP LP Joseph W. Craft III Chairman/President/Chief Executive Officer 53KKR KKR & Co LP Henry R. Kravis Co-Chairman/Co-Chief Executive Officer 2AL Air Lease Corp Steven F. Udvar-Hazy Chai rman /Chie f Execu tive Officer /Co-FdFounder 54KMI Kind er Morgan Inc/D e laware Ric har d D. Kind er Chai rman /Chie f Execu tive Officer 3ALX Alexander's Inc Steven Roth Chairman 55KMP Kinder Morgan Energy Partners LP Richard D. Kinder Chairman/Chief Executive Officer 4AMCX AMC Networks Inc Charles Francis Dolan Chairman 56KMR Kinder Morgan Management LLC Richard D. Kinder Chairman/Chief Executive Officer 5AMKR Amkor Technology Inc James J. Kim Chairman 57KRO Kronos Worldwide Inc Harold C. Simmons Chairman 6AMZN Amazon.com Inc Jeffrey P. Bezos Chairman/President/Chief Executive Officer 58L Loews Corp Andrew H. Tisch Co-Chairman 7APO Apollo Global Management LLC Leon D. Black Chairman/Chief Executive Officer 59LBTYA Liberty Global Inc John C. Malone Chairman 8APOL Apollo Group Inc John G. Sperling Executive Chairman 60LINTA Liberty Media Corp - Interactive John C. Malone Chairman 9ARII American Railcar Industries Inc Carl C. Icahn Chairman 61LMCA Liberty Media Corp - Capital John C. Malone Chairman 10ARLP Alliance Resource Partners LP Joseph W Craft III President/Chief Executive Officer 62LNKD LinkedIn Corporation Reid G. Hoffman Chairman/Co-Founder 11AXE Anixter International Inc Samuel Zell Chairman 63LTD Ltd Brands Inc Leslie Herbert Wexner Chairman/Chief Executive Officer 12BBY Best Buy Co Inc Richard M. Schulze Chairman 64LVLT Level 3 Communications Inc Walter Scott Jr. Chairman 13BEN Franklin Resources Inc. Charles B. Johnson Chairman 65LVS Las Vegas Sands Corp Sheldon Gary Adelson Chairman/Chief Executive Officer/Treasurer 14BFS Saul Centers Inc B. Francis Saul II Chairman/Chief Executive Officer 66MAR Marriott International Inc/DE John W. Marriott Jr. Chairman/Chief Executive Officer 15BOKF BOK Financial Corp George B. Kaiser Chairman 67MCY Mercury General Corp George Joseph Chairman/Founder 16BRK/B Berkshire Hathaway Inc Warren E. Buffett Chairman/Chief Executive Officer 68MNKD MannKind Corp Alfred E. Mann Chairman/Chief Executive Officer 17BX Blackstone Group LP Stephen A. Schwarzman Chairman/Chief Executive Officer/Founder 69MORN Morningstar Inc Joseph D. Mansueto Chairman/Chief Executive Officer/Founder 18BXP Boston Properties Inc Mortimer B. Zuckerman Chairman/Chief Executive Officer 70MSFT Microsoft Corp William Henry Gates III Chairman 19CBS CBS Corp Sumner M. Redstone Chairman 71MSG Madison Square Garden Co/The James L. Dolan Chairman 20CCL Carnival Corp Micky Meir Arison Chairman/Chief Executive Officer 72NG NovaGold Resources Inc. Thomas S. Kaplan Chairman 21CFX ClfColfax Corp Mitc hell P. Ral es Chai rman /Co-FdFounder 73NKE NIKE Inc Philip H. Knight i ht Chai rman 22CHK Chesapeake Energy Corp Aubrey K. McClendon Chairman/Chief Executive Officer/Co-Founder 74NWSA News Corp Keith Rupert Murdoch Chairman/Chief Executive Officer 23CLNY Colony Financial Inc Thomas J. Barrack Chairman 75OPK Opko Health Inc Phillip Frost Chairman/Chief Executive Officer 24CLR Continental Resources Inc/OK Harold G. Hamm Chairman/Chief Executive Officer 76ORCL Oracle Corp Lawrence J.Ellison Chief Executive Officer 25CRM Salesforce.com Inc Marc R. Benioff Chairman/Chief Executive Officer 77OZM Och-Ziff Capital