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

Exhibit (c)(x)

October
Projections

( $ in millions)

FYE April 30,	2001A(1)		2002E		2003E		2004E		2005E		2006E
Net Sales	$	649.6	$	625.8	$	647.3	$	669.6	$	697.4	$	727.1
Cost of Sales		365.7		355.3		365.1		376.0		388.7		403.7
Gross Margin (Profit)		283.9		270.5		282.2		293.6		308.7		323.4
Marketing and Administrative Expense		232.0		227.0		233.3		240.3		249.1		259.6
EBITDA		51.9		43.6		48.9		53.4		59.6		63.8
Depreciation & Amortization		12.1		14.0		14.1		14.2		14.8		15.4
Operating Income		39.8		29.5		34.8		39.2		44.8		48.4
Gain on Sale of Subsidiaries		7.5		—		—		—		—		—
Interest & other income		3.7		2.9		2.8		3.2		3.7		4.4
Total Interest Expense		6.7		3.0		1.9		2.0		2.1		2.2
Net Income from Cont. Ops. before Taxes		44.3		29.5		35.7		40.4		46.5		50.6
Provision for Income Taxes		16.8		10.7		13.3		15.2		17.6		19.3
Net Income from continuing ops	$	27.5	$	18.8	$	22.4	$	25.2	$	28.9	$	31.3

Source:	Company management as of mid-September 2001.
(1)	Includes results of on-going operations only.

( $ in millions)

FYE April 30,	2001A		2002E		2003E		2004E		2005E		2006E
Cash	$	88.5	$	86.5	$	99.3	$	114.7	$	134.0	$	156.1
Accounts receivable, net		116.5		118.0		123.0		126.6		130.4		134.5
Inventories		82.5		84.0		86.1		88.4		91.1		94.5
Prepaid expenses		6.4		6.4		6.6		6.8		7.1		7.4
Deferred income taxes		12.8		12.8		13.2		13.7		14.3		14.9
Total current assets		306.7		307.7		328.2		350.2		376.9		407.4
Net property and equipment		63.2		61.4		59.9		58.6		57.3		56.0
Deferred income taxes		36.1		35.5		35.5		35.5		35.5		35.5
Other assets		19.5		16.6		16.6		16.6		16.6		16.6
Total assets	$	425.5	$	421.1	$	440.1	$	460.8	$	486.3	$	515.5
Accounts payable	$	38.6	$	38.6	$	42.1	$	44.2	$	46.7	$	50.2
Accrued expenses		24.8		24.8		25.7		26.5		27.6		28.8
Income taxes payable		11.1		11.1		11.5		11.9		12.4		12.9
Dividends payable		1.9		1.9		1.9		1.9		1.9		1.9
Total current liabilities		76.4		76.4		81.1		84.5		88.6		93.7
Total debt		11.9		—		—		—		—		—
Retirement and deferred compensation plans		114.6		113.2		112.4		112.0		111.9		112.0
Stockholders’ equity		222.7		231.6		246.6		264.4		285.8		309.7
Total liabilities and stockholders’ equity	$	425.5	$	421.1	$	440.1	$	460.8	$	486.3	$	515.5

Source: Company management as of mid-September 2001.

( $ in millions)
FYE April 30,	2002E			2003E			2004E			2005E			2006E
Net income	$	18.8		$	22.4		$	25.2		$	28.9		$	31.3
Depreciation and amortization		14.0			14.1			14.2			14.8			15.4
Non-cash interest expense on deferred comp		1.9			1.9			2.0			2.1			2.2
Other non-cash items		1.1			—			—			—			—
Change in working capital		(6.2	)		(3.0	)		(3.1	)		(3.3	)		(3.3	)
Cash from discontinued operations		2.7			—			—			—			—
Cash from operations		32.3			35.4			38.2			42.4			45.6
Capital expenditures		12.2			12.6			12.9			13.5			14.0
Dividends Paid		7.4			7.4			7.4			7.4			7.4
Deferred comp contributions		—			—			—			—			—
Deferred comp payments		3.2			2.7			2.4			2.2			2.0
Other		(0.7	)		—			—			—			—
Cash available for debt repayment / other items		10.2			12.7			15.4			19.3			22.1
Cash used in financing activities	$	12.3		$	—		$	—		$	—		$	—
Increase (decrease) in cash and cash equivalents	$	(2.1	)	$	12.7		$	15.4		$	19.3		$	22.1

Source: Company management as of mid-September 2001.

