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0 '212M&W MEMORANDUM May 21, 1991 To: T. K. A. L. P. Ji. Achey Augustyn Giacoio R. M. A. H. Orcutt L. Orlowsky Pasheluk C. Ji. Gilbert M. A. Peterson L. Gordon A. L. Rhyne (GBO) R. S. M. V. D. T. M. D. Hammer Jones Lepre Lindsley S. S. G. A. S. Sciannimanico F. Smith R. Telford H. Tisch J. P. P. J. Mastandrea McCann P. H. Tsigrikes H. Westphalen From: S. L. Evans Re : 1991 wBBELY VOLUI[S PBBFORKAgCCB - INDUSTRY llgD LORILLARD ----------------------------------------------------------------- Attached is the Weekly Volume Analysis for the week ending May 17, 1991 - Week #'20 of the calendar year. INDUSTRY Cumulative volume through (5/17/91) of 168.5 billion units was 14.7 billion units or 8% lower than last year. Trends for the latest four weeks are 11% below last year. INDUSTRY SHIPMENT TRENDS Volume LBillionsl 1990 1991 Year-To-Date 183.242 168.540 Weekly Avg. 9.255 8.599: Week #17 11.111 9.310 18 11.557 9.620 19 11.778 11.179 20 12.006 11.212 Latest 4 Weeks 46.452 41.321 1991 vs. 1990 Unit % -14.702 - 8 - .656 - 7 - 1.801 -16 - 1.937 -17 - .599 - 5 - .794 - 7 - 5.131 -11

- Page Two - LORILLiIRD Lorillard's cumulative volume through (.5/17/91) of 12.7 billion units was 624 million units or 5% lower than last year. Trends for the latest four weeks are 20% below last year. IARI LIdM SHI PlIBHT ?RENDS Volume (Billions)' 1990 1991 Year-To-Date 13~.307 12.683 Weekly Avg. .672 .647 Week #17 .845 .726 18' .910 .735 19 .953 .808 20 1.163 .839' Latest 4 Weeks /ct WEEKLY/2 attach. 3.871 3.108 1991 vs. 1990, Unit $ - .624 - 5 - .025 - 4 - .119 -14 - .175 -19 - .145 -15 - .324 -28 - .763 -20

} c 1;990 TOTAL INDUSTRY WEEKLY YEAR TO DATE i # OF VOL # OF VOL DAILY % wi-O M.Q. ada 1991 TOTAIl INDU'STRY WEEKLY YEAR TO DATE # OF DAYS W-LOP VOL # OF VOL DAILY % MW if= M& . Qtm 1 /5/90 4' 4, 911 4 4.911 1.228 -10.4I 1/4/91 3' 3.914 3 3.914 1.305 6.3 1/12 5 5.137 9 10:048 1.116 6.0 1/1i1 5 5.727 8 9:.641', 1.205 8.0 1/19 5 5.607 14 15.655 1.118 11.6 1/1 i8 5 5.330 113 14.971: 1.152 3.0 1 /26 5 6.172 19 21.827 1.149 11.7 1/25 5 5.898 118 20.869 1.159 0.9 212' 5 6.997 24 28.824 11.2011 11.8 2/1i 5 6.667 23 27.536 1.197 -0.3 2/9' 5 7.756 29 36.580 1I.261', 11.1' 2/8 5 7.040 28 34.576 1.235 -2.1 2/16 5.5 8.848 34.5 45.428 1.317 11.5 2/1'.5 5.5 7.965 33.5 42.541'! 