<TABLE>
<CAPTION>

Compound and Total Return Calculation                  NICHOLAS FUND                          03/31/96      THRU    03/31/97

Starting date:             03/31/96                                 future value     1,146.81
Ending date:               03/31/97                                 present valu     1,000.00

Total Return                                   14.6809%               # years               1
Average annual return                          14.6809%               # 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>
 03/31/96 Q          63.81                                     1000      15.672                              15.672     $1,000.00
 05/17/96 D          63.26         0.1420       2.6100                                  0.035     0.647      16.353     $1,034.51
 06/30/96 S          62.70                                                                                   16.353     $1,025.35
 09/30/96 Q          65.15                                                                                   16.353     $1,065.42
 12/27/96 D          66.34         0.4225       2.5600                                  0.104     0.631      17.088     $1,133.65
 12/31/96 A          65.94                                                                                   17.088     $1,126.82
 03/31/97 Q          67.11                                                                                   17.088     $1,146.81

</TABLE>

<TABLE>
<CAPTION>

Compound and Total Return Calculation                  NICHOLAS FUND                          03/31/92      THRU    03/31/97

Starting date:             03/31/92                                 future value     1,892.99
Ending date:               03/31/97                                 present valu     1,000.00

Total Return                                   89.2985%               # years               5
Average annual return                          13.6134%               # 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>
 03/31/92 Q          49.68                                     1000      20.129                              20.129     $1,000.00
 05/15/92 D          47.68         0.2960       1.0800                                  0.125     0.456      20.710       $987.44
 06/30/92 S          47.39                                                                                   20.710       $981.43
 09/30/92 Q          48.84                                                                                   20.710     $1,011.46
 12/24/92 D          52.04         0.4150       0.9300                                  0.165     0.370      21.245     $1,105.59
 12/31/92 A          52.47                                                                                   21.245     $1,114.72
 03/31/93 Q          52.91                                                                                   21.245     $1,124.07
 05/21/93 D          51.76         0.3000       0.3400                                  0.123     0.140      21.508     $1,113.24
 06/30/93 S          52.26                                                                                   21.508     $1,123.99
 09/30/93 Q          53.52                                                                                   21.508     $1,151.09
 12/23/93 D          52.77         0.5175       0.7070                                  0.211     0.288      22.007     $1,161.30
 12/31/93 A          53.64                                                                                   22.007     $1,180.44
 03/31/94 Q          51.10                                                                                   22.007     $1,124.54
 05/13/94 D          48.93         0.2570       1.8670                                  0.116     0.840      22.962     $1,123.53
 06/30/94 S          49.36                                                                                   22.962     $1,133.41
 09/30/94 Q          51.05                                                                                   22.962     $1,172.21
 12/23/94 D          47.60         0.4500       1.4500                                  0.217     0.699      23.879     $1,136.62
 12/31/94 A          48.03                                                                                   23.879     $1,146.89
 03/31/95 Q          52.22                                                                                   23.879     $1,246.94
 05/12/95 D          52.19         0.2200       1.1610                                  0.101     0.531      24.510     $1,279.20
 06/30/95 S          53.74                                                                                   24.510     $1,317.19
 09/30/95 Q          58.66                                                                                   24.510     $1,437.78
 12/22/95 D          59.18         0.4041       2.8744                                  0.167     1.190      25.868     $1,530.88
 12/31/95 A          60.03                                                                                   25.868     $1,552.87
 03/31/96 Q          63.81                                                                                   25.868     $1,650.65
 05/17/96 D          63.26         0.1420       2.6100                                  0.058     1.067      26.994     $1,707.62
 06/30/96 S          62.70                                                                                   26.994     $1,692.50
 09/30/96 Q          65.15                                                                                   26.994     $1,758.63
 12/27/96 D          66.34         0.4225       2.5600                                  0.172     1.042      28.207     $1,871.27
 12/31/96 A          65.94                                                                                   28.207     $1,859.98
 03/31/97 Q          67.11                                                                                   28.207     $1,892.99

</TABLE>

<TABLE>
<CAPTION>

Compound and Total Return Calculation                  NICHOLAS FUND                          03/31/87      THRU    03/31/97

Starting date:             03/31/87                                 future value     3,291.18
Ending date:               03/31/97                                 present valu     1,000.00

Total Return                                  229.1176%               # years              10
Average annual return                          12.6510%               # days          3653.00

