Hypothetical Illustration 1/22/93 to 3/31/13

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2 2 of 19 Hypothetical Illustration 1/22/93 to 3/31/13 Performance Sample Model Performance Net Investments $1,000, Ending Market Value $11,895, Cumulative Return 1, % Average Annualized % Assumptions Income Tax Federal State Account Type Tax Payment Source Fee Payment Source Rebalancing Rate Cap. Gains Tax Taxable None Out of Pocket Annually Summary Sample Model Beginning Value Contributions Withdrawals & Distributions Total Reinvestment Charges & Fees Taxes Ending Market Value Cumulative Return $1,000, $3,791, $13, $11,895, , % Detailed Performance Sample Model Time Horizon 01/22/93 12/31/93 01/01/94 12/31/94 01/01/95 12/31/95 01/01/96 12/31/96 01/01/97 12/31/97 01/01/98 12/31/98 01/01/99 12/31/99 01/01/00 12/31/00 01/01/01 12/31/01 01/01/02 12/31/02 01/01/03 12/31/03 01/01/04 12/31/04 01/01/05 12/31/05 01/01/06 12/31/06 01/01/07 12/31/07 01/01/08 12/31/08 01/01/09 12/31/09 01/01/10 12/31/10 01/01/11 12/31/11 01/01/12 12/31/12 01/01/13 03/31/13 Beginning Value Contributions Withdrawals & Distributions Total Reinvestment Charges & Fees Taxes Ending Market Value Cumulative Return $1,000, $74, $7, $1,078, % $1,078, $47, $1,055, % $1,055, $58, $ $1,378, % $1,378, $58, $ $1,427, % $1,427, $66, $1,632, % $1,632, $117, $ $1,922, % $1,922, $88, $ $2,183, % $2,183, $137, $1, $2,422, % $2,422, $216, $ $2,709, % $2,709, $186, $ $2,671, % $2,671, $143, $3,617, % $3,617, $148, $2, $5,216, % $5,216, $173, $0.00 $6,272, % $6,272, $275, $0.00 $7,128, % $7,128, $313, $0.00 $8,326, % $8,326, $380, $0.00 $6,218, % $6,218, $283, $8,315, % $8,315, $300, $0.00 $9,965, % $9,965, $294, $0.00 $10,748, % $10,748, $374, $0.00 $11,638, % $11,638, $50, $0.00 $11,895, %

3 3 of 19 Accumulation Detail Investment Allocation with Annual Rebalancing Beginning: 1/22/93 Ending: 3/31/13 Investments Begin Date End Date Initial Investment Reinvest Income Reinvest Cap. Gains Avg. Front End Load Avg. Avg. Avg. Redemption Redemption Trans. Fees CDSC Fees CDSC Months Annual Fees Ending Value Bruce Fund 01/22/93 03/31/13 $300, Y Y NoneNone NoneNone $3,712, PIMCO:Tot Rtn;Inst 01/22/93 03/31/13 $200, Y Y 0.00 %None 137.4None $2,354, American Funds Bond;A 01/22/93 03/31/13 $200, Y Y 0.78 % NoneNone NoneNone $2,345, SPDR S&P 500 ETF 01/22/93 03/31/13 $100, Y Y NoneNone NoneNone $1,241, ConocoPhillips 01/22/93 03/31/13 $100, Y Y NoneNone NoneNone $1,199, Apple Inc 01/22/93 03/31/13 $100, Y Y NoneNone NoneNone $1,041,856.63

4 4 of 19 HoldingScan Data as of 4/26/13 Macro Allocation Asset Allocation Trailing Performance 1/22/933/31/13 Risk vs. Return 1 Year 3 Years 5 Years Since 1/22/93 1 Year 3 Years 5 Years Since 1/22/1993 Cumulative Return 1.95% 37.21% 56.03% 1,078.24% Benchmark 10.90% 32.16% 30.97% % Annualized Return 11.12% 9.31% 12.99% Benchmark 9.74% 5.54% 8.40% Risk Adjusted 5.57% 16.56% 19.59% % Standard Deviation Benchmark StDev Sharpe Ratio Alpha (%) Beta R2 5.99% 8.03% 11.84% 10.15% 8.94% 13.21% 17.52% 13.20% Best & Worst Case Analysis Performance Disclosure Best Period Cumulative Return Benchmark Worst Period Cumulative Return Benchmark 3 Months 1 Year 3 Years 9/1/0411/30/04 4/1/033/31/04 10/1/029/30/ % 49.27% % 9.64% 44.64% 75.87% 9/1/0811/30/08 11/1/0710/31/08 3/1/062/28/ % 26.47% 10.71% 29.63% 34.95% 31.58% The Performance Data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than return data quoted herein. See Open End Mutual Fund Holding Returns Standardized Returns