1.270 -3.6 2/23 4.5 7.931 39 53.359 1 I.368 11.3 2/22 4.5 7.303 38.0 49.844 1.312 -4.1 3/2' 5 9'.046 44 62.405 1'.418 10.7 3/1' 5 7.965 43.0 ' 57.810 1.344 -5.2 3/9 5 9.566 49 71.972 11.489 10.7' 3/8 5 8.639 48.0 66.449 1.384 ---5.7 3/16 5 9.495 54 61.487 1.509 4.9 3/115 5 13.331 53.0 79.780 1.505 -0.2. 3/23 5 9.904 59 91.371 91.549 0.1' 3/22 5 13.514 58.0 93.294' 1:809 3.9 3/30 5 15,479' 64 106.850 1.670 -1.7' 3/29 5 11.900 63.0 105.194 1.670 0.0 4/6 5 9.330 69 118.179 1.684 0.8' 4/4 5 7.126 68.0 112:320 1.652 -1.9 4/13 5 9.043 74 125.222 1.692 0.4. 4/1i2 5 6.768 73.0 119,088 1.631 -3.8 4/20 5 11.568 79 136.790 1.732 1.4', 4/1'9 5 8.132' 78.0 127.219 1.631 -5.8 4/27 5 11.111' 84 147.901 1.761 ' 1.5' 4/26 5 9.310 83.0 136.529 1.645 -6.6 5/4 5 11.557 89 159.458 1.792 1.7 5/3 5 9.620 ' 88.0 '146,149 1.661 -7.3 5/11' 5 1.778 11.778 94 1'71.236 1.822 1.6 5/10 5 111.179 93.0 157.329 1,692 -7.1 5/18 5 12.006 99 183.242 1.851 > 1.6 5/17 5 111.212 98.0 1!68.540 1.720 -7.1 5/25 6 11.941 105 195.183 1.859 0.2 6/1 4 11.177 400 206:360 1.893 -0.7 6/8 5 10.961 114 217.321 1.906 - 2.6 6/1 5 5 11.376 119 228.697 1.922 - 3,8 6/22' 5 10,829 124 239.526 1.932' -4.1 6/29 6 9:684 130 249.210 1.917 -3.6 7/6 4 7.649 134 256.859 1.917 - 3.0 7/13' 5 7.357 139 264.215 1.901 -2.1' 7/20: 5 8.006 144 272.221 1.890' -1.4 7/27 5 8.605 149 280.825 1.885 -0.9 8/3 5 8.949 154 289.774' 1.882 -0.6 8/10 5 9.814 159 299. 589 1.884 - 0; 2 8/1i7 5 9.895 164 309.4841 1.887 0 A 8/241 5 10.046 169 319.530 1.891 0.4 8/31 6 11.631 175 331.162 1.892 0.6 9/7 4 9.548 179 340.710 1.903 0.8 9/14 5 10.480 184'. 351.190 1.909 0.9 9/21 5 10.838 189 362.028 1.915 1.1 9/28 5 15.293 194 377.320 1 :.945 1.0 10/5 5 10.224 199 387.545 1 i.947 1.0 10/12 5 9.691 i 204 397.235 1.947 7' 0.9 10/119 5 10.674 209 407.909 1.952 0.8 10/26 0/26 5 10.433 214 418.342 1.955 0.6 11/2 5 11.1,86 21:9 429.528 '1.961 0.6 1 1 /9 5 10.853 224 440.381 1.9&6 0.5 11/16 6 14.377 230 454.758 1.977 1.1 11 /23 4 9.731 234 464.489 1.985: 0.8 11/30 5 15.434 239 479.923 2:008 1.5 12/7 5 7.193 244 487.116 1.996 -0.2 12/14 5 11.998 249' 499.115 2.004 -0.6 1 i2/21 5 8.902 254 508.017 1.992 -0.7 1i2/28 5 13.682 259 521.699 2.007 - 12/31 2 0.374 261' 522.073 2.000 -

1990 TOTAL LORILLARD 1991 TOTAL LORILLARD WEEKLY YEAR TO DAtIE WEEKLY YEAR TO DAT ' W00- # OF DAYS VOL # OF VOL DAILY' % 13( ILL1 DAYS '/BILLI AVG. CSHARE # OF wro DAYS VOL # OF D Yg VOL DAILY &M % tm SHARE 1/5/90 4 0.464 4 0.464 0.116 24.7 9.44 1/4/911 3 0.308 3 0.308 0.103 -11.3 7.88 1/12 5 0.271 9 0.735 0.082 32.9 7.31 1/11 5 0.753 8 1.062 0.133 62'.6 11.01 1/19 5 0.292 1'4' 1.027 0.073 23.7 6.56 1/18 5 0.347 13 1.409 0.108 47.7 9.41 1/26 5 0.330 19 1.356 0.071 21.2 6.21 1/25 5 0.361 18 1.769 0.098 37.7 8.48 2/2 5 0.398 24' 1.754 0.073 19.5 6.09 2/1 5 0.410 23 2:1i80 0.095 29.6 7.92 2/9 5 0.494' 29 2.248 0.078 19.7 6.15 2/8 5 0.494 28 2.674 0.095 23.2 7.73 2/16 5.5 0.607 34'.5 2.855 0.083 19.4 6.29 2/15 5:5 0.579 33.5 3:253 0.097 17.3 7.85. 