Sequoia Fund, Inc. (NASDAQMUTFUND: SEQUX)

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Sequoia Fund, Inc. Return vs. S&P

	1 Year	5 Year	5 Year Annualized	Since IPO
SEQUX	+33.57%	+57.75%	+9.54%	+1,202%
S&P	+26.44%	+81.25%	+12.62%	+1,022%

Sequoia Fund, Inc.

Valeant began the year as the Sequoia Fund's largest holding. Now the fund no longer owns a single share.

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