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

Exhibit (c)(viii)

April

Projections

2

Project Ranger
Base Case
Historical and Projected Balance Sheet

Base Case
(FYE April 30; $  in millions)

			Actual FYE 4/30
									Actual		Estimated		Adjustments
			1998		1999		2000		1/31/01		4/30/01		-		+
		ASSETS
Current Assets:
Cash & Marketable Securities			$	118.8	$	23.0	$	52.6	$	84.3	$	87.9	$	0.0	$	0.0
Accounts Receivable				140.8		146.3		129.8		116.5		118.0		0.0		0.0
Inventories				108.5		108.0		85.0		78.4		85.0		0.0		0.0
Prepaid Expenses				9.4		9.6		6.2		8.9		6.2		0.0		0.0
Deferred Income Taxes				19.1		21.5		13.7		13.6		13.7		0.0		0.0
Total Current Assets				396.5		308.3		287.2		301.7		310.8
Noncurrent Assets:
Net PPE				79.2		76.7		70.1		62.6		62.9		0.0		0.0
Deferred Income Tax Benefit				30.8		31.8		36.7		35.8		35.8		0.0		0.0
Net Assets of Discontinued Operations				0.0		0.0		12.9		3.2		0.0		0.0		0.0
Other Assets				13.2		16.1		20.2		17.0		17.0		0.0		0.0
Transaction Costs				0.0		0.0		0.0		0.0		0.0		0.0		0.0	��
Goodwill				0.0		0.0		0.0		0.0		0.0		0.0		0.0
Total Noncurrent Assets				123.2		124.6		139.9		118.6		115.8
	TOTAL ASSETS		$	519.7	$	432.8	$	427.1	$	420.3	$	426.6	$	0.0	$	0.0

Project Ranger
Base Case
Historical and Projected Balance Sheet

Base Case
(FYE April 30; $  in millions)

					Projected FYE 4/30
			Closing		2002		2003		2004		2005		2006
		ASSETS
Current Assets:
Cash & Marketable Securities			$	87.9	$	102.3	$	122.7	$	151.2	$	182.1	$	215.7
Accounts Receivable				118.0		119.5		121.0		122.5		124.0		125.5
Inventories				85.0		86.5		88.0		89.5		91.0		92.5
Prepaid Expenses				6.2		6.2		6.2		6.2		6.2		6.2
Deferred Income Taxes				13.7		13.7		13.7		13.7		13.7		13.7
Total Current Assets				310.8		328.1		351.6		383.1		417.0		453.5
Noncurrent Assets:
Net PPE				62.9		63.1		63.6		62.3		61.0		59.7
Deferred Income Tax Benefit				35.8		35.8		35.8		35.8		35.8		35.8
Net Assets of Discontinued Operations				0.0		0.0		0.0		0.0		0.0		0.0
Other Assets				17.0		17.0		17.0		17.0		17.0		17.0
Transaction Costs				0.0		0.0		0.0		0.0		0.0		0.0
Goodwill				0.0		0.0		0.0		0.0		0.0		0.0
Total Noncurrent Assets				115.8		116.0		116.4		115.2		113.9		112.6
	TOTAL ASSETS		$	426.6	$	444.1	$	468.1	$	498.3	$	530.9	$	566.1

Project Ranger
Base Case
Historical and Projected Balance Sheet

Base Case
(FYE April 30; $  in millions)

			Actual FYE 4/30
												Actual			Estimated			Adjustments
			1998			1999			2000			1/31/01			4/30/01			-		+
	LIABILITIES & EQUITY
Current Liabilities:
Accounts Payable			$	49.1		$	46.4		$	40.1		$	36.2		$	39.4		$	0.0	$	0.0
Accrued Expenses				28.0			29.5			26.7			27.3			26.7			0.0		0.0
Income Taxes Payable				20.7			23.8			6.3			7.1			6.3			0.0		0.0
Dividends Payable				2.5			1.9			1.9			1.9			1.9			0.0		0.0
Total Current Liabilities				100.3			101.6			75.1			72.5			74.3
Contingent Liability				0.0			0.0			0.0			0.0			0.0			0.0		0.0
Long-term Debt:
Credit Facility				0.0			0.0			0.0			0.0			0.0			0.0		0.0
Term Loan A				0.0			0.0			0.0			0.0			0.0			0.0		0.0
Term Loan B				0.0			0.0			0.0			0.0			0.0			0.0		0.0
Notes payable to banks				7.2			5.4			6.0			1.0			1.0			0.0		0.0
Insurance Policy Note				0.0			0.0			16.9			11.7			10.4			0.0		0.0
NE Thing Acquisition				1.5			1.3			1.1			0.0			0.0			0.0		0.0
Borrowed by Int’l Companies				0.2			0.1			0.0			0.0			0.0			0.0		0.0
Retirement & Deferred Compensation				111.1			115.2			115.3			116.8			116.8			0.0		0.0
Senior Subordinated Notes				0.0			0.0			0.0			0.0			0.0			0.0		0.0
Other Long-Term Debt				0.0			0.0			0.0			0.0			0.0			0.0		0.0
Total Long-term Debt				120.0			121.9			139.3			129.5			128.1
TOTAL LIABILITIES				220.3			223.5			214.4			202.0			202.4
Net Worth:
Equity — Common				24.1			24.5			24.5			24.5			24.5			0.0		0.0
		— Preferred		0.0			0.0			0.0			0.0			0.0			0.0		0.0
Retained Earnings				474.5			491.7			501.1			519.3			525.1			0.0		0.0
Accumulated other comprehensive loss				(33.7	)		(36.3	)		(42.4	)		(51.1	)		(51.1	)		0.0		0.0
Treasury Stock				(165.5	)		(270.5	)		(270.5	)		(274.3	)		(274.3	)		0.0		0.0
Total Net Worth				299.4			209.4			212.8			218.4			224.2
TOTAL LIABILITIES & EQUITY			$	519.7		$	432.9		$	427.1		$	420.3		$	426.6		$	0.0	$	0.0

