Ryman Hospitality Properties (RHP) Colin Reed, Executive Chairman & Mark Fioravanti, President & CEO

Justin: So it's my pleasure to introduce Ryman Hospitality Properties. Ryman trades on the New York Stock Exchange under the ticker rhp. The company is structured as a real estate investment trust. Ryman owns a portfolio of world class hotels with a special focus on serving large scale groups. The company has 63.5 million shares in OP units trading around $114 for an equity market cap of 7.2 billion, 3.5 billion of consolidated net debt, uh, 433 million on controlling interest for a total enterprise value of 11.2 billion. Given we're at the sports and media conference, our focus today will be Ryman's entertainment asset, the Opry Entertainment Group, which Ryman operates as a subsidiary. OEG is a preeminent live entertainment company focused on the 150 million country music and lifestyle fans in the U.S. to paraphrase CEO Patrick Moore, the Opry Entertainment Group is in the business of creating and owning assets that are one of one. They own the Grand Ole Opry and Ryman Auditorium in Nashville, two of the most iconic, uh, country music stages in the world. Home of the longest running radio television program, Austin City, Libetz at the Moody Theatre, the longest running music television program, two chains of artist inspired entertainment venues, O Red with Blake Shelton and Category 10 with Luke Combs. So in addition to these iconic assets, the business also has an attractive growth profile based on the midpoint of their guidance this year. OEG has grown, adjusted EBITDA to 12% CAGR over the last seven years. So joining us today we have Executive Chairman Colin Reed. Colin's been with ryman for about 25 years, most of that time as CEO from 2001 to 2022 where he led the company through a strategic reorganization from Gaylord Entertainment into the REIT structure. And what is Ryman Hospitality Properties today? Also joining us is President and CEO Mark Fioravanti. Mark was with Colin all along the way. He joined Ryman in 2002, served in a number of leadership roles including SVP, Sales and Marketing, CFO and now CEO since 2023. So welcome. Thank you for joining us.

Colin Reed: Thank you. We're happy to be here. And uh, we both had different meetings in uh, New York City. He's been um, um, loving on the reap mafia and uh, uh, I had other meetings. So you get two for the price of one this morning.

Justin: So maybe for some in the audience who might be less familiar with Opry Entertainment Group, maybe a high level question to start. What's the long term vision of this company? Why Is it so exciting to be in live entertainment and country music right now?

Colin Reed: You want me to start? Okay, I'll start. So, Justin, you very accurately describe the physical assets of our business. And the way I sort of think about it is if you look at it as a target, and in the middle, the bull's eye is these irreplaceable assets that we have. The Grand Ole Opry has last year, uh, celebrated its 100th year anniversary. And what it's been able to do as a business, um, and as an incredible place over this 100 years is build this incred relationship with the artist community. And, um, if you go back and track what has happened in the city of Nashville, Music city, essentially, the Opry, um, was, uh, the focal point that brought all of these artists from all across America to, uh, the city of Nashville to live there. And then you have the Ryman, which is the mother church of country music. That's about 135 year old. And what we've been able to do is, is build out from that these different physical assets, uh, whether it be brands with Luke or whether it be brands with Blake, whether it's being in the amphitheater business, whether, uh, it's in the fairs and festivals business. What we have, um, uh, in Austin with Austin City Limits. The idea here is to create a connection, um, with both the, the artists, where we pick artists up in their very early stage of their career and rotate them through these physical assets, this farm system that we have created. The other part of this strategy is the consumer, the customer, the country lifestyle, uh, consumer. We estimate there's about 150 million of them in the United States. And we're picking these customers up in these different points, bringing them into our solar system, into our CRM, and then being able to cross market these customers to, to our other, to our other businesses. The other thing that has happened is with iPhones and iPads, technology has changed the way consumers consume music. You know, 15 years ago, um, there was no such thing as itunes, Spotify, these types of streaming services, um, and they now exist. And it's really created this, um, appetite for country music, not just domestically, but internationally. What is happening with country on an international, on the international arena is extraordinary. Luke Combs, as an example, at the end of July this year, will go and play in front of 85,000 people in Dublin. Same thing in Scotland. He's filling Wembley Stadium three nights, 250,000 people in London, um, listening to the music that this young man has written. So the other thing that's happened since, um, Covid is. I think as a human race, we love to get out more. We don't like to be confined to our basements, and live entertainment is just blowing up. And uh, so it's a combination of, you know, we have these very, very exclusive assets. We have this great relationship, um, with the, um, um, artists in this, uh, community. Um, and we see a lot of growth ahead of us for this particular business. What have I missed?