Project Ranger
Revenue

(FYE April 30; $ in millions)

		2001A(1)		2002E		2003E		2004E		2005E		2006E		CAGR
Western Europe		$	163.9	$	145.1	$	139.5	$	139.5	$	143.7	$	148.0		-	2.0	%
Eastern Europe			28.0		26.7		27.6		28.4		29.3		30.1			1.5	%
Latin America			36.2		36.5		38.4		39.6		40.7		42.0			3.0	%
Asia			28.9		26.9		27.5		28.3		29.1		30.0			0.8	%
	Total International		257.0		235.2		233.0		235.8		242.8		250.1		-	0.5	%
Chemical Specialties			169.5		161.5		166.1		171.7		177.9		185.0			1.8	%
Plumbing Products Group			111.4		113.0		121.6		127.6		133.5		139.7			4.6	%
Partsmaster Group			43.6		43.7		46.3		47.6		49.1		50.5			3.0	%
Landmark Direct			41.9		43.2		47.3		50.6		54.2		57.9			6.7	%
RPG			26.2		29.2		33.0		36.3		39.9		43.9			10.9	%
	Total Domestic		392.6		390.6		414.3		433.8		454.6		477.0			4.0	%
Total Company		$	649.6	$	625.8	$	647.3	$	669.6	$	697.4	$	727.1			2.3	%

Source:	Company management as of mid-September.
(1)	Continuing operations.

Project Ranger
Revenue Growth

(FYE April 30; $ in millions)

		2002E			2003E			2004E			2005E			2006E
Western Europe			-11.5	%		-3.9	%		0.0	%		3.0	%		3.0	%
Eastern Europe			-4.6	%		3.4	%		2.9	%		3.2	%		2.7	%
Latin America			0.8	%		5.2	%		3.1	%		2.8	%		3.2	%
Asia			-6.9	%		2.2	%		2.9	%		2.8	%		3.1	%
	Total International		-8.5	%		-0.9	%		1.2	%		3.0	%		3.0	%
Chemical Specialties			-4.7	%		2.8	%		3.4	%		3.6	%		4.0	%
Plumbing Products Group			1.4	%		7.6	%		4.9	%		4.6	%		4.6	%
Partsmaster Group			0.2	%		5.8	%		3.0	%		3.0	%		3.0	%
Landmark Direct			3.1	%		9.5	%		7.0	%		7.1	%		6.8	%
RPG			11.5	%		13.0	%		10.0	%		9.9	%		10.0	%
	Total Domestic		-0.5	%		6.1	%		4.7	%		4.8	%		4.9	%
Total Company			-3.7	%		3.4	%		3.5	%		4.1	%		4.3	%

Source: Company management as of mid-September.

Project Ranger
Operating Income

(FYE April 30; $ in millions)

		2001A(1)			2002E			2003E			2004E			2005E			2006E
Western Europe		$	24.0		$	18.6		$	18.1		$	18.1		$	20.1		$	20.7
Eastern Europe			6.3			5.9			5.5			5.4			5.3			5.4
Latin America			2.7			2.5			2.7			2.8			3.0			3.1
Asia			3.0			2.5			2.6			2.7			3.1			3.5
	Total International		36.0			29.5			28.9			29.0			31.5			32.7
Chemical Specialties			16.6			13.5			15.9			16.8			18.6			19.4
Plumbing Products Group			7.8			6.6			8.4			10.2			10.7			11.2
Partsmaster Group			4.9			4.3			4.6			4.8			4.9			5.1
Landmark Direct			0.2			—			1.2			2.5			2.7			2.9
RPG			4.1			4.5			5.1			5.7			6.2			6.9
	Total Domestic		33.6			28.9			35.2			40.0			43.1			45.5
Total Company		$	69.6		$	58.4		$	64.1		$	69.0		$	74.6		$	78.2
Corporate expenses			(17.7	)		(14.9	)		(15.3	)		(15.8	)		(15.8	)		(15.8	)
Unallocated international expense			(12.1	)		(14.0	)		(14.0	)		(14.0	)		(14.0	)		(14.0	)
EBIT		$	39.8		$	29.5		$	34.8		$	39.2		$	44.8		$	48.4

Source:	Company management as of mid-September.
(1)	Continuing operations.

Project Ranger
Operating Income Margins

(FYE April 30; $ in millions)

		2001A(1)			2002E			2003E			2004E			2005E			2006E
Western Europe			14.6	%		12.8	%		13.0	%		13.0	%		14.0	%		14.0	%
Eastern Europe			22.5	%		22.1	%		19.9	%		19.0	%		18.0	%		18.0	%
Latin America			7.5	%		6.8	%		7.0	%		7.1	%		7.4	%		7.4	%
Asia			10.4	%		9.3	%		9.5	%		9.5	%		10.7	%		11.7	%
	Total International		14.0	%		12.5	%		12.4	%		12.3	%		13.0	%		13.1	%
Chemical Specialties			9.8	%		8.4	%		9.6	%		9.8	%		10.5	%		10.5	%
Plumbing Products Group			7.0	%		5.8	%		6.9	%		8.0	%		8.0	%		8.0	%
Partsmaster Group			11.2	%		9.8	%		9.9	%		10.1	%		10.0	%		10.1	%
Landmark Direct			0.5	%		0.0	%		2.5	%		4.9	%		5.0	%		5.0	%
RPG			15.6	%		15.4	%		15.5	%		15.7	%		15.5	%		15.7	%
	Total Domestic		8.6	%		7.4	%		8.5	%		9.2	%		9.5	%		9.5	%
Total Company			6.1	%		4.7	%		5.4	%		5.9	%		6.4	%		6.7	%

Source:	Company management as of mid-September.
(1)	Continuing operations.