Project Ranger
Base Case
Historical and Projected Balance Sheet

Base Case
(FYE April 30; $  in millions)

						Projected FYE 4/30
			Closing			2002			2003			2004			2005			2006
	LIABILITIES & EQUITY
Current Liabilities:
Accounts Payable			$	39.4		$	39.4		$	39.4		$	39.4		$	39.4		$	39.4
Accrued Expenses				26.7			26.7			26.7			26.7			26.7			26.7
Income Taxes Payable				6.3			6.3			6.3			6.3			6.3			6.3
Dividends Payable				1.9			1.9			1.9			1.9			1.9			1.9
Total Current Liabilities				74.3			74.3			74.3			74.3			74.3			74.3
Contingent Liability				0.0			0.0			0.0			0.0			0.0			0.0
Long-term Debt:
Credit Facility				0.0			0.0			0.0			0.0			0.0			0.0
Term Loan A				0.0			0.0			0.0			0.0			0.0			0.0
Term Loan B				0.0			0.0			0.0			0.0			0.0			0.0
Notes payable to banks				1.0			0.0			0.0			0.0			0.0			0.0
Insurance Policy Note				10.4			3.5			0.0			0.0			0.0			0.0
NE Thing Acquisition				0.0			0.0			0.0			0.0			0.0			0.0
Borrowed by Int’l Companies				0.0			0.0			0.0			0.0			0.0			0.0
Retirement & Deferred Compensation				116.8			116.8			116.8			116.8			116.8			116.8
Senior Subordinated Notes				0.0			0.0			0.0			0.0			0.0			0.0
Other Long-Term Debt				0.0			0.0			0.0			0.0			0.0			0.0
Total Long-term Debt				128.1			120.3			116.8			116.8			116.8			116.8
TOTAL LIABILITIES				202.4			194.6			191.1			191.1			191.1			191.1
Net Worth:
Equity — Common				24.5			24.5			24.5			24.5			24.5			24.5
		— Preferred		0.0			0.0			0.0			0.0			0.0			0.0
Retained Earnings				525.1			550.4			577.9			608.1			640.7			675.9
Accumulated other comprehensive loss				(51.1	)		(51.1	)		(51.1	)		(51.1	)		(51.1	)		(51.1	)
Treasury Stock				(274.3	)		(274.3	)		(274.3	)		(274.3	)		(274.3	)		(274.3	)
Total Net Worth				224.2			249.5			277.0			307.2			339.8			375.0
TOTAL LIABILITIES & EQUITY			$	426.6		$	444.1		$	468.1		$	498.3		$	530.9		$	566.1

Project Ranger
Base Case
Historical and Projected Income Statement

Base Case
(FYE April 30; $ in millions)

