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Irnasco Limited
CL Five Year Review
C Millions of Dollars
(a
M.
CD
Actual ii9_4- 1-11945-1
0 1903 Frcst-I __EEI_l
Earnings to Common $304.6 353.4 388.5 474.5 533.2
M Increase over prior 14% 16 1 0 22 1 2
EPS $2.56 2.97 3.26 4.00 4.53
Increase over prior 14% 16 1 0 23 1 3
Dividends $1.28 1.36 1.48 1.56 1.80
5 Increase over prior - 6% 9 5 1 5
O Payout ratio 50% 46 46 39 40
CD
0
h Capital expenditures $123,0 170.0 165.0 195.0 260.0
to
Cash available before
W profidebt repayment &
share buy-back $259.0 201.0 324.0 151.0 101.0
0
0 Share buy-back $80.0 100.0
Payout ratio based on
Cr dividend + buy-back 56% 58%
F
_L Return on Equity 12.7qQ 13.7 13.8 15.4 15.6
IN)
Excludes CT Financial Services.
Increased expenditures planned at ITL and 6DM In 1995.
W Page I
I Z61 I ZNZ

Imasco Limited Hogs
Earnings Summary
Pt
CL 1994 Forecast and 1995 Preview
December YTD
December YTD
1994 Iii6--
1994
Plan Frcst kiu'il %
CL _Est F(cst %
0 90!Nflas 11offLOP"a alloms
0 491.0 592.0 462.0 211 Imperial Tobacco 640.0 592.0
329.0 332.0 232.4 49 CT Financial Services 374.6 332.0 13
120.4 125.1 85.3 Hardee's 131.7 125
CD 11 5
98.1 100.0 100.1 Shoppers' Drug Matt 100.0 100.0 0
23.1 28.0 33.3 Genstar Development
28.0 28.0 0
(3.5) (17.0) (6.3) The UCS Group
0.0_ (I 7.0)
M 1,058.1 1,160.1 906.7 213 Earnings from Operations 1.274.3 1,160.1
-1 10
0 54.8 65. 1 55.1 Goodwill Amortization 55.1 55.1
62.7 61.8 45.2 Other Costs and Admin.
R 59.0 61.8 -5
176.0 1 86.0 171.4 a Interest Expense 169.0 185.0 -9
CD
0 764.7 858.2 635.1 35 Pre-Tax Earnings 991.2 858.2 1 5
_% 280.0 291.2 192.2 Income Taxes 359.0 291.2 23
0.0 41.0 0.0 ITL Surtax 48.6 41.0 1 8
39.6 40.6 34.1
I Minority Interest 41.2 40.6 1
445.1 485.4 408.8 10 Net Earnings 542.5 485.4 12
12.2 10.9 20.3
0 7 Preferred Dividends 10.9 -A 5
A:
0
432.9 474.5 388.5 Net to Common 4 ?L. 5j
$4.53 $4.00 13
$3.63 $4.00 $3.26 Earnings per Share -
Cr
192.3 3:] CT Fin. - Not to Common 15.0 .0 LAI
46.7 45.8 23.4 96 Hardee's - US $ 48.0 45.8 5
> 46.9 46.9 42.9 F.F.M. - US; -60.0 46.0 7
la 92.6 92.7 RT `@;-:@;416 Total US $ 98__.0__ -9-2.-7 6
M. 27.8 32.4 19.0 Exchan(a 33.7 32.4
120.4 126.1 85.3
Total Cdn $ .7
co Page 2

CL IMASCO LIMITED - PREVIEW 1995
C
ASSUMPTIONS
CL
0
CD Jjppe-jrL&Ljfth.-%cco Lhviffie(L
Long-term industry decline of 2.5% is (lie most likely scenario
Industry decline to be offset by share gain
Pricing 3% in late 1994
Cost innation, including wages 3%
0 Significant savings from activity hased costing and III.111MI't-ICIL11-ifig PRIE111diVily
CD
0
Cn CT Financial
:r
0 L Target growth in book of business of $6.0 billion (aggressive)
0
A Growth in market share to continue in 1995 (0.4% to 10.9%)
A Spread to be lower in 1995 (approximately 2.25%)
Cr A Continue FTE reduction but less than 1994 (approximately 200)
Expense ratio to decline 1.3% to 65.0%
Provisions to decline to $110 from $125
A, ROE to increase 11.5% from 10.0% in 1994
Capital spending of $140 to include $48 for (SST) Sales and Service Branch Sysicill
co Page 3
co

Assumptions cont'd
CL
C
co
CD
Cn
CL
0 Hardee's
A Same restaurant sales growth of 2%
CD A Testing of revised positioning based on segmentation work in mid 1994
A Cost redtiction programs to continue
A System growth to be predominately through franchisees
S"o pers D-nig Mart
A Pressure on sales and margins as a result of Wal-Mart openings in second half ol.'1994. (Approxima(ely
0
% 125 former Woolco)
CID
A Same store sales increase of 2%
A, Ontario tobacco sales included in preliminary 1995 (although will prohiffily be banned on Jantiary 1, 1995).
CA
Estimated profit impact of excluding Ontario tobacco sales is $8 to $10 million
0
0
Cr
Page 4