2/23 4.5 0.549 39 3.404 0.067 18.6 6.38 2/22 4.5 0.533 38 3.786 0,100 14.1 7.60 3/2 5 0.637 44' 4.042 0.092' 17.5 6.48 3/1 5 0.596 43 4.382 0.102 11.0 7.58 3/9 5 0.684' 49 4.725 0.096 16.3 6.57 3/8 5 0.653 48 5.036 0.105 8.8 7,58 3/16 5 0.678 54 ; 5.403 0.100 14.6 6.63 3/15 5 0.862 53 5.898 0.111i 11.2 7.39 3/23 5 0.741 59 6.144 0.104 ' 2.6 6.72 3/22 5 1.075 58 8,972' 0.120' 15.4' 7.47 3/30 5 0.723 64 6.867 0.107 -12.8 6_43' 3/29 5 0.942 63 7.915 0.128 17.1 7.52 4/6 5 0.789 69 7.656 0.111, -6.5 6.59 4/4 5 0.528 68 ' 8 443 0.124 ' 11.9' 7.52 4/13 5 0.846 74 8.503 0.115 -3.0 6.79 4/12 5 0.494 73 8.937 0.122 6.6 ' 7.50 4/20 5 0.935 79 9.437 0.119 ' 0,0 6.90 4/19 5 0'.637 78 9.575' 0.123' 2.8 7.53 4/27 5 0.845 84 10.282° 0.122 0.3 6.95 4/26 5 0.726 83 10.301 0.124 1.4 7.54 5/4 5 0.910 89 11.192' 0.126 0:4 7.02 5/3 5 0.735 88 11.036 0.125 -0.3 7.55 5/11 5 0.953 94 12.145 0.129 0.1 7.09 5/10 5 0.808 93 11.844 0.127 -1.4 7.53 5/18 5 1.183 94 13.307 0.134 1'.3 7.26 5/17 5 0.839 98 12.$83' 0,.1i29 -3.7 7.53 5/25 6 0.971 105 t4.279 0.136 -0.3 7.32 6/1 41 0.451', 100 14.729 0.135 -3.8 7.14 6/8 5 0.535 114 15.264 0.134 -9.9 7.02 6/15 5 1.214 119 16.478 0.138 -10.5 7.21 6/22 5 0.412 124 16.890 0.136 -14.4 7.05 6/29 6 0.687 130'' 17.577 0:135 -16.8 7.05 7/6 4 0.854 134 18.431 0.138 -13.7 7.18 7/13 5 0.794 139 19.225 0.138 -11.2 7.28 7/20 5 0.800 144 20.025 0.139 -9.1 7.36 7/27 5 0:770 149 20.794 0.140 - 7.3 7.40 8/3 5 0.798 154: 21.592 0.140 -5.7 7.45 8/10 5 0.876 159 22.469 0.141 -4.1 7.50 8/17 5 0:838 164 23.307' 0.142 -3.0 7.53 8/24 5 0.835 169` 24.143 0.t43 -2.1 7.56 8131 6 0.926 175 25.069' 0.143 -1',4 7.57 9/7 4 0.751 179 25.820 0.144 -0.9 7.58 9/14 5 0.825 184' 26.645 0.145 -0.5 7.59 9/21 5 0.842 189 27.487 0.145 -0.1 7.59 9/28 5 0.855 194 28.342 0.146 -0.2 7.51 10/5 5 0.906 199 29';249' 0.147 -0.4 7.55. 10/12' 5 0.845 204 30;094 0.148 -0.5 7.58 10/19 5 0.876 209 30:9R0 0.148 -0.5 7.59 10/26' 5 0.865 214 31.836 0:149 -0.5 7.61 11/2' 5 0.879 219 32.716 0r149 -0.5 7.62 1119 5 0.889 224 33.604, 0.150 -0;5 7.63 11/16 6 1.183 230 341787 0.151 0:0 7.65 11/23 4 0:852 234 35.639 0.152 -0.1 7.67 11 /30 5 0!646 239 36.286 0.152 -1.4 7.56 12/7 5 0.377 244 36.662 0.150 -5.2 7.53 12/14 5 1.080 249' 37.742 0.152 -5.7 7.56 12/21 5 1.145 254 38.887' 0.152 -5.2 7.65 12/28 5 1.109 259 39.997 0.154 54 -4.3 7.67 12/31i 2' 0.124' 261 40.121 0.154 - 7.68