	Actual FYE 4/30												Projected FYE 4/30
										Estimated
	1998			1999			2000			2001			2002		2003		2004		2005		2006
Net Sales	$	784.1		$	786.7		$	728.2		$	646.1		$	650.7	$	673.2	$	701.6	$	725.2	$	751.4
Cost of Sales		412.3			420.6			375.1			241.8			247.9		261.8		275.1		287.7		301.5
Gross Margin (Profit)		371.8			366.1			353.1			404.4			402.8		411.4		426.6		437.5		449.8
Marketing and Administrative Expense		305.0			303.6			300.3			341.4			347.1		353.7		366.0		374.4		384.0
EBITDA		66.7			62.6			52.8			63.0			55.7		57.7		60.6		63.1		65.8
Depreciation & Amortization		15.0			14.1			15.0			13.9			14.0		14.1		14.2		14.6		15.2
Operating Income (pre-transaction)		51.7			48.5			37.8			49.1			41.7		43.6		46.4		48.4		50.7
Transaction Cost Amort.		0.0			0.0			0.0			0.0			0.0		0.0		0.0		0.0		0.0
Operating Income		51.7			48.5			37.8			49.1			41.7		43.6		46.4		48.4		50.7
Gain on Sale of Land		0.0			0.0			0.0			3.1			0.0		0.0		0.0		0.0		0.0
Gain on Sale of Subsidiaries		11.0			0.0			0.0			5.1			0.0		0.0		0.0		0.0		0.0
Interest & other income		(2.3	)		(1.5	)		(0.6	)		3.9			5.7		6.7		8.2		10.0		11.9
Interest Expense:
Credit Facility											0.0			0.0		0.0		0.0		0.0		0.0
Term Loan A											0.0			0.0		0.0		0.0		0.0		0.0
Term Loan B											0.0			0.0		0.0		0.0		0.0		0.0
Notes payable to banks											0.0			0.0		0.0		0.0		0.0		0.0
Insurance Policy Note											4.6			0.5		0.1		0.0		0.0		0.0
NE Thing Acquisition											0.0			0.0		0.0		0.0		0.0		0.0
Borrowed by Int’l Companies											0.0			0.0		0.0		0.0		0.0		0.0
Total Interest Expense		0.4			2.7			5.6			4.7			0.6		0.1		0.0		0.0		0.0
Gain (Loss) on Assets Sales		0.0			0.0			0.0			0.0			0.0		0.0		0.0		0.0		0.0
Net Income from Cont. Ops. before Taxes		60.0			44.3			31.6			56.5			46.8		50.2		54.6		58.4		62.6
Provision for Income Taxes		24.3			19.9			11.6			20.9			17.3		18.6		20.2		21.6		23.2
Net Income from continuing ops.	$	35.7		$	24.4		$	20.1		$	35.6		$	29.5	$	31.6	$	34.4	$	36.8	$	39.4
Total Discontinued Operations		0.0			0.0			(4.2	)		(4.2	)		0.0		0.0		0.0		0.0		0.0
Net Income		35.7			24.4			15.9			31.4			29.5		31.6		34.4		36.8		39.4
Fully Diluted Shares Outstanding		7.2			5.7			5.4			5.3			5.3		5.3		5.3		5.3		5.3
Fully Diluted EPS from Cont. Ops.	$	4.97		$	4.27		$	3.72		$	6.67		$	5.56	$	5.96	$	6.49	$	6.93	$	7.43
Fully Diluted EPS	$	4.97		$	4.27		$	2.94		$	5.89		$	5.56	$	5.96	$	6.49	$	6.93	$	7.43

Note: FY2001 excludes discontinued operations for the entire year.

Project Ranger
Base Case
Projected Cash Flows Summary

Base Case
(FYE April 30; $ in millions)

	Projected FYE 4/30
	2002			2003			2004			2005			2006
Net Income from continuing ops.	$	29.5		$	31.6		$	34.4		$	36.8		$	39.4
Non-Cash Adjustments:
Depreciation & Amortization		14.0			14.1			14.2			14.6			15.2
Transaction Cost Amort.		0.0			0.0			0.0			0.0			0.0
New Goodwill Amortization		0.0			0.0			0.0			0.0			0.0
Provision for Losses on Accounts Receivable		0.0			0.0			0.0			0.0			0.0
Deferred income taxes		0.0			0.0			0.0			0.0			0.0
Gain on Sale of Land		0.0			0.0			0.0			0.0			0.0
Gain on Sale of Subsidiaries		0.0			0.0			0.0			0.0			0.0
Other Non-cash Items		0.0			0.0			0.0			0.0			0.0
Funds from Operations		43.5			45.7			48.6			51.4			54.6
Working Capital Source (Use):
Accounts Receivable		($1.5	)		($1.5	)		($1.5	)		($1.5	)		($1.5	)
Inventories		(1.5	)		(1.5	)		(1.5	)		(1.5	)		(1.5	)
Due from Affiliated Companies		0.0			0.0			0.0			0.0			0.0
Prepaid Expenses		0.0			0.0			0.0			0.0			0.0
Deferred Income Taxes		0.0			0.0			0.0			0.0			0.0
Accounts Payable		0.0			0.0			0.0			0.0			0.0
Accrued Expenses		0.0			0.0			0.0			0.0			0.0
Income Taxes Payable		0.0			0.0			0.0			0.0			0.0
Dividends Payable		0.0			0.0			0.0			0.0			0.0
Other Liabilities		0.0			0.0			0.0			0.0			0.0
(Increase) in Net Working Capital		(3.0	)		(3.0	)		(3.0	)		(3.0	)		(3.0	)
Cash flow from Discontinued Operations		0.0			0.0			0.0			0.0			0.0
Cash from Operations		40.5			42.7			45.6			48.4			51.6
Proceeds from Discontinued Operations		0.0			0.0			0.0			0.0			0.0
Net purchases of marketable securities		0.0			0.0			0.0			0.0			0.0
Sales of property, plant and equipment		0.0			0.0			0.0			0.0			0.0
Capital Expenditures		12.2			12.6			12.9			13.4			13.8
Payment of Contingent Liability		0.0			0.0			0.0			0.0			0.0
Acquisitions		2.0			2.0			0.0			0.0			0.0
Proceeds from financings		0.0			0.0			0.0			0.0			0.0
Purchase of treasury stock		0.0			0.0			0.0			0.0			0.0
Net effect of translation on cash		0.0			0.0			0.0			0.0			0.0
Cash Available for Debt Repayment	$	22.1		$	24.0		$	28.5		$	30.9		$	33.6

