<TABLE>
<CAPTION>

Compound and Total Return Calculation                  NICHOLAS FUND                          03/31/97      THRU    03/31/98

Starting date:             03/31/97                                 future value     1,509.80
Ending date:               03/31/98                                 present valu     1,000.00

Total Return                                   50.9801%               # years               1
Average annual return                          50.9801%               # days           365.00

Investment                                                          Redemption
Lump sum                                                            Lump sum
Annuity                                                             Annuity


                PRICE          INV INC      CAP GAIN                # of SHARES   REINVESTED  REINVESTED    CUM         TOTAL
   DATE         /SHARE         /SHARE        /SHARE       INVEST     PURCHASED     INV INC    CAP GAIN     SHARES    MARKET VALUE
----------- -------------    -----------   ----------- ------------- ----------  -----------  ---------- ----------  ------------
 <C>      <C>        <C>           <C>          <C>            <C>       <C>            <C>       <C>        <C>        <C>
 03/31/97 Q          67.11                                     1000      14.901                              14.901     $1,000.00
 05/16/97 D          72.39         0.1190       1.0860                    0.000         0.024     0.224      15.149     $1,096.63
 06/30/97 S          76.60                                                0.000         0.000     0.000      15.149     $1,160.41
 09/30/97 Q          83.62                                                0.000         0.000     0.000      15.149     $1,266.76
 12/29/97 D          81.96         0.2636       4.6932                    0.000         0.049     0.867      16.065     $1,316.70
 12/31/97 A          83.80                                                0.000         0.000     0.000      16.065     $1,346.26
 03/31/98 Q          93.98                                                0.000         0.000     0.000      16.065     $1,509.80

<CAPTION>

Compound and Total Return Calculation                  NICHOLAS FUND                          03/31/93      THRU    03/31/98

Starting date:             03/31/93                                 future value     2,542.57
Ending date:               03/31/98                                 present valu     1,000.00

Total Return                                  154.2570%               # years               5
Average annual return                          20.5187%               # days          1826.00

Investment                                                          Redemption
Lump sum                                                            Lump sum
Annuity                                                             Annuity


                PRICE          INV INC      CAP GAIN                # of SHARES   REINVESTED  REINVESTED    CUM         TOTAL
   DATE         /SHARE         /SHARE        /SHARE       INVEST     PURCHASED     INV INC    CAP GAIN     SHARES    MARKET VALUE
----------- -------------    -----------   ----------- ------------- ----------  -----------  ---------- ----------  ------------
 <C>      <C>        <C>           <C>          <C>            <C>       <C>            <C>       <C>        <C>        <C>
 03/31/93 Q          52.91                                     1000      18.900                              18.900     $1,000.00
 05/21/93 D          51.76         0.3000       0.3400                    0.000         0.110     0.124      19.134       $990.36
 06/30/93 S          52.26                                                0.000         0.000     0.000      19.134       $999.93
 09/30/93 Q          53.52                                                0.000         0.000     0.000      19.134     $1,024.04
 12/23/93 D          52.77         0.5175       0.7070                    0.000         0.188     0.256      19.578     $1,033.12
 12/31/93 A          53.64                                                0.000         0.000     0.000      19.578     $1,050.15
 03/31/94 Q          51.10                                                0.000         0.000     0.000      19.578     $1,000.42
 05/13/94 D          48.93         0.2570       1.8670                    0.000         0.103     0.747      20.428       $999.52
 06/30/94 S          49.36                                                0.000         0.000     0.000      20.428     $1,008.30
 09/30/94 Q          51.05                                                0.000         0.000     0.000      20.428     $1,042.83
 12/23/94 D          47.60         0.4500       1.4500                    0.000         0.193     0.622      21.243     $1,011.16
 12/31/94 A          48.03                                                0.000         0.000     0.000      21.243     $1,020.30
 03/31/95 Q          52.22                                                0.000         0.000     0.000      21.243     $1,109.31
 05/12/95 D          52.19         0.2200       1.1610                    0.000         0.090     0.473      21.805     $1,138.01
 06/30/95 S          53.74                                                0.000         0.000     0.000      21.805     $1,171.80
 09/30/95 Q          58.66                                                0.000         0.000     0.000      21.805     $1,279.08
 12/22/95 D          59.18         0.4041       2.8744                    0.000         0.149     1.059      23.013     $1,361.91
 12/31/95 A          60.03                                                0.000         0.000     0.000      23.013     $1,381.47
 03/31/96 Q          63.81                                                0.000         0.000     0.000      23.013     $1,468.46
 05/17/96 D          63.26         0.1420       2.6100                    0.000         0.052     0.949      24.014     $1,519.14
 06/30/96 S          62.70                                                0.000         0.000     0.000      24.014     $1,505.69
 09/30/96 Q          65.15                                                0.000         0.000     0.000      24.014     $1,564.52
 12/27/96 D          66.34         0.4225       2.5600                    0.000         0.153     0.927      25.094     $1,664.72
 12/31/96 A          65.94                                                0.000         0.000     0.000      25.094     $1,654.68
 03/31/97 Q          67.11                                                0.000         0.000     0.000      25.094     $1,684.04
 05/16/97 D          72.39         0.1190       1.0860                    0.000         0.041     0.376      25.511     $1,846.78
 06/30/97 S          76.60                                                0.000         0.000     0.000      25.511     $1,954.18
 09/30/97 Q          83.62                                                0.000         0.000     0.000      25.511     $2,133.27
 12/29/97 D          81.96         0.2636       4.6932                    0.000         0.082     1.461      27.054     $2,217.38
 12/31/97 A          83.80                                                0.000         0.000     0.000      27.054     $2,267.16
 03/31/98 Q          93.98                                                0.000         0.000     0.000      27.054     $2,542.57