5 5 of 19 Equity Properties Fixed Income Properties 1 Metrics Avg. Market Capitalization $87,564 mil Avg. Price to Earnings Avg. Price to Book 2.41 Sales Growth 1 Year 10.63% Earnings Growth 1 Year 19.62% Avg. 3 Year Return on Total Equity 4.13% Avg. 3 Year Return on Capital 4.38% Avg. 3 Year Return on Assets 2.87% Avg. 3 Year EPS Growth 12.38% Avg. 3 Year Operating Cash Flow 11.62% Avg. Coupon 5.23% AAA 17.63% A 10.53% BB 2.88% Less than B 1.20% Short Term Avg. Duration 8.20 AA 22.98% BBB 7.93% B 1.90% Not Rated 34.96% Fgn. Currency Avg. Expense Ratio 0.47% Avg. Turnover % Top 10 Equity Countries Top 10 Equity Sectors Top 10 Equity Holdings (subject to change) Equity Name (Symbol) Portfolio % Value Holder Name (Symbol) Holding As of Date % of Portfolio % of Holder s Portfolio Apple Inc (AAPL) 10.31% $103, Apple Inc (AAPL) 10.00% % 2/28/ % 3.05% ConocoPhillips (COP) 10.05% $100, ConocoPhillips (COP) 10.00% % 2/28/ % 0.52% Fidelity Instl Treasury Only Portfolio;I 4.07% $40, Bruce Fund (BRUFX) 12/31/ % 13.57% Amerco ORD (UHAL) 2.28% $22, Bruce Fund (BRUFX) 12/31/ % 7.60% Airboss of America Corp ORD (BOS) 0.91% $9, Bruce Fund (BRUFX) 12/31/ % 3.02% International Business Machines Corp ORD (IBM) 0.90% $8, Bruce Fund (BRUFX) 12/31/ % 2.46% 2/28/ % 1.57% Pfizer Inc ORD (PFE) 0.90% $9, Bruce Fund (BRUFX) 12/31/ % 2.51% 2/28/ % 1.48% Allstate Corp ORD (ALL) 0.88% $8, Bruce Fund (BRUFX) 12/31/ % 2.87% 2/28/ % 0.16% Merck & Co Inc ORD (MRK) 0.80% $7, Bruce Fund (BRUFX) 12/31/ % 2.34% 2/28/ % 0.96% Abbott Laboratories ORD (ABT) 0.74% $7, Bruce Fund (BRUFX) 12/31/ % 2.33% 2/28/ % 0.39% 1 You may obtain more information about bond ratings in the "Disclosure" section of the material.

6 6 of 19 CompariScan Data as of 4/26/2013 Asset Allocation Sample Model (Proposed) Brokerage Account (Current) Macro Allocation Performance Disclosure The Performance Data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than return data quoted herein. See Open End Mutual Fund Holding Returns Standardized Returns Trailing Performance 12/16/19989/20/ Year 3 Years Cumulative 3 Years Annualized 5 Years Cumulative 5 Years Annualized Since 12/16/98 Since 12/16/98 Cumulative Annualized Sample Model (Proposed) 14.25% 49.77% 14.41% 52.47% 8.80% % 14.48% Proposed DJ Mod Aggr IX 13.95% 30.39% 9.25% 8.07% 1.56% % 6.16% Brokerage Account (Current) 14.42% 18.94% 5.95% 31.66% 7.33% 5.55% 0.39% Current Blended Asset Class Benchmark 18.34% 31.49% 9.55% 0.19% 0.04% 59.30% 3.44% Best & Worst Case Analysis Proposed 3 Months 1 Year 3 Years Current 3 Months 1 Year 3 Years Best Period 9/21/0412/20/04 3/21/033/20/04 4/21/034/20/06 Best Period 3/21/096/20/09 11/21/0811/20/09 3/21/093/20/12 Cumulative Return 18.22% 48.18% % Cumulative Return 26.41% 61.34% 75.15% Benchmark 10.37% 44.31% 80.48% Benchmark 23.69% 31.50% 87.80% Worst Period 8/21/0811/20/08 11/21/0711/20/08 2/21/062/20/09 Worst Period 8/21/0811/20/08 11/21/0711/20/08 11/21/0511/20/08 Cumulative Return 25.60% 26.67% 6.73% Cumulative Return 55.95% 62.83% 57.32% Benchmark 28.21% 35.85% 29.94% Benchmark 31.71% 42.09% 27.75%

7 7 of 19 Risk vs. Return & MPT Statistics Sample Model (Proposed) 1 Year 3 Years 5 Years Since 12/16/1998 Annualized Return Standard Deviation Benchmark Return Benchmark StDev Sharpe Ratio Alpha (%) Beta R % 14.41% 8.80% 14.48% 8.23% 8.91% 13.31% 11.77% 13.95% 9.25% 1.56% 6.16% 7.52% 9.60% 14.42% 11.26% Brokerage Account (Current) 1 Year 3 Years 5 Years Since 12/16/1998 Annualized Return Standard Deviation Benchmark Return Benchmark StDev Sharpe Ratio Alpha (%) Beta R % 5.95% 7.33% 0.39% 14.03% 17.16% 29.30% 21.97% 18.34% 9.55% 0.04% 3.44% 8.68% 10.73% 15.99% 12.52% Equity Properties Fixed Income Properties 1 Metrics Proposed Avg. Market Capitalization $87,564 mil Avg. Price to Earnings Avg. Price to Book 2.41 Sales Growth 1 Year 10.63% Earnings Growth 1 Year 19.62% Avg. 3 Year Return on Total Equity 4.13% Avg. 3 Year Return on Capital 4.38% Avg. 3 Year Return on Assets 2.87% Avg. 3 Year EPS Growth 12.38% Avg. 3 Year Operating Cash Flow 11.62% Current $74,397 mil % 18.00% 17.00% 7.50% 6.00% 24.50% 17.00% Proposed Avg. Coupon 5.23% Avg. Duration 8.20 AAA 17.63% AA 22.98% A 10.53% BBB 7.93% BB 2.88% B 1.90% Less than B 1.20% Not Rated 34.96% Short Term Foreign Currency Current Proposed Avg. Expense Ratio 0.47% Avg. Turnover % Current Avg. Expense Ratio 1.00% Avg. Turnover 85.00% Top 10 Equity Countries Top 10 Equity Sectors 1 You may obtain more information about bond ratings in the "Disclosure" section of the material.