Project Ranger
Base Case
Projected Debt Repayment Schedule

Base Case
(FYE April 30; $ in millions)

		Projected FYE 4/30
		2002			2003			2004		2005		2006
Cash Available for Debt Repayment		$	22.1		$	24.0		$	28.5	$	30.9	$	33.6
Asset-Backed Addition to Revolver			0.0			0.0			0.0		0.0		0.0
Cash For Retirement of Term Loan A			22.1			24.0			28.5		30.9		33.6
	Term Loan A Mandatory Repayment		0.0			0.0			0.0		0.0		0.0
	Term Loan A Retired		0.0			0.0			0.0		0.0		0.0
Cash For Retirement of Term Loan B			22.1			24.0			28.5		30.9		33.6
	Term Loan B Mandatory Repayment		0.0			0.0			0.0		0.0		0.0
	Term Loan B Retired		0.0			0.0			0.0		0.0		0.0
Cash For Retirement of Notes payable to banks			22.1			24.0			28.5		30.9		33.6
	Notes payable to banks Mandatory Repayment		(1.0	)		0.0			0.0		0.0		0.0
	Notes payable to banks Retired		(1.0	)		0.0			0.0		0.0		0.0
Cash For Retirement of Insurance Policy Note			21.2			24.0			28.5		30.9		33.6
	Insurance Policy Note Mandatory Repayment		(6.9	)		(3.5	)		0.0		0.0		0.0
	Insurance Policy Note Retired		(6.9	)		(3.5	)		0.0		0.0		0.0
Cash For Retirement of NE Thing Acquisition			14.3			20.5			28.5		30.9		33.6
	NE Thing Acquisition Mandatory Repayment		0.0			0.0			0.0		0.0		0.0
	NE Thing Acquisition Retired		0.0			0.0			0.0		0.0		0.0
Cash For Retirement of Borrowed by Int’l Companies			14.3			20.5			28.5		30.9		33.6
	Borrowed by Int’l Companies Mandatory Repayment		0.0			0.0			0.0		0.0		0.0
	Borrowed by Int’l Companies Retired		0.0			0.0			0.0		0.0		0.0
Cash For Retirement of Credit Facility			14.3			20.5			28.5		30.9		33.6
	Credit Facility Retired		0.0			0.0			0.0		0.0		0.0
	Credit Facility Addition		0.0			0.0			0.0		0.0		0.0
Additions to Cash		$	14.3		$	20.5		$	28.5	$	30.9	$	33.6

Project Ranger

Consolidated
Segment Build-Up
Historical and Projected Income Statement

Base Case
(FYE April 30; $ in millions)

							9 months		3 months		12 months
	Historical						ended		ended		ended			Projected
	1998		1999		2000		1/31/01		4/30/01		4/30/01			2002			2003			2004			2005			2006
Sales
Domestic	$	331.8	$	363.8	$	386.8	$	297.3	$	93.2	$	390.5		$	408.1		$	435.1		$	458.6		$	484.9		$	513.2
International		313.8		310.7		287.3		193.6		62.0		255.6			242.6			238.1			243.1			240.3			238.2
Total		645.5		674.4		674.1		491.0		155.2		646.1			650.7			673.2			701.6			725.2			751.4
Cost of Sales
Domestic		139.1		158.4		170.8		136.6		36.7		173.3			181.5			195.7			207.4			220.8			235.3
International		62.7		64.6		59.9		40.4		13.6		53.9			51.6			50.9			52.1			51.8			51.6
Total		201.8		223.0		230.8		177.0		50.3		227.3			233.1			246.6			259.5			272.6			286.9
Gross Margin Profit
Domestic		192.7		205.4		216.0		160.7		56.4		217.2			226.6			239.4			251.2			264.1			277.8
International		251.0		246.0		227.4		153.3		48.5		201.7			191.0			187.2			191.0			188.5			186.6
Total		443.7		451.4		443.4		314.0		104.9		418.9			417.6			426.6			442.1			452.6			464.4
Marketing Expense
Domestic		170.7		176.2		179.3		134.3		46.1		180.5			189.5			198.0			206.1			216.5			227.6
International		203.3		205.4		185.9		122.1		38.8		160.9			157.6			155.7			159.8			157.9			156.4
Total		374.0		381.6		365.1		256.4		84.9		341.4			347.1			353.7			366.0			374.4			384.0
Operating Income
Domestic		22.0		29.1		36.7		26.4		10.3		36.7			37.2			41.4			45.0			47.6			50.3
International		47.8		40.6		41.5		31.2		9.7		40.8			33.4			31.5			31.2			30.6			30.1
Corporate Expense												(14.4	)		(14.9	)		(15.3	)		(15.8	)		(15.8	)		(15.8	)
International Expenses												(14.0	)		(14.0	)		(14.0	)		(14.0	)		(14.0	)		(14.0	)
Total Operating Income	$	69.8	$	69.8	$	78.2	$	57.6	$	20.0	$	49.1		$	41.7		$	43.6		$	46.4		$	48.4		$	50.7

