World Cooperative Monitor 2017

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EXPLORING THE CO-OPERATIVE ECONOMY

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4. FOR INFORMATION CONTACT www.monitor.coop monitor@monitor.coop THE WORLD CO-OPERATIVE MONITOR IS AN ALLIANCE INITIATIVE WITH THE SCIENTIFIC SUPPORT OF EURICSE MADE POSSIBLE BY THE SUPPORT OF OUR ORGANISATIONAL PARTNERS

14. 12 EXPLORING THE CO-OPERATIVE ECONOMY Sector snapshot and trends SECTOR SNAPSHOT AND TRENDS

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44. 42 EXPLORING THE CO-OPERATIVE ECONOMY Co-operative capital CO-OPERATIVE CAPITAL

3. 1 REPORT 2017 Titolo capitolo EXPLORING THE CO-OPERATIVE ECONOMY www.monitor.coop

63. 61 REPORT 2017 Methodology and Data Sources METHODOLOGY AND DATA SOURCES

67. 65 REPORT 2017 Methodology and Data Sources co-operatives and consortia of co-operatives (or similar ar - rangements) that carry out the processing and marketing of agricultural goods for their members; – Wholesale and retail trade: organizations formed to pur - chase and supply goods and services at competitive condi - tions in the interest of their members; – Industry and utilities: organizations operating in industrial sectors (except for the food industry) and utilities; that is, co-operatives that are active in the management of infra - structure for a public service, such as electricity, natural gas, and water. The industrial sector also includes worker co-operatives in the construction sector; – Banking and financial services: co-operative banks and credit unions providing banking and financial intermedia - tion services, democratically controlled by member cus - tomers (borrowers and depositors). Also included are credit unions and banks whose capital owners are composed of individuals without rights regarding the management of the bank or credit union; – Insurance co-operatives and mutuals: mutual organisations and co-operatives owned and democratically controlled by their insured customers. These entities enable members to obtain insurance policies at more favourable conditions than those available on the open market; – Health, education and social care: organizations managing health, social, or educational services. These may include con - sumer (user), producer (provider) and multistakeholder social and health co-operatives which seek to provide high-quality, cost-effective community health care and social services; – Other services: organizations providing services other than those included in health, education and social care, such as co-operative business services and transport. If an organization carries out several activities, it has been classified in the main sector of activity. Note that there is no ranking for the “Other activities” sector due to the limited number of co-operatives in the dataset pertaining to that cat - egory. Included in this category are also 15 organisations for which it was impossible to determine a primary sector. If a co-operative carries out several activities and has a consoli - dated balance sheet, the total turnover of the various activities is considered for the sector and top 300 rankings. While the rankings generally consider individual co-operatives, the turnover for co-operatives that act as a group is summed if the group presents a consolidated balance sheet. DATA SOURCES 2017 WORLD CO-OPERATIVE MONITOR DATABASE Existing rankings Orbis Euricse WCM questionnaire Eikon 77% 17% 1% 3% 2%

72. 70 EXPLORING THE CO-OPERATIVE ECONOMY TOP 300: rankings TOP 300: RANKINGS

28. 26 EXPLORING THE CO-OPERATIVE ECONOMY Sector snapshot and trends INSURANCE CO-OPERATIVES AND MUTUALS CIC Insurance Group, Kenya. Photo courtesy of Stories.coop

32. 30 EXPLORING THE CO-OPERATIVE ECONOMY Sector snapshot and trends BANKING AND FINANCIAL SERVICES Bank Rakyat, Malaysia. Photo courtesy of Stories.coop

45. 43 REPORT 2017 Co-operative capital Having spent the last 39 years of my life working within the co-operative system globally and domestically, I have come to question, or perhaps challenge, long held beliefs and assumptions with respect to co-operative capital. I think, in many ways, this report supports those questions and challenges, suggesting that perhaps it is time we, as co-operative leaders, stop assuming that our co-operative identity only creates additional capital challenges and begin to realize that, in so many ways, our co-operative identity also creates benefits. This report highlights both successes and challeng - es co-operatives are facing to ensure they have sufficient, healthy and available capital to sustain themselves, includ - ing financing their need to grow and innovate. Not surpris - ingly, smaller co-operatives struggle more significantly as a generality not unlike other small enterprises that are not structured as co-operatives. It is true that traditional sourc - es of capital do not sufficiently understand the nature of co-operatives and therefore are often reluctant to provide financial support. But it is also true that, increasingly, forms of patient capital are seeking opportunity to support enter - prise missions deemed to be long term in nature and fo - cused on real impact. Our challenge is to improve our ability to appropriately match capital providers with the institutions seeking such provision. What is important to realize, when reading the report is that the global co-operative system has many success stories from both large and small enterprises. Success comes from being focused clearly and passionately on a compelling mission, executing successful strategies to serve that mission. Success comes from ensuring the long term needs of co-operative members are met; not just short term needs. Finally, success comes from applying innovation and courage to problem solving with a view to the future rather than accepting that historical success will guarantee future success. I am encouraged by this report. I am confident that, when strong leadership and governance of our co-operatives ex - ecutes sound strategies maintaining a deep commitment to our co-operative identity, we will generate the financial conditions to ensure a long and bright future. This report suggests that we have an opportunity to learn from those co-operative organizations, large and small, who are creat - ing those exciting futures. FROM A PRACTITIONER’S PERSPECTIVE Kathy Bardswick Retired President and CEO, The Co-operators Chair, ICA Blue Ribbon Commission on Capital

5. 3 Welcome to the sixth annual World Co-operative Monitor report produced in partnership by the International Co-oper - ative Alliance (the Alliance) and the European Research Insti - tute on Cooperative and Social Enterprises (Euricse). As we do each year, with this publication we report on the world’s largest co-operative and mutual organizations, providing a ranking of the Top 300 and sectorial analysis based on 2015 financial data. In addition to the rankings based on US Dollar, we have added rankings using the International Dollar as calculated by the World Bank. The rankings using this measure replace the rankings based on turnover over GDP per capita and aim to give a sense of the size of a co-operative in its home country. As defined by the World Bank, “an international dollar would buy in the cited country a comparable amount of goods and services a U.S. dollar would buy in the United States.” It gives us an idea of the purchasing power parity of the co-operative, helping to understand the relative size and removing possible distortions caused by currency conversion rates. Also new this year is the trend analysis on the top co-oper - atives and mutuals by sector of activity. With this data we con - structed the changes in turnover over the 5-year period from 2011-2015, showing a strong and healthy co-operative sector overall. While we see some decline in some cases, this does not seem to reflect the co-operative movement as a whole but more likely specific economic conditions. Another addition to this year’s report is the analysis of the capital structure of not only the Top 300 but also a sample of smaller co-operatives and mutuals, allowing for compari - son of different types of co-operative businesses. The results of this research show that large co-operatives and mutuals do not have specific problems raising capital related to the co-operative business model, though smaller co-opera - tives do have some challenges mostly related to obtaining internal capital and long-term debt. Many thanks to Kathy Bardswick, Chair of the Alliance’s Blue Ribbon Commission on Capital, whose insights on the results can be found in the capital chapter. We especially want to thank our sponsors OCB System and Fundación Espriu. This year we are able to produce a Spanish language edition of the Monitor, due to the support of Fun - dación Espriu. We greatly appreciate their contributions as well of all those who helped construct this year’s database and report, including federations, researchers, cooperatives, mutuals, and other representative organizations. We hope you find the report valuable and are always happy to receive feedback, suggestions, and further contributions! EXPLORING THE CO-OPERATIVE ECONOMY Charles Gould Gianluca Salvatori THE 2017 WORLD CO-OPERATIVE MONITOR

16. 14 EXPLORING THE CO-OPERATIVE ECONOMY Sector snapshot and trends AGRICULTURE AND FOOD INDUSTRIES Fonterra, New Zealand. Photo courtesy of Stories.coop

20. 18 EXPLORING THE CO-OPERATIVE ECONOMY Sector snapshot and trends INDUSTRY AND UTILITIES NRECA, USA. Photo courtesy of Stories.coop

36. 34 EXPLORING THE CO-OPERATIVE ECONOMY Sector snapshot and trends HEALTH, EDUCATION AND SOCIAL CARE Idea 90, Italy. Photo courtesy of Stories.coop

40. 38 EXPLORING THE CO-OPERATIVE ECONOMY Sector snapshot and trends OTHER SERVICES gcoop, Argentina. Photo courtesy of Stories.coop

61. 59 REPORT 2017 Co-operative capital If we look at the general picture emerging from the analysis of the sample of the WCM Top 300 co-operative and mutual enter - prises, the results are very similar to those of last year. Although the data refers to the largest co-operatives only and is small in number, it demonstrates that these organisations do not seem to have particular problems raising capital. Furthermore, it seems that there are clear differences between various sec - tors, but not across different regions, i.e. Asia and the Pacific, Americas, and Eu - ropean regions. The only differences, at the general level, with respect to the prior year is an increase of the incidence of To - tal liabilities between co-operatives in the Americas region compared to those in the European region, due to the different cost of external debt in the two regions. We see also a general limited reduction of the prof - itability index (ROE and ROA) with respect to the analysis from last year. Looking at the different sectors, the co-operatives in the Banking sector can, as in the previous re - port, be classified as traditional banks, i.e. operating at smaller financial leverage compared both to traditional non co-operative banks and investment banks. The global problem of non-perform - ing loans has determined, even in co-operative banks, a reduction of the Total assets, probably due to credit securitization, with an increase in Other earning assets, moving the sector slightly from the traditional business approach. But, compared to the data in the previous report, the protection level increases considerably. Regarding the Insurance sector, although it would require further study to analyse the composition of non-life and life in - surance, we can confirm the results from the previous report. The co-operatives in the European region seem to work at high - er financial leverage compared to those in the Americas region. This difference does not reflect, however, a different level of risk coverage. Finally, the Wholesale sector reveals co-operatives that work with low financial leverage and in general financial equilibrium, with no change with respect to last year’s results. As regards the Agriculture sector, the analysis shows a sector that is well capitalized and in financial equilibrium. The data does show, however, a dif - ference among the Americas and the European regions with respect to finan - cial equilibrium, perhaps deriving from different approaches to the outsourcing of production, and from the different banking conditions in the two regions, but also from the different capitalization policies. For agriculture co-operatives in the European region we see, in fact, a decline in the financial leverage with a correspon - dent increase in the current liabilities, probably short-term debt, maybe deriving from the contraction on long-term loans by the banks. Although the sample composition is different due to the en - try cost level, i.e. the financial sector is not present, interesting results emerge in the analysis of the remaining comparable sec - tors: Agriculture and Wholesale. In general, the small co-opera - tives perform worse with respect to the large co-operatives with CONCLUSIONS The financial statement data of the Top 300 reveals a situation that does not support the traditional theory of co-operative capital. Rather, the analysis shows a sector with good capitalization, in financial equilibrium and with sufficient profitability to support growth. A different picture emerges if we look at the data from the new sample of 300 small co-operatives analysed in this year’s report.

74. 72 EXPLORING THE CO-OPERATIVE ECONOMY TOP 300: rankings 37 35 Co-operative Group Limited UK Wholesale and retail trade 14.18 Co-operatives UK 38 33 Dairy Farmers of America USA Agriculture and food industries 13.80 NCB 39 39 Mondragon Corporacion Spain Industry and utilities 13.35 Cepes 40 41 Fonterra Co-operative Group New Zealand Agriculture and food industries 13.02 Nzcoop 41 44 Land O'Lakes. Inc. USA Agriculture and food industries 13.01 NCB 42 52 TIAA Group USA Insurance 12.80 ICMIF 43 53 Wakefern Food Corp./ShopRite USA Wholesale and retail trade 12.57 NCB 44 48 Hokuren Federation Of Agricultural Cooperatives Japan Agriculture and food industries 12.53 Orbis 45 38 SOK Finland Wholesale and retail trade 12.45 WCM questionnaire 46 43 FrieslandCampina Netherlands Agriculture and food industries 12.42 Eikon 47 45 Coöperatie VGZ Netherlands Insurance 11.89 Euricse 48 47 Arla Foods Amba Denmark Agriculture and food industries 11.35 Orbis 49 46 AG2R La Mondiale France Insurance 11.26 ICMIF 50 49 Groupama France Insurance 11.04 ICMIF 51 60 CCA Global Partners USA Wholesale and retail trade 10.80 WCM questionnaire 52 50 Debeka Versichern Germany Insurance 10.72 ICMIF 53 57 The Norinchukin bank Japan Banking and financial services 10.64 Euricse 54 67 Federal Farm Credit Banks Funding Corporation USA Banking and financial services 10.05 Euricse 55 51 Vienna Insurance Group Austria Insurance 9.94 ICMIF 56 70 CZ Groep Netherlands Insurance 9.89 Euricse 57 68 Guardian Life USA Insurance 9.55 ICMIF 58 65 Pacific Life USA Insurance 9.43 ICMIF 59 69 Associated Wholesale Grocers. Inc USA Wholesale and retail trade 8.94 NCB 60 56 Danish Crown Denmark Agriculture and food industries 8.80 Orbis 61 59 Growmark. Inc. USA Agriculture and food industries 8.73 NCB 62 74 Royal London UK Insurance 8.46 ICMIF 63 54 RZB Austria Banking and financial services 8.29 Euricse 64 58 DLG Denmark Agriculture and food industries 8.05 Coop de France 65 80 American Family USA Insurance 7.67 ICMIF 66 66 Agravis Germany Agriculture and food industries 7.65 Coop de France 67 64 Copersucar SA Brazil Agriculture and food industries 7.61 Eikon 68 61 Südzucker Germany Agriculture and food industries 7.47 Coop de France 69 71 HUK-Coburg Germany Insurance 7.29 ICMIF 70 88 Securian Financial Group USA Insurance 7.18 ICMIF 71 63 Federated Co-operatives Limited Canada Wholesale and retail trade 7.02 WCM questionnaire 72 72 Superunie Netherlands Wholesale and retail trade 6.97 Orbis 73 73 MACIF France Insurance 6.74 ICMIF RANK 2015 RANK 2014 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION US $) SOURCE

75. 73 REPORT 2017 TOP 300: rankings 74 76 Kerry Group Ireland Agriculture and food industries 6.73 Eikon 75 79 UNIQA Austria Insurance 6.44 ICMIF 76 92 Auto-Owners Insurance USA Insurance 6.34 ICMIF 77 85 Fenaco Genossenschaft Switzerland Agriculture and food industries 6.27 Orbis 78 78 InVivo France Agriculture and food industries 6.23 Coop de France 79 77 Signal Iduna Germany Insurance 6.17 ICMIF 80 95 Erie Insurance USA Insurance 6.10 ICMIF 81 96 Mutual of Omaha USA Insurance 5.99 ICMIF 82 84 Coop Amba Denmark Wholesale and retail trade 5.86 Orbis 83 97 Thrivent Financial USA Insurance 5.76 ICMIF 84 104 HealthPartners Inc. USA Health, education and social care 5.74 NCB 85 83 Cattolica Assicurazioni Italy Insurance 5.70 ICMIF 86 91 Terrena France Agriculture and food industries 5.55 Coop de France 87 87 Metsä Group (Metsäliitto) Finland Agriculture and food industries 5.53 Pellervo 88 89 Menzis Netherlands Insurance 5.42 ICMIF 89 100 Fukoku Life Japan Insurance 5.32 ICMIF 90 99 Agrial France Agriculture and food industries 5.27 Coop de France 91 111 Coop Norge Sa Norway Wholesale and retail trade 5.25 Orbis 92 55 Astera SA France Wholesale and retail trade 5.12 Eikon 93 82 DMK Germany Agriculture and food industries 5.08 Coop de France 94 93 FloraHolland Netherlands Agriculture and food industries 5.07 Euricse 95 94 Varma Mutual Pension Finland Insurance 5.05 ICMIF 96 120 ACE Hardware Corp. USA Wholesale and retail trade 5.05 NCB 97 86 Vion Food Netherlands Agriculture and food industries 5.04 Eikon 98 98 Zenrosai Japan Insurance 5.00 WCM questionnaire 99 81 Sodiaal France Agriculture and food industries 4.96 Coop de France 100 62 KLP Norway Insurance 4.95 ICMIF 101 106 FJCC Japan Insurance 4.87 ICMIF 102 103 Mutua Madrileña Spain Insurance 4.78 ICMIF 103 128 Navy Federal Credit Union USA Banking and financial services 4.72 Euricse 104 102 Ilmarinen Mutual Pension Finland Insurance 4.71 ICMIF 105 155 IFFCO India Agriculture and food industries 4.66 Orbis 106 116 La Coop fédérée Canada Agriculture and food industries 4.65 WCM questionnaire 107 90 Tereos France Agriculture and food industries 4.63 Euricse 108 107 Alte Leipziger Germany Insurance 4.56 ICMIF 109 126 Agropur Coopérative Canada Agriculture and food industries 4.56 Eikon 110 123 LV= UK Insurance 4.54 ICMIF 111 112 Folksam Sweden Insurance 4.49 ICMIF 112 113 Foodstuffs - North Island New Zealand Wholesale and retail trade 4.45 Euricse RANK 2015 RANK 2014 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION US $) SOURCE

76. 74 EXPLORING THE CO-OPERATIVE ECONOMY TOP 300: rankings 113 110 Sanacorp Germany Wholesale and retail trade 4.43 Orbis 114 101 Gothaer Versicherungen Germany Insurance 4.41 ICMIF 115 114 Ag Processing Inc. USA Agriculture and food industries 4.35 NCB 116 136 OneAmerica USA Insurance 4.31 ICMIF 117 119 Lantmannen Sweden Agriculture and food industries 4.28 Coop de France 118 115 Reale Mutua Italy Insurance 4.24 ICMIF 119 125 Danish Agro A.M.B.A Denmark Agriculture and food industries 4.21 Orbis 120 105 Kooperativa Förbundet Sweden Wholesale and retail trade 4.10 Euricse 121 124 Raiffeisen group Switzerland Banking and financial services 4.10 Euricse 122 109 Alecta Sweden Insurance 4.06 ICMIF 123 158 Glanbia Ireland Agriculture and food industries 4.04 Coop de France 124 139 Unified Grocers, Inc USA Wholesale and retail trade 4.03 NCB 125 108 Vivescia France Agriculture and food industries 4.02 Coop de France 126 127 PFA Pension Denmark Insurance 3.98 ICMIF 127 118 Länsförsäkringar Sweden Insurance 3.93 ICMIF 128 133 Die Continentale Germany Insurance 3.92 ICMIF 129 117 Pohjola Pankki Oyj Finland Banking and financial services 3.77 Euricse 130 122 MAIF France Insurance 3.71 ICMIF 131 142 Group Health Cooperative USA Health, education and social care 3.66 NCB 132 138 Swiss Mobiliar Switzerland Insurance 3.65 ICMIF 133 129 LVM Versicherung Germany Insurance 3.58 ICMIF 134 132 Axéréal France Agriculture and food industries 3.53 Coop de France 135 134 Elo Finland Insurance 3.48 ICMIF 136 131 DEVK Versicherungen Germany Insurance 3.48 ICMIF 137 130 Agricola Tre Valli Italy Agriculture and food industries 3.42 Orbis 138 153 FM Global USA Insurance 3.42 ICMIF 139 135 Asahi Life Japan Insurance 3.36 ICMIF 140 144 Ohio National Life USA Insurance 3.30 ICMIF 141 170 CSAA Insurance USA Insurance 3.28 ICMIF 142 137 MGEN - ISTYA Group France Insurance 3.23 ICMIF 143 - Gujarat Cooperative Milk Marketing Federation Limited India Agriculture and food industries 3.23 Orbis 144 172 Auto Club Enterprises Insurance USA Insurance 3.19 ICMIF 145 121 California Dairies, Inc. USA Agriculture and food industries 3.18 NCB 146 149 Co-op Mirai Japan Wholesale and retail trade 3.14 JCCU 147 145 Japanese Consumers' Co- operative Union (JCCU) Japan Wholesale and retail trade 3.11 JCCU 148 146 Cofares Spain Wholesale and retail trade 3.00 Orbis 149 176 Do-it-Best Corp. USA Wholesale and retail trade 3.00 NCB 150 143 Gjensidige Forsikring Norway Insurance 2.99 ICMIF RANK 2015 RANK 2014 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION US $) SOURCE

