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<SEC-DOCUMENT>0000897101-03-000025.txt : 20030114
<SEC-HEADER>0000897101-03-000025.hdr.sgml : 20030114
<ACCEPTANCE-DATETIME>20030114145746
ACCESSION NUMBER:		0000897101-03-000025
CONFORMED SUBMISSION TYPE:	S-2/A
PUBLIC DOCUMENT COUNT:		22
FILED AS OF DATE:		20030114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENEX HARVEST STATES COOPERATIVES
		CENTRAL INDEX KEY:			0000823277
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-FARM PRODUCT RAW MATERIALS [5150]
		IRS NUMBER:				410251095
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		S-2/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-101916
		FILM NUMBER:		03513426

	BUSINESS ADDRESS:	
		STREET 1:		5500 CENEX DRIVE
		CITY:			INVER GROVE HEIGHTS
		STATE:			MN
		ZIP:			55077
		BUSINESS PHONE:		6129469433

	MAIL ADDRESS:	
		STREET 1:		5500 CENEX DRIVE
		CITY:			INVER GROVE HEIGHTS
		STATE:			MN
		ZIP:			55077

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HARVEST STATES COOPERATIVES
		DATE OF NAME CHANGE:	19961212
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-2/A
<SEQUENCE>1
<FILENAME>cenex030128_s-2.htm
<DESCRIPTION>CENEX HARVEST STATES FORM S-2/A
<TEXT>
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     <HEAD><TITLE>Cenex Harvest States Form S-2/A</TITLE>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>As
filed with the Securities and Exchange Commission on January 14, 2003</B></FONT></P>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Registration
No. 333-101916</B></FONT></P>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITIES
AND EXCHANGE COMMISSION<BR>Washington,
D.C. 20549</FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMENDMENT NO. 1<br>TO<br>FORM S-2</FONT></H1>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REGISTRATION
STATEMENT<BR>UNDER<BR>THE SECURITIES ACT OF 1933</FONT></H1>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"><FONT SIZE="2"><B>CENEX HARVEST
STATES COOPERATIVES</B><BR> (Exact name of Registrant as specified in its charter)</FONT></FONT> </P>
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<TD ALIGN=CENTER WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Minnesota</B><BR>(State or Other Jurisdiction of<BR>Incorporation or Organization)</FONT></TD>
<TD ALIGN=CENTER WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>41-0251095</B><BR>(I.R.S. Employer<BR>Identification Number)</FONT></TD>
</TR>
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<BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5500 Cenex Drive<BR>
Inver Grove Heights, Minnesota 55077<BR>
(651) 451-5151</FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Address, including zip
code, and telephone number,<BR> including area code, of Registrant&#146;s principal executive
offices) </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>David Kastelic<br>
Senior Vice President and General Counsel<br>
Cenex Harvest States Cooperatives<br>
5500 Cenex Drive<br>
Inver Grove Heights, Minnesota 55077<br>
(651) 451-5151<br>
Fax (651) 451-4554<br>
(Name, address, including zip code, and telephone number,<br>
including area code, of agent for service</FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Copies to:</FONT></H1>
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</TD>
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    <TD ALIGN=CENTER WIDTH=50%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
William B. Payne<br>
Dorsey &amp; Whitney LLP<br>
50 South Sixth Street<br>
Minneapolis, Minnesota 55402<br>
(612) 340-2600<br>
Fax (612) 340-8738</FONT></b></TD>



    <TD ALIGN=CENTER WIDTH=50%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Christopher J. Voss<br>
John D. Kauffman<br>
Stoel Rives LLP<br>
600 University Street, Suite 3600<br>
Seattle, Washington 98101<br>
(206) 624-0900<br>
Fax (206) 386-7500</FONT></b></TD>
  </TR>
</TABLE>
<BR>

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<P align=center><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC:<br>
AS SOON AS PRACTICABLE AFTER THIS REGISTRATION STATEMENT BECOMES EFFECTIVE.</FONT></P>

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<P><FONT SIZE=2>If any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. [ ] </FONT></P>

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<P><FONT SIZE=2>If the Registrant elects to deliver its latest annual report to
security holders, or a complete and legible facsimile thereof, pursuant to Item
(11)(a)(1) of this Form, check the following box. [ ] </FONT></P>

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<P><FONT SIZE=2>If this Form is filed to register additional securities for an
offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. [ ] </FONT></P>

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<P><FONT SIZE=2>If this Form is a post-effective amendment filed pursuant to
Rule 462(c) under the Securities Act, please check the following box and list
the Securities Act registration statement number of the earlier effective
registration statement for the same offering. [ ] </FONT></P>

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<P><FONT SIZE=2>If this Form is a post-effective amendment filed pursuant to
Rule 462(d) under the Securities Act, please check the following box and list
the Securities Act registration statement number of the earlier effective
registration statement for the same offering. [ ] </FONT></P>

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<P><FONT SIZE=2>If delivery of the prospectus is expected to be made pursuant to  Rule
434, please check the following box. [ ]</FONT></P>



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<P><FONT SIZE=2>THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH
DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE
REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS
REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH
SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT
SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID
SECTION 8(a), MAY DETERMINE. </FONT></P>

</TD>
</TR>
</TABLE>
<BR>


<BR><BR>
<P ALIGN="CENTER"><font size=2>&nbsp;</font></P>
<P STYLE="PAGE-BREAK-BEFORE:ALWAYS">&nbsp;</P><HR SIZE=5 COLOR=GRAY NOSHADE>

<P><FONT SIZE=2><B>The
information in this prospectus is not complete and may be changed. We
may not sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This
prospectus is not an offer to sell these securities, and it is not
solicited an offer to buy these securities in any state where the offer
or sale is not permitted.</B></FONT></P>


<P ALIGN=CENTER><FONT SIZE=2><B>SUBJECT TO COMPLETION,
DATED JANUARY 14, 2003</B></FONT></P>


<P><FONT SIZE=2><B>PROSPECTUS</B></FONT></P>

<P ALIGN=CENTER><B>2,500,000
Shares<BR> &nbsp;</B></P>


<DIV ALIGN=CENTER>
<IMG SRC="chs1.gif">
</DIV>


<P ALIGN=CENTER><B>Cenex
Harvest
States
Cooperatives<BR>
8% Cumulative Redeemable Preferred
Stock<BR> $25.00 per
share</B></P>


<HR WIDTH=20% SIZE=1 COLOR=BLACK NOSHADE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering 2,500,000 shares of our 8% Cumulative Redeemable
Preferred Stock. Holders of the preferred stock will be entitled to
receive cash dividends at the rate of $2.00 per share per year.
Dividends will be payable quarterly in arrears when, as and if declared
on March&nbsp;31, June&nbsp;30, September 30 and December 31
of each year beginning March&nbsp;31, 2003. Dividends payable on
the preferred stock are cumulative. The preferred stock is subject to
redemption and has the preferences described in this prospectus. The
preferred stock is not convertible into any of our other securities and
is non-voting except in certain limited circumstances.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have applied to have our preferred stock listed on
the Nasdaq National Market
under the symbol &#147;CHSCP.&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investing in our preferred stock
involves certain risks. See &#147;Risk Factors&#148; beginning on page&nbsp;5.</B>
</FONT></P>


<P><FONT SIZE=2></FONT></P>

<DIV ALIGN=CENTER>


<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Per Share</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Total</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD WIDTH=70%><FONT SIZE=2>Public offering price
<SUP>(1)</SUP></FONT></TD>
<TD ALIGN=RIGHT WIDTH=15%><FONT SIZE=2>$25.0000</FONT></TD>
<TD ALIGN=RIGHT WIDTH=15%><FONT SIZE=2>$62,500,000</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Underwriting discount</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;.9375</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$2,343,750</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Proceeds to CHS
(before expenses)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$24.0625</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$60,156,250</FONT></TD>
</TR>
</TABLE>

</DIV>

<HR SIZE=1 WIDTH=20% ALIGN=LEFT COLOR=BLACK NOSHADE>

<TABLE CELLSPACING=2 CELLPADDING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Plus accrued dividends from and including January&nbsp;1,
2003.</FONT></TD>
</TR>
</TABLE>



<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The underwriters are severally underwriting the shares of
preferred stock. We have granted to the underwriters a 30-day option to
purchase up to 375,000 shares of the preferred stock on the same terms
and conditions as set forth above to cover over-allotments, if
any.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Securities and Exchange Commission nor any state
securities commission has approved or
disapproved of these securities or determined if this
prospectus is truthful or complete. Any representation
to the contrary is a criminal
offense.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect to deliver the preferred stock on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2003.</FONT></P>

<HR WIDTH=20% SIZE=1 COLOR=BLACK NOSHADE>

<P ALIGN=CENTER><FONT SIZE=2>&nbsp;<BR><I>CO-LEAD MANAGERS</I></FONT></P>


<TABLE CELLSPACING=2 CELLPADDING=2 BORDER=0 WIDTH=100%>
<TR>
<TD WIDTH=50% ALIGN=CENTER><B>D. A. Davidson &amp; Co.</B></TD>
<TD WIDTH=50% ALIGN=CENTER><B>U. S. Bancorp Piper Jaffray</B></TD>
</TR>
</TABLE>


<HR WIDTH=20% SIZE=1 COLOR=BLACK NOSHADE>


<P ALIGN=CENTER><B>Fahnestock &amp; Co. Inc.</B></P>


<P ALIGN=CENTER><FONT SIZE=2>The date of this prospectus
is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003<BR></FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>&nbsp;</font></P>
<P STYLE="PAGE-BREAK-BEFORE:ALWAYS">&nbsp;</P><HR SIZE=5 COLOR=GRAY NOSHADE>

<img src="chs2.gif" align=left>

<H3 ALIGN=CENTER>FROM THE PRODUCER TO THE CONSUMER</H3>
<P>&nbsp;</P>

<DIV ALIGN=CENTER>
<TABLE CELLSPACING=4 CELLPADDING=4 BORDER=0 WIDTH=550>

<TR ALIGN=CENTER VALIGN=BOTTOM>
<TD><FONT SIZE=2>Producer<br>Inputs</FONT></TD>
<TD><FONT SIZE=2>Markets<br>for<br>Products</FONT></TD>
<TD><FONT SIZE=2>Milling<br>and<br>Processing</FONT></TD>
<TD><FONT SIZE=2>Consumer Products</FONT></TD>
</TR>

<TR ALIGN=CENTER VALIGN=TOP>
<TD><img src="refin1.jpg"></TD>
<TD><img src="harvest1.jpg"></TD>
<TD><img src="mill1.jpg"></TD>
<TD><img src="tortillas1.jpg"></TD>
</TR>

<TR ALIGN=CENTER VALIGN=TOP>
<TD><img src="agron1.jpg"></TD>
<TD><img src="term1.jpg"></TD>
<TD><img src="process1.jpg"></TD>
<TD><img src="ventura1.jpg"></TD>
</TR>

</TABLE>
</DIV>

<HR SIZE=3 NOSHADE>

<DIV ALIGN=CENTER>

<TABLE CELLSPACING=4 CELLPADDING=4 BORDER=0 WIDTH=550>
<TR ALIGN=CENTER VALIGN=TOP>
<TD WIDTH=50%><FONT SIZE=2><B><U>Country Operations and Grain Marketing</U></B></FONT></TD>
<TD WIDTH=50%><FONT SIZE=2><B><U>Processed Grains and Foods</U></B></FONT></TD>
</TR>
<TR ALIGN=CENTER VALIGN=TOP>
<TD><img src="map1.jpg"></TD>
<TD><img src="map2.jpg"></TD>
</TR>
<TR ALIGN=CENTER VALIGN=TOP>
<TD><FONT SIZE=2><B><U>Energy</U></B></FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD><img src="map3.jpg"></TD>
<TD><img src="chsfam.jpg">
<P><FONT SIZE=1>&nbsp;<br>&nbsp;<br>*Joint venture entities or operations not wholly owned by Cenex Harvest
States Cooperatives. See &#147;Business&#148; for additional information.</FONT></P></TD>
</TR>
</TABLE>
</DIV>





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<H2 ALIGN=CENTER><FONT SIZE=2>TABLE OF CONTENTS</FONT></H2>

<P><FONT SIZE=2></FONT></P>

<DIV ALIGN=CENTER>


<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>


<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2><B>Page<BR></B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Important Information About This Prospectus</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>ii</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Special Note Regarding Forward-Looking Statements</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>ii</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Prospectus Summary</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Risk Factors</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Use of
Proceeds</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>10</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Business</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>10</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Selected Consolidated Financial
Data</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>24</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Management&#146;s Discussion and Analysis of Financial Condition and
Results of
Operations</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>29</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Quantitative and Qualitative Disclosures About Market Risk</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>42</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Description of the Preferred
Stock</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>43</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Certain
Material Federal Income Tax Considerations</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>48</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Underwriting</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>50</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Legal Matters</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>52</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Experts</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>52</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Where You
Can Find More
Information</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>52</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Financial Statements</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>F-1</FONT></TD>
</TR>
</TABLE>

</DIV>

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<H2 ALIGN=CENTER><FONT SIZE=2>IMPORTANT INFORMATION ABOUT THIS PROSPECTUS</FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should rely only on the information contained or incorporated by
reference in this prospectus. Neither we nor the underwriters have
authorized any other person to provide you with different or additional
information. This prospectus does not constitute an offer to sell or
the solicitation of an offer to buy any securities other than the
securities to which it relates. We are not making an offer of these
securities in any state where the offer is not permitted. You should
not assume that the information provided by this prospectus is accurate
as of any date other than the date on the front of this prospectus.
Updated information can be obtained as described under &#147;Where You Can
Find More Information.&#148;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References in this prospectus, and the documents incorporated by
reference in this prospectus, to &#147;CHS,&#148; &#147;CHS Cooperatives,&#148; the
&#147;Company,&#148; &#147;we,&#148; &#147;our&#148; and &#147;us&#148; refer to Cenex Harvest
States&nbsp;Cooperatives, a Minnesota cooperative, and its
subsidiaries. Information contained in our
website does not constitute part of this prospectus.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All references to &#147;preferred stock&#148; in this prospectus are to our
8% Cumulative Redeemable Preferred Stock unless the context requires
otherwise.</FONT></P>

<H2 ALIGN=CENTER><FONT SIZE=2>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus and the information incorporated by reference in it
contain statements that constitute forward-looking statements within
the meaning of section 27A of the Securities Act of 1933 and section
21E of the Securities Exchange Act of 1934. In some cases, you can
identify forward-looking statements by terms such as &#147;may,&#148;
&#147;will,&#148; &#147;should,&#148; &#147;expect,&#148; &#147;plan,&#148; &#147;intend,&#148;
&#147;forecast,&#148; &#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148;
&#147;predict,&#148; &#147;potential,&#148; &#147;continue&#148; or the negative of these
terms or other comparable terminology. These forward-looking statements
are subject to risks and uncertainties that could cause our actual
results to differ materially from the forward-looking statements. These
factors include those listed under &#147;Risk Factors&#148; and elsewhere in
this prospectus.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not guarantee future results, levels of activity, performance or
achievements. You should not place undue reliance on these
forward-looking statements, which speak only as of the date on which
they were made.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>ii</font></P>

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<H2 ALIGN=CENTER><FONT SIZE=2></FONT></H2>

<H2 ALIGN=CENTER><FONT SIZE=2>PROSPECTUS SUMMARY</FONT></H2>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This summary highlights information we present in greater detail
elsewhere in this prospectus and in the information incorporated by
reference in it. This summary may not contain all of the information
that is important to you and you should carefully consider all of the
information contained or incorporated by reference in this prospectus.
This prospectus contains forward-looking statements that are subject to
risks and uncertainties that could cause our actual results to differ
materially from the forward-looking statements. These factors include
those listed under
&#147;Risk
Factors&#148; and elsewhere
in this prospectus.</I></FONT></P>


<H2 ALIGN=CENTER><FONT SIZE=2>CENEX HARVEST STATES COOPERATIVES</FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are one of the nation&#146;s leading integrated agricultural companies.
As a cooperative, we are owned by farmers and ranchers and their local
cooperatives located from the Great Lakes to the Pacific Northwest and
from the Canadian border to Texas. We buy commodities from and provide
products and services to our members and other customers. We provide a
wide variety of products and services, from initial agricultural inputs
such as fuels, farm supplies and crop nutrients, to agricultural
outputs that include grains and oilseeds, grain and oilseed processing
and food products. For the fiscal year ended August&nbsp;31, 2002,
our total revenues were $7.8 billion.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations are organized into five business segments: Agronomy,
Energy, Country Operations, Grain Marketing and Processed Grains and
Foods. Together these business segments create vertical integration to
link producers with consumers. The first two segments, Agronomy and
Energy, produce and provide for the wholesale distribution of inputs
that are essential for crop production. The third segment, Country
Operations, serves as our company-owned retailer of a portion of these
crop inputs and also serves as the first handler of a significant
portion of the crops marketed and processed by us. The fourth segment,
Grain Marketing, purchases and resells grains and oilseeds originated
by our Country Operations segment, by member cooperatives and by third
parties. The fifth business segment, Processed Grains and Foods,
converts grains and oilseeds into value-added products.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only producers of agricultural products and associations of producers
of agricultural products may be members of CHS Cooperatives. Our
earnings are allocated to members based on the volume of business they
do with us. Members receive earnings in the form of patronage refunds
in cash and patrons&#146; equities, which may be redeemed over time.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A portion of our operations are conducted through equity investments
and joint ventures whose operating results are not consolidated with
our results. For those investments and ventures for which we recognize
income using the equity method of accounting, a proportionate share of
the income or loss from those entities is
included as a component in our net income.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The origins of CHS Cooperatives date back to the early 1930s with the
founding of the predecessor companies of Cenex, Inc. and Harvest States
Cooperatives. Cenex Harvest States Cooperatives, now headquartered in
Inver Grove Heights, Minnesota, emerged as the result of the merger of
the two entities in 1998. Our address is 5500 Cenex Drive, Inver Grove
Heights, Minnesota 55077. Our telephone number is (651) 451-5151.</FONT></P>

<H3><FONT SIZE=2>Agronomy</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through our Agronomy business segment, we are engaged in the
manufacture of crop nutrients and the wholesale distribution of crop
nutrients and crop protection products. We conduct our agronomy
operations primarily through two investments &#151; a 20% cooperative
ownership interest in CF Industries, Inc. (CF Industries) and a 25%
ownership interest in Agriliance, LLC (Agriliance). CF Industries
manufactures crop nutrient products, particularly nitrogen and
phosphate fertilizers, and is one of the largest suppliers to
Agriliance. Agriliance is one of North America&#146;s largest wholesale
distributors of crop nutrients, crop protection products and other
agronomy products. Our minority ownership interests in CF Industries
and Agriliance are treated as investments and, therefore, those
entities&#146; revenues and expenses are not reflected in our operating
results.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>1</font></P>
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<BR><BR><BR>
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<H3><FONT SIZE=2>Energy</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are the nation&#146;s largest cooperative energy company, with operations
that include petroleum refining and pipelines; the supply, marketing
and distribution of refined fuels (gasoline, diesel, and other energy
products); the blending, sale and distribution of lubricants; and the
wholesale and retail supply of propane. Our Energy business segment
processes crude oil into refined petroleum products at refineries in
Laurel, Montana (wholly-owned) and McPherson, Kansas
(owned by National Cooperative Refinery
Association, a cooperative in which we have an approximate 74.5%
ownership interest) and sells those products under the Cenex brand to
our member cooperatives and others through a network of approximately
1,400 independent retailers, including approximately 800 that operate
Cenex/Ampride convenience stores.</FONT></P>


<H3><FONT SIZE=2>Country Operations</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Country Operations business segment purchases wheat and other
grains from our producer members and provides our members and
non-member
producers with access to a full range of products and
services including farm supplies, programs for crop and livestock
production, hedging and insurance services, and agricultural operations
financing. Country Operations operates at approximately 300 locations
dispersed throughout Minnesota, North Dakota, South Dakota, Nebraska,
Montana, Idaho, Washington and Oregon. Most of these locations purchase
grain from farmers and sell agronomy products, energy products and feed
to those same producers and others, although not all locations provide
every product and service.</FONT></P>


<H3><FONT SIZE=2>Grain Marketing</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are the nation&#146;s largest cooperative marketer of grain and oilseed,
handling about 1.1 billion bushels annually. During fiscal year 2002,
we purchased approximately 76% of our total grain volumes from
individual and member cooperatives and the Country Operations business
segment, with the balance purchased from
non-members. We arrange
for the transportation of the grains either directly to customers or to
our owned or leased grain terminals and elevators pending delivery to
domestic and foreign purchasers. We conduct most of our Grain Marketing
operations directly, although we do conduct some of our business
through three joint ventures in which we have a 50% ownership.</FONT></P>


<H3><FONT SIZE=2>Processed Grains and Foods</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Processed Grains and Foods business segment converts raw
agricultural commodities into ingredients for finished food products or
into finished consumer food products. We have focused on areas that
utilize the products supplied by our member producers. These areas are
oilseed processing and refining, wheat milling and foods, including
oilseed-based products (such as margarine and salad dressing) and
Mexican foods.</FONT></P>



<H2 ALIGN=CENTER><FONT SIZE=2>THE OFFERING</FONT></H2>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 width=600>
<TR VALIGN=TOP>
     <TD width=20%> <FONT SIZE="2"><B>Issuer</B> </FONT></TD>
     <TD width=80%><FONT SIZE="2"> Cenex Harvest States Cooperatives, a Minnesota cooperative </FONT></TD>
</TR><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
     <TD><FONT SIZE="2"><B>Securities Offered</B> </FONT> </TD>
     <TD><FONT SIZE="2"> 2,500,000 Shares of 8% Cumulative Redeemable Preferred Stock </FONT></TD>
</TR><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
     <TD><FONT SIZE="2"><B>Offering Price</B> </FONT> </TD>
     <TD><FONT SIZE="2">$25.00 per share </FONT> </TD>
</TR><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
     <TD><FONT SIZE="2"><B>Dividends</B> </FONT> </TD>
     <TD> <P><FONT SIZE=2>You will be entitled to receive cash dividends at the rate of $2.00 per
share per year when, as and if declared by our board of directors.
Dividends are cumulative and will be payable quarterly in arrears on
March&nbsp;31, June&nbsp;30, September 30 and December 31 of
each year beginning March&nbsp;31, 2003.</FONT></P></TD>
</TR><TR><TD>&nbsp;</TD></TR></table>







<BR><BR>
<P ALIGN="CENTER"><font size=2>2</font></P>
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<BR><BR><BR>
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<BR><BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 width=600>

<TR VALIGN=TOP>
     <TD> <FONT SIZE="2"><B>Liquidation Rights</B> </FONT></TD>
     <TD> <P><FONT SIZE=2>In the event of our liquidation, you will be entitled to receive $25.00
per share plus all dividends accumulated and unpaid on the shares to
and including the date of liquidation, subject, however, to the rights
of any of our securities that rank senior or on a parity with the
preferred stock.</FONT></P></TD>
</TR><TR><TD>&nbsp;</TD></TR>


<TR VALIGN=TOP>
     <TD><FONT SIZE="2"><B>Rank</B> </FONT> </TD>
     <TD><P><FONT SIZE=2> With respect to the payment of dividends and the distribution of assets
in the event of our liquidation, dissolution or winding up, the
preferred stock will have priority over the following: <BR></FONT></P>

<UL>
<LI><FONT SIZE=2> any patronage refund, whether or not represented by a certificate, and any redemption thereof; <BR></FONT></LI></UL>
<UL><LI><FONT SIZE=2>any other
class or series of our capital stock designated by our board of
directors as junior to the preferred stock; and<BR></FONT></LI>
<LI><FONT SIZE=2>our common stock, if any.</FONT></LI></UL>

<P><FONT SIZE=2>Shares of any
class or series of our capital stock that are not junior to the
preferred stock, including our existing 8% Preferred Stock, will rank
on a parity with the preferred stock.</FONT></P>


 </TD>
</TR><TR><TD>&nbsp;</TD></TR>


<TR VALIGN=TOP>
     <TD> <FONT SIZE="2"><B>Redemption at our <BR>&nbsp;&nbsp;Option</B> </FONT></TD>
     <TD><P><FONT SIZE=2>We may not redeem the preferred stock prior to February&nbsp;1, 2008. On or after that date we may, at our option, redeem the
preferred stock, in whole or from time to time in part, for cash at a
price of $25.00 per share plus all dividends accumulated and unpaid on
that share to and including the date of redemption.</FONT></P> </TD>
</TR><TR><TD>&nbsp;</TD></TR>


<TR VALIGN=TOP>
     <TD><FONT SIZE="2"><B>Redemption at the<BR>&nbsp;&nbsp;Holder&#146;s Option</B> </FONT> </TD>

     <TD><P><FONT SIZE=2> In the event of a change in control
approved by our board
of directors (prior to submitting the
proposed
transaction to our members for
approval,)
you will have the right, for a period of 90 days from the date of the
change in control, to require us to repurchase your shares of preferred
stock at a price of $25.00 per share plus all dividends accumulated and
unpaid on that share to and including the date of redemption. &#147;Change
in control&#148; is defined in &#147;Description of the Preferred Stock &#151;
Redemption &#151; At the
Holder&#146;s Option.&#148; </FONT></P></TD>

</TR><TR><TD>&nbsp;</TD></TR>


<TR VALIGN=TOP>
     <TD><FONT SIZE="2"><B>No Exchange or<BR>&nbsp;&nbsp;Conversion Rights,<BR>&nbsp;&nbsp;No Sinking Fund</B> </FONT> </TD>
     <TD> <P><FONT SIZE=2>The preferred stock is not exchangeable for or convertible into
shares of any other shares of our capital stock or any other securities
or property. The preferred stock is not subject to the operation of any
purchase, retirement or sinking fund.</FONT></P></TD>
</TR><TR><TD>&nbsp;</TD></TR>


<TR VALIGN=TOP>
     <TD> <FONT SIZE="2"><B>Voting Rights</B> </FONT></TD>
     <TD> <P><FONT SIZE=2>You will not have voting rights except as required by applicable law;
provided that the affirmative vote of two-thirds of the outstanding
preferred stock will be required to approve:<BR></FONT></P>
<UL>
<LI><FONT SIZE=2>any
amendment to our articles of incorporation or the resolutions
establishing the terms of the preferred stock if the amendment
adversely affects the rights or preferences of the preferred stock;
and<BR></FONT></LI>
<LI><FONT SIZE=2>the creation of any class or series of
equity securities having rights senior to the preferred stock as to the
payment of dividends or distribution of assets upon the liquidation,
dissolution or winding up of CHS.</FONT></LI>
</UL>
</TD>
</TR><TR><TD>&nbsp;</TD></TR>


<TR VALIGN=TOP>
     <TD><FONT SIZE="2"><B>Nasdaq Listing</B> </FONT></TD>

     <TD><P><FONT SIZE=2> We have applied to have the preferred stock listed on
the Nasdaq National
Market under the symbol &#147;CHSCP.&#148; </FONT></P> </TD>

</TR><TR><TD>&nbsp;</TD></TR>


<TR VALIGN=TOP>
     <TD><FONT SIZE="2"><B>Use of Proceeds</B> </FONT> </TD>
     <TD> <P><FONT SIZE=2>We intend to use the net proceeds from this offering to repay
short-term indebtedness.</FONT></P></TD>
</TR><TR><TD>&nbsp;</TD></TR>


<TR VALIGN=TOP>
        <TD> <FONT SIZE="2"><B>Risk Factors</B> </FONT> </TD>
        <TD>        <P><FONT SIZE=2>See &#147;Risk Factors&#148; and the other information in this prospectus for
a discussion of factors that you should consider carefully before
deciding to purchase the preferred stock.</FONT></P>    </TD></TR><TR><TD>&nbsp;</TD></TR>


</TABLE>

<BR><BR>
<P ALIGN="CENTER"><font size=2>3</font></P>
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<BR><BR><BR>
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<H2 ALIGN=CENTER><FONT SIZE=2>SUMMARY CONSOLIDATED FINANCIAL DATA</FONT></H2>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selected audited consolidated financial data
as of August 31, 2002 and 2001, and for each of the three fiscal years
ended August&nbsp;31, 2002, 2001 and 2000, have been derived from, and
should be read in conjunction with, our consolidated financial statements and
notes thereto included elsewhere in this prospectus. The selected consolidated
financial data for the three months ended November 30, 2002 and 2001 are
unaudited and have been derived from, and should be read together with, our
unaudited consolidated financial statements and notes thereto contained in the
quarterly report on Form 10-Q for the quarterly period ended November 30, 2002,
incorporated by reference in this prospectus. The remaining selected audited
consolidated financial data have been derived from audited consolidated
financial statements not incorporated by reference in this prospectus. In the
opinion of our management, the unaudited historical financial data were prepared
on the same basis as the audited historical financial data and include all
adjustments, consisting of only normal recurring adjustments, necessary for a
fair statement of this information. Results of operations for the three-month
periods are not necessarily indicative of results of operations that may be
expected for the full fiscal year.</FONT></P>


<DIV ALIGN=CENTER>


<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>


<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B>Three
Months<BR>Ended<BR>
November 30,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD COLSPAN=4 ALIGN=CENTER><FONT SIZE=2><B>Years Ended August
31,<BR></B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Three<BR>Months<BR>Ended<BR>August 31,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Year<BR>Ended<BR>May
31,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>1999</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>1998<SUP>(1)</SUP></B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>1998</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>(Unaudited)</B></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>(Unaudited)</B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=8 ALIGN=CENTER><FONT SIZE=2><B>(in
thousands,
except for
ratios)<BR></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=9><FONT SIZE=2>Income&nbsp;Statement&nbsp;Data:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=9><FONT SIZE=2>Revenues:<BR></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net
sales</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$2,626,628</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,871,952</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$7,731,867</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$7,753,012</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$8,497,850</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$6,381,334</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,531,124</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$8,410,030</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
dividends</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>166</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>721</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,885</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,977</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,494</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,876</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,111</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>70,387</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other
revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>35,089</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>32,076</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>109,459</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>116,254</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>97,471</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>81,180</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>17,706</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>85,127</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,661,883</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,904,749</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,845,211</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,875,243</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,600,815</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,468,390</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,553,941</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,565,544</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Cost of goods sold</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,562,794</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,804,364</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,513,369</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,470,203</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,300,494</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,193,287</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,475,407</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,209,448</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Marketing, general and
administrative</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>43,148</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>42,898</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>187,292</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>184,046</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>155,266</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>152,031</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>34,998</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>126,061</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Operating
earnings</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>55,941</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>57,487</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>144,550</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>220,994</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>145,055</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>123,072</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>43,536</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>230,035</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Interest</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>12,813</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>10,815</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>42,455</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>61,436</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>57,566</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>42,438</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>12,311</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>34,620</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity (income) loss from investments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(8,165)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(3,942)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(58,133)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(28,494)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(28,325)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(22,363)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9,142</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(8,381)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Minority
interests</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,431</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,036</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,390</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>35,098</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>24,546</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>10,017</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,252</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,880</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income before income
taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>45,862</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>47,578</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>144,838</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>152,954</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>91,268</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>92,980</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>18,831</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>196,916</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,506</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,223</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>18,700</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(25,600)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,880</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,980</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,895</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>19,615</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net
income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$40,356</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$41,355</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$126,138</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$178,554</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$87,388</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$86,000</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$15,936</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$177,301</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=9><FONT SIZE=2>Balance Sheet Data (at end of period):<BR></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Working
capital</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$431,751</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$343,058</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$249,115</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$305,280</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$214,223</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$219,045</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$284,452</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$235,721</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net property,
plant and equipment</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,068,786</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,026,075</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,057,421</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,023,872</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,034,768</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>968,333</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>915,770</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>868,073</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total
assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,835,688</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,092,431</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,481,727</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,057,319</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,172,680</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,787,664</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,469,103</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,436,515</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Long-term debt, including current
maturities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>743,222</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>584,257</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>572,124</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>559,997</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>510,500</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>482,666</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>456,840</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>378,408</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total equities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,305,677</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,282,826</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,289,638</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,261,153</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,164,426</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,117,636</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,065,877</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,029,973</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Ratio of earnings to
fixed charges and preferred dividends<SUP>(2)</SUP></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4.5x</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5.2x</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3.4x</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3.4x</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2.6x</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2.5x</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2.4x</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4.4x</FONT></TD>
</TR>
</TABLE>

</DIV>

<HR SIZE=1 WIDTH=20% ALIGN=LEFT COLOR=BLACK NOSHADE>

<TABLE CELLSPACING=2 CELLPADDING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Reflects our change in fiscal year end from May 31 to August
31.</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=2 CELLPADDING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>For purposes of computing the ratio of earnings to fixed
charges and preferred dividends, earnings consist of
income before income
taxes on consolidated operations, distributed income from equity
investees and other investments
and fixed charges. Fixed charges
consist of interest expense and one-third of rental expense, considered
representative of that portion of rental expense estimated to be
attributable to interest.</FONT></TD>
</TR>
</TABLE>


<BR><BR>
<P ALIGN="CENTER"><font size=2>4</font></P>

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<H2 ALIGN=CENTER><FONT SIZE=2>RISK FACTORS</FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Before investing in our preferred stock, you should be aware that
doing so involves risks, including those described below. The value of
your investment may decline and you could lose your entire investment.
You should carefully consider the following factors as well as the
other information contained in or incorporated by reference in this
prospectus before deciding to buy our preferred stock.</I></FONT></P>

<H2><FONT SIZE=2>Risks Related to Our Operations<BR></FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Our revenues and operating results could be adversely affected by
changes in commodity prices.
</I> Our revenues and earnings are affected by market prices for commodities
such as crude oil, natural gas, grain, oilseeds, and flour. Commodity
prices generally are affected by a wide range of factors beyond our
control, including the weather, disease, insect damage, drought, the
availability and adequacy of supply, government regulation and
policies, and general political and economic conditions. Increases in
market prices for commodities that we purchase without a corresponding
increase in the prices of our products or our sales volume or a
decrease in our other operating expenses could reduce our revenues and
net income. We are also exposed to fluctuating commodity prices as the
result of our inventories of commodities, typically grain and crude
oil, and purchase and sale contracts at fixed or partially fixed
prices. At any time, our inventory levels and unfulfilled fixed or
partially fixed price contract obligations may be substantial.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Our operating results could be adversely affected if our members
were to do business with others rather than us.
</I> We do not have an exclusive relationship with our members and our
members are not obligated to supply us with their products or purchase
products from us. Our members often have a variety of distribution
outlets and product sources available to them. If our members were to
sell their products to other purchasers or purchase products from other
sellers, our revenues would decline and our results of operations could
be adversely affected.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We participate in highly competitive business markets in which we
may not be able to continue to compete successfully.
</I> We operate in several highly competitive business segments. Competitive
factors include price, service level, proximity to markets, product
quality and marketing. In some of our business segments, such as
Energy, we compete with companies that are larger, better known and
have greater marketing, financial, personnel and other resources. Our
competitors may succeed in developing new or enhanced products that are
better than ours, and may be more successful in marketing and selling
their products than we are with ours. As a result, we may not be able
to continue to compete successfully with our competitors.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Changes in federal income tax laws or in our tax status could
increase our tax liability and reduce our net income.
</I> Current federal income tax laws, regulations and interpretations
regarding the taxation of cooperatives, which allow us to exclude
income generated through business with or for a member (patronage
income) from our taxable income, could be changed. If this occurred, or
if in the future we were not eligible to be taxed as a cooperative, our
tax liability would significantly increase and our net income
significantly decrease.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We incur significant costs in complying with applicable laws and
regulations.
</I> Any failure to make the capital investments necessary to comply with
these laws and regulations could expose us to financial liability. We
are subject to numerous federal, state and local provisions regulating
our business and operations. We incur and expect to incur significant
capital and operating expenses to comply with these laws and
regulations, but may be unable to pass on those expenses to customers
without experiencing volume and margin losses. For example, in the next
three years, we
anticipate spending approximately
$387 million in total
at NCRA&#146;s McPherson,
Kansas and our Laurel, Montana refineries on upgrading the facilities,
largely to comply with regulations requiring the reduction of sulfur
levels in refined petroleum products.
It
is expected that approximately
80% of the total costs
for these projects will be incurred at the
McPherson refinery.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We establish reserves for the future cost of meeting</font></P> <BR><BR>
<P ALIGN="CENTER"><font size=2>5</font></P>

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<P><FONT SIZE=2>known compliance
obligations, such as remediation of identified environmental issues.
However, these reserves may prove inadequate to meet our actual
liability. Moreover, amended, new or more stringent requirements,
stricter interpretations of existing requirements or the future
discovery of currently unknown compliance issues may require us to make
material expenditures or subject us to liabilities that we currently do
not anticipate.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our failure to comply with applicable laws and regulations could
subject us to administrative penalties and injunctive relief, civil
remedies including fines and injunctions, and recalls of our products.
We cannot predict what impact, if any, future laws or regulations may
have on our potential business and operations.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Environmental liabilities could adversely affect our results and
financial condition.
</I> Many of our current and former facilities have been in operation for
many years and, over that time, we and other operators of those
facilities have generated, used, stored and disposed of substances or
wastes that are or might be considered hazardous under applicable
environmental laws, including chemicals and fuels stored in underground
and above-ground tanks. Any past or future actions in violation of
those environmental laws could subject us to administrative penalties,
fines and injunctions. Moreover, future or unknown past releases of
hazardous substances could subject us to private lawsuits claiming
damages and to adverse publicity.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Actual or perceived quality, safety or health risks associated with
our products could subject us to liability and damage our business and
reputation.
</I> If any of our food products became adulterated or misbranded, we would
need to recall those items and could experience product liability
claims if consumers were injured as a result. A widespread product
recall or a significant product liability judgment could cause our
products to be unavailable for a period of time or a loss of consumer
confidence in our products. Even if a product liability claim is
unsuccessful or is not fully pursued, the negative publicity
surrounding any assertion that our products caused illness or injury
could adversely affect our reputation with existing and potential
customers and our corporate and brand image. Moreover, claims or
liabilities of this sort might not be covered by our insurance or by
any rights of indemnity or contribution that we may have against
others. In addition, general public perceptions regarding the quality,
safety or health risks associated with particular food products, such
as the concern in some quarters regarding genetically modified crops,
could reduce demand and prices for some of the products associated with
our businesses. To the extent that consumer preferences evolve away
from products that our members or we produce for health or other
reasons, such as the growing demand for organic food products, and we
are unable to develop products that satisfy new consumer preferences,
there will be a decreased demand for our products.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Our operations are subject to business interruptions and casualty
losses; we do not insure against all potential losses and could be
seriously harmed by unexpected liabilities.
</I> Our operations are subject to business interruptions due to
unanticipated events such as explosions, fires, pipeline interruptions,
transportation delays, equipment failures, crude oil or refined product
spills, inclement weather or labor disputes. For example:</FONT></P>

<UL>
<LI><FONT SIZE=2>our oil refineries and other facilities are potential targets
for terrorist attacks that could halt or discontinue
production;<BR></FONT></LI>

<LI><FONT SIZE=2>our inability to negotiate acceptable contracts with unionized
workers in our operations could result in strikes or work stoppages;
and<BR></FONT></LI>

<LI><FONT SIZE=2>the significant inventories that we carry could be damaged or
destroyed by catastrophic events, extreme weather conditions or
contamination.<BR></FONT></LI>
</UL>

