Slide 1: Investor Day 2025
Ruane Cunnitff INVESTOR DAY 2025 MAY 15, 2025 45 Rockefeller Plaza, 34 Floor New York, NY 10111 (212) 832-5280 | www.ruanecunniff.com
Slide 2: Disclosures
DISCLOSURES Please consider the investment objectives, risks and charges and expenses of Sequoia Fund, Inc. (the “Fund”) carefully before investing. The Fund's prospectus and summary prospectus contain this and other information about the Fund and are available at www.sequoiafund.com or by calling 1
Slide 3: Disclosures (continued)
DISCLOSURES (CONTINUED) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Management Fees 1.00% Other Expenses 0.11% Total Annual Fund Operating Expenses 1.1% Expense Reimbursement by Investment Advisor (0.11)% Net Annual Fund Operating
Slide 4: Disclosures (continued)
DISCLOSURES (CONTINUED) Average Annual Total Returns, where noted, reflect the compound annual return of Sequoia Fund net of all fees over the specified time period. Portfolio Concentration is calculated as a percentage of fiscal year-end total net assets. Prior to 1978, Sequoia Fund's fiscal year-e
Slide 5: Agenda
AGENDA Welcome Portfolio Review Company Presentations Q&A Scan this QR code to submit and Vote for Q&A topics using Slido. RUANE CUNNIFF LP I INVESTOR DAY | MAY 2025
Slide 6: Chase Sheridan
CHASE SHERIDAN RUANE CUNNIFF LP | INVESTOR DAY | MAY 2025
Slide 7: Portfolio Review
Ruane Cunnitff PORTFOLIO REVIEW TREVOR MAGYAR RUANE CUNNIFF LP I INVESTOR DAY | MAY 2025
Slide 8: Performance
PERFORMANCE Through May 14, 2025 25% 9 20% 19.64% 15.88% 15.28% 15% 13.82% 2.94% 14.30% 10% 9.51% f 5% 0.65% 0% [| 3yr YTD 2025 lyr Since IC Inception* (_________—_. Annualized. ——————____I! MSEQUX mS&P 500 *Performance measured from June 30, 2016, the start of the first full quarter the Investment
Slide 9: Performance: Contribution
PERFORMANCE: CONTRIBUTION Last 12 Months to May 14, 2025 Rolls-Royce Holdings Constellation Software Liberty Media Intercontinental Exchange P| Liberty Broadband Ct SAP ee Taiwan Semiconductor es a [| a a — = ] Capital One Meta Universal Music Group Charles Schwab Jacobs Engineering Group Berkshire
Slide 10: Portfolio Adds and Exits
PORTFOLIO ADDS AND EXITS Last 12 Months to May 14, 2025 A Portfolio A Portfolio New Purchases Weight Full Sales Weight Icon PLC 2.5% CarMax -3.2% The information presented reflects completed portfolio investments and realized exits only. It does not include any investments currently under considerat
Slide 11: Portfolio: Top Holdings
PORTFOLIO: TOP 10 HOLDINGS As of May 14, 2025 Rolls-Royce Holdings PLC 12.4% 17.8 Constellation Software Inc. 8.3% 10.8 Liberty Media Corp. — Formula One 7.5% 8.5 Universal Music Group NV 7.2% 7.3 Charles Schwab, Inc. 6.2% 9.0 Alphabet, Inc. 5.3% 14.9 Eurofins Scientific 5.0% 6.3 Intercontinental Ex
Slide 12: Portfolio Characteristics Today
PORTFOLIO CHARACTERISTICS TODAY‘ Portfolio Valuation* Portfolio Concentration - Weight of Top 10 100% Sequoia Fund Avg: 64% 80% 8 \ 60% ~FI- NRT TZ TT —Sfs 66% 19.5x 22.2X 40% IC Avg: 60% SEQUOIA FUND S&P 500 ° $ 38% 20% S&P 500 *Non-GAAP. Price-to-earnings ratios are based on internal earnings esti