77. 75 REPORT 2017 TOP 300: rankings 151 164 Sicredi Brazil Banking and financial services 2.97 WCM questionnaire 152 151 Coamo Brazil Agriculture and food industries 2.97 Eikon 153 173 Country Financial USA Insurance 2.96 ICMIF 154 203 Western & Southern Financial USA Insurance 2.95 ICMIF 155 159 Skandia Mutual Sweden Insurance 2.95 ICMIF 156 150 VHV Versicherungen Germany Insurance 2.90 ICMIF 157 180 Cuna Mutual USA Insurance 2.89 ICMIF 158 156 Ethias Belgium Insurance 2.88 ICMIF 159 168 Harmonie Mutuelles France Insurance 2.88 ICMIF 160 154 Selectour Afat France Other services 2.87 CoopFR 161 147 Co-operative Bulk Handling Ltd Australia Agriculture and food industries 2.77 WCM questionnaire 162 157 Tine Sa Norway Agriculture and food industries 2.74 Orbis 163 152 Nortura Sa Norway Agriculture and food industries 2.73 Orbis 164 140 Agrana Austria Agriculture and food industries 2.73 Eikon 165 160 Westfleisch Sce Mit Beschraenkter Haftung Germany Agriculture and food industries 2.71 Orbis 166 197 Sentry Insurance USA Insurance 2.69 ICMIF 167 162 Unicoop Firenze Italy Wholesale and retail trade 2.69 Orbis 168 163 RWA Austria Agriculture and food industries 2.66 Eikon 169 161 RWZ (Raiffeisen Waren-Zentrale Rhein-Main Eg) Germany Agriculture and food industries 2.65 Orbis 170 174 Noweda Apothekergenossenschaft Eg Germany Wholesale and retail trade 2.64 Orbis 171 167 Agrifirm Netherlands Agriculture and food industries 2.64 Euricse 172 190 Limagrain France Agriculture and food industries 2.59 Coop de France 173 192 Darigold / Northwest Dairy Assoc. USA Agriculture and food industries 2.55 NCB 174 166 SMABTP France Insurance 2.52 ICMIF 175 171 ForFarmers Group Netherlands Agriculture and food industries 2.47 Eikon 176 179 The Co-operators Group Limited Canada Insurance 2.46 WCM questionnaire 177 165 NTUC Fairprice Co-operative Ltd Singapore Wholesale and retail trade 2.45 Eikon 178 182 Coop Adriatica Italy Wholesale and retail trade 2.44 Euricse 179 209 New York State Insurance Fund USA Insurance 2.44 ICMIF 180 211 Ameritas Life USA Insurance 2.44 ICMIF 181 217 Recreational Equipment Inc. USA Wholesale and retail trade 2.42 NCB 182 175 MACSF France Insurance 2.41 ICMIF 183 221 CoBank, ACB USA Banking and financial services 2.38 Euricse 184 187 United Suppliers, Inc. USA Agriculture and food industries 2.37 NCB 185 202 KFCCC Republic of Korea Insurance 2.35 ICMIF 186 212 NFU Mutual UK Insurance 2.34 ICMIF 187 186 PAC 2000 A Italy Wholesale and retail trade 2.34 Orbis RANK 2015 RANK 2014 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION US $) SOURCE

78. 76 EXPLORING THE CO-OPERATIVE ECONOMY TOP 300: rankings 188 195 Consum Spain Wholesale and retail trade 2.34 Cepes 189 181 Gedex France Wholesale and retail trade 2.32 CoopFR 190 177 Groupe Even France Agriculture and food industries 2.31 Coop de France 191 198 Co-op Sapporo Japan Wholesale and retail trade 2.30 JCCU 192 183 Triskalia France Agriculture and food industries 2.25 Coop de France 193 204 Wawanesa Mutual Canada Insurance 2.22 ICMIF 194 207 Sogiphar France Wholesale and retail trade 2.22 CoopFR 195 185 Cooperl Arc Atlantique France Agriculture and food industries 2.18 Coop de France 196 229 Auto Club Group USA Insurance 2.17 ICMIF 197 178 Cosun Netherlands Agriculture and food industries 2.17 Eikon 198 201 Södra Sweden Agriculture and food industries 2.16 Eikon 199 213 HanseMerkur Versicherungsgruppe Germany Insurance 2.15 ICMIF 200 188 Murray Goulburn Co-operative Co Ltd Australia Agriculture and food industries 2.14 CEMI 201 215 Basin Electric Power Cooperative USA Industry and utilities 2.13 NCB 202 189 HKScan Oyj plc Finland Agriculture and food industries 2.11 Pellervo 203 205 Barmenia Versicherungen Germany Insurance 2.11 ICMIF 204 225 NTUC Income Singapore Insurance 2.10 ICMIF 205 231 National Life USA Insurance 2.09 ICMIF 206 234 State Auto Insurance USA Insurance 2.07 ICMIF 207 244 Amica Mutual USA Insurance 2.07 ICMIF 208 214 Co-op Kobe Japan Wholesale and retail trade 2.06 JCCU 209 257 Penn Mutual USA Insurance 2.05 ICMIF 210 247 Mutual of America Life USA Insurance 2.04 ICMIF 211 208 Landgard Eg Germany Agriculture and food industries 2.04 Orbis 212 238 True Value Corporation USA Wholesale and retail trade 2.03 NCB 213 269 Tawuniya Saudi Arabia Insurance 2.01 ICMIF 214 248 Associated Food Stores USA Wholesale and retail trade 2.01 NCB 215 196 MATMUT France Insurance 2.00 ICMIF 216 - Groupe Aesio France Insurance 1.95 ICMIF 217 246 Central Grocers Cooperative USA Wholesale and retail trade 1.94 NCB 218 258 Blue Cross and Blue Shield of Kansas USA Insurance 1.90 ICMIF 219 194 Valio Oy Ltd Finland Agriculture and food industries 1.89 Pellervo 220 228 Southern States Cooperative USA Agriculture and food industries 1.89 NCB 221 227 Sperwer Netherlands Wholesale and retail trade 1.89 Eikon 222 216 Foodstuffs - South Island New Zealand Wholesale and retail trade 1.88 Nzcoop 223 224 Fundaciòn Espriu Spain Health, education and social care 1.86 WCM questionnaire 224 220 Maîtres Laitiers du Cotentin France Agriculture and food industries 1.85 Coop de France RANK 2015 RANK 2014 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION US $) SOURCE

79. 77 REPORT 2017 TOP 300: rankings 225 206 Cristal Union France Agriculture and food industries 1.84 Coop de France 226 218 PensionDanmark Denmark Insurance 1.79 ICMIF 227 230 Hospital Contribution Fund (HCF) Australia Insurance 1.77 CEMI 228 235 Conad Del Tirreno Italy Wholesale and retail trade 1.77 Orbis 229 169 Ornua (ex Irish Dairy Board Co- operative Ltd) Ireland Agriculture and food industries 1.77 Eikon 230 - LocalTapiola Finland Insurance 1.77 ICMIF 231 237 Maïsadour France Agriculture and food industries 1.74 Coop de France 232 191 SSQ Financial Group Canada Insurance 1.74 ICMIF 233 239 P&V Belgium Insurance 1.73 ICMIF 234 256 Prairie Farms Dairy Inc. USA Agriculture and food industries 1.73 NCB 235 268 Ocean Spray USA Agriculture and food industries 1.72 NCB 236 240 Silver Fern Farms New Zealand Agriculture and food industries 1.68 Nzcoop 237 222 Associated Milk Producers, Inc USA Agriculture and food industries 1.66 NCB 238 249 Euralis France Agriculture and food industries 1.66 Coop de France 239 273 EMC Insurance Companies USA Insurance 1.66 ICMIF 240 291 Blue Diamond Growers USA Agriculture and food industries 1.65 NCB 241 254 Felleskjopet Agri Sa Norway Wholesale and retail trade 1.65 Orbis 242 - Grupo Sancor Seguros Argentina Insurance 1.64 ICMIF 243 281 State Compensation Insurance Fund USA Insurance 1.64 ICMIF 244 253 Volkswohl-Bund Versicherungen Germany Insurance 1.64 ICMIF 245 285 UNIPRO Food Service, Inc. USA Wholesale and retail trade 1.63 NCB 246 296 Federated Mutual USA Insurance 1.63 ICMIF 247 223 Hochwald Milch Eg Germany Agriculture and food industries 1.63 Orbis 248 260 Bank Kerjasama Rakyat Malaysia Berhad Malaysia Banking and financial services 1.61 WCM questionnaire 249 279 Shelter Insurance USA Insurance 1.61 ICMIF 250 245 C.Vale - Cooperativa Agroindustrial Brazil Agriculture and food industries 1.60 Eikon 251 283 Agribank, FCB USA Banking and financial services 1.60 Euricse 252 261 The Kyoei Fire & Marine Insurance Co Japan Insurance 1.59 ICMIF 253 251 GESCO Italy Agriculture and food industries 1.59 Orbis 254 233 M.R.B.B. of Maatschappij voor Roerend Bezit van de Boerenbond Belgium Agriculture and food industries 1.55 Euricse 255 - Select Milk Producers, Inc. USA Agriculture and food industries 1.55 NCB 256 292 Affiliated Foods Midwest Co-op Inc. USA Wholesale and retail trade 1.54 NCB 257 259 Farmlands Co-operative Society New Zealand Agriculture and food industries 1.53 Nzcoop 258 264 U Co-op Japan Wholesale and retail trade 1.52 JCCU RANK 2015 RANK 2014 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION US $) SOURCE

80. 78 EXPLORING THE CO-OPERATIVE ECONOMY TOP 300: rankings 259 263 Coop Estense Italy Wholesale and retail trade 1.51 Euricse 260 270 La Capitale Canada Insurance 1.50 ICMIF 261 243 Foremost Farms USA Cooperative USA Agriculture and food industries 1.50 NCB 262 275 Producers Livestock Mktg. Assn. USA Agriculture and food industries 1.50 NCB 263 252 FEBELCO Belgium Wholesale and retail trade 1.48 NBB 264 255 Atria Oyj Ltd Finland Agriculture and food industries 1.48 Pellervo 265 - OBOS BBL Norway Other services 1.45 Orbis 266 287 MFA Incorporated USA Agriculture and food industries 1.43 NCB 267 242 Groupe d’aucy (EX Cecab) France Agriculture and food industries 1.43 Coop de France 268 219 Grupo Cooperativo Cajamar Spain Banking and financial services 1.42 Euricse 269 241 The Midcounties cooperative UK Wholesale and retail trade 1.41 WCM questionnaire 270 277 JCIF Japan Insurance 1.41 ICMIF 271 272 Mosadex Netherlands Wholesale and retail trade 1.40 Orbis 272 - Tennessee Farmers Insurance USA Insurance 1.39 ICMIF 273 286 Lur Berri France Agriculture and food industries 1.38 Coop de France 274 300 Oglethorpe Power Corporation USA Industry and utilities 1.35 NCB 275 - Tri-State G&T Association USA Industry and utilities 1.34 NCB 276 - ACMN France Insurance 1.33 ICMIF 277 262 Raiffeisen Waren GmbH Germany Agriculture and food industries 1.33 Orbis 278 - Acuity USA Insurance 1.33 ICMIF 279 294 Conad - Consorzio Nazionale Dettaglianti Italy Wholesale and retail trade 1.32 Orbis 280 - Anadolu Sigorta Turkey Insurance 1.31 ICMIF 281 280 Coop EG (Coop Eingetragene Genossenschaft) Germany Wholesale and retail trade 1.31 Orbis 282 282 South Dakota Wheat Growers Assn. USA Agriculture and food industries 1.31 NCB 283 267 Advitam (Unéal) France Agriculture and food industries 1.30 Coop de France 284 - Alfa Insurance USA Insurance 1.30 ICMIF 285 - Zespri New Zealand Agriculture and food industries 1.29 Euricse 286 - Independent Pharmacy Cooperative, Inc. USA Wholesale and retail trade 1.27 NCB 287 - KommunePension Denmark Insurance 1.27 ICMIF 288 232 Citizens Property Insurance Corp USA Insurance 1.27 ICMIF 289 - Grange Mutual Casualty Pool USA Insurance 1.27 ICMIF 290 - Unicoop Tirreno Italy Wholesale and retail trade 1.26 Orbis 291 265 Zg Raiffeisen Eg Germany Agriculture and food industries 1.25 Orbis 292 - AEGIS USA Insurance 1.25 ICMIF 293 297 WWK Versicherungen Germany Insurance 1.25 ICMIF 294 276 SpareBank 1 Norway Insurance 1.25 ICMIF RANK 2015 RANK 2014 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION US $) SOURCE

90. 88 EXPLORING THE CO-OPERATIVE ECONOMY TOP 300: rankings TEAM, STEERING COMMITTEE, ORGANIZATIONAL PARTNERS

13. 11 REPORT 2017 2015 Highlights National Mutual Economy Report - published by Business Council of Co-operatives and Mutuals Best Malaysia 100 Index Cooperative – published by Malaysia Co-operative Societies Commission (SKM) Top 10 Community-Based Retail Co-ops in Japan – published by JCCU The New Zealand Co-operative Economy – published by NZ.Coop and Massey University Panorama Sectoriel des Entreprises Cooperatives - published by CoopFR Dutch Co-operative Top 100 - published by NCR, the Dutch Council for Cooperatives Listado de empresas más relevantes de la Economía social - published by Confederación Empresarial Española de la Economía Social (CEPES) La Cooperation Agricole et Agroalimentaire - published by Coop de France The UK Co-operative Economy report - published by Co-operatives UK Global lists by sector ICMIF Global 500 - published by International Cooperative and Mutual Insurance Federation (ICMIF) UK Netherlands France Spain Australia Malaysia Japan New Zealand

24. 22 EXPLORING THE CO-OPERATIVE ECONOMY Sector snapshot and trends WHOLESALE AND RETAIL TRADE COOP Jednota, Slovakia. Photo courtesy of Stories.coop

81. 79 REPORT 2017 TOP 300: rankings RANK 2015 RANK 2014 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION US $) SOURCE 295 - Commercianti Indipendenti Associati Italy Wholesale and retail trade 1.24 Orbis 296 278 MUTEX France Insurance 1.24 ICMIF 297 236 United Farmers of Alberta Co- operative Limited Canada Agriculture and food industries 1.23 Eikon 298 274 Central England Co-operative Limited UK Wholesale and retail trade 1.23 Co-operatives UK 299 - CEF Cooperativa Esercenti Farmacia Italy Wholesale and retail trade 1.22 Orbis 300 298 Coforta/The Greenery Netherlands Agriculture and food industries 1.22 Eikon

83. 81 REPORT 2017 TOP 300: rankings 38 Desjardins Group Canada Banking and financial services 14.63 Euricse 39 John Lewis Partnership PLC UK Wholesale and retail trade 14.16 Co-operatives UK 40 FrieslandCampina Netherlands Agriculture and food industries 13.98 Eikon 41 Copersucar SA Brazil Agriculture and food industries 13.83 Eikon 42 Dairy Farmers of America USA Agriculture and food industries 13.80 NCB 43 Co-operative Group Limited UK Wholesale and retail trade 13.51 Co-operatives UK 44 Coöperatie VGZ Netherlands Insurance 13.37 Euricse 45 Fonterra Co-operative Group New Zealand Agriculture and food industries 13.05 Nzcoop 46 Land O'Lakes, Inc. USA Agriculture and food industries 13.01 NCB 47 TIAA Group USA Insurance 12.80 ICMIF 48 AG2R La Mondiale France Insurance 12.77 ICMIF 49 Debeka Versichern Germany Insurance 12.58 ICMIF 50 Wakefern Food Corp./ShopRite USA Wholesale and retail trade 12.57 NCB 51 The Norinchukin bank Japan Banking and financial services 12.56 Euricse 52 Groupama France Insurance 12.51 ICMIF 53 SOK Finland Wholesale and retail trade 12.49 WCM questionnaire 54 Gujarat Cooperative Milk Marketing Federation Limited India Agriculture and food industries 12.15 Orbis 55 Vienna Insurance Group Austria Insurance 11.32 ICMIF 56 CZ Groep Netherlands Insurance 11.12 Euricse 57 CCA Global Partners USA Wholesale and retail trade 10.80 WCM questionnaire 58 Arla Foods Amba Denmark Agriculture and food industries 10.55 Orbis 59 Federal Farm Credit Banks Funding Corporation USA Banking and financial services 10.05 Euricse 60 Guardian Life USA Insurance 9.55 ICMIF 61 RZB Austria Banking and financial services 9.44 Euricse 62 Pacific Life USA Insurance 9.43 ICMIF 63 Agravis Germany Agriculture and food industries 8.97 Coop de France 64 Associated Wholesale Grocers, Inc USA Wholesale and retail trade 8.94 NCB 65 Südzucker Germany Agriculture and food industries 8.76 Coop de France 66 Growmark, Inc. USA Agriculture and food industries 8.73 NCB 67 HUK-Coburg Germany Insurance 8.54 ICMIF 68 Danish Crown Denmark Agriculture and food industries 8.18 Orbis 69 Royal London UK Insurance 8.06 ICMIF 70 Superunie Netherlands Wholesale and retail trade 7.85 Orbis 71 American Family USA Insurance 7.67 ICMIF 72 MACIF France Insurance 7.65 ICMIF 73 Kerry Group Ireland Agriculture and food industries 7.59 Eikon 74 DLG Denmark Agriculture and food industries 7.49 Coop de France 75 UNIQA Austria Insurance 7.33 ICMIF RANK 2015 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION INTERNATIONAL $) SOURCE

84. 82 EXPLORING THE CO-OPERATIVE ECONOMY TOP 300: rankings 76 Signal Iduna Germany Insurance 7.24 ICMIF 77 Federated Co-operatives Limited Canada Wholesale and retail trade 7.23 WCM questionnaire 78 Securian Financial Group USA Insurance 7.18 ICMIF 79 Cattolica Assicurazioni Italy Insurance 7.11 ICMIF 80 InVivo France Agriculture and food industries 7.07 Coop de France 81 Mutua Madrileña Spain Insurance 6.50 ICMIF 82 Auto-Owners Insurance USA Insurance 6.34 ICMIF 83 Terrena France Agriculture and food industries 6.30 Coop de France 84 Fukoku Life Japan Insurance 6.27 ICMIF 85 Erie Insurance USA Insurance 6.10 ICMIF 86 Menzis Netherlands Insurance 6.10 ICMIF 87 Mutual of Omaha USA Insurance 5.99 ICMIF 88 Agrial France Agriculture and food industries 5.97 Coop de France 89 DMK Germany Agriculture and food industries 5.96 Coop de France 90 Zenrosai Japan Insurance 5.90 WCM questionnaire 91 Astera SA France Wholesale and retail trade 5.80 Eikon 92 Thrivent Financial USA Insurance 5.76 ICMIF 93 FJCC Japan Insurance 5.75 ICMIF 94 HealthPartners Inc. USA Health and social services 5.74 NCB 95 FloraHolland Netherlands Agriculture and food industries 5.71 Euricse 96 Vion Food Netherlands Agriculture and food industries 5.67 Eikon 97 Sodiaal France Agriculture and food industries 5.62 Coop de France 98 Metsä Group (Metsäliitto) Finland Agriculture and food industries 5.55 Pellervo 99 Coop Amba Denmark Wholesale and retail trade 5.44 Orbis 100 Sicredi Brazil Banking and financial services 5.40 WCM questionnaire 101 Coamo Brazil Agriculture and food industries 5.39 Eikon 102 Alte Leipziger Germany Insurance 5.34 ICMIF 103 Reale Mutua Italy Insurance 5.29 ICMIF 104 Tereos France Agriculture and food industries 5.25 Euricse 105 Tawuniya Saudi Arabia Insurance 5.24 ICMIF 106 Sanacorp Eg Pharmazeutische Grosshandlung Germany Wholesale and retail trade 5.19 Orbis 107 Gothaer Versicherungen Germany Insurance 5.17 ICMIF 108 Varma Mutual Pension Finland Insurance 5.06 ICMIF 109 ACE Hardware Corp. USA Wholesale and retail trade 5.05 NCB 110 Fenaco Genossenschaft Switzerland Agriculture and food industries 4.85 Orbis 111 La Coop fédérée Canada Agriculture and food industries 4.78 WCM questionnaire 112 Navy Federal Credit Union USA Banking and financial services 4.72 Euricse 113 Ilmarinen Mutual Pension Finland Insurance 4.72 ICMIF 114 Agropur Coopérative Canada Agriculture and food industries 4.69 Eikon RANK 2015 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION INTERNATIONAL $) SOURCE

85. 83 REPORT 2017 TOP 300: rankings 115 Die Continentale Germany Insurance 4.59 ICMIF 116 Vivescia France Agriculture and food industries 4.56 Coop de France 117 Glanbia Ireland Agriculture and food industries 4.56 Coop de France 118 Bank Kerjasama Rakyat Malaysia Berhad Malaysia Banking and financial services 4.47 WCM questionnaire 119 Foodstuffs - North Island New Zealand Wholesale and retail trade 4.46 Euricse 120 Coop Norge Sa Norway Wholesale and retail trade 4.41 Orbis 121 Ag Processing Inc. USA Agriculture and food industries 4.35 NCB 122 LV= UK Insurance 4.33 ICMIF 123 OneAmerica USA Insurance 4.31 ICMIF 124 Agricola Tre Valli Italy Agriculture and food industries 4.27 Orbis 125 Folksam Sweden Insurance 4.26 ICMIF 126 MAIF France Insurance 4.21 ICMIF 127 LVM Versicherung Germany Insurance 4.19 ICMIF 128 NTUC Fairprice Co-operative Ltd Singapore Wholesale and retail trade 4.19 Eikon 129 KLP Norway Insurance 4.16 ICMIF 130 Cofares Spain Wholesale and retail trade 4.08 Orbis 131 DEVK Versicherungen Germany Insurance 4.08 ICMIF 132 Unified Grocers, Inc USA Wholesale and retail trade 4.03 NCB 133 Axéréal France Agriculture and food industries 4.00 Coop de France 134 Lantmannen Sweden Agriculture and food industries 3.99 Coop de France 135 Asahi Life Japan Insurance 3.96 ICMIF 136 Danish Agro A.M.B.A Denmark Agriculture and food industries 3.91 Orbis 137 Kooperativa Förbundet Sweden Wholesale and retail trade 3.89 Euricse 138 Alecta Sweden Insurance 3.85 ICMIF 139 Pohjola Pankki Oyj Finland Banking and financial services 3.78 Euricse 140 Länsförsäkringar Sweden Insurance 3.73 ICMIF 141 Co-op Mirai Japan Wholesale and retail trade 3.71 JCCU 142 PFA Pension Denmark Insurance 3.69 ICMIF 143 MGEN - ISTYA Group France Insurance 3.67 ICMIF 144 Japanese Consumers' Co-operative Union (JCCU) Japan Wholesale and retail trade 3.66 JCCU 145 Group Health Cooperative USA Health and social services 3.66 NCB 146 Elo Finland Insurance 3.49 ICMIF 147 FM Global USA Insurance 3.42 ICMIF 148 VHV Versicherungen Germany Insurance 3.41 ICMIF 149 NTUC Income Singapore Insurance 3.38 ICMIF 150 Unicoop Firenze Italy Wholesale and retail trade 3.35 Orbis 151 Ohio National Life USA Insurance 3.30 ICMIF 152 CSAA Insurance USA Insurance 3.28 ICMIF RANK 2015 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION INTERNATIONAL $) SOURCE

47. 45 REPORT 2017 Co-operative capital like Italy, data do not show a particular - ly worse situation for co-operative firms compared to other enterprises in financ - ing their business (Fontanari and Borza - ga, 2015). Other reasons should be taken into consideration to verify whether there is an actual bias toward co-operatives once it comes to capital funding. More - over, a further challenge adding to the difficulty of raising capital for cooperative enterprises is that governments do not always fully understand the robust busi - ness potential of co-operatives. In some European countries, for example, mem - ber’s shares in co-operatives are treated as liabilities rather than equity. To overcome the capital issue, the In - ternational Co-operative Alliance offers three possible catego - ries of solutions: “ 1. Adapt tactically and pragmatically, both accepting the realities of the dominant market-oriented framework and preserving current Co-operative Principles as they are. 2. Change the dominant market-oriented paradigm through advo - cacy and promotion of our co-operative philosophy and Principles as they are. 3. Shift the paradigm of our Co-operative Principles .” (Chieh and Weber, 2017:17). In the first case, the idea is to adapt co-operatives to the tradi - tional market environment. The suggestion is to issue new cap - ital instruments, such as non-withdrawable investment shares not tied to voting rights but with an economic return based on the performance of the co-operative (ibid.). This option is suitable for larger and remunerative co-operatives, but may not be attractive to younger and smaller co-operatives. A second level organiza - tion could potentially collect capital and finance smaller co-operatives. The second option suggests proceed - ing vice versa, expanding the co-opera - tive philosophy to other enterprises. The main question is whether co-operatives might be taken as the model to be ex - panded for all firms (ibid.). The search for increased profit has also been per - ceived as contradictory to contributing to society. Heterogeneity in the firm’s forms reduces risks and better answers the needs of stakeholders. Co-operatives should underline their strengths to show their attractiveness more than conform to the economic environment. Finally, a reflection is introduced on the adequacy of the Principles to the actual economic conditions. A deeper level of cooperation is required to facilitate access to capital among co-operatives, by creating co-operative structures like a co-operative stabilization fund, a mutual and co-operative benefits association, and other funding and investment vehicles properly designed. Broadening the interpretation of co-operative to include financial sustainability structures will be an important step toward co-operatives’ development (ibid.). Capital and profit should not be viewed ideologically. Co-op - eratives might face the same challenges faced by other firms in collecting capital. However, their peculiar nature might lead to the perception of being less attractive or less remunerative. As the following report will underline, it is not the form per se that might impact on the financial palatability of an enterprise, but the way in which it is able to conduct business, the economic industry in which it operates, the geographical region in which it is located and its size. This chapter, a follow-up to the chapter on Co-operative Capital found in the 2016 World Co-operative Monitor, presents a description of different aspects of the capital structure of a sample of the 2017 World Co- operative Monitor Top 300 (WCM Top 300) co-operative and mutual enterprises, in part testing the traditional theory of co-operative capital. The analysis covers 237 of the 2017 WCM Top 300 and includes a comparison between said organisations and 300 small co-operatives selected as explained in the methodology section.

66. 64 EXPLORING THE CO-OPERATIVE ECONOMY Methodology and Data Sources T. 37: RANKINGS, PUBLISHED LISTS, AND DATA SETS COLLECTED – 2017 COUNTRY NAME OF ORGANISATION NAME OF PUBLICATION OR RANKING ACCESSED WHERE EXISTING Australia Centre for Entrepreneurial Management and Innovation (CEMI) Mazzarol, T., Mamouni Limnios, E., Soutar, G.N., & Kresling, J. (2016) "Australia’s Leading Co operative and Mutual Enterprises in 2016" CEMI Discussion Paper Series, DP 1601, Centre for Entrepreneurial Management and Innovation Belgium National Bank of Belgium (NBB) Data on largest co-operatives Colombia Confecoop - Confederación de Cooperativas de Colombia (COLCoop) Desempeño Sector Cooperativo Colombiano 2014 Finland Pellervo Society (Pellervo) Finnish 300+ 2015 France Coop de France La cooperation agricole et agroalimentaire en 2016 Japan Japanese Consumers' Co-operative Union (JCCU) Data on largest co-operatives Japan JA-Zenchu - Central Union of Agricultural Co- operatives (JA-Zenchu) Data on largest co-operatives Netherlands NCR -the Dutch Council for Cooperatives (NCR) Data on largest co-operatives New Zealand Cooperative Business New Zealand (NZ.Coop) Garnevska, E., Callagher, L., Apparao, MD., Shadbolt, N. and Siedlok, F. (2017) - The New Zealand Co-operative Economy - Massey University, Palmerston North, New Zealand - Top 30 by revenue Spain Confederación Empresarial Española de la Economía Social (CEPES) Listado de empresas más relevantes de la Economía social 2015 – 2016 UK Co-operatives UK The UK Co-operative Economy 2015 report USA National Cooperative Bank (NCB) 2016 NCB Co-op 100 USA United States Department of Agriculture Rural Development (USDA) Top 100 Agriculture Cooperatives, 2015 and 2014 USA US Credit Union Coop Callahan & Associates, Inc. | www.callahan.com Orbis - Bureau van Dijk database (Orbis)* Co-operatives with turnover above 100 million USD Eikon – Thomson Reuters (Eikon)** Research on data for Top 300 organisations not found in other lists International Cooperative and Mutual Insurance Federation (ICMIF) ICMIF Global 500 2015 * https://www.bvdinfo.com/en-gb/our-products/data/international/orbis ** https://www.thomsonreuters.com/en/products-services/financial/trading-platforms/thomson-reuters-eikon.html

69. 67 REPORT 2017 Methodology and Data Sources T. 38: USD/LCU EXCHANGE RATES 2014 AVERAGE MONTHLY 2015 AVERAGE MONTHLY 2015 YEAR-END AED UAE Dirham 3,67283 3.67261 3.67160 ARS Argentine Peso 8.22672 9.43377 12.93590 AUD Australian Dollar 1.11310 1.34315 1.37457 BRL Brazilian Real 2.36263 3.38990 3.95930 CAD Canadian Dollar 1.10813 1.28953 1.38390 CHF Swiss Franc 0.91540 3.38990 3.95930 CLP Chilean Peso 572.73769 659.46750 707.85000 CNY Yuan Renminbi 6.17047 6.28894 6.49210 COP Colombian Peso 2,018.44862 2,773.51667 3,169.50000 CZK Czech Koruna 20.89892 24.71950 24.86100 DKK Danish Krone 5.65537 6.76548 6.87180 DZD Algerian Dinar 80.86140 100.92901 106.87970 ETB Ethiopian Birr 19.55692 20.56103 21.01000 EUR Euro 0.75408 0.90699 0.92081 FJD Fiji Dollar 1.90127 2.11130 2.14225 GBP Pound Sterling 0.60770 0.65609 0.67852 GHS Cedi 3.06453 3.78268 3.80000 HUF Forint 234.90997 280.29167 289.82000 IDR Rupiah 11,865.19712 13,472.75000 13,785.00000 INR Indian Rupee 61.13624 64.22812 66.19830 ISK Iceland Krona 117.00162 131.85333 129.96000 JPY Yen 106.62117 120.99833 120.30000 KES Kenyan Shilling 88.00919 98.61000 102.20000 KRW Won 1,054.14066 1,135.32917 1,174.95000 LKR Sri Lanka Rupee 130.57500 136.29417 144.15000 MAD Moroccan Dirham 8.43914 9.77666 9.88730 MMK Kyat 983.28417 1,168.41667 1,298.00000 MYR Malaysian Ringgit 3.28000 3.93138 4.29000 NOK Norwegian Krone 6.37223 8.13039 8.83980 NZD New Zealand Dollar 1.21089 1.44703 1.46520 PAB Balboa 1.00000 1.00000 1.00000 PHP Philippine Peso 44.45258 45.57225 46.90000 PLN Zloty 3.18246 3.78857 3.92330 PYG Guarani 4,464.28571 5,234.80750 5,750.00000 RON Leu 3.36446 4.02389 4.15710 RUB Russian Ruble 39.54611 61.84815 72.94950 SAR Saudi Riyal 3.75087 3.75109 3.75200 SEK Swedish Krona 6.91979 8.46178 8.44650 SGD Singapore Dollar 1.27011 1.37814 1.41750 TRY Turkish Lira 2.19061 2.75116 2.91670 USD US Dollar 1.00000 1.00000 1.00000 ZAR Rand 10.86496 12.92996 15.46150 Source: Eikon - Thomson Reuters

86. 84 EXPLORING THE CO-OPERATIVE ECONOMY TOP 300: rankings 153 Ethias Belgium Insurance 3.28 ICMIF 154 Harmonie Mutuelles France Insurance 3.26 ICMIF 155 Selectour Afat France Other services 3.25 CoopFR 156 Auto Club Enterprises Insurance USA Insurance 3.19 ICMIF 157 California Dairies, Inc. USA Agriculture and food industries 3.18 NCB 158 Consum Spain Wholesale and retail trade 3.18 Cepes 159 Westfleisch Sce Mit Beschraenkter Haftung Germany Agriculture and food industries 3.18 Orbis 160 Raiffeisen group Switzerland Banking and financial services 3.17 Euricse 161 Agrana Austria Agriculture and food industries 3.11 Eikon 162 RWZ Germany Agriculture and food industries 3.11 Orbis 163 Noweda Germany Wholesale and retail trade 3.10 Orbis 164 Coop Adriatica Italy Wholesale and retail trade 3.05 Euricse 165 RWA Austria Agriculture and food industries 3.03 Eikon 166 Do-it-Best Corp. USA Wholesale and retail trade 3.00 NCB 167 KFCCC Republic of Korea Insurance 3.00 ICMIF 168 Agrifirm Netherlands Agriculture and food industries 2.97 Euricse 169 Country Financial USA Insurance 2.96 ICMIF 170 Western & Southern Financial USA Insurance 2.95 ICMIF 171 Limagrain France Agriculture and food industries 2.94 Coop de France 172 PAC 2000 A Italy Wholesale and retail trade 2.92 Orbis 173 C.Vale - Cooperativa Agroindustrial Brazil Agriculture and food industries 2.91 Eikon 174 Anadolu Sigorta Turkey Insurance 2.91 ICMIF 175 Cuna Mutual USA Insurance 2.89 ICMIF 176 SMABTP France Insurance 2.86 ICMIF 177 Swiss Mobiliar Switzerland Insurance 2.82 ICMIF 178 Skandia Mutual Sweden Insurance 2.79 ICMIF 179 ForFarmers Group Netherlands Agriculture and food industries 2.78 Eikon 180 MACSF France Insurance 2.74 ICMIF 181 Co-op Sapporo Japan Wholesale and retail trade 2.71 JCCU 182 Sentry Insurance USA Insurance 2.69 ICMIF 183 Gedex France Wholesale and retail trade 2.63 CoopFR 184 Groupe Even France Agriculture and food industries 2.62 Coop de France 185 Emmi Switzerland Agriculture and food industries 2.58 Eikon 186 Darigold/Northwest Dairy Assoc. USA Agriculture and food industries 2.55 NCB 187 Triskalia France Agriculture and food industries 2.55 Coop de France 188 Co-operative Bulk Handling Ltd Australia Agriculture and food industries 2.54 WCM questionnaire 189 The Co-operators Group Limited Canada Insurance 2.53 WCM questionnaire 190 Fundaciòn Espriu Spain Health and social services 2.52 WCM questionnaire 191 HanseMerkur Versicherungsgruppe Germany Insurance 2.52 ICMIF RANK 2015 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION INTERNATIONAL $) SOURCE

87. 85 REPORT 2017 TOP 300: rankings 192 Sogiphar France Wholesale and retail trade 2.51 CoopFR 193 Gjensidige Forsikring Norway Insurance 2.51 ICMIF 194 Cooperl Arc Atlantique France Agriculture and food industries 2.47 Coop de France 195 Barmenia Versicherungen Germany Insurance 2.47 ICMIF 196 Cosun Netherlands Agriculture and food industries 2.44 Eikon 197 New York State Insurance Fund USA Insurance 2.44 ICMIF 198 Ameritas Life USA Insurance 2.44 ICMIF 199 Co-op Kobe Japan Wholesale and retail trade 2.43 JCCU 200 Recreational Equipment Inc. USA Wholesale and retail trade 2.42 NCB 201 Landgard Eg Germany Agriculture and food industries 2.39 Orbis 202 CoBank, ACB USA Banking and financial services 2.38 Euricse 203 United Suppliers, Inc. USA Agriculture and food industries 2.37 NCB 204 Grupo Sancor Seguros Argentina Insurance 2.34 ICMIF 205 Tine Sa Norway Agriculture and food industries 2.30 Orbis 206 Nortura Sa Norway Agriculture and food industries 2.29 Orbis 207 Wawanesa Mutual Canada Insurance 2.29 ICMIF 208 MATMUT France Insurance 2.26 ICMIF 209 NFU Mutual UK Insurance 2.23 ICMIF 210 Conad Del Tirreno Italy Wholesale and retail trade 2.21 Orbis 211 Groupe Aesio France Insurance 2.21 ICMIF 212 Auto Club Group USA Insurance 2.17 ICMIF 213 Basin Electric Power Cooperative USA Industry and utilities 2.13 NCB 214 Sperwer Netherlands Wholesale and retail trade 2.12 Eikon 215 HKScan Oyj plc Finland Agriculture and food industries 2.12 Pellervo 216 Maîtres Laitiers du Cotentin France Agriculture and food industries 2.10 Coop de France 217 Cristal Union France Agriculture and food industries 2.09 Coop de France 218 National Life USA Insurance 2.09 ICMIF 219 State Auto Insurance USA Insurance 2.07 ICMIF 220 Amica Mutual USA Insurance 2.07 ICMIF 221 Södra Sweden Agriculture and food industries 2.05 Eikon 222 Penn Mutual USA Insurance 2.05 ICMIF 223 Mutual of America Life USA Insurance 2.04 ICMIF 224 True Value Corporation USA Wholesale and retail trade 2.03 NCB 225 Associated Food Stores USA Wholesale and retail trade 2.01 NCB 226 Ornua (ex Irish Dairy Board Co- operative Ltd) Ireland Agriculture and food industries 1.99 Eikon 227 GESCO Italy Agriculture and food industries 1.98 Orbis 228 Maïsadour France Agriculture and food industries 1.97 Coop de France 229 P&V Belgium Insurance 1.97 ICMIF 230 Murray Goulburn Co-operative Co Ltd Australia Agriculture and food industries 1.96 CEMI RANK 2015 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION INTERNATIONAL $) SOURCE

88. 86 EXPLORING THE CO-OPERATIVE ECONOMY TOP 300: rankings 231 SPOLDZIELNIA MLECZARSKA MLEKOVITA Poland Agriculture and food industries 1.96 Orbis 232 Central Grocers Cooperative USA Wholesale and retail trade 1.94 NCB 233 Grupo Cooperativo Cajamar Spain Banking and financial services 1.92 Euricse 234 Volkswohl-Bund Versicherungen Germany Insurance 1.92 ICMIF 235 Hochwald Milch Eg Germany Agriculture and food industries 1.91 Orbis 236 Valio Oy Ltd Finland Agriculture and food industries 1.90 Pellervo 237 Blue Cross and Blue Shield of Kansas USA Insurance 1.90 ICMIF 238 Southern States Cooperative USA Agriculture and food industries 1.89 NCB 239 Foodstuffs - South Island New Zealand Wholesale and retail trade 1.89 Nzcoop 240 Coop Estense Italy Wholesale and retail trade 1.88 Euricse 241 Euralis France Agriculture and food industries 1.88 Coop de France 242 The Kyoei Fire & Marine Insurance Co Japan Insurance 1.87 ICMIF 243 U Co-op Japan Wholesale and retail trade 1.80 JCCU 244 SSQ Financial Group Canada Insurance 1.79 ICMIF 245 LocalTapiola Finland Insurance 1.77 ICMIF 246 M.R.B.B. of Maatschappij voor Roerend Bezit van de Boerenbond Belgium Agriculture and food industries 1.76 Euricse 247 SPOLDZIELNIA MLECZARSKA MLEKPOL W GRAJEWIE Poland Agriculture and food industries 1.73 Orbis 248 Prairie Farms Dairy Inc. USA Agriculture and food industries 1.73 NCB 249 Ocean Spray USA Agriculture and food industries 1.72 NCB 250 Silver Fern Farms New Zealand Agriculture and food industries 1.69 Nzcoop 251 FEBELCO Belgium Wholesale and retail trade 1.69 NBB 252 Etiqa Takaful Berhad Malaysia Insurance 1.68 ICMIF 253 PensionDanmark Denmark Insurance 1.67 ICMIF 254 JCIF Japan Insurance 1.66 ICMIF 255 Associated Milk Producers, Inc USA Agriculture and food industries 1.66 NCB 256 EMC Insurance Companies USA Insurance 1.66 ICMIF 257 Conad - Consorzio Nazionale Dettaglianti Italy Wholesale and retail trade 1.65 Orbis 258 Blue Diamond Growers USA Agriculture and food industries 1.65 NCB 259 State Compensation Insurance Fund USA Insurance 1.64 ICMIF 260 UNIPRO Food Service, Inc. USA Wholesale and retail trade 1.63 NCB 261 Hospital Contribution Fund (HCF) Australia Insurance 1.63 CEMI 262 Federated Mutual USA Insurance 1.63 ICMIF 263 Groupe d’aucy (EX Cecab) France Agriculture and food industries 1.63 Coop de France 264 Shelter Insurance USA Insurance 1.61 ICMIF 265 Agribank, FCB USA Banking and financial services 1.60 Euricse 266 Mosadex Netherlands Wholesale and retail trade 1.57 Orbis 267 Unicoop Tirreno Italy Wholesale and retail trade 1.57 Orbis RANK 2015 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION INTERNATIONAL $) SOURCE

89. 87 REPORT 2017 TOP 300: rankings 268 Lur Berri France Agriculture and food industries 1.56 Coop de France 269 Raiffeisen Waren GmbH Germany Agriculture and food industries 1.56 Orbis 270 Commercianti Indipendenti Associati Italy Wholesale and retail trade 1.55 Orbis 271 La Capitale Canada Insurance 1.55 ICMIF 272 Select Milk Producers, Inc. USA Agriculture and food industries 1.55 NCB 273 Affiliated Foods Midwest Co-op Inc. USA Wholesale and retail trade 1.54 NCB 274 Coop EG Germany Wholesale and retail trade 1.54 Orbis 275 Farmlands Co-operative Society New Zealand Agriculture and food industries 1.53 Nzcoop 276 CEF Cooperativa Esercenti Farmacia Italy Wholesale and retail trade 1.52 Orbis 277 ACMN France Insurance 1.51 ICMIF 278 Foremost Farms USA Cooperative USA Agriculture and food industries 1.50 NCB 279 Banco Credicoop Cooperativo Limitado Argentina Banking and financial services 1.50 Euricse 280 Producers Livestock Mktg. Assn. USA Agriculture and food industries 1.50 NCB 281 Atria Oyj Ltd Finland Agriculture and food industries 1.48 Pellervo 282 Advitam (Unéal) France Agriculture and food industries 1.47 Coop de France 283 Zg Raiffeisen Eg Germany Agriculture and food industries 1.47 Orbis 284 WWK Versicherungen Germany Insurance 1.46 ICMIF 285 Nova Coop Italy Wholesale and retail trade 1.44 Orbis 286 MFA Incorporated USA Agriculture and food industries 1.43 NCB 287 Coren, S. Coop. Galega Spain Agriculture and food industries 1.42 Cepes 288 MUTEX France Insurance 1.41 ICMIF 289 Coop Lombardia Italy Wholesale and retail trade 1.40 Orbis 290 Seguros Unimed Brazil Insurance 1.39 ICMIF 291 Tennessee Farmers Insurance USA Insurance 1.39 ICMIF 292 Felleskjopet Agri Sa Norway Wholesale and retail trade 1.38 Orbis 293 La Mutuelle Générale France Insurance 1.38 ICMIF 294 Coforta/The Greenery Netherlands Agriculture and food industries 1.37 Eikon 295 San Cristobal Seguros Argentina Insurance 1.37 ICMIF 296 Zorg en Zekerheid Netherlands Insurance 1.36 Euricse 297 Oglethorpe Power Corporation USA Industry and utilities 1.35 NCB 298 The Midcounties cooperative UK Wholesale and retail trade 1.35 WCM questionnaire 299 Coop Supermarkten Netherlands Wholesale and retail trade 1.34 Euricse 300 Tri-State G&T Association USA Industry and utilities 1.34 NCB RANK 2015 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION INTERNATIONAL $) SOURCE

73. 71 REPORT 2017 TOP 300: rankings T. 42: THE 300 LARGEST CO-OPERATIVE AND MUTUAL ORGANISATIONS BY TURNOVER (IN US DOLLARS) RANK 2015 RANK 2014 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION US $) SOURCE 1 1 Groupe Crédit Agricole France Banking and financial services 70.89 Euricse 2 6 Kaiser Permanente USA Insurance 67.44 ICMIF 3 5 State Farm USA Insurance 64.82 ICMIF 4 2 BVR Germany Banking and financial services 56.26 Euricse 5 10 Zenkyoren Japan Insurance 49.17 Euricse 6 3 Groupe BPCE France Banking and financial services 49.07 Euricse 7 9 REWE Group Germany Wholesale and retail trade 48.18 Eikon 8 8 Groupe Crédit Mutuel France Banking and financial services 46.65 Euricse 9 12 Nippon Life Japan Insurance 44.10 ICMIF 10 7 ACDLEC - E.Leclerc France Wholesale and retail trade 39.25 CoopFR 11 11 Zen-noh Japan Agriculture and food industries industries 38.80 Euricse 12 16 Nationwide USA Insurance 35.34 ICMIF 13 13 CHS Inc. USA Agriculture and food industries 34.58 NCB 14 4 NH Nonghyup Republic of Korea Agriculture and food industries 33.94 Euricse 15 17 Liberty Mutual USA Insurance 32.45 ICMIF 16 14 Edeka Zentrale Germany Wholesale and retail trade 31.82 Eikon 17 21 Migros Switzerland Wholesale and retail trade 28.41 Orbis 18 15 Meiji Yasuda Life Japan Insurance 28.17 ICMIF 19 19 Coop Swiss Switzerland Wholesale and retail trade 27.92 Orbis 20 23 New York Life USA Insurance 27.12 ICMIF 21 20 Rabobank Group Netherlands Banking and financial services 23.67 WCM questionnaire 22 22 Achmea Netherlands Insurance 21.96 ICMIF 23 26 Sumitomo Life Japan Insurance 21.29 ICMIF 24 34 MassMutual Financial USA Insurance 21.24 ICMIF 25 24 MAPFRE Spain Insurance 21.01 ICMIF 26 18 Système U France Wholesale and retail trade 20.84 CoopFR 27 30 Farmers Insurance Group USA Insurance 20.03 ICMIF 28 28 COVEA France Insurance 19.11 ICMIF 29 36 USAA Group USA Insurance 18.87 ICMIF 30 37 Northwestern Mutual USA Insurance 18.50 ICMIF 31 25 Unipol Italy Insurance 17.16 ICMIF 32 - Talanx Group Germany Insurance 17.05 ICMIF 33 29 Bay Wa Germany Agriculture and food industries 16.46 Coop de France 34 27 Confederação Nacional das Cooperativas Médicas Unimed do Brasil Brazil Health, education and social care 15.92 Euricse 35 32 John Lewis Partnership PLC UK Wholesale and retail trade 14.86 Co-operatives UK 36 40 Desjardins Group Canada Banking and financial services 14.22 Euricse

12. 10 EXPLORING THE CO-OPERATIVE ECONOMY 2015 Highlights The highlighted countries publish or have recently published a national ranking of the largest co-operatives or a report on their country’s co-operative movement including rankings based on turnover of co-operatives. The World Co-operative Monitor encourages national organisations and federations at all levels to collect as much data as possible. If you would like assistance creating your national ranking or report we are available to assist you and to share our methodology. Contact us! monitor@monitor.coop NATIONAL RANKINGS Desempeño Sector Cooperativo Colombiano - published by Confecoop - Confederación de Cooperativas de Colombia Colombia NCB Co-op 100 - published by National Cooperative Bank (NCB) Top 100 Agriculture Cooperatives - published by United States Department of Agriculture Rural Development (USDA) USA

15. 13 REPORT 2017 Sector snapshot and trends The following pages present the World Co-operative Moni - tor rankings by sector of activity . The results presented in the rankings are to be considered exploratory, not exhaustive. The methodology found in Appendix 1 provides details concerning the data collection and analysis; however, some key points to keep in mind regarding the rankings include: – If an organisation performs more than one activity, it is catego - rized in the sector representing its primary activity. Note that there is no ranking for the “Other activities” sector due to the limited number of co-operatives in the dataset in that category. – Comparisons among co-operatives in different sectors should be made with due caution, keeping in mind that varying economic indicators have been used for different types of organisations (banking income for banks, premi - um income for insurance co-operatives and mutuals, and turnover for other co-operatives). – Two different indicators have been used in these rankings: turnover in US dollars and turnover in international dollars. Ac - cording to the World Bank 1 “An international dollar would buy in the cited country a comparable amount of goods and services a U.S. dollar would buy in the United States.” The rankings uti - lizing this indicator adjust exchange rates to take into account 1 http://data.worldbank.org/indicator/PA.NUS.PPP local purchasing power differences, enabling the comparison of the co-operatives removing the fluctuations that can occur when converting Local currency units to U.S. Dollars – The rankings in this edition are based on data from 2015. To create the Top 300 and sector rankings based on U.S. Dollars (USD) the 2015 average exchange rate was utilized. Note that the conversion to USD from Local currency unit (LCU) is impacted by the fluctuations from year to year. In 2015 in particular we see some significant changes in val - ue with respect to USD. For example: – The analysis of individual co-operative performance from 2011 to 2015 is based on original LCU values. 2014 2015 Average USD/LCU exchange rate Euro (EUR) 0.75408 0.90699 Canadian Dollar (CAD) 1.10813 1.28953 British Pound (GBP) 0.60770 0.65609 Japanese Yen (JPY) 106.62117 120.99833

46. 44 EXPLORING THE CO-OPERATIVE ECONOMY Co-operative capital Capital structure is one of the most important and widely dis - cussed issues in corporate finance. In the seminal work of the Nobel Prize winners Modigliani and Miller in 1958, the two au - thors argue that the decision of the capital structure in a finan - cial world without cost and frictions does not modify the value of the firm. But, in a real financial market there are transaction costs, taxes, bankruptcy costs – the presence of which have an impact on the value of the firm and of the decision on capital structure. In both cases – in an ideal financial market, and in a real financial market with frictions – the results in terms of cap - ital structure depend on rational choices made by bondholders and shareholders. Traditionally, firms raise capital from three main sources: internal equities (owners’ contributions), debt (loans) and out - side equities (external investors). As is the case for other firms, capital is necessary and desirable for co-operatives to conduct business, grow, and meet the demands of key stakeholders. It is generally argued in economic theory, though, that co-operatives have more difficulties raising capital than other types of firms. The case of co-operative firms underlines the importance of bondholders, while the role of shareholders becomes marginal. Co-operatives’ initial source of funding is of the first type—i.e., the capital contributions provided by members. It reflects the members’ ownership stake in the co-operative. However, for co-operatives, capital often poses a conundrum. On the one hand it is required, on the other hand it is seen as an “evil” friend. And the distrust toward capital is not only ideolog - ical. Two main features of co-operatives’ capital, instability and limitation, are perceived as fragile by regulators. First, the capi - tal supplied by members is withdrawable and thus “non-perma - nent”, which is a problem in particular for financial co-operatives. Second, according to the ICA publication on co-operative capital, The Capital Conundrum for Co-operatives , co-operatives are less attractive compared to other firms given the forecast on future lower returns on equities (Chieh and Weber, 2016). If we consider the internal equities (or equity capital) as a measure that financial institutions can use to decide about the creditworthiness of the co-operative to receive a loan, lenders are more inclined to finance a business in which members have invested their own money and that has its own resources to pay back the loan. The higher the equity capital, the more deserving is the loan. Co-operatives do not remunerate the owners proportionally to the amount of invested capital. Rather, membership benefits are related to the transac - tions done with the co-operative, and in any case do not include more property rights and decision-making power. The lack of both economical and decision-making incentives to invest in co-opera - tives could limit the capacity of these firms to attract capital. More - over, the ability to finance a co-operative using outside equities depends on the laws of each country. Obtaining capital necessary for expanding business opera - tions and remaining competitive is viewed as more challenging for co-operatives. The friction between the co-operative nature and capital requirements might be derived from the philosophy underpinning the Co-operative Principles (Chieh and Weber, 2016). This could be due to the not-for-profit aim and the broad ownership structure of co-operatives. However, in countries Where do we stand?

82. 80 EXPLORING THE CO-OPERATIVE ECONOMY TOP 300: rankings T. 43: THE 300 LARGEST CO-OPERATIVE AND MUTUAL ORGANISATIONS BY TURNOVER (IN INTERNATIONAL DOLLARS) RANK 2015 ORGANISATION COUNTRY SECTOR OF ACTIVITY TURNOVER 2015 (BILLION INTERNATIONAL $) SOURCE 1 Groupe Crédit Agricole France Banking and financial services 80.39 Euricse 2 Kaiser Permanente USA Insurance 67.44 ICMIF 3 BVR Germany Banking and financial services 65.97 Euricse 4 State Farm USA Insurance 64.82 ICMIF 5 Zenkyoren Japan Insurance 58.01 Euricse 6 REWE Group Germany Wholesale and retail trade 56.49 Eikon 7 Groupe BPCE France Banking and financial services 55.65 Euricse 8 Groupe Crédit Mutuel France Banking and financial services 52.90 Euricse 9 Nippon Life Japan Insurance 52.03 ICMIF 10 Zen-noh Japan Agriculture and food industries 45.77 Euricse 11 ACDLEC - E.Leclerc France Wholesale and retail trade 44.51 CoopFR 12 NH Nonghyup Republic of Korea Agriculture and food industries 43.26 Euricse 13 Edeka Zentrale Germany Wholesale and retail trade 37.31 Eikon 14 Nationwide USA Insurance 35.34 ICMIF 15 CHS Inc. USA Agriculture and food industries 34.58 NCB 16 Meiji Yasuda Life Japan Insurance 33.23 ICMIF 17 Liberty Mutual USA Insurance 32.45 ICMIF 18 Confederação Nacional das Cooperativas Médicas Unimed do Brasil Brazil Health and social services 28.92 Euricse 19 MAPFRE Spain Insurance 28.55 ICMIF 20 New York Life USA Insurance 27.12 ICMIF 21 Rabobank Group Netherlands Banking and financial services 26.63 WCM questionnaire 22 Sumitomo Life Japan Insurance 25.12 ICMIF 23 Achmea Netherlands Insurance 24.72 ICMIF 24 Système U France Wholesale and retail trade 23.63 CoopFR 25 Migros Switzerland Wholesale and retail trade 21.98 Orbis 26 COVEA France Insurance 21.67 ICMIF 27 Coop Swiss Switzerland Wholesale and retail trade 21.60 Orbis 28 Unipol Italy Insurance 21.40 ICMIF 29 MassMutual Financial USA Insurance 21.24 ICMIF 30 Farmers Insurance Group USA Insurance 20.03 ICMIF 31 Talanx Group Germany Insurance 20.00 ICMIF 32 Bay Wa Germany Agriculture and food industries 19.30 Coop de France 33 USAA Group USA Insurance 18.87 ICMIF 34 Northwestern Mutual USA Insurance 18.50 ICMIF 35 Mondragon Corporacion Spain Industry and utilities 18.14 Cepes 36 IFFCO India Agriculture and food industries 17.53 Orbis 37 Hokuren Japan Agriculture and food industries 14.78 Orbis

94. CREDITS Attribution 3.0 you are free to share and to remix, you must attribute the work Contents Euricse Research Team Graphic Design BigFive Printing completed in October 2017

9. 7 REPORT 2017 2015 Highlights 2015 Highlights The data collected for the 2017 edition of the World Co-operative Monitor is from the year 2015 . The primary sources of data include existing databases of economic data, data collected by national associations, research institutes, and other organisations, and the use of a questionnaire to collect data directly from enterprises. Euricse makes every effort to then complete the dataset through online research and consultation of financial statements and annual reports. 216 Asia-Pacific 702 Americas 1449 Europe 12 Africa THE ORGANIZATIONS IN THIS YEAR’S DATASET ARE DISTRIBUTED ACROSS 61 COUNTRIES ALL OVER THE WORLD DATA FOR 2015 COMES FROM Existing rankings Orbis Euricse WCM Questionnaire Eikon 77% 17% 3% 1% 2%

51. 49 REPORT 2017 Co-operative capital data with the correspondent level of the ROA (Table 19, Total row), the higher level of the ROA of the co-opera - tives in the Americas region compared to those in the Eu - ropean region explains the difference seen on the ROE. Another possible explanation of the differences in capitalization between the co-operatives from the Americas region and from the European region can be derived from the difference in the capitalization policy. For example, the US new generation co-op - eratives provide pre-defined shareholders’ contributions to the share capital on the basis of the amount of contributions, result - ing in a possible higher level of the Total equity. With respect to last year, we can see a general reduction in the ROE across regions and in the overall total. In fact, the ROE of the total sample reduced from 9.0% to 8.3%, with a higher reduction for the Americas region (from 10.7% to 9.5%) with respect to the European region (from 8.0% to 7.6%). If we analyse the different sectors the more significant decline is in the Insurance sector (from 8.1% to 6.3%). Even the data regarding the ROA (Table 19) show a gen - eralized decline, but not as pronounced as in the case of the ROE. In particular, the ROA for the entire sam - ple decreased from 2.5% to 2.2%. And while the value remains constant for the Americas region, in the European region we see a sharp decline from 2.4% to 2.0%, indicating in fact a reduction in Net income. If the same ROE and ROA data for the different regions (Total row of Table 18 and Table 19) is analysed, in general a positive difference for both the indexes between the Americas and Eu - ropean regions emerges (the limited number of co-operatives in Asia and the Pacific in the sample does not allow for a similar comparison). This result can depend on the different position of the business cycle in the two regions – positive for the Ameri - cas region and slightly positive for the European region – that directly influences the results of the co-operative in terms of Net income and consequently, in terms of the ROA firstly, and of the ROE subsequently. For the Agriculture sector this can also depend on the different capitalization policy, as described in the previous paragraph. T. 19: ROA SECTOR AMERICAS REGION ASIA AND THE PACIFIC* EUROPEAN REGION TOTAL Agriculture and food industries 6.2% 2.9% 2.9% 3.6% Banking and financial services 1.0% 1.1% 0.4% 0.7% Insurance 1.6% 1.6% 0.9% 1.3% Wholesale and retail trade 5.1% 2.8% 2.7% 3.1% Other* 2.1% n.a. n.a. 2.1% Total 2.7% 2.2% 2.0% 2.2% * The limited number of co-operatives in the “Other” sector and in “Asia and the Pacific” does not allow for a comparison of that sector and region with the others. Comparing the Americas and European regions with respect to the results of the previous year, the ROA result increased (from 0.4% to 0.7%), while ROE result decreased (from 2.7% to 1.9%). This can indicate a reduction in the Total assets, but with an increase in Net equity.