<P><FONT SIZE=2>We maintain insurance against many, but not all, potential losses
or liabilities arising from these operating hazards, but uninsured
losses or losses above our coverage limits are possible. Uninsured
losses and liabilities arising from operating hazards could have a
material adverse effect on our financial position or results of
operations.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Our cooperative structure limits our ability to access equity
capital.
</I> As a cooperative, we may not sell common equity in our company. In
addition, existing laws and our articles of incorporation and bylaws
contain limitations on dividends of 8% of any preferred stock that we
may issue. These limitations restrict our ability to raise equity
capital and may adversely affect our ability to compete with
enterprises that do not face similar restrictions.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>6</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Consolidation among the producers of products we purchase and
customers for products we sell could adversely affect our revenues and
operating results.
</I> Consolidation has occurred among the producers of products we purchase,
including crude oil and grain. Consolidation could increase the price
of these products and allow suppliers to negotiate pricing and other
contract terms that are less favorable to us. Consolidation also may
increase the competition among consumers of these products to enter
into supply relationships with a smaller number of producers.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidation among purchasers of our products and in wholesale and
retail distribution channels has resulted in a smaller customer base
for our products and intensified the competition for these customers.
For example, ongoing consolidation among distributors and brokers of
food products and food retailers has altered the buying patterns of
these businesses, as they have increasingly elected to work with
product suppliers who can meet their needs nationwide rather than just
regionally or locally. If these distributors, brokers, and retailers
elect not to purchase our products, our sales volumes, revenues, and
profitability could be significantly reduced.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Fluctuations in prices for crude oil and refined fuel
products may adversely affect our earnings.
</I> Prices for crude oil and for gasoline, diesel fuel, and other refined
petroleum products fluctuate widely. The profitability of our energy
operations depends largely on the margin between the cost of crude oil
that we refine and the selling prices that we obtain for our refined
products. Factors influencing these prices, many of which are beyond
our control, include:</FONT></P>

<UL>
<LI><FONT SIZE=2>levels of worldwide and domestic supplies;<BR></FONT></LI>

<LI><FONT SIZE=2>capacities of domestic and foreign refineries;<BR></FONT></LI>

<LI><FONT SIZE=2>the ability of the members of OPEC to agree to and maintain
oil price and production controls, and the price and level of foreign
imports generally;<BR></FONT></LI>

<LI><FONT SIZE=2>political instability or armed conflict in oil-producing
regions;<BR></FONT></LI>

<LI><FONT SIZE=2>the level of consumer demand;<BR></FONT></LI>

<LI><FONT SIZE=2>the price and availability of alternative fuels;<BR></FONT></LI>

<LI><FONT SIZE=2>the availability of pipeline capacity; and<BR></FONT></LI>

<LI><FONT SIZE=2>domestic and foreign governmental regulations and
taxes.<BR></FONT></LI>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The long-term effects of these and other conditions on the prices of
crude oil and refined petroleum products are uncertain and
ever-changing. Accordingly, we expect our margins on and the
profitability of our energy business to fluctuate, possibly
significantly, over time.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>If our customers chose alternatives to our refined petroleum
products our revenues and profits may decline.
</I> Numerous alternative energy sources currently are being developed that
could serve as alternatives to our gasoline, diesel fuel and other
refined petroleum products. If any of these alternative products become
more economically viable or preferable to our products for
environmental or other reasons, demand for our energy products would
decline. Demand for our gasoline, diesel fuel and other refined
petroleum products also could be adversely affected by increased fuel
efficiencies.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Our agronomy business is depressed and could continue to
underperform in the future.
</I> Demand for agronomy products in general has been adversely affected in
recent years by drought and poor weather conditions, depressed grain
prices, idle acreage and development of insect and disease-resistant
crops. These factors could cause our agronomy marketing and
distribution venture to be unable to operate at profitable margins. In
addition, these and other factors, including fluctuations in the price
of natural gas and other raw materials, an increase in recent years in
domestic and foreign production of fertilizer and intense competition
within the industry, in particular from lower-cost foreign producers,
have created particular pressure on producers of fertilizers. As a
result, CF Industries, Inc. a fertilizer manufacturer in which we hold
a minority cooperative interest, has suffered losses in recent years as
it has incurred increased prices for raw materials but has been unable
to pass those increased costs on to its customers.
</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>7</font></P>


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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Technological improvements in agriculture could decrease the demand
for our agronomy products.
</I> Improved technological advances in agriculture could decrease the
demand for crop nutrients, and other crop input products and services.
Genetically engineered seeds that resist disease and insects or meet
certain nutritional requirements could affect the demand for crop
nutrients and crop protection products, as well as the demand for fuel
to operate application equipment.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We operate some of our business through joint ventures in which our
rights to control business decisions are limited.
</I> Several parts of our business, including in particular our agronomy
business and portions of our grain marketing, wheat milling and foods
businesses, are operated through joint ventures with unaffiliated third
parties. Operating a business through a joint venture means that we
have less control over business decisions than we have in our
wholly-owned businesses. In particular, we generally cannot act on
major business initiatives in our joint ventures without the consent of
the other party or parties in that venture.</FONT></P>

<H2><FONT SIZE=2>Risks Related to This Offering and the Preferred Stock</FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The initial public offering price for the preferred stock may not be
representative of market prices after this offering.
</I> The initial public offering price of our preferred stock has been
determined through negotiations between the representatives of the
underwriters and us and may not be representative of market prices
after this offering. As a result, you may be unable to receive that
price if you resell the preferred stock.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>There may not be any secondary trading market for the preferred
stock, which may limit your ability to resell your shares.
</I> The preferred stock is a new issue of securities with no established
trading market and we cannot assure you that a secondary trading market
for the preferred stock will ever develop or, if one develops, that it
will be maintained or provide any significant liquidity. The
representatives of the underwriters have advised us that they intend to
make a market in the preferred stock. However, they are not obligated
to do so and may discontinue any market-making activity at any time
without notice. As a result of these and other factors, if you decide
to sell your preferred stock there may be either no or only a limited
number of potential buyers. This, in turn, may affect the price you
receive for your preferred stock or your ability to sell your preferred
stock at all.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We cannot assure you that the preferred stock, if listed on the
Nasdaq National Market,
will continue to qualify for listing.
</I> Although we have applied to have the preferred stock listed on
the Nasdaq National
Market, we cannot assure you that if it is listed, it will continue to
qualify for listing. For example, we may be unable to satisfy the
requirements regarding &#147;independent&#148; directors as now or
subsequently in effect. If our preferred stock were delisted, the
liquidity of the market for the preferred stock could be reduced,
possibly significantly.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>If you are able to resell your preferred stock, many factors may
affect the price you receive, which may be lower than you believe to be
appropriate.
</I> Many factors could affect the market price of our preferred stock,
including:</FONT></P>

<UL>
<LI><FONT SIZE=2>the risks relating to our business and the industries in which
we operate described elsewhere in this &#147;Risk Factors&#148; section and
elsewhere in this prospectus;</FONT></LI>

<LI><FONT SIZE=2>our operating and financial performance;</FONT></LI>

<LI><FONT SIZE=2>the level, direction and volatility of interest rates;</FONT></LI>

<LI><FONT SIZE=2>general market, political and economic conditions;</FONT></LI>

<LI><FONT SIZE=2>changes in market valuations of other integrated agricultural
companies;</FONT></LI>

<LI><FONT SIZE=2>the market for securities similar to the preferred stock;</FONT></LI>

<LI><FONT SIZE=2>additional issuances of preferred stock by us; and</FONT></LI>

<LI><FONT SIZE=2>sales of preferred stock by a few stockholders or even a
single significant stockholder.</FONT></LI>
</UL>

<BR><BR>
<P ALIGN="CENTER"><font size=2>8</font></P>
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<P><FONT SIZE=2>In addition, the U.S. stock markets have experienced price and
volume volatility that has affected many companies&#146; stock prices, often
for reasons unrelated to the operating performance of those companies.
Fluctuations such as these also may affect the market price of our
preferred stock. As a result of these factors, you may only be able to
sell your preferred stock at prices below those you believe to be
appropriate. We cannot predict at what price the preferred stock will
trade, and that price may be less than its initial public offering
price or liquidation value at any time.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Issuances of substantial amounts of preferred stock could adversely
affect the market price of our preferred stock.
</I> From time to time in the future we expect to issue shares of preferred
stock to our members in redemption of a portion of their patrons&#146;
equities or other equity securities and may do so as frequently as
annually. We expect these shares to be freely tradeable upon issuance
to our members, and some or all members who receive preferred stock may
seek to sell their shares in the public market. We also expect to issue
shares of preferred stock in exchange for the shares of our outstanding
8% preferred stock. Furthermore, from time to time we may sell
additional shares of preferred stock to the public. We cannot predict
whether future issuances or sales of our preferred stock or the
availability of our preferred stock for sale will adversely affect the
market price for our preferred stock or our ability to raise capital by
offering equity securities.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The terms of the preferred stock are fixed and changes in market
conditions, including market interest rates, may decrease the market
price for the preferred stock.
</I> The terms of the preferred stock, such as the 8% dividend rate, the
amount of the liquidation preference and the redemption terms, are
fixed and will not change, even if market conditions with respect to
these terms fluctuate. This may mean that you could obtain a higher
return from an investment in other securities. It also means that an
increase in market interest rates is likely to decrease the market
price for the preferred stock.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>You will have limited voting rights.
</I> As a holder of the preferred stock, you will be entitled to vote only
on actions that would amend, alter or repeal our articles of
incorporation or the resolutions establishing the preferred stock if
the amendment, alteration or repeal would adversely affect the rights
or preferences of the preferred stock or that would create a series of
senior equity securities. You will not have the right to vote on
actions customarily subject to shareholder vote or approval, including
the election of directors, the approval of significant transactions,
and other amendments to our articles of incorporation that would not
adversely affect the rights and preferences of the preferred stock.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment of dividends on the preferred stock is not guaranteed.
</I> Although dividends on the preferred stock accumulate, our board of
directors must approve the actual payment of those dividends. Our board
of directors can elect at any time or from time to time, and for an
indefinite duration, not to pay the accumulated dividends. Our board of
directors could do so for any reason, including the following:</FONT></P>

<UL>
<LI><FONT SIZE=2>unanticipated cash requirements;</FONT></LI>

<LI><FONT SIZE=2>the need to make payments on our indebtedness;</FONT></LI>

<LI><FONT SIZE=2>concluding that the payment of dividends would cause us to
breach the terms of any agreement, such as financial ratio covenants;
or</FONT></LI>

<LI><FONT SIZE=2>determining that the payment of dividends would violate
applicable law regarding unlawful distributions to shareholders.</FONT></LI>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We can redeem the preferred stock at our discretion.
</I> We have the option of redeeming your shares at any time on or after
February&nbsp;1, 2008 for $25.00 per share plus any accumulated
and unpaid dividends.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>9</font></P>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The amount of your liquidation preference or redemption payment is
fixed.
</I> The payment due upon a liquidation or redemption is fixed at $25.00 per
share plus accumulated and unpaid dividends. If we have value remaining
after payment of this amount, you will have no right to participate in
that value. If the market price for our preferred stock is greater than
the redemption price, you will have no right to receive the market
price from us on a redemption.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Your liquidation rights will be subordinate to those of holders of
our indebtedness and of any senior equity securities we
may issue in the future and may be subject to the
equal rights of other equity securities.
</I> There are no restrictions in the terms of the preferred stock on our
ability to incur indebtedness. We can also, with the consent of
two-thirds of the outstanding preferred stock, issue preferred equity
securities that are senior with respect to liquidation payments to the
preferred stock. If we were to liquidate our business, we would be
required to repay all of our outstanding indebtedness and to satisfy
the liquidation preferences of any senior equity securities that we may
issue in the future before we could make any distributions to holders
of our preferred stock. We could have insufficient cash available to do
so, in which case you would not receive any payment on the amounts due
you. Moreover, there are no restrictions on our ability to issue
preferred equity securities that rank on a parity with the preferred
stock as to liquidation preferences and any amounts remaining after the
payment of senior securities would be split equally among all holders
of those securities, which might result in your receiving less than the
full amount due you.</FONT></P>


<H2 ALIGN=CENTER><FONT SIZE=2>USE OF PROCEEDS</FONT></H2>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect the net proceeds of this offering to be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million, after deducting underwriting discounts and other expenses. We
intend to use the net proceeds from this offering to repay short-term
indebtedness under a $550 million, 364-day
credit facility with a syndication of banks, of which $245.5 million
was outstanding on November&nbsp;30, 2002, having an average
interest rate of 2.52%.</FONT></P>


<H2 ALIGN=CENTER><FONT SIZE=2>BUSINESS</FONT></H2>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are one of the nation&#146;s leading integrated agricultural companies.
As a cooperative, we are owned by farmers and ranchers and their local
cooperatives from the Great Lakes to the Pacific Northwest and from the
Canadian border to Texas. We buy commodities from and provide products
and services to our members and other customers. We provide a wide
variety of products and services, from initial agricultural inputs such
as fuels, farm supplies and crop nutrients, to agricultural outputs
that include grains and oilseeds, grain and oilseed processing and food
products. For the fiscal year
ended August&nbsp;31, 2002, our total revenues were $7.8&nbsp;billion.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations are organized into five business segments: Agronomy,
Energy, Country Operations, Grain Marketing and Processed Grains and
Foods. Together these business segments create vertical integration to
link producers with consumers. The first two segments, Agronomy and
Energy, produce and provide for the wholesale distribution of inputs
that are essential for crop production. The third segment, Country
Operations, serves as our company-owned retailer of a portion of these
crop inputs and also serves as the first handler of a significant
portion of the crops marketed and processed by us. The fourth segment,
Grain Marketing, purchases and resells grains and oilseeds originated
by our Country Operations segment, by member cooperatives and by third
parties. The fifth business segment, Processed Grains and Foods,
converts grains and oilseeds into value-added products.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only producers of agricultural
products and associations of producers of agricultural products may be
members of CHS Cooperatives. Our earnings are allocated to members
based on the volume of business they do with us. Members receive
earnings in the form of patronage refunds in cash and patrons&#146;
equities, which may be redeemed over time.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A portion of our operations are
conducted through equity investments and joint ventures whose operating
results are not consolidated with our results. For those investments
and ventures for which we recognize income using the equity method of
accounting, a proportionate share of the income from those entities is
included as a component in our net income or
loss.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>10</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The origins of CHS Cooperatives
date back to the early 1930s with the founding of the predecessor
companies of Cenex, Inc. and Harvest States Cooperatives. Cenex Harvest
States Cooperatives, now headquartered in Inver Grove Heights,
Minnesota, emerged as the result of the merger of the two entities in
1998.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
business segment descriptions should be read in conjunction with
the
international sales information and segment information in Notes 2 and
11 of the Notes to Consolidated
Financial Statements.
</FONT></P>


<H2 ALIGN=CENTER><FONT SIZE=2>&nbsp;<BR>AGRONOMY</FONT></H2>

<H3><FONT SIZE=2>Overview</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through our Agronomy business segment, we are engaged in the
manufacture of crop nutrients and the wholesale distribution of crop
nutrients and crop protection products. We conduct our agronomy
operations primarily through two investments &#151; a 20% cooperative
ownership interest in CF Industries, Inc. (CF Industries) and a 25%
ownership interest in Agriliance, LLC (Agriliance). CF Industries
manufactures crop nutrient products, particularly nitrogen and
phosphate fertilizers, and is one of the largest suppliers to
Agriliance. Agriliance is one of North America&#146;s largest wholesale
distributors of crop nutrients, crop protection products and other
agronomy products.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is significant seasonality in
the sale of crop nutrients and crop protection products and services,
with peak activity coinciding with the planting and input seasons.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our minority ownership interests in
CF Industries and Agriliance are treated as investments, and therefore,
those entities&#146; revenues and expenses are not reflected in our
operating results.</FONT></P>


<UL>
<LI><FONT SIZE=2>Our investment in CF Industries of $153 million on
August&nbsp;31, 2002, is carried on the balance sheet at cost,
including allocated patronage. Because CF Industries is a cooperative,
we recognize income from the investment only if and to the extent that
we receive patronage refunds.

We recognize loss only if and to the extent that we receive notice of non-qualified losses or we
determine that there has been an impairment of our investment.

 In recent years, CF Industries has
realized operating losses and, as such, it has not issued any patronage
refunds to its members, nor has it issued any notice of non-qualified losses. Historically, crop nutrients manufacturing
earnings have been cyclical in nature.</FONT></LI>

<LI><FONT SIZE=2>At August 31, 2002 our investment in Agriliance was
$86 million. We recognize earnings from Agriliance using the equity
method of accounting, which results in including our ownership
percentage of Agriliance&#146;s net earnings as equity income (or loss)
from investments. We apply related internal expenses against those
earnings.</FONT></LI>
</UL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of CF Industries and Agriliance has its own line of
financing, without recourse to us.</FONT></P>

<H3><FONT SIZE=2>Operations</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>CF Industries.
</I> CF Industries is an interregional agricultural cooperative involved in
the manufacturing of crop nutrient products. It is one of North
America&#146;s largest producers of nitrogen and phosphate fertilizers.
Through its members, CF Industries&#146; nitrogen and phosphate fertilizer
products reach farmers and ranchers in 48 states and two Canadian
provinces. CF&nbsp;Industries conducts its operations primarily
from the following facilities:</FONT></P>


<UL>
<LI><FONT SIZE=2>a nitrogen manufacturing
and processing facility at Donaldsonville, Louisiana;</FONT></LI></UL>
<UL>
<LI><FONT SIZE=2>a phosphate mine and
phosphate fertilizer plant in central Florida; and</FONT></LI>
</UL>

<UL>
<LI><FONT SIZE=2>a 66% ownership interest
in a nitrogen fertilizer manufacturing and processing facility in
Alberta, Canada.</FONT></LI>
</UL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Agriliance.
</I> Agriliance is one of the nation&#146;s largest
wholesale distributors of crop nutrients (fertilizers) and crop
protection products (insecticides, fungicides and pesticides),
accounting for an estimated 30% of the U.S. market for crop nutrients
and approximately 25% of the U.S. market for crop protection products.
As a wholesale distributor, Agriliance has warehouse, distribution and
service facilities located throughout the country. Agriliance also owns
and operates retail agricultural units in the southeastern United
States. Agriliance purchases most of its fertilizer from CF Industries
and Farmland Industries, Inc. and its crop protection products from
Monsanto and Sygenta.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>11</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agriliance was formed in 2000 when CHS, Farmland and Land O&#146;Lakes, Inc.
each contributed its
respective agronomy businesses to the new company in consideration for
ownership interests (25% each for
CHS and Farmland and
50% for Land O&#146;Lakes) in the venture. Our interest in Agriliance is
held through United Country Brands, LLC, a holding company
jointly-owned with Farmland.</FONT></P>


<H3><FONT SIZE=2>Products and Services</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries manufactures crop nutrient products, primarily nitrogen
and phosphate fertilizers and potash. Agriliance wholesales crop
nutrient products and crop protection products that include
insecticides, fungicides, and pesticides. Agriliance also provides
field and technical services, including soil testing, adjuvant and
herbicide formulation, application and related services.</FONT></P>

<H3><FONT SIZE=2>Sales and Marketing; Customers</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries sells its crop nutrient products to large agricultural
cooperatives and distributors. Its largest customers are Land O&#146;Lakes,
CHS and seven other regional cooperatives that wholesale the products
to their members. Agriliance distributes agronomy products through
approximately 1,000 local cooperatives from Ohio to the West Coast and
from the Canadian border south to Kansas. Agriliance also provides
sales and services through 48 Agriliance Service Centers and other
retail outlets. Agriliance&#146;s largest customer is our Country Operations
business segment. In 2002, Agriliance sold approximately $1.4 billion
of crop nutrient products and approximately $2.2 billion of crop
protection and other products.</FONT></P>

<H3><FONT SIZE=2>Industry; Competition</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>CF Industries.
</I> North American fertilizer producers operate in a highly competitive,
global industry. Commercial fertilizers are world-traded commodities
and producers compete principally on the basis of price and service.
Many of the raw materials that are used in fertilizer production, such
as natural gas, are often more expensive in the United
States than in
other parts of the world. Crop nutrient margins have
historically been cyclical; large profits generated throughout the
mid-1990&#146;s attracted additional capital and expansion and the industry
now suffers from excess capacity. These factors have produced
operating losses for
North American fertilizer manufacturers over the past several years,
although recently fertilizer margins have stabilized as natural gas
prices have declined.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries competes with numerous domestic and international crop
nutrient manufacturers, including Farmland.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Agriliance.
</I> The wholesale distribution of agronomy products is highly competitive
and dependent upon relationships with agricultural producers and local
cooperatives, proximity to producers and local cooperatives and
competitive pricing. Moreover, the crop protection products industry is
mature with slow growth predicted for the future, which has led
distributors and suppliers to turn to consolidation and strategic
partnerships to benefit from economies of scale and increased market
share.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agriliance competes with other large agronomy distributors, as well as
other regional or local distributors and retailers. Agriliance competes
on the strength of its relationships with our members, members of
Farmland and Land O&#146;Lakes, its purchasing power and competitive
pricing, and its attention to service in the field. Major competitors
of Agriliance in crop nutrient distribution include Agrium, Growmark,
United Suppliers and West Central. Major competitors of Agriliance in
crop protection products distribution include Helena, ConAgra (UAP),
Tenkoz and numerous smaller distribution
companies.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>12</font></P>

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<H2 ALIGN=CENTER><FONT SIZE=2>ENERGY</FONT></H2>

<H3><FONT SIZE=2>Overview</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are the nation&#146;s largest cooperative energy company, with operations
that include petroleum refining and pipelines; the supply, marketing
and distribution of refined fuels (gasoline, diesel, and other energy
products); the blending, sale and distribution of lubricants; and the
wholesale and retail supply of propane. Our Energy business segment
processes crude oil into refined petroleum products at refineries in
Laurel, Montana (wholly-owned) and McPherson, Kansas (owned by
the National Cooperative Refinery Association (NCRA), a
cooperative in which we have an
approximate 74.5% ownership interest) and sells those products under
the Cenex brand to our member cooperatives and others through a network
of approximately 1,400 independent retailers, including approximately
800 that operate Cenex/Ampride convenience stores.</FONT></P>


<H3><FONT SIZE=2>Operations</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Laurel Refinery.
</I> Our Laurel, Montana refinery processes medium and high sulfur crude oil
into refined petroleum products that primarily include gasoline,
diesel, and asphalt. The Laurel refinery sources approximately 90% of
its crude oil supply from Canada, with the balance obtained from
domestic sources. Laurel has access to Canadian and northwest Montana
crude through our wholly-owned Front Range Pipeline and other common
carrier pipelines. The Laurel refinery also has access to Wyoming crude
via common carrier pipelines from the south.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Laurel facility processes approximately 55,000 barrels of crude oil
per day to produce refined products that consist of approximately 42%
gasoline, 30% diesel and 28% asphalt and other residual products.
Refined fuels produced at Laurel, Montana are available via the
Yellowstone Pipeline to western Montana terminals and to Spokane and
Moses Lake, Washington, south via common carrier pipelines to Wyoming
terminals and Denver, Colorado, and east via our wholly-owned Cenex
Pipeline to Glendive, Montana, and Minot and Fargo, North Dakota.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>McPherson Refinery.
</I> The McPherson, Kansas refinery is owned and operated by
NCRA.
The McPherson refinery processes low
and medium sulfur crude oil into gasoline, diesel and other
distillates, propane, and other products. McPherson sources
approximately 95% of its crude oil from Kansas, Oklahoma, and Texas
through NCRA-owned and common carrier pipelines.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The McPherson refinery processes approximately 80,000 barrels of crude
oil per day to produce refined products that consist of approximately
57% gasoline, 34% diesel and other distillates, and 9% propane and
other products. Approximately 90% of the refined fuels are shipped via
NCRA&#146;s proprietary products pipeline to its terminal in Council Bluffs,
Iowa and to other markets via common carrier pipelines. The balance of
the fuels are loaded into trucks at the refinery.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Energy Operations.
</I> We own and operate ten propane plants and three propane terminals, four
asphalt terminals, and three lubricants
blending and packaging facilities.
In
addition, we own
and lease a fleet of liquid and pressure trailers and tractors which
are used to transport refined fuels, propane and anhydrous ammonia.</FONT></P>


<H3><FONT SIZE=2>Products and Services</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Energy business segment produces and sells
gasoline, diesel, propane, asphalt, and
lubricants. It obtains the petroleum products that it sells both from
the Laurel and McPherson refineries and from third parties.</FONT></P>


<H3><FONT SIZE=2>Sales and Marketing; Customers</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We make approximately 85% of our refined fuel sales to members, with
the balance sold to non-members. Sales are made wholesale to member
cooperatives, through a network of approximately 1,400 independent retailers that operate
convenience stores, including approximately 800 that operate under the Cenex/Ampride trade name, and
through 36 convenience stores that we own. We sold approximately 1.3 billion
gallons of gasoline and approximately 1.2 billion gallons of diesel fuel in
fiscal year 2002. We also wholesale auto and farm machinery lubricants to both
members and non-members, selling approximately 26.4 million gallons of
lubricants in fiscal year 2002. We are one of the nation&#146;s largest propane
wholesalers. In fiscal year 2002, we sold approximately 700 million gallons of
propane. Most of the propane sold in rural areas is for heating and agricultural
consumption. Annual sales volumes of propane vary greatly depending on weather
patterns and crop conditions.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>13</font></P>

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<H3><FONT SIZE=2>Industry; Competition</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governmental regulations and policies, particularly in the areas of
taxation, energy and the environment, have a significant impact on our
energy operations segment.
We
are currently focusing
our capital spending
at the Laurel and McPherson refineries on
reducing pollution. In particular, these refineries are currently
working to comply with the federal government&#146;s initiatives to lower
the sulfur content of gasoline and diesel. We currently expect that the
cost of compliance, which will be spread out over the next
three years, will be
approximately $387
million in total for NCRA&#146;s McPherson, Kansas and our
Laurel, Montana
refineries, of which
$9.5&nbsp;million has
been spent so far at
NCRA. It is
expected that
approximately 80% of
the total costs for these
projects will be incurred at the McPherson refinery.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The energy business is highly cyclical. Demand for crude oil and our
products are driven by the condition of local and worldwide economies,
local and regional weather patterns and taxation relative to other
energy sources. Most of our energy product market is located in rural
areas, so sales activity tends to follow the planting and harvesting
cycles. More fuel efficient equipment, reduced crop tillage, depressed
prices for crops, warm winter weather, and government programs which
encourage idle acres may all reduce demand for our energy products.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The refining and wholesale fuels business is very competitive. Among
our competitors are some of the world&#146;s largest integrated petroleum
companies, which have their own crude oil supplies, distribution and
marketing systems. We also compete with smaller domestic refiners and
marketers in the midwestern and northwestern United States, with
foreign refiners who import products into the United States and with
producers and marketers in other industries supplying other forms of
energy and fuels to consumers. Given the commodity nature of the end
products, profitability in the refining and marketing industry depends
largely on margins, as well as operating efficiency, product mix, and
costs of product distribution and transportation. The retail gasoline
market is highly competitive, with much larger competitors that have
greater brand recognition and distribution outlets throughout the
country and the
world.</FONT></P>



<BR><BR>
<P ALIGN="CENTER"><font size=2>14</font></P>

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<H2 ALIGN=CENTER><FONT SIZE=2>COUNTRY OPERATIONS</FONT></H2>

<H3><FONT SIZE=2>Overview</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Country Operations business segment purchases wheat and other
grains from our producer members and provides our members and
non-member producers with access to a full
range of products and services including farm supplies, programs for
crop and livestock production, hedging and insurance services, and
agricultural operations financing. Country Operations operates at
approximately 300 locations dispersed throughout Minnesota, North
Dakota, South Dakota, Nebraska, Montana, Idaho, Washington and Oregon.
Most of these locations purchase grain from farmers and sell agronomy
products, energy products and feed to those same producers and others,
although not all locations provide every product and service.</FONT></P>


<H3><FONT SIZE=2>Products and Services</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grain Purchasing.
</I> We are one of the largest country elevator operators in North America.
Through a majority of our elevator locations, the Country Operations
business segment purchases grain from member and non-member producers
and other elevators and grain dealers. Most of the grain purchased is
either sold through our Grain Marketing business segment or used for
local feed and processing operations. In the fiscal
year ended August&nbsp;31, 2002, we purchased
approximately 280 million bushels of grain, primarily wheat (131
million bushels), corn (77&nbsp;million bushels) and soybeans (45
million bushels). Of these bushels, 255 million were purchased from
members and 239 million were sold through the Grain Marketing business
segment.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Farm Supplies.
</I> Country Operations manufactures and sells farm supplies, both directly
and through ownership interests in other entities. These include seed;
plant food; energy products; animal feed ingredients, supplements and
products; animal health products; and crop protection products. We sell
agronomy products at 160 locations, feed products at 135 locations and
energy products at 94 locations. Farm supplies are purchased through
cooperatives whenever possible.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Financial Services.
</I> We have provided open account financing to more than 150 of our members
that are cooperatives in the past year. These arrangements involve the
discretionary extension of credit in the form of term and seasonal loans and can
also be used as a clearing account for settlement of grain purchases and as a
cash management tool. A substantial part of the term and seasonal loans are sold
to the National Bank for Cooperatives (CoBank), with CoBank purchasing up to 90%
of any loan. Our borrowing arrangements with CoBank limit loan balances
outstanding under this program to not more than $150.0 million at any one
time.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through our wholly-owned subsidiary Fin-Ag, Inc., we provide seasonal
cattle feeding and swine financing loans, facility financing loans and
crop production loans. Fin-Ag, Inc. also provides consulting services
to member cooperatives. Most loans are sold to CoBank under a separate
program from that described above, under which we have guaranteed a
portion of the loans. Under our borrowing
arrangement, the maximum amount of the loans
outstanding at any one time may not exceed $125.0 million and our
maximum guarantee exposure would be $48.5 million. Our
exposure under this program at August&nbsp;31, 2002 was
approximately
$40.8&nbsp;million.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our wholly-owned subsidiary Country Hedging, Inc., which is a
registered futures commission merchant and a clearing member of both
the Minneapolis Grain Exchange and the Kansas City Board of Trade, is a
full service commodity futures and options broker.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ag States Agency, LLC (Ag States) is an
independent insurance agency in which we hold a majority ownership
interest. It sells insurance, including group benefits, property and
casualty, and bonding programs. Its more than 1,700 customers are
primarily agricultural businesses, including local cooperatives and
independent elevators, oil stations, agronomy and feed/seed plants,
implement dealers, fruit and vegetable packers/warehouses, and food
processors.</FONT></P>


<H3><FONT SIZE=2>Industry; Competition</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competitors for the purchase of grain include other elevators and large
grain marketing companies. Competitors for farm
supplies include a
variety of cooperatives, privately held and large national companies.
We compete primarily on the basis of price, services and patronage.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>15</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competitors
for our financing operations are primarily other financial
institutions. We compete primarily on the basis of price, services and
patronage. Country Hedging&#146;s competitors include international
brokerage firms, national brokerage firms, regional brokerage firms
(both cooperatives and non-cooperatives) as well as local introducing
brokers, with competition driven both by price and level of service. Ag
States competes with other insurance agencies, primarily on the basis
of price and services.</FONT></P>


<H2 ALIGN=CENTER><FONT SIZE=2>GRAIN MARKETING</FONT></H2>

<H3><FONT SIZE=2>Overview</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are the nation&#146;s largest cooperative marketer of grain and oilseed,
handling about 1.1&nbsp;billion bushels annually. During fiscal
year 2002, we purchased approximately 76% of our total grain volumes
from individual and member cooperatives and the Country Operations
business segment, with the balance purchased from
non-members. We arrange
for the transportation of the grains either directly to customers or to
our owned or leased grain terminals and elevators pending delivery to
domestic and foreign purchasers. We conduct most of our Grain Marketing
operations directly, although we do conduct some of our business
through three joint ventures in which we have a 50% ownership.</FONT></P>


<H3><FONT SIZE=2>Operations</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Grain Marketing segment purchases grain directly and indirectly
from agricultural producers primarily in the Midwestern and Western
United States. The purchased grain is typically sold for future
delivery at a specified location. We are responsible for handling the
grain and arranging for its transportation to that location. Our
ability to arrange efficient transportation, including loading
capabilities onto unit trains, ocean-going vessels, and barges, is a
significant part of the service we offer to our customers. Rail,
vessel, barge and truck transportation is carried out by third parties,
often under long-term freight agreements with us. Grain intended for
export is usually shipped by rail or barge to an export terminal, where
it is loaded onto ocean-going vessels. Grain intended for domestic use
is usually shipped by rail or truck to various locations throughout the
country.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We own export terminals, river terminals, and elevators involved in the
handling and transport of grain. River terminals at Kansas City,
Missouri, St. Paul, Savage, and Winona, Minnesota, and Davenport, Iowa
are used to load grains onto barges for shipment to both domestic and
export customers via the Mississippi River System. Our export terminal
at Superior, Wisconsin provides access to the Great Lakes and St.
Lawrence Seaway, and an export terminal at Myrtle Grove, Louisiana
serves the Gulf market. In the Pacific Northwest, we conduct our grain
marketing operations through United Harvest, LLC (a 50% joint venture
with United Grain Corporation) and TEMCO, LLC (a 50% joint venture
with Cargill, Incorporated). United Harvest, LLC operates grain
terminals in Vancouver and Kalama, Washington. TEMCO, LLC operates a
large export terminal in Tacoma, Washington. These facilities serve the
Pacific market, as well as domestic grain customers in the Western
United States. Grain Suppliers, LLC (a 50% joint venture with
Commodity Specialists Company) is expected
to begin operating an elevator facility
in Friona, Texas and one in Collins, Mississippi beginning in late
fiscal year 2003 or early fiscal year 2004.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain Marketing purchases most of its grain during the summer and fall
harvest period. Because of our geographic location and the fact that it
is further from our export facilities, grain tends to be sold later
than in other parts of the country. However, as many producers have
significant on-farm storage capacity and in light of our own storage
capacity, the Grain Marketing business segment buys and ships grain
throughout the year. Due to the amount of grain purchased and held in
inventory, the Grain Marketing business segment has significant working
capital needs at various times of the year. The amount of borrowings
for this purpose, and the interest rate charged on those borrowings,
directly affect the profitability of the Grain Marketing segment.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>16</font></P>

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<H3><FONT SIZE=2>Products and Services</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary grains purchased by the Grain Marketing business segment
for the fiscal year ended August&nbsp;31, 2002 were wheat (362 million bushels), corn (393 million
bushels) and soybeans (241&nbsp;million bushels). Of the total
grains purchased by the Grain Marketing segment during the
period, 571 million
bushels were purchased from our individual and cooperative association
members, 239 million bushels were purchased from the Country Operations
business segment and the remainder were purchased from
non-members.</FONT></P>


<H3><FONT SIZE=2>Sales and Marketing; Customers</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchasers include domestic and foreign millers,
maltsters, feeders,
crushers, and other processors. To a much lesser extent purchasers
include intermediaries and distributors. Grain marketing operations are
not dependent on any one customer. The Grain Marketing segment has
supply relationships calling for delivery of grain at prevailing market
prices.</FONT></P>


<H3><FONT SIZE=2>Industry; Competition</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Grain Marketing business segment competes for both the purchase and
sale of grain. Competition is intense and margins are low. Some
competitors are integrated food producers, which may also be customers.
A few major competitors have substantially greater financial resources
than we do.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the purchase of grain from producers, location of the delivery
facility is a prime consideration, but producers are increasingly
willing to truck grain longer distances for sale. Price is affected by
the capabilities of the facility; for example, if it is cheaper to
deliver to a customer by unit train than by truck, a facility with unit
train capability provides a price advantage. We believe that our
relationships with individual members serviced by local Country
Operations locations and with cooperative association
members give us a broad origination capability.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Grain Marketing business segment competes for grain sales based on
price, services and ability to provide the desired quantity and quality
of grains required. Location of facilities is a major factor in the
ability to compete. Grain marketing operations compete with numerous
grain merchandisers, including major grain merchandising companies such
as Archer Daniels Midland (ADM), Cargill, Incorporated (Cargill),
ConAgra, Bunge and Louis Dreyfus, each of which handles grain volumes
of more than one billion bushels annually.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The results of the grain marketing business may be adversely affected
by relative levels of supply and demand, both domestic and
international, commodity price levels (including grain prices reporting
on national markets) and transportation costs and conditions. Supply is
affected by weather conditions, disease, insect damage, acreage planted
and government regulations and policies. Demand may be affected by
foreign governments and their programs, relationships of foreign
countries with the United States, the affluence of foreign countries,
acts of war, currency exchange fluctuations and substitution of
commodities. Demand may also be affected by changes in eating habits,
by population growth, and by increased or decreased per capita
consumption of some products.
</FONT></P>



<H2 ALIGN=CENTER><FONT SIZE=2>PROCESSED GRAINS AND FOODS</FONT></H2>

<H3><FONT SIZE=2>Overview</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Processed Grains and Foods business segment converts raw
agricultural commodities into ingredients for finished food products or
into finished consumer food products. We have focused on areas that
utilize the products supplied by member producers. These areas are
oilseed processing and refining, wheat milling and foods.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>17</font></P>

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<H3><FONT SIZE=2>Oilseed Processing and Refining</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our oilseed processing operations convert soybeans into soybean meal,
soyflour, crude soyoil, refined soybean oil and associated by-products.
These operations are conducted at a facility in Mankato, Minnesota that
can crush 39 million bushels of soybeans on an annual basis, producing
approximately 940,000 short tons of soybean meal and 460 million pounds
of crude soybean oil. The same facility is able to refine approximately
1 billion pounds of refined soybean oil annually. Another crushing
facility is under construction in Fairmont, Minnesota that will have a
crushing capacity and crude soyoil output similar to the Mankato
facility. The facility in Fairmont is anticipated to be ready for the
2003 harvest and is estimated to cost approximately $90 million, of
which approximately $23 million
had been spent through
August&nbsp;31, 2002.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our oilseed processing and refining operations produce three primary
products: refined oils, soybean meal and soyflour. Refined oils are
used in processed foods, such as margarine, shortening, salad dressings
and baked goods and, to a lesser extent for certain industrial uses for
plastics, inks and paints. Soybean meal has a high protein content and
is used for feeding livestock. Soyflour is used in the baking industry,
as a milk replacement in animal feed and in industrial applications.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our soy processing facilities are located in areas with a strong
production base of soybeans and end-user market for the meal and
soyflour. We purchase virtually all of our soybeans from members. The
oilseed crushing operations currently produce approximately 45% of the
crude oil that we refine; we purchase the balance from outside
suppliers.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our customers for refined oil are principally large food product
companies located throughout the United States. However, over 50% of
the customers are located in the Midwest due to lower freight costs and
slightly higher profitability. The largest customer for
our refined oil products is Ventura Foods,
LLC (Ventura Foods), a company in which we
hold a 50% ownership interest and with which we have a long-term
supply agreement to supply minimum quantities of edible soybean oils as
long as we maintain a minimum 25.5% ownership interest and the price
of our products is
competitive with other
suppliers. Our sales to Ventura Foods were $49.8
million in fiscal year 2002. We also sell soymeal to over 500
customers, primarily feed lots and feed mills in southern Minnesota;
six of these customers accounted for approximately 61% of the soymeal
that we sold in fiscal year
2002, with Land&nbsp;O&#146;Lakes/Farmland Feeds, LLC
accounting for 29% of
those
sales and Commodity Specialists Company
accounting for 10% of
those
sales. We sell soyflour to customers in
the baking industry both domestically and for export.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The refined soybean products industry is highly competitive. Major
industry competitors include ADM, Cargill, Ag Processing, Inc., and
Bunge. These and other competitors have acquired other processors and
have expanded existing plants, or are proposing to construct new
plants, both domestically and internationally. Price, transportation
costs, services and product quality drive competition. We estimate that
we have a market share of approximately 6% to 8% of the domestic
refined soybean oil market and less than 3% of the domestic soybean
crushing capacity.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soybeans are a commodity and their price can fluctuate significantly
depending on production levels, demand for the refined products, and
other supply and demand factors.</FONT></P>