LORILLARD 1991 WEEKLY VOLUME TREND$-8Y BFiAN6 (UNITS IN 000'S) WEEK LORILLARD ENDIN(i: VOLUME SOM NEWPORT TOTAL PAR+LTS STRIPES KENT FAMILY TRUE OLD GOLD MAX SATIN TRIUMPH HERI TAGE - STYLE ---- SPRING HARLEY 1/4/91 308,397 7.88 191,824 186,730 5,094 69,550 30,072 8,130 2,616 1,656 1,008 2,809 648 72 12 1/11 753,257 13.15 452,785 440,257 12,528 180,776 82,892 15,582 4,776 4,212 2,346 7,806 1,620 354 108 1/18 346,858 6.51 213,011 206,243 6,768 80,250 34,508 8,495 3,354 1,974 1,205 3,509 360 102 90' 1/25 360,917 6.12 211,202 205,166 6,036 88,642 39,947 8,724 3,666 2,004 1,182 4,104 1,314 108 24 2/1 410,315 6.15 247,656 240,385 7,271 98,283 44,074 9,107 3,672 1,950 1,204 3,847 300 138 84 2/8 494,011 7.02 303,645 295,521 8,124 116,273 50,172 10,602 3,804 2,244 1,548 3,695 420 156 1,452 2/15 579,488 7.28 359,594 351,524 8,070 132,718 59,966 12,306 4,590 2,652 1,434 5,490 360 126 252 2/22 532,762 7.30 339,585 331,701 7,884 118,067 52,045 10,187 4,236 2,266 1,333 4,251 360 144 288 3/1 596,180 7.48 380,742 372,582 8,160 133,173 57,755 11,796 4,428 2,682 1,296 4,092 60 108 48 3/8 653,341 7.56 414,918 405,792 9,126 147,361 63,876 12,606 5,112 2,850 1,416 4,884 60 138 120 3/15 862,158 6.47 549,505 538,034 11,471 190,693 86,770 15,988 6,942 3,959 1,812 6,189 36 192 72 3/22 1,074,674 7.95 686,139 670,407 15,732 243,445 105,412 20,028 7,674 4,254 1,890 5,316 252 240 24 3/29 942,494 7.92 595,010 579,824 15,186 214,454 94,178 20,040 7,392 4,248 1,854 4,850 324 102 42 4/5 528,123 7.41 330,834 321,234 9,600 122,532 50,455 11,052 3,780 2,550 1,470 5,192 96 138 24 4/12 494,496 7.31 313,060 306,448 6,612 109,418 49,554 9,804 3,798 1,998 1,212 5,160 264 120 108 4/19 637,055 7.83 407,437 399,235 8,202 139,515 63,794 11,771 4,463 2,484 1,458 5,623 276 174 60 4/26 726,170 7.80 463,576 452,920 10,656 160,888 71,114 14,278 4,974 2,808 1,500 6,282 516 144 90 5/3 735,481 7.65 474,300 463,842 10,458 160,770 71,251 14,016 4,674 2,826 1,548 5,874 24 114 84 5/10 808,270 7.23 525,334 467,012 58,322 172,225 77,782 15,001 6,156 3,185 1,620 6,193 480 138 156 5/17 838,768 7.48 545,165 486,769 58,396 179,476 80,306 15,797 6,090 3,486 1,770 6,348 144 126 60 t^t1tuMF 12.683.215 7.53 8.005,322 7,721,626 283,696 2,858,509 1,265,923 255,310 96,197 56,288 80,106 101,514 7,914 2,934 3,198 t'vzst 6Z$

