|CHOU ASSOCIATES MANAGEMENT INC.|
|Compounded Annual Rates of Return|
For Series A units:
* Inception dates:
Chou Associates Fund: November 28, 1986
Chou RRSP Fund: November 28, 1986
Chou Asia Fund: September 19, 2003
Chou Europe Fund: September 19, 2003
Chou Bond Fund: September 16, 2005
Disclaimer: Rates of return are historical total returns including changes in unit prices and assume the reinvestment of all distributions. These annual compounded returns do not take into account any sales charges, redemption fees, other optional expenses or income taxes that you have to pay and which could reduce these returns. The returns are not guaranteed. The Fund’s past performance does not necessarily indicate future performance.
The table is used only to illustrate the effects of the compound growth rate and it not intended to reflect future values of the mutual funds or returns on the mutual funds.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing.