0000315774-10-000186 Sample Contracts

CUSTODIAN AGREEMENT (FOREIGN AND DOMESTIC SECURITIES)
Custodian Agreement • June 28th, 2010 • Chou America Mutual Funds • California

This Custodian Agreement is made by and between Chou America Mutual Funds ("Principal") a management investment company registered under the Act with separate portfolios listed in Appendix A (each a “Fund”) each acting on its own behalf separately from all other Funds and not jointly or jointly and severally with any other Fund, and UNION BANK, N.A. ("Custodian"). Principal desires that Custodian hold and administer on behalf of Principal certain Securities (as herein defined) with respect to each Fund. Custodian is willing to do so on the terms and conditions set forth in this Agreement. Accordingly, Principal and Custodian agree as follows:

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CHOU AMERICA MUTUAL FUNDS INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • June 28th, 2010 • Chou America Mutual Funds • Delaware

This Agreement is made as of June 16, 2010, by and between the Chou America Mutual Funds, a Delaware statutory trust (“Trust”), on behalf of each series of the Trust listed on Schedule A hereto, as may be amended from time to time (each, a “Fund”), and Chou America Management Inc., a Canadian corporation (“Adviser”).

DISTRIBUTION AGREEMENT
Distribution Agreement • June 28th, 2010 • Chou America Mutual Funds • New York

THIS AGREEMENT is made as of June 15, 2010, between Chou America Mutual Funds (“Fund”), a Delaware statutory trust, and Rafferty Capital Markets, LLC, (“RCM”), a corporation organized and existing under the laws of the State of New York.

COMBINED SERVICES AGREEMENT
Combined Services Agreement • June 28th, 2010 • Chou America Mutual Funds • Delaware

AGREEMENT (this “Agreement”) made this day of June, 2010 (the “Effective Date”), between Atlantic Fund Administration, LLC and its subsidiaries (the “Administrator”), a limited liability company organized under the laws of the State of Delaware with its principal place of business at Three Canal Plaza, Portland, Maine 04101, and Chou America Mutual Funds (the “Trust”), a Delaware statutory trust with its principal place of business at Three Canal Plaza, Portland, Maine 04101.

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