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Confidential and Privileged
                                                                                                                                     For the Audit and Finance Committee's Review
                                                                     Section III:
                                                                     List of Work-papers for 2016 Pancake Co-op Performance

                                                                     Work-paper #1:     Pancake Market Basket vs. Modified Producer Price Index: 2016 Performance for All Categories
                                                                     Work-paper #2:     2016 Pancake Market Basket: Commentary on Category Performance
                                                                     Work-paper #3:     Pancake Market Basket vs. Modified Producer Price Index: 2016 Performance by Category
                                                                     Work-paper #3-1:   2016 Performance for Eggs and Pork
                                                                     Work-paper #3-2    2016 Performance for Beef and Bakery
                                                                     Work-paper #3-3:   2016 Performance for Grocery and Dairy
                                                                     Work-paper #3-4:   2016 Performance for Beverage and Coffee
                                                                     Work-paper #3-5    2016 Performance for Poultry/ Seafood and Potatoes
                                                                     Work-paper #3-6:   2016 Performance for Oils and Paper & Packaging
                                                                     Work-paper #4:     Actual Store Delivered Costs for 2015 & 2016
                                                                     Work-paper #5:     PPI Sub-indices for 2015 & 2016
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