8 8 of 19 Top 10 Equity Holdings (subject to change) Sample Model (Proposed) Equity Name (Symbol) Portfolio % Value Holder Name (Symbol) Holding As of Date % of Portfolio % of Holder s Portfolio Apple Inc (AAPL) 10.31% $103, Apple Inc (AAPL) 10.00% % 2/28/ % 3.05% ConocoPhillips (COP) 10.05% $100, ConocoPhillips (COP) 10.00% % 2/28/ % 0.52% Fidelity Instl Treasury Only Portfolio;I 4.07% $40, Bruce Fund (BRUFX) 12/31/ % 13.57% Amerco ORD (UHAL) 2.28% $22, Bruce Fund (BRUFX) 12/31/ % 7.60% Airboss of America Corp ORD (BOS) 0.91% $9, Bruce Fund (BRUFX) 12/31/ % 3.02% International Business Machines Corp ORD (IBM) 0.90% $8, Bruce Fund (BRUFX) 12/31/ % 2.46% 2/28/ % 1.57% Pfizer Inc ORD (PFE) 0.90% $9, Bruce Fund (BRUFX) 12/31/ % 2.51% 2/28/ % 1.48% Allstate Corp ORD (ALL) 0.88% $8, Bruce Fund (BRUFX) 12/31/ % 2.87% 2/28/ % 0.16% Merck & Co Inc ORD (MRK) 0.80% $7, Bruce Fund (BRUFX) 12/31/ % 2.34% 2/28/ % 0.96% Abbott Laboratories ORD (ABT) 0.74% $7, Bruce Fund (BRUFX) 12/31/ % 2.33% 2/28/ % 0.39% Top 10 Equity Holdings (subject to change) Brokerage Account (Current) Equity Name (Symbol) Portfolio % Value Holder Name (Symbol) Holding As of Date % of Portfolio % of Holder s Portfolio Apple Inc ORD (AAPL) 3.70% $37, Invesco Constell;A (CSTGX) 12/31/ % 14.19% 1/31/ % 3.24% AllianBer Gl Them Gr;A (ALTFX) 1/31/ % 1.07% Google Inc ORD (GOOG) 2.46% $24, Invesco Constell;A (CSTGX) 12/31/ % 7.38% 1/31/ % 3.08% AllianBer Gl Them Gr;A (ALTFX) 1/31/ % 1.86% Wells Fargo & Co ORD (WFC) 2.33% $23, Sel Sector:Finl S SPDR (XLF) 2/28/ % 7.99% 1/31/ % 2.28% Invesco Constell;A (CSTGX) 12/31/ % 1.36% Berkshire Hathaway Inc ORD (BRK.B) 2.18% $21, Sel Sector:Finl S SPDR (XLF) 2/28/ % 8.67% 1/31/ % 2.24% JPMorgan Chase & Co ORD (JPM) 1.99% $19, Sel Sector:Finl S SPDR (XLF) 2/28/ % 8.65% 1/31/ % 1.29% Citigroup Inc ORD (C) 1.47% $14, Sel Sector:Finl S SPDR (XLF) 2/28/ % 5.72% 1/31/ % 1.63% Bank of America Corp ORD (BAC) 1.30% $13, Sel Sector:Finl S SPDR (XLF) 2/28/ % 5.63% 1/31/ % 0.88% Goldman Sachs Group Inc ORD (GS) 1.28% $12, Sel Sector:Finl S SPDR (XLF) 2/28/ % 3.08% Invesco Constell;A (CSTGX) 12/31/ % 2.49% 1/31/ % 0.82% Qualcomm Inc ORD (QCOM) 1.01% $10, Invesco Constell;A (CSTGX) 12/31/ % 3.53% AllianBer Gl Them Gr;A (ALTFX) 1/31/ % 1.18% 1/31/ % 0.32% ebay Inc ORD (EBAY) 0.99% $9, Invesco Constell;A (CSTGX) 12/31/ % 2.93% AllianBer Gl Them Gr;A (ALTFX) 1/31/ % 1.03% 1/31/ % 0.99%

