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Kinetics Mutual Funds Shareholder Agreement for use of On-line Services
I have read, understand and accept the terms and conditions set forth below.


1. On-line Services. This Agreement ("Agreement") between me and Kinetics Mutual Funds(the "Funds") sets forth the terms on which I am permitted to use the On-line Services. The words "I", "my" and "me" in this Agreement mean each person who has an interest in the Funds account which is accessible through the On-line Services and any person authorized to have such access. On-line Services, for purposes of this Agreement, includes the on-line services currently offered and which may be offered in the future by the Funds for mutual fund transactions and account inquiry, and any other on-line system made available to the Funds shareholders by the Funds or its agents or service providers. The On-line Services permit me to transmit electronically requests to buy, redeem and exchange shares of the Funds. These services are available for use with compatible personal, home, or small business computers with modems which can connect to the Internet.

2. Agreement Governs. I will use the On-line Services only on the terms set forth in this Agreement.

3. Sole User. I will be the only authorized user of the On-line Services under this Agreement and I will not make the On-line Services available to anyone else. I will keep my security code(s) and other security information (all such codes and information, "security information") confidential. I will be solely responsible for all requests for transactions and information (and the use of the information) transmitted through the On-line Services using my security information. The Funds are not obligated to inquire as to the authority or accuracy of my instructions transmitted through the On-line Services and will be entitled to act upon my instructions; and the Funds will not be liable for any loss, expense or other liability arising out of my instructions transmitted through the On-line Services. Telephone calls to the Funds may be recorded, and I consent to that recording.

4. Duty to Monitor Account. I understand that requests for transactions, rather than orders, are transmitted through the On-line Services. I understand that the on-line acknowledgments or other messages which appear on my screen for transactions entered do not mean that transactions have been received, accepted or rejected by the Funds. These acknowledgements are only an indication that the transactional information entered by me has either been transmitted to the Funds, or that it cannot be transmitted. The Funds will not be deemed to have received or accepted any transaction request I transmit through the On-line Services until the Funds have provided me a written confirmation. All transaction requests will be deemed to have been made in the form received by the Funds. I am responsible for verifying the accuracy and receipt of all information transmitted via the On-line Services and for immediately notifying the Funds transfer agent of any errors or inaccuracies relating to information transmitted via the On-line Services. I am responsible for monitoring my account. I will immediately notify the Funds if:

  • a request for a transaction has been placed through the On-line Services and I have not received a reference number reflecting the request;
  • a request for a transaction has been placed through the On-line Services and I have not received an accurate written confirmation of the transaction within seven (7) business days;
  • I have received confirmation of a transaction which I did not request or any other report conflicting with information about my account;
  • there is unauthorized use, loss or theft of any of my security information;
  • there is a discrepancy between any transaction I requested and the information reflected in a confirmation or account statement.
  • If I do not notify the Funds when any of the foregoing conditions occur, neither the Funds nor any of its employees, agents, affiliates nor any third parties, will be liable to me for the handling or loss of any transaction request. Any liability for acts or omissions in providing the On-line Services to me will be limited to an amount equal to the benefit which would have resulted from the transaction during the seven (7) business days immediately following the date my transaction request was transmitted via the On-line Services.

5. Information from Outside Sources. The Funds will not be responsible for the accuracy or completeness of any information provided by outside sources through the On-line Services. My transmissions through the On-line Services are at my sole risk. Nothing in this Agreement may be interpreted as a solicitation or recommendation to buy or sell securities.

6. Outside Services. My Internet service provider may charge me for time spent on line. I will be responsible for all expenses which I (or any person using my security information or equipment) incur in connection with using the On-line Services. I agree that the Funds are not responsible for notifying me of any upgrades or enhancements to "browser" software.

7. Events Outside the Fund's Control. Neither the Funds nor any third party providing the On-line Services will be responsible for damages caused by failure of, interference with or unauthorized access to communications lines or computer systems, operator error or other occurrences beyond its control. The Funds will not be liable for interception of information transmitted via the Internet nor responsible for access to, or the speed or availability of, the Internet or network services.

8. Account Application and Prospectus. The terms of my Funds account application and the applicable prospectus govern my account. Those terms are deemed to be part of this Agreement. I understand that the Funds are available only to U.S. investors, and shares of certain investment portfolios may not be offered and sold in all states.

9. Confidentiality. The On-line Services are the proprietary property of the Funds and/or third parties. I will keep confidential and not re-disseminate the information or services provided through the On-line Services.

10. Indemnification. I indemnify and hold harmless the Funds from any and all claims, losses, liability, costs and expenses (including but not limited to attorneys' fees) arising from any violation of this Agreement or any third party's rights including but not limited to copyright, proprietary and privacy rights.

11. Personal Financial Information. Use of the On-line Services may involve the transmission from or to me of personal financial information (such as the amount and price of securities that I buy or sell). I consent to the transmission of that information through the On-line Services at all times that I use the On-line Services.

12. Severability. If any provision of this Agreement is held invalid or unenforceable by a court, regulatory agency or body, such invalidity or unenforceability shall attach only to that provision. The validity of the remaining provisions will not be affected.

13. Discontinuance of On-line Services. The Funds may discontinue or modify the terms of the On-line Services in whole or in part at any time or from time to time.