Mark Fioravanti: You talked about it from the consumer and artist perspective, but also, as we've built out these various verticals and we're scaling them right across all of the verticals, it allows us to leverage things like sponsorship, ticketing, uh, purchasing and the other functions of the organization that really drive incremental profitability and value. As we scale the business and retail too, we've really reached that. This business is now reaching that point, uh, where we can benefit from scale.

Justin: So we've talked about growth, we've talked about building out the verticals. I think I heard on the last earnings call that you hosted, Patrick, uh, mentioned the most robust confirmed pipeline of growth for OEG in the company's history. I wanted to kind of pull on that string a little bit more. So, uh, what are some areas of the live entertainment ecosystem that we should be thinking about OEG maybe expanding into? I think you've described it as widening the Runway and maybe what are some areas that you're in now where you could potentially go deeper into?

Colin Reed: Yeah, you know, the. The. The stronger our brand becomes, the stronger, um, the, uh. The, um, connection between OEG and. And developers as an example, or cities as an example. You know, we're having cities now reach out to us and say, hey, you know, we would like to build an amphitheater in our market, and we would like to consider doing it with you, um, fairs and festivals. You know, that business is a very, um, fragmented business. And there's an opportunity to, quote, roll that business, Roll that business up. You know, the. We just announced, uh, about three weeks, four weeks ago, um, with the Indianapolis Pacers, the uh, Old Red in Indianapolis. These folks came at us and they said, hey, you know, we're building all of this infrastructure in downtown Indianapolis. We would really love to do something that's fun in the country music ecosystem. And that led to. That happened about six months ago. And that led to, uh, you know, to us developing a fairly capital light, um, uh, opportunity in a city that, you know, just loves country music.

Justin: And in addition to that ole Red, I think you've got a Category 10 coming to Las Vegas as well. How do you think about where location is appropriate for an O Red versus a category 10? What does the pipeline look like for those two brands?

Colin Reed: You want to do it?

Mark Fioravanti: Yeah, I mean from a uh, market perspective, we're obviously looking at uh, we're looking for markets where there's a base of country music fans and how these particular artists perform within those markets. Also if you look at the markets that we're in and where we have the greatest success, they have significant tourism, typically, uh, significant convention markets. So you know, they're bringing ah, a significant number of consumers in into the market every day. And we typically position ourselves uh, you know, near those demand generators. If it's in, if it's all right. Las Vegas. You know, both of our locations are center strip on the strip and they're, they're really independent buildings from being inside a casino. Uh, if you look at a market like Indianapolis, we're right downtown, kind of in the heart of that emerging entertainment district. Close proximity to um, um, the Pacers arena, uh, the stadium as well as the convention center. So you really like any location based business. You want to be on the corner of Maine and Maine.

Colin Reed: The other thing that we have is explicit knowledge of how popular the individual artists are in those markets. So as an example, Indianapolis, we knew that uh, it was one of the big markets that Blake Shelton sells records in. We know that, you know, Blake has been to that market multiple times. He's played the national anthem at both the super bowl in the stadium and the Indianapolis 500. And so that led us to um, you know, thinking about he was probably the best fit for that market and the Pace has absolutely embraced that.

Justin: You mentioned the roll up opportunity in the fragmented festival space. I thought that was uh, an interesting strategic move a little over a year ago when you acquired a majority stake into Southern Hospitality, Southern Entertainment, that brought you uh, into um, that platform. Uh, you mentioned the amphitheaters. I think last time we spoke you had won one contract, uh, for the amphitheater in Nashville. Now you have a second. So what is the growth outlook, uh, look like there, are there more RFPs that you're working on for amphitheaters? Um, both organic and inorganic. How does growth look like for the festivals?

Colin Reed: I would suspect that if, uh, we're sitting here a year from now, um, uh, I'm not going to get into how many and where. You know, obviously um, this thing is being streamed. So uh, we've got to be careful of what we say. Um, But I suspect that if, um, we're sitting here a year from now, um, we will be talking about, uh, more deals that have, uh, materialized between now and then.

