NCH (NCH) SC TO-T Third party tender offer statement

Strictly private & confidential

Exhibit (c)(iv)

Project Ranger

Discussion materials

September 17, 2001

Deutsche Banc Alex. Brown represents the Investment Banking activities of Deutsche Banc Alex. Brown Inc. (US) and Deutsche Bank Securities Ltd. (Canada).
Deutsche Banc Alex. Brown Inc. and Deutsche Bank Securities Ltd. are subsidiaries of Deutsche Bank AG.

These materials were prepared by Deutsche Banc Alex. Brown based on publicly available information and information provided by Ranger Management as of September 10, 2001, without independent verification by Deutsche Banc Alex. Brown. These materials are subject to further due diligence and discussion and do not constitute a specific transaction recommendation or an opinion as to valuation or otherwise, and should not be relied upon as the basis for any investment decision. No representation or warranty (express or implied) is made by Deutsche Banc Alex. Brown as to the accuracy or completeness of the information herein. The materials are intended solely for review by the client and are not for publication or distribution to any other parties.

Contents

Section
1	Executive summary	4
2	Going private transaction: illustrative analysis	13
Appendix
I	Review of Ranger market performance and shareholder base	19

Project Ranger

Section 1

Executive summary

4

Project Ranger

Today’s agenda

• Review financial projections

• Review transaction multiples and initial borrowings assuming various going private transaction prices

• Review illustrative analysis assuming a $50.00 purchase price per share

• Other items

5

Project Ranger

Summary financial projections

($ in millions)			Fiscal year ended April 30,
						Projected
			Actual
			2001			2002			2003			2004			2005			2006
Income Statement Data:
	Revenue		$	649.6		$	642.1		$	647.2		$	669.6		$	697.4		$	727.2
		Revenue growth		-10.5	%		-1.1	%		0.8	%		3.5	%		4.1	%		4.3	%
	EBITDA			51.9			46.0			50.4			54.9			59.4			63.7
		EBITDA margin		8.0	%		7.2	%		7.8	%		8.2	%		8.5	%		8.8	%
	Operating income			39.8			31.9			36.3			40.7			44.7			48.3
		Operating income margin		6.1	%		5.0	%		5.6	%		6.1	%		6.4	%		6.6	%
	Net income			27.5			22.1			26.4			30.0			33.4			36.7
		Net income margin		4.2	%		3.4	%		4.1	%		4.5	%		4.8	%		5.0	%
Balance Sheet Data:
	Cash & Marketable Securities		$	88.5		$	94.6		$	115.4		$	139.4		$	166.9		$	197.8
	Total Debt (1)			126.5			114.6			114.6			114.6			114.6			114.6
	Equity			222.7			238.2			260.5			286.2			315.4			347.9

Source: Company management.
(1)	Includes Retirement and Deferred Compensation.

6

Project Ranger

Financial projections by segment: Revenue

(FYE April 30; $ in millions)

		2002		2003		2004		2005		2006
Western Europe		$	148.4	$	139.5	$	139.5	$	143.7	$	148.0
Eastern Europe			27.3		27.6		28.4		29.3		30.1
Latin America			37.3		38.4		39.6		40.7		42.0
Asia			27.5		27.5		28.3		29.1		30.0
	Total International		240.4		232.9		235.7		242.8		250.1
Chemical			166.1		166.1		171.7		177.9		185.0
Plumbmaster			116.2		121.6		127.6		133.5		139.7
Partsmaster			44.9		46.3		47.6		49.1		50.5
Landmark			44.4		47.3		50.6		54.2		57.9
RPG			30.0		33.0		36.3		39.9		43.9
	Total Domestic		401.6		414.3		433.9		454.6		477.2
Total Company		$	642.1	$	647.2	$	669.6	$	697.4	$	727.2

Source: Company management.