Project Ranger

Consolidated
Segment Build-Up
Historical and Projected Income Statement

Base Case
(FYE April 30)

											9 months			3 months			12 months
		Historical									ended			ended			ended			Projected
		1998			1999			2000			1/31/01			4/30/01			4/30/01			2002			2003			2004			2005			2006
Revenue Growth:
	Domestic					9.6	%		6.3	%								1.0	%		4.5	%		6.6	%		5.4	%		5.7	%		5.8	%
	International					(1.0	%)		(7.5	%)								(11.0	%)		(5.1	%)		(1.8	%)		2.1	%		(1.1	%)		(0.9	%)
Total						4.5	%		(0.0	%)								(4.2	%)		0.7	%		3.5	%		4.2	%		3.4	%		3.6	%
Margins:
Cost of Sales % of Revenue:
	Domestic		41.9	%		43.5	%		44.2	%		45.9	%		39.4	%		44.4	%		44.5	%		45.0	%		45.2	%		45.5	%		45.9	%
	International		20.0	%		20.8	%		20.9	%		20.8	%		21.9	%		21.1	%		21.3	%		21.4	%		21.4	%		21.5	%		21.7	%
Total			31.3	%		33.1	%		34.2	%		36.0	%		32.4	%		35.2	%		35.8	%		36.6	%		37.0	%		37.6	%		38.2	%
Gross Margin:
	Domestic		58.1	%		56.5	%		55.8	%		54.1	%		60.6	%		55.6	%		55.5	%		55.0	%		54.8	%		54.5	%		54.1	%
	International		80.0	%		79.2	%		79.1	%		79.2	%		78.1	%		78.9	%		78.7	%		78.6	%		78.6	%		78.5	%		78.3	%
Total			68.7	%		66.9	%		65.8	%		64.0	%		67.6	%		64.8	%		64.2	%		63.4	%		63.0	%		62.4	%		61.8	%
Marketing Expense % of Revenue:
	Domestic		51.5	%		48.4	%		46.3	%		45.2	%		49.5	%		46.2	%		46.4	%		45.5	%		45.0	%		44.7	%		44.3	%
	International		64.8	%		66.1	%		64.7	%		63.1	%		62.6	%		62.9	%		65.0	%		65.4	%		65.7	%		65.7	%		65.7	%
Total			57.9	%		56.6	%		54.2	%		52.2	%		54.7	%		52.8	%		53.3	%		52.5	%		52.2	%		51.6	%		51.1	%
Operating Income % of Revenue:
	Domestic		6.6	%		8.0	%		9.5	%		8.9	%		11.1	%		9.4	%		9.1	%		9.5	%		9.8	%		9.8	%		9.8	%
	International		15.2	%		13.1	%		14.5	%		16.1	%		15.6	%		16.0	%		13.8	%		13.2	%		12.8	%		12.7	%		12.7	%
Total			10.8	%		10.3	%		11.6	%		11.7	%		12.9	%		7.6	%		6.4	%		6.5	%		6.6	%		6.7	%		6.7	%

Project Ranger

Chemical — Domestic
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										9 months			3 months			12 months
	Historical									ended			ended			ended			Projected
	1998			1999			2000			1/31/01			4/30/01			4/30/01			2002			2003			2004			2005			2006
Sales	$	161.6		$	164.8		$	166.8		$	129.0		$	38.6		$	167.6		$	173.9		$	179.6		$	186.1		$	192.7		$	199.6
Cost of Sales		46.8			47.8			48.9			37.3			11.9			49.1			51.0			52.7			54.6			56.5			58.5
Gross Profit		114.8			117.0			117.9			91.7			26.7			118.4			122.9			127.0			131.5			136.2			141.1
Marketing & Administrative Expense		102.1			102.5			103.5			77.6			23.5			101.1			104.1			107.5			111.4			115.4			119.5
Operating Income	$	12.7		$	14.5		$	14.4		$	14.1		$	3.2		$	17.3		$	18.8		$	19.4		$	20.1		$	20.85		$	21.59
Revenue Growth					2.0	%		1.2	%								0.5	%		3.8	%		3.3	%		3.6	%		3.6	%		3.6	%
Cost of Sales % of Revenue		28.9	%		29.0	%		29.3	%		28.9	%		30.7	%		29.3	%		29.3	%		29.3	%		29.3	%		29.3	%		29.3	%
Gross Margin		71.1	%		71.0	%		70.7	%		71.1	%		69.3	%		70.7	%		70.7	%		70.7	%		70.7	%		70.7	%		70.7	%
Marketing Expense % of Revenue		63.2	%		62.2	%		62.0	%		60.2	%		60.9	%		60.3	%		59.9	%		59.9	%		59.9	%		59.9	%		59.9	%
Operating Income % of Revenue		7.9	%		8.8	%		8.6	%		10.9	%		8.4	%		10.3	%		10.8	%		10.8	%		10.8	%		10.8	%		10.8	%