14. On-line Services Software License. My use of any On-line Services software is subject to the terms of the following Funds License ("License"). I agree to be bound by the terms of this License, including without limitation the prohibitions on distribution and copying, the exclusion of all representations and warranties, and the limitation of remedies to the replacement of defective disks.

Grant of License. This License permits me to access the Funds On-line Services software ("Application") from each computer in my household, and a single computer at my workplace, in the United States. This License is subject to my compliance with the terms of this Agreement and the Funds security procedures established for Application users. This Agreement is my proof of license to exercise the rights granted herein and must be retained by me. I may not rent, lease or transfer my rights to access the Application.
Copyright. The Application is owned by the Funds or its suppliers and is protected by United States copyright laws and international treaty provisions. Therefore, I must treat the Application like any other copyrighted material (e.g., a book or musical recording) except that I may either (a) copy or download information solely for backup or archival purposes, or (b) transfer the information to a single hard disk provided I keep the original solely for backup or archival purposes. I may not distribute the on-line contents in any way, without explicit written notice from the Funds.
U.S. Government Restricted Rights. The Application and on-line documentation are provided with RESTRICTED RIGHTS. Use, duplication, or disclosure by the Government is subject to restrictions as set forth in subparagraph (c)(1)(ii) of the Rights in Technical Data and Computer Software clause of DFARS 252.227-7013 or subparagraphs (c)(1) and (2) of Commercial Computer Software - Restricted Rights at 48 CFR 52.227-19, as applicable. Manufacturer is First Data Corporation.
Export Controls. The Application and any underlying technology may not be accessed or exported outside the United States or to any foreign entity or "Foreign Person" as defined by the U.S. government regulations, including without limitation, anyone who is not a citizen, national or lawful permanent resident of the United States. By downloading data or using the Application, I am agreeing to the foregoing and I am warranting that I am not a "Foreign Person" or under the control of a "Foreign Person."

15. No Warranty. I expressly agree that the use and storage of any information through use of the On-line Services is at my sole risk and responsibility. NEITHER THE FUNDS NOR ANY THIRD PARTY (INCLUDING, WITHOUT LIMITATION, ANY U.S. BANK), MAKES ANY REPRESENTATIONS OR WARRANTIES EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF MERCHANTABILITY, ACCURACY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE ON-LINE SERVICES, THE APPLICATION, ANY ACCOMPANYING ON-LINE MATERIALS, OR ANY INFORMATION PROGRAMS OR PRODUCTS OBTAINED FROM, THROUGH, OR IN CONNECTION WITH THE ANY OF THE FOREGOING. IN NO EVENT WILL THE FUND OR ANY THIRD PARTY BE LIABLE FOR, INCLUDING, WITHOUT LIMITATION, DIRECT, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES FOR LOSS OF PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION, COVER, LOSS OF GOODWILL, WORK STOPPAGE, COMPUTER FAILURE OR MALFUNCTION, SPECIAL DAMAGES OR OTHER PECUNIARY LOSS ARISING OUT OF OR RESULTING FROM ANY DEFECT IN, INABILITY TO ACCESS, OR USE OF THE ON-LINE SERVICES OR THE APPLICATION EVEN IF THE FUNDS OR ANY THIRD PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. Because some states do not allow the exclusion or limitation of warranties or of liability for consequential or incidental damages, the above limitation may not apply to me. No oral advice or written information given by the Funds or any of their employees or agents will create a warranty, and I will not rely on any such information or advice. The Funds does not warrant that the On-line Services are uninterrupted or error free or that the Website or server making it available is free of viruses or other harmful components. I understand that an undetected or unrepaired virus may corrupt and destroy my programs, files and hardware, and that the virus may be unintentionally transmitted to other computers.

16. Assignment. I may not assign this Agreement or any rights or obligations hereunder without the consent of the Funds. The Funds may assign this Agreement or any of their rights or obligations under this Agreement without notice to me.

17. Notices. All notices to the Funds under this Agreement will be directed to:

Kinetics Mutual Funds
615 E. Michigan Street
Milwaukee, WI 53201
Attention: On-line Services Inquiry

18. Termination; Amendment; No Waiver. The Funds may terminate this Agreement or amend it in whole or in part by notice to me. This Agreement may not be amended in any other manner. The failure or delay of the Funds to enforce any provision of this Agreement will not be construed as a waiver of such provision. I may terminate this Agreement by notifying the Funds in writing. This Agreement will also terminate if I fail to comply with any condition of this Agreement, and I agree that upon such termination I shall halt access to the On-Line Services, the Application and all on-line documentation.

19. Governing Law. This Agreement is governed by the laws of the State of Wisconsin except for conflict of law provisions. Captions in this Agreement are included for convenience of reference only and do not effect the construction or effect of the provisions of this Agreement. The application of the United Nations Convention of Contracts for the International Sale of Goods is expressly excluded.

20. No Bank Guarantee. I understand that shares of the Funds are not bank deposits or obligations of, or guaranteed, endorsed or otherwise supported by any U.S. Bank or affiliate, and are not federally insured or guaranteed by the U.S. government, Federal Deposit Insurance Corporation, Federal Reserve Board, or any other governmental agency.

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