Slide 13: Firm Update
FIRM UPDATE INVESTMENT PROFESSIONALS | 24 BUSINESS PROFESSIONALS | 31 *Ruane Cunniff LP and related parties. Estimated as of 5/14/2025. RUANE CUNNIFF LP | INVESTOR DAY | MAY 2025
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Slide 15: Universal Music Group
4 a UNIVERSAL NEES, UNIVERSAL MUSIC GROUP ARMAN GOKGOL-KLINE & SOPHIE GARRETT RUANE CUNNIFF LP I INVESTOR DAY | MAY 2025
Slide 16: Universal Music Group: Sequoia Fund Investment
UNIVERSAL MUSIC GROUP UNIVERSAL Nee SEQUOIA FUND INVESTMENT UNIVERSAL Music oRoUP €30 UMG Spin-Off €1.20 9/21/2021 €25 €1.00 § g a : z x x a €20 €0.80 6 wi €15 [ a a a € 0.60 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025E G@HBBUMG EPS = ——UMG Stock Price RUANE CUNNIFF LP | INVESTOR DAY | MAY
Slide 17: Key Question: Paid Streaming Growth
e KEY QUESTION ae UNIVERSAL MUSIC GROUP Why are we confident in the rate and duration of paid streaming growth? RUANE CUNNIFF LP | INVESTOR DAY | MAY 2025
Slide 18: Music Engagement Mix
MUSIC ENGAGEMENT MIX UNIVERSAL % OF MUSIC LISTENING HOURS sivensar mane onour 32% Audio Streaming 7% Other Forms 4% ~ Live Music 9% Vinyl / CDs 31% Video Streaming 17% Radio Source: IFPI, 2023 RUANE CUNNIFF LP | INVESTOR DAY | MAY 2025 Based on 18 core countries
Slide 19: Transition from Physical to Digital
TRANSITION FROM PHYSICAL TO DIGITAL UNIVERSAL Ne GLOBAL REVENUES UNIVERSAL MUSIC GROUP $30 Napster Era ——_ -~——————_ iTunes Era Streaming Era $25 $20 a w =) 2 $15 2 @ #10 $5 $o ©) SH PM FF KPO SHG GG GO SM Gh gh DP Mh SP PFS GPP FFF FPP HH PH? OF PPP gg? v" mPhysical Downloads (iTunes) Streaming sou
Slide 20: Two Components of Revenue Growth
TWO COMPONENTS OF REVENUE GROWTH ““e* Volume Price RUANE CUNNIFF LP | INVESTOR DAY | MAY 2025
Slide 21: Volume
“VOLUME” univegsat ANNUAL PAID STREAMING SPEND AS % OF GDP ~~ UNIVERSAL MUSIC GROUP 4.5bps Developed Markets, Early Adopters 4.0bps 3.5bps 3.0bps 2.5bps 2.0bps 1.5bps < $5 per month 1.0bps 0.5bps 0.0bps 2017 2018 2019 2020 2021 2022 2023 2024 Source: IFPI, World Bank, & RC Estimates RUANE CUNNIFF LP
Slide 22: Two Components of Revenue Growth
TWO COMPONENTS OF REVENUE GROWTH ““e* UNIVERSAL MUSIC GROUP Volume Price RUANE CUNNIFF LP | INVESTOR DAY | MAY 2025
Slide 23: Relative Entertainment Costs
RELATIVE ENTERTAINMENT COSTS i ae UNIVERSAL MUSIC GROUP Cost per Consumption Hour ~$45 USD in 2023 ~ $7 ~$6 ~$5 ~ $1.2 i if _ — 7 $02 a Concerts Theatrical Theme Books Streaming Gaming Music Movies Parks Video Subscription Source: UMG RUANE CUNNIFF LP I INVESTOR DAY | MAY 2025
Slide 24: Streaming Era Spend vs Prior Eras
Streaming Era Spend ~ 2x Needed to Reach 1999 Levels Digital Download Era Spend Peak Physical Era Spend
Slide 25: Universal Music Group: Sequoia Fund Investment
UNIVERSAL MUSIC GROUP UNIVERSAL Nee SEQUOIA FUND INVESTMENT UNIVERSAL Music oRoUP €30 UMG Spin-Off €1.20 9/21/2021 €25 €1.00 § g a : z x x a €20 €0.80 6 wi €15 [ a a a € 0.60 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025E G@HBBUMG EPS = ——UMG Stock Price RUANE CUNNIFF LP | INVESTOR DAY | MAY
Slide 26: Constellation Software Inc.
