Francis Chou

Chou Associates Fund, Chou RRSO Fund, and Chou America Mutual Funds
Overstock.com Common Stock Purchases
As of February 6, 2012
Prepared by: Sam E. Antar

As of

Shares
Purchased

Average Cost
Per Share

Total Actual Cost
(Unless Noted)

Notes

Source
Chou Associates Fund
Annual Report
Chou RRSP Fund Annual
Report

12/31/10

1,504,209 $

20.62 $

31,016,174.00 Purchased before 12/31/10

12/31/10

715,500 $

20.83 $

03/31/11

85,000 $

13.34 $

05/08/11

25,000 $

13.68 $

14,906,146.00 Purchased before 12/31/10
Purchased from 01/01/11 to
03/31/11 (Cost basis unavailable.
Used lowest quoted price during
1,133,900.00 period.)
SEC Form N-Q
Purchased from 04/01/11 to
05/08/11 (Cost basis unavailable.
Used lowest quoted price during
342,000.00 period.)
SEC Form N-CSRS
Total shares owned matches
Initial Statement of Beneficial
47,398,220.00 Ownership of Shares
SEC Form 3

Subtotal

2,329,709 $

20.35

$

As of
05/09/11
05/13/11
05/16/11
05/17/11
05/19/11
05/20/11
05/23/11
06/10/11

Shares
Purchased
3,000
1,500
5,000
17,500
2,200
5,000
5,000
5,000

$
$
$
$
$
$
$
$

Average Cost
Per Share
13.65
13.70
13.70
13.70
13.70
13.70
13.70
13.70

$
$
$
$
$
$
$
$

Total Actual Cost
(Unless Noted)
40,950.00
20,550.00
68,500.00
239,750.00
30,140.00
68,500.00
68,500.00
68,500.00

Total Shares Held
2,332,709
2,334,209
2,339,209
2,356,709
2,358,909
2,363,909
2,368,909
2,373,909

06/13/11
07/28/11
07/29/11
08/01/11
08/04/11
08/18/11
08/19/11
08/22/11
09/12/11

17,500
5,000
150,000
190,500
40,000
100
8,443
15,500
9,983

$
$
$
$
$
$
$
$
$

13.70
12.79
13.00
12.50
11.56
9.80
9.80
9.80
9.50

$
$
$
$
$
$
$
$
$

239,750.00
63,950.00
1,950,000.00
2,380,754.70
462,400.00
980.00
82,733.80
151,900.00
94,838.50

2,391,409
2,396,409
2,546,409
2,736,909
2,776,909
2,777,009
2,785,452
2,800,952
2,810,935

09/21/11
10/03/11
10/04/11
11/01/11
11/02/11
11/04/11
11/07/11
11/08/11
11/09/11
11/10/11
11/18/11
11/21/11
11/22/11
11/23/11
11/25/11
12/07/11
12/09/11
12/14/11
12/19/11
12/21/11
12/23/11
12/29/11
01/03/12
01/04/12
01/06/12
Subtotal

15,000
31,059
3,100
50,000
14,425
418
2,377
1,378
8,144
22,091
20,394
64,882
5,432
1,370
17,489
6,419
28,618
4,000
13,207
34,455
10,404
5,572
32,718
6,851
50,000
931,029

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

9.50
8.95
8.90
7.99
7.99
8.10
8.00
8.00
8.00
8.00
8.00
7.98
8.00
7.95
7.75
7.75
7.75
7.75
7.75
7.75
7.73
7.70
7.69
7.70
7.00
10.30

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

142,500.00
277,978.05
27,590.00
399,695.00
115,297.58
3,385.80
19,016.00
11,024.00
65,180.50
176,728.00
163,125.49
518,069.79
43,456.00
10,891.50
135,539.75
49,747.25
221,789.50
31,000.00
102,354.25
267,026.25
80,387.55
42,904.40
251,588.33
52,752.70
350,000.00
9,591,724.70

2,825,935
2,856,994
2,860,094
2,910,094
2,924,519
2,924,937
2,927,314
2,928,692
2,936,836
2,958,927
2,979,321
3,044,203
3,049,635
3,051,005
3,068,494
3,074,913
3,103,531
3,107,531
3,120,738
3,155,193
3,165,597
3,171,169
3,203,887
3,210,738
3,260,738