Project Ranger

Plumbmaster — Domestic
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										9 months			3 months			12 months
	Historical									ended			ended			ended			Projected
	1998			1999			2000			1/31/01			4/30/01			4/30/01			2002			2003			2004			2005			2006
Sales	$	99.6		$	115.7		$	118.5		$	83.9		$	27.6		$	111.4		$	116.2		$	121.6		$	127.6		$	133.5		$	139.7
Cost of Sales		60.7			72.0			71.3			53.0			14.0			67.0			69.9			73.2			76.8			80.3			84.0
Gross Profit		38.8			43.7			47.2			30.9			13.5			44.4			46.3			48.5			50.9			53.2			55.7
Marketing & Administrative Expense		36.2			38.4			37.0			25.1			11.2			36.3			39.4			40.0			40.7			42.6			44.5
Operating Income	$	2.6		$	5.4		$	10.2		$	5.8		$	2.3		$	8.1		$	6.9		$	8.4		$	10.2		$	10.6		$	11.1
Revenue Growth					16.2	%		2.4	%								(5.9	%)		4.3	%		4.6	%		4.9	%		4.6	%		4.6	%
Cost of Sales % of Revenue		61.0	%		62.2	%		60.2	%		63.2	%		51.0	%		60.2	%		60.2	%		60.2	%		60.2	%		60.2	%		60.2	%
Gross Margin		39.0	%		37.8	%		39.8	%		36.8	%		49.0	%		39.8	%		39.8	%		39.8	%		39.8	%		39.8	%		39.8	%
Marketing Expense % of Revenue		36.4	%		33.2	%		31.2	%		29.9	%		40.6	%		32.6	%		33.9	%		32.9	%		31.9	%		31.9	%		31.9	%
Operating Income % of Revenue		2.6	%		4.6	%		8.6	%		6.9	%		8.4	%		7.3	%		5.9	%		6.9	%		8.0	%		8.0	%		8.0	%

Project Ranger

Partsmaster — Domestic
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										9 months			3 months			12 months
	Historical									ended			ended			ended			Projected
	1998			1999			2000			1/31/01			4/30/01			4/30/01			2002			2003			2004			2005			2006
Sales	$	35.5		$	39.5		$	44.0		$	32.0		$	11.1		$	43.1		$	45.2		$	47.5		$	49.8		$	52.2		$	54.8
Cost of Sales		10.9			13.0			14.6			11.3			3.0			14.3			15.0			15.7			16.5			17.3			18.2
Gross Profit		24.7			26.5			29.4			20.7			8.1			28.8			30.2			31.7			33.3			34.9			36.6
Marketing & Administrative Expense		19.1			20.8			22.1			16.5			6.6			23.1			24.0			25.1			26.4			27.7			29.0
Operating Income	$	5.6		$	5.7		$	7.3		$	4.2		$	1.5		$	5.7		$	6.3		$	6.6		$	6.9		$	7.2		$	7.6
Revenue Growth					11.2	%		11.2	%								(1.9	%)		4.9	%		4.9	%		4.9	%		4.9	%		4.9	%
Cost of Sales % of Revenue		30.6	%		32.9	%		33.2	%		35.2	%		27.3	%		33.2	%		33.2	%		33.2	%		33.2	%		33.2	%		33.2	%
Gross Margin		69.4	%		67.1	%		66.8	%		64.8	%		72.7	%		66.8	%		66.8	%		66.8	%		66.8	%		66.8	%		66.8	%
Marketing Expense % of Revenue		53.7	%		52.5	%		50.2	%		51.6	%		59.4	%		53.6	%		53.0	%		53.0	%		53.0	%		53.0	%		53.0	%
Operating Income % of Revenue		15.7	%		14.5	%		16.6	%		13.1	%		13.3	%		13.2	%		13.9	%		13.9	%		13.9	%		13.9	%		13.9	%

Project Ranger

Landmark — Domestic
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										9 months			3 months			12 months
	Historical									ended			ended			ended			Projected
	1998			1999			2000			1/31/01			4/30/01			4/30/01			2002			2003			2004			2005			2006
Sales	$	20.8		$	28.3		$	35.1		$	33.6		$	10.4		$	44.0		$	44.7		$	54.2		$	58.0		$	63.7		$	70.0
Cost of Sales		11.5			15.9			22.1			23.4			4.4			27.7			28.2			34.1			36.5			40.1			44.1
Gross Profit		9.3			12.4			13.0			10.2			6.1			16.3			16.5			20.1			21.5			23.6			25.9
Marketing & Administrative Expense		9.8			10.4			11.8			9.0			5.3			14.3			14.7			17.0			18.1			19.9			21.9
Operating Income		($0.5	)	$	2.0		$	1.2		$	1.2		$	0.8		$	2.0		$	1.8		$	3.1		$	3.4		$	3.7		$	4.1
Revenue Growth					36.0	%		24.0	%								25.4	%		1.6	%		21.2	%		7.0	%		9.9	%		9.9	%
Cost of Sales % of Revenue		55.4	%		56.2	%		63.0	%		69.6	%		41.8	%		63.0	%		63.0	%		63.0	%		63.0	%		63.0	%		63.0	%
Gross Margin		44.6	%		43.8	%		37.0	%		30.4	%		58.2	%		37.0	%		37.0	%		37.0	%		37.0	%		37.0	%		37.0	%
Marketing Expense % of Revenue		47.1	%		36.8	%		33.6	%		26.7	%		50.8	%		32.4	%		32.9	%		31.4	%		31.2	%		31.2	%		31.2	%
Operating Income % of Revenue		(2.5	%)		7.0	%		3.4	%		3.7	%		7.4	%		4.6	%		4.1	%		5.7	%		5.8	%		5.8	%		5.8	%