<CAPTION>

Starting date:             03/31/88                                 future value     5,162.10
Ending date:               03/31/98                                 present valu     1,000.00

Total Return                                  416.2098%               # years              10
Average annual return                          17.8373%               # days          3652.00

Investment                                                          Redemption
Lump sum                                                            Lump sum
Annuity                                                             Annuity


                PRICE          INV INC      CAP GAIN                # of SHARES   REINVESTED  REINVESTED    CUM         TOTAL
   DATE         /SHARE         /SHARE        /SHARE       INVEST     PURCHASED     INV INC    CAP GAIN     SHARES    MARKET VALUE
----------- -------------    -----------   ----------- ------------- ----------  -----------  ---------- ----------  ------------
 <C>      <C>        <C>           <C>          <C>            <C>       <C>            <C>       <C>        <C>        <C>
 03/31/88 Q          32.15                                     1000      31.104                              31.104     $1,000.00
 04/26/88 D          31.72         0.3850       0.1870                    0.000         0.378     0.183      31.665     $1,004.42
 06/30/88 S          33.42                                                0.000         0.000     0.000      31.665     $1,058.25
 09/30/88 Q          33.69                                                0.000         0.000     0.000      31.665     $1,066.80
 12/28/88 D          32.27         0.7340       0.1700                    0.000         0.720     0.167      32.552     $1,050.46
 12/31/88 A          32.63                                                0.000         0.000     0.000      32.552     $1,062.18
 03/31/89 Q          35.27                                                0.000         0.000     0.000      32.552     $1,148.11
 05/19/89 D          37.39         0.3720       0.0660                    0.000         0.324     0.057      32.933     $1,231.38
 06/30/89 S          37.70                                                0.000         0.000     0.000      32.933     $1,241.59
 09/30/89 Q          40.61                                                0.000         0.000     0.000      32.933     $1,337.43
 12/28/89 D          38.27         0.7060       0.8340                    0.000         0.608     0.718      34.259     $1,311.08
 12/31/89 A          38.61                                                0.000         0.000     0.000      34.259     $1,322.73
 03/31/90 Q          37.72                                                0.000         0.000     0.000      34.259     $1,292.24
 05/18/90 D          39.23         0.2260       0.1370                    0.000         0.197     0.120      34.576     $1,356.41
 06/30/90 S          40.16                                                0.000         0.000     0.000      34.576     $1,388.56
 09/30/90 Q          33.05                                                0.000         0.000     0.000      34.576     $1,142.73
 12/27/90 D          35.59         0.5890       0.0630                    0.000         0.572     0.061      35.209     $1,253.09
 12/31/90 A          35.76                                                0.000         0.000     0.000      35.209     $1,259.08
 03/31/91 Q          42.99                                                0.000         0.000     0.000      35.209     $1,513.64
 05/17/91 D          43.50         0.1890       0.2340                    0.000         0.153     0.189      35.552     $1,546.49
 06/30/91 S          43.67                                                0.000         0.000     0.000      35.552     $1,552.54
 09/30/91 Q          45.99                                                0.000         0.000     0.000      35.552     $1,635.01
 12/27/91 D          47.72         0.4900       0.5900                    0.000         0.365     0.440      36.356     $1,734.91
 12/31/91 A          49.17                                                0.000         0.000     0.000      36.356     $1,787.63
 03/31/92 Q          49.68                                                0.000         0.000     0.000      36.356     $1,806.17
 05/15/92 D          47.68         0.2960       1.0800                    0.000         0.226     0.824      37.405     $1,783.49
