TERMS OF USE


This website is provided as a service, and for informational purposes only, by Sequoia Fund, Inc. (“Sequoia”). Please carefully read the following Terms and Conditions of Use (“Terms of Use”) before using this website. By using this website you agree to follow and be bound by these Terms of Use, which govern your use of this website.

Acceptance of the Terms of Use
Through the use of this website, you indicate your assent to the following terms of use without any limitation or qualification. Please read these terms carefully before using this website. These terms of use are a binding contract between you and Sequoia, as well as its affiliates in the United States. Sequoia reserves the right, at its discretion, to amend, change, modify, add, or remove portions of these terms at any time and without notice by updating this posting. We recommend that you check these terms periodically for any updates or changes. The terms can be accessed from the link at the bottom of the “home” page. The use of this website after we post changes to the terms, implies that you accept the changed terms. Do not use this website if you do not agree to these terms.

Disclaimer
The information provided on this website is provided “as is" and without warranties of any kind, either expressed or implied. While Sequoia seeks to provide timely and accurate information, there may be inadvertent technical or factual inaccuracies and typographical errors. To the fullest extent permissible pursuant to applicable law, Sequoia disclaims all warranties, including, but not limited to, implied warranties of merchantability and fitness for a particular purpose. Sequoia does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website.

The information provided on this website is provided for informational purposes only. This website is not intended to provide any legal, insurance, tax, or investment advice, and nothing on this website should be construed as a recommendation, by us or any third party, to acquire or dispose of any investment or security, or to engage in any investment strategy or transaction. Sequoia may not be suitable for all investors.

Liability and Indemnity
Sequoia expressly disclaims all liability for errors and omissions in these materials and for the use or interpretation by others of information contained on the website. Sequoia shall not be responsible for any loss or damage that could result from interception by third parties of any information made available to you through this website. Neither Sequoia, nor any of its affiliates, directors, officers or employees, nor any third party vendor retained by Sequoia will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this website, or resulting from the act or omission of any other party involved in making this website or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Sequoia or of any vendor providing software or support services for this website.

In no event will Sequoia, its affiliates or any such parties be liable to you for any direct, special, indirect, consequential, incidental damages or any other damages of any kind, even if Sequoia or any other party has been advised of the possibility thereof. Decisions based on information contained on this website are the sole responsibility of the visitor, and in exchange for using this website, the visitor agrees to hold Sequoia harmless against any claims for damages arising from any decisions that the visitor makes based on such information. The visitor also agrees to hold Sequoia harmless for any claims for damages that arise from the visitor’s improper access to or use of this website, or any violation of the terms of use of this website.

Information for Visitors
Nothing on this website shall be considered a solicitation to buy or an offer to sell a security, or any other product or service, to any person in any jurisdiction where such solicitation, offer, purchase or sale would be unlawful under the laws of such jurisdiction.

Restrictions on Use of Materials
This website is owned and operated by Sequoia. Sequoia only grants permission to display and navigate around this website for personal, non-commercial use. Any commercial or public use of this website or any portion hereof is strictly prohibited. You may download material displayed on this website for non-commercial, personal use only if you preserve and retain all copyright and other proprietary notices contained on the materials. Except as otherwise permitted in writing by Sequoia, no text, graphics, video, audio, software code, user interface design, logos or any other content of this website may be used, modified, framed, copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way. Sequoia neither warrants nor represents that your use of materials displayed on this website or links will not infringe rights of the third parties not owned by or affiliated with Sequoia.

SEC Materials
This website may contain certain information that has been filed with the Securities and Exchange Commission ("SEC") (“SEC Materials”). Sequoia does not assume any duty of disclosure beyond that which is required by law. The SEC Materials should be read in conjunction with periodic and other reports filed with the SEC, including the disclosures therein of certain factors which may affect future performance. Individual statements appearing in the SEC Materials are intended to be read in conjunction with and in the context of the complete SEC Materials in which they appear, as opposed to being read as stand alone statements.

Linked Websites
For your convenience, this website may provide links to other websites providing related information and services. Unless otherwise indicated, Sequoia does not maintain these linked websites and has no control over the organizations that maintain the websites or the information, products or services that these organizations provide. The content to which you access through these links will not have been developed, checked for accuracy, or otherwise reviewed by Sequoia. Although we believe that the information from these organizations is reliable, Sequoia cannot guarantee its completeness or suitability for any purpose and does not recommend or endorse these organizations or their products or services in any way. Sequoia shall have no liability for any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.

Trademarks and Copyrights
Sequoia owns and operates this website. All trademarks, service marks, trade names, and logos displayed on this website are proprietary to Sequoia or its affiliates, except as explicitly noted below under “Ownership of Other Materials.” Nothing contained on the website should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark displayed on this website without the written permission of Sequoia or such third party that may own the trademarks displayed on this website. Your use of the trademarks displayed on this website, except as provided herein, is strictly prohibited.

Images displayed on this website are either the property of, or used with permission by, Sequoia. The use of these images by you, or anyone else authorized by you, is prohibited unless specifically permitted herein. Any unauthorized use of the images may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications regulations and statutes. If you download any information or software from this website, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information.

Ownership of Other Materials
Adobe®, Acrobat®, Acrobat® Reader, and the Acrobat logo are trademarks of Adobe Systems Incorporated. Microsoft®, Internet Explorer, Windows®, and Windows Media® are trademarks of Microsoft Corporation. RealPlayer® is a trademark of RealNetworks, Inc. Quicktime® and Mac® are trademarks of Apple Computer, Inc. Morningstar® is a trademark of Morningstar, Inc. Netscape Navigator® is a trademark of Netscape Communications. Standard & Poor’s®, S&P®, Standard & Poor’s 500, S&P 500®, are trademarks of The McGraw-Hill Companies, Inc.

Applicable Law and Venue
This website, excluding linked websites, is controlled by Sequoia from its offices within the State of New York, United States of America. By accessing this website, both you and Sequoia agree that the statutes and laws of the State of New York, without regard to conflicts of laws principles thereof, will apply to all matters relating to the use of this website. If you take legal action relating to these terms, you agree to file such action only in the New York State Supreme Court, or the United States District Court for the Southern District of New York, and you consent and submit to the personal jurisdiction of those courts for the purpose of litigating any such action.

Integration and Severability
If any provision of these terms is deemed unlawful, void, or for any reason unenforceable, then that provision will be deemed severable from these terms and will not affect the validity and enforceability of the remaining provisions. The preceding terms of use represent the entire agreement between Sequoia and the user relating to the subject matter herein.

May, 2009 © Sequoia Fund, Inc.

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Please consider the investment objectives, risks and charges and expenses of the Fund carefully before investing. The Fund's prospectus contains this and other information about the Fund. You may obtain a copy of the prospectus by clicking here or by calling 1-800-686-6884. Please read the prospectus carefully before investing.

Shares of the Fund are offered through the Fund’s distributor, Ruane, Cunniff & Goldfarb LLC. Ruane, Cunniff & Goldfarb LLC is an affiliate of Ruane, Cunniff & Goldfarb Inc. and is a member of FINRA. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The Fund may be offered only to persons in the United States and by way of a prospectus. This website should not be considered a solicitation or offering of any product or service to investors residing outside of the United States.