Project Ranger

RPG — Domestic
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										9 months			3 months			12 months
	Historical									ended			ended			ended			Projected
	1998			1999			2000			1/31/01			4/30/01			4/30/01			2002			2003			2004			2005			2006
Sales	$	14.2		$	15.5		$	22.5		$	18.9		$	5.5		$	24.4		$	28.1		$	32.3		$	37.1		$	42.7		$	49.1
Cost of Sales		9.1			9.7			14.0			11.7			3.5			15.2			17.4			20.1			23.1			26.5			30.5
Gross Profit		5.1			5.7			8.5			7.2			2.0			9.2			10.6			12.2			14.0			16.2			18.6
Marketing & Administrative Expense		3.5			4.2			5.0			6.1			(0.5	)		5.7			7.3			8.3			9.6			11.0			12.7
Operating Income	$	1.6		$	1.6		$	3.6		$	1.1		$	2.5		$	3.6		$	3.4		$	3.9		$	4.5		$	5.1		$	5.9
Revenue Growth					8.9	%		45.3	%								8.4	%		15.0	%		15.0	%		15.0	%		15.0	%		15.0	%
Cost of Sales % of Revenue		64.2	%		62.9	%		62.2	%		62.0	%		62.8	%		62.2	%		62.2	%		62.2	%		62.2	%		62.2	%		62.2	%
Gross Margin		35.8	%		37.1	%		37.8	%		38.0	%		37.2	%		37.8	%		37.8	%		37.8	%		37.8	%		37.8	%		37.8	%
Marketing Expense % of Revenue		24.6	%		26.9	%		22.0	%		32.5	%		(8.3	%)		23.3	%		25.8	%		25.8	%		25.8	%		25.8	%		25.8	%
Operating Income % of Revenue		11.2	%		10.2	%		15.8	%		5.6	%		45.5	%		14.6	%		12.0	%		12.0	%		12.0	%		12.0	%		12.0	%

Project Ranger

Western Europe
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										9 months			3 months			12 months
	Historical									ended			ended			ended			Projected
	1998			1999			2000			11/30/00			2/28/01			2/28/01			2002			2003			2004			2005			2006
Sales	$	216.7		$	218.9		$	199.7		$	124.1		$	40.8		$	164.9		$	148.4		$	139.5		$	139.5		$	132.1		$	125.0
Cost of Sales		40.4			42.2			38.8			23.9			8.2			32.0			28.8			27.1			27.1			25.7			24.3
Gross Profit		176.3			176.7			160.9			100.2			32.6			132.8			119.6			112.4			112.4			106.4			100.7
Marketing & Administrative Expense		142.5			147.6			133.3			79.6			26.4			106.0			98.8			92.9			92.9			87.9			83.2
Operating Income	$	33.8		$	29.1		$	27.5		$	20.6		$	6.2		$	26.9		$	20.8		$	19.5		$	19.5		$	18.5		$	17.5
Revenue Growth					1.0	%		(8.8	%)								(17.4	%)		(10.0	%)		(6.0	%)		0.0	%		(5.3	%)		(5.3	%)
Cost of Sales % of Revenue		18.6	%		19.3	%		19.4	%		19.2	%		20.0	%		19.4	%		19.4	%		19.4	%		19.4	%		19.4	%		19.4	%
Gross Margin		81.4	%		80.7	%		80.6	%		80.8	%		80.0	%		80.6	%		80.6	%		80.6	%		80.6	%		80.6	%		80.6	%
Marketing Expense % of Revenue		65.7	%		67.4	%		66.8	%		64.2	%		64.7	%		64.3	%		66.6	%		66.6	%		66.6	%		66.6	%		66.6	%
Operating Income % of Revenue		15.6	%		13.3	%		13.8	%		16.6	%		15.3	%		16.3	%		14.0	%		14.0	%		14.0	%		14.0	%		14.0	%