9 9 of 19 Modern Portfolio Theory Analysis (1/22/93 3/31/13) Model Cumulative Rate of Return 1,078.24% 12.99% 10.15% % 30.41% $1,000, $1,841, $3,390, $6,242, $ Rate of Return (Annualized) Standard Deviation Sharpe Ratio Lower Limit of 90% Confidence Level Upper Limit of 90% Confidence Level Beginning Portfolio Value Value in 5 Years Value in 10 Years Value in 15 Years Oneyear 90% Value at Risk Probability of: Loss in 1 year Loss in 5 years Falling Below Minimum ROR Losing Purchasing Power Over 1 Year Over 5 Years 10.03% 0.21% 5.00% 10.03% 0.21% Confidence Intervals & Probability A term used in inferential statistics that measures the probability that a population parameter will fall between two set values. The confidence interval can take any number of probabilities, with the most common being 90%, 95% or 99%.In other words, a confidence interval is the probability that a value will fall between an upper and lower bound of a probability distribution. Probability of Loss The probability of achieving a return less than 0%. It is calculated based on an assumed annualized rate of return (M) and standard deviation (S). The probability of obtaining different values of Z can be looked up using a Standard Normal Distribution Table: Z=(0M)/S. The Probability is equal to.5 + the area under the Normal Curve from 0 to Z. Losing Purchasing Power The probability of achieving a return less than an assumed inflation rate of 0%. It is calculated based on an assumed rate of annualized return (M) and standard deviation (S). The probability of obtaining different values of Z can be looked up using a Standard Normal Distribution Table: Z=(Inflation RateM)/(S/Square Root of the Number of Years). The Probability is equal to.5+ the area under the Normal Curve from 0 to Z. IMPORTANT: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary over time. The Performance Data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than return data quoted herein.

10 10 of 19 Normal Distribution of Returns with 90% Probability Cumulative Rate of Return Rate of Return (Annualized) Standard Deviation Lower Limit of 90% Confidence Upper Limit of 90% Confidence Model 1,078.24% 12.99% 10.15% 2.89% 30.41% Confidence Intervals & Probability A term used in inferential statistics that measures the probability that a population parameter will fall between two set values. The confidence interval can take any number of probabilities, with the most common being 90%, 95% or 99%.In other words, a confidence interval is the probability that a value will fall between an upper and lower bound of a probability distribution. Probability of Loss The probability of achieving a return less than 0%. It is calculated based on an assumed annualized rate of return (M) and standard deviation (S). The probability of obtaining different values of Z can be looked up using a Standard Normal Distribution Table: Z=(0M)/S. The Probability is equal to.5 + the area under the Normal Curve from 0 to Z. Losing Purchasing Power The probability of achieving a return less than an assumed inflation rate of 0%. It is calculated based on an assumed rate of annualized return (M) and standard deviation (S). The probability of obtaining different values of Z can be looked up using a Standard Normal Distribution Table: Z=(Inflation RateM)/(S/Square Root of the Number of Years). The Probability is equal to.5+ the area under the Normal Curve from 0 to Z. IMPORTANT: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary over time. The Performance Data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than return data quoted herein.

11 11 of 19 Detailed Analytics Data as of 4/26/2013 Performance See the Asset Performance Horizon Table for important information regarding the observation periods used in this analysis Returns Standard Deviation Sharpe Ratio Name Weighting Trailing 1 Year Trailing 3 Years Trailing 5 Years Trailing 7 Years Trailing 10 Years Trailing 3 Years Trailing 5 Years Trailing 7 Years Trailing 10 Years Trailing 3 Years Trailing 5 Years Trailing 7 Years Trailing 10 Years DJ Mod Aggr IX % 10.90% 9.74% 5.54% 5.21% 10.26% 13.21% 17.52% 15.43% 13.89% Sample Model (Model) % 1.95% 11.12% 9.31% 8.92% 15.94% 8.03% 11.84% 11.00% 10.67% Lipper Intermediate Investor 40.00% 6.23% 6.67% 6.32% 6.03% 5.17% 2.48% 4.21% 3.84% 3.90% Grade Bond American Funds Bond;A 20.00% 4.17% 5.41% 4.15% 4.06% 4.50% 2.23% 5.27% 4.65% 4.49% PIMCO:Tot Rtn;Inst 20.00% 6.85% 4.54% 6.33% 6.96% 5.95% 4.63% 4.84% 4.54% 4.44% Lipper Flex Portfolio Fund 30.00% 9.18% 8.49% 4.80% 5.13% 8.05% 11.23% 15.19% 13.26% 11.77% Bruce Fund 30.00% 11.88% 13.78% 9.91% 5.79% 16.98% 8.86% 14.02% 12.70% 13.97% Lipper S&P 500 Fund 10.00% 13.66% 12.38% 5.60% 4.79% 8.28% 14.80% 18.75% 16.61% 14.75% SPDR S&P 500 ETF 10.00% 13.74% 12.54% 5.77% 4.81% 8.42% 14.75% 18.71% 16.55% 14.73% Lipper LargeCap Growth 10.00% 7.04% 10.36% 5.09% 4.26% 7.40% 16.62% 20.10% 18.01% 16.06% Apple Inc 10.00% 25.06% 24.11% 25.64% 32.48% 51.46% 26.12% 33.19% 35.99% 37.34% Lipper LargeCap Core 10.00% 14.00% 11.13% 5.09% 4.34% 7.54% 14.78% 18.64% 16.46% 14.54% ConocoPhillips 10.00% 17.11% 9.55% 1.11% 2.15% 11.42% 28.45% 31.24% 28.85% 27.19% Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the recent month end, please visit the Fund Families', Insurance Company, Stock, Closed End Fund or ETF Investor Websites or call them directly. Asset Classes and Indexes are unmanaged and one cannot invest directly in an Asset Class or Index. Confidence Intervals & Probability A term used in inferential statistics that measures the probability that a population parameter will fall between two set values. The confidence interval can take any number of probabilities, with the most common being 90%, 95% or 99%.In other words, a confidence interval is the probability that a value will fall between an upper and lower bound of a probability distribution. Probability of Loss The probability of achieving a return less than 0%. It is calculated based on an assumed annualized rate of return (M) and standard deviation (S). The probability of obtaining different values of Z can be looked up using a Standard Normal Distribution Table: Z=(0M)/S. The Probability is equal to.5 + the area under the Normal Curve from 0 to Z. Losing Purchasing Power The probability of achieving a return less than an assumed inflation rate of 0%. It is calculated based on an assumed rate of annualized return (M) and standard deviation (S). The probability of obtaining different values of Z can be looked up using a Standard Normal Distribution Table: Z=(Inflation RateM)/(S/Square Root of the Number of Years). The Probability is equal to.5+ the area under the Normal Curve from 0 to Z. IMPORTANT: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary over time. The Performance Data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than return data quoted herein.