WEEKLY SHIPMENTS BY C~ 'iPANY - 1991/ WEEK ENDING # OF DAYS ESf1MATED INDUSTRY* PHILIP MORRIS VOLUME SHARE R.J. REYNOLDS VOLUME SHARE BROWN & WILLIAMSON VOLUME SHARE LORILLARD VOLUME SHARE AMERICAN VOLUME SH ARE LIGOETf VOLUME SH ARE 1/4/91 3 3,914,345 1,346,884 34.41 1;576;593 40.28 219,358 5.60 308,397 7.88 297,101 7.59 166,012 4. 24 1/11 5 5,727,459 1,671,606 29.19 2,287,855 39.95 333,394 5.82 753,257 13.15 417,721 7.29 283,626 4.6 0 1/18 5 5,330,242 1,806,606 33.89 2,101,232 39.42 376,744 7.07 346,858 6.51 442,122 8.29 256,680 4.82 1/25 5 5,898,414 2,163,526 36.68 2,201,372 37.32 408,376 6.92 360,917 6.12 483,624 8.20 280,599 4.76 2/1 5 6,666,856 2,639,184 39.59 2,223,892 33.36 470,741 7.06 410,315 6.15 572,896 8.59 349,826 5.25 2/8 5 7,039,702 2,774,844 39.42 2,331,552 33.12 539,295 7.66 494,011 7.02 605,575 8.60 294,424 4.18 2/15 5.5 7,965,323 3,217,584 40.39 2,588,256 32.49 624,593 7.84 579,488 7.2$ 636,551 7.99 318,851 4. 00 2/22 4.5 7,302,784 2,939,110 40.25 2,358,552 32.30 599,380 8.21 532,762 7.30 554,431 7.59 318,549 4. 36 3/1 5 7,965,499 3,288,973 41.29 2,462,601 30.92 661,361 8.30 596,180 7.48 613,731 7.70 342,653 4.30 3/8 5 8,639,337 3,675,962 42.55 2,582,114 29.89 745,924 8.63 653,341 7.56 fi40,639 7.42 341,357 3.95 3/15 5 13,330,940 6,823,260 51.18 3,176,502 23.83 973,380 7.30 862,158 6.47 952,068 7.14 543,572 4.0 8 3/22 5 13,514,400 6,535,876 48.36 3,319,000 24.56 1,211,587 8.97 1,074,674 7.95 873,316 6.46 499,947 3.70 3/29 5 11,899,903 5,577,637 46.87 3,273,610 27.51 1,154,677 9.70 942,494 7.92 697,320 5.86 254,165 2 .14 4/4 5 7,125,983 2,695,974 37.83 1,887,364 26.49 803,142 11.27 528,123 7.41 840,621 11.80 370,759 5.2 0 4/12 5 6,767,807 2,295,177 33.91 2,281,635 33.71 838,821 12.39 494,496 7.31 611,642 9.04 246,036 3.6 4 4/19 5 8,131,501 3,088,186 37.98 2,562,937 31.52 983,517 12.10 637,055 7.83 593,324 7.30 266,482 3.2 8 4/26 5 9,309,996 3,935,308 42.27 2,735,246 29.38 970,336 10.42 726,170 7.80 669,039 7.19 273,897 2.9 4 5/3 5 9,619,698 4,196,178 43.62 2,701,921 28.09 1,000,787 10.40 735,481 7.65 697,107 7.25 288,224 3. 00 5/10 5 11,179,487 5,180,852 46.34 2,950,378 26.3.9 1,115,447 9.98 808,270 7.23 788,545 7.05 335,995 3.01 5/17 5 11,211,811 5,113,816 45.61 3,119,760 27.83 1,129,121 10.07 838,768 7.48 694,929 6.20 315,417 2.81 GUME 98 168,541,487 70,966,543 42.11 50,722,372 30.09 15,159,981 8.99 12,683,215 7.53 12,882,305 7.5 2 6,327,071 3.75 SqZ 8t6Z8