Management Group LLC Daniel S. Och Chairman/Chief Executive Officer/Founder 26CVA Covanta Holding Corp Samuel Zell Chairman 78PAG Penske Automotive Group Inc Roger S. Penske Chairman/Chief Executive Officer 27CVC Cablevision Systems Corp Charles Francis Dolan Chairman 79PAYX Paychex Inc Blasé Thomas Golisano Chairman/Founder 28DELL Dell Inc Michael S. Dell Chairman/Chief Executive Officer 80PCBC Pacific Capital Bancorp NA Gerald J. Ford Chairman 29DHR Danaher Corp Steven M. Rales Chairman 81PGR Progressive Corp/The Peter Benjamin Lewis Chairman 30DISH DISH Network Corp Charles William Ergen Chairman 82QCOM QUALCOMM Inc. Paul Eric Jacobs Chairman/Chief Executive Officer 31DOLE Dole Food Co Inc David H. Murdock Chairman 83REV Revlon Inc Ronald O. Perelman Chairman 32DRC Dresser-Rand Group, Inc. William E. Macaulay Chairman 84RL Ralph Lauren Corp Ralph Lauren Chairman/Chief Executive Officer/Founder 33EBAY eBay Inc Pierre M. Omidyar Chairman/Founder 85SATS EchoStar Corp Charles William Ergen Chairman 34ELS Equity Lifestyle Properties Inc Samuel Zell Chairman 86SBUX Starbucks Corporation Howard D. Schultz Chairman/President/Chief Executive Officer 35EQR Equity Residential Samuel Zell Chairman 87SCHW Charles Schwab Corp/The Charles R. Schwab Chairman 36ETE Energy Transfer Equity LP Kelcy L. Warren Chairman/Chief Executive Officer 88SHLD Sears Holdings Corp Edward S. Lampert Chairman 37ETP Energy Transfer Partners LP Kelcy L. Warren Chairman/Chief Executive Officer 89SPG Simon Property Group Inc. Herbert Simon Chairman Emeritius 38EXPE Expedia Inc Barry Diller Chairman 90SWSH Swisher Hygiene Inc H. Wayne Huizenga Jr. Chairman 39FDML Federal-Mogul Corp Carl C. Icahn Chairman 91SYNT Syntel Inc Bhrat Desai Chairman/Co-Founder 40FDX FdEFedEx Corp FdikFrederick WllWallace SithSmith Chai rman/P resid ent/Chi e f Execu tive Officer 92TAT TransAtl anti c Pet rol eum Ltd N. Mal one Mitch ell III Chai rman /Chie f Execu tive Officer 41GMCR Green Mountain Coffee Roasters Inc. Robert P. Stiller Chairman/Founder 93TEVA Teva Pharmaceutical Industries Ltd Phillip Frost Chairman 42GOOG Google Inc Lawrence E. Page Chief Executive Officer/Co-Founder 94TIE Titanium Metals Corp Harold C. Simmons Chairman 43GRMN Garmin Ltd Min H. Kao Chairman/Chief Executive Officer 95TRIP TripAdvisor Inc. Barry Diller Chairman 44GRPN Groupon Inc. Eric P. Lefkofsky Chairman/Co-Founder 96URBN Urban Outfitters Inc Richard A. Hayne Chairman/President 45H Hyatt Hotels Corp Thomas J. Pritzker Chairman 97VHI Valhi Inc Harold C. Simmons Chairman 46HST Host Hotels & Resorts Inc Richard E. Marriott Chairman 98VIAB Viacom Inc Sumner M. Redstone Chairman/Founder 47HTH Hilltop Holdings Inc Gerald J. Ford Chairman 99VNO Vornado Realty Trust Steven Roth Chairman 48IACI IAC/InterActiveCorp Barry Diller Chairman 100WEN Wendy's Co/The Nelson Peltz Chairman 49IBKR Interactive Brokers Group Inc Thomas Peterffy Chairman///President/Chief Executive Officer 101WMT Wal-Mart Stores Inc Samuel Robson Walton Chairman 50IVAN Ivanhoe Energy Inc Robert M. Friedland Chairman/Co-Founder 102WYNN Wynn Resorts Ltd Stephen A. Wynn Chairman/Chief Executive Officer/Founder 51IVN Ivanhoe Mines Ltd/CA Robert M. Friedland Chief Executive Officer/Founder 103ZNGA Zynga Inc. Mark J. Pincus Chief Executive Officer/Founder 52JNY Jones Group Inc/The Sidney Kimmel Chairman