<H3><FONT SIZE=2>Wheat Milling</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January 2002, we formed Horizon Milling, LLC with Cargill. We own
24% of Horizon Milling and Cargill owns the remaining 76%. Horizon
Milling is the largest U.S. wheat miller. Our sales of wheat and durum
to Horizon Milling during fiscal year 2002 were $114.4 million.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We ceased operations at our Huron, Ohio mill prior to the formation of
Horizon Milling and our facility lease expired on September&nbsp;30, 2002. We are currently dismantling and negotiating for the sale
of the milling equipment. The Processed Grains and Foods business
segment established an impairment of approximately
$6.1 million on the
equipment during the fourth quarter of fiscal year
2002. The remaining net book value of the Huron
milling
equipment was approximately $5.0&nbsp;million as of August&nbsp;31, 2002.</FONT></P>


<H3><FONT SIZE=2>Foods</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have two primary areas of focus in the foods area: Ventura Foods,
which produces oilseed based products such as margarine and salad
dressing and of which we own 50%, and the production of Mexican foods
such as tortillas, tortilla chips and entrees.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>18</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ventura Foods.
</I> Ventura Foods manufactures, packages, distributes and markets bulk
margarine, salad dressings, mayonnaise, salad oils, syrups, soup bases
and sauces, many of which utilize soybean oil as a primary ingredient.
Approximately 20% of Ventura Food&#146;s volume, based on sales revenues,
comes from products for which Ventura Foods owns the brand, and the
remainder comes from products that it produces for third parties. A
variety of Ventura Food&#146;s product formulations and processes are
proprietary to it or its customers. Ventura Foods is the largest
manufacturer of margarine in the
United States and is a
major producer of many other products.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventura Foods has 13 manufacturing and distribution locations across
the United States. It sources its raw materials, which consists
primarily of soybean oil, canola oil, cottonseed oil, peanut oil and
various ingredients and supplies, from various national suppliers,
including our oilseed processing and refining operations. It sells the
products it manufactures to third parties as a contract manufacturer,
as well as directly to retailers, food distribution companies and large
institutional food service companies. Ventura Foods&#146; sales are
approximately 65% in foodservice and the remainder split between
retail and industrial customers who use edible oil products as
ingredients in foods they manufacture for resale.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventura Foods competes with a variety of large companies in the food
manufacturing industry. Some of its major competitors are ADM, Cargill,
Bunge, Unilever, ConAgra, ACH, Smuckers, Kraft, and CF Sauer.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventura Foods was created in 1996 and at the time we owned 40% and
Wilsey Foods, Inc., a majority owned subsidiary of Mitsui USA, Inc,
owned 60%. In March 2000, Wilsey Foods, Inc. sold to us an additional
10% interest bringing our total equity
interest in Ventura
Foods to 50%. We account for the Ventura Foods investment under the
equity method of accounting.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mexican Foods.
</I> Since June 2000, we have acquired three regional producers of Mexican
foods. Through our Mexican foods operations, we manufacture, package
and distribute tortillas, tortilla chips and prepared frozen Mexican
food products such as burritos and tamales. We sell these products
under a variety of local and regional brand names and also produces
private label products and co-packs for customers. The current
operational focus is on integrating these disparate operations into a
single business entity with consistent standards, systems and sales
practices. We are also working to develop a national brand from our
predominantly local and regional brand platforms.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tortilla and tortilla chip industry in the United States is
comprised of a large number of small regional manufacturers and a few
dominant manufacturers. We estimate that our Mexican foods operation
has approximately a 1.5% share of the national tortilla market and
less than a 1% share of the national tortilla chip market. On a
national basis, the primary competitors are large chip and snack
companies such as Frito Lay.</FONT></P>



<H2 ALIGN=CENTER><FONT SIZE=2>PRICE RISK AND HEDGING</FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depending on the terms and conditions of the particular contract, we
incur risks of carrying inventory, including risks related to price
changes and performance (including delivery, quality, quantity and
shipment period) whenever we enter into a commodity purchase
commitment. We are exposed to risk of loss in the market value of
positions held, consisting of inventory and purchase contracts at a
fixed or partially fixed price in the event market prices decrease. We
are also exposed to risk of loss on our fixed price or partially fixed
price sales contracts in the event market prices increase.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>19</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To reduce the price change risks associated with holding fixed price
commitments, we generally take opposite and offsetting positions by
entering into commodity futures contracts (either a straight futures
contract or an options futures contract) on regulated commodity futures
exchanges for grain, and regulated mercantile exchanges for refined
products and crude oil. The crude oil and most of the grain and oilseed
volume handled by us can be hedged. Some grains cannot be hedged
because there are no futures for certain commodities. For those
commodities, risk is managed through the use of forward sales and
different pricing arrangements and to some extent cross-commodity
futures hedging. While hedging activities reduce the risk of loss from
changing market values of inventory, such activities also limit the
gain potential which otherwise could result from changes in market
prices of inventory. Our policy is to generally maintain hedged
positions in grain. Our profitability from operations is primarily
derived from margins on products sold and grain merchandised, not from
hedging transactions. Hedging arrangements do not protect against
nonperformance of a contract.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When a futures contract is entered into, an initial margin deposit must
be sent to the applicable exchange or broker. The amount of the deposit
is set by the exchange and varies by commodity. If the market price of
a short futures contract increases, then an additional margin deposit
(maintenance margin) would be required. Similarly, if the price of a
long futures contract decreases, a maintenance margin deposit would be
required and sent to the applicable exchange. Subsequent price changes
could require additional maintenance margins or could result in the
return of maintenance margins.</FONT></P>

<H2 ALIGN=CENTER><FONT SIZE=2>EMPLOYEES</FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of August&nbsp;31, 2002, we had approximately 6,750 full and
part-time employees, which included approximately 550 employees of
NCRA. Of that total, approximately 2,180 were employed in the Energy
segment, 2,260 in the Country Operations segment (not including an
estimated 720 seasonal and temporary employees), 390 in the Grain
Marketing segment, 970 in the Processed Grains and Foods business
segment and 230 in corporate and administrative functions.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to those employed directly by us, many employees work
directly for the joint ventures in which we have an ownership interest.
All of the employees in the Agronomy segment and a portion of the Grain
Marketing and Processed Grains and Foods segments are employed as such.
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees in certain areas are represented by collective bargaining
agreements. Refinery workers in Laurel, Montana (233 employees), are
represented by agreements with two unions (Paper, Allied-Industrial,
Chemical and Energy Workers International Union (PACE) and Oil Basin
Pipeliners Union (OBP)), for which agreements are in place through 2006
for PACE and under negotiation for OBP with anticipation of a
successful resolution. The contracts covering the McPherson, Kansas
refinery (254 employees in the PACE union) are also in place through
2006. There are approximately 160 employees in transportation and
lubricant plant operations that are covered by collective bargaining
agreements that expire at various times. Production workers in grain
marketing operations (143 employees) are represented by agreements with
four unions which expire at various times from 2003 through 2005.
Finally, certain production workers in Oilseed Processing and Refining
operations are subject to collective bargaining agreements with the
American Federation of Grain Millers (126 employees) and the
Pipefitters&#146; Union (2&nbsp;employees). Both of these contracts
have expired and are currently being negotiated. We anticipate a
successful resolution.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>20</font></P>

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<H2 ALIGN=CENTER><FONT SIZE=2>MEMBERSHIP AND AUTHORIZED CAPITAL</FONT></H2>

<H3><FONT SIZE=2>Introduction</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are an agricultural membership cooperative organized under Minnesota
cooperative law to do business with member and non-member patrons.
Patrons, and not CHS, are subject to income taxes on income from
patronage. We are subject to income taxes on non-patronage sourced
income. See &#147;&#151; Tax Treatment&#148; below.</FONT></P>

<H3><FONT SIZE=2>Distribution of Net Income; Patronage Dividends</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are required by our organizational documents annually to distribute
net earnings derived from patronage business with members, after
payment of dividends on equity capital, to members on the basis of
patronage, except that our board of directors may elect to retain and
add to our unallocated capital reserve an amount not to exceed 10% of
the distributable net income from patronage business.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These distributions, referred to as &#147;patronage dividends,&#148; may be
distributed in cash, patrons&#146; equities, revolving fund certificates,
securities of CHS or others or any combination designated by our board
of directors. Since 1998, our board of directors has distributed
patronage dividends in the form of 30% cash and 70% patrons&#146; equities
(see &#147;&#151; Patrons&#146; Equities&#148; below). Our board of directors may
change the mix in the form of the patronage dividends in the future. In
making distributions, our board of directors may use any method of
allocation as may, in its judgment, be reasonable and equitable.
Patronage dividends distributed during the fiscal
years ended August&nbsp;31, 2002, 2001 and 2000 were
$132.6 million ($40.1 million in cash), $86.4 million ($26.1 million in
cash) and $59.1 million($17.9 million in cash), respectively.</FONT></P>


<H3><FONT SIZE=2>Patrons&#146; Equities</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patrons&#146; equities are in the form of a book entry and represent a right
to receive cash when redeemed by us. Patrons&#146; equities form part of our
capital, do not bear interest and are not subject to redemption upon
request of a member. Patrons&#146; equities are redeemable only at the
discretion of our board of directors and in accordance with the terms
of a redemption policy adopted by our board of directors, which may be
modified at any time without member consent. Our current policy is to
redeem the equities of those members who were age 61 and older on
June&nbsp;1, 1998 when they reach the age of 72 and upon death.
The current policy is also to redeem equities older than 10 years held
by active members on a pro-rata basis as determined by our board of
directors.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions of patrons&#146; and other equities, including equity
participation units, during the fiscal years
ended August&nbsp;31, 2002, 2001 and 2000 were $31.1 million,
$33.0 million and $28.7 million, respectively.</FONT></P>


<H3><FONT SIZE=2>Governance</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are managed by a board of directors of at least 17 persons elected
by our members at our annual meeting. Terms of directors are staggered
so that no more than seven directors are elected in any year. Our board
of directors is currently comprised of 17 directors. Our articles of
incorporation and bylaws may be amended only upon approval of a
majority of the votes cast at an annual or special meeting of the
members, except for the higher vote described under &#147;&#151;&nbsp;Certain Antitakeover Measures&#148; below.</FONT></P>

<H3><FONT SIZE=2>Membership</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our membership is restricted to certain producers of agricultural
products and to associations of producers of agricultural products that
are organized and operating so as to adhere to the provisions of the
Agricultural Marketing Act and the Capper-Volstead Act, as amended. Our
board of directors may establish other qualifications for membership as
it may from time to time deem advisable. As a membership cooperative,
we do not require our members to purchase capital stock. We may issue
equity or debt securities, on a patronage basis or otherwise, to our
members, but unless authorized in our bylaws or by our board of
directors, such securities are not entitled to any voting, membership
or other rights to participate in our affairs and are not transferable
without the prior consent of our board of directors. We have two
classes of outstanding membership. Individual members are individuals
or entities actually engaged in the production of agricultural
products, including both natural persons and any legal entity owned or
controlled by individual farmers or their families, such as joint
ventures, corporations, partnerships, limited liability companies and
other entities. Cooperative association
members are associations of agricultural
producers, either cooperatives or other associations organized and
operated under the provisions of the Agricultural Marketing Act and the
Capper-Volstead Act.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>21</font></P>

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<H3><FONT SIZE=2>Voting Rights</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting rights arise by virtue of membership in CHS, not because of
ownership of any equity or debt security. Members that are cooperative
associations are entitled to vote based upon a formula that takes into
account the equity held by the cooperative in CHS and the average
amount of business done with us over the previous three years.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members who are individuals are entitled to one vote. Individual
members may exercise their voting power directly or through a patrons&#146;
association associated with a grain elevator, feed mill, seed plant or
any other CHS facility (with certain historical exceptions) recognized
by our board of directors. The number of votes of patrons&#146; associations
is determined under the same formula as cooperative association
members.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December 2002, our members approved an amendment to our bylaws that
eliminated the number of producers as a factor in determining the
number of votes of cooperative association members and patrons&#146;
associations.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most matters submitted to a vote of our members require the approval of
a majority of the votes cast at a meeting of our members, although the
approval of not less than two-thirds of the votes cast at a meeting is
required to approve a merger, consolidation, liquidation, dissolution,
or the sale of all or substantially all of our assets.</FONT></P>

<H3><FONT SIZE=2>Debt and Equity Instruments</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue debt and equity instruments to our current members and
patrons, on a patronage basis or otherwise, and to persons who are
neither members nor patrons, but unless authorized in our bylaws or by
our board of directors, such equities are not entitled to any voting,
membership or other rights to participate in our affairs and are not
transferable without the prior consent of our board of directors. In
addition, debt or equity issued by us is subject to a first lien in
favor of us for all indebtedness of the holder thereof to us. As of
August&nbsp;31, 2002, our outstanding capital included patrons&#146;
equities (consisting of capital equity certificates and non-patronage
earnings certificates), 8% Preferred Stock and certain capital
reserves. A best efforts offering of 8% Preferred Stock begun in late
2001 has been suspended after raising approximately $9.5 million in new
capital.</FONT></P>

<H3><FONT SIZE=2>Distribution of Assets Upon Dissolution; Merger and Consolidation</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of our dissolution,
liquidation or winding up, whether voluntary or involuntary, all debts and liabilities would be
paid first according to their respective priorities. As more particularly
provided in our bylaws, the remaining assets would be paid to the holders of
equity capital to the extent of their interests and any excess would be paid to
patrons on the basis of their past patronage. Our bylaws provide for the
allocation among the members and nonmember patrons of the consideration received
in any merger or consolidation to which we are a party.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>22</font></P>

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<H3><FONT SIZE=2>Certain Antitakeover Measures</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our governing documents may be amended upon the approval of a majority
of the votes cast at an annual or special meeting. However, if our
board of directors, in its sole discretion, declares that a proposed
amendment to our governing documents involves or is related to a
&#147;hostile takeover,&#148; the amendment must be adopted by 80% of the
total voting power of our members. The term &#147;hostile takeover&#148; is
not further defined in the Minnesota cooperative law or our governing
documents.</FONT></P>

<H3><FONT SIZE=2>Tax Treatment</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subchapter T of the Internal Revenue Code sets forth rules for the tax
treatment of cooperatives and applies to both cooperatives exempt from
taxation under Section 521 of the Internal Revenue Code and to
nonexempt corporations operating on a cooperative basis. We are a
nonexempt cooperative.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a cooperative, we are not taxed on patronage paid to our members
either in the form of equities or cash. Consequently, such amounts are
taxed only at the patron level. However, the amounts of any allocated
but undistributed patronage earnings (called non-qualified unit
retains) are taxable to us when allocated. Upon redemption of any such
non-qualified unit retains, the amount is deductible to us and taxable
at the member level.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income derived by us from non-patronage sources is not entitled to the
&#147;single tax&#148; benefit of Subchapter T and is taxed to us at
corporate income tax rates.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>23</font></P>

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<H2 ALIGN=CENTER><FONT SIZE=2>SELECTED CONSOLIDATED FINANCIAL DATA</FONT></H2>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selected audited consolidated
financial data as of August 31, 2002 and 2001, and for each of the
three fiscal years ended August&nbsp;31, 2002, 2001 and 2000, have
been derived from, and should be read in conjunction with, our consolidated
financial statements and notes thereto included elsewhere in this prospectus.
The selected consolidated financial data for the three months ended November 30,
2002 and 2001 are unaudited and have been derived from, and should be read
in conjunction with, our unaudited consolidated financial statements and notes thereto
contained in the quarterly report on Form 10-Q for the quarterly period ended
November 30, 2002, incorporated by reference in this prospectus. The remaining
selected audited consolidated financial data have been derived from audited
consolidated financial statements not incorporated by reference in this
prospectus. In the opinion of our management, the unaudited historical financial
data were prepared on the same basis as the audited historical financial data
and include all adjustments, consisting of only normal recurring adjustments,
necessary for a fair statement of this information. Results of operations for
the three-month periods are not necessarily indicative of results of operations
that may be expected for the full fiscal year.<BR></FONT></P>


<DIV ALIGN=CENTER>


<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>


<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=1><B>For the Three<BR>Months Ended<BR>November 30,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD COLSPAN=4 ALIGN=CENTER><FONT SIZE=1><B>Years
Ended August 31,<BR></B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=1><B>Three<BR>Months<BR>Ended<BR>August 31,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=1><B>Year<BR>Ended<BR>May 31,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=1></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=1><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=1><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=1><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=1><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=1><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=1><B>1999</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=1><B>1998<SUP>(1)</SUP></B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=1><B>1998</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=1><B></B></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=1><B>(Unaudited)</B></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=1><B>(Unaudited)</B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2></FONT></TD>
<TD COLSPAN=8 ALIGN=CENTER><FONT SIZE=1><B>(dollars
in thousands, except for ratios)<BR></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=8><FONT SIZE=2>Income&nbsp;Statement
Data:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=8><FONT SIZE=2>&nbsp;&nbsp;Revenues:<BR></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net sales</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$2,626,628</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,871,952</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$7,731,867</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$7,753,012</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$8,497,850</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$6,381,334</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,531,124</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$8,410,030</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage dividends</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>166</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>721</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,885</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,977</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,494</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,876</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,111</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>70,387</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other
revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>35,089</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>32,076</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>109,459</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>116,254</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>97,471</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>81,180</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>17,706</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>85,127</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,661,883</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,904,749</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,845,211</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,875,243</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,600,815</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,468,390</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,553,941</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,565,544</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Cost of goods sold</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,562,794</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,804,364</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,513,369</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,470,203</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,300,494</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,193,287</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,475,407</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,209,448</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Marketing, general and administrative</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>43,148</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>42,898</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>187,292</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>184,046</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>155,266</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>152,031</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>34,998</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>126,061</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Operating earnings</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>55,941</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>57,487</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>144,550</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>220,994</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>145,055</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>123,072</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>43,536</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>230,035</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Interest</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>12,813</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>10,815</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>42,455</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>61,436</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>57,566</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>42,438</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>12,311</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>34,620</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity
(income) loss from investments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(8,165)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(3,942)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(58,133)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(28,494)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(28,325)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(22,363)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9,142</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(8,381)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Minority interests</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,431</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,036</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,390</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>35,098</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>24,546</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>10,017</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,252</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,880</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income before
income taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>45,862</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>47,578</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>144,838</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>152,954</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>91,268</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>92,980</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>18,831</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>196,916</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,506</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,223</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>18,700</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(25,600)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,880</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,980</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,895</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>19,615</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net
income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$40,356</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$41,355</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$126,138</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$178,554</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$87,388</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$86,000</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$15,936</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$177,301</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=8><FONT SIZE=2>Balance Sheet
Data (at end of period):<BR></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Working
capital</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$431,751</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$343,058</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$249,115</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$305,280</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$214,223</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$219,045</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$284,452</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$235,721</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net property,
plant and equipment</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,068,786</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,026,075</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,057,421</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,023,872</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,034,768</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>968,333</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>915,770</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>868,073</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total
assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,835,688</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,092,431</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,481,727</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,057,319</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,172,680</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,787,664</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,469,103</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,436,515</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Long-term debt, including current
maturities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>743,222</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>584,257</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>572,124</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>559,997</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>510,500</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>482,666</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>456,840</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>378,408</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total equities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,305,677</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,282,826</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,289,638</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,261,153</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,164,426</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,117,636</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,065,877</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,029,973</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Ratio of earnings to fixed charges
and preferred
dividends<SUP>(2)</SUP></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4.5x</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5.2x</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3.4x</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3.4x</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2.6x</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2.5x</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2.4x</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4.4x</FONT></TD>
</TR>
</TABLE>

</DIV>

<HR SIZE=1 WIDTH=20% ALIGN=LEFT COLOR=BLACK NOSHADE>


<TABLE CELLSPACING=2 CELLPADDING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Reflects our change in fiscal year end from May 31 to August
31.</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=2 CELLPADDING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>For purposes of computing the ratio of
earnings to fixed charges and preferred dividends, earnings consist of
income before income
taxes on consolidated operations, distributed income from equity
investees and other investments and fixed
charges. Fixed charges consist of interest expense and one-third of
rental expense, considered representative of that portion of rental
expense estimated to be attributable to
interest.</FONT></TD>
</TR>
</TABLE>


<BR><BR>
<P ALIGN="CENTER"><font size=2>24</font></P>
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<BR><BR><BR>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 0; page: 0" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<P><FONT SIZE=2><B>Summary
Financial Data by Business
Segment
</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selected financial statement information below has been
derived from our five business segments, and Corporate and Other, for
the three-month periods ended November 30, 2002 and
2001 and the fiscal years ended
August&nbsp;31, 2002, 2001 and 2000. The intracompany sales
between segments were $275.1 million and $201.9 million
for the three months ended
November&nbsp;30, 2002 and
2001, respectively, and $683.8 million, $782.5 million and
$718.2 million for the fiscal years ended August&nbsp;31, 2002,
2001 and 2000, respectively.
The business segment financial information
presented below does not represent the results
that would have been obtained had the relevant business
segment been operated as an independent
business.</FONT></P>


<DIV ALIGN=CENTER>


<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>


<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD COLSPAN=5 ALIGN=CENTER><FONT SIZE=2><B>Agronomy</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B>Three
Months
Ended<BR>November 30,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD COLSPAN=3 ALIGN=CENTER><FONT SIZE=2><B>Years ended August
31,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>(Unaudited)</B></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>(Unaudited)</B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2></FONT></TD>
<TD COLSPAN=5 ALIGN=CENTER><FONT SIZE=2><B>(dollars
in thousands)<BR></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=9><FONT SIZE=2>Revenues:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net
sales*</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$
808,659</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
dividends</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(89)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$196</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>224</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other
revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,817</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total
revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(89)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>196</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>814,700</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Cost of goods
sold</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>764,744</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Marketing, general and
administrative</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,140</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,167</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,957</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,503</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>20,832</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Operating earnings (losses)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,140)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,167)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(9,046)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(8,307)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>29,124</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Interest</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(298)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(427)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,403)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(4,529)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(3,512)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity (income) loss from investments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,018</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,302</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(13,425)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(7,360)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,336</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income (loss) before incometaxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(4,860)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(4,042)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$5,782</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,582</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$28,300</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total identifiable assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$232,942</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$226,437</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$242,015</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$230,051</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$228,277</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>

</DIV>

<HR SIZE=1 WIDTH=20% ALIGN=LEFT COLOR=BLACK NOSHADE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Net sales in 2000 reflect sales from our Agronomy Division prior
to the time it was contributed to Agriliance. Earnings from our
interest in Agriliance are shown as equity (income)
loss
from
investments.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>25</font></P>

<!-- MARKER FORMAT-SHEET="Page Breaks" FSL="Project" -->

<BR><BR><BR>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 0; page: 0" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<DIV ALIGN=CENTER>


<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>


<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD COLSPAN=5 ALIGN=CENTER><FONT SIZE=2><B>Energy</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B>Three
Months Ended<BR>November 30,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD COLSPAN=3 ALIGN=CENTER><FONT SIZE=2><B>Years
ended August 31,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>(Unaudited)</B></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>(Unaudited)</B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2></FONT></TD>
<TD COLSPAN=5 ALIGN=CENTER><FONT SIZE=2><B>(dollars
in thousands)<BR></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=9><FONT SIZE=2>Revenues:<BR></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net
sales</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$911,589</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$554,242</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$2,657,689</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$2,781,243</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$2,959,622</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
dividends</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>13</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>423</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>458</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>712</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>311</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other
revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,736</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,619</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,392</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,036</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,792</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total
revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>914,338</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>557,284</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,664,539</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,785,991</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,962,725</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Cost of goods
sold</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>860,329</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>497,975</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,489,352</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,549,099</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,862,715</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Marketing, general and
administrative</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>14,185</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,000</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>66,731</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>48,432</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>43,332</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Operating earnings (losses)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>39,824</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>44,309</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>108,456</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>188,460</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>56,678</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Interest</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,010</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,082</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>16,875</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>25,097</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>27,926</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity (income) loss from investments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(320)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,376</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,166</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,081</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(856)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Minority
interests</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,135</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,895</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>14,604</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>34,713</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>24,443</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income (loss) before income taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$30,999</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$35,956</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$75,811</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$124,569</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$5,165</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total identifiable
assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,311,583</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,144,175</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,305,828</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,154,036</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,379,019</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>

</DIV>

<DIV ALIGN=CENTER>


<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>


<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD COLSPAN=5 ALIGN=CENTER><FONT SIZE=2><B>Country
Operations</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B>Three
Months Ended<BR>November 30,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD COLSPAN=3 ALIGN=CENTER><FONT SIZE=2><B>Years
ended August 31,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>(Unaudited)</B></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>(Unaudited)</B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2></FONT></TD>
<TD COLSPAN=5 ALIGN=CENTER><FONT SIZE=2><B>(dollars
in
thousands)<BR></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=9><FONT SIZE=2>Revenues:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net
sales</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$489,066</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$374,666</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$
1,474,553</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,577,268</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,409,892</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
dividends</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>51</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>61</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,572</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,683</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,830</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other
revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>24,537</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>20,489</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>80,789</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>80,479</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>68,436</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>513,654</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>395,216</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,557,914</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,661,430</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,482,158</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Cost of goods sold</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>486,113</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>374,217</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,471,422</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,569,884</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,404,120</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Marketing, general and
administrative</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>12,603</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>12,452</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>47,995</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>53,417</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>44,136</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Operating earnings (losses)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>14,938</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,547</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>38,497</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>38,129</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>33,902</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Interest</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,388</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,143</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>13,851</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,695</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>12,782</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity (income) loss from investments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(215)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(6)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(283)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(246)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,007)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Minority
interests</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>296</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>141</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>786</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>385</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>103</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income (loss) before income taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$9,469</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$5,269</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$24,143</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$22,295</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$22,024</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total identifiable assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,035,287</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$713,175</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$799,711</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$679,053</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$660,358</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>

</DIV>

<BR><BR>
<P ALIGN="CENTER"><font size=2>26</font></P>

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<BR><BR><BR>
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<HR SIZE=5 COLOR=GRAY NOSHADE>


<DIV ALIGN=CENTER>


<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>


<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD COLSPAN=5 ALIGN=CENTER><FONT SIZE=2><B>Grain
Marketing</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B>Three
Months Ended<BR>November 30,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD COLSPAN=3 ALIGN=CENTER><FONT SIZE=2><B>Years
ended August 31,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>(Unaudited)</B></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>(Unaudited)</B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2></FONT></TD>
<TD COLSPAN=5 ALIGN=CENTER><FONT SIZE=2><B>(dollars
in
thousands)<BR></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=9><FONT SIZE=2>Revenues:<BR></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net
sales</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,387,278</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$981,897</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,787,322</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,514,314</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,453,807</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
dividends</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>78</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>179</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>497</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>840</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>861</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other
revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,604</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,452</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>21,902</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>22,964</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,440</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,393,960</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>990,528</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,809,721</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,538,118</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,470,108</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Cost of goods sold</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,385,171</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>981,997</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,778,838</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,514,575</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,439,863</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Marketing, general and
administrative</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,071</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,477</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>22,213</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>22,396</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>21,412</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Operating
earnings (losses)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,718</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,054</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,670</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,147</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,833</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Interest</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,858</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,629</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,807</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,144</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,701</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity (income) loss from
investments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(814)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(989)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(4,257)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(4,519)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(6,452)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income (loss)&nbsp;before income
taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,674</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$2,414</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$8,120</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(2,478)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$6,584</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total identifiable
assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$594,278</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$359,103</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$481,232</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$345,696</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$321,813</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>

</DIV>

<DIV ALIGN=CENTER>


<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>


<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD COLSPAN=5 ALIGN=CENTER><FONT SIZE=2><B>Processed Grains and
Foods</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B>Three
Months Ended<BR>November 30,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD COLSPAN=3 ALIGN=CENTER><FONT SIZE=2><B>Years
ended August 31,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>(Unaudited)</B></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>(Unaudited)</B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2></FONT></TD>
<TD COLSPAN=5 ALIGN=CENTER><FONT SIZE=2><B>(dollars
in
thousands)<BR></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=9><FONT SIZE=2>Revenues:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net
sales*</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$113,833</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$163,049</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$496,084</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$662,726</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$584,052</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
dividends</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>260</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>339</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>100</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other
revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>909</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>25</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,469)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(238)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(10)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total
revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>114,742</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>163,074</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>494,875</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>662,827</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>584,142</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Cost of goods
sold</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>106,319</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>152,077</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>457,538</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>619,184</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>547,234</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Marketing,
general and
administrative</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,088</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,579</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>36,930</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>44,870</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>21,462</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Operating earnings
(losses)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>335</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,418</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>407</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,227)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,446</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Interest</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,346</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,596</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9,514</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>13,026</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9,851</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity (income) loss from
investments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(10,834)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(7,625)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(41,331)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(35,505)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(24,367)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income (loss) before income
taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$8,823</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$8,447</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$32,224</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$21,252</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$29,962</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total identifiable assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$457,480</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$434,522</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$439,942</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$430,871</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$391,286</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>

</DIV>

<HR SIZE=1 WIDTH=20% ALIGN=LEFT COLOR=BLACK NOSHADE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The net sales decline in 2002 is primarily due to the contribution of
our wheat milling business to Horizon Milling in January 2002. Since January
2002 earnings or losses from our interest in Horizon Milling are shown as equity
income (loss) from investments.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>27</font></P>

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<DIV ALIGN=CENTER>


<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>


<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD COLSPAN=5 ALIGN=CENTER><FONT SIZE=2><B>Corporate and
Other</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B>Three
Months Ended<BR>November 30,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD COLSPAN=3 ALIGN=CENTER><FONT SIZE=2><B>Years
ended August 31,</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>(Unaudited)</B></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>(Unaudited)</B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2></FONT></TD>
<TD COLSPAN=5 ALIGN=CENTER><FONT SIZE=2><B>(dollars
in thousands)<BR></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=9><FONT SIZE=2>Revenues:<BR></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net
sales</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
dividends</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$24</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$58</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$187</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$207</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$168</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other
revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>303</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>491</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,845</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9,013</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,996</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total
revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>327</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>549</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,032</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9,220</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,164</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Cost of goods
sold</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Marketing,
general and
administrative</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,061</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,223</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,466</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,428</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,092</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Operating
earnings (losses)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(734)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(674)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(2,434)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,792</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,072</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Interest</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(491)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(208)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,189)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,003</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,818</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity (income) loss from
investments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(3)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,055</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>21</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income (loss)
before income
taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(243)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(466)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(1,242)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(16,266)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(767)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total identifiable
assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$204,118</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$215,019</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$212,999</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$217,612</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$191,927</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>

</DIV>

<BR><BR>
<P ALIGN="CENTER"><font size=2>28</font></P>

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<H2 ALIGN=CENTER><FONT SIZE=2>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS</FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are one of the nation&#146;s leading integrated agricultural companies.
As a cooperative, we are owned by farmers, ranchers and their local
cooperatives from the Great Lakes to the Pacific Northwest and from the
Canadian border to Texas. We buy commodities from, and provide products
and services to members and other customers. We provide a wide variety
of products and services, from initial agricultural inputs such as
fuels, farm supplies and crop nutrients, to agricultural outputs that
include grains and oilseeds, grain and oilseed processing, and food
products.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have five distinct business segments: Agronomy, Energy, Country
Operations, Grain Marketing and Processed Grains and Foods.
See &#147;Selected Consolidated Financial Data &#151; Summary
Financial Data By Business Segment&#148; for
summary data for each of these segments
for the three months ended
November 30, 2002 and 2001 and the fiscal years ended
August&nbsp;31, 2002, 2001 and 2000.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many of our businesses are highly seasonal.
For example, Agronomy and Country Operations segments experience higher volumes
and income during the spring planting season and in the fall, which corresponds
to harvest. The Grain Marketing segment, as well, is subject to fluctuations in
revenue and earnings based on producer harvests, world grain prices, and demand.
Our Energy segment generally experiences higher revenues and profitability in
certain operating areas, such as refined products, in the summer when gasoline
and diesel usage is highest. Other energy products, such as propane, experience
higher revenues and profitability during the winter heating season. As a result
of these seasonal fluctuations, our operating results vary throughout the
year, with our income generally lowest during the second fiscal quarter and
highest during the third fiscal quarter.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While our sales and operating income are derived from businesses and
operations which are wholly-owned and majority-owned, a portion of
business operations are conducted through companies in which we hold
ownership interests of 50% or less and
do not
have operational
control. We
account for these investments primarily using the equity method of
accounting, wherein we record as equity income from investments our
proportionate share of income or loss reported by the entity, without
consolidating the revenues and expenses of the entity in our
consolidated statements of operations. These investments principally
include our 25% ownership in Agriliance, LLC (Agriliance), our 50%
ownership in TEMCO, LLC, our 50% ownership in United Harvest, LLC, our
24% ownership in Horizon Milling, LLC (Horizon) and our 50% ownership
in Ventura Foods, LLC (Ventura). In addition,
we recognize income
from CF Industries, a
cooperative in which we have a 20% cooperative
ownership
interest, only if
and to the extent that we receive patronage refunds. See &#147;Business &#151;
Agronomy &#151; Overview.&#148;</FONT></P>


<H3><FONT SIZE=2>Results of Operations</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Comparison
of the three months ended November&nbsp;30, 2002 and 2001</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net Income.
</I> Consolidated net income for the three months ended November&nbsp;30, 2002 was $40.4&nbsp;million compared to $41.4 million for
the three months ended November&nbsp;30, 2001, which represents a
$1.0 million (2%) decrease. Although net income slightly decreased in
total, the net income from the various business
segments changed. Reduced income in the Energy
segment was partially offset by increased income in the Country
Operations segment compared to the three months ended November&nbsp;30, 2001.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net Sales.
</I> Consolidated net sales of $2.6 billion for the three months ended
November 30, 2002 increased $754.7 million (40%) compared to the three
months ended November 30, 2001.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>29</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy net sales of $887.6 million increased $347.3 million (64%)
during the three months ended November&nbsp;30, 2002 compared to
the three months ended November&nbsp;30, 2001. Sales for the three
months ended November&nbsp;30, 2002 and 2001 were $911.6 million
and $554.2 million, respectively.
We eliminated all
intracompany sales from the Energy segment to the Country Operations
segment of $24.0&nbsp;million and $13.9 million for the three
months ended November&nbsp;30, 2002 and 2001, respectively. The
increase was primarily a result of increased refined fuels volumes of
66% and an average sales price increase of $0.08 per gallon compared
to the three months ended November&nbsp;30, 2001. In addition,
propane sales volumes increased 75%, which was partially offset by an
average sales price decrease of $0.03&nbsp;per&nbsp;gallon compared to
the three months ended November&nbsp;30, 2001. Refined fuels and
propane volume increases were primarily a result of the acquisition of
the wholesale energy business of Farmland Industries, Inc. (Farmland),
as well as all interest in Country Energy,
LLC, which had been
a joint venture with
Farmland, at a purchase price of
$39.2 million. In
addition, there was increased demand for propane due to a strong crop
drying season.</FONT></P>



<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Country Operations farm supply sales of $154.5 million increased by
$22.2 million (17%) during the three months ended November&nbsp;30, 2002 compared to the three months ended November&nbsp;30,
2001. The increase was
primarily due to increased volumes from an acquisition and volume and
price increases for feed and agronomy products.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company-wide grain and oilseed net sales of $1.5 billion increased
$434.4 million (42%) during the three months ended November&nbsp;30, 2002 compared to the three months ended November&nbsp;30,
2001. Sales for the three months ended November&nbsp;30, 2002 were
$1,387.2 million and $334.5 million from Grain Marketing and Country
Operations segments, respectively. Sales for the three months ended
November&nbsp;30, 2001 were $981.9 million and $242.3 million from
Grain Marketing and Country Operations segments, respectively.
We
eliminated all intracompany sales from
the Country Operations segment to the Grain Marketing segment, of
$251.1 million and $188.0 million, for the three months ended
November&nbsp;30, 2002 and 2001, respectively. The net increase in
sales was primarily due to an increase of $1.98 (64%) per bushel in
the average sales price of all grain and oilseed marketed by
us, which was partially
offset by a decrease in grain volume of 13% compared to the three
months ended November&nbsp;30, 2001.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processed Grains and Foods net sales of $113.8 million decreased $49.2
million (30%) during the three months ended November&nbsp;30,
2002 compared to the three months ended November&nbsp;30, 2001.
The net decrease in sales
was primarily due to
the formation of Horizon, a wheat flour milling and processing joint
venture that was formed in January 2002.
Since that date,
we
have
accounted for operating results of Horizon under the equity
method of accounting. We have
a 24% interest in Horizon, and
Cargill, Incorporated (Cargill) has a 76% interest. We
are
leasing
our five mills and
related equipment to Horizon under an operating lease.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Patronage Dividends.
</I> Patronage dividends received of $0.2 million decreased $0.6 million
(77%) during the three months ended November&nbsp;30, 2002
compared to the three months ended November&nbsp;30, 2001.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Revenues.
</I> Other revenues of $35.1 million increased $3.0 million (9%) during the
three months ended November&nbsp;30, 2002 compared to the three
months ended November 30, 2001. The most significant changes were due
to increased service revenues within the Country Operations segment
compared to the three months ended November&nbsp;30, 2001.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cost of Goods Sold.
</I> Cost of goods sold of $2.6 billion increased $758.4 million (42%)
during the three months ended November&nbsp;30, 2002, compared to
the three months ended November&nbsp;30, 2001. The cost of all
grains and oilseed procured by
us
through our Grain
Marketing and Country Operations segments increased $424.2 million
(43%) compared to the three months ended November&nbsp;30, 2001
primarily due to a $1.95 (64%) average cost per bushel increase, which
was partially offset by a 13% decrease in volume. The Energy segment
cost of goods sold increased by $362.4 million (73%) during the three
months ended November&nbsp;30, 2002 compared to the three months
ended November&nbsp;30, 2001. The volumes of refined fuels
increased by 66%, primarily the result of acquisitions, and the
average cost increased by $0.11 per gallon compared to the three months
ended November&nbsp;30, 2001. Propane volumes increased by 75%,
which was partially offset by an average cost decrease of $0.03 per
gallon compared to the three months ended November 30, 2001. These
volume increases were primarily the result of acquisitions and
increased propane demand due to a strong crop
drying season. Country Operations segment
farm supply cost of goods sold increased by $16.8 million (15%) during
the three months ended November&nbsp;30, 2002 compared to the
three months ended November&nbsp;30, 2001 primarily due to an
acquisition and volume and cost increases on feed and agronomy
products. These increases were partially offset by decreased cost of
goods sold in the Processed Grains and Foods segment of $45.8&nbsp;million (30%) compared to the three months ended November&nbsp;30, 2001, primarily due to the formation of Horizon, as previously
discussed.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>30</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Marketing, General and Administrative.
</I> Marketing, general and administrative expenses of $43.1&nbsp;million for the three months ended November&nbsp;30, 2002
increased by $0.3 million (1%) compared to the three months ended
November&nbsp;30, 2001. Although marketing, general and
administrative expenses were essentially unchanged in total, expenses
attributable to our
various
business segments changed. Marketing, general and administrative in the
Energy segment increased due to the wholesale energy acquisition and
Processed Grains and Foods segment decreased due to the formation of
Horizon as previously discussed.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest.
</I> Interest expense of $12.8 million for the three months ended
November&nbsp;30, 2002 increased by $2.0 million (18%) compared
to the three months ended November&nbsp;30, 2001. The average
level of short-term borrowings increased $249.0&nbsp;million to
finance working capital needs, primarily due to increases in
inventories in the Grain Marketing, Country Operations and Energy
segments, related to higher grain prices and the purchase of
Farmland&#146;s wholesale energy business, discussed previously. The
average short-term interest rate decreased 0.7% during the three
months ended November&nbsp;30, 2002 compared to the three months
ended November&nbsp;30, 2001. Long-term debt borrowings increased
due to an additional $175.0 million of private placement debt which was
issued in October 2002.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Equity Income from Investments.
</I> Equity income from investments of $8.2 million for the three months
ended November&nbsp;30, 2002 increased by $4.2 million (107%)
compared to the three months ended November&nbsp;30, 2001. The
increase was primarily attributable to increased earnings from Ventura,
a Processed Grains and Foods segment investment. In addition, the
Energy segment recorded losses from the Country Energy investment in
the prior fiscal year.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Minority Interests.
</I> Minority interests of $5.4 million for the three months ended
November&nbsp;30, 2002 increased by $2.4 million (79%) compared
to the three months ended November&nbsp;30, 2001. The change in
minority interests was primarily a result of more profitable operations
within our
majority-owned
subsidiaries during the three months ended November&nbsp;30, 2002
compared to the three months ended November&nbsp;30, 2001.
Substantially all minority interests relate to National Cooperative
Refinery Association (NCRA), an approximately 74.5% owned subsidiary.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Income Taxes.
</I> Income tax expense of $5.5 million for the three months ended
November&nbsp;30, 2002 decreased $0.7 million (12%) compared to
the three months ended November&nbsp;30, 2001, resulting in
effective tax rates of a 12.0% and 13.1%, respectively. The federal
and state statutory rate applied to nonpatronage business activity was
38.9% for the three months ended November&nbsp;30, 2002 and 2001.
Our income taxes and
the effective tax rate
varied
based upon profitability and nonpatronage business
activity during each of the comparable periods.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Comparison
of the Years Ended August 31, 2002 and 2001</B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net Income.
</I> Consolidated net income for the year ended August&nbsp;31, 2002
was $126.1&nbsp;million compared to $178.6 million for the year
ended August&nbsp;31, 2001, which represents a $52.5 million
(29%) decrease. This decrease in profitability is primarily
attributable to a tax benefit of $34.2&nbsp;million in the prior
year and decreased earnings in our Energy segment compared to the year
ended August&nbsp;31, 2001.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net Sales.
</I> Consolidated net sales of $7.7 billion for the year ended August&nbsp;31, 2002 decreased $21.1 million compared to the year ended
August&nbsp;31, 2001.</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy net sales of $2.6 billion decreased $119.1 million (4%) during
the year ended August&nbsp;31, 2002 compared to the year ended
August&nbsp;31, 2001. Sales for the year ended August&nbsp;31, 2002 and 2001 were $2,657.7 million and $2,781.2 million,
respectively. We eliminated all intracompany sales from the Energy
segment to the Country Operations segment of $67.4 million and
$71.8&nbsp;million for the years ended August&nbsp;31, 2002
and 2001, respectively. Prior to December&nbsp;31, 2000 we
consolidated the business activity of Cooperative Refining LLC (CRLLC),
a refining joint venture into the Energy segment. We held a 58%
interest in CRLLC, which was dissolved effective December&nbsp;31,
2000. The decrease in Energy sales is primarily due to this
dissolution. The decrease was partially offset by an increase in
refined fuel sales that were not part of CRLLC, which consisted of a
49% increase in volume, which was partially offset by a sales price
decrease of $0.21 per gallon compared to the year ended August&nbsp;31, 2001. The average sales price of propane decreased by $0.21 per
gallon, which was partially offset by a volume increase of 28%
compared to the year ended August 31, 2001. Refined fuels and propane
volume increases were primarily a result of acquisitions, with the most
substantial acquisition taking place in November 2001, when we
purchased for $39.2
million, the wholesale energy business of Farmland Industries, Inc.
(Farmland), as well as all interest in Country Energy, LLC a joint
venture formerly with Farmland.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Country Operations farm supply sales of $612.5 million decreased by
$51.3 million (8%) during the year ended August&nbsp;31, 2002
compared to the year ended August&nbsp;31, 2001. The decrease is
primarily due to a reduction in the average retail sales price of
energy products compared to the prior year.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company-wide grain and oilseed net sales of $4.0 billion increased
$315.7 million (8%) during the year ended August&nbsp;31, 2002
compared to the year ended August&nbsp;31, 2001. Sales for the
year ended August&nbsp;31, 2002 were $3,787.3 million and $862.0
million from Grain Marketing and Country Operations segments,
respectively. Sales for the year ended August&nbsp;31, 2001 were
$3,514.3 million and $913.4 million from Grain Marketing and Country
Operations segments, respectively. We eliminated all intracompany sales
from the Country Operations segment to the Grain Marketing segment, of
$615.8 million and $709.9 million, for the years ended August&nbsp;31, 2002 and 2001, respectively. The net increase in sales was
primarily due to an increase of $0.60 (20%) per bushel in the average
sales price of all grain and oilseed marketed by us, which was
partially offset by a decrease in grain volume of 9% compared to the
prior year.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processed Grains and Foods segment net sales of $495.5 million
decreased $166.4 million (25%) during the year ended August&nbsp;31, 2002 compared to the year ended August&nbsp;31, 2001.
Intracompany sales between segments were eliminated. The decrease in
sales is primarily due to the formation of Horizon, a wheat flour
milling and processing joint venture that was formed in January 2002.
After that date, we accounted for operating results of Horizon under
the equity method of accounting. We have a 24% interest in Horizon,
and Cargill, Incorporated (Cargill) has a 76% interest. We are leasing
five mills and related equipment to Horizon.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Patronage Dividends.
</I> Patronage dividends received of $3.9 million decreased $2.1 million
(35%) during the year ended August&nbsp;31, 2002 compared to the
year ended August&nbsp;31, 2001, primarily due to reduced
patronage dividends from cooperatives.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Revenues.
</I> Other revenues of $109.5 million decreased $6.8 million (6%) during
the year ended August&nbsp;31, 2002 compared to the year ended
August&nbsp;31, 2001. The most significant changes were within the
Energy segment, and Corporate and Other compared to the prior year.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cost of Goods Sold.
</I> Cost of goods sold of $7.5 billion increased $43.2 million (1%) during
the year ended August&nbsp;31, 2002, compared to the year ended
August&nbsp;31, 2001. The cost of all grains and oilseed procured
by us through our Grain Marketing and Country Operations segments
increased 9% compared to the year ended August&nbsp;31, 2001
primarily due to a $0.59 (20%) average cost per bushel increase, which
was partially offset by a 9% decrease in volume. This increase was
partially offset by decreases in cost of goods sold in the Processed
Grains and Foods, Country Operations and Energy segments. Processed
Grains and Foods segment cost of goods sold decreased by 26% compared
to the year ended August&nbsp;31, 2001, primarily due to the
formation of Horizon, as previously described. Country Operations
segment farm supply cost of goods sold decreased by 9% during the year
ended August&nbsp;31, 2002 compared to the prior year primarily
due to the reduced cost of energy products. The Energy segment cost of
goods sold decreased by 2% during the year ended August&nbsp;31,
2002 compared to the prior year, primarily due to the dissolution of
CRLLC, as previously discussed. However, the volumes of refined fuels
that were not associated with the dissolution of CRLLC increased by
49%, which was partially offset by an average cost decrease of $0.18
per gallon compared to the year ended August&nbsp;31, 2001. The
average cost of propane decreased by $0.19 per gallon, which was
partially offset by a 28% volume increase compared to the prior year.
These volume increases were primarily the result of acquisitions.</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Marketing, General and Administrative.
</I> Marketing, general and administrative expenses of $187.3 million for
the year ended August&nbsp;31, 2002 increased by $3.2 million
(2%) compared to the year ended August&nbsp;31, 2001. The net
increase is primarily due to additional expenses resulting from Energy
segment acquisitions, which was partially offset by reduced expenses
within the Processed Grains and Foods segment due to the formation of
Horizon described earlier.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest.
</I> Interest expense of $42.5 million for the year ended August 31, 2002
decreased by $19.0 million (31%) compared to the year ended
August&nbsp;31, 2001. The average level of short-term borrowings
decreased 24% and the average short-term interest rate decreased 3.6%
during the year ended August&nbsp;31, 2002 compared to the prior
year. The net decrease in interest expense from short-term borrowings
was partially offset by an increase due to an additional $80.0&nbsp;million of long-term debt from a private placement, of which $25.0
million and $55.0 million were issued in January and March 2001,
respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Equity Income from Investments.
</I> Equity income from investments of $58.1 million for the year ended
August&nbsp;31, 2002 increased by $29.6 million (104%) compared
to the year ended August&nbsp;31, 2001. The increase was primarily
attributable to decreased losses from Corporate and Other technology
investments of $15.1 million that were dissolved. In addition, earnings
from Agronomy, and Processed Grains and Foods segments investments
increased in fiscal year 2002 by $6.1 million and $5.8 million,
respectively compared to the prior year.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Minority Interests.
</I> Minority interests of $15.4 million for the year ended August&nbsp;31, 2002 decreased by $19.7 million (56%) compared to the year
ended August&nbsp;31, 2001. The change in minority interests
during the year ended August&nbsp;31, 2002 compared to the prior
year was primarily a result of less profitable operations within our
majority-owned subsidiaries and the dissolution of CRLLC. Substantially
all minority interests relate to National Cooperative Refinery
Association (NCRA) an approximately 74.5% owned subsidiary.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Income Taxes.
</I> Income tax expense of $18.7 million for the year ended August&nbsp;31, 2002 compares to a tax benefit of $25.6 million for the year
ended August&nbsp;31, 2001, resulting in effective tax rates of a
12.9% expense and a 16.7% benefit, respectively. The federal and
state statutory rate applied to nonpatronage business activity was
38.9% for the years ended August&nbsp;31, 2002 and 2001. An
income tax benefit of $34.2 million for the year ended August&nbsp;31, 2001 resulted from a change in the tax rate applied to our
cumulative temporary differences between income for financial statement
purposes and income used for tax reporting purposes. Our calculation of
our patronage distribution using earnings for financial statement
purposes rather than tax basis earnings prompted the rate change. We
recorded income tax expense of $18.7&nbsp;million for the year
ended August&nbsp;31, 2002, which compares to $8.6 million for the
year ended August&nbsp;31, 2001, exclusive of the $34.2 million
benefit related to the change in patronage determination described
above. The income taxes and effective tax rate vary each year based
upon profitability and nonpatronage business activity during each of
the comparable years.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Comparison of the Years
Ended August 31, 2001 and 2000</B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net Income.
</I> Our consolidated net income of $178.6 million for the year ended
August&nbsp;31, 2001 represents a $91.2 million (104%) increase
compared to the year ended August&nbsp;31, 2000. This net increase
in profitability is primarily attributable to an increase in income
from our Energy segment, which was partially offset by decreases from
the Agronomy and Grain Marketing segments, and Corporate and Other.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net Sales.
</I> Consolidated net sales of $7.8 billion for the year ended August&nbsp;31, 2001 represent a $744.8 million (9%) decrease compared to the
year ended August&nbsp;31, 2000.</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We did not record Agronomy sales during the year ended August&nbsp;31, 2001 compared to sales of $768.4 million net of intracompany
elimination of $40.3 million from the Agronomy segment to the Country
Operations segment for the year ended August&nbsp;31, 2000. During
2000, we exchanged our agronomy operations for an ownership interest in
Agriliance, LLC, owned indirectly through United Country Brands, LLC.
As of July&nbsp;31, 2000, we recorded results of our 25%
ownership in Agriliance, LLC on the equity method, and as such, income
or losses are reflected in equity income from investments.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy net sales of $2.7 billion decreased $194.5 million (7%) during
the year ended August&nbsp;31, 2001 compared to the year ended
August&nbsp;31, 2000. Sales for the years ended August&nbsp;31, 2001 and 2000 were $2,781.2 million and $2,959.6 million,
respectively. We eliminated all intracompany sales from the Energy
segment to the Country Operations segment of $71.8 million and
$55.7&nbsp;million for the years ended August&nbsp;31, 2001
and 2000, respectively. The decrease is primarily attributable to a net
volume decrease compared to the year ended August&nbsp;31, 2000
due to the dissolution of CRLLC effective December&nbsp;31, 2000.
We owned 58% of CRLLC through our ownership in NCRA and therefore
consolidated CRLLC business activity up to the time of dissolution. The
decrease related to the dissolution was partially offset by an increase
in refined fuels that were not part of CRLLC of $0.12 per gallon in the
average sales price and 2% in volume compared to the year ended
August&nbsp;31, 2000. In addition, propane volumes increased by
39% and the average sales price of propane increased by $0.21 per
gallon compared to the year ended August&nbsp;31, 2000.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Country Operations farm supply sales of $663.9 million increased $73.0
million (12%) for the year ended August&nbsp;31, 2001 compared to
the year ended August&nbsp;31, 2000. The net increase is primarily
attributable to average sales price increases in agronomy and energy
products and additional volumes from acquisitions.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company-wide grain and oilseed net sales of $3.7 billion increased
$67.0 million (2%) during the year ended August&nbsp;31, 2001
compared to the year ended August&nbsp;31, 2000. Sales for the
year ended August&nbsp;31, 2001 were $3,514.3 million and $913.4
million from Grain Marketing and Country Operations segments,
respectively. Sales for the year ended August&nbsp;31, 2000 were
$3,453.8
million and $819.0 million from Grain
Marketing and Country Operations segments, respectively. We eliminated
all intracompany sales from the Country Operations segment to the Grain
Marketing segment of $709.9 million and $622.0 million for the years
ended August&nbsp;31, 2001 and 2000, respectively. This increase
in sales was primarily due to an increase of $0.06 (2%) per bushel in
the average sales price while volumes were essentially unchanged on all
grain and oilseed marketed by us compared to the prior year.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processed Grains and Foods segment net sales of $661.9 million
increased $78.1 million
(13%) for the year
ended August&nbsp;31, 2001 compared to the year ended August&nbsp;31, 2000. Intracompany sales between segments were eliminated. This
increase is primarily due to foods acquisitions, which increased sales
by $47.3 million compared to the prior year. In addition, sales of
processed wheat increased by $22.6 million compared to the prior year,
primarily due to increased volumes from the acquisition of a wheat mill
in April 2000 and an increase in the average sales price of all wheat
products. Sales of processed oilseed increased by $8.8 million
primarily due to volume and price increases compared to the prior year.
</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Revenues.
</I> Other revenues of $116.3 million increased $18.8 million (19%) for the
year ended August&nbsp;31, 2001 compared to the year ended
August&nbsp;31, 2000. The most significant increases were within
the Country Operations and Grain Marketing segments. These increases
were partially offset by a prior year gain of $7.4 million from the
sale of 1.455% of our economic interest in Agriliance, LLC which was
recorded in March 2000 in the Agronomy segment.</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cost of Goods Sold.
</I> Cost of goods sold of $7.5 billion decreased $830.3 million (10%)
during the year ended August&nbsp;31, 2001 compared to the year
ended August&nbsp;31, 2000. The decrease was primarily
attributable to the impact of recording our share of our agronomy
operations on the equity method in 2001 as previously discussed, which
caused a reduction in cost of goods sold of $764.7 million compared to
the year ended August&nbsp;31, 2000. In addition, during the year
ended August&nbsp;31, 2001 the cost of goods sold of the Energy
segment decreased by 11% primarily due to a decrease in volume as a
result of the dissolution of CRLLC. The decrease was partially offset
by volume and price increases on refined fuels purchases that were not
part of CRLLC, and propane products. The cost of all grain and oilseed
procured by us through our Grain Marketing and Country Operations
segments increased 2% compared to the previous year end primarily due
to a $0.06 (2%) cost per bushel increase with volumes remaining
essentially unchanged. Country Operations segment farm supply cost of
goods sold increased by 14% during the year ended August&nbsp;31,
2001 compared to the year ended August&nbsp;31, 2000, primarily
due to cost increases in agronomy and energy products and higher
volumes due to acquisitions. Cost of goods sold within the Processed
Grains and Foods segment increased by 13% due to volume increases
primarily as a result of acquisitions.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Marketing, General and Administrative.
</I> Marketing, general and administrative expenses of $184.0 million for
the year ended August&nbsp;31, 2001 increased by $28.7 million
(19%) compared to the year ended August&nbsp;31, 2000. This
increase is primarily due to increases in expenses within the Processed
Grains and Foods segment of $23.4 million, which is primarily due to
additional expenses of $12.9 million related to acquisitions and a loss
on assets held for disposal of $7.5&nbsp;million related to the
closing of a wheat mill compared to the prior year. In addition,
expenses within the Country Operations segment increased by $9.3
million primarily due to acquisitions. These increases were partially
offset by a decrease in expenses of $12.3 million in the Agronomy
segment.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest.
</I> Interest expense of $61.4 million for the year ended August 31, 2001
increased by $3.8 million (7%) compared to the year ended August&nbsp;31, 2000. The average level of short-term borrowings increased 11%
and the average short-term interest rate decreased 0.55% during the
year ended August&nbsp;31, 2001 compared to the previous year.
Interest expense also increased due to an additional $80.0 million of
long-term debt from a private placement of which $25.0 million and
$55.0 million were issued in January and March 2001, respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Equity Income from Investments.
</I> Equity income from investments of $28.5 million for the year ended
August&nbsp;31, 2001 increased by $0.2 million (1%) compared to
the year ended August&nbsp;31, 2000. The increase was primarily
attributable to increases in earnings from investments within the
Agronomy and Processed Grains and Foods segments of $11.7 million and
$11.1 million, respectively, during the year ended August&nbsp;31,
2001 compared to the prior year. We record our 25% share of our
Agronomy segment investment in Agriliance, LLC on the equity method as
previously discussed. The net increase was partially offset by losses
from technology investments of $15.1 million and decreased earnings of
$4.9 million and $1.9 million from Energy and Grain Marketing segment
investments, respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Minority Interests.
</I> Minority interests of $35.1 million for the year ended August&nbsp;31, 2001 increased by $10.6 million (43%) compared to the year
ended August&nbsp;31, 2000. Substantially all minority interests
were related to NCRA. This net change in minority interests was
reflective of more profitable operations within our majority-owned
subsidiaries during the year ended August 31, 2001 compared to the
previous year.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Income Taxes.
</I> An income tax benefit of $25.6 million for the year ended August&nbsp;31, 2001 compares to expense of $3.9 million for the year ended
August 31, 2000 resulting in effective tax rates of 16.7% benefit and
4.3% expense, respectively. The federal and state statutory rate
applied to nonpatronage business activity was 38.9% for the years
ended August&nbsp;31, 2001 and 2000. An income tax benefit of
$34.2 million for the year ended August&nbsp;31, 2001 resulted
from a change in the tax rate applied to our cumulative temporary
differences between income for financial statement purposes and income
used for tax reporting purposes. Our change in the calculation of our
patronage distribution using earnings for financial statement purposes
rather than tax basis earnings prompted the rate change. We recorded an
income tax expense of $8.6&nbsp;million and $3.9 million for the
years ended August&nbsp;31, 2001 and 2000 excluding the effects of
the adjustment. The income taxes and effective tax rates vary each year
based upon profitability and nonpatronage business activity during each
of the comparable years.</FONT></P>

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<H3><FONT SIZE=2>Liquidity
and Capital Resources</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Cash Flows from
Operations</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operating activities provided net cash of $2.1 million during the
three months ended November&nbsp;30, 2002. Net income of $40.4
million and net non-cash expenses of $23.8 million were partially
offset by increased working capital requirements of $62.1 million. The
increase in working capital requirements is primarily due to higher
commodity prices and increased grain inventory
balances.
Our
operating activities provided net cash of $23.7 million during the
three months ended November&nbsp;30, 2001. Net income of $41.4
million and net non-cash expenses of $35.5 million were partially
offset by increased working capital requirements of $53.2 million.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operating activities used net cash of $41.7 million during the year
ended August&nbsp;31, 2002. Net income of $126.1 million and net
non-cash expenses of $62.4 million were offset by increased working
capital requirements of $230.2 million. This increase in working
capital requirements is primarily due to higher commodity prices.
Our
operating activities provided net cash of $252.8 million during the
year ended August&nbsp;31, 2001. Net income of $178.6 million, net
non-cash expenses of $50.5 million and decreased working capital
requirements of $23.7 million provided this net cash from operating
activities.
Our
operating activities provided net cash of $128.4 million during the
year ended August&nbsp;31, 2000. Net income of $87.4 million and
net non-cash expenses of $79.7 million were partially offset by
increased working capital requirements of $38.7
million.
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Cash Flows from Investing Activities</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the three months ended November&nbsp;30, 2002 and 2001, the
net cash used in our
investing activities totaled $31.9 million and $38.9 million,
respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The acquisition of property, plant and equipment comprised the primary
use of cash totaling $40.6 million and $21.8 million for the three
months ended November&nbsp;30, 2002 and 2001, respectively. For
the year ended August&nbsp;31,
2003, we expect
to spend approximately
$216.8&nbsp;million for
the acquisition of property, plant and equipment, which includes $57.0
million of expenditures for the construction
of an oilseed processing facility in Fairmont, Minnesota. Total
expenditures related to the construction of the facility are projected
to be approximately
$90.0&nbsp;million, of
which $32.2 million was used for construction through November&nbsp;30, 2002. Capital
expenditures,
primarily related to the Environmental Protection Agency low sulfur
fuel regulations
which NCRA and we are
required to
comply with by 2006, are expected to be
approximately $387.0 million in total for our Laurel, Montana and
NCRA&#146;s McPherson, Kansas refineries over the next three
years. Of this
amount,
$9.5&nbsp;million
had
been spent as of November&nbsp;30,
2002, by NCRA at
the McPherson refinery.
It is expected that approximately 80% of the
total costs
for this project
will be incurred at NCRA. We expect to fund
the refinery expenditures with a combination of cash, future earnings
and additional borrowings.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments made during the three months ended November&nbsp;30,
2002 and 2001 totaled
$1.4&nbsp;million and
$6.1 million, respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of intangibles were $0.4 million and $27.5 million for the
three months ended November&nbsp;30, 2002 and 2001, respectively.
During the three months ended November&nbsp;30, 2001, the
acquisitions of intangibles were primarily related to
our
purchase of Farmland&#146;s interest in its wholesale energy business, as
previously discussed, and represents trademarks, tradenames and
non-compete agreements.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the three months ended November&nbsp;30, 2002 the changes
in notes receivable resulted in a decrease in cash flows of
$11.2&nbsp;million,
resulting primarily from related party notes
receivables at NCRA from its minority owners, Growmark, Inc. and MFA
Oil Company. During the three months ended November&nbsp;30, 2001
the changes in notes receivable resulted in a decrease of $2.2 million.
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to minority owners for the three months ended
November&nbsp;30, 2002 and 2001 were $0.5 million and $4.0
million, respectively, and were primarily related to NCRA.</FONT></P>


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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partially offsetting cash outlays in investing activities were proceeds
from the disposition of property, plant and equipment of $4.7 million
and $6.1 million for the three months ended November&nbsp;30, 2002
and 2001, respectively. Also partially offsetting cash usages were
distributions received from joint ventures and investments totaling
$17.0 million and $15.4 million for the three months ended
November&nbsp;30, 2002 and 2001, respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the years ended August&nbsp;31, 2002, 2001 and 2000, the net
cash flows used in our investing activities totaled $141.8 million,
$69.1 million and $184.9 million, respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The acquisition of property, plant and equipment comprised the primary
use of cash totaling $140.2 million, $97.6 million and $153.8 million
for the years ended August&nbsp;31, 2002, 2001 and 2000,
respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments made during the years ended August&nbsp;31, 2002, 2001
and 2000 totaled
$6.2&nbsp;million,
$14.2 million and $35.3 million, respectively. Investments during the
year ended August&nbsp;31, 2000 included the purchase of an
additional 10% interest in Ventura Foods, LLC, our foods joint
venture, for $25.6 million. We have a 50% interest in that joint
venture.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of intangibles were $29.5 million, $7.3 million and $26.5
million for the years ended August&nbsp;31, 2002, 2001 and 2000,
respectively. During the year ended August&nbsp;31, 2002, $26.4
million of the acquisitions of intangibles were related to the purchase
of Farmland&#146;s interest in its wholesale energy business, as previously
discussed, and represents trademarks, tradenames and non-compete
agreements. During the previous two years, the intangibles resulted
primarily from the purchase of Rodriguez Festive Foods, Inc. in fiscal
2001 and the purchase of Sparta Foods, Inc. and the wholesale propane
marketing business of Williams Energy Marketing and Trading Company in
fiscal 2000.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended August&nbsp;31, 2002 the changes in notes
receivable resulted in a decrease in cash flows of $22.0
million,
resulting primarily from related party notes
receivables at NCRA from its minority owners, Growmark, Inc. and MFA
Oil Company. During the years ended August&nbsp;31, 2001 and 2000
the changes in notes receivable resulted in increases of $0.5 million
and $0.6&nbsp;million,
respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to minority owners for the years ended August&nbsp;31, 2002, 2001 and 2000 were $7.4 million, $19.3 million and $21.1
million, respectively, and were primarily related to NCRA. For the
years ended August&nbsp;31, 2001 and 2000, NCRA&#146;s distributions
also included the distributions made by CRLLC.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partially offsetting cash outlays in investing activities were proceeds
from the disposition of property, plant and equipment of $20.2 million,
$35.3 million and $7.7 million for the years ended August&nbsp;31,
2002, 2001 and 2000, respectively. During the year ended August&nbsp;31, 2002, the proceeds were primarily from disposals of propane
plants in the Energy segment and of non-strategic agri-operations
locations in the Country Operations segment. During the year ended
August&nbsp;31, 2001, the proceeds were primarily from the
disposal of feed plants and other assets in the Country Operations
segment. Also partially offsetting cash usages were distributions
received from joint ventures and investments totaling $44.0 million,
$31.8 million and $43.9 million for the years ended August&nbsp;31, 2002, 2001 and 2000,
respectively.
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Cash Flows from Financing Activities</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We finance our working capital needs through short-term lines of credit
with a syndication of banks. In May 2002, we renewed
our
364-day credit facility
with
$550.0 million committed. In addition to these lines of credit, we have
a 364-day credit facility dedicated to NCRA, with a syndication of
banks in the amount of $30.0 million committed. On November&nbsp;30, 2002 and 2001, we had total short-term indebtedness outstanding
on these various facilities and other short-term notes payable totaling
$246.1 million and $110.8 million, respectively. The increase in 2002
is primarily due to increases in inventories in the Grain Marketing,
Country Operations and Energy segments, related to higher grain prices
and the purchase of Farmland&#146;s wholesale energy business, discussed
previously. In October 2002, $175.0 million received from private
placement proceeds was used to pay down our 364-day credit facility. On
August&nbsp;31, 2002 and 2001, we had total short-term
indebtedness outstanding on these various facilities and other
short-term notes payable totaling $332.5 million and $97.2 million,
respectively.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>37</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June 1998, we established a five-year revolving credit facility with
a syndication of banks, with $200.0 million committed. We had
outstanding balances on this facility of $75.0 million on
November&nbsp;30, 2002 and 2001, respectively. On August&nbsp;31, 2002 and
2001, we had
outstanding balances on this facility of $75.0 million and $45.0
million, respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We finance our long-term capital needs, primarily for the acquisition
of property, plant and equipment, with long-term agreements through CoBank.
In June 1998, we established this long-term credit agreement
through CoBank and another cooperative bank that has since merged with CoBank. This facility committed $200.0 million of long-term
borrowing capacity to us, with repayments through fiscal year 2009. The amount
outstanding on this credit facility was $142.7 million and $149.2 million on
November&nbsp;30, 2002 and 2001, respectively. On August&nbsp;31, 2002 and 2001,
we had $144.3 million and $150.1 million outstanding on this credit facility,
respectively. Repayments of $1.6 million were made on this facility during each
of the three months ended November&nbsp;30, 2002 and 2001. Repayments of $6.6
million were made on this facility during each of the years ended
August&nbsp;31, 2002 and 2001.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also in June 1998, we issued a private placement with several insurance
companies for long-term debt in the amount of $225.0 million.
Repayments will be made in equal annual installments of $37.5 million
each in the years 2008 through 2013.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January 2001, we entered into a note purchase and private shelf
agreement with Prudential Insurance Company. The long-term note in the
amount of $25.0 million will be repaid in equal annual installments of
approximately $3.6 million, in the years 2005 through 2011. A
subsequent note for $55.0 million was issued in March 2001, related to
the private shelf facility. The
$55.0&nbsp;million note
will be repaid in equal annual installments of approximately $7.9
million, in the years 2005 through 2011.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October 2002, we entered into a private placement with several
insurance companies for long-term debt in the amount of $175.0 million
which was layered into two series. The first series
of $115.0 million has an interest rate of 4.96% and
will be repaid in equal semi-annual installments of approximately $8.8
million during the years 2007 through 2013. The second series of
$60.0&nbsp;million has
an interest rate of 5.60% and will be repaid in equal semi-annual
installments of approximately $4.6 million during fiscal years 2012
through 2018.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, through NCRA, had revolving term loans outstanding of $17.3 million
and $20.3 million for the periods ended November&nbsp;30, 2002 and
2001, respectively. Repayments of $0.8 million were made during each of
the three months ended November&nbsp;30, 2002 and 2001. On
August&nbsp;31, 2002 and 2001 the outstanding balances were $18.0
million and $21.0 million, respectively. Repayments of $3.0 million
were made during each of the years ended August&nbsp;31, 2002,
2001 and 2000, respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;30, 2002, we had total long-term debt outstanding
of $743.2 million, of which $251.4 million was bank financing, $480.0
million was private placement proceeds and
$11.8&nbsp;million was
industrial development revenue bonds and other notes and contracts
payable. The aggregate amount of long-term debt payable as of
August&nbsp;31, 2002 was as follows (dollars in thousands):</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=50% ALIGN=CENTER>

<TR VALIGN=BOTTOM>
<TD width=75%><FONT SIZE=2>2002</FONT></TD>
<TD ALIGN=RIGHT width=25%><FONT SIZE=2>$89,032</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2003</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,079</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2004</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>34,511</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2005</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>34,938</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2006</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>41,709</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Thereafter</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>356,855</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$572,124</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>



<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate amount of long-term debt payable has not materially
changed during the three months ended November&nbsp;30, 2002 other
than for the $175.0 million of private placement debt discussed
previously, of which repayments will not start until 2007. We are in
compliance with all debt covenants and restrictions as of
November&nbsp;30, 2002.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>38</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the three months ended November&nbsp;30, 2002 and 2001, we
borrowed on a long-term basis $175.0 million and $30.0 million,
respectively, and during the same periods repaid long-term debt of $3.9
million and $5.8 million, respectively. During the years ended
August&nbsp;31, 2002, 2001 and 2000 we borrowed on a
long-long-term basis $30.0 million, $116.9 million and
$49.9&nbsp;million,
respectively, and during the same periods repaid long-term debt of
$18.0 million,
$67.4&nbsp;million and
$22.5 million, respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with
our
bylaws and by action of
our
board
of
directors,
annual net earnings from patronage sources are distributed to
consenting patrons following the close of each fiscal year. Effective
September&nbsp;1, 2000, patronage refunds are calculated based on
earnings for financial statement purposes rather than based on amounts
reportable for federal income tax purposes as had been our practice
prior to this date. This change was authorized through a bylaw
amendment at our annual meeting on December&nbsp;1, 2000. The
patronage earnings from the fiscal year ended August&nbsp;31, 2002
are expected to be distributed during the second quarter of fiscal year
2003. The cash portion of this distribution,
which
will be 30%, is expected to be
approximately $26.2 million and is classified as a current liability on
the November&nbsp;30, 2002 and August&nbsp;31, 2002
consolidated balance sheets. During the years ended August&nbsp;31, 2002, 2001 and 2000 we distributed cash patronage of $40.1
million, $26.1 million and $17.9 million, respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The current equity redemption policy, as authorized by
our
board
of
directors,
allows for the redemption of capital equity certificates held by
inactive direct members and patrons and active direct members and
patrons at age 72 or death that were of age 61 or older on June&nbsp;1, 1998. For active direct members and patrons who were of age 60
or younger on June&nbsp;1, 1998, and member cooperatives, equities
that have been outstanding for more
than 10 years will be
redeemed annually based on a prorata formula where the numerator is
dollars available for such purpose as determined by
our
board
of
directors,
and the denominator is the sum of the patronage certificates
that have been
outstanding for more than 10 years held by
such eligible members and patrons. Total
redemptions related to the year ended August&nbsp;31, 2002, to be
distributed in fiscal year 2003, are expected to be approximately $30.3
million, of which
$2.4&nbsp;million was
redeemed during the three months ended November&nbsp;30, 2002.
During the three months ended November&nbsp;30,
2001, we redeemed
$1.8 million of equity. During the years ended August&nbsp;31,
2002, 2001 and
2000, we redeemed
$31.1 million, $18.7 million and $28.7 million of patronage related
equities, respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended May&nbsp;31, 1997, we offered securities in
the form of Equity Participation Units (EPUs) in
our
Wheat Milling and Oilseed Processing and Refining Defined Business
Units. These EPUs gave the holder the right and obligation to deliver
to us a stated number of bushels in return for a prorata share of the
undiluted grain based patronage earnings of these respective Defined
Business Units. The offering resulted in the issuance of such equity
with a stated value of $13,870,000 and generated additional capital and
cash of $10,837,000, after issuance cost and conversion
privileges.
In
August 2001,
our
board
of
directors
approved and consummated a plan to end the Defined Investment Program.
All of the EPUs were redeemed and the assets of the Oilseed Processing
and Refining and Wheat Milling Defined Business Units were allocated to
us as provided in the
plan.
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
board
of
directors
authorized the sale and issuance of up to 50,000,000 shares of 8%
Preferred Stock at a price of $1.00 per share.
As of November&nbsp;30, 2002 we had $9.5 million (9,454,874 shares) of 8% Preferred
Stock outstanding, and expenses related to the issuance of the shares
were $3.5 million. Sales of the preferred shares have been
suspended.
</FONT></P>

<H3><FONT SIZE=2>Off Balance Sheet Financing Arrangements</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lease
Commitments:</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have commitments under operating leases for various refinery,
manufacturing and transportation equipment, rail cars, vehicles and
office space. Some leases include purchase options at not less than
fair market value at the end of the leases.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>39</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total rental expense for all operating leases, net of rail car mileage
credits received from the railroad and sublease income for the years
ended August&nbsp;31, 2002, 2001 and 2000 was $30.2 million, $35.5
million and $38.0 million, respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum future lease payments, required under noncancellable operating
leases as of August&nbsp;31, 2002, were as follows:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=50% ALIGN=CENTER>

<TR VALIGN=BOTTOM>
<TD WIDTH=75%><FONT SIZE=2><B><I>(dollars
in
millions)<BR></I></B></FONT></TD>
<TD WIDTH=25% ALIGN=CENTER><FONT SIZE=2><B><I>Total</I></B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2003</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$33.0</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2004</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>24.2</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2005</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>16.0</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2006</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8.9</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2007</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5.1</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Thereafter</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4.8</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total minimum future lease payments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$92.0</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>



<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our lease commitments have not materially changed during the three
months ended November&nbsp;30, 2002.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Guarantees:</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a guarantor for lines of credit for related companies totaling
up to $86.2 million, of which $39.0 million was outstanding as of
November&nbsp;30, 2002. Our bank covenants allow maximum
guarantees of $100.0 million. All outstanding loans with respective
creditors
were
current as of November&nbsp;30, 2002.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Debt:</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no material off balance sheet debt.</FONT></P>

<H3><FONT SIZE=2>Critical Accounting Policies</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our consolidated financial statements are prepared in conformity with
accounting principles generally accepted in the United States of
America. The preparation of these consolidated financial statements
requires the use of estimates as well as management&#146;s judgments and
assumptions regarding matters that are subjective, uncertain or involve
a high degree of complexity, all of which affect the results of
operations and financial condition for the periods presented. We
believe that of its significant accounting policies, the following may
involve a higher degree of estimates, judgments, and complexity.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Allowances for Doubtful Accounts</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The allowances for doubtful accounts are maintained at a level
considered appropriate by management based on analyses of credit
quality for specific accounts, historical trends of charge-offs and
recoveries, and current and projected economic and market conditions.
Different assumptions, changes in economic circumstances or the
deterioration of the financial condition of our customers could result
in additional provisions to the allowances for doubtful accounts and
increased bad debt expense.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Inventory Valuation and Reserves</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain, processed grain, oilseed and processed oilseed are stated at net
realizable values, which approximates market values. All other
inventories are stated at the lower of cost or market. The cost of
certain energy inventories (wholesale refined products, crude oil and
asphalt) are determined on the last-in, first-out (LIFO) method; all
other energy inventories are valued on the first-in, first-out (FIFO)
and average cost methods. Estimates are used in determining the net
realizable value of grain and oilseed and processed grain and oilseed
inventories. These estimates include the measurement of grain in bins
and other storage facilities, which use formulas in addition to actual
measurements taken to arrive at appropriate quantity. Other
determinations made by management include quality of the inventory and
estimates for freight. Grain shrink reserves and other reserves that
account for spoilage also affect inventory valuation. If estimates
regarding the valuation of inventory or the adequacy of reserves are
less favorable than management&#146;s assumptions, then additional reserves
or write-downs of inventory may be required.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>40</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Derivative Financial Instruments</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We enter into exchange-traded commodity futures and options contracts
to hedge its exposure to price fluctuations on energy, grain and
oilseed transactions to the extent considered practicable for
minimizing risk. We do not use derivatives for speculative purposes.
Futures and options contracts used for hedging are purchased and sold
through regulated commodity exchanges. Fluctuations in inventory
valuations, however, may not be completely hedged, due in part to the
absence of satisfactory hedging facilities for certain commodities and
geographical areas and in part to our assessment of
our
exposure from expected price fluctuations. We also
manage our risks by
entering into fixed price purchase contracts with pre-approved
producers and establishing appropriate limits for individual suppliers.
Fixed price sales contracts are entered into with customers of
acceptable creditworthiness, as internally evaluated. We are exposed to
loss in the event of nonperformance by the counterparties to the
contracts. However, we do not anticipate nonperformance by
counterparties. The fair value of futures and options contracts are
determined primarily from quotes listed on regulated commodity
exchanges. Fixed price purchase and sales contracts are with various
counterparties, and the fair values of such contracts are determined
from the market price of the underlying product.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We adopted Financial Accounting Standards Board (FASB) Statement of
Financial Accounting Standards (SFAS) No. 133, as amended, a standard
related to the accounting for derivative transactions and hedging
activities, effective September&nbsp;1, 2000.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Pension and Postretirement Benefits</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and other postretirement benefits costs and obligations are
dependent on assumptions used in calculating such amounts. These
assumptions include discount rates, health care cost trend rates,
benefits earned, interest cost, expected return on plan assets,
mortality rates, and other factors. In accordance with accounting
principles generally accepted in the United States of America, actual
results that differ from the assumptions are accumulated and amortized
over future periods and, therefore, generally affect recognized expense
and the recorded obligation in future periods. While management
believes that the assumptions used are appropriate, differences in
actual experience or changes in assumptions may affect our pension and
other postretirement obligations and future expense.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Deferred Tax Assets</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We assess whether a valuation allowance is necessary to reduce
our
deferred tax assets to the amount that
we
believe is more likely
than not to be realized. While we have considered future taxable income
as well as other factors in assessing the need for the valuation
allowance, in the event that we were to determine that
we
would not be able to realize all or part of
our
net deferred tax assets in the future, an adjustment to the deferred
tax assets would be charged to income in the period such determination
was made.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Long-Lived Assets</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of our property, plant and equipment is
provided on the straight-line method by charges to operations at rates
based upon the expected useful lives of individual or groups of assets.
Economic circumstances or other factors may cause management&#146;s
estimates of expected useful lives to differ from actual.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All long-lived assets, including property plant and equipment,
goodwill, investments in unconsolidated affiliates and other
identifiable intangibles, are evaluated for impairment on the basis of
undiscounted cash flows at least annually for goodwill, and whenever
events or changes in circumstances indicate that the carrying amount of
an asset may not be recoverable. An impaired asset is written down to
its estimated fair market value based on the best information
available. Estimated fair market value is generally measured by
discounting estimated future cash flows. Considerable management
judgment is necessary to estimate discounted future cash flows and may
differ from actual.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>41</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Environmental Liabilities</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities related to remediation of contaminated properties are
recognized when the related costs are considered probable and can be
reasonably estimated. Estimates of these costs are based on current
available facts, existing technology, undiscounted site-specific costs
and currently enacted laws and regulations. Recoveries, if any, are
recorded in the period in which recovery is considered probable. It is
often difficult to estimate the cost of environmental compliance,
remediation and potential claims given the uncertainties regarding the
interpretation and enforcement of applicable environmental laws and
regulations, the extent of environmental contamination and the
existence of alternate cleanup methods. All liabilities are monitored
and adjusted as new facts or changes in law or technology occur and
management believes adequate provisions have been made for
environmental liabilities. Changes in facts or circumstances may have
an adverse impact on our financial results.</FONT></P>

<H3><FONT SIZE=2>Effect of Inflation and Foreign Currency Transactions</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that inflation and foreign currency fluctuations have not
had a significant effect on
our
operations.</FONT></P>

<H3><FONT SIZE=2>Recent Accounting Pronouncements</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Financial Accounting Standards Board (FASB) issued SFAS No. 143,
&#147;Accounting for Asset Retirement Obligations&#148; which addresses
financial accounting and reporting for obligations associated with the
retirement of tangible long-lived assets and the associated asset
retirement costs. SFAS No. 143 is effective for financial statements
issued for fiscal years beginning after June&nbsp;15, 2002. We are
in the process of finalizing
our
analysis of adopting this standard. Our Energy segment operates oil
refineries and related pipelines for which we would be subject to Asset
Retirement Obligations (ARO) if such assets were to be dismantled. We,
however, expect to operate our refineries and related pipelines
indefinitely. Since the time period to dismantle these assets is
indeterminate, a corresponding ARO is not currently estimable and
therefore has not been recorded. We continue to assess whether any
other ARO&#146;s exist related to
our
remaining operations, however, based on available information to date,
no other ARO&#146;s have been identified. As such, we believe that the
effects of adopting this standard do not have a material effect
on&nbsp;us.</FONT></P>


<H2 ALIGN=CENTER><FONT SIZE=2>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</FONT></H2>

<H3><FONT SIZE=2>Commodity Price Risk</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We utilize futures and options contracts offered through regulated
commodity exchanges to reduce risk. We are exposed to risk of loss in
the market value of inventories and fixed or partially fixed purchase
and sales contracts. So as to reduce that risk, we generally take
opposite and offsetting positions using futures contracts or options.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain commodities cannot be hedged with futures or options contracts
because such contracts are not offered for these commodities by
regulated commodity exchanges. Inventories and purchase contracts for
those commodities are hedged with forward sales contracts to the extent
practical so as to arrive at a net commodity position within the formal
position limits set by us and deemed prudent for each of those
commodities. Commodities for which futures contracts and options are
available are also typically hedged first in this manner, with futures
and options used to hedge within position limits that portion not
covered by forward contracts. These futures and options contracts and
forward purchase and sales cash contracts used to hedge against price
level change risks are effective economic hedges of specified risks,
but they are not designated as and accounted for as hedging instruments
for accounting purposes.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>42</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains and losses on futures contracts and options used as
economic hedges of grain and oilseed inventories and fixed price
contracts are recognized in cost of goods sold for financial reporting.
Inventories and fixed price contracts are marked to market so that
gains or losses on the derivative contracts are offset by gains or
losses on inventories and fixed priced contracts during the same
accounting period.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through August&nbsp;31, 2000, unrealized gains and losses on
futures contracts and options used to hedge energy inventories and
fixed price contracts were deferred until such futures contracts and
options were closed. Effective September&nbsp;1, 2000 those gains
and losses are recognized as a component of net income for financial
reporting. The inventories hedged with these derivatives are valued at
lower of cost or market, and effective September&nbsp;1, 2000, the
fixed price contracts are marked to market. Some derivatives related to
propane in the Energy segment meet the normal purchase and sales
exemption, and thus are not required to be marked to fair value.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A 10% adverse change in market prices would not materially affect our
results of operations, financial position or liquidity, since our
operations have effective economic hedging requirements as a general
business practice.</FONT></P>

<H3><FONT SIZE=2>Interest Rate Risk</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We manage interest expense using a mix of fixed and floating rate debt.
These debt instruments are carried at amounts approximating estimated
fair value. Short-term debt used to finance inventories and receivables
is represented by notes payable within thirty days or less so that the
blended interest rate to us for all such notes approximates current
market rates. Long-term debt used to finance non-current assets carries
various fixed interest rates and is payable at various dates as to
minimize the effect of market interest rate changes. The effective
interest rate to us on fixed rate debt outstanding on August&nbsp;31, 2002 was approximately 6.4%; a 10% adverse change in market
rates would not materially affect our results of operations, financial
position or liquidity.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August 2002, we entered into interest rate swap instruments related
to private placement debt issued on October&nbsp;18, 2002 in order
to protect against a potential increase in interest rates. In fact,
interest rates declined between the dates of the interest swaps and the
closing of the borrowing transaction. These derivative instruments are
designated and effective as cash flow hedges for accounting purposes
and the changes in fair values of these instruments are recorded as a
component of other comprehensive income. We expect to record additional
interest expense of $0.8 million during the year
ending August&nbsp;31, 2003 related to these derivative instruments as an offset to
the lower interest rates actually obtained on the debt instruments.</FONT></P>


<H3><FONT SIZE=2>Foreign Currency Risk</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We conduct essentially all of our business in U.S. dollars and had
essentially no risk regarding foreign currency fluctuations on
August&nbsp;31, 2002. Foreign currency fluctuations do, however,
impact the ability of foreign buyers to purchase U.S. agricultural
products and the competitiveness of U.S. agricultural products compared
to the same products offered by alternative sources of world supply.</FONT></P>

<H2 ALIGN=CENTER><FONT SIZE=2>DESCRIPTION OF THE PREFERRED STOCK</FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following section describes the general terms and provisions of
the preferred stock being offered by this prospectus. This summary is
not complete in all respects and is qualified in its entirety by
reference to our restated articles of incorporation, as amended, and
the resolution of our board of directors establishing the preferred
stock.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>43</font></P>

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<H3><FONT SIZE=2>General</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of preferred stock are shares of a series of preferred
equity securities created by our board of directors. Subject to the
restrictions noted below under &#147;Limitations and Restrictions on
Future Issuances,&#148; there is no limit on the number of shares in the
series and shares may be issued from time to time. Our board of
directors has expressly authorized the initial sale and subsequent
transfer of the shares of preferred stock in accordance with our
articles of incorporation.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of preferred stock will be fully paid and nonassessable when
issued.</FONT></P>



<H3><FONT SIZE=2>Rank</FONT></H3>



<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preferred stock will have priority as to the payment of dividends
and the distribution of assets upon
our liquidation,
dissolution or winding
up over:</FONT></P>



<UL>

<LI><FONT SIZE=2> any patronage refund (as that term is used in our
bylaws),
whether
or not represented by a certificate, and any redemption
thereof; </FONT></LI>


<LI><FONT SIZE=2>any other class or series of our capital stock designated by
our board of directors as junior to the preferred stock; and</FONT></LI>

<LI><FONT SIZE=2>our common stock, if any.</FONT></LI>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of any class or series of our capital stock that are not junior
to the preferred stock, including our existing class of preferred stock
entitled &#147;8% Preferred Stock,&#148; will rank equally with the
preferred stock as to the payment of dividends and the distribution of
assets.</FONT></P>

<H3><FONT SIZE=2>Dividends</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of the preferred stock are entitled to receive quarterly
dividends when, as and if declared by our board of directors out of
funds legally available for that purpose at the rate of $2.00 per share
per year. Dividends will be payable on March&nbsp;31, June
30, September 30 and December 31 of each year (each a &#147;payment
date&#148;) beginning March&nbsp;31, 2003, except that if a payment
date is a Saturday, Sunday or legal holiday, the dividend will be
payable without interest on the next day that is not a Saturday, Sunday
or legal holiday. Dividends on the preferred stock are fully cumulative
and will accumulate without interest from and including the latest of
January&nbsp;1, 2003 or the day immediately following the most
recent date as to which dividends have been paid. Dividends are
computed on the basis of a 360-day year of twelve 30-day months. Each
payment of dividends will include dividends to and including the date
on which paid.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends will be paid to holders of record as they appear on our books
five business days prior to the relevant payment date. We may, in our
sole discretion, pay dividends by any one or more of the following
means:</FONT></P>

<UL>
<LI><FONT SIZE=2>check mailed to the address of the record holder as it appears
on our books;</FONT></LI>

<LI><FONT SIZE=2>electronic transfer in accordance with instructions provided
by the record holder; or</FONT></LI>

<LI><FONT SIZE=2>any other means mutually agreed between us and the record
holder.</FONT></LI>
</UL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may not make any distribution to the holders of any security that
ranks junior to the preferred stock unless and until all accumulated
and unpaid dividends on the preferred stock and on any other class or
series of our capital stock that ranks equally with the preferred
stock, including the full dividend for the then-current dividend period
have been paid or declared and set apart for payment. For these
purposes, a &#147;distribution&#148; does not include any distribution made
in connection with a liquidation, dissolution or winding up, which will
be governed by the provisions summarized under &#147;&#151;
Liquidation Preference&#148; below.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>44</font></P>

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<H3><FONT SIZE=2>Liquidation Preference</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In a liquidation, dissolution or winding up of CHS, whether voluntary
or involuntary, the holders of the preferred stock will be entitled to
receive out of our available assets $25.00 per share plus all dividends
accumulated and unpaid on that share, whether or not declared, to and
including the date of distribution. This distribution to the holders of
the preferred stock will be made before any payment is made or assets
distributed to the holders of any security that ranks junior to the
preferred stock but after the payment of the liquidation preference of
any of our securities that rank senior to the preferred stock. Any
distribution to the holders of the preferred stock will be made ratably
among the holders of the preferred stock and any other of our capital
stock which ranks on a parity as to liquidation rights with the
preferred stock in proportion to the respective preferential amounts to
which each is entitled. After payment in full of the liquidation
preference of the shares of preferred stock, the holders of the
preferred stock will not participate further in the distribution of our
assets.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither a consolidation or merger with another entity nor a sale or
transfer of all or part of our assets for cash, securities or other
property will constitute a liquidation, dissolution or winding up if,
following the transaction, the preferred stock remains outstanding as
duly authorized stock of us or any successor entity.</FONT></P>

<H3><FONT SIZE=2>Redemption</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>At Our Option</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From and after February&nbsp;1, 2008 we may, at our option, redeem
at any time all, or from time to time any portion, of the preferred
stock. An optional redemption will be at a price of $25.00 per share
plus all dividends accumulated and unpaid on that share, whether or not
declared, to and including the date fixed for redemption. If we redeem
less than all of the then outstanding shares of preferred stock, we
will designate the shares to be redeemed either by lot or in any other
manner that our board of directors may determine or may effect the
redemption pro rata. However, we may not redeem less than all of the
then outstanding shares of preferred stock until all dividends
accumulated and unpaid on all then outstanding shares of preferred
stock have been paid for all past dividend periods.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>At the Holder&#146;s Option</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time there has been a change in control (as defined below),
each record holder of shares of the preferred stock will have the
right, for a period of 90 days from the date of the change in control,
to require us to redeem all or any portion of the shares of preferred
stock owned by that record holder. Not later than 130 days after the
date of the change in control (or, if that date is a Saturday, Sunday
or legal holiday, the next day that is not a Saturday, Sunday or legal
holiday) we will redeem all shares the record holder has elected to
have redeemed in a written notice delivered to us on or prior to the
90th day after the change in control. The redemption price will be
$25.00 per share plus all dividends accumulated and unpaid on that
share, whether or not declared, to and including the date fixed for
redemption.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A &#147;change in control&#148; will have occurred if, in connection with a
merger or consolidation that has been approved by our board of
directors (prior to submitting the merger or consolidation to our
members for approval), whether or not we are the surviving entity,
those persons who were members of our board of directors on
January&nbsp;1, 2003, together with those persons who became
members of our board of directors after that date at our annual
meeting, have ceased to constitute a majority of our board of
directors. Under the Minnesota cooperative statute, our members could
initiate a merger or consolidation without the approval of our board of
directors; a member-initiated merger or consolidation would not meet
this definition and thus would not trigger a redemption right.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mechanics of Redemption</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not less than 30 days prior to any redemption date pursuant to the
exercise of our optional redemption right, we will give written notice
to the holders of record of the shares of preferred stock to be
redeemed. This notice will specify:</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>45</font></P>

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<UL>
<LI><FONT SIZE=2>the redemption date;</FONT></LI>

<LI><FONT SIZE=2>the redemption price;</FONT></LI>

<LI><FONT SIZE=2>the number of shares of preferred stock held by the record
holder that are subject to redemption;</FONT></LI>

<LI><FONT SIZE=2>the time, place and manner in which the holder should
surrender the certificate or certificates, if any, representing the
shares of preferred stock to be redeemed, including the steps that a
holder should take with respect to any certificates which have been
lost, stolen or destroyed or to any uncertificated shares; and</FONT></LI>

<LI><FONT SIZE=2>that from and after the redemption date, dividends will cease
to accumulate on the shares and the shares will no longer be deemed
outstanding.</FONT></LI>
</UL>

<P><FONT SIZE=2>On or after the redemption date, once a holder surrenders the
certificate or certificates representing the shares of preferred stock
called for redemption in the manner provided in the redemption notice
or takes the appropriate steps with respect to lost, stolen or
destroyed certificates or uncertificated shares, the holder will be
entitled to receive payment of the redemption price. If fewer than all
of the shares of preferred stock represented by a surrendered
certificate or certificates are redeemed, we will issue a new
certificate representing the unredeemed shares.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effect of Redemption</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From and after the redemption date, if funds necessary for the
redemption are and have been irrevocably deposited or set aside, then:</FONT></P>

<UL>
<LI><FONT SIZE=2>dividends will cease to accumulate with respect to the shares
of preferred stock called for redemption;</FONT></LI>

<LI><FONT SIZE=2>the shares will no longer be deemed outstanding;</FONT></LI>

<LI><FONT SIZE=2>the holders of the shares will cease to be shareholders; and</FONT></LI>

<LI><FONT SIZE=2>all rights with respect to the shares of preferred stock will
terminate except the right of the holders to receive the redemption
price, without interest.</FONT></LI>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Purchases</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may at any time and from time to time in compliance with applicable
law purchase shares of preferred stock on the open market, pursuant to
a tender offer or otherwise, at whatever price or prices and other
terms we determine. We may not make any purchases at a time when there
are accumulated but unpaid dividends for past dividend periods.</FONT></P>

<H3><FONT SIZE=2>Voting</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as described below, the holders of the preferred stock will have
only those voting rights that are required by applicable law. As a
result, the holders of the preferred stock will have very limited
voting rights and, among other things, will not have any right to vote
for the election of directors.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the preferred stock is redeemed pursuant to its terms, the
affirmative vote of the holders of at least two-thirds of the
outstanding shares of the preferred stock, voting separately as a
class, will be required</FONT></P>

<UL>
<LI><FONT SIZE=2>for any amendment, alteration or repeal, whether by merger or
consolidation or otherwise, of our articles of incorporation or the
resolutions establishing the terms of the preferred stock, if the
amendment, alteration or repeal adversely affects the rights or
preferences of the preferred stock; and</FONT></LI>

<LI><FONT SIZE=2>to establish, by board resolution or otherwise, any class or
series of our equity securities having rights senior to the preferred
stock as to the payment of dividends or distribution of assets upon the
liquidation, dissolution or winding up of CHS, whether voluntary or
involuntary.</FONT></LI>
</UL>

<BR><BR>
<P ALIGN="CENTER"><font size=2>46</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The creation and issuance of any other class of our securities ranking
on a parity with or junior to the preferred stock, including an
increase in the authorized number of shares of any such securities,
will not be deemed to adversely affect the rights or preferences of the
preferred stock.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of director&#146;s ability to authorize, without shareholder
approval, the issuance of additional classes or series of preferred
stock with conversion and other rights may adversely affect you as a
holder of preferred stock or the rights of holders of any series of
preferred stock that may be outstanding.</FONT></P>

<H3><FONT SIZE=2>Limitations and Restrictions on Future Issuances</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may not offer to issue additional shares of preferred stock in
exchange for or in redemption of outstanding patrons&#146; equities or other
equity securities held by our members more than one time per calendar
year. If, in connection with an offer of this type, any member would
receive more than 0.25% of the number of shares of preferred stock
outstanding at the end of the prior calendar year, that member will
instead be entitled to receive the shares in quarterly installments as
nearly equal as possible. After December&nbsp;31, 2003, in any
calendar year, we may not issue additional shares of preferred stock in
exchange for or in redemption of outstanding patrons&#146; equities or other
equity securities held by our members in excess of</FONT></P>

<UL>
<LI><FONT SIZE=2>for issuances during the years 2004, 2005 and 2006, 20% of
the number of shares of preferred stock outstanding at the end of the
prior calendar year or 400,000 shares, whichever is greater; and</FONT></LI>

<LI><FONT SIZE=2>for issuances during any calendar year after the year 2006,
25% of the number of shares of preferred stock outstanding at the end
of the prior calendar year or 400,000 shares, whichever is greater.</FONT></LI>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may not issue additional shares of preferred stock in exchange for
or in redemption of outstanding patrons&#146; equities owned by an estate of
one of our former individual members or in redemption of outstanding
patrons&#146; equities owned by individual members who have reached age 72,
pursuant to our current policy.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also agreed with the underwriters to limit issuances of
additional shares of preferred stock during 2003. See
&#147;Underwriting.&#148;</FONT></P>

<H3><FONT SIZE=2>No Exchange or Conversion Rights; No Sinking Fund</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of the preferred stock are not exchangeable or convertible into
other class or series of our capital stock or other securities or
property. The preferred stock is not subject to the operation of a
purchase, retirement or sinking fund.</FONT></P>

<H3><FONT SIZE=2>Certain Charter Provisions</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of some of the provisions of our articles of
incorporation that might have an effect of delaying, deferring or
preventing a change in control of us, see &#147;Business &#151; Membership and
Authorized Capital &#151; Certain Antitakeover Measures.&#148;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As noted above under
&#147;Business &#151;
Membership and Authorized Capital
&#151; Debt and
Equity Instruments,&#148; all equity we issue (including the preferred
stock) is subject to a first lien in favor of us for all indebtedness
of the holder to us.</FONT></P>


<H3><FONT SIZE=2>No Preemptive Rights</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of the preferred stock will have no preemptive right to acquire
shares of any class or series of our capital stock.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>47</font></P>

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<H3><FONT SIZE=2>Market for the Preferred Stock</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preferred stock is a new issue of securities with no established
trading market. Although we have applied to list the preferred stock on
the Nasdaq National
Market under the symbol &#147;CHSCP,&#148; we cannot assure you that a
secondary trading market for the preferred stock will ever develop or,
if one develops, that it will be maintained or provide any significant
liquidity. As a result, if you decide to sell your preferred stock
there may be either no or only a limited number of potential buyers.
This, in turn, may affect the price you receive for your preferred
stock or your ability to sell your preferred stock at all. We cannot
predict at what price the preferred stock will trade, and that price
may be less than its initial public offering price or liquidation value
at any time.</FONT></P>


<H3><FONT SIZE=2>Transfer Agent and Registrar</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank Minnesota, National Association will serve as transfer
agent and registrar with respect to the preferred stock.</FONT></P>

<H2 ALIGN=CENTER><FONT SIZE=2>CERTAIN MATERIAL FEDERAL INCOME TAX CONSIDERATIONS</FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary describes the material federal income tax
consequences of the purchase, ownership, redemption and disposition of
the preferred stock. This summary is based upon the provisions of the
Internal Revenue Code (Code), the final temporary and proposed
regulations promulgated thereunder and administrative rulings and
judicial decisions now in effect, all of which are subject to change
(possibly with retroactive effect). This summary addresses only the tax
consequences of the purchase, ownership, redemption and disposition of
the preferred stock by a person who is a U.S. holder. You are a U.S.
holder if you are:</FONT></P>

<UL>
<LI><FONT SIZE=2>an individual who is a citizen or resident of the U.S.;</FONT></LI>

<LI><FONT SIZE=2>a corporation (or any entity treated as a corporation for U.S.
federal income tax purposes) organized under the laws of the U.S. or
any political subdivision of the U.S.;</FONT></LI>

<LI><FONT SIZE=2>an estate if its income is subject to U.S. federal income tax
regardless of its source; or</FONT></LI>

<LI><FONT SIZE=2>a trust if a U.S. court can exercise primary supervision over
the trust&#146;s administration and one or more U.S. persons are authorized
to control all substantial decisions of the trust.</FONT></LI>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary assumes that you will hold your shares of preferred stock
as a capital asset within the meaning of Section 1221 of the Code. The
summary also assumes that all dividends will be paid as they accrue and
that, if the preferred stock is redeemed, there will not be any
dividend arrearages at the time of redemption. The summary does not
purport to deal with all aspects of federal income taxation that may be
relevant to your decision to purchase the preferred stock, such as
estate and gift tax consequences or tax consequences arising under the
laws of any state, local or other taxing jurisdiction. This summary
also does not apply to you if you belong to a category of investors
subject to special tax rules, such as dealers in securities, financial
institutions, insurance companies, tax-exempt organizations, foreign
persons, qualified retirement plans, individual retirement accounts,
regulated investment companies, U.S. expatriates, investors in
pass-through entities or persons subject to the alternative minimum
tax.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We can give no assurance that the Internal Revenue Service (IRS) will
take a similar view with respect to the tax consequences described
below. We have not requested, nor do we plan to request, a ruling from
the IRS on any tax matters relating to the preferred stock. You should
consult your own tax advisor regarding the federal, state, local, and
foreign tax consequences of the purchase, ownership, redemption, and
disposition of the preferred stock.</FONT></P>

<H3><FONT SIZE=2>Dividends and Other Distributions</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions on the preferred stock will be treated as dividends and
taxable as ordinary income to the extent of our current or accumulated
earnings and profits, as determined for federal income tax purposes.
Any distribution in excess of current or accumulated earnings and
profits will be treated first as a nontaxable return of capital
reducing your tax basis in the preferred stock. Any amount in excess of
your tax basis will be treated as a capital gain.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>48</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends received by corporate holders of the preferred stock are
eligible for a dividends received deduction equal to 70% of the amount
of the distribution, subject to applicable limitations, including
limitations related to &#147;debt financed portfolio stock&#148; under
Section 246A of the Code and to the holding period requirements of
Section 246 of the Code. In addition, any amount received by a
corporate holder that is treated as a dividend may constitute an
&#147;extraordinary dividend&#148; subject to the provisions of Section 1059
of the Code (except as may otherwise be provided in Treasury
Regulations yet to be promulgated). Under Section 1059, a corporate
holder generally must reduce the tax basis of all of the holder&#146;s
shares (but not below zero) by the &#147;nontaxed portion&#148; of any
&#147;extraordinary dividend&#148; and, if the nontaxed portion exceeds the
holder&#146;s tax basis for the shares, must treat any excess as gain from
the sale or exchange of the shares in the year the payment is received.
If you are a corporate holder, you should consult your own tax advisor
regarding the extent, if any, to which these provisions may apply to
you in light of your individual facts and circumstances.</FONT></P>

<H3><FONT SIZE=2>Sale or Exchange of Preferred Stock</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the sale or exchange of preferred stock to a party other than us,
you generally will realize capital gain or loss in an amount equal to
the difference between (a)&nbsp;the amount of cash and the fair
market value of any property you receive on the sale and (b)&nbsp;your adjusted tax basis in the preferred stock. You should consult
your own tax advisor regarding applicable rates, holding periods and
netting rules for capital gains and losses. Certain limitations exist
on the deduction of capital losses by both corporate and noncorporate
taxpayers.</FONT></P>

<H3><FONT SIZE=2>Redemption of Preferred Stock</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we exercise our right to redeem the preferred stock, your surrender
of the preferred stock for the redemption proceeds will be treated
either as a payment received upon sale or exchange of the preferred
stock or as a distribution with respect to all of your equity interests
in us. Resolution of this issue will turn on the application of Section
302 of the Code to your individual facts and circumstances.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The redemption will be treated as gain or loss from the sale or
exchange of the preferred stock (as discussed above under &#147;&#151; Sale or
Exchange of Preferred Stock&#148;) if:</FONT></P>

<UL>
<LI><FONT SIZE=2>the redemption is &#147;substantially disproportionate&#148; with
respect to you within the meaning of Section 302(b)(2) of the Code; or</FONT></LI>

<LI><FONT SIZE=2>your interest in the preferred stock and any other equity
interest in us is completely terminated (within the meaning of Section
302(b)(3) of the Code) as a result of such redemption; or</FONT></LI>

<LI><FONT SIZE=2>the redemption is &#147;not essentially equivalent to a
dividend&#148; (within the meaning of Section 302(b)(1) of the Code). In
general, redemption proceeds are &#147;not essentially equivalent to a
dividend&#148; if the redemption results in a &#147;meaningful reduction&#148;
of your interest in the issuer.</FONT></LI>
</UL>

<P><FONT SIZE=2>In determining whether any of these tests has been met, you must
take into account not only shares of preferred stock and other equity
interests in us (including patrons&#146; equities and other equity
interests) that you actually own, but also shares and other equity
interests that you constructively own within the meaning of Section 318
of the Code.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If none of the above tests giving rise to sale treatment is
satisfied, then a payment made in redemption of the preferred stock
will be treated as a distribution that is subject to the tax treatment
described above under &#147;&#151; Dividends and
other Distributions.&#148; The amount of the distribution will be measured
by the amount of cash and the fair market value of property you receive
without any offset for your basis in the preferred stock. Your adjusted
tax basis in the redeemed shares of preferred stock will be transferred
to any of your remaining stock holdings in us. If, however, you have no
remaining stock holdings in us, your basis could be lost.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should consult your own tax advisor regarding:</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>49</font></P>

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<UL>
<LI><FONT SIZE=2>whether the redemption payment will qualify for sale or
exchange treatment under Section 302 of the Code or, alternatively,
will be characterized as a distribution; and</FONT></LI>

<LI><FONT SIZE=2>the resulting tax consequences to you in light of your
individual facts and circumstances.</FONT></LI>
</UL>

<H3><FONT SIZE=2>Backup Withholding</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may be required to withhold federal income tax at a rate of 30% (in
2002 and 2003) from dividends and redemption proceeds paid to you if
(i)&nbsp;you fail to furnish us with your correct taxpayer
identification number in the manner required (ii)&nbsp;the IRS
notifies us that your taxpayer identification number is incorrect
(iii)&nbsp;the IRS notifies us that you have failed to report
properly certain interest and dividend income to the IRS and to respond
to notices to that effect or (iv)&nbsp;when required to do so, you
fail to certify that you are not subject to backup withholding. Any
amounts withheld may be credited against your federal income tax
liability.</FONT></P>

<H2 ALIGN=CENTER><FONT SIZE=2>UNDERWRITING</FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.A. Davidson &amp; Co., U.S. Bancorp Piper Jaffray Inc. and Fahnestock &amp;
Co. Inc. are acting as the representatives of the underwriters named
below. Subject to the terms and conditions set forth in the
underwriting agreement, each underwriter named below has agreed
severally to purchase, and we have agreed to sell to each underwriter,
the number of shares of preferred stock set forth opposite the
underwriter&#146;s name below:</FONT></P>

<DIV ALIGN=CENTER>

<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=75%><FONT SIZE=2><B>Underwriters<BR></B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=25% ALIGN=CENTER><FONT SIZE=2><B>Number
of Shares</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>D.A. Davidson &amp; Co.</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>U.S.
Bancorp Piper Jaffray Inc.</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Fahnestock &amp; Co.
Inc.</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,500,000</FONT></TD>
</TR>
</TABLE>
</DIV>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The underwriters are obligated to purchase all of the shares of
preferred stock offered hereby (other than those shares covered by the
over-allotment option described below) if they purchase any shares.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The underwriters are offering the shares of preferred stock, subject to
prior sale, when, as and if issued to and accepted by them, subject to
approval of legal matters by their counsel and other conditions
contained in the underwriting agreement. The underwriters reserve the
right to withdraw, cancel or modify offers to the public and to reject
orders in whole or in part.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreed to indemnify the underwriters against liabilities
arising from this offering, including liabilities under the Securities
Act of 1933, or to contribute to payments the underwriters may be
required to make in respect of those
liabilities.</FONT></P>



<H3><FONT SIZE=2>Over-Allotment Option</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have granted an option to the underwriters to purchase up to 375,000
additional shares of preferred stock at the public offering price set
forth on the cover page of this prospectus, less the underwriting
discount. The underwriters may exercise this option, in whole or part,
at any time within 30 days after the date of this prospectus solely to
cover over-allotments, if any. If the underwriters exercise this
option, each will be obligated, subject to conditions set forth in the
underwriting agreement, to purchase a number of additional shares in
proportion to that underwriter&#146;s respective commitment as reflected in
the table above.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>50</font></P>

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<H3><FONT SIZE=2>Discounts and Commissions</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The underwriters propose to offer the shares of preferred stock
directly to the public at the public offering price and to certain
dealers at this price less a concession not to exceed
$&nbsp;&nbsp;.&nbsp;&nbsp;
per share. Any underwriter may allow, and such dealers may reallow, a
concession not to exceed
$&nbsp;&nbsp;.&nbsp;&nbsp; per share on sales to other underwriters or to certain dealers.
After the commencement of the offering, the public offering price and
other selling terms may be changed.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the public offering price, underwriting
discount and proceeds to us before expenses. The information assumes no
exercise or full exercise, as the case may be, of the underwriters&#146;
over-allotment option.</FONT></P>

<DIV ALIGN=CENTER>

<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=600 ALIGN=CENTER>


<TR VALIGN=BOTTOM>
<TD WIDTH=64% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=12% ALIGN=CENTER><FONT SIZE=2><B>Per Share</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=12% ALIGN=CENTER><FONT SIZE=2><B>Without<BR>Option</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=12% ALIGN=CENTER><FONT SIZE=2><B>With Option</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Public
offering price</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$25.00</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$62,500,000</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$71,875,000.00</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Underwriting discount</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$0.9375</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$2,343,750</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$2,695,312.50</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Proceeds, before expenses, to
us</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$24.0625</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$58,593,750</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$69,179,687.50</FONT></TD>
</TR>
</TABLE>
</DIV>

<H3><FONT SIZE=2>Limitation on Future Issuances of Preferred Stock</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreed with the representatives
that:</FONT></P>

<UL>

<LI><FONT SIZE=2>during calendar year 2003, we will not, without the
prior written consent of D.A. Davidson &amp; Co. and U.S. Bancorp Piper
Jaffray Inc., offer or sell, directly or
indirectly, any additional shares of preferred stock or any securities
convertible into, or exchangeable for, preferred stock other than:</FONT></LI></UL>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
o&nbsp;&nbsp;pursuant
to any dividend reinvestment plan we may adopt; </FONT></TD>
</TR>
</TABLE>
<BR>




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
  o&nbsp;&nbsp;in
exchange for our currently outstanding preferred stock; or </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
o&nbsp;&nbsp;in
an underwritten public offering; and </FONT></TD>
</TR>
</TABLE>
<BR>



<UL><LI><FONT SIZE=2> For the period commencing January 1, 2004 and ending February 1, 2008,
we will not, without the prior written consent of D.A. Davidson &amp; Co. and U.S. Bancorp Piper Jaffray Inc., issue shares
 of preferred stock other than as described in
&#147;Description of Preferred Stock &#151; Limitations and Restrictions on
Future Issuances.&#148; </FONT></LI>
</UL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we have advised the representatives that, if we elect to
offer the holders of our existing 8% preferred stock the opportunity
to exchange their shares for shares of this preferred stock, we will
concurrently offer them the opportunity to have those outstanding
shares of preferred stock redeemed for cash.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The resolutions creating the preferred stock contain additional
limitations and restrictions on our issuances of preferred stock that
cannot be modified without the affirmative vote of the holders of at
least two-thirds of the outstanding preferred stock. See &#147;Description
of the Preferred Stock &#151; Limitations and Restrictions on Future
Issuances.&#148;</FONT></P>


<H3><FONT SIZE=2>Stabilizing Transactions</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the offering, the underwriters and their affiliates
may engage in transactions that are intended to stabilize, maintain or
otherwise affect the market price of the preferred stock, including
transactions in which the underwriters:</FONT></P>

<UL>

<LI><FONT SIZE=2> create a short position for their own account by selling more
preferred stock than they are committed to purchase from us in this
offering, in which case they may purchase preferred stock in the open
market to cover all or part of the short
position; or </FONT></LI>


<LI><FONT SIZE=2>bid for or purchase the preferred stock at a price above that
which might otherwise prevail in the public market to peg, fix or
maintain the price of the preferred stock.</FONT></LI>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The underwriters also may reclaim selling concessions allowed to an
underwriter or dealer in the offering if the underwriters repurchase
shares of preferred stock previously distributed by any such
underwriter or dealer to cover syndicate short positions, make
stabilizing purchases or otherwise.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any of these activities may have the affect of preventing or retarding
a decline in the market price of the preferred stock or causing the
market price to be higher than it otherwise would be. The underwriters
may conduct these transactions on
the Nasdaq National
Market, in the over-the-counter market or otherwise. If the
underwriters commence any of these transactions, they may discontinue
them at any time.</FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>51</font></P>

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<H3><FONT SIZE=2>No Prior Public Market; Listing</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preferred stock is a new issue of securities with no established
trading market and we cannot assure you that a secondary trading market
for the preferred stock will ever develop or, if one develops, that it
will be maintained or provide any significant liquidity. We have
applied to have the preferred stock on
the Nasdaq National
Market under the symbol &#147;CHSCP.&#148; The representatives have advised
us that they intend to make a market with the preferred stock. However,
they are not obligated to do so and may discontinue any such market
activity at any time without notice.</FONT></P>


<H3><FONT SIZE=2>Other Relationships</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the ordinary course of their respective businesses, certain of the
underwriters or their affiliates may in the future provide investment
banking and other financial services to us or our affiliates for which
they would be paid customary fees and commissions. An affiliate of
U.S.&nbsp;Bancorp Piper Jaffray Inc. provides commercial banking
services to us and is a member of the creditors&#146; syndicate under our
outstanding credit facility.</FONT></P>

<H3><FONT SIZE=2>Expenses of Offering</FONT></H3>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the underwriting fees, we have agreed to pay the
representatives a non-accountable expense allowance of $100,000. We
estimate that the total expenses of the offering, excluding the
underwriting discount and commissions, will be approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</FONT></P>


<H2 ALIGN=CENTER><FONT SIZE=2>LEGAL MATTERS</FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorsey &amp; Whitney LLP, Minneapolis, Minnesota, has represented us and
will provide us with an opinion that the shares of preferred stock
offered by this prospectus have been duly authorized and validly issued
and will be fully paid and nonassessable. The underwriters have been
represented by Stoel Rives LLP, Seattle, Washington.</FONT></P>

<H2 ALIGN=CENTER><FONT SIZE=2>EXPERTS</FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of Cenex Harvest States
Cooperatives and Subsidiaries as of August&nbsp;31, 2002 and 2001
and for each of the three years in the period ended August&nbsp;31, 2002 included in this prospectus have been so included in
reliance on the report of PricewaterhouseCoopers LLP, independent
accountants, given on the authority of said firm as experts in auditing
and accounting.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The consolidated financial statements of Ventura Foods, LLC incorporated in
this prospectus by reference from the Annual Report on Form 10-K of Cenex
Harvest States Cooperatives for the year ended August 31, 2002 have been
audited by Deloitte &amp; Touche LLP, independent auditors, as stated in their report,
which is incorporated herein by reference, and have been so incorporated in
reliance upon the report of such firm given upon their authority as experts in
accounting and auditing.

</FONT></P>


<H2 ALIGN=CENTER><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the information requirements of the Securities
Exchange Act of 1934 and file reports and other information with the
Securities and Exchange Commission. Our SEC filings are available to
the public over the Internet at the SEC&#146;s website at
http://www.sec.gov. You may also read and copy any document we file
with the SEC at its Public Reference Room at 450 Fifth Street, N.W.,
Washington, D.C. 20549. You can also obtain copies of the documents at
prescribed rates by writing to the Public Reference Section of the SEC
at 450 Fifth Street, N.W., Washington, D.C. 20549. Please call the SEC
at 1-800-SEC-0330 for further information on the operation of its
Public Reference Room.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>52</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to &#147;incorporate by reference&#148; into this
prospectus the information we have filed with it. The information
incorporated by reference is an important part of this prospectus and
the information that we file subsequently with the SEC will
automatically update this prospectus. The information incorporated by
reference is considered to be part of this prospectus. We incorporate
by reference our Annual Report on Form 10-K for the fiscal year ended
August&nbsp;31, 2002, our Quarterly Report on Form
10-Q for the quarter ended November 30, 2002, and any
filings we make with the SEC under Section 13(a), 13(c), 14 or
15(d)&nbsp;of the Securities Exchange Act of 1934, after the
initial filing of this registration statement that contains this
prospectus and prior to the time that all the securities offered by
this prospectus are sold.</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request a copy of these filings, at no cost, by writing or
telephoning us at the following address:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Cenex Harvest States Cooperatives<BR>Attention: Jodell M.
Heller<BR>5500 Cenex Drive<BR>Inver Grove Heights, Minnesota
55077<BR>(651) 451-5151<BR></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If more recent information incorporated by reference in this
prospectus is inconsistent with information in this prospectus, then
that information will supersede the information in this prospectus.
</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>53</font></P>

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<H2 ALIGN=CENTER><FONT SIZE=2>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS<BR>CENEX
HARVEST STATES COOPERATIVES</FONT></H2>

<P><FONT SIZE=2></FONT></P>

<DIV ALIGN=CENTER>


<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=90% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=RIGHT><FONT SIZE=2><B>Page<BR></B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=2><FONT SIZE=2>CENEX HARVEST STATES COOPERATIVES</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Consolidated Balance
Sheets as of August&nbsp;31, 2002 and 2001</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>F-1</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Consolidated
Statements of Operations for the years ended<BR>August&nbsp;31,
2002, 2001 and 2000</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>F-2</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Consolidated Statements of Equities and
Comprehensive Income<BR>for the years ended August&nbsp;31, 2002,
2001 and 2000</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>F-3</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Consolidated Statements of Cash Flows for the years
ended<BR>August&nbsp;31, 2002, 2001 and
2000</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>F-5</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Notes
to Consolidated Financial
Statements</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>F-6</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Report of Independent
Accountants</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>F-27</FONT></TD>
</TR>
</TABLE>

</DIV>

<BR><BR>
<P ALIGN="CENTER"><font size=2>&nbsp;</font></P>

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<H2 ALIGN=CENTER><FONT SIZE=2>FINANCIAL STATEMENTS<BR>CENEX HARVEST STATES COOPERATIVES AND
SUBSIDIARIES<BR>CONSOLIDATED BALANCE
SHEETS<BR>for the Years Ended
August 31,<BR></FONT></H2>


<P><FONT SIZE=2></FONT></P>

<DIV ALIGN=CENTER>

<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=600 ALIGN=CENTER>


<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)</I></B><B><BR></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=3><FONT SIZE=2>ASSETS</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=3><FONT SIZE=2>Current assets:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD WIDTH=80%><FONT SIZE=2>&nbsp;&nbsp;Cash and cash
equivalents</FONT></TD>
<TD WIDTH=10% ALIGN=RIGHT><FONT SIZE=2>$108,192</FONT></TD>
<TD WIDTH=10% ALIGN=RIGHT><FONT SIZE=2>$113,458</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Receivables</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>741,578</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>686,140</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Inventories</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>759,663</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>510,443</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Other current assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>140,944</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>60,995</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total current
assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,750,377</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,371,036</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Investments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>496,607</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>467,953</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Property, plant and equipment</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,057,421</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,023,872</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Other
assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>177,322</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>194,458</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total
Assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,481,727</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,057,319</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=3><FONT SIZE=2>LIABILITIES
AND EQUITIES</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=3><FONT SIZE=2>Current liabilities:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Notes payable</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$
332,514</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$97,195</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Current portion of long-term
debt</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>89,032</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>17,754</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Customer credit
balances</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>26,461</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>38,486</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Customer advance
payments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>169,123</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>109,135</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Checks and drafts
outstanding</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>84,251</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>87,808</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Accounts
payable</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>517,667</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>495,198</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Accrued
expenses</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>225,704</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>148,026</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Patronage dividends and equity
retirements payable</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>56,510</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>72,154</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total current
liabilities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,501,262</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,065,756</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Long-term
debt</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>483,092</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>542,243</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Other
liabilities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>118,280</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>99,906</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Minority interests in
subsidiaries</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>89,455</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>88,261</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=3><FONT SIZE=2>&nbsp;&nbsp;Commitments and
contingencies</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Equities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,289,638</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,261,153</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,481,727</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,057,319</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>
</DIV>

<P><FONT SIZE=2>The accompanying notes are an integral part of the
consolidated financial statements.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-1</font></P>

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<BR><BR><BR>
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<HR SIZE=5 COLOR=GRAY NOSHADE>




<H2 ALIGN=CENTER><FONT SIZE=2>CENEX HARVEST STATES COOPERATIVES AND SUBSIDIARIES<BR>CONSOLIDATED
STATEMENTS OF OPERATIONS<BR>for the Years Ended
August
31,</FONT></H2>


<DIV ALIGN=CENTER>

<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=600>


<TR VALIGN=BOTTOM>
<TD WIDTH=70% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=3 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR>
</I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=4><FONT SIZE=2>Revenues:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Net
sales</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$7,731,867</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$7,753,012</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$8,497,850</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Patronage
dividends</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,885</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,977</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,494</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Other
revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>109,459</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>116,254</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>97,471</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,845,211</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,875,243</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,600,815</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Cost of goods
sold</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,513,369</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,470,203</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,300,494</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Marketing,
general and administrative</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>187,292</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>184,046</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>155,266</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Operating earnings</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>144,550</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>220,994</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>145,055</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Interest</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>42,455</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>61,436</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>57,566</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity income
from investments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(58,133)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(28,494)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(28,325)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Minority
interests</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,390</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>35,098</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>24,546</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income
Before Income Taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>144,838</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>152,954</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>91,268</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income
Taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>18,700</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(25,600)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,880</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net
Income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$126,138</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$178,554</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$87,388</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=4><FONT SIZE=2>Distribution of Net Income:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Patronage
refunds</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$92,900</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$128,900</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$87,400</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Unallocated capital
reserve</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>33,238</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>49,654</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(12)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$126,138</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$178,554</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$87,388</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>
</DIV>

<P><FONT SIZE=2>The accompanying notes are an integral part of the
consolidated financial statements.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-2</font></P>


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<BR><BR><BR>
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<!-- MARKER PAGE="sheet: 0; page: 0" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<H2 ALIGN=CENTER><FONT SIZE=2>CENEX HARVEST STATES COOPERATIVES AND SUBSIDIARIES<BR>CONSOLIDATED
STATEMENTS OF EQUITIES AND COMPREHENSIVE INCOME<BR>for the Years Ended
August 31, 2002, 2001 and 2000</FONT></H2>

<P><FONT SIZE=2></FONT></P>

<DIV ALIGN=CENTER>

<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=600>


<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Capital<BR>Equity<BR>Certificates</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Nonpatronage<BR>Equity<BR>Certificates</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Preferred<BR>Stock</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Wheat<BR>Milling<BR>EPUs</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=4 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars
in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Balances, September 1,
1999</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$912,294</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$28,785</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$9,258</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage and equity retirement determination</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>25,750</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
distribution</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>41,182</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equities
retired</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(28,615)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(82)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equities
issued</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,921</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other, net</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(178)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(194)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(12)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=5><FONT SIZE=2>Comprehensive income:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Net income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Other
comprehensive loss</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total comprehensive
income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage dividends and equity retirements
payable</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(17,474)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Balances, August
31, 2000</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>940,880</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>28,509</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9,246</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage and equity
retirement determination</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>17,474</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
distribution</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>60,304</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equities
retired</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(18,662)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(74)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equities
issued</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,481</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity Participation Units
issued</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity Participation Units
redeemed</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(9,066)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other,
net</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(120)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(277)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(180)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=5><FONT SIZE=2>Comprehensive income:<BR></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Net income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Other comprehensive
income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total comprehensive
income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage dividends and equity retirements
payable</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(33,484)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Balances, August
31, 2001</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>971,873</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>28,158</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage and equity
retirement determination</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>33,484</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
distribution</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>92,484</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equities
retired</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(31,099)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(46)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equities
issued</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,600</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Preferred stock issued,
net</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$9,325</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Preferred stock
dividends</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other,
net</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(106)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(339)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=5><FONT SIZE=2>Comprehensive income:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Net
income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Other comprehensive
loss</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total comprehensive
income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage dividends and equity
retirements payable</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(28,640)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Balances, August
31, 2002</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,040,596</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$27,773</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$9,325</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$&#151;</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>
</DIV><br>
<P><FONT SIZE=2>The accompanying notes are an integral part of the
consolidated financial statements.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-3</font></P>

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<BR><BR><BR>
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<H2 ALIGN=CENTER><FONT SIZE=2>CENEX HARVEST STATES COOPERATIVES AND SUBSIDIARIES<BR>CONSOLIDATED
STATEMENTS OF EQUITIES AND COMPREHENSIVE INCOME<BR>for the Years Ended
August 31, 2002, 2001 and 2000<BR> (Continued) </FONT></H2>

<DIV ALIGN=CENTER>

<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=600>


<TR VALIGN=BOTTOM>
<TD ALIGN="CENTER"><FONT SIZE=2></FONT></TD>
<TD ALIGN="CENTER"><FONT SIZE=2><B>Oilseed<BR>Processing<BR>&amp;
Refining<BR>EPUs</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN="CENTER"><FONT SIZE=2><B>Patronage<BR>Refunds</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN="CENTER"><FONT SIZE=2><B>Unallocated<BR>Capital<BR>
Reserve</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN="CENTER"><FONT SIZE=2><B>Accumulated Other<BR>Comprehensive<BR>Income<BR>
(Loss)</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN="CENTER"><FONT SIZE=2><B>Allocated<BR>Capital<BR>Reserve</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN="CENTER"><FONT SIZE=2><B>Total<BR>Equities</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN="CENTER"><FONT SIZE=2></FONT></TD>
<TD COLSPAN="6" ALIGN="CENTER"><FONT SIZE=2><B><I>(dollars in thousands)<BR>
</I></B></FONT></TD>
</TR>


<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Balances, September 1,
1999</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>$4,188</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>$40,250</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>$115,883</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>$(1,170)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>$8,148</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>$1,117,636</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage and equity retirement determination</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>17,250</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>43,000</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
distribution</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(57,500)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(1,588)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(17,906)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equities
retired</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(28,697)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equities
Issued</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>7,921</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other, net</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(6)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>453</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(28)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>35</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN="7"><FONT SIZE=2>Comprehensive income:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Net income</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>87,400</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(12)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>87,388</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Other
comprehensive loss</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(1,257)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(1,257)</FONT></TD>
</TR>

<TR>
<TD COLSPAN="6"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total comprehensive
income</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>86,131</FONT></TD>
</TR>

<TR>
<TD COLSPAN="6"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage dividends and equity retirements
payable</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(26,220)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(43,694)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Balances, August
31, 2000</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>4,182</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>61,180</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>114,736</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(2,427)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>8,120</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>1,164,426</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage and equity
retirement determination</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>26,220</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>43,694</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
distribution</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(87,400)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>967</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(26,129)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equities
retired</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(18,736)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equities
issued</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>5,481</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity Participation Units
issued</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>1,045</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(1,045)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity Participation Units
redeemed</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(5,227)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(14,293)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other,
net</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>445</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(70)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(202)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN="7"><FONT SIZE=2>Comprehensive income:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Net income</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>128,900</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>49,654</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>178,554</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Other comprehensive
income</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>512</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>512</FONT></TD>
</TR>

<TR>
<TD COLSPAN="6"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total comprehensive income</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>179,066</FONT></TD>
</TR>

<TR>
<TD COLSPAN="6"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage dividends and equity retirements
payable</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(38,670)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(72,154)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Balances, August
31, 2001</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>90,230</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>164,757</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(1,915)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>8,050</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>1,261,153</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage and equity
retirement determination</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>38,670</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>72,154</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
distribution</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(128,900)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(3,666)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(40,082)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equities
retired</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(31,145)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equities
issued</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>2,600</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Preferred stock issued,
net</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(3,428)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>5,897</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Preferred stock
dividends</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(240)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(240)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other,
net</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(345)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN="7"><FONT SIZE=2>Comprehensive income:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Net
income</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>92,900</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>33,238</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>126,138</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Other comprehensive
loss</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(49,982)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(49,982)</FONT></TD>
</TR>

<TR>
<TD COLSPAN="6"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total comprehensive
income</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>76,156</FONT></TD>
</TR>

<TR>
<TD COLSPAN="6"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>


<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage dividends and equity
retirements payable</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(27,870)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>(56,510)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Balances, August
31, 2002</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>$&#151;</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>$65,030</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>$190,761</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>$(51,897)</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>$8,050</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE=2>$1,289,638</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>
</DIV>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-4</font></P>

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<BR><BR><BR>
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<H2 ALIGN=CENTER><FONT SIZE=2>CENEX HARVEST STATES COOPERATIVES AND SUBSIDIARIES<BR>CONSOLIDATED
STATEMENTS OF CASH
FLOWS<BR>for the Years
Ended August 31,</FONT></H2>


<P><FONT SIZE=2></FONT></P>

<DIV ALIGN=CENTER>

<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=600>


<TR VALIGN=BOTTOM>
<TD WIDTH=70% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=3 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars
in thousands)<BR>
</I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=4><FONT SIZE=2>Cash Flows from Operating Activities:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Net income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$126,138</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$178,554</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$87,388</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=4><FONT SIZE=2>&nbsp;&nbsp;Adjustments to reconcile net
income to net cash<BR>&nbsp;&nbsp;&nbsp;&nbsp;(used in) provided by operating activities:<BR></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Depreciation and
amortization</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>103,986</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>109,180</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>92,699</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Noncash net income
from equity investments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(58,133)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(28,494)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(28,325)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Minority interests</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,390</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>35,098</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>24,546</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Noncash
portion of patronage dividends
received</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(2,327)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(3,896)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(6,825)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;(Gain) loss on sale of
property, plant and equipment</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(6,418)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(13,941)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,167</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Deferred tax expense (benefit)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,400</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(46,625)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(467)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Other, net</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,467</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(801)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(3,130)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=4><FONT SIZE=2>Changes in operating assets and
liabilities:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Receivables</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(32,881)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>147,641</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(229,067)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Inventories</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(259,209)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>37,543</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,717</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Other current
assets and other assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(88,941)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(24,129)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(7,041)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Customer
credit balances</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(12,025)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,707</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(8,191)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Customer advance
payments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>59,988</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(22,800)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,180</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Accounts payable and
accrued expenses</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>93,802</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(129,258)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>202,980</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Other
liabilities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9,079</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>13,050</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(3,244)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in)
provided by operating activities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(41,684)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>252,829</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>128,387</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=4><FONT SIZE=2>Cash Flows from Investing Activities:<BR></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Acquisition of property, plant and
equipment</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(140,169)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(97,610)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(153,796)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Proceeds from
disposition of property, plant and
equipment</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>20,205</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>35,263</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,655</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Investments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(6,211)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(14,247)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(35,297)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Equity
investments redeemed</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>37,689</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>30,104</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>41,250</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Investments
redeemed</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,310</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,672</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,638</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Changes in notes
receivable</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(22,031)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>533</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>600</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Acquisitions of
intangibles</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(29,501)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(7,328)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(26,513)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Distribution to
minority owners</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(7,413)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(19,256)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(21,089)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Other investing
activities, net</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(685)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,775</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(339)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in
investing activities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(141,806)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(69,094)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(184,891)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=4><FONT SIZE=2>Cash Flows from Financing Activities:<BR></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Changes in notes payable</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>235,319</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(120,731)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>20,940</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Long-term debt borrowings</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>30,000</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>116,861</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>49,914</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Principal payments on long-term
debt</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(17,968)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(67,364)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(22,502)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Changes in checks and
drafts outstanding</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(3,557)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,722</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>35,481</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Proceeds from sale
of preferred stock, net of expenses</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,897</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Preferred stock
dividends paid</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(240)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Retirements of
equity</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(31,145)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(18,736)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(28,697)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Equity Participation
Units redeemed</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(14,293)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Cash patronage dividends
paid</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(40,082)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(26,129)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(17,906)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by
(used in) financing activities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>178,224</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(126,670)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>37,230</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net (Decrease) Increase
in Cash and Cash&nbsp;Equivalents</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(5,266)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>57,065</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(19,274)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Cash and Cash Equivalents at Beginning of&nbsp;Period</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>113,458</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>56,393</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>75,667</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Cash and Cash
Equivalents at End of&nbsp;Period</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$108,192</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$113,458</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$56,393</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>
</DIV>

<P><FONT SIZE=2>The accompanying notes are an integral part of the
consolidated financial statements.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-5</font></P>

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<BR><BR><BR>
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<H2 ALIGN=CENTER><FONT SIZE=2>CENEX HARVEST STATES COOPERATIVES AND SUBSIDIARIES<BR>NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</FONT></H2>

<H3><FONT SIZE=2>1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:</FONT></H3>

<H3><FONT SIZE=2>Organization:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cenex Harvest States Cooperatives (CHS Cooperatives or the Company) is
an agricultural cooperative organized for the mutual benefit of its
members. Members of the cooperative are located throughout the United
States. In addition to grain marketing, wheat milling, oilseed
processing and refining and foods, the Company provides its patrons
with energy and agronomy products as well as other farm supplies. Sales
are both domestic and international.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective September&nbsp;1, 2000, the Company&#146;s Board of Directors
approved a resolution providing for the computation of patronage
distributions based on earnings for financial statement purposes rather
than federal income tax basis earnings. On December&nbsp;1, 2000,
this resolution was ratified by the Company&#146;s members, the by-laws were
amended and beginning with fiscal year 2001 patronage distributions
have been calculated based on financial statement earnings. The by-laws
further provide that an amount of up to 10% of the distributable
annual net savings from patronage sources be added to the unallocated
capital reserve as determined by the Board of Directors.</FONT></P>

<H3><FONT SIZE=2>Consolidation:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements include the accounts of CHS
Cooperatives and all of its wholly-owned and majority-owned
subsidiaries and limited liability companies, including National
Cooperative Refinery Association (NCRA). The effects of all significant
intercompany transactions have been eliminated.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;1, 1999, NCRA and Farmland Industries, Inc.
(Farmland) formed Cooperative Refining, LLC (CRLLC), which was
established to operate and manage the refineries and related pipelines
and terminals of NCRA and Farmland. On December&nbsp;31, 2000,
NCRA and Farmland signed an Agreement of Dissolution and dissolved
CRLLC.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2000, the Company entered into a series of transactions, the
result of which was the exchange of its agronomy operations, consisting
primarily of its interests in and ownership of the Cenex/Land O&#146;Lakes
Agronomy Company and Agro Distribution, LLC and related entities for a
25% equity ownership interest in Agriliance, LLC (Agriliance).
Agriliance is a distributor of crop nutrients, crop protection products
and other agronomy inputs and services formerly owned by the Company,
Land O&#146;Lakes, Inc. (Land O&#146;Lakes) and Farmland. The company accounts
for the Agriliance investment under the equity method.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2002 and 2001, the Company had various other acquisitions, which
have been accounted for using the purchase method of accounting.
Operating results of the acquisitions are included in the consolidated
financial statements since the respective acquisition dates. The
respective purchase prices were allocated to the assets and liabilities
acquired based upon the estimated fair values. The excess purchase
price over the estimated fair values of the net assets acquired has
been reported as identifiable intangible assets and goodwill.</FONT></P>

<H3><FONT SIZE=2>Cash Equivalents:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents include short-term highly liquid investments with
original maturities of three months or less at date of acquisition.</FONT></P>

<H3><FONT SIZE=2>Inventories:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain, processed grain, oilseed and processed oilseed are stated at net
realizable values which approximates market values. All other
inventories are stated at the lower of cost or market. The cost of
certain energy inventories (wholesale refined products, crude oil and
asphalt) is determined on the last-in, first-out (LIFO) method; all
other energy inventories are valued on the first-in, first-out (FIFO)
and average cost methods.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-6</font></P>

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<H3><FONT SIZE=2>Derivative Financial Instruments:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company enters into exchange-traded commodity futures and options
contracts to hedge its exposure to price fluctuations on energy, grain
and oilseed transactions to the extent considered practicable for
minimizing risk. Futures and options contracts used for hedging are
purchased and sold through regulated commodity exchanges. Fluctuations
in inventory valuations, however, may not be completely hedged, due in
part to the absence of satisfactory hedging facilities for certain
commodities and geographical areas and in part to the Company&#146;s
assessment of its exposure from expected price fluctuations. The
Company also manages its risks by entering into fixed price purchase
contracts with preapproved producers and establishing appropriate
limits for individual suppliers. Fixed price sales contracts are
entered into with customers of acceptable creditworthiness, as
internally evaluated. The Company is exposed to loss in the event of
nonperformance by the counterparties to the contracts. However, the
Company does not anticipate nonperformance by counterparties.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity trading in futures and options contracts is a natural
extension of cash market trading. The commodity futures and options
markets have underlying principles of increased liquidity and longer
trading periods than the cash market, and hedging is one method of
reducing exposure to price fluctuations. The Company&#146;s use of the
derivative instruments described above reduces the effects of price
volatility, thereby protecting against adverse short-term price
movements while somewhat limiting the benefits of short-term price
movements. Changes in market value of the derivative instruments
described above are recognized in the consolidated statements of
operations in the period such changes occur. The fair value of futures
and options contracts are determined primarily from quotes listed on
regulated commodity exchanges. Fixed price purchase and sales contracts
are with various counterparties, and the fair values of such contracts
are determined from the market price of the underlying product. At
August&nbsp;31, 2002, the Company&#146;s derivative assets and
liabilities were $53.8 million and $67.9 million, respectively.</FONT></P>

<H3><FONT SIZE=2>Commodity Price Risk:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company utilizes futures and options contracts offered through
regulated commodity exchanges to reduce risk. The Company is exposed to
risk of loss in the market value of inventories and fixed or partially
fixed purchase and sale contracts. So as to reduce that risk, the
Company generally takes opposite and offsetting positions using future
contracts or options. Certain commodities cannot be hedged with futures
or options contracts because such contracts are not offered for these
commodities by regulated commodity exchanges. Inventories and purchase
contracts for those commodities are hedged with forward sales
contracts, to the extent practical, so as to arrive at a net commodity
position within the formal position limits set by the Company and
deemed prudent for each of those commodities. Commodities for which
future contracts and options are available are also typically hedged
first in this manner, with futures and options used to hedge within
position limits that portion not covered by forward contracts. These
futures and options contracts and forward purchase and sales contracts
used to hedge against price level change risks are effective economic
hedges of specified risks, but they are not designated as and accounted
for as hedging instruments for accounting purposes.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains and losses on futures contracts and options used as
economic hedges of grain and oilseed inventories and fixed price
contracts are recognized in cost of goods sold for financial reporting.
Inventories and fixed price contracts are marked to market so that
gains or losses on the derivative contracts are offset by gains or
losses on inventories and fixed price contracts during the same
accounting period.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-7</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through August&nbsp;31, 2000, unrealized gains and losses on
futures contracts and options used to hedge energy inventories and
fixed price contracts were deferred until such future contracts and
options were closed. Effective September&nbsp;1, 2000, those gains
and losses are recognized as a component of net income for financial
reporting. The inventories hedged with these derivatives are valued at
lower of cost or market, and effective September&nbsp;1, 2000, the
fixed price contracts are marked to market. Some derivatives related to
propane in the Energy segment meet the normal purchase and sales
exemption, and thus are not required to be marked to fair value.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A 10% adverse change in market prices would not materially affect the
Company&#146;s results of operations, financial position or liquidity, since
the Company&#146;s operations have effective economic hedging requirements
as a general business practice.</FONT></P>

<H3><FONT SIZE=2>Interest Rate Risk:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company manages interest expense using a mix of fixed and floating
rate debt. These debt instruments are carried at amounts approximating
estimated fair value. Short-term debt used to finance inventories and
receivables is represented by notes payable within thirty days or less
so that the blended interest rate to the Company for all such notes
approximates current market rates. Long-term debt used to finance
non-current assets carries various fixed interest rates and is payable
at various dates as to minimize the effect of market interest rate
changes. The effective interest rate to the Company on fixed rate debt
outstanding on August&nbsp;31, 2002 was approximately 6.4%; a
10% adverse change in market rates would not materially affect the
Company&#146;s results of operations, financial position or liquidity.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August 2002, the Company entered into interest rate swap instruments
related to private placement debt issued on October&nbsp;18, 2002.
These derivative instruments are designated and effective as cash flow
hedges for accounting purposes, and the changes in the fair values of
these instruments are recorded as a component of other comprehensive
income. The Company expects to record operating losses through interest
expense of $0.8 million during the year ended August&nbsp;31, 2003
related to these derivative instruments.</FONT></P>

<H3><FONT SIZE=2>Foreign Currency Risk:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company conducts essentially all of its business in U.S. dollars
and had minimal risk regarding foreign currency fluctuations on
August&nbsp;31, 2002. Foreign currency fluctuations do, however,
impact the ability of foreign buyers to purchase U.S. agricultural
products and the competitiveness of U.S. agricultural products compared
to the same products offered by alternative sources of world supply.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company adopted Financial Accounting Standards Board (FASB)
Statement of Financial Accounting Standards (SFAS) No. 133, as amended,
related to the accounting for derivative transactions and hedging
activities, effective September&nbsp;1, 2000. The effect of the
adoption did not have a material effect on the Company&#146;s earnings or
financial position.</FONT></P>

<H3><FONT SIZE=2>Investments:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in other cooperatives are stated at cost, plus patronage
dividends received in the form of capital stock and other equities.
Patronage dividends are recorded at the time qualified written notices
of allocation are received. Joint ventures and other investments, in
which the Company has significant ownership and influence, but not
control, are accounted for in the consolidated financial statements
under the equity method of accounting. Investments in other debt and
equity securities are considered available for sale financial
instruments and are stated at market value, with unrealized amounts
included as a component of accumulated other comprehensive income
(loss).</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-8</font></P>

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<H3><FONT SIZE=2>Property, Plant and Equipment:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment are stated at cost less accumulated
depreciation and amortization. Depreciation and amortization are
provided on the straight-line method by charges to operations at rates
based upon the expected useful lives of individual or groups of assets
(primarily 15 to 40 years for land improvements and buildings and 3 to
20 years for machinery, equipment, office and other). The cost and
related accumulated depreciation and amortization of assets sold or
otherwise disposed of are removed from the related accounts and
resulting gains or losses are reflected in operations. Expenditures for
maintenance and repairs and minor renewals are expensed, while costs of
major renewals and betterments are capitalized.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company periodically reviews property, plant and equipment and
other long-lived assets in order to assess recoverability based on
projected income and related cash flows on an undiscounted basis.
Should the sum of the expected future net cash flows be less than the
carrying value, an impairment loss would be recognized. An impairment
loss would be measured by the amount by which the carrying value of the
asset exceeds the fair value of the asset.</FONT></P>

<H3><FONT SIZE=2>Goodwill and Other Intangible Assets:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective September&nbsp;1, 2001 the Company adopted the
provisions of Statement of Financial Accounting Standards (SFAS) No.
142, &#147;Goodwill and Other Intangible Assets.&#148; This statement
discontinued the amortization of goodwill and indefinite-lived
intangible assets, subject to periodic impairment testing. At
August&nbsp;31, 2001, goodwill (net of accumulated amortization)
prior to the adoption of SFAS No. 142, was $29.2 million and was
included as a component of other assets. The effect of adopting the new
standard will reduce goodwill amortization expense by approximately
$2.0 million annually. The Company has completed its transitional
impairment testing and no changes to the carrying value of goodwill and
other intangible assets were required as a result of the adoption of
SFAS No. 142. Subsequent impairment testing will take place annually as
well as when a triggering event indicating impairment may have
occurred. In addition, the classification of the intangible assets was
reviewed, along with the remaining useful lives of intangibles being
amortized, and no changes were required.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s net income, net of taxes, of retroactive application of
the discontinuance of the amortization of goodwill as if SFAS No. 142
had been in effect during the years ended August&nbsp;31, 2001 and
2000 would have been $181.1 million and $88.5 million, respectively.
For the years ended August&nbsp;31, 2001 and 2000, discontinued
amortization expense of goodwill included in other assets would have
been $1.9 million and $0.8 million, respectively, and included in
equity investments would have been $0.7 million and $0.3 million,
respectively.</FONT></P>

<H3><FONT SIZE=2>Revenue Recognition:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain and oilseed sales are recorded at time of settlement. All other
sales are recognized upon shipment and transfer of title to customers.
Amounts billed to a customer in a sale transaction related to shipping
and handling are included in sales. Country Operations segment services
revenue and rebates are included in other revenues.</FONT></P>

<H3><FONT SIZE=2>Environmental Expenditures:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities related to remediation of contaminated properties are
recognized when the related costs are considered probable and can be
reasonably estimated. Estimates of these costs are based on current
available facts, existing technology, undiscounted site-specific costs
and currently enacted laws and regulations. Recoveries, if any, are
recorded in the period in which recovery is considered probable.
Liabilities are monitored and adjusted as new facts or changes in law
or technology occur. Environmental expenditures are capitalized when
such costs provide future economic benefits.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-9</font></P>

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<H3><FONT SIZE=2>Income Taxes:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is a nonexempt agricultural cooperative and files a
consolidated federal income tax return with its 80% or more owned
subsidiaries. The Company is subject to tax on income from nonpatronage
sources and undistributed patronage-sourced income. Deferred income
taxes reflect the impact of temporary differences between the amounts
of assets and liabilities recognized for financial reporting purposes
and such amounts recognized for federal and state income tax purposes,
at each year end, based on enacted tax laws and statutory tax rates
applicable to the periods in which the differences are expected to
affect taxable income. Valuation allowances are established, when
necessary, to reduce deferred tax assets to the amount expected to be
realized.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October 2001, members of NCRA ratified a resolution to compute
patronage distributions based on earnings for financial statement
purposes rather than amounts reportable for federal income tax
purposes, and beginning with the year ended August&nbsp;31, 2002,
NCRA&#146;s patronage distributions have been calculated based on financial
statement earnings.</FONT></P>

<H3><FONT SIZE=2>Comprehensive Income:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company accounts for comprehensive income (defined as the change in
equity of a business enterprise during a period from sources other than
those resulting from investments by owners and distribution to owners)
in accordance with Financial Accounting Standards Board (FASB) SFAS No.
130, &#147;Reporting Comprehensive Income.&#148; At August&nbsp;31,
2002, comprehensive income for the Company primarily includes net
income and the effects of minimum pension liability adjustments. Total
comprehensive income is reflected in the consolidated statements of
equities and comprehensive income.</FONT></P>

<H3><FONT SIZE=2>Use of Estimates:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.</FONT></P>

<H3><FONT SIZE=2>Recent Accounting Pronouncements:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The FASB issued SFAS No. 143, &#147;Accounting for Asset Retirement
Obligations,&#148; which addresses financial accounting and reporting for
obligations associated with the retirement of tangible long-lived
assets and the associated asset retirement costs. SFAS No. 143 is
effective for financial statements issued for fiscal years beginning
after June&nbsp;15, 2002. The adoption of this statement does not
have a material affect on the Company.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The FASB also issued SFAS No. 144, &#147;Accounting for the Impairment or
Disposal of Long-Lived Assets.&#148; This statement addresses financial
accounting and reporting for the impairment or disposal of long-lived
assets. SFAS No. 144 retains and expands upon the fundamental
provisions of existing guidance related to the recognition and
measurement of the impairment of long-lived assets to be held and used
and the measurement of long-lived assets to be disposed of by sale.
Generally, the provisions of SFAS No. 144 are effective for financial
statements issued for fiscal years beginning after December&nbsp;15, 2001 and interim periods within those fiscal years. The
adoption of this statement does not have a material affect on the
Company.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The FASB issued SFAS No. 146, &#147;Accounting for Costs Associated with
Exit or Disposal Activities.&#148; This statement addresses financial
accounting and reporting for costs associated with an exit activity
that does not involve an entity newly acquired in a business
combination or with a disposal activity covered by SFAS No. 144. The
costs addressed in SFAS No. 146 include, but are not limited to,
termination benefits, costs to terminate a contract that is not a
capital lease and costs to consolidate facilities or relocate
employees. SFAS No. 146 is effective for exit or disposal activities
that are initiated after December&nbsp;31, 2002.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-10</font></P>

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<H3><FONT SIZE=2>Reclassifications:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain amounts in the 2001 financial statements have been reclassified
to conform with the current year&#146;s presentation. These
reclassifications had no effect on previously reported net income,
equities and comprehensive income, or cash flows.</FONT></P>

<H3><FONT SIZE=2>2. RECEIVABLES</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables as of August&nbsp;31, 2002 and 2001 are as follows:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=80% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR>
</I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Trade</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$717,888</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$682,593</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>49,846</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>28,864</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>767,734</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>711,457</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Less allowances for doubtful
accounts</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>26,156</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>25,317</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$741,578</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$686,140</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All international sales are denominated in U.S. dollars. International
sales for the years ended August&nbsp;31, 2002, 2001 and 2000 are
as follows: </FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=70% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=3 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in millions)<BR>
</I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Africa</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$135</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$138</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$191</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Asia</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>407</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>403</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>552</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Europe</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>282</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>255</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>304</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>North America</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>298</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>317</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>324</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>South America</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>100</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>101</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>119</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,222</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,214</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,490</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>


<H3><FONT SIZE=2>3. INVENTORIES</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories as of August&nbsp;31, 2002 and 2001 are as follows:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=80% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Grain and
oilseed</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$393,095</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$237,498</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Energy</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>229,981</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>163,710</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Feed and farm supplies</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>91,138</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>76,570</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Processed grain and
oilseed</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>36,264</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>28,648</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9,185</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,017</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$759,663</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$510,443</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of August&nbsp;31, 2002, the Company valued approximately 26%
of inventories, primarily related to energy, using the lower of cost,
determined on the LIFO method, or market (28% as of August&nbsp;31, 2001). If the FIFO method of accounting for these inventories
had been used, inventories would have been higher than the reported
amount by $40.5 million and $34.0 million at August 31, 2002 and 2001,
respectively.<BR></FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-11</font></P>

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<H3><FONT SIZE=2>4. INVESTMENTS</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments as of August&nbsp;31, 2002 and 2001 are as follows:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=80% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=3><FONT SIZE=2>Cooperatives:<BR></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;CF Industries, Inc.</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$152,996</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$152,996</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;National Bank
for Cooperatives (CoBank)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>30,069</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>33,080</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Ag Processing,
Inc.</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>25,797</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>24,967</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Land O&#146;Lakes, Inc.</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>26,232</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>24,604</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=3><FONT SIZE=2>Joint ventures:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Ventura Foods, LLC</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>108,981</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>101,089</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;United Country Brands, LLC</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>86,175</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>74,457</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Tacoma
Export Marketing Company</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,414</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>11,638</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>57,943</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>45,122</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$496,607</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$467,953</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March 2000, the Company purchased an additional 10% interest in
Ventura Foods, LLC, its consumer products and packaging joint venture,
for $25.6 million, of which $13.8 million was goodwill. The Company has
a 50% interest in this joint venture. The following provides
summarized unaudited information for Ventura Foods, LLC, balance sheets
as of August&nbsp;31, 2002 and 2001 and statements of operations
for the twelve months ended August&nbsp;31, 2002, 2001 and 2000:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=80% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Current
assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$171,084</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$159,062</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Non-current
assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>231,045</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>221,000</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Current
liabilities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>133,230</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>114,883</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Non-current
liabilities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>90,819</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>104,144</FONT></TD>
</TR>
</TABLE>




<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=70% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=3 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net sales</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,013,475</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$925,962</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$896,941</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Gross
profit</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>181,217</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>161,405</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>143,394</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>75,368</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>71,148</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>55,115</FONT></TD>
</TR>
</TABLE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective January&nbsp;1, 2000, CHS Cooperatives, Farmland
and Land O&#146;Lakes created Agriliance, a distributor of crop nutrients,
crop protection products and other agronomy inputs and services. At
formation, Agriliance managed the agronomy marketing operations of CHS
Cooperatives, Farmland and Land O&#146;Lakes, with the Company exchanging
the right to use its agronomy operations for 26.455% of the results of
the jointly managed operations.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March 2000, the Company sold 1.455% of its economic interest in
Agriliance to Land&nbsp;O&#146;Lakes, resulting in a gain of $7.4
million. On July&nbsp;31, 2000, the Company exchanged its
ownership interest in the Cenex/Land O&#146;Lakes Agronomy Company and in
Agro Distribution, LLC, with a total investment of $64.7 million, for a
25% equity interest in Agriliance. Agriliance ownership also includes
Farmland (25%) and Land O&#146;Lakes (50%). The interests of the Company
and Farmland are held through equal ownership in United Country Brands,
LLC, a joint venture holding company whose sole operations consist of
the ownership of a 50% interest in Agriliance. Equity in the joint
venture was recorded at historical carrying value of its ownership in
Cenex/Land O&#146;Lakes Agronomy Company and Agro Distribution, LLC and no
gain or loss was recorded on the exchange. In July 2000, Agriliance
secured its own financing, which is without recourse to the Company.
Also in July 2000, Agriliance purchased the net working capital related
to agronomy operations from each of its member owners, consisting
primarily of trade accounts receivable and inventories, net of accounts
payable.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-12</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following provide summarized information for Agriliance balance
sheets as of August&nbsp;31, 2002 and 2001 and statements of
operations for the years ended August&nbsp;31, 2002 and 2001:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=80% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Current
assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$922,958</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$956,496</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Non-current
assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>134,247</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>158,107</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Current
liabilities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>700,903</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>802,341</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Non-current
liabilities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>107,960</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>110,964</FONT></TD>
</TR>
</TABLE>




<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=80% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net
sales</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,625,849</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$4,072,248</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Earnings from
operations</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>57,604</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>50,423</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net
income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>47,044</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>25,053</FONT></TD>
</TR>
</TABLE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s contribution of its equity interest in Agriliance
occurred on July&nbsp;31, 2000, and as such, net sales, gross
profits and net income for the one month ended August&nbsp;31,
2000 have been excluded from the above summarized information of
statements of operations, as they were not material.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of the fair value of financial instruments to which the
Company is a party includes estimates and assumptions which may be
subjective in nature and involve uncertainties and matters of
significant judgment and therefore cannot be determined with precision.
Financial instruments are carried at amounts that approximate estimated
fair value. Investments in cooperatives and joint ventures have no
quoted market prices and, as such, it is not practicable to estimate
their fair value.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various agreements with other owners of investee companies and a
majority-owned subsidiary set out parameters whereby CHS Cooperatives
may buy and sell additional interests in those companies, upon the
occurrence of certain events, at fair values determinable as set forth
in the specific agreements.</FONT></P>

<H3><FONT SIZE=2>5. PROPERTY, PLANT AND EQUIPMENT</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A summary of property, plant and equipment as of August&nbsp;31,
2002 and 2001 is as follows:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=80% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Land and land
improvements</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$63,045</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$55,092</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Buildings</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>371,107</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>348,081</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Machinery and equipment</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,470,475</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,434,598</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Office and
other</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>62,144</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>56,740</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Construction in
progress</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>71,540</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>38,723</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,038,311</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,933,234</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Less
accumulated depreciation and amortization</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>980,890</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>909,362</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,057,421</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,023,872</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January 2002, the Company formed a limited liability company
(LLC) with Cargill, Incorporated to engage in wheat flour milling and
processing. The Company holds a 24% interest in the entity, which is
known as Horizon Milling, LLC (Horizon). The Company is leasing its
wheat milling facilities and related equipment to Horizon under
operating lease agreements. The book value of the leased milling assets
at August&nbsp;31, 2002 was $104.9 million, net of accumulated
depreciation of $25.3 million.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-13</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the years ended August&nbsp;31, 2002, 2001 and 2000, the
Company capitalized interest of $2.1 million, $1.2 million and $2.7
million, respectively, related to long-term construction projects.</FONT></P>

<H3><FONT SIZE=2>6. OTHER ASSETS</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets as of August&nbsp;31, 2002 and 2001 are as follows:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=80% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR>
</I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Goodwill</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$27,926</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$29,153</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Non-compete covenants, less
accumulated amortization of $2,896 and $1,329,
respectively</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>11,204</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,765</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Customer lists, less accumulated
amortization of $3,511 and $1,946, respectively</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,447</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,095</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other intangible assets, less accumulated amortization of $2,462
and $1,513, respectively</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,795</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>239</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Prepaid pension and
other benefit assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>54,230</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>100,727</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Deferred tax
asset</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>50,544</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>44,316</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Notes receivable</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,822</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,629</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,354</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,534</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$177,322</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$194,458</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets subject to amortization are amortized on a
straight-line basis over the number of years that approximate their
respective useful lives (ranging from 2 to 15 years). The straight-line
method of amortization reflects an appropriate allocation of the cost
of the intangible assets to earnings in proportion to the amount of
economic benefit obtained by the Company in each reporting period.
Amortization expense for the year ended August&nbsp;31, 2002 was
$4.2 million. The estimated amortization expense related to intangible
assets subject to amortization for the next five years will approximate
$4.0 million annually.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through Country Energy, LLC, formerly a joint venture with Farmland,
the Company marketed refined petroleum products including gasoline,
diesel fuel, propane and lubricants under the Cenex brand. On
November&nbsp;30, 2001, the Company purchased the wholesale energy
business of Farmland, as well as all interest in Country Energy, LLC.
Based on estimated fair values, $26.4 million of the purchase price was
allocated to intangible assets, primarily trademarks, tradenames and
non-compete agreements. The intangible assets have a weighted-average
life of approximately 12 years. The Company also entered into an
exclusive two-year supply agreement to purchase, at prevailing market
prices, all of the refined fuels production from Farmland&#146;s
Coffeyville, Kansas facility.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-14</font></P>

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<H3><FONT SIZE=2>7. NOTES PAYABLE AND LONG-TERM DEBT</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable and long-term debt as of August&nbsp;31, 2002 and
2001 consisted of the following:</FONT></P>




<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Interest Rates<BR>at August 31,<BR>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR>
</I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Notes payable (a)(g)</FONT></TD>
<TD ALIGN=RIGHT nowrap><FONT SIZE=2>2.32% to
2.78%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$332,514</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$97,195</FONT></TD>
</TR>

<TR>
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=4><FONT SIZE=2>Long-term debt:<BR></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Revolving term loans from
cooperative <BR>&nbsp;&nbsp;&nbsp;&nbsp;and other banks, payable in installments <BR>&nbsp;&nbsp;&nbsp;&nbsp;through 2009, when
the balance is due (b)(c)(g)</FONT></TD>
<TD ALIGN=RIGHT nowrap><FONT SIZE=2>2.16% to
13.00%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$254,962</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$236,611</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Private placement, payable in equal<BR>&nbsp;&nbsp;&nbsp;&nbsp;
installments beginning in 2008 through 2013<BR> &nbsp;&nbsp;&nbsp;&nbsp;(d)(g)
</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6.81% </FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>225,000</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>225,000</FONT></TD>
</TR>


<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;
Private placement, payable in equal installments <BR>&nbsp;&nbsp;&nbsp;&nbsp;beginning in
2005 through 2011 (e)(g)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7.43% to
7.90%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>80,000</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>80,000</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Industrial Revenue Bonds, payable in installments<BR>&nbsp;&nbsp;&nbsp;&nbsp; through 2011
(f)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5.23% to 12.97%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,444</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>12,806</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Other notes and
contracts</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4.00% to 14.00%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,718</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,580</FONT></TD>
</TR>

<TR>
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Total long-term
debt</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>572,124</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>559,997</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Less current
portion</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>89,032</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>17,754</FONT></TD>
</TR>

<TR>
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Long-term
portion</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$483,092</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$542,243</FONT></TD>
</TR>

<TR>
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average interest rates at August 31:</FONT></P>


<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=80% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Short-term
debt</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2.58%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4.18%</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Long-term debt</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6.38%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6.91%</FONT></TD>
</TR>
</TABLE>



<HR SIZE=1 WIDTH=20% ALIGN=LEFT COLOR=BLACK NOSHADE>

<TABLE CELLSPACING=2 CELLPADDING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT SIZE=2>(a)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>The Company finances its working capital needs through
short-term lines of credit with a syndication of banks. The Company has
a 364-day credit facility of $550.0 million, all of which is committed,
and of which $332.0 million was outstanding on August&nbsp;31,
2002. In addition to this short-term line of credit, the Company has a
364-day credit facility dedicated to NCRA with a syndication of banks
in the amount of $30.0 million, all of which is committed, with no
amounts outstanding on August&nbsp;31, 2002. Other miscellaneous
notes payable totaled $0.5 million at August&nbsp;31, 2002.</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>(b)</FONT></TD>
<TD><FONT SIZE=2>The Company established a $200.0 million five-year
revolving credit facility with a syndication of banks. On August&nbsp;31, 2002, the Company had an outstanding balance of $75.0 million.</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE=2>(c)</FONT></TD>
<TD><FONT SIZE=2>The Company established a long-term credit agreement
which committed $200.0 million of long-term borrowing capacity to the
Company through May&nbsp;31, 1999, of which $164.0 million was
drawn before the expiration date of that commitment. On August&nbsp;31, 2002, $144.3 million was outstanding. NCRA term loans of $18.0
million are collateralized by NCRA&#146;s investment in CoBank.</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE=2>(d)</FONT></TD>
<TD><FONT SIZE=2>The Company entered into a private placement with
several insurance companies for long-term debt in the amount of $225.0
million.</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE=2>(e)</FONT></TD>
<TD><FONT SIZE=2>In January 2001, the Company entered into a note
purchase and private shelf agreement with Prudential Insurance Company.
A long-term note was issued for $25.0 million. A subsequent note for
$55.0 million was issued in March 2001, related to the private shelf
facility.</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE=2>(f)</FONT></TD>
<TD><FONT SIZE=2>Industrial Revenue Bonds in the amount of $2.7 million
are collateralized by property, plant and equipment, primarily energy
refinery equipment, with a cost of approximately $152.0 million, less
accumulated depreciation of approximately $115.2 million on
August&nbsp;31, 2002.</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE=2>(g)</FONT></TD>
<TD><FONT SIZE=2>Restrictive covenants under various agreements have
requirements for maintenance of minimum working capital levels and
other financial ratios.</FONT></TD>
</TR>
</TABLE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fair value of long-term debt approximates book value as of
August&nbsp;31, 2002 and 2001.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-15</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate amount of long-term debt payable as of August&nbsp;31, 2002 is as follows (dollars in thousands):</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75% align=center>

<TR VALIGN=BOTTOM>
<TD WIDTH=90%><FONT SIZE=2>2003</FONT></TD>
<TD WIDTH=10% ALIGN=RIGHT><FONT SIZE=2>$89,032</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2004</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,079</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2005</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>34,511</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2006</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>34,938</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2007</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>41,709</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Thereafter</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>356,855</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$572,124</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;18, 2002, the Company entered into a private
placement with several insurance companies for long-term debt in the
amount of $175.0 million, which was layered into two series. The first
series of $115.0 million has an interest rate of 4.96% and will be
repaid in equal semi-annual installments of approximately $8.8 million
during the years 2007 through 2013. The second series of $60.0 million
has an interest rate of 5.60% and will be repaid in equal semi-annual
installments of approximately $4.6 million during fiscal years 2012
through 2018. The proceeds were used to pay down the Company&#146;s
short-term debt.</FONT></P>

<H3><FONT SIZE=2>8. INCOME TAXES</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the Company&#146;s by-law changes during 2001, and the by-law
changes of its majority-owned subsidiary (NCRA) in 2002, to distribute
patronage based on financial statement earnings (see Note 1), the
statutory rate applied to the cumulative differences between financial
statement earnings and tax basis earnings, has been changed. In
connection with this change the Company recorded a deferred tax benefit
of $10.9 million as of August&nbsp;31, 2002 and $34.2&nbsp;million as of August&nbsp;31, 2001. The $10.9 million deferred
tax benefit recorded as a result of the change in patronage
distribution by NCRA as of August&nbsp;31, 2002 has been offset by
a $10.9 million NCRA valuation allowance. An additional $6.2 million of
deferred tax benefit generated by NCRA was also offset by a valuation
allowance.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provision for income taxes for the years ended August&nbsp;31,
2002, 2001 and 2000 is as follows:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=70% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=3 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Current</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$14,300</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$21,025</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$4,347</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Deferred</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(12,700)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(49,025)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(467)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Valuation allowance</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>17,100</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,400</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income
taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$18,700</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(25,600)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,880</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-16</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tax effect of temporary differences that give rise to
significant portions of deferred tax assets and liabilities as of
August&nbsp;31, 2002 and 2001 is as follows:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>


<TR VALIGN=BOTTOM>
<TD WIDTH=80% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR>
</I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=3><FONT SIZE=2>Deferred tax assets:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Accrued expenses and valuation
reserves</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$49,236</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$42,704</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Postretirement health care and
deferred compensation</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>32,671</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>24,842</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Property, plant and
equipment</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>11,532</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9,570</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Alternative minimum tax credit and
patronage loss carryforward</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,993</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,540</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>12,439</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>12,885</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Total deferred tax
assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>112,871</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>94,541</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=3><FONT SIZE=2>Deferred tax liabilities:<BR></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Pension, including minimum liability</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,635</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9,536</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity
method investments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>20,482</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>27,893</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>730</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,314</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total deferred tax liabilities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>23,847</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>38,743</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Deferred tax assets valuation
reserve</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(19,466)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(2,400)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net deferred tax
asset</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$69,558</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$53,398</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of August&nbsp;31, 2002, net deferred tax assets
of $19.0 million and $50.5 million are included in current assets and
other assets, respectively ($9.1 million and $44.3 million,
respectively, as of August&nbsp;31, 2001). At August&nbsp;31,
2002, NCRA recognized a valuation allowance for the entire tax benefit
associated with its net deferred tax assets, as it is considered more
likely than not, based on the weight of available information, that the
future tax benefits related to these items will not be realized. At
August&nbsp;31, 2002, NCRA&#146;s net deferred tax assets of
approximately $19.5&nbsp;million were comprised of deferred tax
assets of $23.4 million and deferred tax liabilities of $3.9 million.
Deferred tax assets are comprised of basis differences related to
inventories, investments, lease obligations, accrued liabilities and
certain federal and state tax credits. NCRA files a separate tax return
and, as such, these items must be assessed independently of the
Company&#146;s deferred tax assets when determining recoverability. At
August&nbsp;31, 2001, NCRA also recorded a valuation allowance of
$2.4 million to account for uncertainties regarding the recoverability
of certain state tax credits.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The reconciliation of the statutory federal income tax rate to
the effective tax rate for the years ended August&nbsp;31, 2002,
2001 and 2000 is as follows: </FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>


<TR VALIGN=BOTTOM>
<TD WIDTH=70% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Statutory federal income tax
rate</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>35.0%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>35.0%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>35.0%</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>State and local income taxes,
net of federal income tax benefit</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3.9</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3.9</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3.9</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
earnings</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(25.0)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(32.8)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(37.3)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Tax effect of changes in
deferred patronage</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4.4</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Change in patronage
determination</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(7.5)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(22.4)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Export activities at rates
other than the U.S.&nbsp;statutory
rate</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1.9)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Deferred tax asset valuation
allowance</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>11.8</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1.6</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Rate changes on deferred tax assets and
liabilities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(2.5)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(3.4)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(2.0)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>0.8</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Effective tax
rate</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>12.9%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(16.7)%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4.3%</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-17</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal differences between financial statement income and
taxable income for the years ended August&nbsp;31, 2002, 2001 and
2000 are as follows:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=70% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=3 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income before income
taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$144,838</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$152,954</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$91,268</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=4><FONT SIZE=2>&nbsp;&nbsp;Financial reporting/tax
differences:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Environmental
reserves</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,939</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,453</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(728)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Oil and gas activities,
net</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,540</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(22,230)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,600</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Energy inventory market reserves</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(933)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(2,441)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(19)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Pension and
compensation</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(21,491)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,981</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Investments in other
entities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,898</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>26,495</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Export
activities</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(7,141)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Other, net</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(2,291)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>10,038</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,255</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Patronage refund
provisions</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(92,900)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(128,900)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(87,400)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Taxable
income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$25,459</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$49,350</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$8,976</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>


<H3><FONT SIZE=2>9. EQUITIES</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the by-laws and by action of the Board of Directors,
annual net savings from patronage sources are distributed to consenting
patrons following the close of each year, and are based on amounts
using financial statement earnings. The cash portion of the patronage
distribution is determined annually by the Board of Directors, with the
balance issued in the form of capital equity certificates.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual net savings from sources other than patronage may be added to
the unallocated capital reserve or, upon action by the Board of
Directors, allocated to members in the form of nonpatronage equity
certificates.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inactive direct members and patrons and active direct members and
patrons age 61 and older on June&nbsp;1, 1998 are eligible for
redemption of their capital equity certificates at age 72 or death. For
other active direct members and patrons and member cooperatives,
equities will be redeemed annually as determined by the Board of
Directors.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;31, 1997, the Company completed an offering for the
sale of Equity Participation Units (EPUs) in its Wheat Milling Defined
Business Unit and its Oilseed Processing and Refining Defined Business
Unit to qualified subscribers. Qualified subscribers were identified as
Defined Members or representatives of Defined Members who were persons
or associations of producers actually engaged in the production of
agricultural products. Subscribers were allowed to purchase a portion
of their EPUs by exchanging existing patronage certificates. The
purchasers of EPUs had the right and obligation to deliver annually the
number of bushels of wheat or soybeans equal to the number of units
held. Unit holders participated in the net patronage-sourced income
from operations of the applicable Defined Business Unit as patronage
refunds. Retirements of patrons&#146; equities attributable to EPUs, were at
the discretion of the Board of Directors, and it was the Board&#146;s goal
to retire such equity on a revolving basis seven years after
declaration.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2001, the Company&#146;s Board of Directors adopted a resolution to
issue, at no charge, to each Defined Member of the Oilseed Processing
and Refining Defined Business Unit an additional 1/4 EPU, for each EPU
held, due to increased crush volume.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-18</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August 2001, the CHS Cooperatives Board of Directors approved and
consummated a plan to end the Defined Investment Program. The Company
redeemed all of the EPUs and allocated the assets of the Oilseed
Processing and Refining and Wheat Milling Defined Business Units to the
Company as provided in the plan. The amounts redeemed to the Oilseed
Processing and Refining and Wheat Milling Defined Member EPU holders
were $5.2 million and $9.1 million, respectively. Due to loss
carry-forwards incurred by the Wheat Milling Defined Business Unit, the
plan also provided for the cancellation of all outstanding Preferred
Capital Certificates issued to the Wheat Milling EPU holders, totaling
$0.2 million. The plan further provided to the Oilseed Processing and
Refining Defined Member EPU holders for the redemption of all
outstanding Preferred Capital Certificates issued of $0.2 million and a
100% cash distribution during 2002 for the patronage refunds earned
for the fiscal year ended August&nbsp;31, 2001.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has authorized the sale and issuance of up to
50,000,000 shares of 8% Preferred Stock at a price of $1.00 per share.
The Company filed a registration statement on Form S-2 with the
Securities and Exchange Commission registering the Preferred Stock. The
registration statement was declared effective on October&nbsp;31,
2001 and sales of the Preferred Stock were $9.3 million (9,325,374
shares) through August&nbsp;31, 2002. Cash dividends are paid at a
rate of 8% per annum per share and are fully cumulative. There is no
sinking fund requirement and the Company may redeem all or any portion
of the preferred stock upon 30 days written notice at $1.00 per share.
Expenses related to the issuance of the Preferred Stock were $3.4
million through the year ended August&nbsp;31, 2002 and have been
included as a component of unallocated capital reserve.</FONT></P>

<H3><FONT SIZE=2>10. EMPLOYEE BENEFIT PLANS</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has various pension and other defined benefit and defined
contribution plans, in which substantially all employees may
participate.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial information on changes in benefit obligation and plan assets
funded and balance sheet status as of August&nbsp;31, 2002 and
2001 is as follows:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B>Pension
Benefits</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B>Other Benefits</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD WIDTH=60% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=4 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=5><FONT SIZE=2>&nbsp;&nbsp;Change in benefit
obligation:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Benefit obligation at beginning of
period</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$253,564</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$258,059</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$22,667</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$21,439</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Service
cost</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>10,443</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,506</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>557</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>566</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Interest
cost</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>18,559</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>18,487</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,586</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,569</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Plan participants
contributions</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>189</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Plan
amendments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,383</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,005)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Transfers</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,677</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(2,387)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Actuarial loss
(gain)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,764</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(2,842)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,716</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,902</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Assumption
change</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,534</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>638</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Settlements</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>643</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Benefits
paid</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(22,979)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(29,442)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(2,438)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,804)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Benefit
obligation at end of
period</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$268,411</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$253,564</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$24,915</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$22,667</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>


<BR><BR>
<P ALIGN="CENTER"><font size=2>F-19</font></P>
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<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B>Pension
Benefits</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B>Other Benefits</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD WIDTH=60% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=4 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=5><FONT SIZE=2>Change in plan
assets:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Fair value of plan assets at beginning of
period</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$230,121</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$266,896</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Actual loss on plan
assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(14,810)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(16,206)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Company
contributions</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,554</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>11,669</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$2,249</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,804</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Participants
contributions</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>189</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Net
transfers</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,677</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(2,796)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Benefits
paid</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(22,979)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(29,442)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(2,438)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,804)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Fair value of
plan assets at end of period</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$ 201,563</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$230,121</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$&#151;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$&#151;</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Funded status</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(66,848)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(23,443)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(24,915)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(22,667)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Employer contributions after measurement
date</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>31,394</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,262</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>269</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>264</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Unrecognized actuarial loss
(gain)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>85,082</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>47,368</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(3,505)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(6,363)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Unrecognized
transition (asset) obligation</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(708)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>10,197</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>11,133</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Unrecognized prior service
cost</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>10,569</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9,639</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,336)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,534)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Prepaid benefit cost
(accrued)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$60,197</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$34,118</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(19,290)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(19,167)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=5><FONT SIZE=2>&nbsp;&nbsp;Amounts recognized on balance
sheets consist of:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Prepaid benefit
cost</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$43,918</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Accrued benefit
liability</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(23,837)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(12,214)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(19,290)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(19,167)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Intangible asset</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,995</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,055</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Minority
interests</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,195</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Accumulated other comprehensive
loss</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>69,844</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,359</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Net amounts
recognized</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$60,197</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$34,118</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(19,290)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(19,167)</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-20</font></P>
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<BR><BR><BR>
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<HR SIZE=5 COLOR=GRAY NOSHADE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For measurement purposes, a 7.5% annual rate of increase in the
per capita cost of covered health care benefits was assumed for the
year ended August&nbsp;31, 2002. The rate was assumed to decrease
gradually to 6.0% for 2004 and remain at that level thereafter.
Components of net periodic benefit costs for the years ended
August&nbsp;31, 2002, 2001 and 2000 are as follows:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=3 ALIGN=CENTER><FONT SIZE=2><B>Pension Benefits</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD COLSPAN=3 ALIGN=CENTER><FONT SIZE=2><B>Other
Benefits</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=6 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=7><FONT SIZE=2>Components of net
periodic benefit cost:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Service
cost</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$10,443</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$8,506</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$8,777</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$557</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$566</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$657</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Interest cost</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>18,559</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>18,487</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>18,058</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,586</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,569</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,470</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Expected
return on assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(21,386)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(22,855)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(20,485)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Prior service cost
amortization</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,314</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,193</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,182</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(197)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(131)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(77)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Actuarial loss (gain)
amortization</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,387</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>375</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(530)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(505)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(538)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(604)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Transition amount
amortization</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(708)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(861)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,120)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>936</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>936</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>936</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(22)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net periodic benefit
cost</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$9,609</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$4,845</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$5,882</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$2,377</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$2,380</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$2,382</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=7><FONT SIZE=2>Weighted-average assumptions:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Discount
rate</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7.10%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7.30%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7.50%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7.10%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7.30%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7.50%</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Expected return on plan
assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9.00%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9.00%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9.00%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>N/A</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>N/A</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>N/A</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Rate of
compensation
increase</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5.00%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5.00%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5.00%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5.00%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5.00%</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5.00%</FONT></TD>
</TR>
</TABLE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate projected benefit obligation, accumulated benefit
obligation and fair value of plan assets for pension plans with
accumulated benefit obligations in excess of plan assets were as
follows as of August&nbsp;31, 2002 and 2001:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=80% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Projected benefit
obligation</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$268,411</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$23,247</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Accumulated benefit
obligation</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>256,795</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>18,599</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Fair value of plan
assets</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>201,563</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,385</FONT></TD>
</TR>
</TABLE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assumed health care cost trend rates have a significant effect on
the amounts reported for the health care plans. A one-percentage point
change in the assumed health care cost trend rates would have the
following effects: </FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=80% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>1%
Point<BR>Increase</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>1% Point<BR>Decrease</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in
thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Effect on total of service and interest cost
components</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$177</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(202)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Effect on postretirement benefit
obligation</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,435</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,210)</FONT></TD>
</TR>
</TABLE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company provides defined life insurance and health care benefits
for certain retired employees. The plan is contributory based on years
of service and family status, with retiree contributions adjusted
annually.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-21</font></P>

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<BR><BR><BR>
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<HR SIZE=5 COLOR=GRAY NOSHADE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has other contributory defined contribution plans covering
substantially all employees. Total contributions by the Company to
these plans were $11.0 million, $6.1 million and $4.6 million, for the
years ended August 31, 2002, 2001 and 2000, respectively.</FONT></P>

<H3><FONT SIZE=2>11. SEGMENT REPORTING</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company manages five business segments, which are based on products
and services, and are Agronomy, Energy, Country Operations, Grain
Marketing, and Processed Grains and Foods. Reconciling Amounts
represent the elimination of sales between segments. Due to cost
allocations and intersegment activity, management does not represent
that these segments, if operated independently, would report the income
before income taxes and other financial information as presented.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Segment information for the years ended August&nbsp;31, 2002, 2001
and 2000 is as follows:</FONT></P>




<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Agronomy</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Energy</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Country<BR>Operations</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Grain<BR>Marketing</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Processed<BR>Grains
and<BR>Foods</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Corporate<BR>and<BR>Other</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Reconciling<BR>Amounts</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Total</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=8 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=9><FONT SIZE=2>For the year
ended<BR>&nbsp;August&nbsp;31, 2002:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net
sales</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$2,657,689</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,474,553</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,787,322</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$496,084</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(683,781)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$7,731,867</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
dividends</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(89)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>458</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,572</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>497</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>260</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$187</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,885</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,392</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>80,789</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>21,902</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,469)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,845</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>109,459</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(89)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,664,539</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,557,914</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,809,721</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>494,875</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,032</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(683,781)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,845,211</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Cost of goods
sold</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,489,352</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,471,422</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,778,838</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>457,538</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(683,781)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,513,369</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Marketing, general and
administrative</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,957</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>66,731</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>47,995</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>22,213</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>36,930</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,466</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>187,292</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Interest</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,403)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>16,875</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>13,851</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,807</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9,514</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,189)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>42,455</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity (income) loss from
investments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(13,425)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,166</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(283)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(4,257)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(41,331)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(3)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(58,133)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Minority interests</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>14,604</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>786</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,390</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income (loss)&nbsp;before<BR>&nbsp;income
taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$5,782</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$75,811</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$24,143</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$8,120</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$32,224</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(1,242)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$&#151;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$144,838</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=9><FONT SIZE=2>For the year
ended<BR>August&nbsp;31, 2002:<BR></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Goodwill</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$4,059</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$262</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$23,605</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$27,926</FONT></TD>
</TR>

<TR>
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Capital
expenditures</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$54,576</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$34,305</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$14,851</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$35,144</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,293</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$140,169</FONT></TD>
</TR>

<TR>
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Depreciation and
amortization</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,247</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$58,701</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$21,214</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$6,235</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$13,436</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,153</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$103,986</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total identifiable assets
at<BR>August&nbsp;31, 2002</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$242,015</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,305,828</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$799,711</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$481,232</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$439,942</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$212,999</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,481,727</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>


<BR><BR>
<P ALIGN="CENTER"><font size=2>F-22</font></P>
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<BR><BR><BR>
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<HR SIZE=5 COLOR=GRAY NOSHADE>





<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Agronomy</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Energy</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Country<BR>Operations</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Grain<BR>Marketing</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Processed<BR>Grains
and<BR>Foods</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Corporate<BR>and<BR>Other</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Reconciling<BR>Amounts</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Total</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B></B></FONT></TD>
<TD COLSPAN=8 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in
thousands) </I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=9><FONT SIZE=2>For the year ended<BR>August&nbsp;31,
2001:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net
sales</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$2,781,243</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,577,268</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,514,314</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$662,726</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(782,539)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$7,753,012</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
dividends</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$196</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>712</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,683</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>840</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>339</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$207</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,977</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,036</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>80,479</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>22,964</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(238)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9,013</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>116,254</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>196</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,785,991</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,661,430</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,538,118</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>662,827</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9,220</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(782,539)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,875,243</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Cost of goods
sold</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,549,099</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,569,884</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,514,575</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>619,184</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(782,539)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,470,203</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Marketing, general and
administrative</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,503</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>48,432</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>53,417</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>22,396</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>44,870</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,428</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>184,046</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Interest</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(4,529)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>25,097</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,695</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,144</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>13,026</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,003</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>61,436</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity (income) loss from
investments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(7,360)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,081</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(246)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(4,519)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(35,505)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,055</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(28,494)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Minority interests</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>34,713</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>385</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>35,098</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income (loss) before<BR>income taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,582</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$124,569</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$22,295</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(2,478)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$21,252</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(16,266)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$&#151;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$152,954</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Goodwill</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$5,175</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$373</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$23,605</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$29,153</FONT></TD>
</TR>

<TR>
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Capital
expenditures</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$38,984</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$32,448</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,715</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$20,485</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,978</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$97,610</FONT></TD>
</TR>

<TR>
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,250</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$55,343</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$21,738</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$4,917</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$22,304</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,628</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$109,180</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total identifiable assets at<BR>August&nbsp;31,
2001</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$230,051</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,154,036</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$679,053</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$345,696</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$430,871</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$217,612</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,057,319</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=9><FONT SIZE=2>For the year
ended<BR>August&nbsp;31, 2000:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net sales</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$808,659</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$2,959,622</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,409,892</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,453,807</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$584,052</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(718,182)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$8,497,850</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Patronage
dividends</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>224</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>311</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,830</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>861</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>100</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$168</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,494</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other revenues</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,817</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,792</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>68,436</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,440</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(10)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,996</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>97,471</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>814,700</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,962,725</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,482,158</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,470,108</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>584,142</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,164</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(718,182)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,600,815</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Cost of goods
sold</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>764,744</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,862,715</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,404,120</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,439,863</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>547,234</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(718,182)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,300,494</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Marketing, general and
administrative</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>20,832</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>43,332</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>44,136</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>21,412</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>21,462</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,092</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>155,266</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Interest</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(3,512)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>27,926</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>12,782</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,701</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>9,851</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,818</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>57,566</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity loss (income) from
investments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,336</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(856)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,007)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(6,452)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(24,367)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>21</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(28,325)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Minority interests</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>24,443</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>103</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>24,546</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Income (loss)&nbsp;before<BR>income
taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$28,300</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$5,165</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$22,024</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$6,584</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$29,962</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$(767)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$&#151;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$91,268</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Capital expenditures</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$65,017</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$38,514</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$12,096</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$36,494</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,675</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$153,796</FONT></TD>
</TR>

<TR>
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Depreciation and<BR>amortization</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$106</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$52,017</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$21,717</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,803</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$11,440</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$3,616</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$92,699</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>


<BR><BR>
<P ALIGN="CENTER"><font size=2>F-23</font></P>

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<H3><FONT SIZE=2>12. COMMITMENTS AND CONTINGENCIES</FONT></H3>

<H3><FONT SIZE=2>Environmental:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is required to comply with various environmental laws and
regulations incidental to its normal business operations. In order to
meet its compliance requirements, the Company establishes reserves for
the future costs of remediation of identified issues, which are
included in cost of goods sold in the consolidated statements of
operations. Additional costs for matters, which may be identified in
the future, cannot be presently determined. The resolution of any such
matters may have an impact on the Company&#146;s consolidated financial
results for a particular reporting period; however, management believes
any such matters will not have a material adverse effect on the
consolidated financial position, results of operations or cash flows of
the Company.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with certain refinery upgrades and enhancements that are
necessary in order to comply with existing environmental regulations,
the Company expects to incur additional capital expenditures of
approximately $340 million in relation to these projects over the next
four years, primarily at the NCRA refinery. The Company anticipates
funding these projects with a combination of cash flows from operations
and additional indebtedness.</FONT></P>

<H3><FONT SIZE=2>Other Litigation and Claims:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is involved as a defendant in various lawsuits, claims and
disputes which are in the normal course of the Company&#146;s business. The
resolution of any such matters may have an impact on the Company&#146;s
consolidated financial results for a particular reporting period;
however, management believes any resulting liability will not have a
material adverse effect on the consolidated financial position, results
of operations or cash flows of the Company.</FONT></P>

<H3><FONT SIZE=2>Grain Storage:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of August&nbsp;31, 2002 and 2001, the Company stored grain and
processed grain products for third parties totaling $148.0 million and
$177.0 million, respectively. Such stored commodities and products are
not the property of the Company and therefore are not included in the
Company&#146;s inventories.</FONT></P>

<H3><FONT SIZE=2>Guarantees:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is a guarantor for lines of credit for related companies
totaling up to $86.2&nbsp;million, of which $45.1 million was
outstanding as of August&nbsp;31, 2002. All outstanding loans with
respective creditors are current as of August&nbsp;31, 2002.</FONT></P>

<H3><FONT SIZE=2>Lease Commitments:</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company leases approximately 1,700 rail cars with remaining lease
terms of one to 10&nbsp;years. In addition, the Company has
commitments under other operating leases for various refinery,
manufacturing and transportation equipment, vehicles and office space.
Some leases include purchase options at not less than fair market value
at the end of the leases.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total rental expense for all operating leases, net of rail car mileage
credits received from the railroad and sublease income was $30.2
million, $35.5 million and $38.0 million for the years ended
August&nbsp;31, 2002, 2001 and 2000, respectively. Mileage credits
and sublease income were $9.5 million, $11.0 million and $10.6 million
for the years ended August&nbsp;31, 2002, 2001 and 2000,
respectively.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-24</font></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum future lease payments, required under noncancellable operating
leases as of August&nbsp;31, 2002, are as follows:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Rail
Cars</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Vehicles</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Equipment<BR>and Other</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Total</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=4 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2003</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$9,100</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$9,436</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$14,417</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$32,953</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2004</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,091</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,992</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>10,116</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>24,199</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2005</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,525</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,183</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,286</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>15,994</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2006</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,018</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,321</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,561</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>8,900</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>2007</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,042</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,657</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>2,433</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,132</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Thereafter</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,025</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>255</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>515</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,795</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total minimum future lease
payments</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$28,801</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$26,844</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$36,328</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$91,973</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>


<H3><FONT SIZE=2>13. SUPPLEMENTAL CASH FLOW AND OTHER INFORMATION</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional information concerning supplemental disclosures of cash flow
activities for the years ended August&nbsp;31, 2002, 2001 and 2000
is as follows: </FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=70% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=3 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=4><FONT SIZE=2>Net cash paid during the
period for:</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Interest</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$44,231</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$ 63,034</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$57,062</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>&nbsp;&nbsp;Income taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>27,965</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>11,709</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>3,785</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD COLSPAN=4><FONT SIZE=2>Other significant
noncash transactions:<BR></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>(Distributions)/contributions of
inventories of minority interests</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(54,399)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>54,399</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Capital equity certificates issued in exchange for elevator
properties</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,842</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,481</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>7,921</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Equity Participation Units
issued</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,045</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Accrual of patronage dividends and equity
retirements payable</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(56,510)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(72,154)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(43,694)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Other
comprehensive (loss)&nbsp;income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(49,982)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>512</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,257)</FONT></TD>
</TR>
</TABLE>


<H3><FONT SIZE=2>14. RELATED PARTIES TRANSACTIONS</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of August&nbsp;31, 2002, the Company had related party
transactions, which consisted of sales of $550.0 million, purchases of
$502.4 million, receivables of $21.2 million and payables of
$18.3&nbsp;million with its equity investees. These related party
transactions were primarily with Agriliance, CF Industries, Inc.,
Horizon Milling, Tacoma Export Marketing Company and Ventura Foods,
LLC.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-25</font></P>

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<H3><FONT SIZE=2>15. COMPREHENSIVE INCOME</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The components of comprehensive income for the years ended
August&nbsp;31, 2002, 2001 and 2000 are as follows:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=70% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=3 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Net
income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$126,138</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$178,554</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$87,388</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Additional minimum pension
liability, net of taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(48,797)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(15)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>153</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Financial
instruments, net of taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(548)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>527</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(1,410)</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Cash flow
hedges, net of taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>(637)</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Comprehensive
income</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$76,156</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$179,066</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$86,131</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The components of accumulated other comprehensive loss as of
August&nbsp;31, 2002 and 2001 are as follows:</FONT></P>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD WIDTH=80% ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
<TD COLSPAN=2 ALIGN=CENTER><FONT SIZE=2><B><I>(dollars in thousands)<BR></I></B></FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Additional minimum
pension liability, net of taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$50,051</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,254</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Financial
instruments, net of taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>1,209</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>661</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Cash flow hedges, net of
taxes</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>637</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Accumulated other comprehensive
loss</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$51,897</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$1,915</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=2>&nbsp;</FONT></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
<TD><FONT SIZE=2></FONT><HR SIZE=3 COLOR=BLACK NOSHADE></TD>
</TR>
</TABLE>

<BR><BR>
<P ALIGN="CENTER"><font size=2>F-26</font></P>

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<H2 ALIGN=CENTER><FONT SIZE=2>REPORT OF INDEPENDENT ACCOUNTANTS</FONT></H2>

<P><FONT SIZE=2>To the Board of Directors and Members and Patrons of<BR>
Cenex Harvest States Cooperatives:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our opinion, the accompanying consolidated balance sheets and
the related consolidated statements of operations, of equities and
comprehensive income and of cash flows present fairly, in all material
respects, the financial position of Cenex Harvest States Cooperatives
and subsidiaries as of August&nbsp;31, 2002 and 2001, and the
results of their operations and their cash flows for each of the three
years in the period ended August&nbsp;31, 2002, in conformity with
accounting principles generally accepted in the United States of
America. These financial statements are the responsibility of the
Company&#146;s management; our responsibility is to express an opinion on
these financial statements based on our audits. We conducted our audits
of these statements in accordance with auditing standards generally
accepted in the United States of America, which require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.</FONT></P>


<P><FONT SIZE=2>PRICEWATERHOUSECOOPERS LLP<BR>
October&nbsp;18, 2002<BR>Minneapolis, Minnesota</FONT></P>



<BR><BR>
<P ALIGN="CENTER"><font size=2>F-27</font></P>

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<H3 ALIGN=CENTER>2,500,000 Shares</H3>

<H3 ALIGN=CENTER>Cenex Harvest States Cooperatives<BR>
8% Cumulative Redeemable Preferred Stock<BR>&nbsp;<BR>&nbsp;</H3>

<DIV ALIGN=CENTER>
<IMG SRC="chs1.gif">
</DIV>

<P>&nbsp;</P>

<HR WIDTH=20% SIZE=1 COLOR=BLACK NOSHADE>
<P ALIGN=CENTER><B>PROSPECTUS</B></P>
<HR WIDTH=20% SIZE=1 COLOR=BLACK NOSHADE>

<P ALIGN=CENTER><FONT SIZE=2>&nbsp;<BR><I>CO-LEAD MANAGERS</I></FONT></P>


<TABLE CELLSPACING=2 CELLPADDING=2 BORDER=0 WIDTH=100%>
<TR>
<TD WIDTH=50% ALIGN=CENTER><B>D. A. Davidson &amp; Co.</B></TD>
<TD WIDTH=50% ALIGN=CENTER><B>U. S. Bancorp Piper Jaffray</B></TD>
</TR>
</TABLE>


<HR WIDTH=20% SIZE=1 COLOR=BLACK NOSHADE>


<P ALIGN=CENTER><B>Fahnestock &amp; Co. Inc.</B></P>


<P ALIGN=CENTER><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003</B></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>&nbsp;</font></P>
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<H2 ALIGN=CENTER><FONT SIZE=2>PART II<BR>&nbsp;<BR>INFORMATION NOT REQUIRED IN PROSPECTUS</FONT></H2>

<H3><FONT SIZE=2>Item 14.&nbsp;&nbsp;Other Expenses of Issuance and Distribution.</FONT></H3>

<P><FONT SIZE=2>The fees and expenses incurred by the registrant in connection with the
offering are payable by the registrant and, other than registration,
filing and listing fees, are estimated as follows:</FONT></P>

<DIV ALIGN=CENTER>

<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Securities
and Exchange Commission Registration Fee</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$6,613</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>NASD Filing Fee</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>6,750</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Nasdaq Listing Fee</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Legal Fees and
Expenses</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>130,000</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Blue Sky Fees and Expenses</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>5,000</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Accounting
Fees</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>60,000</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Printing and Engraving Expenses</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>50,000</FONT></TD>
</TR>


<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Miscellaneous</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>4,637</FONT></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD><FONT SIZE=2>Total</FONT></TD>
<TD ALIGN=RIGHT><FONT SIZE=2>$363,000</FONT></TD>
</TR>
</TABLE>
</DIV>

<H3><FONT SIZE=2>Item 15.&nbsp;&nbsp;Indemnification of Officers and Directors.</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Bylaws require CHS to indemnify each director, officer, manager,
employee or agent, and any person serving at our request as a director,
officer, manager, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against
expenses, including attorneys&#146; fees, judgments, fines and amounts paid
in settlement actually and reasonably incurred to the fullest extent
permitted under the laws of Minnesota.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Articles of Incorporation limit the liability of directors, in
their capacity as directors, to the full extent permitted by Minnesota
law. As permitted by Minnesota law, our Articles of Incorporation
provide that a director shall not be personally liable to the Company
or its members for monetary damages for breach of fiduciary duty as a
director, except for liability for a breach of the director&#146;s duty of
loyalty to the Company or its members, for acts of omissions not in
good faith or that involve intentional misconduct or a knowing
violation of law, for a transaction from which the director derived an
improper personal benefit or for an act or omission occurring prior to
the date when such provisions became effective.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provision of the Articles of Incorporation limits only the
liability of directors, not officers. These provisions do not affect
the availability of equitable remedies, such as an action to enjoin or
rescind a transaction involving a breach of fiduciary duty, although,
as a practical matter, equitable relief may not be available. The above
provisions also do not limit liability of the directors for violations
of, or relieve them from the necessity of complying with, the federal
securities laws.</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>II-1</font></P>
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<H3><FONT SIZE=2>Item 16.&nbsp;&nbsp;Exhibits.</FONT></H3>

<P><FONT SIZE=2>The following exhibits are filed with this Registration Statement:</FONT></P>