57. 55 REPORT 2017 Co-operative capital Wholesale and retail trade The last sector in the analysis is the Wholesale and retail trade sector. In this sector as well, due to the relatively small number of co-operatives in the sector making up the sample of the WCM Top 300, a region level analysis is impossible, lim - iting the discussion to the aggregate level only. The indexes computed, shown in Table 28, are the same as those comput - ed for the Agriculture sector. As in the case of the agricultural co-operatives, the li - quidity index is greater than one, identifying a sector that can absorb short-term shocks without problems. The lever - age is limited as one half of the Total equity, revealing a sector with a low risk level. Some small problems are detected at the first margin level, which is negative, but the second margin is strictly positive, showing a sector in financial equilibrium. The first two indexes are strictly similar to those of the last year, margin1 improves (from -4.5% to -3.8%), but margin2 declines from 9.1% to 7.7%. T. 28: INDEXES FOR THE WHOLESALE AND RETAIL TRADE SECTOR INDEX VALUE NUMBER OF CO-OPERATIVES liquidity 1.24 43 leverage 0.47 41 margin1 -3.8% 43 margin2 7.7% 41

64. 62 EXPLORING THE CO-OPERATIVE ECONOMY Methodology and Data Sources The methodology for the World Co-operative Monitor and the capital chapter within is briefly described below. A sum - mary of the population under study, data collection, rankings, and methodological issues of the capital section is provided. For a more detailed discussion and explanation of the methodological aspects of the World Co-operative Monitor, please see the “World Co-operative Monitor Methodology” paper available at www.monitor.coop. The population under study Reaching an understanding of the whole co-operative movement represents the biggest challenge for the World Co-operative Monitor project. Although we are faced with a diversity of national legislations and a variety of co-operative forms, it is fundamental that the boundaries of the popula - tion under study are understandable worldwide and that they reflect the characteristics of co-operative organisations in different areas of the world and in diverse contexts. Table 36 shows the types of co-operative organisations sub - ject to analysis, as a synthesis of research work done by the Research Team of the World Co-operative Monitor. Non-co-op - erative enterprises in which co-operatives have a controlling interest are also considered in the study due to their impor - tance in understanding not only the direct impact of co-opera - tives but also their indirect impact. 1 Lists relative to the year 2015 were utilized; however, it cannot be excluded that a source list could potentially contain data from the closest year available. Data sources The World Co-operative Monitor database is built following two main strategies: 1) the integration of existing databases and other data collected by national associations, research institutes, and other organisations, and 2) the use of a ques - tionnaire to collect data directly from enterprises. Euricse makes every effort to then complete the dataset through on - line research and consultation of financial statements and annual reports. Several federations and research centres have under - taken a systematic collection of economic data to publicise lists of the largest co-operatives at the national and secto - rial levels 1 . In addition, some private companies have de - veloped databases that gather personal and economic data about co-operative organisations from across the world. Table 37 lists the existing rankings accessed as well as the organizations that supplied datasets for the 2017 World Co-operative Monitor. The questionnaire is available online at www.monitor.coop and is open to all co-operative and mutual organisations. To facilitate its completion among diverse groups of people, the questionnaire is presently made available in Chinese, English, French, Greek, Italian, Portuguese, Spanish and Russian. For the 2017 edition of the report, 56 questionnaires were com - pleted from organizations in 27 countries.

48. 46 EXPLORING THE CO-OPERATIVE ECONOMY Co-operative capital CAPITAL COMPOSITION AND GENERAL ANALYSIS The simplest comparison across countries and sectors regarding the capital structure decision is the composition of the liabilities side of the balance sheet, i.e. the different sources of financing by the co-operative: debt – external capi - tal –, and equity – internal capital (Table 15 and Table 16). The normal proxy used for the debt is Total liabilities computed as the difference between Total assets and Total equity. Re - garding equity, the present analysis utilizes Net equity, com - puted as the difference between Total equity and Net income, to directly show Net income as a component of the capital structure. In fact, this value represents an effective source of financing in the co-operative sector because it is normally not distributed to the equity owners. As in the analysis of the previous year published in the World Co-operative Monitor report 2016, the data shows in - teresting differences in capital structure by sector (Table 15). First, the co-operatives in the Banking and financial services sector require a higher level of debt compared to equity for normal business. Consequently, the Net income has a lower value, which implies greater difficulty for these organisations to change capital structure by using Net income as a source of financing. However, the lower value of the Net equity is not so important if it is not compared with the assets composi - tion (see Banking sector and Insurance sector below). With respect to the previous analysis, the incidence of the Total li - abilities decreases (from 92.3% to 91.5%) with an increase in the Net equity (from 7.1% to 7.8%), this probably following the capital request by the Banking authorities. Secondly, the Agriculture and food industries (“Agricul - ture”) and Wholesale and retail trade (“Wholesale”) sectors show important and similar values for both Net equity and Net income, higher compared to similar firms not structured in the co-operative form. This aspect makes the co-operatives more solid in a financial sense and less dependent on external financing. This is particularly valid if we look at the value of the Net income. The co-operative can, in fact, use this source of financing if it were in some way credit rationed. With respect to the results of the analysis published last year, the incidence changes in a limited manner for the Agriculture sector, re - maining stable for Wholesale. Obviously, these results are valid for the sectors in our sample only; co-operatives in other sectors, such as manufacturing, and of certain types, such as labour co-operatives, which are the ones mainly studied in academia, seem to have capitalization problems. If we look at the data for the whole sample (the Total row THE TOP 300 CO-OPERATIVES T. 15: CAPITAL STRUCTURE BY SECTORS SECTOR TOTAL LIABILITIES NET EQUITY NET INCOME Agriculture and food industries 64.2% 32.2% 3.6% Banking and financial services 91.5% 7.8% 0.7% Insurance 78.6% 20.1% 1.3% Wholesale and retail trade 64.9% 31.9% 3.1% Other* 76.5% 21.4% 2.1% Total 72.9% 24.9% 2.2% * The limited number of co-operatives in the “Other” sector does not allow for a comparison of that sector with the others.

68. 66 EXPLORING THE CO-OPERATIVE ECONOMY Methodology and Data Sources Time coverage The present report refers to data from the year 2015. Currency conversion and unit The data in the World Co-operative Monitor database is col - lected in the local currency from the rankings and balance sheets and is then converted into USD. For the data derived from Income statements, the average monthly 2015 exchange rate was utilized. For balance sheet data, the year-end ex - change rate was used (December 31, 2015). Note that the conversion to USD from Local currency unit (LCU) is impacted by the fluctuations from year to year (Table 38). Economic data are reported in billion (1 billion = 1,000,000,000). The absolute values are rounded to the second decimal place and percentages are rounded to the nearest whole number. Rankings In the rankings tables, summary data of the main co-opera - tive sectors are analysed, and a list of the largest co-operatives in each individual sector is presented. Given the limited availability of non-economic data, the Monitor is presently primarily focused on general organizational data and financial performance data. For this reason, the rankings presented are purely economic in nature and are based on turnover data, defined as the income generated by the business activities conducted by a company, usually the sales of goods and services to customers. In the case of the Insurance Co-operatives and Mutuals sector, this is pre - mium income. For the Banking and Financial Services sector, this is the sum of net interest income, net premiums and other operating income, such as deposit and payment service charges, lending fees and credit card service revenues, income from bro - kerage and investment fund services, management and custodial 2 http://data.worldbank.org/indicator/PA.NUS.PPP service fees, foreign exchange income as well as other income. However, this value was used solely for the banking and financial services ranking. In the Top 300 ranking, to achieve a more homo - geneous comparison, the sum of interest income, non-interest income (income from banking services and sources other than interest-bearing assets) and premium income (if the organization also provides insurance services) was utilized for banking and financial services organisations. This methodology creates the most homogeneity possible among data sources, but note that there could be variations among countries and existing rankings regarding calculations and values used. In addition to rankings based on turnover, the rankings based on turnover expressed in international dollars are also computed. According to the World Bank 2 “An international dollar would buy in the cited country a comparable amount of goods and services a U.S. dollar would buy in the United States.” The intent of this ratio is to relate the turnover of the co-operative to the wealth of the country in which it operates and to measure the turnover of a co-operative in terms of the purchasing power of an economy, in an internationally comparable way. Co-operative capital chapter The aim of the analysis is to examine the sources and structures of co-operative capital, specifically for the top 300 co-operative and mutual organisations as identified by the 2017 World Co-operative Monitor and for a sample of small co-operatives selected as explained below. Data collection for the capital chapter was conducted integrating balance sheet and financial statement data acquired focusing on the economic and financial indicators related to capital structure and overall assets listed in Table 39. The analysis refers to 2015 financial data. In order to have sufficient grouped data for the analysis, “Indus -

93. 91 REPORT 2017 Team, steering committee, organizational partners ORGANISATIONAL PARTNERS Made possible by the support of our organisational partners Fundación Espriu Fundación Espriu is the apex organisation that brings together Spanish health co-operatives based on Dr. Josep Espriu’s vision, a system of healthcare services which put individuals before economic profit. Espriu’s health co-operatives allow development of social high-quality medi - cine in the framework of a health system co-managed by all stakeholders, where patients play an active role in the decision process and doctors can develop their job with freedom. OCB System Co-operatives in Brazil number 6.6 thousand with 11 million members and they provide 320 thousand direct jobs. As a differentiated business model, Brazilian co-operatives rely on the permanent support of OCB System to defend and promote their interests and rights. The sys - tem is composed of three institutions working together. The Brazilian Cooperatives Organi - zation (OCB) is the representative entity, acting to promote the efficiency and economic and social effectiveness of co-operatives – either in Brazil or overseas. The National Service of Cooperative Learning (Sescoop) promotes actions, courses and programs for the management and social development of the co-operatives. Finally, the Brazilian National Confederation of Cooperatives (CNCoop) provides union representation of the economic category interests in the co-operativist sector with public and private agencies.

92. 90 EXPLORING THE CO-OPERATIVE ECONOMY Team, steering committee, organizational partners PROMOTE RS International Co-operative Alliance (Alliance) www.ica.coop The International Co-operative Alliance is an independent, non-governmental association which unites, represents and serves co-operatives worldwide. Founded in 1895, the Alliance has member organisations in 100 countries active in all sectors of the economy. Together these co-operatives represent nearly one billion individuals worldwide. European Research Institute on Co-operative and Social Enterprise (Euricse) www.euricse.eu The mission of the European Research Institute on Cooperative and Social Enterprises is to promote knowledge development and innovation for the field of co-operatives, social enter - prises and other non-profit organisations engaged in the production of goods and services. The Institute aims to deepen the understanding of these types of organisations and their impact on economic and social development, furthering their growth and assisting them to work more effectively. Through activities directed toward and in partnership with both the scholarly com - munity and practitioners, including primarily theoretical and applied research and training, we address issues of national and international interest to this sector, favouring openness and collaboration.

7. 2015 HIGHLIGHTS WCM database and key results SECTOR SNAPSHOTS AND TRENDS Agriculture and Food Industries Industry and Utilities Wholesale and Retail Trade Insurance Co-operatives and Mutuals Banking and Financial Services Health, Education and Social Care Other services CO-OPERATIVE CAPITAL From a Practitioner’s perspective – Kathy Bardswick The Top 300 The Small Co-operatives Conclusions METHODOLOGY Methodology and Data Sources RANKINGS Top300 Rankings by Turnover in USD Top300 Rankings by Turnover in International Dollars TEAM, STEERING COMMITTEE, ORGANISATIONAL PARTNERS The World Co-operative Monitor team and steering committee Promoters and Organisational partners 6 12 42 61 70 88 INDEX WCM 2017

54. 52 EXPLORING THE CO-OPERATIVE ECONOMY Co-operative capital The data for the different regions are shown in Table 24. Thus, agriculture co-operatives in the Americas region are more financially solid – i.e. the two margins in Table 23 are higher – with respect to the co-operatives in the Europe - an region because the incidence of Net property, plant and equipment to the Total assets is lower, i.e. the investments are lower. This year the difference in the index between the two regions declined from 13.0% to 10.2%, because the index increases for the Americas region (from 26.1% to 28.7%) and decreases for the European region (from 39.1% to 38.9%). One of the possible explanations for this result can be differing behaviour of the co-operative and mutual organi - sations in the Americas and European regions with respect to outsourcing of production. This interpretation needs more analysis that is not possible with the financial statement data collected for the present analysis. T. 24: INCIDENCE OF NET PROPERTY BY REGIONS REGION NET PROPERTY% NUMBER OF CO-OPERATIVES Americas region 28.7% 14 Asia and the Pacific 34.2% 8 European region 38.9% 45 Total 36.2% 67 T.23: MARGIN INDEX BY REGION REGION MARGIN1 NUMBER OF CO-OPERATIVES MARGIN2 NUMBER OF CO-OPERATIVES Americas region 6.9% 14 25.3% 13 Asia and the Pacific 6.7% 8 23.1% 8 European region -4.2% 43 9.7% 42 Total -0.5% 65 14.7% 63

27. 25 REPORT 2017 Sector snapshot and trends REWE Group ACDLEC - E.Leclerc Edeka Zentrale +10,4 +5,6 +3,1 +2,5 +15,5 +4,3 -3,4 +3,1 +1,0 +1,4 +2,7 2015 2014 2013 2012 -19,2 TURNOVER OF THE TOP3 (US DOLLARS) - ANNUAL CHANGES (%) REWE Group ACDLEC - E.Leclerc Edeka Zentrale AG & Co KG Migros Coop Swiss Système U John Lewis Partnership PLC Co-operative Group Limited Wakefern Food Corp./ShopRite SOK 8.4% -5.9% 23.4% 9.6% -2.9% -10.5% 18.8% -37.2% 21.8% 0.1% CCA Global Partners* Associated Wholesale Grocers, Inc Federated Co-operatives Limited Superunie Coop Amba Coop Norge Sa Astera SA ACE Hardware Corp. Foodstuffs - North Island** Sanacorp - 15.1% 9.6% -1.4% -0.2% 42.1% 4.9% 36.0% - 8.1% T.6 TURNOVER (US DOLLARS) - 2011-2015 CHANGES (%) *data for 2011 not available **Foodstuffs - North Island started its activity in 2013 from the merger of Foodstuffs (Auckland) Ltd and Foodstuffs (Wellington) Co-operative Society Ltd, 5-year data not available How did the TOP20 perform over the last five years?