Project Ranger

Eastern Europe
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										9 months			3 months			12 months
	Historical									ended			ended			ended			Projected
	1998			1999			2000			11/30/00			2/28/01			2/28/01			2002			2003			2004			2005			2006
Sales	$	28.1		$	31.5		$	27.3		$	20.1		$	6.7		$	26.8		$	27.3		$	28.4		$	29.6		$	30.6		$	31.6
Cost of Sales		5.8			7.2			6.3			4.7			1.5			6.2			6.3			6.5			6.8			7.0			7.3
Gross Profit		22.3			24.3			21.0			15.5			5.2			20.6			21.1			21.9			22.8			23.5			24.3
Marketing & Administrative Expense		13.4			15.1			13.7			9.8			3.8			13.6			14.8			16.2			17.4			18.0			18.6
Operating Income	$	8.9		$	9.3		$	7.3		$	5.7		$	1.3		$	7.0		$	6.3		$	5.7		$	5.3		$	5.5		$	5.7
Revenue Growth					12.4	%		(13.5	%)								(1.8	%)		2.0	%		4.0	%		4.0	%		3.3	%		3.3	%
Cost of Sales % of Revenue		20.6	%		22.9	%		23.0	%		23.1	%		22.7	%		23.0	%		23.0	%		23.0	%		23.0	%		23.0	%		23.0	%
Gross Margin		79.4	%		77.1	%		77.0	%		76.9	%		77.3	%		77.0	%		77.0	%		77.0	%		77.0	%		77.0	%		77.0	%
Marketing Expense % of Revenue		47.7	%		47.8	%		50.2	%		48.6	%		57.2	%		50.8	%		54.0	%		57.0	%		59.0	%		59.0	%		59.0	%
Operating Income % of Revenue		31.7	%		29.3	%		26.8	%		28.3	%		20.1	%		26.2	%		23.0	%		20.0	%		18.0	%		18.0	%		18.0	%

Project Ranger

Latin America
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										9 months			3 months			12 months
	Historical									ended			ended			ended			Projected
	1998			1999			2000			11/31/00			2/28/01			2/28/01			2002			2003			2004			2005			2006
Sales	$	39.4		$	36.8		$	33.4		$	27.7		$	7.3		$	35.0		$	36.8		$	38.6		$	40.5		$	42.5		$	44.7
Cost of Sales		9.8			9.5			8.4			7.0			1.8			8.8			9.2			9.7			10.2			10.7			11.2
Gross Profit		29.6			27.2			25.0			20.7			5.5			26.2			27.5			28.9			30.4			31.9			33.5
Marketing & Administrative Expense		25.4			24.9			22.4			18.7			4.7			23.4			25.0			26.2			27.5			28.9			30.3
Operating Income	$	4.2		$	2.3		$	2.6		$	2.0		$	0.8		$	2.8		$	2.6		$	2.7		$	2.8		$	3.0		$	3.1
Revenue Growth					(6.6	%)		(9.2	%)								4.9	%		5.0	%		5.0	%		5.0	%		5.0	%		5.0	%
Cost of Sales % of Revenue		24.8	%		25.9	%		25.1	%		25.3	%		24.3	%		25.1	%		25.1	%		25.1	%		25.1	%		25.1	%		25.1	%
Gross Margin		75.2	%		74.1	%		74.9	%		74.7	%		75.7	%		74.9	%		74.9	%		74.9	%		74.9	%		74.9	%		74.9	%
Marketing Expense % of Revenue		64.5	%		67.8	%		67.2	%		67.5	%		64.5	%		66.9	%		67.9	%		67.9	%		67.9	%		67.9	%		67.9	%
Operating Income % of Revenue		10.7	%		6.3	%		7.7	%		7.2	%		11.2	%		8.0	%		7.0	%		7.0	%		7.0	%		7.0	%		7.0	%

Project Ranger

Asia
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										9 months			3 months			12 months
	Historical									ended			ended			ended									Projected
	1998			1999			2000			11/31/00			2/28/01			2/28/01			2002			2003			2004			2005			2006
Sales	$	29.6		$	23.5		$	27.0		$	21.7		$	7.2		$	28.9		$	30.1		$	31.6		$	33.5		$	35.2		$	36.9
Cost of Sales		6.7			5.7			6.5			4.8			2.1			6.9			7.2			7.6			8.0			8.4			8.8
Gross Profit		22.8			17.8			20.5			16.9			5.1			22.0			22.9			24.0			25.5			26.8			28.1
Marketing & Administrative Expense		22.0			17.8			16.4			14.0			3.9			17.9			19.1			20.4			22.0			23.1			24.3
Operating Income	$	0.8			($0.0	)	$	4.1		$	2.9		$	1.3		$	4.1		$	3.8		$	3.6		$	3.5		$	3.6		$	3.8
Revenue Growth					(20.6	%)		14.9	%								7.2	%		4.0	%		5.0	%		6.0	%		5.0	%		5.0	%
Cost of Sales % of Revenue		22.8	%		24.2	%		23.9	%		22.2	%		29.0	%		23.9	%		23.9	%		23.9	%		23.9	%		23.9	%		23.9	%
Gross Margin		77.2	%		75.8	%		76.1	%		77.8	%		71.0	%		76.1	%		76.1	%		76.1	%		76.1	%		76.1	%		76.1	%
Marketing Expense % of Revenue		74.4	%		75.9	%		60.8	%		64.5	%		53.6	%		61.8	%		63.6	%		64.7	%		65.7	%		65.7	%		65.7	%
Operating Income % of Revenue		2.8	%		(0.0	%)		15.3	%		13.3	%		17.4	%		14.3	%		12.5	%		11.4	%		10.4	%		10.4	%		10.4	%