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Project Ranger

Financial projections by segment: Revenue growth

(FYE April 30; $ in millions)

		2002			2003			2004			2005			2006
Western Europe			-9.5	%		-6.0	%		0.0	%		3.0	%		3.0	%
Eastern Europe			-2.5	%		1.0	%		3.0	%		3.0	%		3.0	%
Latin America			3.0	%		3.0	%		3.0	%		3.0	%		3.0	%
Asia			-5.0	%		0.0	%		3.0	%		3.0	%		3.0	%
	Total International		-6.4	%		-3.1	%		1.2	%		3.0	%		3.0	%
Chemical			-2.0	%		0.0	%		3.4	%		3.6	%		4.0	%
Plumbmaster			4.3	%		4.6	%		4.9	%		4.6	%		4.6	%
Partsmaster			3.0	%		3.0	%		3.0	%		3.0	%		3.0	%
Landmark			6.0	%		6.5	%		7.0	%		7.0	%		7.0	%
RPG			14.5	%		10.0	%		10.0	%		10.0	%		10.0	%
	Total Domestic		2.3	%		3.1	%		4.7	%		4.8	%		5.0	%
Total Company			-1.1	%		0.8	%		3.5	%		4.1	%		4.3	%

Source: Company management.

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Project Ranger

Financial projections by segment: Operating income

(FYE April 30; $ in millions)

		2002			2003			2004			2005			2006
Western Europe		$	19.3		$	19.5		$	19.5		$	20.1		$	20.7
Eastern Europe			6.1			5.5			5.4			5.3			5.4
Latin America			2.6			2.7			2.8			3.0			3.1
Asia			2.6			2.6			2.7			3.1			3.5
	Total International		30.6			30.3			30.5			31.5			32.7
Chemical			14.1			15.9			16.8			18.6			19.4
Plumbmaster			6.9			8.4			10.2			10.6			11.1
Partsmaster			4.5			4.6			4.8			4.9			5.1
Landmark			—			1.2			2.5			2.7			2.9
RPG			4.7			5.1			5.7			6.2			6.9
	Total Domestic		30.2			35.3			40.0			43.1			45.4
Total Company		$	60.8		$	65.6		$	70.5		$	74.5		$	78.1
Corporate expenses			(14.9	)		(15.3	)		(15.8	)		(15.8	)		(15.8	)
Unallocated international expense			(14.0	)		(14.0	)		(14.0	)		(14.0	)		(14.0	)
EBIT		$	31.9		$	36.3		$	40.7		$	44.7		$	48.3

Source: Company management.

9

Project Ranger

Financial projections by segment:
Operating margins

(FYE April 30; $ in millions)

		2002			2003			2004			2005			2006
Western Europe			13.0	%		14.0	%		14.0	%		14.0	%		14.0	%
Eastern Europe			22.5	%		20.0	%		19.0	%		18.0	%		18.0	%
Latin America			7.0	%		7.0	%		7.1	%		7.4	%		7.4	%
Asia			9.3	%		9.3	%		9.7	%		10.6	%		11.5	%
	Total International		12.7	%		13.0	%		12.9	%		13.0	%		13.1	%
Chemical			8.5	%		9.6	%		9.8	%		10.5	%		10.5	%
Plumbmaster			5.9	%		6.9	%		8.0	%		8.0	%		8.0	%
Partsmaster			10.0	%		9.9	%		10.1	%		10.0	%		10.1	%
Landmark			0.0	%		2.5	%		5.0	%		5.0	%		5.0	%
RPG			15.6	%		15.6	%		15.6	%		15.6	%		15.6	%
	Total Domestic		7.5	%		8.5	%		9.2	%		9.5	%		9.5	%
Total Company			5.0	%		5.6	%		6.1	%		6.4	%		6.6	%

Source: Company management.

10

Project Ranger

Summary going private transaction analysis

($ in millions)

