The S&P
500 Index is an unmanaged, capitalization-weighted
index of the common stocks of 500 major
US corporations. The Dow Jones Industrial
Average is an unmanaged, price-weighted
index of 30 actively traded blue chip stocks.
The
performance data shown represents past performance
and assumes reinvestment of dividends. Past
performance does not guarantee future results.
The investment return and principal value
of an investment in the Fund will fluctuate
so that an investor's shares, when redeemed,
may be worth more or less than their original
cost. Current performance may be lower or
higher than the performance data quoted.
As reflected in the current prospectus, the Fund's
Annual Fund Operating Expenses for 2006 were 1.03%.
Ruane, Cunniff & Goldfarb, the Fund's investment adviser,
has agreed to reimburse of a portion of the Fund's
operating expenses to limit (based on the Fund's assets
as of year-end 2006) the Fund's Annual Fund Operating
Expenses to 1.00%. This reimbursement is a provision
of Ruane, Cunniff & Goldfarb's investment advisory
agreement with the Fund and will be in effect only so
long as that investment advisory agreement is in effect.
Year to date performance as of the most recent
month end can be obtained by calling DST Systems, Inc.
at (800) 686-6884.
SEQUOIA FUND, INC.
| 767 Fifth Avenue | New York, New York 10153
