Despite Pricey Acquisitions...
      
         -- Paid $14 million for maker of Soho Natural sodas in 1988. Sold for $2 
      million in 1991.
         -- Bought Tropicana for $1.2 billion in 1988. Returns have been well below 
      Seagram's expectations.
         -- Bought Martell Cognac for $850 million in 1988. Analysts say price for 
      the premium brand was steep.
         -- Acquired 14.9% stake in Time Warner for $2 billion in 1993. Stock has 
      remained virtually flat.
         -- Acquired distribution rights to Absolut Vodka in 1993.
      
      ...DuPont Still Fuels Seagram's Growth
      
      PRETAX EARNINGS (MILLIONS)           FY 1995*   FY 1992
       SPIRITS AND WINE                       $695    $670
       DUPONT (Dividends)                      319     275
       TROPICANA                                88      81
       TIME WARNER                             -71      --
       DUPONT (Unremitted profits)**           337     134
      *Estimates      **After-tax earnings
      DATA: COMPANY REPORTS, FIRST BOSTON, BZW CANADA
      
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