CHOU ASSOCIATES MANAGEMENT INC. Information

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

Report Date: 12/31/2014

Position Statistics

Total Positions 28
New Positions 4
Increased Positions 6
Decreased Positions 7
Positions with Activity 13
Sold Out Positions 6
Total Mkt Value (in $ millions) 385

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

Sector Weighting

Basic Materials 19.36%
Capital Goods 0.94%
Conglomerates
Consumer Cyclical
Consumer/Non-Cyclical
Energy 0.11%
Financial 35.86%
Healthcare 5.55%
Services 19.83%
Technology 11.9%
Transportation 0.28%
Utilities

28 Positions as of 12/31/2014

Company Class Value of Shares ($1,000s) Change in Value ($1,000s) ▲ Change (%) Shares Held
JPMORGAN CHASE & CO COM -69,023 Sold Out 0
LANDS END INC NEW COM -5,563 Sold Out 0
GLAXOSMITHKLINE PLC SPONSORED ADR -854 Sold Out 0
RESOLUTE FST PRODS INC COM 74,441 -657 (0.88) 4,081,218
UTSTARCOM HOLDINGS CORP SHS NEW -324 Sold Out 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR -188 Sold Out 0
VERIZON COMMUNICATIONS INC COM -130 Sold Out 0
ASTRAZENECA PLC SPONSORED ADR 896 New 13,000
BANK AMER CORP WT EXP 011619 4,979 New 836,825
BERKSHIRE HATHAWAY INC DEL CL A 66,354 New 300
BLACKBERRY LTD COM 5,719 New 529,040
BP PLC SPONSORED ADR 414 New 10,000
CHINA YUCHAI INTL LTD COM 497 New 25,537
CHUNGHWA TELECOM CO LTD SPON ADR NEW11 4,155 New 132,088
CITIGROUP INC COM NEW 21,492 New 410,000
GOLDMAN SACHS GROUP INC COM 14,234 New 75,000
MBIA INC COM 9,727 New 1,080,797
NOKIA CORP SPONSORED ADR 40,050 New 5,000,000
OVERSTOCK COM INC DEL COM 13,229 New 582,271
RYANAIR HLDGS PLC SPONSORED ADR 1,077 New 17,000