Purchase price per share	$	45.00		$	47.50		$	50.00		$	52.50		$	55.00		$	57.50
Market premium ($43.47 - 9/10/01)		3.5	%		9.3	%		15.0	%		20.8	%		26.5	%		32.3	%
Fully diluted shares outstanding (1)		5.3			5.3			5.8			5.8			5.8			5.8
Equity value		238.9			252.1			289.6			304.1			318.6			333.0
Net debt (as of July 31, 2001) (2)		41.4			41.4			18.2			18.2			18.2			18.2
Aggregate value	$	280.3		$	293.5		$	307.8		$	322.3		$	336.8		$	351.3
Multiple of Aggregate Value to:
LTM 7/31/01 Revenue ($668.2 mm)		0.4x			0.4x			0.5x			0.5x			0.5x			0.5x
LTM 7/31/01 EBITDA ($49.1 mm)		5.7x			6.0x			6.3x			6.6x			6.9x			7.2x
LTM 7/31/01 EBIT ($37.2 mm)		7.5x			7.9x			8.3x			8.7x			9.0x			9.4x
LTM 7/31/01 Net income ($23.7 mm)		10.1x			10.6x			12.2x			12.8x			13.4x			14.0x
Shares to be purchased (3)		2.3			2.3			2.3			2.3			2.3			2.3
Take-out equity value (4)	$	107.6		$	113.2		$	118.9		$	124.6		$	130.3		$	135.9
Excess cash and marketable securities used in take-out		45.0			45.0			45.0			45.0			45.0			45.0
Incremental bank debt from going private transaction		62.6			68.2			73.9			79.6			85.3			90.9

(1)	Represents shares and in-the-money options outstanding.
(2)	Represents estimated $115.7mm debt (including $114.6mm deferred comp) less estimated cash, marketable securities and option proceeds from in the money options.
(3)	Represents non-family owned shares.
(4)	Represents cost to repurchase non-family owned shares including fees and expenses.

11

Project Ranger

Tentative going private transaction timetable

(1) Assumes a two-step transaction (tender offer followed by a merger), requiring Buyer to get at least 90% in the tender offer to file a short-form merger. A one-step offer, which would require SEC approval of the proxy statement, would add six to eight weeks to the proposed timetable.

12

Project Ranger

Section 2

Going private transaction: illustrative analysis

13

Project Ranger

Illustrative analysis:
$50 purchase price per share

Summary assumptions

• Transaction closing date of 7/31/01 for purposes of financial modeling

• Hypothetical purchase price of $50.00 per share for the approximate 2.3 million shares not currently held by members of the Levy family

• Utilize $45 million of existing cash and marketable securities to finance a portion of the transaction

• 7% cost of transaction debt

• Maintain current dividend policy

• Excludes potential payments for contingent liabilities and deferred compensation during projection period

• Excludes future interest expense on non-bank debt liabilities

14

Project Ranger

Sources and uses: $50 purchase price per share

Sources of funds

Bank Debt		$	73.9
Existing Cash			45.0
	Total Sources	$	118.9

Uses of funds

Equity Purchase Price		$	113.5
Deal Expenses & Financing Fees			5.5
	Total Uses	$	118.9

15

Project Ranger

Summary balance sheet:
$50 purchase price per share

(FYE April 30; $ in millions)

					Projected FYE 4/30
		Pro forma
		7/31/01			2002			2003			2004			2005		2006
Cash		$	29.3		$	29.3		$	29.3		$	29.3		$	31.0	$	57.2
Other Current Assets			225.0			221.2			224.2			227.2			230.2		233.2
Property, Plant & Equipment			62.3			61.4			59.9			58.6			57.3		56.0
Other Non-Current Assets			57.5			56.4			55.3			54.2			53.1		52.0
	Total Assets		374.1			368.4			368.7			369.4			371.7		398.4
Current Liabilities			72.4			76.4			76.4			76.4			76.4		76.4
Bank Debt			73.9			56.9			40.6			21.2			—		—
Notes Payable to Banks			1.1			—			—			—			—		—
Retirement & Deferred Compensation			114.6			114.6			114.6			114.6			114.6		114.6
Equity			112.1			120.5			137.1			157.2			180.7		207.4
	Total Liabilities & Equity	$	374.1		$	368.4		$	368.7		$	369.4		$	371.7	$	398.4
Credit Statistics: (1)
Debt / Total Capitalization			40	%		32	%		23	%		12	%		—		—
Debt / Equity			67	%		47	%		30	%		13	%		—		—
Debt / EBITDA			1.30x			1.24x			0.81x			0.39x			—		—
EBITDA / Total Interest			13.60x			10.13x			14.78x			25.37x		NA		NA

(1) Excludes Retirement and Deferred Compensation.