12 12 of 19 Theoretical Range of Returns with 90% Probability Assumptions Annual. Return Standard Deviation 1 Year Theoretical Range of Returns Annualized 3 Year Annualized 5 Year Annualized 10 Year Min. Max. Min. Max. Min. Max. Min. Max. Model 12.99% 10.15% 2.89% 30.41% 3.35% 22.53% 5.35% 20.20% 7.41% 17.90% Theoretical Range of Values with 90% Probability Confidence Intervals & Probability A term used in inferential statistics that measures the probability that a population parameter will fall between two set values. The confidence interval can take any number of probabilities, with the most common being 90%, 95% or 99%.In other words, a confidence interval is the probability that a value will fall between an upper and lower bound of a probability distribution. Probability of Loss The probability of achieving a return less than 0%. It is calculated based on an assumed annualized rate of return (M) and standard deviation (S). The probability of obtaining different values of Z can be looked up using a Standard Normal Distribution Table: Z=(0M)/S. The Probability is equal to.5 + the area under the Normal Curve from 0 to Z. Losing Purchasing Power The probability of achieving a return less than an assumed inflation rate of 0%. It is calculated based on an assumed rate of annualized return (M) and standard deviation (S). The probability of obtaining different values of Z can be looked up using a Standard Normal Distribution Table: Z=(Inflation RateM)/(S/Square Root of the Number of Years). The Probability is equal to.5+ the area under the Normal Curve from 0 to Z. IMPORTANT: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary over time. The Performance Data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than return data quoted herein.

13 13 of 19 Style Analysis Sample Model Period Ending 3/31/13 Benchmark Index Avg. Ending Min. Max. St. Dev. Barclay US Corp HY TR Russell 1000 Gro TR Barclay US Gvt TR Russell 2000 Gro TR Russell Mid Cp Gro TR Russell 2000 Value TR TBill 3 Month TR Russell Mid Cp Val TR MSCI EAFE GD Russell 1000 Value TR % % 0.00 % % % 8.69 % % 0.00 % % % % % 0.00 % % % 1.80 % 2.94 % 0.00 % % 3.52 % 9.24 % 0.00 % 0.00 % % % 3.85 % 0.00 % 0.00 % % 6.04 % 4.22 % 0.00 % 0.00 % % 9.99 % 6.54 % 0.00 % 0.00 % % % % 0.00 % 0.00 % % % 6.99 % 0.00 % 0.00 % % % Mix of investment styles that best explains the fund s behavior over the last 208 months. May be representative, but not indicative of actual holdings. This matrix depicts the investment style of the fund as determined by using Returns Based Style Analysis (RBSA), developed by William Sharpe, to relate the portfolio's or investment's pattern of historical returns to a series of benchmarks for classification. Style Drift measures the tendency of a portfolio or investment to deviate across styles over time. Average Style is the average style attribution associated with the given Benchmark Index over the 208 (Sample Model), 3Year Rolling Observations. As of period ending date is the style attribution associated with the given Benchmark Index over the most recent 3Year Rolling Observation. Minimum Style is the lowest style attribution associated with the given Benchmark Index over the 208 (Sample Model), 3Year Rolling Observations. Maximum Style is the highest style attribution associated with the given Benchmark Index over the 208 (Sample Model), 3Year Rolling Observations. Standard Deviation, relating to Style Drift in this context, is a statistical measure of the volatility of the style attribution associated with the given Benchmark Index over the 208 (Sample Model), 3Year Rolling Observations.

