Sequoia Fund, Inc.

Risk Considerations

Fees and Expenses

Dividends/Capital Gains History

Proxy Voting Policies and Procedures

Investment Comparison

Investment Return Table

Performance Summary

Directors & Officers

Investment Adviser
& Fund Distributor

Custodian

Registrar and Shareholder Servicing Agent

Legal Counsel

Management Fees	1.00%
Other Expenses	0.03%
Total Fund Operating Expenses	1.03%
Expense Reimbursement*	0.03%
Net Expenses	1.00%

* Reflects Ruane, Cunniff & Goldfarb’s (“Ruane Cunniff”) contractual reimbursement of a portion of the Fund’s operating expenses. This reimbursement is a provision of Ruane Cunniff’s investment advisory agreement with the Fund and the reimbursement will be in effect only so long as that investment advisory agreement is in effect.

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The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the periods indicated and then redeem all your shares at the end of those periods. It also assumes that your investment has a 5% return each year and that the Fund’s operating expenses stay the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

1 Year*	3 Years	5 Years	10 Years
$102	$325	$566	$1257

* The Board of Directors must approve Ruane Cunniff’s investment advisory agreement each year. These examples assume that Ruane Cunniff’s agreement to reimburse operating expenses is not extended beyond the first year.