Totals
3,260,738 $
Stock Price 02/06/12
$
Loss
Percentage loss

17.48
6.95

$
$
$

56,989,944.70
(22,662,129.10)
34,327,815.60
60.23%

Source
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4 (See note
below)
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4 (See note
below)
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4
SEC Form 4

Link
http://www.choufunds.com/pdf/AR10_1.pdf

http://www.choufunds.com/pdf/AR10_1.pdf

http://www.sec.gov/Archives/edgar/data/1486174/000031577411000114/dng.htm

http://www.sec.gov/Archives/edgar/data/1486174/000031577411000260/dncsrchou.htm

http://www.sec.gov/Archives/edgar/data/1130713/000114420411028259/xslF345X02/v222087_ex.xml

Link
http://www.sec.gov/Archives/edgar/data/1130713/000114420411028260/xslF345X03/v222088_ex.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411030717/xslF345X03/v223232_ex.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411030717/xslF345X03/v223232_ex.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411030717/xslF345X03/v223232_ex.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411031970/xslF345X03/v223906_ex.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411031970/xslF345X03/v223906_ex.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411031970/xslF345X03/v223906_ex.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411035787/xslF345X03/v225967_ex.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411035787/xslF345X03/v225967_ex.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411043244/xslF345X03/v230495_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411043244/xslF345X03/v230495_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411043244/xslF345X03/v230495_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411044666/xslF345X03/v231314_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411049181/xslF345X03/v233161_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411049181/xslF345X03/v233161_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411049181/xslF345X03/v233161_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411053113/xslF345X03/v234939_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411054618/xslF345X03/v235700_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411056637/xslF345X03/v236610_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411056637/xslF345X03/v236610_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411061257/xslF345X03/v239169_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411061257/xslF345X03/v239169_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411062173/xslF345X03/v239716_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411062173/xslF345X03/v239716_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411062173/xslF345X03/v239716_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411064748/xslF345X03/v240679_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411064748/xslF345X03/v240679_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411066611/xslF345X03/v241540_.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411066611/xslF345X03/v241540_.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411066611/xslF345X03/v241540_.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411067274/xslF345X03/v241848_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411067274/xslF345X03/v241848_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411069298/xslF345X03/v242841_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411069298/xslF345X03/v242841_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411070342/xslF345X03/v243318_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411071089/xslF345X03/v243751_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411071089/xslF345X03/v243751_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420411072250/xslF345X03/v244334_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420412000310/xslF345X03/v244535_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420412000310/xslF345X03/v244535_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420412001186/xslF345X03/v244959_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420412001186/xslF345X03/v244959_4.xml

Notes:
As of 06/30/11 Chou's various funds owned 2,391,409 Overstock.com shares as follows:
Chou Associates Fund

1,504,209

Chou RRSP Fund
Chou America Fund
Total Shares

715,500
171,700
2,391,409

As of 09/30/11 Chou's various funds owned 2,825,935 Overstock.com shares as follows:
Chou Associates Management Inc.
2,310,209
Chou America Fund
515,726
Total Shares
2,825,935

Chou Associates Fund SemiAnnual Report
http://www.choufunds.com/pdf/SemiAR11.pdf
Chou RRSP Fund SemiAnnual Report
http://www.choufunds.com/pdf/SemiAR11.pdf
SEC Form N-Q
http://www.sec.gov/Archives/edgar/data/1486174/000031577411000260/dncsrchou.htm
SEC Form 4
http://www.sec.gov/Archives/edgar/data/1130713/000114420411035787/xslF345X03/v225967_ex.xml

SEC Form 13-F
SEC Form N-Q
SEC Form 4

No data available on allocation of Overstock.com shares owned among funds as of 12/31/11 and 01/06/12.
However, Chou's funds owned the following total amount of Overstock.com shares based on S.E.C. filings:
SEC Form 4
Total Shares (12/31/11)
3,171,169
SEC Form 4
Total Shares (01/06/12)
3,260,738

http://www.sec.gov/Archives/edgar/data/1389403/000114420411064267/v240562_13fhr.txt
http://www.sec.gov/Archives/edgar/data/1486174/000031577411000308/dnq.htm
http://www.sec.gov/Archives/edgar/data/1130713/000114420411054618/xslF345X03/v235700_4.xml

http://www.sec.gov/Archives/edgar/data/1130713/000114420412000310/xslF345X03/v244535_4.xml
http://www.sec.gov/Archives/edgar/data/1130713/000114420412001186/xslF345X03/v244959_4.xml