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	+29.91%	+53.03%	+8.88%	+1,178%
S&P	+24.56%	+72.51%	+11.52%	+990%

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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