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) 376

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

Sector Weighting

Basic Materials 18.39%
Capital Goods 1.02%
Conglomerates
Consumer Cyclical
Consumer/Non-Cyclical
Energy 0.11%
Financial 36.42%
Healthcare 5.83%
Services 19.73%
Technology 11.51%
Transportation 0.3%
Utilities

28 Positions as of 12/31/2014

Company Class Value of Shares ($1,000s) Change in Value ($1,000s) Change (%) ▲ Shares Held
GLAXOSMITHKLINE PLC SPONSORED ADR -850 Sold Out 0
JPMORGAN CHASE & CO COM -68,662 Sold Out 0
LANDS END INC NEW COM -5,467 Sold Out 0
UTSTARCOM HOLDINGS CORP SHS NEW -307 Sold Out 0
VERIZON COMMUNICATIONS INC COM -129 Sold Out 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR -181 Sold Out 0
RESOLUTE FST PRODS INC COM 69,217 -611 (0.88) 4,081,218
ASTRAZENECA PLC SPONSORED ADR 909 New 13,000
BANK AMER CORP WT EXP 011619 4,904 New 836,825
BERKSHIRE HATHAWAY INC DEL CL A 65,910 New 300
BLACKBERRY LTD COM 4,656 New 529,040
BP PLC SPONSORED ADR 398 New 10,000
CHICAGO BRIDGE & IRON CO N V COM 3,337 3,337 New 67,446
CHINA YUCHAI INTL LTD COM 498 New 25,537
CHUNGHWA TELECOM CO LTD SPON ADR NEW11 4,196 New 132,088
CITIGROUP INC COM NEW 21,172 New 410,000
GLAXOSMITHKLINE PLC ORD 428 428 New 18,000
GOLDMAN SACHS GROUP INC COM 14,327 New 75,000
JPMORGAN CHASE & CO WT EXP 102818 25,208 25,208 New 1,126,347
MBIA INC COM 9,900 New 1,080,797