You may purchase shares of the Fund directly by mail or by wire transfer or indirectly through participating financial intermediaries that have selling arrangements with the Fund. After you have established an account with the Fund directly and made your first purchase, you may make subsequent purchases by mail or telephone or through the Fund’s automatic investment plan. The Fund accepts purchase orders for fractional shares. The Fund reserves the right to withdraw the offering of Fund shares at any time, without notice.

Important Note to New Taxable Investors: As of March 31, 2008, the net unrealized appreciation of the Fund’s portfolio was approximately 44.6% of the Fund’s NAV. If the Fund sells appreciated securities and distributes the profit, the distributed appreciation will be taxable to you either as capital gains or as ordinary income, depending upon how long the Fund held the appreciated securities. You should carefully consider the potential tax effects of an investment in the Fund, due to the substantial, net unrealized appreciation of the Fund’s portfolio, prior to making an investment in the Fund.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions, including the Fund, to obtain, verify and record information that identifies each person opening an account with the Fund. If you are opening an account with the Fund and do not provide the requested information, the Fund (or its transfer agent) may not be able to open an account for you. If the Fund (or its transfer agent) is unable to verify your identity, or believes that it has identified potentially criminal activity, the Fund reserves the right to close your account or take such other action it deems reasonable or required by law.

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+ The Fund does not impose minimum investment amounts with respect to subsequent investments.

Purchases By Mail
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To make your initial purchase of Fund shares by mail, complete the appropriate account application, make a check payable to “Sequoia Fund, Inc.”, and mail the completed account application and check to:

If you are sending the check and account application via express delivery, registered or certified mail, please send to:

Please note that an account cannot he opened without a completed and signed account application.

To make subsequent purchases by mail, make a check payable to “Sequoia Fund, Inc.” and mail the check to the above-referenced address that corresponds to the method of delivery. Please include your account number on the check.

Purchases by Wire
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To open an account with the Fund and make an initial purchase of Fund shares by wire, call 1-800-686-6884 for details. You must complete the appropriate account application prior to purchasing Fund shares by wire.

To make subsequent purchases by wire, wire your funds using the instructions set forth below. As indicated below, please include the Fund’s name and your account number on the wiring instructions.

Wired funds must be received by the Fund prior to the close of the Exchange on any day in order to receive the Fund's NAV for that day. Heavy wire traffic over the Federal Reserve System may delay the arrival of purchase orders made by wire.

Additional Purchases by Telephone
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You may not make initial purchases of Fund shares by telephone. You may, however, make additional purchases of Fund shares by telephone if you have elected such option on the account application and provided the Fund with the necessary information to complete such purchases. Call 1-800-686-6884 for details. Purchases of Fund shares by telephone will be completed via Automated Clearing House (“ACH”), and the amount of the purchase will be deducted from your bank account. Your account with the Fund will be credited with the additional shares on the trade date, but the dollar amount will not post until it clears the banking system.

Additional Purchases by the Automatic Investment Plan (Via Automated Clearing House)
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You may not make initial purchases of Fund shares by ACH. You may, however, make additional purchases of Fund shares by ACH if you have elected the automatic investment plan option on the account application and provided the Fund with the necessary information to complete such purchases. Through the automatic investment plan, you can make fixed, periodic purchases of Fund shares by means of automatic money transfers (ACH transfers) from your bank account. Such purchases are accepted on the 1st day and 15th day of each month. Please allow up to 15 days to establish the automatic investment plan for your Fund account. The Fund may amend or terminate the terms and conditions of the automatic investment plan option at any time, and will notify you at least 30 days in advance if it does so.

To cancel or modify the automatic investment plan with respect to your Fund account, please make your cancellation or modification request in writing and send the request to:

Please allow up to three days to cancel or modify the automatic investment plan for your Fund account.

Additional Purchase Information
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Orders for the purchase of Fund shares will not be accepted unless they are in “good order.” A purchase order is generally in “good order” if an acceptable form of payment accompanies the purchase order and the order includes:

Checks must be payable in U.S. dollars and must be drawn on a U.S. bank. Third party checks (i.e., any check: which is not made payable to the Fund, DST Systems, Inc. or a retirement account custodian), credit cards, money orders, travelers checks, bearer securities, cashiers checks and cash will not be accepted. You will be charged (minimum of $2.50) for any check used for the purchase of Fund shares that is returned unpaid. If you purchased Fund shares by check, you may not receive the proceeds of a subsequent redemption request until there is a reasonable belief that the check has cleared, which may take up to 15 calendar days after the purchase date.

The transfer agent has adopted reasonable procedures to protect against unauthorized transactions made by telephone. Assuming the transfer agent properly acts on telephone instructions and follows such procedures, neither the Fund nor the transfer agent will be responsible for any losses due to transactions authorized by telephone.

Individual Retirement Accounts
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You also may purchase shares for an individual retirement account, or IRA, including a Roth IRA. IRA investments are available for regular contributions as well as for qualified rollover contributions of distributions received from certain employer-sponsored pension and profit-sharing plans and from other lRAs. All assets in the IRA are automatically invested in Fund shares, including all dividends and capital gain distributions paid on Fund shares held in the IRA. There is an annual fee of $12.00 for an IRA account.

Keogh Plans
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If you are self-employed, you may purchase Fund shares through a self-employment retirement plan (often referred to as a Keogh or HR-10 plan) covering yourself and your eligible employees.