Source: Horizon Kinetics LLC, International Securities Exchange, Bloomberg, Factset. See important disclosures for additional information. © 2012 Horizon Kinetics LLC.™ All rights reserved. 12 Biographies

Murray Stahl Douglas Kramer Chairman, Chief Investment Officer Chief Executive Officer

Murray is Chairman of the Board of Horizon Kinetics and was a Prior to joining Horizon Kinetics, Doug was a Managing Principal of co-founder of the Firm. He has over thirty years of investing Quadrangle Group. Prior to Quadrangle, Doug was a Partner of experience and is responsible for overseeing the Horizon Kinetics Goldman, Sachs & Co. where he served as Chief Investment ResearchTeam.MurrayalsoservesasChairmanoftheFirm’s Officer and head of the Global Manager Strategies Group within Investment Committee, which is responsible for all portfolio Goldman Sachs Asset Management (GSAM). Doug was management decisions. Previously, Murray spent 16 years at responsibleresponsible forfor managermanager selectionselection acrossacross allalltraditional traditional assetasset Bankers Trust Company (1978-1994) as a senior portfolio manager classes for Goldman's private wealth management businesses and research analyst. As a senior fund manager, he was globally. In addition, Doug oversaw the strategic development of responsible for investing the Utility Mutual Fund, along with three GSAM's Institutional Fiduciary Management business where he of the bank’s Common Trust Funds: The Special Opportunity served as Chief Investment Officer to some pension plans in the Fund, The Utility Fund, and The Tangible Assets Fund. He was also United States and Europe. Prior to Goldman Sachs, Doug worked a member of the Equity Strategy Group and the Investment at Columbia Energy Group in Houston, TX and as a portfolio Strategy Group, which established asset allocation guidelines for manager at Fischer Francis Trees & Watts, Inc. where he managed the Private Bank. By 1994, Murray managed approximately $600 corporate and mortgage backed fixed income portfolios. Doug million in trust and fund assets and was deeply involved in new has a BS from the Wharton School of the University of Pennsylvania product development. Murray received a BA and MA from and an MBA with Beta Gamma Sigma honors from Columbia Brooklyn College and an MBA from Pace University. University.

Horizon Kinetics’ Analyst/Investment Staff:

Murray Stahl Ryan Casey Matthew Houk Fredrik Tjernstrom Chief Investment Officer Research Analyst Portfolio Manager, Research Analyst Portfolio Manager , Research Analyst Steven Bregman James Davolos David Kingsley Aya Weissman Director of Research Research Analyst, Client Portfolio Manager Portfolio Manager Portfolio Manager , Research Analyst Peter Doyle Andrea DeMichele Utako Kojima Steven Tuen Portfolio Manager, Research Analyst Client Portfolio Manager Research Analyst Research Analyst, Portfolio Manager Rich Begun Derek Devens , CFA© David Leibowitz Research Analyst, , Portfolio Manager Client Portfolio Manager, Research Analyst Research Analyst Therese Byars Michael Gallant CFA© Eric Sites Research Analyst Research Analyst Research Analyst, Portfolio Manager

Offices: New York, NY 470 Park Avenue South New York, NY 10016

Elmsford, NY 555 Taxter Rd #175 Elmsford, NY 10523

Telephone: 646.495.7334

Fax: 64449576.495.0078

Email: [email protected]