39. 37 REPORT 2017 Sector snapshot and trends Confederação Nacional das Cooperativas Médicas Unimed do Brasil HealthPartners Inc. Group Health Cooperative +3,9 +0,9 +0,6 -0,7 +3,0 +31,4 +5,4 +7,2 +19,1 +15,2 +2,0 2015 2014 2013 2012 +4,3 TURNOVER OF THE TOP3 (US DOLLARS) - ANNUAL CHANGES (%) T.12 TURNOVER (US DOLLARS) - 2011-2015 CHANGES (%) How did the TOP10 perform over the last five years? Confederação Nacional das Cooperativas Médicas Unimed do Brasil HealthPartners Inc. Group Health Cooperative Fundaciòn Espriu Intercommunale de sante publique du pays de Charleroi Centre Hospitalier Universitaire et Psychiatrique de MONS-BORINAGE Intercommunale De Soins Specialises De Liege KCS Caregiver Cooperativa Sociale Medical co-op Saitama Co-operative Centre Hospitalier Bois De L’Abbaye 50.1% 48.8% 4.7% 24.0% 14.0% 52.1% 24.4% -2.9% 8.7% 7.2%

65. 63 REPORT 2017 Methodology and Data Sources T. 36: THE WORLD CO-OPERATIVE MONITOR CO-OPERATIVE ORGANISATIONAL TYPES CO-OPERATIVE TYPE DEFINITION Co-operative An autonomous association composed mainly of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise which acts according to internationally agreed upon values and principles as outlined by the International Co-operative Alliance. Members usually receive limited compensation, if any, on capital subscribed as a condition of membership. Mutual A private co-operative type organisation providing insurance or other welfare-related services. Consider also micro-insurance and mutuals with both voluntary and compulsory membership. Co-operative of co-operatives/ mutuals Co-operatives composed mainly of co-operatives/mutuals that carry out an economic activity to produce goods or provide services of common interest for their members. It periodically publishes its own financial statements. Co-operative group A co-operative group: 1) is composed of organisations that operate as a single economic entity, 2) regularly publishes a consolidated financial statement, 3) includes mainly co-operatives, 4) acts according to co-operative principles and values, and 5) is controlled by co-operatives. Co-operative network A co-operative network: 1) is composed of organisations that operate as a single economic entity, 2) does not publish a consolidated financial statement, 3) includes mainly co-operatives, 4) acts according co-operative principles and values, and 5) is controlled by co-operatives. (Includes Federations and Unions with an economic activity to produce goods or provide services) Non-co-operative enterprise A non-co-operative enterprise in which co-operatives have a controlling interest. Co-operative network A co-operative network: 1) is composed of organisations that operate as a single economic entity, 2) does not publish a consolidated financial statement, 3) includes mainly co-operatives, 4) acts according co-operative principles and values, and 5) is controlled by co-operatives. (Includes Federations and Unions with an economic activity to produce goods or provide services) Non-co-operative enterprise A non-co-operative enterprise in which co-operatives have a controlling interest. Data collected The World Co-operative Monitor collects general data on the organizations (e.g. year founded, location of the headquar - ters), data on governance, ownership structures and sector of activity. Moreover, data pertaining to economic performance, employment, and membership is collected. For the complete list of indicators collected, please visit www.monitor.coop . Sectors classifications Co-operatives, mutuals and non-co-operative enterprises controlled by co-operatives have been classified into 7 sectors: – Agriculture and food industries: organizations operating along the entire agricultural value chain, starting from the cultivation of agricultural products and livestock farming to the industrial processing of agricultural products and animals. This sector includes both agricultural producers’

62. 60 EXPLORING THE CO-OPERATIVE ECONOMY Co-operative capital a lower value of the performance indexes (ROE and ROA). This is likely due to some difficulties reaching economies of scale ob - tained by the large co-operatives. Regarding the capital compo - sition, the small co-operatives show some difficulties obtaining internal capital, but this does not influence, for the Agriculture sector, the first margin (margin1), due to the low level of Net property, compared to the large co-operatives. However, the second margin (margin2) is lower, for both sectors, compared to the sample of the Top 300, indicating some difficulties obtaining long-term debt to finance their business. W hat kind of policy implications emerge then from the analysis of the data in this year’s report? The implications dis - cussed last year remain valid in the case of the large co-operatives. First of all, con - trary to most of the theoretical assump - tions, the analysis highlights the ability of large co-operatives to find, irrespective of different traditions, legal frameworks and public– mainly fiscal –policies, the neces - sary financial instruments*. Policies and strategies for the development of new capitalization instruments would not ap - pear more necessary than for other forms of enterprises. Secondly, looking at the return of capital and of the composition of net income to the total assets, the sector shows sufficient internal capital resourc - es to support its own growth. Also in this case, policies that aim for more capital return do not seem so important. The picture is different, though, for the small co-operatives. In this case, the sector seems to have some difficulties obtaining both internal capital and long-term debt, which are necessary for sustainable long- term growth. Given these results, for the large co-operatives a possible and import - ant policy would be to stimulate, using the new internally generated capital resources as well, investments in re - search and development, i.e. in innova - tion. This policy is particularly important during weak economic conditions, such as the present, in order to be ready when economic conditions improve. In fact, some of the data of the large co-opera - tives – type of banks, level of Net property of Total assets of the Agriculture sector – could be interpreted as a low level of technological modernization of the sector in general with respect to the potential use of capital resources. And for the small co-operatives? The low level of capitaliza - tion can be improved with fiscal policy on retaining net income, and the difficulties obtaining sufficient economies of scale can be reduced with strategic alliances and, if possible, with incorporation by the large co-operatives. If this were a correct interpretation, it implies the need for policies that push towards a governance able to support an increasing level of investment in innovation together with a new period of strategic alliance, while respecting the co-operative nature. References Fontanari E. and Borzaga C. (2015) Cooperative e società di capitali: due modi diversi di reagire alla crisi [Cooperatives and capital companies: two different ways to react to the crisis]. In Economia cooperativa. Rilevanza, evoluzione e nuove frontiere della cooperazione italiana. Terzo Rapporto Euricse. [Cooperative economy. Importance, evolution and new frontiers of Italian cooperatives] eds Borzaga C, Euricse: Trento (Italy). http://www.euricse.eu/wp-content/uploads/2015/09/00-ECONOMIA-COOPERATIVA-1.pdf Chieh, T. S. and Weber C. T. (2016) Editors’ Foreword. In The Capital Conundrum for Co-operatives (2016) eds Chieh, T. S. and Weber C. T., ICA: Brussels (Belgium). POLICY IMPLICATIONS * As highlighted in the previous Section these results can be related to the sectors of our sample only, for manufacturing and labour co-op - eratives, the conclusions may be different.

71. 69 REPORT 2017 Methodology and Data Sources try”, “Health and social care”, and “Other services” sectors are merged into the new sector “Other”. The remaining sectors, “Ag - riculture and food”, “Banking and financial services”, “Insurance”, and “Wholesale and retail” refer to the same sectors as the World Co-operative Monitor report. To verify the possible differences be - tween countries, three macro regions are considered: “Americas region”, “Asia and the Pacific”, and “European region”. As for the Top 300 co-operatives, capital data was compiled for 237 of the 300 organisations in the 2017 World Co-operative Monitor Top 300 ranking. Data collection was conducted integrating balance sheet and financial statement data acquired from the Thomson Reuters Eikon database, the Bureau Van-Dijk Amadeus database, and through an online search for publicly available annual reports. With respect to the sample analysed in the 2016 Survey, the inci - 3 The EU definition of Small and medium-sized enterprises (SMEs) has been used for this study. For more information please refer to the EU recommendation 2003/361 (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32003H0361). dence of the Insurance sector in the Americas region is increased (from 17.7% to 20.7% of the total of the sample) with a correspond - ent reduction of the Agriculture and food industries sector in the European region (from 22.2% to 19.4% of the total of the sample). These results can be explained either by the change in the ex - change rate between the US dollar and the Euro, or by an increase in the total revenues by the Insurance sector. As for the small co-operatives, the analysis focused on a sample of co-operatives and mutual enterprises with total asset value less than 10 million US dollars and total workers below 50 units 3 . Start - ing from the small co-operatives listed in the Thomson Reuters Eikon database and the Bureau Van-Dijk Amadeus database, data was ordered over the turnover in US dollars and the Top 300 small co-operative and mutual enterprises were selected (Table 41). T. 40: CAPITAL CHAPTER. GEOGRAPHICAL AND SECTORIAL DISTRIBUTION OF THE TOP 300 SECTOR AMERICAS REGION ASIA AND THE PACIFIC EUROPEAN REGION TOTAL Agriculture and food industries 14 8 46 68 Banking and financial services 6 2 9 17 Insurance 49 11 44 104 Wholesale and retail trade 7 6 31 44 Other 4 0 0 4 Total 80 28 130 237 T. 41: CAPITAL CHAPTER. GEOGRAPHICAL AND SECTORIAL DISTRIBUTION OF THE SMALL SAMPLE SECTOR AMERICAS REGION ASIA AND THE PACIFIC EUROPEAN REGION TOTAL Agriculture and food industries 2 4 154 160 Wholesale and retail trade 1 23 57 81 Other 0 19 40 59 Total 3 46 251 300

49. 47 REPORT 2017 Co-operative capital of Table 15), the incidence remains substantially stable, with a little reduction in the incidence of Net equity, from 25.4% in the year 2016 to 24.9% in 2017. The same data by different macro-regions (Table 16) shows a different picture. The capital structure is similar across countries with a slight difference for Asia and the Pacific, which can be ignored based on the limited number of co-op - eratives and mutuals in the dataset located in that region relative to the others. Comparing this data with the results across sectors (Table 15) reveals that only the sector seems to affect the capital structure of the co-operative firms stud - ied, and not the region. But, if we compare the data to last year, although the values for the whole sample remain stable, there is a different movement if we look at the Americas and the European regions. The co-operatives in the Americas re - gion reduce the external source of financing (Total liabilities decrease from 72.8% to 70.8%) with respect to the internal ones (Net equity increase from 24.8% to 26.5%). On the other hand, for the European region the incidence of the Total lia - bilities increases (from 72.9% to 75.0%) and the incidence of Net income decreases (from 25.2% to 23.0%). One possible interpretation is that this results from the different value of the cost of debt in the two regions, where the interest rates are higher in the Americas region with respect to the Euro - pean region, but it can also be related to the economic crisis. This result is further corroborated by the data in Table 17, where the percentage of Total liabilities by sector and region is computed. The differences across regions are less import - ant compared to the differences between sectors. With re - spect to the data from 2016, the only considerable variation is in the Insurance sector, with an increase of the incidence of the Total liabilities in the European region (from 83.0% to 85.9%) and a correspondent decrease in the Americas region T. 16: CAPITAL STRUCTURE BY REGIONS SECTOR TOTAL LIABILITIES NET EQUITY NET INCOME Americas region 70.8% 26.5% 2.7% Asia and the Pacific 69.4% 28.4% 2.2% European region 75.0% 23.0% 2.0% Total 72.9% 24.8% 2.2% T. 17: PERCENTAGE OF TOTAL LIABILITIES BY SECTOR AND REGION SECTOR AMERICAS REGION ASIA AND THE PACIFIC* EUROPEAN REGION TOTAL Agriculture and food industries 64.4% 59.2% 64.9% 64.1% Banking and financial services 89.3% 88.9% 93.5% 91.5% Insurance 71.1% 83.7% 85.9% 78.6% Wholesale and retail trade 63.0% 50.4% 68.2% 64.9% Other* 76.5% n.a. n.a. 76.5% Total 70.8% 69.4% 75.0% 72.9% * The limited number of co-operatives in the “Other” sector does not allow for a comparison of that sector with the others.

70. 68 EXPLORING THE CO-OPERATIVE ECONOMY Methodology and Data Sources T. 39: CAPITAL CHAPTER. ECONOMIC AND FINANCIAL INDICATORS VARIABLE DEFINITION Income statement Net income Profit/loss for the period Balance sheet Co-operative banks, credit unions, financial groups Total assets Total Assets represents the total assets of a company Net loans Net Loans represents total loans to customers, reduced by possible default losses and unearned interest income Other earning assets Other Earning Assets, Total [SOEA] represents earning assets other than loans to customers Total equity Total Equity consists of the equity value of preferred shareholders, general and limited partners, and common shareholders, but does not include minority shareholders' interest. Total long-term debt Total Long-Term Debt represents the sum of: Long-Term Debt and Capital Lease Obligations Insurance Total assets Total Assets represents the total assets of a company Long term investments Long-Term Investments represents the sum of LT Investments – Affiliate Companies and LT Investments – Other Policy liabilities Policy Liabilities represents total liabilities related to the insurance operations of an insurance company Total equity Total Equity represents the sum of: Redeemable Preferred Stock and Preferred Stock – Non-Redeemable and Common Stock Additional Paid-In Capital and Retained Earnings (Accumulated Deficit) Other sectors Total assets Total Assets represents the total assets reported by a company Total current assets Total Current Assets represents the value of all current assets. It is the sum of prepaid expenses, receivables after deduction of provisions for doubtful accounts, cash and short-term investments Property, Plant & Equipment Property, Plant & Equipment - Total, Net represents the net book value of all property, plant and equipment. Total current liabilities Current Liabilities - Total represents the sum of the company's short term/current liabilities (due within one year) and contains the Accounts payable Accounts payable Accounts Payable represents amounts payable/owed to creditors or suppliers for materials and merchandise acquired or for services provided within the normal operations of the business. Total non-current debt Total Non-Current Debt represents the total amount of a company's non-current debt including obligations outstanding under finance lease and hire purchase agreement. Total equity Total Shareholders' Equity Attributable to Parent Shareholders represents total shareholder’s funds including reserves

31. 29 REPORT 2017 Sector snapshot and trends Kaiser Permanente State Farm Zenkyoren +11,4 -12,9 -5,7 +7,6 +2,0 +4,6 +4,6 +5,6 +16,1 +6,7 +7,6 2015 2014 2013 2012 +1,7 TURNOVER OF THE TOP3 (US DOLLARS) - ANNUAL CHANGES (%) T.8 TURNOVER (US DOLLARS) - 2011-2015 CHANGES (%) How did the TOP20 perform over the last five years? Kaiser Permanente State Farm Zenkyoren Nippon Life Nationwide Liberty Mutual Meiji Yasuda Life New York Life Achmea Sumitomo Life 40.8% 13.5% -1.5% 9.0% 24.3% 14.4% -13.6% 14.7% 1.4% -14.1% MassMutual Financial MAPFRE Farmers Insurance Group COVEA USAA Group Northwestern Mutual Unipol Talanx Group TIAA Group Coöperatie VGZ 44.7% -2.8% 7.8% 20.7% 29.8% 20.2% 76.8% 26.4% 10.7% 8.2%

35. 33 REPORT 2017 Sector snapshot and trends Groupe Crédit Agricole BVR Groupe Crédit Mutuel -1,2 +14,2 +4,3 +6,0 +14,3 +3,5 +5,0 +17,6 +6,5 +10,6 -5,3 2015 2014 2013 2012 -0,3 TURNOVER OF THE TOP3 (US DOLLARS) - ANNUAL CHANGES (%) T.10 TURNOVER (US DOLLARS) - 2011-2015 CHANGES (%) How did the TOP10 perform over the last five years? Groupe Crédit Agricole BVR Groupe Crédit Mutuel Groupe BPCE Desjardins Group 31.0% 23.8% 24.7% 2.6% 15.8% Rabobank Group Federal Farm Credit Banks Funding Corporation RZB Navy Federal Credit Union Raiffeisen Group -2.7% 12.6% -8.2% 58.3% 14.9%

23. 21 REPORT 2017 Sector snapshot and trends Mondragon Corporacion Basin Electric Power Cooperative Oglethorpe Power Corporation -4,7 -6,0 +13,1 -4,1 +12,5 +5,3 +11,3 -5,1 +0,0 -15,7 +2,0 2015 2014 2013 2012 -5,2 TURNOVER OF THE TOP3 (US DOLLARS) - ANNUAL CHANGES (%) T.4 TURNOVER (US DOLLARS) - 2011-2015 CHANGES (%) * established in 2013, data not available for all 5 years How did the TOP10 perform over the last five years? Mondragon Corporación Basin Electric Power Cooperative Oglethorpe Power Corporation Tri-State G&T Association Central Electric Power Cooperative, Inc. -18.4% 25.0% -2.9% 13.2% 4.5% ORES Assets* Eandis System Operator Seminole Electric Cooperative Associated Electric Cooperative Inc. North Carolina Electric Membership Corp. - -17.1% -14.9% 0.6% 8.0%

19. 17 REPORT 2017 Sector snapshot and trends Zen-noh CHS Inc. NH Nonghyup -18,4 +32,4 +1,2 -6,1 +10 +9,6 -4,1 +0,5 +5,4 -4,5 -3,4 2015 2014 2013 2012 -18,9 TURNOVER OF THE TOP3 (US DOLLARS) - ANNUAL CHANGES (%) How did the TOP20 perform over the last five years? T.2 TURNOVER (US DOLLARS) - 2011-2015 CHANGES (%) Zen-noh CHS Inc. NH Nonghyup Bay Wa Dairy Farmers of America Fonterra Co-operative Group Land O’Lakes, Inc. Hokuren FrieslandCampina Arla Foods Amba -2.3% -6.3% 2.6% 55.7% 6.0% -5.2% 1.2% 6.0% 16.8% 40.0% Danish Crown Growmark, Inc. DLG Agravis Copersucar SA Südzucker Kerry Group Fenaco InVivo Terrena 15.1% 1.5% 33.5% 7.3% 133.9% 10.0% 15.1% 6.6% -0.3% 15.4%

60. 58 EXPLORING THE CO-OPERATIVE ECONOMY Co-operative capital The data collected allows for a more specific analysis and comparison with the Top 300 within the Agriculture and Wholesale sectors. Regarding Agriculture (Table 34), the li - quidity index is the same as for the Top 300 while the small co-operatives show a higher bargaining power with respect to suppliers (58.3% for the small co-operatives compared to 44.0% for the Top 300). The leverage is rela - tively small (0.60 compared to 0.72), indicating less risky firms, and the first margin index, margin1, is very positive (6.6% compared to -0.5% for the Top 300 co-operatives). This result can be seen also when looking at the incidence of Net property to Net equity (net property%), lower in respect to the value of the Top 300 (36.2%). But, the second margin index is lower compared to the Top 300 (12.3% with respect to 14.7%) indicating that the long-term debt is lower for the small co-operatives compared to the Top 300. In the case of the Wholesale sector (Table 35), the value of the liquidity index is the same, but the leverage is higher compared to the value of the index of the Top 300 (1.08 compared to 0.47) indicat - ing riskier co-operatives in the small sample. Also, the two margin index - es are worsen compared to the same of the Top 300 sample. The first mar - gin is more negative (-7.4% compared to -3.8%) and the second is not so far from zero (3.0% compared to 7.7%). The data shows a riskier sample just in financial equilibri - um compared to the sample of the Top 300 co-operatives. This can be explained by higher competition in the sector and the consequently limited economic margins. T. 34: INDEXES FOR THE AGRICULTURE AND FOOD INDUSTRY SECTOR INDEX VALUE NUMBER OF CO-OPERATIVES liquidity 1.45 154 account% 58.3% 150 leverage 0.60 147 margin1 6.6% 154 margin2 12.3% 147 net property % 20.1% 154 T. 35: INDEXES FOR THE WHOLESALE AND RETAIL TRADE SECTOR INDEX VALUE NUMBER OF CO-OPERATIVES liquidity 1.25 59 leverage 1.08 55 margin1 -7.4% 59 margin2 3.0% 55 It seems that the small co-operatives in the Agriculture sector have some difficulties obtaining long-term debt to finance their business. SECTOR ANALYSIS

1. EXPLORING THE CO-OPERATIVE ECONOMY REPORT 2017

26. 24 EXPLORING THE CO-OPERATIVE ECONOMY Sector snapshot and trends T.5 THE 20 LARGEST CO-OPERATIVES IN THE WHOLESALE AND RETAIL TRADE SECTOR BY TURNOVER 2015 All 20 co-operatives included in the ranking based on US dollars are ranked in the Top 20 based on international dollars. RANK 2015 RANK 2014 ORGANISATION COUNTRY TURNOVER 2015 (BILLION US $ ) RANK 2015 INTERNATIONAL $ SOURCE 1 2 REWE Group Germany 48.18 1 Eikon 2 1 ACDLEC - E.Leclerc France 39.25 2 CoopFR 3 3 Edeka Zentrale Germany 31.82 3 Eikon 4 6 Migros Switzerland 28.41 5 Orbis 5 5 Coop Swiss Switzerland 27.92 6 Orbis 6 4 Système U France 20.84 4 CoopFR 7 7 John Lewis Partnership PLC UK 14.86 7 Co-operatives UK 8 8 Co-operative Group Limited UK 14.18 8 Co-operatives UK 9 10 Wakefern Food Corp./ShopRite USA 12.57 9 NCB 10 9 SOK Finland 12.45 10 WCM questionnaire 11 12 CCA Global Partners USA 10.80 11 WCM questionnaire 12 14 Associated Wholesale Grocers. Inc USA 8.94 12 NCB 13 13 Federated Co-operatives Limited Canada 7.02 14 WCM questionnaire 14 15 Superunie Netherlands 6.97 13 Orbis 15 16 Coop Amba Denmark 5.86 16 Orbis 16 19 Coop Norge Sa Norway 5.25 20 Orbis 17 11 Astera SA France 5.12 15 Eikon 18 - ACE Hardware Corp. USA 5.05 18 NCB 19 20 Foodstuffs - North Island New Zealand 4.45 19 Euricse 20 18 Sanacorp Germany 4.43 17 Orbis 11 Countries 11 Countries 314.36 billion US $ 323.41 billion INT’L $ distributed in Recorded a turnover of BASED ON TURNOVER IN US $ TOP 20 BASED ON TURNOVER IN INT’L $ TOP 20 How does the ranking change when using INTERNATIONAL DOLLARS ?

