Comparison of the Investment Return of the Sequoia Fund
(from inception) vs. the Standard & Poor's 500

12/31/70*

12.11%

20.60%

12/31/71

13.64%

14.29%

12/31/72

3.61%

18.98%

12/31/73

-24.80%

-14.72%

12/31/74

-15.48%

-26.52%

12/31/75

61.84%

37.30%

12/31/76

72.37%

23.96%

12/31/77

19.88%

-7.20%

12/31/78

23.93%

6.51%

12/31/79

12.05%

18.63%

12/31/80

12.66%

32.51%

12/31/81

21.49%

-4.93%

12/31/82

31.12%

21.59%

12/31/83

27.31%

22.56%

12/31/84

18.50%

6.26%

12/31/85

27.95%

31.76%

12/31/86

13.38%

18.70%

12/31/87

7.40%

5.22%

12/31/88

11.05%

16.57%

12/31/89

27.91%

31.65%

12/31/90

-3.80%

-3.14%

12/31/91

40.00%

30.45%

12/31/92

9.36%

7.62%

12/31/93

10.78%

10.06%

12/31/94

3.34%

1.30%

12/31/95

41.38%

37.53%

12/31/96

21.74%

22.99%

12/31/97

43.20%

33.34%

12/31/98

35.25%

28.57%

12/31/99

-16.54%

21.04%

12/31/00

12/31/03

17.12%

28.69%

12/31/04

12/31/05

12/31/06

12/31/07

12/31/08

3/31/09

Change for the  entire period:

14577.46%

3416.46%

Average annual total return:

Includes dividends, and in the case of the Sequoia Fund, capital gains distributions as if reinvested.