CHOU ASSOCIATES MANAGEMENT INC. Information

110 SHEPPARD AVENUE EAST, TORONTO, , M2N 6Y8, (416) 214-0675

Report Date: 12/31/2013

Position Statistics

Total Positions 27
New Positions 2
Increased Positions 5
Decreased Positions 5
Positions with Activity 10
Sold Out Positions 3
Total Mkt Value (in $ millions) 347

Institutional Holdings information is filed by major institutions on form 13-F with the Securities and Exchange Commission.

Sector Weighting

Basic Materials 21.26%
Capital Goods 0.16%
Conglomerates
Consumer Cyclical
Consumer/Non-Cyclical
Energy 0.14%
Financial 36.51%
Healthcare 8.7%
Services 13.3%
Technology 11.66%
Transportation 0.28%
Utilities

27 Positions as of 12/31/2013

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
RESOLUTE FST PRODS INC COM 73,850 1,747 2.42 4,227,259
BERKSHIRE HATHAWAY INC DEL CL A 57,192 New 300
NOKIA CORP SPONSORED ADR 36,700 33,030 900 5,000,000
SEARS HLDGS CORP COM 30,799 New 803,526
SANOFI SPONSORED ADR 21,459 New 410,000
JPMORGAN CHASE & CO WT EXP 102818 21,434 New 1,126,347
CITIGROUP INC COM NEW 19,770 New 410,000
WELLS FARGO & CO NEW WT EXP 102818 18,454 New 997,500
MBIA INC COM 12,937 New 1,080,797
GOLDMAN SACHS GROUP INC COM 11,808 New 75,000
OVERSTOCK COM INC DEL COM 10,673 -2,057 (16.16) 582,271
ACTAVIS PLC SHS 6,988 -8,153 (53.85) 35,400
BANK OF AMERICA CORPORATION WT EXP 011619 6,653 New 836,825
LANDS END INC NEW COM 6,308 New 241,701
CHUNGHWA TELECOM CO LTD SPON ADR NEW11 4,132 New 132,088
BLACKBERRY LTD COM 3,783 2,460 185.97 529,040
RYANAIR HLDGS PLC SPONSORED ADR 971 New 17,000
GLAXOSMITHKLINE PLC SPONSORED ADR 945 945 New 18,000
ASTRAZENECA PLC SPONSORED ADR 825 825 New 13,000
CHINA YUCHAI INTL LTD COM 544 New 25,537