Chou Fund MERs

	2010	2009	2008	2007	2006
Chou Associates Fund	1.79%	1.76%	1.73%	1.70%	1.74%
before waivers & absorptions	1.79%	1.76%	1.73%	1.70%	1.74%
Chou RRSP Fund	1.80%	1.77%	1.73%	1.62%	1.74%
before waivers & absorptions	1.80%	1.77%	1.73%	1.70%	1.74%
Chou Europe Fund	1.91%	1.80%	-2.88%	1.63%	1.78%
before waivers & absorptions	1.91%	1.80%	1.73%	1.87%	1.78%
Chou Asia Fund	1.81%	1.76%	1.72%	1.72%	1.77%
before waivers & absorptions	1.81%	1.76%	1.72%	1.72%	1.77%
Chou Bond Fund	1.43%	1.39%	0.50%	1.34%	0.40%
before waivers & absorptions	1.43%	1.39%	1.36%	1.34%	1.47%

Management expense ratio is based on total expenses for the stated period and is expressed as an annualized percentage of weekly average net assets during the period.

For Chou Bond Fund, the 2005 management expense ratio is for the period from September 16 to December 31.

Disclaimer: Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their value change frequently and past performance may not be repeated.