Winn-Dixie Stores, Inc. and Subsidiaries - Page 70

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           Scenario 1 - Constant Loan Interest Rate                                                                                                                    
           Cash Flow Detail                                                                                                                                            
           (dollars in thousands)                                                                                                                                      

           Corporate Cash Outflow           Corporate Cash Inflow                    Net Cash Flow           Surplus                                                   
                  (A)          (B)        (C)           (D)          (E)          (F)         (G)            (H)         (I)         (J)           (K)                 
                                                                                                                                 Cumulative                           
                                                                                                                                    Cash                              
                                       After-Tax   Policy Loan                                Tax-Free       Net      Cumulative     Flow       Cumulative             
                              Loan       Admin.         Tax         Policy       Policy       Death          Cash        Cash      at 4.35%        Net                 
        Year    Premium     Interest      Fee         Savings        Loan      Withdrawal     Benefits       Clow        Flow      Pre-Tax*     Equity[1]              
                                                                                                                                                            

        1993  (114,000)     0         (188)        4,524         107,684       0              2,016      35          35        (53)       78                           
        1994  (113,929)  (11,902)    (188)         9,308         113,929       1,649          2,155    1,021         1,056        838      178                         
        1995  (113,852)  (24,486)    (188)         13,936        110,318       14,731         2,312    2,770         3,826      3,485      237                         
        1996  (113,771)  (36,661)    (188)         13,926        0             137,722        2,614      3,642       7,468      7,095          337                     
        1997  (113,681)  (36,633)    (188)         13,915        0             137,864        2,756    4,033         11,501     11,201         331                     
        1998  (113,588)  (36,602)    (188)         13,903        0             137,999        2,934    4,458         15,959     15,854         175                     
        1999  (113,488)  (36,570)    (188)         13,890        0             137,828        3,152    4,624         20,583     20,799         133                     
        2000  (113,380)  (36,535)    (187)         19,639        137,175       0              3,287    9,997         30,580     31,316         242                     
        2001  (113,264)  (51,654)    (187)         25,988        151,666       0              3,595   16,143         46,723     48,339         266                     
        2002  (113,137)  (68,351)    (187)         32,994        167,521       0              3,959   22,799         69,522     72,556         295                     
        2003  (112,997)  (86,771)    (187)         40,718        184,946       0              4,399   30,108         99,630    104,822         327                     
        2004  (112,841) (107,079)    (187)         49,224        203,952       0              4,911   37,980         137,610    145,922        367                     
        2005  (112,667) (129,436)    (186)         58,578        224,681       0              5,508   46,477         184,087    196,723        414                     
        2006  (112,472) (154,019)    (186)         68,860        247,446       0              6,194   55,822         239,910    258,345        466                     
        2007  (112,253) (181,034)    (186)         78,543        272,425       0              6,983   64,479         304,388    330,377        524                     
        2008       0       (210,699)    (185)      78,359        193,013       0              7,851   68,339         372,728    408,310        519                     
        2009       0       (231,471)    (185)      78,153        211,704       0              8,796   66,998         439,725    486,960        575                     
        2010       0       (254,176)    (184)      77,923        232,250       0              9,803      65,616      505,341    566,303        635                     
        2011       0       (278,992)    (184)      77,667        254,772       0              10,864   64,127        569,468    646,249        700                     
        2012       0       (306,108)    (183)      77,385        279,469       0              11,961   62,524        631,992    726,695        769                     
        2013       0       (335,731)    (182)      77,075        306,543       0              13,091   60,796        692,788    807,528                                
        2014       0       (368,084)    (182)      76,736        336,285       0              14,253   59,009        751,797    888,697                                
        2015       0       (403,420)    (181)      76,369        370,192       0              15,448   58,409        810,205    971,429                                
        2016       0       (442,145)    (180)      75,972        407,477       0              16,673   57,797        868,002  1,055,756        920                     
        2017       0       (484,575)    (179)      75,544        448,433       0              17,938   57,161        925,163  1,141,696        950                     
        2018       0       (531,044)    (178)      75,084        493,496       0              19,289   56,647        981,810  1,229,415        978                     
        2019       0       (581,916)    (177)      74,588        542,978       0              20,777   56,250        1,038,060  1,319,082      1,005                   
        2020       0       (637,563)    (175)      74,054        597,043       0              22,461   55,819        1,093,880  1,410,713      1,035                   
        2021       0       (698,339)    (174)      73,474        655,995       0              24,397   55,353        1,149,233  1,504,320      1,069                   
        2022       0       (764,590)    (173)      72,844        720,151       0              26,615   54,846        1,204,080  1,599,912      1,107                   
   *Assumes deaths occur midyear.                                                                                                                                      
   All figures are estimates.  Actual results will depend upon mortality, interest rates and dividends.                                                                
   _______________________________                                                                                                                                     
   1Blank space indicates that there was no legible figure in underlying exhibit.                                                                                      







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