16

Project Ranger

Income statement: $50 purchase price per share

(FYE April 30; $ in millions)

		Projected FYE 4/30
		2002		2003		2004		2005		2006
Net Sales		$	642.1	$	647.2	$	669.6	$	697.4	$	727.2
Cost of Sales			246.1		252.3		263.2		274.6		286.8
Gross Margin (Profit)			396.1		394.9		406.4		422.8		440.4
Marketing and Administrative Expense			350.1		344.5		351.5		363.3		376.8
EBITDA			46.0		50.4		54.9		59.4		63.7
Depreciation & Amortization			14.0		14.1		14.2		14.8		15.4
Operating Income (pre-transaction)			31.9		36.3		40.7		44.7		48.3
Transaction Cost Amort.			1.1		1.1		1.1		1.1		1.1
Operating Income			30.8		35.2		39.6		43.6		47.2
Interest & other income			2.4		1.8		1.8		1.8		2.6
Interest Expense:
	Transaction Debt		3.4		3.4		2.2		0.7		0.0
	Other		1.1		0.0		0.0		0.0		0.0
Total Interest Expense			4.5		3.4		2.2		0.7		0.0
Net Income from Cont. Ops. before Taxes			28.7		33.6		39.2		44.6		49.8
Provision for Income Taxes			10.9		12.8		14.9		17.0		18.9
Net Income from continuing ops.		$	17.8	$	20.8	$	24.3	$	27.7	$	30.9

17

Project Ranger

Summary cash flow: $50 purchase price per share

(FYE April 30; $ in millions)

	Projected FYE 4/30
	2002			2003			2004			2005			2006
Net Income	$	17.8		$	20.8		$	24.3		$	27.7		$	30.9
Depreciation and Amortization		14.0			14.1			14.2			14.8			15.4
Other Non-Cash Items		2.4			1.1			1.1			1.1			1.1
Change in Working Capital		(6.2	)		(3.0	)		(3.0	)		(3.0	)		(3.0	)
Cash from Discontinued Operations		2.7			—			—			—			—
Cash from Operations		30.7			33.0			36.6			40.5			44.4
Capital Expenditures		12.2			12.6			12.9			13.5			14.0
Dividends Paid		4.2			4.2			4.2			4.2			4.2
Other		(0.7	)		—			—			—			—
Cash Available for Debt Repayment / Other Items	$	15.0		$	16.3		$	19.4		$	22.9		$	26.1

18

Project Ranger

Appendix I

Review of Ranger market performance and shareholder base

19

Project Ranger

Market valuation

($mm, except per share data)

Market performance

Current price (9/10/01)		$	43.47
One month average			44.10
YTD average			47.83
52-week high (4/27/01)			57.10
	low (10/12/00)		32.38
Equity value		$	230.7
Net debt (1)			41.4
Total enterprise value (“TEV”)		$	272.2

Implied valuation metrics

	Statistic(2)		Implied multiple
TEV/LTM 7/31/01 revenues	$	668.2		0.4x
TEV/LTM 7/31/01 EBITDA		49.1		5.5
Equity value/LTM 7/31/01 net income		23.7		9.7
TEV/2002E revenues		642.1		0.4x
TEV/2002E EBITDA		46.0		5.9
Equity value/2002E net income		22.1		10.4

(1)	Net debt includes retirement and deferred compensation plans less cash and marketable securities.
(2)	Source for 2002 estimates: Company management.

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Project Ranger

Share price performance: 1-year

($mm, except per share data)

Market statistics
Stock price (9/10/01)	$	43.47
Fully-diluted shares outstanding (mm) (1)		5.307
Equity value	$	230.7
Net debt(2)		41.4
Total enterprise value	$	272.2

(1)	Fully diluted shares outstanding based on treasury stock method.
(2)	Net debt includes retirement and deferred compensation plans less cash and marketable securities.