Justin: And I wanted to touch on intellectual property content. Uh, you. You mentioned the relationships with the artists is a really critical part of this business. You get involved with artists at a very early stage in their career with their Opry debut, Opry nextstage. Uh, I believe I've asked in the past about potentially getting into the media rights. I think from an inorganic m and a perspective, it's maybe not a priority, but how do you think about getting more into the media rights, into the content development? What does the IP and the content side of this business look like?

Colin Reed: Yeah, I don't know. I don't know what you think, Mark, but my view on this is that I think it will be a natural progression. You know, when I think about, um. You know, it was nine years ago that you and I met Luke Combs for the first time. The kid never had a. He'd never had. He didn't have a record deal. He hadn't had a number one. And, um, we spent a couple of days with him, and, um, you know, fast forward to today. He's had 21 number ones, 19 of which he's written. And that catalog that he owns is worth hundreds of millions of dollars. And I think about that, and I then think about this next stage program that we have where we sit with management companies, not the biggie biggies, but management companies and identify young artists that we listen to, we watch, we observe. Maybe hasn't had a number one. And we sign these folks up, and then we power them through our, um, our social media. Uh, we bring them onto the platform of the Opry, we stream the Opry, and we help build their career. And so for me, I think it's a natural progression that sometime, sometime in the future with these young, emerging, great young artists. And we look over the last five, six years, we've had a hell of a good hit rate on this. I mean, some of the artists that we have tucked under our wings, um, have really, really made it in country music.

Mark Fioravanti: I mean, you know, we syndicate the Opry today, um, I think, you know, about 50 million households in the U.S. we're now, uh, we're now on Sky Arts, uh, in the uk we're doing more and more, uh, content work, uh, with folks like Hallmark, et cetera. So it does seem like a natural progression to move more into content rights, et cetera. To the point you made earlier it's, it's, you know, it's a little challenging right now given where some of the multiples are trading, uh, to buy some of those assets. But uh, it certainly makes sense given the brands and the relationships that we have long term.

Colin Reed: Some of you may have read, uh, yesterday, it was in the Journal, um, Garth is considering selling his out, uh, selling his collection. And the price is sort of around 2 billion. Um, and um, it's, it's, it's incredible what these folks have been able to do. And the popularity of this music allows for multiples like that to occur.

Justin: Well, we look forward to hearing more about that and your exploration of that opportunity, uh, from a archival perspective. Opry's been around 100 years. Uh, how does it work in terms of the intellectual property there?

Colin Reed: You want to take that one.

Mark Fioravanti: So we own the performances that occur on the stage, um, and to the extent that we want to uh, distribute them or use them in uh, other forms or fashion, then obviously we pay clearance and uh, pay royalties, uh, to the artists as well as publishing, et cetera. Uh, but we do own those and we do have the right to use them.

Colin Reed: And we are. When you mention Mark, uh, Sky in the uk, given the tremendous growth in um, in popularity, uh, of country, you know, we take a lot of these historical performances and bundle them and use um, those, uh, in the content distribution part of it. But ah, it's a very interesting time for this, uh, particular genre of music.

Justin: Speaking of interesting times, I have somewhat of a bizarre question, but it's also, I think, you know, a reflection of some of the strange things that are happening in the world now. There are artists making music videos, making songs hitting the Billboard top charts. They don't exist, the AI artists. So, uh, Zanaya Monet, there's a country artist breaking rust. I'm curious, what's your take on these AI artists?

Colin Reed: Oh, I think we're going to be seeing more and more of it. But at uh, this stage, that's not what we do. We're live. And I don't believe that there will ever be uh, a time, certainly not in the next 10 to 15 years where um, people will have more desire to see AI generated artists than the real thing. And um, we're very much focused, very much focused on the real thing. But you know, it's very interesting. I was talking to an artist, uh, uh, two or three weeks ago, um, and he was telling me that the. Some of the emerging AI capabilities are actually helping him. He's a great songwriter, this individual Luke, who was another artist that's a member of the Grand Ole Opry, and what they're able to do now do, he has an idea on a song, he'll formulate the song and then he'll plug it into technology, and that will help, you know, literally build the format of that song. Rather than spend two days in a, um, you know, in a recording studio where the artist would say, you know, I'd have to pay two, $3,000 a day to, you know, get an hour or two hours in a recording studio. I think recording studios, I think over the course of the next five, 10 years are probably going to see a downturn in their, in their, in their usage because of what AI is doing. But if you speak to the artists, particularly those that are the songwriters, they're saying that this technology is actually helping them.