 06/30/92 S          47.39                                                0.000         0.000     0.000      37.405     $1,772.64
 09/30/92 Q          48.84                                                0.000         0.000     0.000      37.405     $1,826.88
 12/24/92 D          52.04         0.4150       0.9300                    0.000         0.298     0.668      38.372     $1,996.88
 12/31/92 A          52.47                                                0.000         0.000     0.000      38.372     $2,013.38
 03/31/93 Q          52.91                                                0.000         0.000     0.000      38.372     $2,030.27
 05/21/93 D          51.76         0.3000       0.3400                    0.000         0.222     0.252      38.847     $2,010.70
 06/30/93 S          52.26                                                0.000         0.000     0.000      38.847     $2,030.12
 09/30/93 Q          53.52                                                0.000         0.000     0.000      38.847     $2,079.07
 12/23/93 D          52.77         0.5175       0.7070                    0.000         0.381     0.520      39.748     $2,097.50
 12/31/93 A          53.64                                                0.000         0.000     0.000      39.748     $2,132.08
 03/31/94 Q          51.10                                                0.000         0.000     0.000      39.748     $2,031.12
 05/13/94 D          48.93         0.2570       1.8670                    0.000         0.209     1.517      41.473     $2,029.29
 06/30/94 S          49.36                                                0.000         0.000     0.000      41.473     $2,047.13
 09/30/94 Q          51.05                                                0.000         0.000     0.000      41.473     $2,117.22
 12/23/94 D          47.60         0.4500       1.4500                    0.000         0.392     1.263      43.129     $2,052.93
 12/31/94 A          48.03                                                0.000         0.000     0.000      43.129     $2,071.48
 03/31/95 Q          52.22                                                0.000         0.000     0.000      43.129     $2,252.19
 05/12/95 D          52.19         0.2200       1.1610                    0.000         0.182     0.959      44.270     $2,310.46
 06/30/95 S          53.74                                                0.000         0.000     0.000      44.270     $2,379.07
 09/30/95 Q          58.66                                                0.000         0.000     0.000      44.270     $2,596.88
 12/22/95 D          59.18         0.4041       2.8744                    0.000         0.302     2.150      46.723     $2,765.04
 12/31/95 A          60.03                                                0.000         0.000     0.000      46.723     $2,804.76
 03/31/96 Q          63.81                                                0.000         0.000     0.000      46.723     $2,981.37
 05/17/96 D          63.26         0.1420       2.6100                    0.000         0.105     1.928      48.755     $3,084.25
 06/30/96 S          62.70                                                0.000         0.000     0.000      48.755     $3,056.95
 09/30/96 Q          65.15                                                0.000         0.000     0.000      48.755     $3,176.40
 12/27/96 D          66.34         0.4225       2.5600                    0.000         0.311     1.881      50.947     $3,379.83
 12/31/96 A          65.94                                                0.000         0.000     0.000      50.947     $3,359.45
 03/31/97 Q          67.11                                                0.000         0.000     0.000      50.947     $3,419.06
 05/16/97 D          72.39         0.1190       1.0860                    0.000         0.084     0.764      51.795     $3,749.45
 06/30/97 S          76.60                                                0.000         0.000     0.000      51.795     $3,967.51
 09/30/97 Q          83.62                                                0.000         0.000     0.000      51.795     $4,331.11
 12/29/97 D          81.96         0.2636       4.6932                    0.000         0.167     2.966      54.928     $4,501.87
 12/31/97 A          83.80                                                0.000         0.000     0.000      54.928     $4,602.93
 03/31/98 Q          93.98                                                0.000         0.000     0.000      54.928     $5,162.10

</TABLE>