CONSTELLATION SOFTWARE INC. WILL PAN & TREVOR MAGYAR RUANE CUNNIFF LP I INVESTOR DAY | MAY 2025
Slide 27: Constellation Software: Sequoia Fund Investment
CONSTELLATION SOFTWARE INC. CONSTELLATION SOFTWARE SEQUOIA FUND INVESTMENT c$6,000 $140 $5,000 c$120 Initial Purchase cs100 & @ ©4000 7/29/2014 é = c$80 5 % C$3,000 a 8 cs60 2 & £ $2,000 é cs40 $1,000 $20 cso cso ce) + x GHBBCSU EPS == CSU Stock Price RUANE CUNNIFF LP | INVESTOR DAY | MAY 2025 Sourc
Slide 28: Key Question: Capital Deployment Returns
ame CONSTELLATION ( eee KEY QUESTION Cc ING Can Constellation continue to deploy capital at high rates of return? RUANE CUNNIFF LP I INVESTOR DAY | MAY 2025
Slide 29: Three Perspectives
ame CONSTELLATION THREE PERSPECTIVES ‘Cie Analogies ¢ High Performance Conglomerates Bottom-Up ¢ Fractal Structure Top-Down * Investable Universe RUANE CUNNIFF LP I INVESTOR DAY | MAY 2025
Slide 30: High Performance Conglomerates
HIGH PERFORMANCE CONGLOMERATES ao 5 YEARS OF M&A PRE/POST $10B IN REV _ $10B Rev Year 5yrs Prior 5yrs After : 40 deals | $2.1B 83 deals | $9.4B Berkshire Hathaway 896 Avg = Avg Banca Coup. 2007 37 deals | $9.0B 64 deals | $11.3B ’ 32 deals | $1.9B 28 deals | $8.0B Thermo-Fisher 2008 Avg $59.6M Avg $
Slide 31: Three Perspectives
THREE PERSPECTIVES ‘Cie Analogies ¢ High Performance Conglomerates Bottom-Up ¢ Fractal Structure Top-Down ¢ Investable Universe RUANE CUNNIFF LP I INVESTOR DAY | MAY 2025
Slide 32: Fractal Structure
FRACTAL STRUCTURE ‘C aio a yo 3 Bi iy fs £% 2 sss See, ly ly Se, See hast ra nm rm se ro 5 B19 RUANE CUNNIFF LP I INVESTOR DAY | MAY 2025
Slide 33: Fractal Structure
FRACTAL STRUCTURE ad Perseu Wvela Group ) ff an on on 4&2 HARRIS oitasi WV a VOLARIS topicus :com CONSTELLATION me SOFTWA INC. RUANE CUNNIFF LP | INVESTOR DAY | MAY 2025 Source: Constellation Software
Slide 34: Fractal Structure
FRACTAL STRUCTURE ‘C fae - \W VENCORA Modaxo LUMINE SCULTURA OMEGRO &} 7 VOLARIS RUANE CUNNIFF LP | INVESTOR DAY | MAY 2025 Source: Constellation Software
Slide 35: Three Perspectives
THREE PERSPECTIVES Ca Analogies ¢ High Performance Conglomerates Bottom-Up ¢ Fractal Structure Top-Down ¢ Investable Universe RUANE CUNNIFF LP I INVESTOR DAY | MAY 2025
Slide 36: Privately Held Software Companies
PRIVATELY HELD SOFTWARE COMPANIES [@Joouu™ USING HEADCOUNT TO ESTIMATE REVENUES = *< Employees | # Companies Median | Revenue per Total mt P # Employees Employee Revenue 500+ 3,700 1,276 $85,000 $401 B 100 — 500 14,667 194 $85,000 $242 B 1-100 195,478 $85,000 $269 B ET RUANE CUNNIFF LP I INVESTOR DA
Slide 37: Key Question: Capital Deployment Returns
ame CONSTELLATION ( eee KEY QUESTION Cc ING Can Constellation continue to deploy capital at high rates of return? RUANE CUNNIFF LP I INVESTOR DAY | MAY 2025
Slide 38: Constellation Software: Sequoia Fund Investment
CONSTELLATION SOFTWARE INC. CONSTELLATION SOFTWARE SEQUOIA FUND INVESTMENT c$6,000 $140 $5,000 c$120 Initial Purchase cs100 & @ ©4000 7/29/2014 é = c$80 5 % C$3,000 a 8 cs60 2 & £ $2,000 é cs40 $1,000 $20 cso cso ce) + x GHBBCSU EPS == CSU Stock Price RUANE CUNNIFF LP | INVESTOR DAY | MAY 2025 Sourc
Slide 39: Eurofins
<3 eurofins MATT COOPER & JOHN HARRIS RUANE CUNNIFF LP I INVESTOR DAY | MAY 2025
Slide 40: Eurofins Scientific: Sequoia Fund Investment
EUROFINS SCIENTIFIC <=° eurofins SEQUOIA FUND INVESTMENT €140 Initial Purchase €4.50 2/12/2019 € 120 € 4.00 € 3.50 €100 v €3.00 @ w ong = €80 5 = € 2.50 a x wn 8 €60 €2.00 o ww Cc an c €150 5 €40 uu € 1.00 €20 € 0.50 €0 a a a = = = = % € 0.00 & Ro & & Ss Rig SP ov SP Paz a Paz v a v v v v of of os 4
Slide 41: Key Questions
KEY QUESTIONS «8 eurofins What drove the increased volatility in earnings over the past five years? What is the true earnings power of the business going forward?