52-week trading statistics
Average daily volume		8,105
high (4/27/01)	$	57.10
low (10/12/00)		32.38

Historical share price performance

Daily: September 7, 2000 - September 7, 2001

(1)	12/08/00: Ranger reports operating income of $13 million and EPS of $1.92 for FY2001 Q2.
(2)	03/07/01: Ranger reports net sales of $159.0 million and operating income of $13.9 million for FY 2001 Q3.
(3)	06/01/01: Ranger reports net sales of $161.5 million and EPS of $.43 for FY2001 Q4 and net sales of $679.7 million and EPS of $5.65 for the year ended April 30, 2001.
(4)	08/28/01: Ranger reports net sales of $169.0 million and EPS of $1.33 for FY2002 Q1.

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Project Ranger

Shareholder ownership analysis

Significant insider holdings(1)
Irvin L. Levy	1,443,857	27.2	%
Lester A. Levy	1,427,362	26.9
John I. Levy	70,295	1.3
Robert Milton Levy	45,058	0.9
Walter M. Levy	26,229	0.5
Lester A. Levy, Jr.	23,942	0.5
Thomas B. Walker, Jr.	10,000	0.2
Robert L. Blumenthal	2,683	0.1
Ronald G. Steinhart	2,500	0.0
Rawles Fulgham	2,000	0.0
Total	3,053,926	57.5	%

Top ten 13-F institutions
Dimensional Fund Advisors, Inc.	337,600	6.4	%
Kestrel Investment Mgmt Corp.	215,300	4.1
Franklin Resources Inc.	200,000	3.8
Legg Mason Inc.	125,958	2.4
Barclays Bank PLC	100,058	1.9
AXA Financial, Inc.	72,400	1.4
Royce & Associates	62,700	1.2
LSV Asset Management	59,830	1.1
First Pacific Advisors, Inc.	52,600	1.0
Zurich Scudder Investments, Inc.	52,200	1.0
Total	1,278,646	24.1	%

Ownership summary
Holders	Total		% of total
Directors and officers(1)		3,053,926		57.5	%
Institutions — Top 5(2)		978,916		18.4
Institutions — total		1,818,788		34.3
Retail		435,116		8.2
Total shares outstanding		5,307,830		100.0	%

Ownership breakdown

(1)	Source: Definitive Proxy statement, April 30, 2001, excludes stock options held by officers and directors, includes life estate interest and a family trust held by several members of the Levy family. Also excludes 10,000 shares filed for sale by both Lester A. Levy and Robert Milton Levy post-Proxy Statement.
(2)	Includes Dimensional Fund Advisors, Inc., Kestrel Investment Mgmt Corp., Franklin Resources, Inc. Legg Mason Inc. and Barclays Bank PLC.
	Source: CDA/Spectrum unless otherwise noted.

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Project Ranger

Shareholder profile and liquidity analysis

Shareholder profile
13F institutional holdings
Shareholders	Shares		%
Dimensional Fund Advisors, Inc.		337,600		6.4
Kestrel Investment Mgmt Corp.		215,300		4.1
Franklin Resources Inc.		200,000		3.8
Legg Mason Inc.		125,958		2.4
Barclays Bank PLC		100,058		1.9
AXA Financial, Inc.		72,400		1.4
Royce & Associates		62,700		1.2
LSV Asset Management		59,830		1.1
First Pacific Advisors, Inc.		52,600		1.0
Zurich Scudder Investments, Inc.		52,200		1.0
Top ten 13-F institutional holders		1,278,646

Liquidity analysis
Divestiture based on 25 percent of
average daily trading volume
30-day	3 month		6 month		12 month
383.3		99.8		122.4		166.6
244.5		63.6		78.1		106.2
227.1		59.1		72.5		98.7
143.0		37.2		45.7		62.1
113.6		29.6		36.3		49.4
82.2		21.4		26.2		35.7
71.2		18.5		22.7		30.9
67.9		17.7		21.7		29.5
59.7		15.5		19.1		26.0
59.3		15.4		18.9		25.8

Public float analysis
	Shares		%
Basic shares outstanding		5,307,830		100
Float(3)		1,916,304		36
Adjusted float(4)		1,274,988		24

Average daily
Period	Volume		Turnover(1)			Adj. turnover(2)
30-day		3,523		0.20	%		0.30	%
3 months		13,531		0.70			1.10
6 months		11,033		0.60			0.90
12 months		8,107		0.40			0.60

(1)	Average Daily Turnover = Avg. Daily Trading Volume/Float.
(2)	Adjusted Daily Turnover = Avg. Daily Trading Volume/Adjusted Float.
(3)	Float represents shares outstanding, less insider holdings and other 5 percent holders.
(4)	Adjusted Float represents Float less five largest institutional investors.
Source: CDA/Spectrum and Factset.