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>
 03/31/87 Q          39.94                                     1000      25.038                              25.038     $1,000.00
 04/27/87 D          34.70         1.1400       2.3790                                  0.823     1.717      27.577       $956.91
 06/30/87 S          36.57                                                                                   27.577     $1,008.48
 09/30/87 Q          37.72                                                                                   27.577     $1,040.19
 12/11/87 D          27.47         0.9150       1.4400                                  0.919     1.446      29.941       $822.47
 12/31/87 A          28.94                                                                                   29.941       $866.49
 03/31/88 Q          32.15                                                                                   29.941       $962.60
 04/26/88 D          31.72         0.3850       0.1870                                  0.363     0.177      30.481       $966.85
 06/30/88 S          33.42                                                                                   30.481     $1,018.67
 09/30/88 Q          33.69                                                                                   30.481     $1,026.90
 12/28/88 D          32.27         0.7340       0.1700                                  0.693     0.161      31.335     $1,011.17
 12/31/88 A          32.63                                                                                   31.335     $1,022.45
 03/31/89 Q          35.27                                                                                   31.335     $1,105.17
 05/19/89 D          37.39         0.3720       0.0660                                  0.312     0.055      31.702     $1,185.33
 06/30/89 S          37.70                                                                                   31.702     $1,195.15
 09/30/89 Q          40.61                                                                                   31.702     $1,287.40
 12/28/89 D          38.27         0.7060       0.8340                                  0.585     0.691      32.977     $1,262.04
 12/31/89 A          38.61                                                                                   32.977     $1,273.26
 03/31/90 Q          37.72                                                                                   32.977     $1,243.91
 05/18/90 D          39.23         0.2260       0.1370                                  0.190     0.115      33.283     $1,305.67
 06/30/90 S          40.16                                                                                   33.283     $1,336.63
 09/30/90 Q          33.05                                                                                   33.283     $1,099.99
 12/27/90 D          35.59         0.5890       0.0630                                  0.551     0.059      33.892     $1,206.22
 12/31/90 A          35.76                                                                                   33.892     $1,211.99
 03/31/91 Q          42.99                                                                                   33.892     $1,457.03
 05/17/91 D          43.50         0.1890       0.2340                                  0.147     0.182      34.222     $1,488.65
 06/30/91 S          43.67                                                                                   34.222     $1,494.47
 09/30/91 Q          45.99                                                                                   34.222     $1,573.86
 12/27/91 D          47.72         0.4900       0.5900                                  0.351     0.423      34.996     $1,670.02
 12/31/91 A          49.17                                                                                   34.996     $1,720.77
 03/31/92 Q          49.68                                                                                   34.996     $1,738.62
 05/15/92 D          47.68         0.2960       1.0800                                  0.217     0.793      36.006     $1,716.78
 06/30/92 S          47.39                                                                                   36.006     $1,706.34
 09/30/92 Q          48.84                                                                                   36.006     $1,758.55
 12/24/92 D          52.04         0.4150       0.9300                                  0.287     0.643      36.937     $1,922.19
 12/31/92 A          52.47                                                                                   36.937     $1,938.08
 03/31/93 Q          52.91                                                                                   36.937     $1,954.33
 05/21/93 D          51.76         0.3000       0.3400                                  0.214     0.243      37.394     $1,935.49
 06/30/93 S          52.26                                                                                   37.394     $1,954.19
 09/30/93 Q          53.52                                                                                   37.394     $2,001.30
 12/23/93 D          52.77         0.5175       0.7070                                  0.367     0.501      38.261     $2,019.05
 12/31/93 A          53.64                                                                                   38.261     $2,052.34
 03/31/94 Q          51.10                                                                                   38.261     $1,955.15
 05/13/94 D          48.93         0.2570       1.8670                                  0.201     1.460      39.922     $1,953.39
 06/30/94 S          49.36                                                                                   39.922     $1,970.56
 09/30/94 Q          51.05                                                                                   39.922     $2,038.03
 12/23/94 D          47.60         0.4500       1.4500                                  0.377     1.216      41.516     $1,976.15
 12/31/94 A          48.03                                                                                   41.516     $1,994.00
 03/31/95 Q          52.22                                                                                   41.516     $2,167.95
 05/12/95 D          52.19         0.2200       1.1610                                  0.175     0.924      42.614     $2,224.04
 06/30/95 S          53.74                                                                                   42.614     $2,290.09
 09/30/95 Q          58.66                                                                                   42.614     $2,499.75
 12/22/95 D          59.18         0.4041       2.8744                                  0.291     2.070      44.975     $2,661.62
 12/31/95 A          60.03                                                                                   44.975     $2,699.85
 03/31/96 Q          63.81                                                                                   44.975     $2,869.86
 05/17/96 D          63.26         0.1420       2.6100                                  0.101     1.856      46.932     $2,968.89
 06/30/96 S          62.70                                                                                   46.932     $2,942.61
 09/30/96 Q          65.15                                                                                   46.932     $3,057.59
 12/27/96 D          66.34         0.4225       2.5600                                  0.299     1.811      49.042     $3,253.41
 12/31/96 A          65.94                                                                                   49.042     $3,233.80
 03/31/97 Q          67.11                                                                                   49.042     $3,291.18

</TABLE>