Slide 42: Eurofins Revenues
AA . EUROFINS REVENUES = eurofins € 8,000 ¢7,000 Revenue growth appears to be stalling. > € 6,000 € 5,000 € 4,000 = €3,000 € 2,000 € 1,000 if i | eel 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Millions EUR RUANE CUNNIFF LP | INVESTOR DAY | MAY 2025 Source: Eurofins Sc
Slide 43: Eurofins Revenues
AA . EUROFINS REVENUES = eurofins € 8,000 Upon closer inspection, core € 7,000 . revenue growth — excluding the € 6,000 COVID anomaly - is on trend. a €5,000 re ¢ € 4,000 ao) = € 3,000 € 2,000 € 1,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 €0 RUANE CUNNIFF LP | IN
Slide 44: Eurofins Adj Operating Margins
EUROFINS ADJ OPERATING MARGINS 20% Margins have been anything but stable. 15% oo t * 1 — — Mpa — — —- - - - - - - - - - - - - a -—-Biee - ---- > t 1 11% 9 t } 10% ° 11% 1% ™ t 1 9% f 8% fg : q t 1 : : t 1 5% beeeot 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Source: Eurofins Scientific &
Slide 45: Margin Drivers Over Time
High-margin PCR Global inflation, testing during slow reallocation the pandemic of resources, and a massive IT Return to pre- project COVID levels Stable margin … and possibly levels amid solid higher. revenue growth Cyber Attack
Slide 46: The European Opportunity
evan Fj THE EUROPEAN OPPORTUNITY a eurofins 30% Overall Margins could be t ~200bps from 2024 eee »_ European 5% Margins eee ew eos Back to 2018 Level a4 20% | | ge wr wterrretstet eee ei 15% 10% 2018 2019 2020 2021 2022 2023 2024 ONorth America M Rest of World MEurope Total RUANE CUNNIFF LP | INVEST
Slide 47: Eurofins Scientific: Sequoia Fund Investment
EUROFINS SCIENTIFIC <=° eurofins SEQUOIA FUND INVESTMENT €140 Initial Purchase €4.50 2/12/2019 € 120 € 4.00 € 3.50 €100 v €3.00 @ w ong = €80 5 = € 2.50 a x wn 8 €60 €2.00 o ww Cc an c €150 5 €40 uu € 1.00 €20 € 0.50 €0 a a a = = = = % € 0.00 & Ro & & Ss Rig SP ov SP Paz a Paz v a v v v v of of os 4
Slide 48: Submit and Vote for Q&A
Ruane Cunniff Submit and Vote for Q&A topics using Slido here: WIFI Information: Network: TC_Guest Password: NYT!me$1851
Slide 49: Informal Q&A
INFORMAL Q&A Investment Coverage Analysts Investment Coverage Analysts Alphabet Will Pan ICON Plc Shehryar Khursheed Amentum Holdings Eric Liu; Alana Pickens Intercontinental Exchange Matt Cooper Ashtead Group Arman Gékg6l-Kline; Shehryar Khursheed | Jacobs Solutions Eric Liu; Alana Pickens Berkshir
Slide 50: Please share your feedback
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