14 14 of 19 Monte Carlo Simulation Assumptions Results (Beginning Value = $1,000,000.00) Avg. Return Stand. Dev. Model Ending Value Ending Date Model 12.99% 10.15% 10th Percentile $2,429, /31/ th Percentile $3,540, /31/ th Percentile $5,063, /31/2030 Cash Flows Sample Model Model Description Type Amount Frequency Begin Date End Date Inflation % Retirement Income Withdrawal $7, Monthly 01/01/ /31/ % The purpose of this analysis is to provide investors with the probable 50 th (Average), 10 th (Lower 10 Percent) and 90 th (Upper 10 Percent) percentile values that a selected portfolio will observe under hypothetical market scenarios over a period of time. 80% of simulation trials occur between the 90 th and the 10 th percentile range. 10% of simulated outcomes fall below the 10 th percentile line and should be examined in order to help investors recognize their level of risk tolerance. This analytical technique in which a large number of simulations are run using random quantities for portfolio rate of return looks at the distribution of results to infer which values are most likely. This illustrations Probability of various outcomes is obtained by generating 5,000 random values within the upper and lower boundaries of returns. The Monte Carlo calculations are based on the portfolio rate of return, the portfolio standard deviation (volatility), the time period analyzed, and cash flows (contributions and withdrawals) made during the time period. Standard deviation is a statistical measure of the historical volatility of a portfolio or one or more of its assets. More generally, it is a measure of the extent to which numbers are spread around their average. The assumed returns are adjusted based upon the historical standard deviations of return for asset classes and/or securities which measure the volatility or deviation of annual returns of an asset class or security from its average. Changing any of these variables will impact the probability of achieving outcomes. IMPORTANT: The projections or other information generated by AdvisoryWorld s Monte Carlo simulation application regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. This Monte Carlo simulation is for illustrative purposes to educate parties about the effects of volatility and uncertainty over time. Results may vary with each use and over time. Do not rely upon the results of this report to predict actual future performance of any investment or investment strategy.

15 15 of 19 Bond Fund of America; A MF Family American Funds Manager Team Managed Tenure N/A Asset Class Lipper Intermediate Investor Grade Bond Benchmark Lipper Intermediate Investor Grade Bond Risk vs. Return Ticker ABNDX Inception 5/28/1974 NAV 4/25/2013 $ Week High $ Week Low $12.72 Historical Performance 01/22/ /25/2013 Max Front End Load 3.75% Max CDSC Fee 0.00% Min Initial Purchase $250 Min IRA Purchase $250 AUM $23,260,100,000 Management Fee 0.19% 12b1 Fee 0.24% Expense Ratio 0.60% Turnover Ratio % Trailing NonStandardized Returns See Open End Mutual Fund Holding Returns Standardized Returns 1 Month YTD 3 Months 1 Year 3 Yrs. Cml. 3 Yrs. Ann. 5 Yrs. Cml. 5 Yrs. Ann. Incept. Cml. Incept. Ann. 1 Year 3 Years 5 Years Since 1/22/93 ABNDX 0.88% 0.67% 0.99% 4.33% 17.09% 5.40% 22.97% 4.22% % 5.71% Benchmark 0.04% 0.35% 0.65% 5.20% 20.00% 6.27% 35.30% 6.23% % 5.95% Calendar Year Performance Standard Deviation Benchmark StDev Sharpe Ratio Alpha (%) Beta R2 Max.Drawdown Tracking Error Up Market Capture Down Market Capture 1.79% 2.31% 5.27% 4.25% 1.44% 2.06% 3.73% 3.26% % 2.40%15.21% 15.94% 5.08% 6.36% 9.27% 9.86% 84.52% 84.24% 91.22% 97.21% % % ABNDX 0.59% 5.44% 5.96% 7.30% 14.91% 12.24% 3.37% 5.88% 1.94% 5.85% Benchmark 0.35% 7.82% 6.28% 8.62% 14.30% 4.71% 5.43% 4.47% 2.28% 4.28% Best Period Cmltv. Return Bmark Worst Period Cmltv. Return Bmark Up Periods Bmark Down Periods Bmark 3 Months End6/25/ % 5.59% End11/25/ % 6.74% Year End11/25/ % 19.14% End11/25/ % 7.79% Years End12/25/ % 31.67% End11/25/ % 2.20% Macro Allocation Fixed Income Properties 1 Equity Properties Avg. Yrs. Maturity 0.1 yrs AAA 22.89% AA 33.62% A 14.57% BBB 12.55% Short Term Avg. Duration 4.2 yrs Avg. Coupon 4.22% BB 1.79% B and Less 2.79% Not Rated 11.79% Foreign Currency Sales Growth (1 yr) 9.00% Earn. Growth (1 yr.) Avg. Mkt. Cap. $938 mil Price/Earnings Price/Book 1.32 EPS Growth (3 yr) Return on Equity 17.00% Return on Assets Return on Cap. (3yr) 5.00% Oprt. C. Flow (3 yr) 1.00% Performance Disclosure The Performance Data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than return data quoted herein. Call American Funds at for performance data current to the most recent month end. 1 You may obtain more information about bond ratings in the "Disclosure" section of the material.

