DIVIDENDS/CAPITAL GAINS HISTORY

Effective January 1, 2003, certain dividends received by the Fund may qualify for a reduced tax rate.

November 2016 Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 11/25/2016 11/28/2016 11/28/2016 $13.15

June 2016 Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 6/10/2016 6/13/2016 6/13/2016 $17.24

November 2015 Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 11/13/2015 11/16/2015 11/16/2015 $7.98

June 2015 Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 6/5/2015 6/8/2015 6/8/2015 $2.5294

November 2014 Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 11/14/2014 11/17/2014 11/17/2014 $2.0017

June 2014 Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 6/6/2014 6/9/2014 6/9/2014 $2.5364

November 2013 Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 11/8/2013 11/11/2013 11/11/2013 $3.4027
Short Term Cap Gain n/a n/a n/a 0
Dividend (Ordinary) n/a n/a n/a 0

November 2011 Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 11/11/2011 11/14/2011 11/14/2011 $0.82389
Short Term Cap Gain n/a n/a n/a 0
Dividend (Ordinary) n/a n/a n/a 0

December 2010 Return of Capital Distribution (Revised*)
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain n/a n/a n/a 0
Short Term Cap Gain n/a n/a n/a 0
Dividend (Ordinary) n/a n/a n/a 0
Return of Capital 12/27/2010 12/28/2010 12/28/2010 $0.0638

November 2010 Capital Gains/Return of Capital Distribution (Revised**)
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 11/12/2010 11/15/2010 11/15/2010 $1.64887
Short Term Cap Gain n/a n/a n/a 0
Dividend (Ordinary) n/a n/a n/a 0
Return of Capital 11/12/2010 11/15/2010 11/15/2010 $0.25

** During the year ended December 31, 2010, Sequoia Fund, Inc. (the "Fund") paid two distributions, a portion of which were considered to be ordinary dividends for tax purposes. This determination was made based on the tax character of distributions received from portfolio companies of the Fund.

In conjunction with its merger with Biovail Corporation, Valeant Pharmaceuticals International ("Valeant") paid a pre-merger special dividend of $16.77 per share to stockholders of record as of the close of business on September 27, 2010. At the time of the merger, Valeant had indicated that, based upon its estimated calculations, a portion of the dividend would be taxable as an ordinary dividend for U.S. federal tax purposes. Accordingly, the Fund made ordinary dividend distributions to its shareholders based on these estimates. Valeant has subsequently indicated that none of the pre-merger special dividend is taxable as a dividend for U.S. federal tax purposes. As a result, the portion of Fund distributions originally deemed as ordinary dividends have been re-characterized as nontaxable returns of capital. Revised distribution tables are presented above. We strongly suggest that you share this information with your tax advisor.

December 2009 Dividends Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain n/a n/a n/a 0
Short Term Cap Gain n/a n/a n/a 0
Dividend (Ordinary) 12/28/2009 12/29/2009 12/29/2009 $0.0153

June 2009 Dividends Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain n/a n/a n/a 0
Short Term Cap Gain n/a n/a n/a 0
Dividend (Ordinary) 6/5/2009 6/8/2009 6/8/2009 $0.0073

December 2008 Dividends/Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 12/5/2008 12/8/2008 12/8/2008 $3.496
Short Term Cap Gain n/a n/a n/a 0
Dividend (Ordinary) 12/5/2008 12/8/2008 12/8/2008 0.41

April 2008 Dividends/Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 4/28/2008 4/29/2008 4/29/2008 $3.22
Short Term Cap Gain n/a n/a n/a 0
Dividend (Ordinary) 4/28/2008 4/29/2008 4/29/2008 0.009339

December 2007 Dividends/Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 12/7/2007 12/10/2007 12/10/2007 $21.55
Short Term Cap Gain 12/7/2007 12/10/2007 12/10/2007 0.0653
Dividend (Ordinary) 12/7/2007 12/10/2007 12/10/2007 0.45

June 2007 Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 6/8/2007 6/11/2007 6/11/2007 $5.50
Short Term Cap Gain n/a n/a n/a 0
Dividend (Ordinary) n/a n/a n/a 0

 December 2006 Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 12/8/2006 12/11/2006 12/11/2006 $15.55
Short Term Cap Gain n/a n/a n/a 0
Dividend (Ordinary) n/a n/a n/a 0

 June 2006 Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 6/16/2006 6/19/2006 6/19/2006 $0.05
Short Term Cap Gain n/a n/a n/a 0
Dividend (Ordinary) n/a n/a n/a 0

 December 2005 Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 12/9/2005 12/12/2005 12/12/2005 $7.24
Short Term Cap Gain n/a n/a n/a 0
Dividend (Ordinary) n/a n/a n/a 0

June 2005 Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 6/10/2005 6/13/2005 6/13/2005 $3.40
Short Term Cap Gain n/a n/a n/a 0
Dividend (Ordinary) n/a n/a n/a 0

June 2004 Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 6/18/2004 6/21/2004 6/21/2004 $0.2133
Short Term Cap Gain n/a n/a n/a 0
Dividend (Ordinary) n/a n/a n/a 0

June 2003 Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 6/06/2003 6/09/2003 6/09/2003 $0.6110
Short Term Cap Gain n/a n/a n/a 0
Dividend (Ordinary) n/a n/a n/a 0

 December 2002 Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 12/06/2002 12/09/2002 12/09/2002 $0.1110
Short Term Cap Gain n/a n/a n/a 0
Dividend (Ordinary) n/a n/a n/a 0

 June 2002 Dividend/Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 6/07/2002 6/10/2002 6/10/2002 $0.0325
Short Term Cap Gain 6/07/2002 6/10/2002 6/10/2002 .0152
Dividend (Ordinary) 6/07/2002 6/10/2002 6/10/2002 .0108

  December 2001 Dividend/Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 12/07/2001 12/10/2001 12/10/2001 $.65
Short Term Cap Gain 12/07/2001 12/10/2001 12/10/2001 .42
Dividend (Ordinary) 12/07/2001 12/10/2001 12/10/2001 .95

 February 2001 Dividend/Capital Gains Distribution
  Record Date Ex-Date Pay Date Amount
Long Term Cap Gain 2/16/2001 2/20/2001 2/20/2001 $2.305
Dividend (Ordinary) 2/16/2001 2/20/2001 2/20/2001 .015


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