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Project Ranger

Historical institutional ownership

Owner Name	30-Jun-01		31-Dec-00		30-Jun-00		31-Dec-99		30-Jun-99		31-Dec-98		30-Jun-98		31-Dec-97		30-Jun-97		31-Dec-96
DIMENSIONAL FD ADVISORS, INC.		337.6		337.6		340.3		340.2		302.0		182.2		176.5		169.4		129.9		116.1
KESTREL INVESTMENT MGMT CORP.		215.3		217.5		210.1		219.0		205.2		200.7		146.5		84.5		53.8		38.5
FRANKLIN RESOURCES INC.		200.0		200.0		200.0		200.0		200.0		200.0		200.0		200.0		200.0		200.0
LEGG MASON INC.		126.0		50.9		52.8
BARCLAYS BANK PLC		100.1		98.9		105.7		82.9		55.4		97.0		109.0		110.2		125.3		133.8
AXA FINANCIAL, INC.		72.4		44.5		41.6		9.3		43.7		8.4		9.7		12.7		14.6		15.7
ROYCE & ASSOCIATES, INC.		62.7		47.0		42.0		29.8		22.8		18.8		30.0						—
LSV ASSET MANAGEMENT		59.8		51.4		49.0		57.4		53.2		51.3		43.7		34.6
FIRST PACIFIC ADVISORS, INC.		52.6		52.6		52.6		52.6		52.6		52.6		72.4		72.4		72.4		72.4
ZURICH SCUDDER INVTS, INC.		52.2		54.2		54.2		53.8		56.5		55.4		54.8		25.5		13.3
VANGUARD GROUP		47.8		62.2		56.1		36.5		29.6		29.0		28.1		22.9		21.5
STATE STR CORPORATION		39.4		39.0		39.9		26.3		20.5		19.8		23.4		25.6		19.3		27.1
WESTPEAK INVT ADVISORS, L.P.		37.8								—		19.0
BANK OF AMERICA CORPORATION		33.9		34.2		35.7		35.7		35.0		35.2		32.2		31.9		32.1		31.9
PENNSYLVANIA PUBLIC SCH EMP RE		32.6		65.1		65.4
MELLON BANK NA		30.7		34.6		38.2		56.3		70.9		68.8		77.4		68.1		70.2		30.4
GENERAL MOTORS ASSET MGMT		26.8		25.6		25.6		19.2
NORTHERN TRUST COMPANY		23.9		24.6		22.7		26.0		27.8		24.0		17.2		12.1		10.5		9.4
MILLENNIUM PARTNERS, LP		23.9		4.2
CALIFORNIA STATE TEACH RETIRE		23.4		17.8		31.0		31.9		31.9		31.9		31.9		31.9		31.9		31.9
COLLEGE RETIRE EQUITIES		20.7		25.8		30.8		30.2		30.4		31.1		27.1		30.1		30.1		30.1
Others		199.3		216.2		236.1		474.8		642.0		939.8		1,014.6		1,437.8		1,406.7		1,413.6
Total Institutional Shares Held		1,818.8		1,703.7		1,729.7		1,781.9		1,879.5		2,065.0		2,094.5		2,369.7		2,231.7		2,150.9
Minimum Share Price During Period	$	38.50	$	33.00	$	35.19	$	44.25	$	46.06	$	52.44	$	60.06	$	61.38	$	57.00	$	53.75
Mean Share Price During Period		49.57		37.68		42.03		46.88		53.78		62.29		64.03		67.18		60.91		56.33
Maximum Share Price During Period		56.28		42.88		46.63		51.19		65.38		72.38		72.25		72.63		65.50		62.50

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