30. 28 EXPLORING THE CO-OPERATIVE ECONOMY Sector snapshot and trends T.7 THE 20 LARGEST CO-OPERATIVES IN THE INSURANCE CO-OPERATIVES AND MUTUALS SECTOR BY TURNOVER 2015 All 20 co-operatives included in the ranking based on US dollars are ranked in the Top 20 based on international dollars. RANK 2015 RANK 2014 ORGANISATION COUNTRY TURNOVER 2015 (BILLION US $ ) RANK 2015 INTERNATIONAL $ SOURCE 1 2 Kaiser Permanente USA 67.44 1 ICMIF 2 1 State Farm USA 64.82 2 ICMIF 3 3 Zenkyoren Japan 49.17 3 Euricse 4 4 Nippon Life Japan 44.10 4 ICMIF 5 6 Nationwide USA 35.34 5 ICMIF 6 7 Liberty Mutual USA 32.45 7 ICMIF 7 5 Meiji Yasuda Life Japan 28.17 6 ICMIF 8 9 New York Life USA 27.12 9 ICMIF 9 8 Achmea Netherlands 21.96 11 ICMIF 10 12 Sumitomo Life Japan 21.29 10 ICMIF 11 16 MassMutual Financial USA 21.24 14 ICMIF 12 10 MAPFRE Spain 21.01 8 ICMIF 13 14 Farmers Insurance Group USA 20.03 15 ICMIF 14 13 COVEA France 19.11 12 ICMIF 15 17 USAA Group USA 18.87 17 ICMIF 16 18 Northwestern Mutual USA 18.50 18 ICMIF 17 11 Unipol Italy 17.16 13 ICMIF 18 - Talanx Group Germany 17.05 16 ICMIF 19 - TIAA Group USA 12.80 20 ICMIF 20 20 Coöperatie VGZ Netherlands 11.89 19 Euricse 7 Countries 7 Countries 569.53 billion US $ 616.70 billion INT’L $ distributed in Recorded a turnover of BASED ON TURNOVER IN US $ TOP 20 BASED ON TURNOVER IN INT’L $ TOP 20 How does the ranking change when using INTERNATIONAL DOLLARS ?

43. 41 REPORT 2017 Sector snapshot and trends Selectour Afat OBOS BBL Capricorn Society ltd +9,0 +8,0 +9,8 +20,1 -7,6 +23,7 +62,9 +0,5 -1,9 +0,2 +0,9 2015 2014 2013 2012 +46,9 TURNOVER OF THE TOP3 (US DOLLARS) - ANNUAL CHANGES (%) T.14 TURNOVER (US DOLLARS) - 2011-2015 CHANGES (%) How did the TOP10 perform over the last five years? Selectour Afat OBOS BBL Capricorn Society ltd HSB* Datev -0.3% 173.6% 55.4% - 19.9% CNS Orcab CIR Centrale der Werkgevers aan de Haven van Antwerpen CAMST 22.7% 5.0% 15.3% 22.0% 18.9% *data for 2011 not available

17. 15 REPORT 2017 Sector snapshot and trends This section includes all co-operatives that operate along the entire agricultural value chain, starting from the cultivation of agricultural products and livestock farming to the industrial processing of agricultural products and animals. This sector includes both agricultural producers’ co-operatives and consortia of co-operatives (or similar arrangements) that carry out the processing and marketing of agricultural goods 38 Asia-Pacific 189 Americas 439 Europe 2 Africa THE WCM COLLECTED DATA FOR 668 ORGANISATIONS 454 ORGANISATIONS 100 mln US $ over TURNOVER 35 COUNTRIES for their members. Agricultural co-operatives exist in almost every country around the world. They are very well represented in both developed and emerging economies and contribute to food security and poverty reduction in different areas of the world. They help farmers increase their returns and income by pooling their resources to support collective arrangements and economic empowerment. of these with

38. 36 EXPLORING THE CO-OPERATIVE ECONOMY Sector snapshot and trends T.11 THE 10 LARGEST CO-OPERATIVES IN THE HEALTH, EDUCATION AND SOCIAL CARE SECTOR BY TURNOVER 2015 RANK 2015 RANK 2014 ORGANISATION COUNTRY TURNOVER 2015 (BILLION US $ ) RANK 2015 INTERNATIONAL $ SOURCE 1 1 Confederação Nacional das Cooperativas Médicas Unimed do Brasil Brazil 15.92 1 Euricse 2 2 HealthPartners Inc. USA 5.74 2 NCB 3 3 Group Health Cooperative USA 3.66 3 NCB 4 4 Fundaciòn Espriu Spain 1.86 4 WCM questionnaire 5 6 Intercommunale de sante publique du pays de Charleroi Belgium 0.43 5 NBB 6 - Centre Hospitalier Universitaire et Psychiatrique de MONS-BORINAGE Belgium 0.20 7 NBB 7 - Intercommunale De Soins Specialises De Liege Belgium 0.19 9 NBB 8 - KCS Caregiver Cooperativa Sociale Italy 0.18 8 Orbis 9 - Medical co-op Saitama Co-operative Japan 0.17 10 JCCU 10 - Centre Hospitalier Bois De L'Abbaye Belgium 0.15 - NBB 6 Countries 7 Countries 28.50 billion US $ 42.45 billion INT’L $ distributed in Recorded a turnover of BASED ON TURNOVER IN US $ TOP 10 BASED ON TURNOVER IN INT’L $ TOP 10 A COLOMBIAN CO-OPERATIVE ENTERS THE TOP10: Universidad cooperativa de Colombia - UCC 0.25 INT’L $ How does the ranking change when using INTERNATIONAL DOLLARS ?

29. 27 REPORT 2017 Sector snapshot and trends This section focuses on mutual organisations and co- operatives owned and democratically controlled by their insured customers. Insurance co-operatives and mutuals focus on the long-term needs of their customers and on delivering high quality products at fair prices. According to the International Cooperative and Mutual Insurance Federation 79 Asia-Pacific 233 Europe 6 Africa THE WCM COLLECTED DATA FOR 549 ORGANISATIONS 484 ORGANISATIONS 100 mln US $ over TURNOVER 41 COUNTRIES (ICMIF), mutual or cooperative insurers serve more than 900 million people worldwide. Their contribution is crucial within the social protection system, enabling members to obtain insurance policies at more favourable conditions than those available on the open market. of these with 231 Americas

33. 31 REPORT 2017 Sector snapshot and trends This section refers to co-operative banks and credit unions providing banking and financial intermediation services, democratically controlled by member customers (borrowers and depositors). Also included are credit unions and banks whose capital owners are composed of individuals without rights regarding the management of the bank or credit union. 44 Asia-Pacific 223 Europe 4 Africa THE WCM COLLECTED DATA FOR 439 ORGANISATIONS 129 ORGANISATIONS 100 mln US $ over TURNOVER 25 COUNTRIES In the banking sector, co-operatives play a central role in supporting economic development. Even during the current economic crisis, co-operatives have remained more stable than other banks, continuing to provide trustworthy financial support for their members. of these with 168 Americas

34. 32 EXPLORING THE CO-OPERATIVE ECONOMY Sector snapshot and trends T.9 THE 10 LARGEST CO-OPERATIVES IN THE BANKING AND FINANCIAL SERVICES SECTOR BY TURNOVER 2015 All 10 co-operatives included in the ranking based on US dollars are ranked in the Top 10 based on international dollars. RANK 2015 RANK 2014 ORGANISATION COUNTRY TURNOVER 2015 (BILLION US $ ) RANK 2015 INTERNATIONAL $ SOURCE 1 1 Groupe Crédit Agricole France 49.92 1 Euricse 2 2 BVR Germany 44.81 2 Euricse 3 3 Groupe Crédit Mutuel France 31.21 3 Euricse 4 4 Groupe BPCE France 26.41 4 Euricse 5 6 Desjardins Group Canada 11.85 6 Euricse 6 5 Rabobank Group Netherlands 10.08 5 WCM questionnaire 7 8 Federal Farm Credit Banks Funding Corporation USA 7.68 7 Euricse 8 7 RZB Austria 5.72 8 Euricse 9 9 Navy Federal Credit Union USA 4.06 9 Euricse 10 - Raiffeisen group Switzerland 2.92 10 Euricse 7 Countries 7 Countries 194.67 billion US $ 235.61 billion INT’L $ distributed in Recorded a turnover of BASED ON TURNOVER IN US $ TOP 10 BASED ON TURNOVER IN INT’L $ TOP 10 How does the ranking change when using INTERNATIONAL DOLLARS ?

42. 40 EXPLORING THE CO-OPERATIVE ECONOMY Sector snapshot and trends T.13 THE 10 LARGEST CO-OPERATIVES IN THE OTHER SERVICES SECTOR BY TURNOVER 2015 All 10 co-operatives included in the ranking based on US dollars are ranked in the Top 10 based on international dollars. RANK 2015 RANK 2014 ORGANISATION COUNTRY TURNOVER 2015 (BILLION US $ ) RANK 2015 INTERNATIONAL $ SOURCE 1 1 Selectour Afat France 2.87 1 CoopFR 2 - OBOS BBL Norway 1.45 2 Orbis 3 3 Capricorn Society ltd Australia 1.19 4 WCM questionnaire 4 - HSB Sweden 1.10 6 WCM questionnaire 5 4 Datev Germany 0.98 3 Euricse 6 5 CNS Italy 0.84 5 Orbis 7 6 Orcab France 0.80 7 Euricse 8 8 CIR Italy 0.61 8 Orbis 9 7 Centrale der Werkgevers aan de Haven van Antwerpen Belgium 0.60 10 NBB 10 9 CAMST Italy 0.56 9 Orbis 7 Countries 7 Countries 11.00 billion US $ 11.86 billion INT’L $ distributed in Recorded a turnover of BASED ON TURNOVER IN US $ TOP 10 BASED ON TURNOVER IN INT’L $ TOP 10 How does the ranking change when using INTERNATIONAL DOLLARS ?

37. 35 REPORT 2017 Sector snapshot and trends This section includes co-operatives that manage health, social, or educational services. These may include consumer (user), producer (provider) and multistakeholder social and health co-operatives which seek to provide high-quality, cost- effective community health care and social services. The contributions of health and social care co-operatives range 4 Asia-Pacific 94 Europe THE WCM COLLECTED DATA FOR 109 ORGANISATIONS 19 ORGANISATIONS 100 mln US $ TURNOVER 10 COUNTRIES from medical intervention to the prevention of disease and the improvement of general health outcomes and collective well-being. The impact of these organizations is all the more important given the increasing demands on welfare systems around the world due in part to cuts in public funding and an aging population. of these over with 11 Americas

53. 51 REPORT 2017 Co-operative capital value. Normally, leverage values greater than two identify a risky firm. Values equal to or lower than one identify a safe firm. The values of the leverage index for the Agriculture sec - tor in the different regions are shown in Table 22. The data are similar to those of the previous report, with a decline for the European region (from 0.80 to 0.70). This data indicates a reduction in long-term debt for the agriculture co-operatives in the European region in favour, as evidenced in the previous comments on the data in Table 21, of short term debt. Two additional indexes can be used to verify the degree of coverage of fixed assets by long-term liabilities. The common practice is to completely finance fixed assets at least by equity and long-term debt, without using short-term debt. The two indexes are defined as follows: margin 1= total equity-net property,plant and equipment total equity margin 2= total equity-net property,plant and equipment +long term debt total equity Normally, a firm must have a positive value of the margin2 index – the higher the value, the better the financial equilibrium of the co-operative – with a not too pronounced negative val - ue of the margin1 index. The values of the two indexes for the co-operatives in the Agriculture sector, by different regions are shown in Table 23. Because the capital composition is not so different between countries (see Table 16 and Table 17), the results of the data in Table 23 must depend on different values on the assets side, i.e. on net property, plant and equipment. But, compared to the data from the 2016 report, both margins in the two regions show a decline in the value (from 10.2% to 6.9% and from 28.2% to 25.3%, for margin1 and margin 2, respectively, for the Amer - icas region, from -3.2% to -4.2% and from 15.2% to 9.7%, for the same indexes for the European region). Margin2 remains positive, but the movement must be controlled for the next year. This difference can be further examined by computing the incidence of Net property, plant and equipment to the Total assets as follows: net property% = net property,plant and equipment total equity T. 21: RATIO OF ACCOUNTS PAYABLE TO CURRENT LIABILITIES BY REGION REGION ACCOUNT% NUMBER OF CO-OPERATIVES Americas region 43.8% 13 Asia and the Pacific 39.1% 8 European region 45.1% 39 Total 44.0% 60 T. 22: FINANCIAL LEVERAGE BY REGION REGION LEVERAGE NUMBER OF CO-OPERATIVES Americas region 0.92 13 Asia and the Pacific 0.50 8 European region 0.70 43 Total 0.72 64 The data shows, as in the previous report, a solid sector, in financial equilibrium (margin2 is strictly positive) with a significant difference between the Americas and European regions.

21. 19 REPORT 2017 Sector snapshot and trends This section includes co-operatives operating in industrial sectors with the exception of the food industry. It includes worker co-operatives in the construction sector and co- operatives in the utilities sector, that is, co-operatives that are active in the management of infrastructure for a public service, such as electricity, natural gas, and water. Energy and other 2 Asia-Pacific 88 Europe THE WCM COLLECTED DATA FOR 111 ORGANISATIONS 74 ORGANISATIONS 100 mln US $ over TURNOVER 12 COUNTRIES public services are sectors in which co-operatives are strongly motivated by ethical-cultural considerations and innovation. Often, they are committed to “green” energy and employ a more sustainable and responsible model of development, while providing local communities with the power to intervene directly in their own futures. of these with 21 Americas

25. 23 REPORT 2017 Sector snapshot and trends This section includes co-operatives formed to purchase and supply goods and services at competitive conditions in the interest of their members. There are various types of co- operative forms found within this sector, including purchasing and consumer co-operatives operating in wholesale and retail activities. As is the case with co-operatives in general, the aim of co-operatives in this sector is not to maximize profits, but to 37 Asia-Pacific 193 Europe THE WCM COLLECTED DATA FOR of these 289 ORGANISATIONS 215 ORGANISATIONS 100 mln US $ over TURNOVER 32 COUNTRIES be of use to their members and defend their interests. The goals of co-operatives include fostering sustainable development of local communities, promoting environmental concerns and ensuring the health and safety of consumers. With strength in numbers, co-operatives are able to further these aims through their ability to purchase and supply goods and services at competitive conditions in the interest of their members. with 59 Americas

41. 39 REPORT 2017 Sector snapshot and trends This section covers all co-operatives that provide services other than those included in health and social care, such as co-operative business services, communications and transportation. The co-operatives in this sector show the 10 Asia-Pacific 174 Europe THE WCM COLLECTED DATA FOR 199 ORGANISATIONS 58 ORGANISATIONS 100 mln US $ TURNOVER 24 COUNTRIES variety of sectors of activity in which co-operatives may operate as well as the potential areas for further development of service-oriented co-operatives. of these over with 15 Americas

50. 48 EXPLORING THE CO-OPERATIVE ECONOMY Co-operative capital (from 76.2% to 71.1%). Because the sensitivity of the capital composition with respect to the cost of capital is higher in the Insurance sector, the difference in the interest rate in the two regions results in a higher change from last year compared with the other sectors. In order to better compare the different sectors, it is possi - ble to use some simple general indexes across different types of co-operative and mutual organisations and different countries. The first index is the return on equity (ROE) computed as follows: ROE = net income total equity Although ROE has some drawbacks when used in the co-op - erative sector, it can be interpreted in this case as the potential return from the capital of the co-operative, as opposed to the return of an investor that decides to invest in the specific en - terprise. In other words, as discussed above, the ROE in the co-operative sector can represent an index of the potential increase of the internal source of capital – the Total equity. The second index is the return on asset (ROA), which rep - resents the return obtained from the specific activity of the co-operative or mutual, computed as follows: ROA = net income total assets In order to draw comparisons across sectors, and based on the availability of data, this simple formulation of the index is utilized rather than a more specific one for each sector. The results, divided by sector and region, are shown in Table 18 and Table 19 for the ROE and the ROA, respectively. Comparing the various sectors, the difference in the ROE for the Agriculture sector stands out (Table 18, Total column) as in the data from the 2016 report. This can be the result of either higher net income or a lower level of the total equity. But, looking at the ROA (Table 18, Total column), which explains the return of the particular business, the Agriculture sector shows a higher return, implying a higher level of Net income (see also Table 15). Remaining on the ROE index (Table 18, Total row), the European co-operative and mutual organisations show a lower level compared to those in the Americas region. Comparing the T. 18: ROE SECTOR AMERICAS REGION ASIA AND THE PACIFIC* EUROPEAN REGION TOTAL Agriculture and food industries 20.8% 7.6% 8.4% 11.0% Banking and financial services 9.0% 8.4% 6.3% 7.5% Insurance 5.4% 8.8% 6.7% 6.3% Wholesale and retail trade 17.5% 4.8% 8.3% 9.3% Other* 6.5% n.a. n.a. 6.5% Total 9.5% 7.5% 7.6% 8.3% * The limited number of co-operatives in the “Other” sector and in “Asia and the Pacific” does not allow for a comparison of that sector and region with the others. The picture emerging from the data is that the sample of co-operative firms of the WCM Top 300 can find the financial instruments they need for their business.

22. 20 EXPLORING THE CO-OPERATIVE ECONOMY Sector snapshot and trends T.3 THE 10 LARGEST CO-OPERATIVES IN THE INDUSTRY AND UTILITIES SECTOR BY TURNOVER 2015 RANK 2015 RANK 2014 ORGANISATION COUNTRY TURNOVER 2015 (BILLION US $ ) RANK 2015 INTERNATIONAL $ SOURCE 1 1 Mondragon Corporación* Spain 13.35 1 Cepes 2 3 Basin Electric Power Cooperative USA 2.13 2 NCB 3 7 Oglethorpe Power Corporation USA 1.35 3 NCB 4 8 Tri-State G&T Association USA 1.34 4 NCB 5 10 Central Electric Power Coopera - tive. Inc. USA 1.22 8 NCB 6 - ORES Assets Belgium 1.17 5 NBB 7 5 Eandis System Operator Belgium 1.17 6 NBB 8 - Seminole Electric Cooperative USA 1.10 - NCB 9 - Associated Electric Cooperative Inc. USA 1.09 - NCB 10 - North Carolina Electric Member - ship Corp. USA 1.09 - NCB 3 Countries 4 Countries 25.01 billion US $ 30.51 billion INT’L $ distributed in Recorded a turnover of BASED ON TURNOVER IN US $ TOP 10 BASED ON TURNOVER IN INT’L $ TOP 10 * The Mondragon group figure includes consumer co-operative Eroski THREE ITALIAN CO-OPERATIVES ENTER THE TOP10: Sacmi Imola Consorzio Cooperative Costruzioni (CCC) 1.31 INT’L $ 1.21 INT’L $ C.M.C. di Ravenna 1.14 INT’L $ How does the ranking change when using INTERNATIONAL DOLLARS ?