Website(s) www. horizonkinetics.com www.kineticsfunds.com

Past performance is not an indication of future results and the value of the investments and the income derived from them may increase or decrease. Returns are subject to change. Note that indices are unmanaged and the figures shown herein do not reflect any investment management fee or transaction costs. Investors cannot directly invest in an index. References to market or composite indices, benchmarks or other measures of relative market performance (a“Benchmark”) over aspecific period are provided for your information only. Reference to a Benchmark may not reflect the manner in which a portfolio is constructed in relation to expected or achieved returns, portfolio guidelines, correlation, concentrations, volatility, or tracking error targets, all of which are subject to change over time. The Portfolios are total return strategies and the benchmark is provided for illustrative purposes only. It is not our intention to state, indicate or imply in any manner that our future results will be profitable or equal past results. The S&P 500 Index is property of Standard & Poor’s.

Back-tested performance from slide 11 is hypothetical (it does not reflect trading in actual accounts) and is provided for informational purposes to indicate historical performance had the index been available over the relevant period. Actual performance may be materially lower than that of the index, as they do not include expenses and fees. Such results do not represent the impact that material economic and market factors might have on the investment adviser’s decision making process if the adviser were actually managing client money. Back-tested performance also differs from actual performance because it is achieved through the retroactive application of portfolios designed with the benefit of hindsight. Horizon Kinetics generally employs the same methodology in its back‐test calculations as it does when the actual index was officially launched. Anyone interested in better understanding the methodology for the Index, including details on the manner in which the Index is rebalanced, the timing of such rebalancing, the criteria used in determining additions and deletions to the Index as well as other Index calculations may contact Horizon Kinetics at [email protected] or (646) 495‐7333.

Horizon Kinetics ISE Wealth Index (the “Index”) was created in conjunction with the International Securities Exchange, LLC (“ISE”), which operates a leading U.S. options exchange and offers option trading on over 2,000 underlying equity, EFT, index, and FX products. Any returns or performance provided in this presentation is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. It is not possible to invest directly in the Index. Exposure to the Index is only available through investable instruments. Horizon Kinetics, its subsidiaries and ISE may receive compensation in connection with licensing the Index to third parties. Horizon Kinetics or its subsidiaries may sponsor, endorse, sell, promote or manage investment funds or other vehicles that seeks to provide an investment return based on the returns of the Index. There is no assurance that investment products based on the Index will accurately track Index performance or provide positive investment returns.

Except as noted, the portfolio characteristics shown for separate accounts relate to the composite as of the date noted above. Not every client's account will have these exact characteristics. The actual characteristics with respect to any particular client account will vary based on a number of factors including but not limited to: (i) thesizeofthe account; (ii) market prices of individual securities at the time of investment and (iii) individual client circumstances. Horizon Kinetics LLC. reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. This strategy may invest in both equity and fixed income securities without regard to market capitalizations or issue size. Horizon Kinetics LLC does not necessarily fully invest portfolios immediately after an account is funded. There can be no assurance we will ever fully invest an account. There is no assurance that any securities discussed herein will remain in an account. The securities discussed might not represent an entire account and in the aggregate may represent only a small percentage of an account's holdings.

This ifinformat ion should not be used as a general guide to iiinvesting or as a source of any specific investment recommendations, and makes no iiimplied or expressed iiindicat ions concerning the manner in which an account should or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives. This is not an offer or solicitation to any person in any jurisdiction in which such action is not authorized or to any person to whom it would be unlawful to makesuchofferorsolicitation. Horizon Kinetics LLC is not a registered investment adviser, but serves as parent company to Horizon Asset Management LLC (“Horizon”) and Kinetics Asset Management LLC (“Kinetics”), both of which are registered investment advisors. Horizon Kinetics LLC, its affiliates, employees, or products managed by Horizon and Kinetics may have positions in the securities referenced herein.

NithNeither HiHorizon Kine tics LLC nor itsaffilia tes provide tax or lllegal adidvice to their i clien tsand all itinvestors are stltronglyurged toconsult their i tax and lllegal adidvisors regarding any potential strategy or investment. Opinions expressed are Horizon Kinetics’ present opinions only. No part of this material may be: a) copied, photocopied, or duplicated in any form, by any means; or b) redistributed without Horizon Kinetics’ prior written consent.