Imasco Limited
CL System Sales BAIES
C
1994 Forecast and 1995 Preview
W
CL
0 December YTD December YTD
Plad EfdO Adluol tit Or
CS1
CD
2.720.6 2.523.7 2,859.6 Imperial Tobacco 2.599.4 2.523.7 30A
3,796.1 3,749.0 3,702.0 CT Financial Services 3,824.0 3.749.0 27%
6,594.5 6,642.4 6,396.9 Hardee's 6,788.7 6,642.4 @qt
10 3.262.9 3.245.1 3,181.6 2 shoppois Ohio Mail 3.310.0 3.245.1 2114
86.1 97.4 98.3 Genstar Development 97.0 97.4 -0114
276.6 193.0 288.2 Ai The UCS Group 159.1 193.0 ?.-144t
- f65:0 _(42.0) _(73.3) Intercompany (?I:O) (42.0)
CD L!@@,671.8 6,408.6 16,1!j.=3 6,@754.2
.408.6 .2-K
0
-h
-i'.- WY 4,065.6 2%
4.242.9 4,065.6 4,180.9 Hardee's 14 9
T &At
1,201.4 1,194.7 1,149.2 F.F.M. 1,254.4 1,194.
(371.5) (340.0) (373.4) Pwo Intercompany (350.2) (340.0)
0
Total US
0 5.072.7 4,920.3 4.956.7 6,051.1 4,920.3 3%
1.521.8 , 1,722.1 11440.2 Exchange 1,737.6 1,722.1
.78@.7
6.594.5 6,642.4 6,396.9 Total Cdn $ 6,642.4
co Page 6
co

Imasco Limited
CL Net Revenues REV
1994 Forecast and 1995 Preview
CL
0 December YM
December YTD
IPR4
Pis' II t F t
% rcs
CD
1.168.2 1.290.7 1,160.4 Imperial Tobacco 1,333.1 1.290.7
31K
3,796.1 3,749.0 3#702.0 CT Financial Services 3,824.0 3.749.0 2%
2,608.7 2.685.6 2,625.8 Hardee's 2,770.6 2.685.5 641
187.8 187.9 180.6 4 Shoppers Drug Mari 193.5 187.9
86.1 97.4 98.3 Genstar Development 97.0 97.4 -010
276.6 193.0 288.2 @-W The UCS Group 159.1 193.0
(65.0) (42.0) (73.3) r-4 Intercompany (24 0) (42.0 @4 3: 4'(
CD 8.=1 5 7, 3@3-3 8,161.5 '24i
8.058.6L 972.1
0
1,176.8 1,134.6 1.259.0 '@110 Hardee's 1,157.2 1,134.6 2%
M. 1,201.4 1,194.7 1.149.2 F.F.M. 1,254.4 1,194.7 6%
(371-5) _L342.0j .4 Intercompany
(n (Inj (350.2) (340-0) 4%
2.006.7 1.989.2 2,034.8 -i-. -,
Total US $ 061.5 1,909.2
0 Birth 2 g4(
602.0 696@2 Exchange 709.1 696,
0 Total Cdn $ 2,770.6 2,605T 399
.SL2,(5;91 .8
2.720.6 2,523.7 21,869.6 Imperial Tobacco 2,599.4 2,523.7
Cr ..:.
(1.552.4) (1.233.01 (1,709.1) Tobacco taxes & duties @1,266.3
_A1,233.0) 4,1
94(
1,168.2 1,290.7 1,150.4 ITL Not Revenues 1,333.1 1,290.7
IS)
Page 6

>
57 Imasco, Limited - 1995 Earnings Preview too"
CL Imperial Tobacco Shipments Ift
r+
1994 995
-pi
Aleptual I-Plan Frcst Est 1 46
0
Domestic 20.3 18.4 30.2 9 30.7 2
Export I Duty Free 0.2
6.3 7.1 0.5 2
CD
26.6 25.5 n.7 30.9
Fine-Cut
Domestic 2.0 2.0 2.0 2.0
Export I Duty Free 0.4 0.4 0.1 07 0.1
2.4 2.4 2.0 (17 2.0
ITL - Total 29.0 27.9 32.7 3 32.9
Industry 64.0 65.6 53.1 (2) 52.1 (2
Share -60.2% 61.5% 63.2%
0 CTMC 61.2 47.3 61.7
0 Other - estimate of foreign
manufactured prodUCtB,
Canadian micro
Cr manuf. & raw leal 2.8 8.3 1.4
Industry 55.6 63.1
The other category was expected to Increase significantly In 1994 as
a result of contraband. This Increase did not materialize due to the
reduction In Federal and Quebec/Ontado taxes In February 1994.
page 7
CD
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