56. 54 EXPLORING THE CO-OPERATIVE ECONOMY Co-operative capital Insurance Regarding the Insurance sector, leverage is computed us - ing the specific items for that type of business as follows: financial leverage = policy liabilities total equity The results of this computation are shown in Table 26. Be - cause of the limited number of insurance co-operatives in Asia and the Pacific in our sample, the comparison can be made only among the Americas and European regions. Ac - cording to the data, it seems that mutual organisations in the Americas region tend to work with a limited level of financial leverage, compared to the mutuals in the European region. 1 It can be reasonably stated that European mutuals work with a higher level of risk compared to the mutuals in the Americas region. With respect to the data from the previous year, the fi - nancial leverage shows a slight decline, indicating a reduction in the risk of the sector. Bearing in mind this result, in order to verify the protection level of the mutual, the following index can be computed, indi - 1 Dividing the type of business activity performed by the mutuals in the sample between life and non-life insurance would help to better assess this result. cating the incidence of the asset side – long-term investment – to the liability side – policy liabilities – of the core business of the mutual. The higher the value over one, the better the protection level. protection = long term investments policy liabilities In this case as well, see results in Table 27, the Asia and the Pacific region is removed from the comparison. It is import - ant to note that despite the higher difference on the leverage among the two remaining regions, the protection index is not so different, and in both cases, greater than one, and higher compared to the data in the previous report, showing a sector with a higher protection. The plausible final picture, based on the financial state - ment data collected, shows a sector in the two regions of analysis with different approaches to the business: riskier in the European region compared to the Americas, but with an adequate and increasing level of protection. T. 26: FINANCIAL LEVERAGE BY REGION REGION LEVERAGE NUMBER OF CO-OPERATIVES Americas region 3.5 47 Asia and the Pacific 8.2 11 European region 14.0 41 Total 8.4 99 T. 27: PROTECTION BY REGION REGION PROTECTION NUMBER OF CO-OPERATIVES Americas region 2.33 47 Asia and the Pacific 1.10 11 European region 1.11 42 Total 1.68 100

59. 57 REPORT 2017 Co-operative capital from Asia and the Pacific show a higher value of Total liabili - ties with a correspondent reduction of the Net equity. The results shown in Table 31 confirm the comments made on the previous Tables. The value of the ROE (Table 32) and the ROA (Table 33) show a sample with a generally lower performance both for internal capital (Net equity), and for assets (Total assets) compared to the co-operatives of the Top 300 sample. The lower value of the ROE is strictly important because Net equity is lower compared to the value of the Top 300, thus a lower ROE implies a lower Net income for the small co-operatives. * The results shown by the ROA can be derived from the impossibility to obtain substantial economies of scale and of scopes due to the small size of the co-operatives in the sample. T. 31: PERCENTAGE OF TOTAL LIABILITIES BY SECTOR AND REGION SECTOR AMERICAS REGION* ASIA AND THE PACIFIC EUROPEAN REGION TOTAL Agriculture and food industries 58.5% 54.0% 73.3% 72.7% Wholesale and retail trade n.a. 73.4% 71.0% 71.8% Other 47.2% 89.5% 85.3% 86.0% Total 54.8% 79.8% 75.7% 76.1% * The limited number of co-operatives in the “Americas region” does not allow for a comparison of that region with the others. T. 32 : ROE SECTOR AMERICAS REGION* ASIA AND THE PACIFIC EUROPEAN REGION TOTAL Agriculture and food industries 27.0% 7.1% 5.5% 5.8% Wholesale and retail trade n.a. 6.6% 1.2% 3.3% Other 2.5% -4.1% 7.3% 4.0% Total 18.8% 1.3% 5.3% 4.8% * The limited number of co-operatives in the “Americas region” does not allow for a comparison of that region with the others. T. 33: ROA SECTOR AMERICAS REGION* ASIA AND THE PACIFIC EUROPEAN REGION TOTAL Agriculture and food industries 11.1% 6.1% 1.8% 2.0% Wholesale and retail trade n.a. 1.8% 1.5% 1.6% Other 1.3% 2.7% 2.2% 2.3% Total 7.9% 2.6% 1.8% 2.0% * The limited number of co-operatives in the “Americas region” does not allow for a comparison of that region with the others.

52. 50 EXPLORING THE CO-OPERATIVE ECONOMY Co-operative capital Agriculture and food industry sector As was the case last year, the data collected this year al - lows for a more specific analysis of the Agriculture sector. The first index computed is a liquidity index, which explains the company’s ability to absorb a shock on the liabilities side in the short-term. If, for whatever reason, a co-operative is re - quired to pay all its debt, if the index is greater than one, it means the co-operative can do it without the risk of financial problems, i.e. the co-operative is in a position of liquidity equi - librium. The index is defined as follows: liquidity = total current assets total current liabilities The values of the index for the Agriculture sector in the different regions are shown in Table 20. The data shows a sector in equilibrium with respect to liquidity, that does not rely heavily on short debt (normally accounts payable to the suppliers of the co-operative) com - pared to the correspondent short assets. But, with respect to the data from 2016, the value shows a decline for the to - tal sample (from 1.66 to 1.43), with an important change for the European region (from 1.51 to 1.39), while the value re - mains stable for the Americas region. It is also interesting to note the difference between coun - tries in the use of accounts payable to suppliers with respect to the current liabilities, i.e. account% = accounts payable current liabilities as shown in Table 20. This index reveals the bargaining power of the co-operative with respect to suppliers, i.e. the higher the value, the higher the bargaining power. Because the level of accounts payable to the suppliers de - pends on the average length of payments in the different coun - tries, the value for the Americas and European regions is com - puted, showing an average four months’ delay of payments to suppliers in both countries (compared to an average two months found in the previous report). The index is similar between the two regions, Americas and European, while in the previous report it was higher for the European region (66.1%) than the Americas region (44.9%). This movement indicates an increase in the cur - rent liabilities, probably short-term debt such as bank overdraft, for the Agriculture co-operatives in the European region. The value of Long-term debt was also examined for the Agriculture sector in order to compute the financial leverage as follows: leverage = long term debt total equity The higher the value of the leverage, the higher the propor - tion of debt with respect to equity, and the higher the risk of the co-operative. The presence of debt implies fixed financial costs with a creditor – banks or bondholders – that normally ask to respect payment deadlines. The same decline in the revenues is riskier for a co-operative with a higher leverage SECTOR ANALYSIS TAB. 20: LIQUIDITY INDEX BY REGION REGION LIQUIDITY NUMBER OF CO-OPERATIVES Americas region 1.62 14 Asia and the Pacific 1.31 8 European region 1.39 43 Total 1.43 65

11. 9 REPORT 2017 2015 Highlights NEW WCM RANKING BASED ON TURNOVER IN INTERNATIONAL $ 28 Countries 2,398.68 billion International $ distributed in Recorded a turnover of TOP 300 This year, rankings based on turnover expressed in international dollars as calculated by the World Bank are also computed ( full rankings are available online at www.monitor.coop ). These rankings replace the rankings based on turnover over GDP per capita used in past editions of the report. As with the GDP rankings, the rankings using International dollars aim to understand the relative size of a co-operative using purchasing power parity. As defined by the World Bank, “an international dollar would buy in the cited country a comparable amount of goods and services a U.S. dollar would buy in the United States.” The rankings utilizing this indicator adjust exchange rates to take into account local purchasing power differences, enabling the comparison of the co-operatives removing the fluctuations that can occur when converting Local currency units to U.S. Dollars. Regarding the USD rankings in this year’s report, for example, in 2015 we see some significant changes in value with respect to USD, influencing the rankings ( discussed further in the methodology section ). For example: In the rankings based on international dollar Groupe Crédit Agricole (France) remains at the top and Zen-noh (Japan) enters into the Top 10. The complete Top 300 ranking is on page 80 and the sector rankings are available on www.monitor.coop. Euro (EUR) 0.75408 2014 0.90699 2015 Japanese Yen (JPY) 106.62117 120.99833 Average USD/LCU exchange rate

58. 56 EXPLORING THE CO-OPERATIVE ECONOMY Co-operative capital With respect to the Top 300 sample three important differences are evident (see Table 41 in the Methodology Section): ( i ) Banking and Insurance sectors are not present, ( ii ) only 1% of the sample are co-operatives from the Americas region (compared to 33.8% in the Top 300 sample), and ( iii ) the Agriculture co-operatives of the European region account for 51.3% of the sample (compared to 19.4% of the Top 300 sample). Because the sample is comprised of small co-operatives, it is no surprise that the Banking and Insurance sectors are not present due to economies of scale. Economies of scale are also important due the composition of the territory of Europe - an region, compared to those of Americas region, i.e. Agriculture co-operatives are bigger in the Americas region. CAPITAL COMPOSITION AND GENERAL ANALYSIS The analysis by capital composition, and the following analysis by indexes, is the same made for the Top 300 sample, with the inci - dence of the composition of the liabilities side of the balance sheet across different sectors (Table 29), and different regions (Table 30). The data for different sectors (Table 29) shows in general a higher value of the incidence of the Total liabilities, and a low - er value for both Net equity and Net income, with respect to the value of the Top 300 data for the Agriculture and Wholesale sectors. The limited number of co-operatives in the “Other” sec - tor in the Top 300 does not allow for a comparison. It seems that the sample of small co-operatives perform in general worse with some difficulties in obtaining internal capital (equity) to finance their business, in comparison to the Top 300 co-operatives. The Other sector shows values very different than the oth - ers, with a higher incidence of Total liabilities and a lower value of Net equity. Despite this data, the performance, measured by Net income, is better compared to the other two sectors. Regarding the incidence of the capital structure by regions (Table 29), the small co-operatives in the European region are very similar to those from the Top 300, while the co-operatives T. 29: CAPITAL STRUCTURE BY SECTORS SECTOR TOTAL LIABILITIES NET EQUITY NET INCOME Agriculture and food industries 72.7% 25.3% 2.0% Wholesale and retail trade 71.8% 26.6% 1.6% Other 86.0% 11.6% 2.4% Total 76.1% 21.8% 2.0% T. 30: CAPITAL STRUCTURE BY REGIONS REGIONS TOTAL LIABILITIES NET EQUITY NET INCOME Americas region* 54.8% 37.4% 7.9% Asia and the Pacific 79.8% 17.6% 2.6% European region 75.7% 22.5% 1.9% Total 76.1% 21.9% 2.0% * The limited number of co-operatives in the “Other” sector and in “Asia and the Pacific” does not allow for a comparison of that sector and region with the others. THE SMALL CO-OPERATIVES In this edition of the analysis we add a sample of small co-operative and mutual enterprises with total asset value less than 10 million US dollars and total workers below 50 units (see the Methodology Section for more details on the sample).

55. 53 REPORT 2017 Co-operative capital Banking and financial services The number of organisations in the sample in the Banking sector is too small to conduct an analysis at the region level, so the discussion that follows pertains to the aggregate level only, based on the computation of three different indexes: ( i ) an index that explains the type of bank in terms of business approach, ( ii ) an index of financial leverage, and ( iii ) an index of risk coverage. The first index is the incidence of Other earning assets to Total assets. A lower value of the index represents a traditional bank – commercial bank – where the main activity is the grant - ing of credit; conversely, a higher value of the index represents an investment bank. The index is computed as follows: type of bank = other earning assets total assets The second index is financial leverage, which explains the use of external sources of financing by the bank and is com - puted as follows: financial leverage = long term debt total equity Finally, a simple index of risk coverage is computed, i.e. an in - dex that highlights the strength of the bank in absorbing losses deriving from loans – the higher the index, the stronger the bank. The index is computed similarly to the computation of the CET1 ratio recently introduced with the bail-in normative, which must be greater than 10.5% following the indication of the European Central Bank (ECB). The principal difference with the CET1 ratio is that the net loans used in this sample are not risk-weighted, i.e. the denominator of the index is larger with respect to the ones used by the ECB. Thus, the following protection index will be low - er compared to the CET1 ratio: protection = total equity net loans The values of the indexes are shown in Table 25. As expected, the co-operatives in the sample are traditional banks, with the principal line of business related to tradition - al lending, as shown by the first index – type of bank – in Table 25. With respect to the data from the previous year the index increases from 17.3% to 26.8% showing a movement by the sector away from the traditional banks. This result can be ex - plained by a decrease in the total assets, probably due to the balance adjustment for non-performing loans, but also by an increase on the other earning assets due to the general eco - nomic condition. The financial leverage is in general small compared both to commercial banks – traditional banks – and to investment banks. This results in a low level of risk for the sector. Even in the case of credit losing position, the co-oper - ative banks may successfully absorb the income losses using the level of equity – normally higher with respect to other banks – as indicated by the Protection index in Table 25. Both indexes perform well with respect to the data in the 2016 report, financial leverage decreases from 5.3 to 3.8, and the protection index increases from 12.9% to 21.1%. This movement can be de - rived can be derived from the general reinforcement of the bank balance sheet imposed by the bank authorities. T. 25: INDEXES OF BANKING AND FINANCIAL SERVICES SECTOR INDEX VALUE NUMBER OF CO-OPERATIVES type of bank 26.8% 17 financial leverage 3.8% 17 protection 21.1% 17

96. EXPLORING THE CO-OPERATIVE ECONOMY www.monitor.coop Take part in the 2018 Monitor’s call for data Visit www.monitor.coop and complete the online questionnaire Spread the word Share the World Co-operative Monitor and encourage co-operatives in your sector or area to participat e Create your own monitor Create a national or regional ranking based on the World Co-operative Monitor methodology Contact monitor@monitor.coop to learn more

10. 8 EXPLORING THE CO-OPERATIVE ECONOMY 2015 Highlights 41% Insurance 1% Health, education and social care 19% Wholesale and retail trade 6% Banking and financial services 30% Agriculture and food industries 1% Industry and utilities 1% Other services BASED ON TURNOVER IN US $ 27 Countries 2,164.23 billion US $ distributed in Recorded a turnover of TOP 300 mainly concentrated in the “ insurance ” and “ agriculture and food industries ” sectors TOP 300 RANK 2015 ORGANISATION COUNTRY SECTOR OF ACTIVITY 1 Groupe Crédit Agricole France 2 Kaiser Permanente USA 3 State Farm USA 4 BVR Germany 5 Zenkyoren Japan 6 Groupe BPCE France 7 REWE Group Germany 8 Groupe Crédit Mutuel France 9 Nippon Life Japan 10 ACDLEC - E.Leclerc France

8. 6 EXPLORING THE CO-OPERATIVE ECONOMY 2015 Highlights 2015 Highlights 2015 HIGHLIGHTS The World Co-operative Monitor is a project designed to collect robust economic, organisational, and social data about co-operatives, mutual organisations and non-co-operative enterprises controlled by co-operatives worldwide. It is the only report of its kind collecting annual quantitative data on the global co-operative movement. 2,379 1,436 300 THE WORLD CO-OPERATIVE MONITOR COLLECTED DATA FOR ORGANISATIONS ORGANISATIONS Of these TOP 100 mln US $ over TURNOVER 2,164.23 billion US $ TURNOVER 8 SECTORS OF ACTIVITY 28% Agriculture and food 23% Insurance 18% Banking 12% Wholesale and retail trade 8% Other services 5% Industry 5% Health, education and social care 1% Other with

18. 16 EXPLORING THE CO-OPERATIVE ECONOMY Sector snapshot and trends TWO INDIAN CO-OPERATIVES ENTER THE TOP20 : T.1 THE 20 LARGEST CO-OPERATIVES IN THE AGRICULTURE AND FOOD INDUSTRIES SECTOR BY TURNOVER 2015 Indian Farmers Fertiliser Cooperative Limited (IFFCO) Gujarat Cooperative Milk Marketing Federation Limited 17.53 INT’L $ 12.15 INT’L $ How does the ranking change when using INTERNATIONAL DOLLARS ? RANK 2015 RANK 2014 ORGANISATION COUNTRY TURNOVER 2015 (BILLION US $ ) RANK 2015 INTERNATIONAL $ SOURCE 1 2 Zen-noh Japan 38.80 1 Euricse 2 3 CHS Inc. USA 34.58 3 NCB 3 1 NH Nonghyup* Republic of Korea 33.94 2 Euricse 4 4 Bay Wa Germany 16.46 4 Coop de France 5 5 Dairy Farmers of America USA 13.80 9 NCB 6 6 Fonterra Co-operative Group New Zealand 13.02 10 NZ.COOP 7 8 Land O'Lakes, Inc. USA 13.01 11 NCB 8 10 Hokuren Japan 12.53 6 Orbis 9 7 FrieslandCampina Netherlands 12.42 7 Eikon 10 9 Arla Foods Amba Denmark 11.35 13 Orbis 11 11 Danish Crown Denmark 8.80 17 Orbis 12 13 Growmark, Inc. USA 8.73 16 NCB 13 12 DLG Denmark 8.05 19 Coop de France 14 16 Agravis Germany 7.65 14 Coop de France 15 15 Copersucar SA Brazil 7.61 8 Eikon 16 14 Südzucker Germany 7.47 15 Coop de France 17 17 Kerry Group Ireland 6.73 18 Eikon 18 - Fenaco Switzerland 6.27 - Orbis 19 18 InVivo France 6.23 20 Coop de France 20 - Terrena France 5.55 - Coop de France * The NH Nonghyup figure includes data from the banking and insurance subsidiaries of the group 11 Countries 11 Countries 273.02 billion US $ 322.38 billion INT’L $ distributed in Recorded a turnover of BASED ON TURNOVER IN US $ TOP 20 BASED ON TURNOVER IN INT’L $ TOP 20

91. 89 REPORT 2017 Team, steering committee, organizational partners FLAVIO BAZZANA (Capital Chapter) University of Trento ANNA BERTON Euricse CHIARA CARINI Euricse IVANA CATTURANI (Capital Chapter) University of Trento and Euricse ILANA GOTZ Euricse STEFANIA TURRI Euricse TEAM STEERING COMMITTEE CARLO BORZAGA University of Trento and Euricse (Italy) MAURIZIO CARPITA University of Brescia (Italy) LOU HAMMOND KETILSON University of Saskatchewan (Canada) ANN HOYT University of Wisconsin-Madison (USA) BALASUBRAMANIAN (BALU) IYER International Co-operative Alliance Asia-Pacific AKIRA KURIMOTO Hosei University and Consumer Co-operative Institute of Japan (Japan) SIGISMUNDO BIALOSKORSKI NETO University of São Paulo (Brazil) SONJA NOVKOVIC Saint Mary’s University (Canada) GREG PATMORE The University of Sydney (Australia) GIANLUCA SALVATORI Euricse (Italy) BARRY W. SILVER National Cooperative Bank (USA) MUHAMMAD TAUFIQ Ministry of Cooperatives and Small-Medium Enterprises (Indonesia) FREDRICK O. WANYAMA Maseno University (Kenya)

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