16 16 of 19 Bruce Fund, Inc MF Family Bruce and Company Inc Manager Bruce/Bruce Tenure Since 1983/1983 Asset Class Lipper Flex Portfolio Fund Benchmark Lipper Flex Portfolio Fund Risk vs. Return Ticker BRUFX Inception 3/20/1968 NAV 4/25/2013 $ Week High $ Week Low $ Historical Performance 01/22/ /25/2013 Max Front End Load 0.00% Max CDSC Fee 0.00% Min Initial Purchase $1,000 Min IRA Purchase $0 AUM $385,700,000 Management Fee 0.56% 12b1 Fee 0.00% Expense Ratio 0.81% Turnover Ratio 10.00% Trailing NonStandardized Returns See Open End Mutual Fund Holding Returns Standardized Returns 1 Month YTD 3 Months 1 Year 3 Yrs. Cml. 3 Yrs. Ann. 5 Yrs. Cml. 5 Yrs. Ann. Incept. Cml. Incept. Ann. 1 Year 3 Years 5 Years Since 1/22/93 BRUFX 0.32% 9.01% 5.26% 11.26% 39.62% 11.77% 58.31% 9.62% 1,238.24% 13.65% Benchmark 0.32% 5.17% 2.37% 9.40% 26.10% 8.04% 22.76% 4.19% % 6.90% Calendar Year Performance Standard Deviation Benchmark StDev Sharpe Ratio Alpha (%) Beta R2 Max.Drawdown Tracking Error Up Market Capture Down Market Capture 6.47% 8.94% 14.43% 15.00% 5.99% 9.21% 13.36% 9.38% % 8.17%31.19% 39.09% 17.19% 30.41% 34.08% 46.82% 98.03% 75.15% 88.92% % 58.77% 20.76% 56.47% 42.38% BRUFX 8.09% 7.86% 7.24% 23.95% 32.26% 27.27% 5.13% 17.72% 7.69% 57.19% Benchmark 4.90% 13.34% 1.16% 12.91% 29.17% 30.02% 9.57% 12.77% 6.34% 9.50% Best Period Cmltv. Return Bmark Worst Period Cmltv. Return Bmark Up Periods Bmark Down Periods Bmark 3 Months End6/25/ % 12.00% End11/25/ % 26.97% Year End3/25/ % 28.86% End10/25/ % 27.85% Years End7/25/ % 34.83% End2/25/ % 24.35% Macro Allocation Top 10 Sectors Top 10 Countries Fixed Income Properties 1 Equity Properties Top 10 Equity Holdings Avg. Yrs. Maturity 0.1 yrs AAA 16.60% AA A BBB 3.61% Short Term Avg. Duration 13.1 yrs Avg. Coupon 6.74% BB 3.83% B and Less 2.21% Not Rated 73.75% Foreign Currency Sales Growth (1 yr) 20.00% Earn. Growth (1 yr.) 49.00% Avg. Mkt. Cap. $39,517 mil Price/Earnings Price/Book 2.52 EPS Growth (3 yr) 27.00% Return on Equity 12.00% Return on Assets 3.00% Return on Cap. (3yr) 4.00% Oprt. C. Flow (3 yr) 22.00% Performance Disclosure The Performance Data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than return data quoted herein. Call Bruce and Company Inc at for performance data current to the most recent month end. Fidelity Instl Treasury Only Portfolio;I (null) 13.57% Amerco ORD (UHAL) 7.60% Airboss of America Corp ORD (BOS) 3.02% Allstate Corp ORD (ALL) 2.87% Pfizer Inc ORD (PFE) 2.51% International Business Machines Corp ORD (IBM) 2.46% Flotek Industries Inc ORD (FTK) 2.41% Merck & Co Inc ORD (MRK) 2.34% Abbott Laboratories ORD (ABT) 2.33% Titan International Inc ORD (TWI) 2.17% 1 You may obtain more information about bond ratings in the "Disclosure" section of the material.

