Chou Fund MERs

	2006	2005	2004	2003	2002
Chou Associates Fund	1.74%	1.75%	1.77%	1.86%	1.87%
Chou RRSP Fund	1.74%	1.75%	1.79%	1.79%	1.83%
Chou Europe Fund	1.78%	1.84%	0.87%	0.40%	-
before waivers & absorptions	1.78%	1.84%	1.94%	0.73%	-
Chou Asia Fund	1.77%	1.76%	0.77%	0.49%	-
before waivers & absorptions	1.77%	1.76%	1.85%	0.80%	-
Chou Bond Fund	0.40%	0.16%	-	-	-
before waivers & absorptions	1.47%	0.48%	-	-	-

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 Asia Fund and Chou Europe Fund, the 2003 management expense ratio is for the period from September 19 to December 31.

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.