Mark Fioravanti: Uh, it'll be interesting to see how, um, AI created content and human created content, how those two things evolve and ultimately how consumers value one versus the other. Because we're very quickly reaching a point where the only way you'll know if it's human created content or not is if you're in the room with the person. Right. You physically have to be there, uh, to know that it's is an actual human being. And, uh, I think that there's the potential that phenomenon can bode very well for live entertainment, um, because I do think that people enjoy coming together and having that experience with another human being versus something that's computer generated.

Colin Reed: Now there is also what I would call a hybrid opportunity. So I don't know whether you're familiar with this product in the East End of London, uk, London, called ABBA Voyager. And it essentially is Avatar meets, um, abba, where the ABBA music, the ABBA catalog is brought back alive through AI because two of the band, I think, are now deceased and the band does not exist anymore. So I think there's an opportunity, particularly for an organization like us that owns this relationship in the 40s, the 50s, the 60s, with the likes of the Cashes, uh, George Jones, these iconic artists that are no longer with us. Is there an opportunity to bring these folks back and their music back and put it in front of the consumer in a very compelling way? So I think AI can play a very productive role, um, if it's done in a disciplined way.

Justin: Very interesting. Well, I have a ton more questions, but I wanted to check in to see if there's anyone in the audience that wanted to ask a question. We'll give you a mic. Just, uh, wait to uh, ask the question.

Colin Reed: There we go.

Justin: Hey, thanks uh, a lot for spending the time here today. Uh, my question is where do you think is the most under monetized aspect, uh, of the fan journey right now?

Colin Reed: Under um, monetized aspect of the fan journey in terms of, uh, you know, um, this may be a crazy response to your answer, but I think of Amazon, right? Amazon picked up a bunch of consumers and then they constantly widened the product that they put before these very loyal consumers. And I think there may be other businesses that we plug into to be able to um, other businesses that the consumer that we have a relationship with today, um, um, deal um, with. And so, uh, I think by building more of what we have, we can monetize the consumer more so, but also looking at other things that the consumer does, those consumers that we have the relationship with does that we can then plug into this business. This is very interesting because, um, unlike Amazon, Amazon, their whole thesis is the consumer and giving the consumer what they want instantly. And um, with us we have two very valuable relationships. It's the consumer, but also the artist. So the other thing is figuring out what we can do more so with the artists. So, um, this is a very interesting time for us. I, uh, hope that wasn't a crazy answer. Thank you.

Justin: So you've been very vocal that ultimately this business is going to be separated from the reit, Right. It doesn't make sense for it to exist forever as a taxable REIT subsidiary. Uh, the tax structure even, uh, has some limitations as to how big the business can get. Um, part of that journey is building out uh, Opry Entertainment Groups management team. So you've brought in a CEO. More recently you've brought in a cfo, cmo. So where are we kind of on that journey of building out the management team for it to be sort of a fully fledged standalone, uh, company Want to go?

Mark Fioravanti: Yeah. So we've made, I think we've made tremendous progress in a number of areas. You know, as we've looked at, uh, you know, how we ensure that the business is ready and will be successful and create, create shareholder value through separation. And to your point, leadership is obviously critical and we've made great strides there. As we talked about earlier, we have, um, moved into a number of other verticals, uh, uh, servicing the same um, artist community as well as the same consumer, ah, base. And what that allows us to do is have a more predictable growth trajectory and growth pipeline, which we think is critical that investors can underwrite growth over the next several years and this business can ultimately garner the kind of multiple, um, that it requires. And you know, the other phase that, uh, the other piece of this that we're looking at is that, um, you know, where's the market, how's the market thinking about live entertainment and is it receptive? And so I think that we've made a tremendous amount of progress, uh, across, uh, all those different categories to get this business ready, m. Uh, for it, uh, to be on its own. And there's a number of different ways structurally that that can happen. And uh, um, like I said, at the end of the day, the goal here, uh, uh, is to create a business that generates incremental value. And so that's really the focus. And, and that'll drive the timing and ultimately the structure.