17 17 of 19 SPDR S&P 500 ETF Trust ETF Family State Street Bank and Trust Company Manager Team Managed Tenure N/A Asset Class Lipper S&P 500 Fund Benchmark Lipper S&P 500 Fund Risk vs. Return Ticker SPY Inception 1/22/1993 Price 4/25/2013 $ Week High $ Week Low $ Historical Performance 01/22/ /25/2013 Max Front End Load 0.00% Max CDSC Fee 0.00% AUM $129,835,300,000 Management Fee 0.04% 12b1 Fee 0.00% Expense Ratio 0.10% Turnover Ratio 4.00% Trailing NonStandardized Returns See Open End Mutual Fund Holding Returns Standardized Returns 1 Month YTD 3 Months 1 Year 3 Yrs. Cml. 3 Yrs. Ann. 5 Yrs. Cml. 5 Yrs. Ann. Incept. Cml. Incept. Ann. 1 Year 3 Years 5 Years Since 1/22/93 SPY 2.30% 11.86% 5.97% 16.42% 38.52% 11.47% 26.61% 4.83% % 8.55% Benchmark 0.71% 10.71% 6.13% 14.26% 40.13% 11.90% 26.21% 4.77% % 8.34% Calendar Year Performance Standard Deviation Benchmark StDev Sharpe Ratio Alpha (%) Beta R2 Max.Drawdown Tracking Error Up Market Capture Down Market Capture 10.42% 16.62% 20.14% 16.25% 7.97% 12.18% 16.51% 12.87% %14.72%43.08% 47.89% 20.04% 40.40% 42.62% 36.75% % 93.07% 95.81% % 93.12% SPY 11.81% 15.99% 1.89% 15.06% 26.37% 36.81% 4.64% 15.85% 4.83% 10.70% Benchmark 10.52% 15.71% 1.93% 14.70% 26.31% 37.08% 5.25% 15.55% 4.65% 10.56% Best Period Cmltv. Return Bmark Worst Period Cmltv. Return Bmark Up Periods Bmark Down Periods Bmark 3 Months End7/25/ % 18.99% End11/25/ % 28.58% Year End7/25/ % 48.21% End2/25/ % 42.95% Years End7/25/ % % End3/25/ % 40.46% Macro Allocation Top 10 Sectors Top 10 Countries Equity Properties Sales Growth (1 yr) 7.00% Earn. Growth (1 yr.) 10.00% Avg. Mkt. Cap. $103,998 mil Price/Earnings Price/Book 3.99 EPS Growth (3 yr) 18.00% Return on Equity 22.00% Return on Assets 9.00% Return on Cap. (3yr) 13.00% Oprt. C. Flow (3 yr) 11.00% Performance Disclosure The Performance Data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than return data quoted herein. Call State Street Bank and Trust Company for performance data current to the most recent month end. Top 10 Equity Holdings Apple Inc ORD (AAPL) 3.05% Exxon Mobil Corp ORD (XOM) 3.00% General Electric Co ORD (GE) 1.79% Chevron Corp ORD (CVX) 1.69% Google Inc ORD (GOOG) 1.57% International Business Machines Corp ORD (IBM) 1.57% Johnson & Johnson ORD (JNJ) 1.55% Microsoft Corp ORD (MSFT) 1.55% Procter & Gamble Co ORD (PG) 1.53% AT&T Inc ORD (T) 1.50% Benchmark Disclosure The volatility of the benchmark used to compare performance is materially different from that of the asset or portfolio.

18 18 of 19 Asset Allocation Analysis Model Investment Allocation Current Investment Allocation Return: 14.48% Standard Deviation: 11.77% Return: 0.39% Standard Deviation: 21.97% offered by AdvisoryWorld, Inc and Lipper, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, (5) are not warranted to be correct, complete or accurate and (6) no part of AdvisoryWorld, Inc. and Lipper compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. AdvisoryWorld, Inc. and Lipper shall not be held responsible for any trading decisions, damages or other losses resulting

19 19 of 19 Asset Allocation Analysis Ticker Name Model Current +/ Model Current +/ Fixed Income 40.00% 20.00% 20.00% $400, $200, $200, General Fixed Income 40.00% 40.00% $400, $400, Lipper Intermediate Investor Grade Bond 40.00% 40.00% $400, $400, ABNDX American Funds Bond;A 20.00% 20.00% $200, $200, PTTRX PIMCO:Tot Rtn;Inst 20.00% 20.00% $200, $200, High Yield Bonds 20.00% 20.00% $200, $200, Lipper High Current Yield Bd 20.00% 20.00% $200, $200, OPCHX Oppenheimer Chpn Inc;A 20.00% 20.00% $200, $200, Equities 30.00% 80.00% 50.00% $300, $800, $500, General Equity 10.00% 20.00% 10.00% $100, $200, $100, Lipper S&P 500 Fund 10.00% 10.00% $100, $100, SPY SPDR S&P 500 ETF 10.00% 10.00% $100, $100, Lipper MltCap Growth 20.00% 20.00% $200, $200, FMAGX Fidelity Magellan Fund 20.00% 20.00% $200, $200, Large Cap Growth 10.00% 20.00% 10.00% $100, $200, $100, Lipper LargeCap Growth 10.00% 20.00% 10.00% $100, $200, $100, CSTGX Invesco Constell;A 20.00% 20.00% $200, $200, AAPL Apple Inc 10.00% 10.00% $100, $100, Large Cap Blend 10.00% 10.00% $100, $100, Lipper LargeCap Core 10.00% 10.00% $100, $100, COP ConocoPhillips 10.00% 10.00% $100, $100, International Equity 20.00% 20.00% $200, $200, Lipper Global MultiCap Growth 20.00% 20.00% $200, $200, ALTFX AllianBer Gl Them Gr;A 20.00% 20.00% $200, $200, offered by AdvisoryWorld, Inc and Lipper, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, (5) are not warranted to be correct, complete or accurate and (6) no part of AdvisoryWorld, Inc. and Lipper compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. AdvisoryWorld, Inc. and Lipper shall not be held responsible for any trading decisions, damages or other losses resulting