Chou RRSP Fund 2014 Annual Shareholder Letter

Dear Unitholders of Chou RRSP Fund , The net asset value per unit of a Series A unit of Chou RRSP Fund at December 31, 2014 was $35.33 compared to $30.94 at December 31, 2013, an increase of 14.2%; during the same period, the S&P/TSX Total Return Index increased 10.6% in Canadian dollars. In $U.S., a Series A unit of Chou RRSP Fund was up 4.6% while the S&P/TSX Total Return Index returned 1.2%.

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