Justin: So with the time that we have left, maybe let's, uh, pivot and talk about the other part of the business. So if you buy this wonderful entertainment business today as a fringe benefit, you get a great hotel business that's about 85% of the EBITDA of the entire business. So at the last, uh, earnings you reported, um, you raised the, uh, full year guidance, the leading indicators look pretty resilient. There's lots of advantages to focusing on large groups, one of them being that they have the longest booking window. So arguably you have the most visibility into the future of any, uh, publicly traded lodging rate. Um, but across the hotel industry, uh, quite a good viewpoint sort of into what's over the horizon. So how does the business on the books look? How is volume trending and ADR on the books as well?

Colin Reed: So I'll start here. M. And maybe, um, what I'm about to say will sound a little arrogant, um, but I believe out of all of the hospitality REITs, we're the only one, the only really REIT with, uh, a true strategy. What most of our competitors do is they go to a market and they buy a hotel and then they hope like hell that market does well when the market does well, they do well when the market doesn't do well. Like what's happened in the last two, three years in San Francisco. There are a whole bunch of REITs that are heavily invested in that market that, uh, have been suffering. We are customer focused. We are not city focused. So what we have done is we built these magnificent large convention resorts in great cities and we've built this relationship with the consumer with a large group. And what we found 15, 18, 20 years ago when we built this strategy was that there was a whole bunch of groups about, we think just over 20,000 of them that rotate from market to market year by year, that are 500 people or more when they turn up at a market. And we build a relationship with these people. Um, and that is the strategy. And then we also have a great leisure strategy too. And our business, if you look at the returns that we've been generated for our shareholders, we're sort of 2 and 3x what our competitors have done, uh, over the last, whether it picket 5 years, 10 years, 15 years, um, and it's because of this strategy, the other thing that we've been able to do as we build, as we build demand into a market through this rotational strategy, we're able to add product, we're able to go out and put another 300 rooms on the hotel at a very high rate of return. You know, we like to look at a minimum of a 12 unlevered IRR. Um, uh, on our hotel, uh, capital that we put into our hotel capital into our hotel business. And so as we sit here today, you know, this business that when Mark and I joined the company generated about $40 million. This year we're going to do just shy of 800 million in EBITDA for these, you know, seven, eight magnificent hotels that we now have. Um, the Ford book of business looks really exciting. We were very transparent when we talk to our shareholders about what do we have on the books for next year, what do we have on the books for the year after. When we go into 27, we'll go in with 50 points of occupancy on the books. Um, and um, the glide slope as we sit here today looks really, really exciting. Um, we have a lot of capital that we're spending right now. You want to reference some of that, Mark?

Mark Fioravanti: Yeah. So we have, um, you know, we have been working over the last several years to kind of fine tune the mix of our business drive, drive a little bit more corporate business versus association on the group side because they uh, they typically will transact at a higher room rate as well as they spend more money outside the room. A corporate room night's worth about 180% of an association room night when you look at outside the room spending. And so we have been investing in our hotels around things like carpeted breakout space, um, new food and beverage concepts, et cetera. These are assets and enhancements that, that corporations look for when they're booking higher end meetings. Um, and if you look at our forward book of business, um, what you'll see is that we have very, very good rate growth and that business is on the books. Rates for 27 and 28 are both running about uh, mid single digit increases, uh, over where we were prior year for those periods. So we're seeing nice lift in terms of rate. Um, you know, group, uh, business uh, looks quite healthy right now. If you look at um, you know we did outperform in the first quarter as you mentioned. And as we look at kind of all of the leading indicators, uh, in terms of um, uh, group business today, everything looks uh, quite healthy. Um, you know attrition and cancellation rates are very healthy. We see really good lead volumes, good production for all future years. Uh, and when groups are turning up on property, their outside the room spending uh, continues to remain strong. So you know that segment of our business, which group is about 70% of our hotel business, looks very good. And we're also seeing uh, despite what you see happening in the Middle east and some of the rhetoric politically, uh, uh, both the group and leisure customer continue to look strong, which I think

Justin: is kind of an interesting dynamic given the headlines that you read about consumer sentiment contrasted with corporate earnings momentum being very strong. So what are you seeing when groups are actually staying on premises? How is the out of room spend looking really good?

Mark Fioravanti: Outside the room spend has been terrific as well as uh, attrition levels and cancellation levels have remained low.

Colin Reed: You know it amazes me, um, when I think about our hotel in Nashville. You know, we have 2,880 rooms. We're in the middle of a capital program that is probably over the next three years going to be about 500 million. Uh, we're building about 100,000 square feet of more meeting space. Of all the convention hotels in the United States, it has, you know, by far the non gaming, by far the largest, uh, convention space. But we're adding another 100,000 square feet. That hotel this year will do, you know, 200 million in EBITDA. Ah, there's not another convention resort anywhere in this country, including you know, the marquee down the street that comes close to that. And um, um, it's quite remarkable. These businesses are doing really, really well.

Justin: So last question, uh, with a couple minutes we have left, um, another attractive part of this business is the anemic supply coupled with the strong demand. So these properties as you mentioned, thousands of rooms, half a million square feet of meeting space usually requires uh, some incentives to build these. I think there's nine in the last, uh, five or ten years that were built and some of them uh, your properties. So um, how do you think about Adding rooms, uh, you know, you have the opportunity to expand your own properties, uh, to bring on new supply. I think you've talked about the Rockies, uh, the Texan Hill Country. So um, what do you think about in terms of the timeline for that?

Colin Reed: I think the only hotel that would be a challenge for us to expand simply because of the footprint and the real estate will be our hotel in Washington. Um, and it's, and it's probably the least attractive in terms of current performance because of what has been going on in that market. But every other, all the rest of our hotels, we have land, you know, and at the right time, when we build sufficient demand, we have the ability to expand basically the rest of them, every one of them. And um, um, I think we're pretty close to pulling the trigger. Uh, in Colorado that hotel that we opened just before COVID is now established itself as probably the most successful convention resort in the Midwest. I mean it's doing incredibly well. Um, and we probably will add 400 ish rooms there and um, maybe a big water facility to double down on the leisure side. But the great thing about this is when you build out the footprint, you're deploying capital at ah, really healthy rates of return. And that is what has differentiated us um, um, in this environment, in this segment that we're in. Whereas our competitors, they don't do that, they go out and buy hotel at a 5, 6 cap rate and you know where the IRR is probably 9, 10 max. Um, and that is why we've demonstratively created more shareholder value over this last decade than our competitors.

Justin: Well Colin, Mark, we really appreciate you being here. We're looking forward to continuing to follow the Ryman story and having you back next year.

Colin Reed: Well, thank you Gabelli. Mario has been a big supporter of ours from uh, day one, since Mark and I got to the company and uh, we wish him well and we wish Gabelle well. So thank you. Thanks Justin.

Speaker D: Christopher Marangi is president and co cio Sergey Luzhevsky, Hannah Howard, Gustavo Pifano and Alec Bakanfuso. Our portfolio managers Justin McAuliffe and Jenny Mu are research analysts at Gabelli. The above webcast is an excerpt From Gabelli Fund's 18th annual Media and Entertainment Symposium. Gamco is providing these links as a matter of general information. We do not intend for these links to be a complete description of any security or company, nor is it a research report with respect to any of the companies mentioned herein. As of March 31, 2026 affiliates of GAMCO Investors Inc. Beneficially own on, um, behalf of their investment advisory clients or otherwise approximately 31.2% of Atlanta Braves Class A and 5.4% of Class C 11.3% of Sinclair 5.8% of E.W. scripps 5.2% of Madison Square Garden Sports 4.7% of Sphere Entertainment 3.3% of Manchester United 2.9% of Madison Square Garden Entertainment 2.6% of Gray Television Class A and less than 1% of Common 2.2% of Ryman Hospitality 2.0% of Liberty Global Class A 1.1% Liberty Global Class C 1.4% of Versant Media and less than 1% of all other companies mentioned the analyst's views are subject to change at any time based on market and other conditions. The information in this posting represents the opinions of the analyst and is not intended to be a forecast of future events, a guarantee of future results or or investment advice. Views expressed are those of the analyst and may differ from those of other GAMCO officers, analysts, other employees, or of the firm as a whole. Because the investment personnel at GAMCO and our affiliates make individual investment decisions with respect to the client accounts that they manage, these accounts may have transactions inconsistent with the information contained in this posting. Certain GAMCO personnel may know the substance of the posting prior to its posting. This webcast is not an offer to sell any security, nor is it a solicitation of an offer to buy any security. Stocks are subject to market economic and business risks that cause their prices to fluctuate. When you sell shares, they may be worth less than what you paid for them. For more information of prospectus or summary prospectus, visit our website at www.gabelli.com or call 800-WOOD, Gabelli.