BECOMING A SEQUOIA FUND SHAREHOLDER

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means to you: When you open an account, we will ask you for your name, address, date of birth, and other information that will allow us to identify you. We appreciate your understanding and cooperation in this request.

OTHER INVESTMENT OPTIONS

For other investment options, including separately managed accounts and private partnerships, please visit Ruane, Cunniff & Goldfarb Inc.