<DIV ALIGN=CENTER>

<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B>Exhibit<BR>Number</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Description</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>1.1</FONT></TD>
<TD><FONT SIZE=2>Form
of Underwriting
Agreement.<SUP>(18)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>3.1</FONT></TD>
<TD><FONT SIZE=2> Articles of Incorporation of Cenex Harvest States, as
amended. <SUP>(16)</SUP></FONT></TD></tr>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>3.2</FONT></TD>
<TD><FONT SIZE=2>Bylaws of Cenex Harvest States, as
amended.<SUP>(16)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>4.1</FONT></TD>
<TD><FONT SIZE=2>Resolution Creating a Series of Preferred
Equity to be Designated 8% Cumulative Redeemable Preferred
Stock.<SUP>(18)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>4.2</FONT></TD>
<TD><FONT SIZE=2> Form of Certificate representing 8% Cumulative Redeemable
Preferred Stock. <SUP>(18)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>5.1</FONT></TD>
<TD><FONT SIZE=2>Opinion of Dorsey
&amp; Whitney
LLP.<SUP>(18)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.1</FONT></TD>
<TD><FONT SIZE=2>Lease between the Port of Kalama and North Pacific Grain
Growers, Inc., dated November&nbsp;22, 1960.<SUP>(2)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.2</FONT></TD>
<TD><FONT SIZE=2>Limited Liability Company Agreement for the Wilsey-Holsum
Foods, LLC dated July&nbsp;24, 1996.<SUP>(2)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.3</FONT></TD>
<TD><FONT SIZE=2>Long Term Supply Agreement between Wilsey-Holsum Foods, LLC
and Harvest States Cooperatives dated August&nbsp;30,
1996.<SUP>(*)(2)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.4</FONT></TD>
<TD><FONT SIZE=2>TEMCO, LLC Limited Liability
Company Agreement between Cargill, Incorporated and Cenex Harvest
States Cooperatives dated as of August&nbsp;26,
2002.<SUP>(15)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.5</FONT></TD>
<TD><FONT SIZE=2>Cenex Harvest States Cooperatives
Supplemental Savings Plan.<SUP>(9)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.6</FONT></TD>
<TD><FONT SIZE=2>Cenex Harvest
States Cooperatives Supplemental Executive Retirement
Plan.<SUP>(9)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.7</FONT></TD>
<TD><FONT SIZE=2>Cenex Harvest States Cooperatives
Senior Management Compensation Plan.<SUP>(9)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.8</FONT></TD>
<TD><FONT SIZE=2>Cenex
Harvest States Cooperatives Executive Long-Term Variable Compensation
Plan.<SUP>(9)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.9</FONT></TD>
<TD><FONT SIZE=2>Cenex Harvest States Cooperatives
Share Option Plan.<SUP>(9)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.9A</FONT></TD>
<TD><FONT SIZE=2>Amendment to Cenex
Harvest States Share Option Plan, dated June&nbsp;28,
2001.<SUP>(12)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.10</FONT></TD>
<TD><FONT SIZE=2>$225,000,000 Note Agreement (Private
Placement Agreement) dated as of June&nbsp;19, 1998 among Cenex
Harvest States Cooperatives and each of the Purchases of the
Notes.<SUP>(3)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.11</FONT></TD>
<TD><FONT SIZE=2>$400 Million 364-day and $200
Million 5-Year Revolving Loan Credit Agreement dated as of June&nbsp;1, 1998 among Cenex Harvest States Cooperatives, CoBank, ACB, St.
Paul Bank for Cooperatives, et al., including Exhibit 2.4 (form of
364-Day Facility Note) and Exhibit 3.4 (form of 5-Year
Note).<SUP>(3)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.11A</FONT></TD>
<TD><FONT SIZE=2>First Amendment to Credit Agreement
(Revolving Loan), effective as of May&nbsp;31, 1999 among Cenex
Harvest States Cooperatives, CoBank, ACB, NationsBank, N.A. and St.
Paul Bank for Cooperatives.<SUP>(5)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.11B</FONT></TD>
<TD><FONT SIZE=2>Second
Amendment to Credit Agreement (Revolving Loan) dated May&nbsp;23,
2000 by and among Cenex Harvest States Cooperatives, CoBank, ACB, Bank
of America, SunTrust Bank and the Syndication Parties.<SUP>(8)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.11C</FONT></TD>
<TD><FONT SIZE=2>Third Amendment to Credit Agreement (Revolving Loan)
dated May 23, 2001 among Cenex Harvest States Cooperatives, CoBank,
ACB, Cooperatieve Centrale Raiffeisen-Boerenleenbank, B.A., SunTrust
Bank, BNP Paribas and the Syndication Parties.<SUP>(11)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.11D</FONT></TD>
<TD><FONT SIZE=2>Fourth Amendment to Credit Agreement (Revolving Loan)
dated May&nbsp;22, 2002 among Cenex Harvest States Cooperatives,
CoBank, ACB, Cooperatieve Centrale Raiffeisen-Boerenleenbank, B.A.,
SunTrust Bank, Deere Credit, Inc., Credit Lyonnais Chicago Branch and
the Syndication Parties.<SUP>(14)</SUP></FONT></TD>
</TR>
</TABLE>

<BR><BR>
<P ALIGN="CENTER"><font size=2>II-2</font></P>

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<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.12</FONT></TD>
<TD><FONT SIZE=2>$200 Million Term
Loan Credit Agreement dated as of June&nbsp;1, 1998 among Cenex
Harvest States Cooperatives, CoBank, ACB, and St. Paul Bank for
Cooperatives, including Exhibit 2.4 (form of $200 Million Promissory
Note).<SUP>(3)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.12A</FONT></TD>
<TD><FONT SIZE=2>First Amendment to Credit Agreement
(Term Loan), effective as of May&nbsp;31, 1999 among Cenex Harvest
States Cooperatives, CoBank, ACB, and St. Paul Bank for
Cooperatives.<SUP>(5)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.12B</FONT></TD>
<TD><FONT SIZE=2>Second Amendment to Credit
Agreement (Term Loan) dated May&nbsp;23, 2000 by and among Cenex
Harvest States Cooperatives, CoBank, ACB, St. Paul Bank for
Cooperatives and the Syndication Parties.<SUP>(8)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.12C</FONT></TD>
<TD><FONT SIZE=2>Third Amendment to Credit Agreement (Term Loan) dated
May&nbsp;23, 2001 among Cenex Harvest States Cooperatives, CoBank,
ACB, and the Syndication Parties.<SUP>(11)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.12D</FONT></TD>
<TD><FONT SIZE=2>Fourth
Amendment to Credit Agreement (Term Loan) dated May&nbsp;22, 2002
among Cenex Harvest States Cooperatives, CoBank, ACB and the
Syndication Parties.<SUP>(14)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.13</FONT></TD>
<TD><FONT SIZE=2>Limited Liability
Agreement of United Harvest, LLC dated November&nbsp;9, 1998
between United Grain Corporation and Cenex Harvest States
Cooperatives.<SUP>(4)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.14</FONT></TD>
<TD><FONT SIZE=2>$50 Million 364-Day Revolving
Loan Credit Agreement dated as of December&nbsp;21, 1999 among
National Cooperative Refinery Association, CoBank, ACB, Mercantile Bank
and Bank of America, N.A.<SUP>(6)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.14A</FONT></TD>
<TD><FONT SIZE=2>First Amendment
to Credit Agreement (364-Day Revolving Loan) dated December&nbsp;19, 2000 by and among National Cooperative Refinery Association,
CoBank, ACB and Firstar Bank, N.A.<SUP>(13)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.15</FONT></TD>
<TD><FONT SIZE=2>Joint
Venture Agreement for Agriliance LLC, dated as of January&nbsp;1,
2000 among Farmland Industries, Inc., Cenex Harvest States
Cooperatives, United Country Brands, LLC and Land O&#146; Lakes,
Inc.<SUP>(7)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.16</FONT></TD>
<TD><FONT SIZE=2>Employment Agreement dated
September&nbsp;1, 2000 by and between John D. Johnson and Cenex
Harvest States Cooperatives.<SUP>(9)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.17</FONT></TD>
<TD><FONT SIZE=2>Note purchase
and Private Shelf Agreement dated as of January 10, 2001 between Cenex
Harvest States Cooperatives and The Prudential Insurance Company of
America.<SUP>(10)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.17A</FONT></TD>
<TD><FONT SIZE=2>Amendment No. 1 to Note Purchase
and Private Shelf Agreement, dated as of March&nbsp;2,2001.<SUP>(10)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.18</FONT></TD>
<TD><FONT SIZE=2>Note Purchase Agreement and
Series D &amp; E Senior Notes dated October&nbsp;18,
2002.<SUP>(15)</SUP></FONT></TD>
</TR>


<TR VALIGN=TOP>
<TD><FONT SIZE=2>12.1</FONT></TD>
<TD><FONT SIZE=2>Statement of Computation of
Ratios<SUP> (18) </SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>23.1</FONT></TD>
<TD><FONT SIZE=2>Consent of PricewaterhouseCoopers
LLP<SUP> (18) </SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>23.2</FONT></TD>
<TD><FONT SIZE=2>Consent of Deloitte &amp; Touche
LLP<SUP> (18) </SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>23.5</FONT></TD>
<TD><FONT SIZE=2>Consent of Dorsey &amp; Whitney LLP (included in Exhibit
5.1)<SUP> (18) </SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>24.1</FONT></TD>
<TD><FONT SIZE=2>Power of
Attorney<SUP> (17) </SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>24.2</FONT></TD>
<TD><FONT SIZE=2>Power of
Attorney<SUP> (17) </SUP></FONT></TD>
</TR>
</TABLE>
</DIV>

<HR SIZE=1 WIDTH=20% ALIGN=LEFT COLOR=BLACK NOSHADE>

<P><FONT SIZE=2>*Pursuant to Rule 406 of the Securities Act of 1933, as amended,
confidential portions of Exhibit 10.3 have been deleted and filed
separately with the Securities and Exchange Commission pursuant to a
request for confidential treatment.</FONT></P>

<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(1)</FONT></TD>
<TD><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 8-K filed
June 10, 1998.</FONT></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(2)</FONT></TD>
<TD><FONT SIZE=2>Incorporated by reference to the Company&#146;s Registration
Statement on Form S-1 (File No. 333-17865), effective February 14,
1997.</FONT></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(3)</FONT></TD>
<TD><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q
Transition Report for the period June&nbsp;1, 1998 to August&nbsp;31, 1998, filed October&nbsp;14, 1998.</FONT></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(4)</FONT></TD>
<TD><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q for the
quarterly period ended November&nbsp;30, 1998, filed January&nbsp;13, 1999.</FONT></TD></TR>
</TABLE>

<BR><BR>
<P ALIGN="CENTER"><font size=2>II-3</font></P>
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<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(5)</FONT></TD>
<TD><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q for the
quarterly period ended May&nbsp;31, 1999, filed July&nbsp;13,
1999.</FONT></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(6)</FONT></TD>
<TD><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q for the
quarterly period ended November&nbsp;30, 1999, filed January&nbsp;12, 2000.</FONT></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(7)</FONT></TD>
<TD><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q for the
quarterly period ended February&nbsp;29, 2000 filed April&nbsp;11, 2000.</FONT></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(8)</FONT></TD>
<TD><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q for the
quarterly period ended May&nbsp;31, 2000, filed July&nbsp;10,
2000.</FONT></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(9)</FONT></TD>
<TD><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-K for the
year ended August&nbsp;31, 2000, filed November&nbsp;22,
2000.</FONT></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(10)</FONT></TD>
<TD><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q for the
quarterly period ended February&nbsp;28, 2001, filed April&nbsp;10, 2001.</FONT></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(11)</FONT></TD>
<TD><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q for the
quarterly period ended May&nbsp;31, 2001, filed July&nbsp;3,
2001.</FONT></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(12)</FONT></TD>
<TD><FONT SIZE=2>Incorporated by reference to the Company&#146;s Registration
Statement on Form S-2 (File No. 333-65364), effective October 31, 2001.</FONT></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(13)</FONT></TD>
<TD><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-K for the
year ended August&nbsp;31, 2001, filed November&nbsp;19,
2001.</FONT></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(14)</FONT></TD>
<TD><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q for the
quarterly period ended May&nbsp;31, 2002, filed July&nbsp;3,
2002.</FONT></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(15)</FONT></TD>
<TD><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-K for the
year ended August&nbsp;31, 2002, filed November&nbsp;25,
2002.</FONT></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(16)</FONT></TD>
<TD><FONT SIZE=2> Incorporated by
reference to the Company&#146;s Form 10-Q for the quarterly period ended
November 30, 2002, filed January 9, 2003. </FONT></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(17)</FONT></TD>
<TD><FONT SIZE=2> Previously
filed. </FONT></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT SIZE=2>(18)</FONT></TD>
<TD><FONT SIZE=2> Filed
herewith. </FONT></TD></TR>

</TABLE>

<H3><FONT SIZE=2>Item 17.&nbsp;&nbsp;Undertakings.</FONT></H3>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;For purposes of determining any liability under the Securities
Act, each filing of the registrant&#146;s annual report pursuant to Section
13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of
1934 (and, where applicable, each filing of an employee benefit plan&#146;s
annual report pursuant to Section 15(d)&nbsp;of the Securities
Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona
fide offering thereof.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling
persons of the registrant pursuant to the provisions described in Item
15 above, or otherwise, the registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for indemnification
against liabilities (other than the payment of the registrant of
expenses incurred or paid by a director, officer or controlling person
of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the
final adjudication of such issue.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;
For purposes of determining any liability under the Securities Act, the information
omitted from the form of prospectus filed as part of this registration statement in reliance upon
Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4)
or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.
</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;For the purpose of determining any
liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such
securities
at that time shall be deemed to be the initial bona fide offering thereof.
</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>II-4</font></P>
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<H2 ALIGN=CENTER><FONT SIZE=2>SIGNATURES</FONT></H2>

<P><FONT SIZE=2>Pursuant to the requirements of the Securities Act of 1933, as amended,
the registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-2 and has duly
caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Inver Grove
Heights, State of Minnesota on this
13 day of January, 2003.</FONT></P>

<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>
<TR>

<TD WIDTH=50%><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=50%><FONT SIZE=2>CENEX HARVEST STATES COOPERATIVES<BR><BR>
By: /s/ John Schmitz</FONT>

<HR SIZE=1 COLOR=BLACK NOSHADE><FONT SIZE=2>John Schmitz<BR>Executive Vice
President and<BR>Chief Financial Officer</FONT></TD>
</TR>
</TABLE>

<P><FONT SIZE=2>Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.</FONT></P>

<DIV ALIGN=CENTER>

<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=75%>


<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B>Signature</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Title</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>John
D. Johnson*</FONT></TD>
<TD><FONT SIZE=2>President and Chief<BR>Executive Officer<BR>(principal
executive officer)</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>John Schmitz</FONT></TD>
<TD><FONT SIZE=2>Executive Vice
President and<BR>Chief Financial Officer<BR>(principal financial officer)</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>Jodell M. Heller*</FONT></TD>
<TD><FONT SIZE=2>Vice President and
Controller<BR>(principal accounting officer)</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>Michael
Toelle*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>Bruce Anderson*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>Robert
Bass*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>David Bielenberg*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>Dennis
Carlson*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>Curt Eischens*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>Robert
Elliott*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>Robert Grabarski*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>Jerry
Hasnedl*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>Glen Keppy*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>James
Kile*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>Randy Knecht*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>Leonard
Larsen*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>Richard Owen*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>Duane
Stenzel*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>Merlin Van Walleghen*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>Elroy
Webster*</FONT></TD>
<TD><FONT SIZE=2>Director</FONT></TD>
</TR>
</TABLE>
</DIV>

<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>
<TR>

<TD WIDTH=50%><FONT SIZE=2>By: /s/ John Schmitz</FONT>

<HR SIZE=1 COLOR=BLACK NOSHADE>
<FONT SIZE=2>
John Schmitz<BR>For
himself and as Attorney-in-fact</FONT></TD>
<TD WIDTH=50%><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>


<BR><BR>
<P ALIGN="CENTER"><font size=2>II-5</font></P>
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<H2 ALIGN=CENTER><FONT SIZE=2>EXHIBIT INDEX</FONT></H2>


<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>

<TR VALIGN=BOTTOM>
<TD ALIGN=CENTER><FONT SIZE=2><B>Exhibit<BR>Number</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
<TD ALIGN=CENTER><FONT SIZE=2><B>Description</B></FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>1.1</FONT></TD>
<TD><FONT SIZE=2>Form
of Underwriting
Agreement.<SUP>(18)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>3.1</FONT></TD>
<TD><FONT SIZE=2>Articles of Incorporation of Cenex Harvest States, as
amended.<SUP>(16)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>3.2</FONT></TD>
<TD><FONT SIZE=2>Bylaws of Cenex Harvest States, as
amended.<SUP>(16)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>4.1</FONT></TD>
<TD><FONT SIZE=2>Resolution Creating a Series of Preferred
Equity to be Designated 8% Cumulative Redeemable Preferred
Stock.<SUP>(18)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>4.2</FONT></TD>
<TD><FONT SIZE=2>Form of Certificate representing 8% Cumulative Redeemable
Preferred Stock.<SUP>(18)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>5.1</FONT></TD>
<TD><FONT SIZE=2>Opinion of Dorsey
&amp; Whitney
LLP.<SUP>(18)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.1</FONT></TD>
<TD><FONT SIZE=2>Lease between the Port of Kalama and North Pacific Grain
Growers, Inc., dated November&nbsp;22, 1960.<SUP>(2)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.2</FONT></TD>
<TD><FONT SIZE=2>Limited Liability Company Agreement for the Wilsey-Holsum
Foods, LLC dated July&nbsp;24, 1996.<SUP>(2)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.3</FONT></TD>
<TD><FONT SIZE=2>Long Term Supply Agreement between Wilsey-Holsum Foods, LLC
and Harvest States Cooperatives dated August&nbsp;30,
1996.<SUP>(*)(2)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.4</FONT></TD>
<TD><FONT SIZE=2>TEMCO, LLC Limited Liability
Company Agreement between Cargill, Incorporated and Cenex Harvest
States Cooperatives dated as of August&nbsp;26,
2002.<SUP>(15)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.5</FONT></TD>
<TD><FONT SIZE=2>Cenex Harvest States Cooperatives
Supplemental Savings Plan.<SUP>(9)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.6</FONT></TD>
<TD><FONT SIZE=2>Cenex Harvest
States Cooperatives Supplemental Executive Retirement
Plan.<SUP>(9)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.7</FONT></TD>
<TD><FONT SIZE=2>Cenex Harvest States Cooperatives
Senior Management Compensation Plan.<SUP>(9)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.8</FONT></TD>
<TD><FONT SIZE=2>Cenex
Harvest States Cooperatives Executive Long-Term Variable Compensation
Plan.<SUP>(9)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.9</FONT></TD>
<TD><FONT SIZE=2>Cenex Harvest States Cooperatives
Share Option Plan.<SUP>(9)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.9A</FONT></TD>
<TD><FONT SIZE=2>Amendment to Cenex
Harvest States Share Option Plan, dated June&nbsp;28,
2001.<SUP>(12)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.10</FONT></TD>
<TD><FONT SIZE=2>$225,000,000 Note Agreement (Private
Placement Agreement) dated as of June&nbsp;19, 1998 among Cenex
Harvest States Cooperatives and each of the Purchases of the
Notes.<SUP>(3)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.11</FONT></TD>
<TD><FONT SIZE=2>$400 Million 364-day and $200
Million 5-Year Revolving Loan Credit Agreement dated as of June&nbsp;1, 1998 among Cenex Harvest States Cooperatives, CoBank, ACB, St.
Paul Bank for Cooperatives, et al., including Exhibit 2.4 (form of
364-Day Facility Note) and Exhibit 3.4 (form of 5-Year
Note).<SUP>(3)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.11A</FONT></TD>
<TD><FONT SIZE=2>First Amendment to Credit Agreement
(Revolving Loan), effective as of May&nbsp;31, 1999 among Cenex
Harvest States Cooperatives, CoBank, ACB, NationsBank, N.A. and St.
Paul Bank for Cooperatives.<SUP>(5)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.11B</FONT></TD>
<TD><FONT SIZE=2>Second
Amendment to Credit Agreement (Revolving Loan) dated May&nbsp;23,
2000 by and among Cenex Harvest States Cooperatives, CoBank, ACB, Bank
of America, SunTrust Bank and the Syndication Parties.<SUP>(8)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.11C</FONT></TD>
<TD><FONT SIZE=2>Third Amendment to Credit Agreement (Revolving Loan)
dated May 23, 2001 among Cenex Harvest States Cooperatives, CoBank,
ACB, Cooperatieve Centrale Raiffeisen-Boerenleenbank, B.A., SunTrust
Bank, BNP Paribas and the Syndication Parties.<SUP>(11)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.11D</FONT></TD>
<TD><FONT SIZE=2>Fourth Amendment to Credit Agreement (Revolving Loan)
dated May&nbsp;22, 2002 among Cenex Harvest States Cooperatives,
CoBank, ACB, Cooperatieve Centrale Raiffeisen-Boerenleenbank, B.A.,
SunTrust Bank, Deere Credit, Inc., Credit Lyonnais Chicago Branch and
the Syndication Parties.<SUP>(14)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.12</FONT></TD>
<TD><FONT SIZE=2>$200 Million Term
Loan Credit Agreement dated as of June&nbsp;1, 1998 among Cenex
Harvest States Cooperatives, CoBank, ACB, and St. Paul Bank for
Cooperatives, including Exhibit 2.4 (form of $200 Million Promissory
Note).<SUP>(3)</SUP></FONT></TD>
</TR>
</TABLE>


<BR><BR>
<P ALIGN="CENTER"><font size=2>II-6</font></P>

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<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.12A</FONT></TD>
<TD><FONT SIZE=2>First Amendment to Credit Agreement
(Term Loan), effective as of May&nbsp;31, 1999 among Cenex Harvest
States Cooperatives, CoBank, ACB, and St. Paul Bank for
Cooperatives.<SUP>(5)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.12B</FONT></TD>
<TD><FONT SIZE=2>Second Amendment to Credit
Agreement (Term Loan) dated May&nbsp;23, 2000 by and among Cenex
Harvest States Cooperatives, CoBank, ACB, St. Paul Bank for
Cooperatives and the Syndication Parties.<SUP>(8)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.12C</FONT></TD>
<TD><FONT SIZE=2>Third Amendment to Credit Agreement (Term Loan) dated
May&nbsp;23, 2001 among Cenex Harvest States Cooperatives, CoBank,
ACB, and the Syndication Parties.<SUP>(11)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.12D</FONT></TD>
<TD><FONT SIZE=2>Fourth
Amendment to Credit Agreement (Term Loan) dated May&nbsp;22, 2002
among Cenex Harvest States Cooperatives, CoBank, ACB and the
Syndication Parties.<SUP>(14)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.13</FONT></TD>
<TD><FONT SIZE=2>Limited Liability
Agreement of United Harvest, LLC dated November&nbsp;9, 1998
between United Grain Corporation and Cenex Harvest States
Cooperatives.<SUP>(4)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.14</FONT></TD>
<TD><FONT SIZE=2>$50 Million 364-Day Revolving
Loan Credit Agreement dated as of December&nbsp;21, 1999 among
National Cooperative Refinery Association, CoBank, ACB, Mercantile Bank
and Bank of America, N.A.<SUP>(6)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.14A</FONT></TD>
<TD><FONT SIZE=2>First Amendment
to Credit Agreement (364-Day Revolving Loan) dated December&nbsp;19, 2000 by and among National Cooperative Refinery Association,
CoBank, ACB and Firstar Bank, N.A.<SUP>(13)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.15</FONT></TD>
<TD><FONT SIZE=2>Joint
Venture Agreement for Agriliance LLC, dated as of January&nbsp;1,
2000 among Farmland Industries, Inc., Cenex Harvest States
Cooperatives, United Country Brands, LLC and Land O&#146; Lakes,
Inc.<SUP>(7)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.16</FONT></TD>
<TD><FONT SIZE=2>Employment Agreement dated
September&nbsp;1, 2000 by and between John D. Johnson and Cenex
Harvest States Cooperatives.<SUP>(9)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.17</FONT></TD>
<TD><FONT SIZE=2>Note purchase
and Private Shelf Agreement dated as of January 10, 2001 between Cenex
Harvest States Cooperatives and The Prudential Insurance Company of
America.<SUP>(10)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.17A</FONT></TD>
<TD><FONT SIZE=2>Amendment No. 1 to Note Purchase
and Private Shelf Agreement, dated as of March&nbsp;2,2001.<SUP>(10)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>10.18</FONT></TD>
<TD><FONT SIZE=2>Note Purchase Agreement and
Series D &amp; E Senior Notes dated October&nbsp;18,
2002.<SUP>(15)</SUP></FONT></TD>
</TR>
</TABLE>

<BR><BR>
<P ALIGN="CENTER"><font size=2>II-7</font></P>

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<BR><BR><BR>
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<!-- MARKER PAGE="sheet: 0; page: 0" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>12.1</FONT></TD>
<TD><FONT SIZE=2>Statement of Computation of
Ratios<SUP>(18)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>23.1</FONT></TD>
<TD><FONT SIZE=2>Consent of PricewaterhouseCoopers
LLP<SUP>(18)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>23.2</FONT></TD>
<TD><FONT SIZE=2>Consent of Deloitte &amp; Touche
LLP<SUP>(18)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>23.5</FONT></TD>
<TD><FONT SIZE=2>Consent of Dorsey &amp; Whitney LLP (included in Exhibit
5.1)<SUP>(18)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>24.1</FONT></TD>
<TD><FONT SIZE=2>Power of
Attorney<SUP>(17)</SUP></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT SIZE=2>24.2</FONT></TD>
<TD><FONT SIZE=2>Power of
Attorney<SUP>(17)</SUP></FONT></TD>
</TR>
</TABLE>


<P><FONT SIZE=2>*Pursuant to Rule 406 of the Securities Act of 1933, as amended,
confidential portions of Exhibit 10.3 have been deleted and filed
separately with the Securities and Exchange Commission pursuant to a
request for confidential treatment.</FONT></P>

<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 8-K filed
June 10, 1998.</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Incorporated by reference to the Company&#146;s Registration
Statement on Form S-1 (File No. 333-17865), effective February 14,
1997.</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>

<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q
Transition Report for the period June&nbsp;1, 1998 to August&nbsp;31, 1998, filed October&nbsp;14, 1998.</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>

<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q for the
quarterly period ended November&nbsp;30, 1998, filed January&nbsp;13, 1999.</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(5)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q for the
quarterly period ended May&nbsp;31, 1999, filed July&nbsp;13,
1999.</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(6)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q for the
quarterly period ended November&nbsp;30, 1999, filed January&nbsp;12, 2000.</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(7)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q for the
quarterly period ended February&nbsp;29, 2000 filed April&nbsp;11, 2000.</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(8)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q for the
quarterly period ended May&nbsp;31, 2000, filed July&nbsp;10,
2000.</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(9)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-K for the
year ended August&nbsp;31, 2000, filed November&nbsp;22,
2000.</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(10)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q for the
quarterly period ended February&nbsp;28, 2001, filed April&nbsp;10, 2001.</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(11)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q for the
quarterly period ended May&nbsp;31, 2001, filed July&nbsp;3,
2001.</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(12)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Incorporated by reference to the Company&#146;s Registration
Statement on Form S-2 (File No. 333-65364), effective October 31, 2001.</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(13)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-K for the
year ended August&nbsp;31, 2001, filed November&nbsp;19,
2001.</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(14)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-Q for the
quarterly period ended May&nbsp;31, 2002, filed July&nbsp;3,
2002.</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(15)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Incorporated by reference to the Company&#146;s Form 10-K for the
year ended August&nbsp;31, 2002, filed November&nbsp;25,
2002.</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(16)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Incorporated by
reference to the Company&#146;s Form 10-Q for the quarterly period ended
November 30, 2002, filed January 9, 2003.</FONT></TD></TR>
</TABLE>



<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(17)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Previously
filed.</FONT></TD></TR>
</TABLE>



<TABLE CELLSPACING=3 CELLPADDING=3 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=RIGHT><FONT SIZE=2>(18)</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>Filed
herewith.</FONT></TD></TR>
</TABLE>


<BR><BR>
<P ALIGN="CENTER"><font size=2>II-8</font></P>

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end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>17
<FILENAME>cenex030128_ex1-1.txt
<DESCRIPTION>UNDERWRITING AGREEMENT
<TEXT>



                    8% Cumulative Redeemable Preferred Stock

                        Cenex Harvest States Cooperatives

                                    FORM OF
                             UNDERWRITING AGREEMENT

                                                                January __, 2003


D. A. DAVIDSON & CO.
US BANCORP PIPER JAFFRAY INC.
FAHNESTOCK & CO., INC.
as Representatives of the Several Underwriters
         c/o D. A. Davidson & Co.
         8 Third Street North Davidson Building
         Great Falls, Montana 59401

Ladies and Gentlemen:

         Cenex Harvest States Cooperatives, a Minnesota cooperative (the
"Company"), proposes to issue and sell to the several underwriters named in
SCHEDULE I hereto (each an "Underwriter" and, collectively, the "Underwriters"),
for which you are acting as representatives (the "Representatives"), an
aggregate of 2,500,000 shares of the Company's 8% Cumulative Redeemable
Preferred Stock, with a liquidation preference of $25.00 per share plus all
accumulated and unpaid dividends on such share (the "Preferred Stock"), the
terms of which are more fully described in the Registration Statement and the
Prospectus (as hereinafter defined). In addition, the Company has granted to the
Underwriters an option to purchase up to an additional 375,000 shares of
Preferred Stock as provided in Section 2 hereof.

         The Company has prepared and filed with the Securities and Exchange
Commission (the "Commission") a registration statement on Form S-2 (File
No.333-101916), which contains a prospectus subject to completion used in
connection with the public offering and sale of the Preferred Stock. Such
registration statement, as amended at the time it was declared effective by the
Commission under the Securities Act of 1933, as amended (the "Act"), and the
rules and regulations promulgated thereunder (collectively, the "Rules and
Regulations"), and, in the event of any amendment thereto after the effective
date and prior to the Closing Date (as hereinafter defined), such registration
statement as so amended (but only from and after the effectiveness of such
amendment), including a registration statement (if any) filed pursuant to Rule
462(b) under the Act increasing the size of the offering registered under the
Act and information (if any) deemed to be part of the registration statement at
the time of effectiveness pursuant to Rules 430A(b) and 434(d) under the Act, is
hereinafter called the "Registration Statement." The prospectus included in the
Registration Statement at the time it was declared effective by the Commission
is



                                       1
<PAGE>

hereinafter called the "Prospectus," except that if any prospectus (including
any term sheet meeting the requirements of Rule 434 under the Act provided by
the Company for use in connection with the offering of the Preferred Stock
(whether or not required to be filed by the Company with the Commission pursuant
to Rule 424(b) under the Act) differs from the prospectus on file at the time
the Registration Statement was declared effective by the Commission, the term
"Prospectus" shall refer to such differing prospectus (including any term sheet
within the meaning of Rule 434 under the Act) from and after the time such
prospectus is filed with the Commission pursuant to such Rule 424(b) (and Rule
434, if applicable) or from and after the time it is first provided to the
Underwriters by the Company for such use. The term "Preliminary Prospectus" as
used herein means each preliminary prospectus included in the Registration
Statement prior to the time it became effective under the Act and any prospectus
subject to completion as described in Rule 430A or 434 under the Act contained
in the Registration Statement. Reference to the Registration Statement, the
Prospectus and the Preliminary Prospectus include all information incorporated
therein by reference.

            For purposes of this Agreement, the term "Subsidiaries" refers to
the Company's wholly- and majority-owned subsidiaries and limited liability
companies; and the term "Material Joint Ventures" refers to Agriliance LLC, CF
Industries, United Harvest LLC, TEMCO LLC, Horizon Milling LLC, and Ventura
Foods LLC.

         The Company hereby confirms its agreement with respect to the sale of
the Preferred Stock to the Underwriters as follows:

         1. Representations and Warranties of the Company.

         The Company represents and warrants to, and covenants with, each of the
Underwriters as follows (provided that, each representation and warranty made
with respect to the Material Joint Ventures, or any of them, shall be deemed to
have been made to the knowledge of the Company; and provided further, that the
Company will be deemed to have "knowledge" of a particular fact or other matter
with respect to a Material Joint Venture if any executive officer or director of
the Company is aware of such fact or matter after reasonable inquiry of the
senior management of the Material Joint Venture regarding the accuracy of the
applicable representation or warranty):

            (a) The Registration Statement has been declared effective by the
Commission under the Act. The Company has complied to the Commission's
satisfaction with all requests of the Commission for additional or supplemental
information. If the Company has elected to rely upon Rule 430A under the Act, it
will prepare and file a prospectus (or a term sheet meeting the requirements of
Rule 434) pursuant to Rule 424(b) that discloses the information previously
omitted from the prospectus in reliance upon Rule 430A. Copies of the
Registration Statement, each Preliminary Prospectus, and the Prospectus, any
amendments or supplements thereto, and all documents incorporated by reference
therein that were filed with the Commission on or prior to the date of this
Agreement (including one executed copy




                                       2
<PAGE>

of the Registration Statement and of each amendment thereto) have been delivered
to the Representatives.

         (b) No order preventing or suspending the use of any Preliminary
Prospectus has been issued by the Commission nor have any proceedings been
instituted or, to the Company's knowledge, threatened for that purpose. No
Preliminary Prospectus, at the time of filing thereof, contained an untrue
statement of a material fact or omitted to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading; except that the
foregoing shall not apply to statements in or omissions from any Preliminary
Prospectus made in reliance upon, and in conformity with, written information
furnished to the Company by the Representatives, on behalf of any Underwriter,
specifically for use in the preparation thereof.

         (c) As of the time the Registration Statement was declared effective by
the Commission, upon the filing or first delivery to the Underwriters of the
Prospectus, and at the Closing Date (as hereinafter defined), (i) the
Registration Statement and Prospectus conformed or will conform in all material
respects to the requirements of the Act and the Rules and Regulations; (ii) the
Registration Statement did not or will not include an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading; and (iii) the
Prospectus did not or will not include an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances in which they are or were
made, not misleading; except that the foregoing shall not apply to statements in
or omissions from any such document made in reliance upon, and in conformity
with, written information furnished to the Company by the Representatives, on
behalf of any Underwriter, specifically for use in the preparation thereof. No
stop order suspending the effectiveness of the Registration Statement has been
issued, and no proceeding for that purpose has been instituted or, to the
Company' knowledge, contemplated or threatened by the Commission.

         (d) The Company has not distributed and will not distribute any
prospectus or other offering material in connection with the offering and sale
of the Preferred Stock other than any Preliminary Prospectus or the Prospectus.

         (e) The Company satisfies the requirements for use of Form S-2, as set
forth in the General Instructions thereto.

         (f) The documents incorporated by reference in the Prospectus pursuant
to Item 12 of Form S-2, at the time they were filed with the Commission,
complied in all material respects with the requirements of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and
regulations of the Commission thereunder (the "Exchange Act Regulations").



                                       3
<PAGE>

         (g) There are no contracts, agreements or other documents of the
Company or any Subsidiary that are required to be described in the Prospectus or
filed as exhibits to the Registration Statement by the Act and the Rules and
Regulations which have not been so described or filed as required.

         (h) There are no business relationships or related-party transactions
involving the Company or any Subsidiary required to be described in the
Prospectus which have not been described as required.

         (i) The consolidated financial statements of the Company and its
subsidiaries, together with the notes thereto, included or incorporated by
reference in the Registration Statement, the Preliminary Prospectus and the
Prospectus, comply in all material respects with the requirements of the Act and
the Rules and Regulations and fairly present in all material respects the
financial position of the Company and its consolidated subsidiaries as of the
dates indicated and the results of operations and changes in financial position
for the periods therein specified; and said consolidated financial statements
have been prepared in conformity with generally accepted accounting principles
consistently applied throughout the periods involved (except as otherwise stated
in the related notes thereto). No other financial statements or schedules are
required to be included or incorporated by reference in the Registration
Statement or the Prospectus. The financial information included in the
Preliminary Prospectus and Prospectus under the caption "Summary Consolidated
Financial Data" and "Selected Consolidated Financial Data" presents fairly in
all material respects the information purported to be shown therein at the dates
and for the periods indicated.

         (j) PricewaterhouseCoopers LLP, who certified the financial statements
(which term, as used in this Agreement, includes the related notes thereto)
included or incorporated by reference in the Registration Statement and the
Prospectus, are independent public accountants with respect to the Company and
as required by the Act and the Rules and Regulations.

         (k) The Company and each Subsidiary maintains a system of internal
accounting controls sufficient to provide reasonable assurances that (i)
transactions are executed in accordance with management's general or specific
authorization; (ii) transactions are recorded as necessary to permit preparation
of financial statements in conformity with generally accepted accounting
principles and to maintain accountability for assets; (iii) access to assets is
permitted only in accordance with management's general or specific
authorization; and (iv) the recorded accountability for assets is compared with
existing assets at reasonable intervals and appropriate action is taken with
respect to any differences.

         (l) This Agreement has been duly and validly authorized, executed and
delivered by the Company and is a valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms, except as
enforceability thereof may be limited by bankruptcy, insolvency, reorganization
or similar laws relating to or affecting the rights of creditors generally and
by equitable



                                       4
<PAGE>

principles, and except as obligations of the Company under the indemnification
provisions hereof may be limited under federal or state securities laws and
public policy relating thereto.

         (m) The execution, delivery and performance by the Company of this
Agreement and the consummation of the transactions contemplated hereby,
including the issuance, sale and delivery of the Preferred Stock by the Company,
will not (i) result in a breach or violation of any of the terms and provisions
of, or constitute a default (or an event which with notice or lapse of time, or
both, would constitute a default) under, or result in the creation or imposition
of any lien, charge or encumbrance upon any property or assets of the Company or
its Subsidiaries pursuant to the terms of any indenture, mortgage, deed of
trust, loan agreement, note, lease or other material agreement, instrument,
franchise, license or permit to which the Company or any Subsidiary is a party
or by which it is bound, or to which any of the property or assets of the
Company or any Subsidiary is subject, or (ii) violate any judgment, decree,
order, statute, rule or regulation of any court or any governmental or
regulatory agency or body, or any arbitrator, having jurisdiction over the
Company or any of its Subsidiaries or any of their respective properties or
assets, which breaches, violations, defaults or liens would have a material
adverse effect upon the business condition (financial or otherwise), earnings,
operations, properties, business or business prospects of the Company and its
Subsidiaries, taken as a whole (a "Material Adverse Effect"); or (iii) violate
or conflict with any provision of the articles or certificate of incorporation,
charter, bylaws or other governing documents of the Company or any of its
Subsidiaries. No consent, approval, authorization, order or decree of any court
or governmental or regulatory agency or body, or any arbitrator having
jurisdiction over the Company or its Subsidiaries or any of their respective
properties or assets is required for the execution, delivery and performance of
this Agreement and the consummation of the transactions contemplated hereby,
except such as have been made or obtained under the Act and as may be required
under state securities or blue sky laws or under the rules and regulations of
the National Association of Securities Dealers, Inc. ("NASD").

         (n) The Preferred Stock has been duly authorized and, when issued and
delivered pursuant to this Agreement against payment of the consideration set
forth herein, will be validly issued and fully paid and nonassessable and will
in all material respects conform to the description thereof contained in the
Prospectus; the issuance of the Preferred Stock is not subject to preemptive or
other similar rights; and holders of Preferred Stock will be entitled to the
same limitation of personal liability under Minnesota cooperative law as is
extended to stockholders of Minnesota for-profit corporations.

         (o) Other than as contemplated by this Agreement or described in the
Prospectus, the Company has not incurred any liability for any finder's or
broker's fee or agent's commission in connection with the execution and delivery
of this Agreement or the consummation of the transactions contemplated hereby.



                                       5
<PAGE>

         (p) The Shares have been approved for listing on the Nasdaq National
Market, subject only to official notice of issuance.

         (q) There are no transfer taxes or other similar fees or charges under
federal law or the laws of any state, or any political subdivision thereof,
required to be paid in connection with the execution and delivery of this
Agreement or the issuance and sale by the Company of the Preferred Stock.

         (r) The Company has been duly organized and is validly existing as a
cooperative under the laws of the State of Minnesota, and is qualified to do
business and is in good standing in each jurisdiction in which the ownership or
leasing of properties or the conduct of its business requires such
qualification, except where failure to be so qualified would not have a Material
Adverse Effect. Each Subsidiary and Material Joint Venture has been duly
incorporated or organized and is in good standing under the laws of its
jurisdiction of incorporation or organization and is qualified to do business
and is in good standing in each jurisdiction in which the ownership or leasing
of properties or the conduct of its business requires such qualification, except
where failure to be so qualified would not have a Material Adverse Effect. The
Company and its Subsidiaries and Material Joint Ventures have all requisite
power and authority (corporate and other) to own their respective properties and
conduct their respective businesses as currently being carried on and as
described in the Prospectus.

         (s) The Company is organized without capital stock on a membership
basis. The authorized equity of the Company is as described under the caption
"Business - Membership and Authorized Capital" and "Description of Preferred
Stock" in the Prospectus. The only outstanding equity interests in the Company
are the patrons' equities and the Company's previously issued 8% preferred
stock. All of the outstanding 8% preferred stock of the Company has been duly
authorized and validly issued, has been issued in compliance with all federal
and state securities laws and was not issued in violation of any preemptive
right, resale right, right of first refusal or similar right, and is fully paid
and nonassessable. Neither the filing of the Registration Statement nor the
offering or sale of the Preferred Stock, as contemplated by this Agreement,
gives rise to any rights for or relating to the registration of any equity
securities of the Company.

         (t) The Company does not own or control, directly or indirectly, any
corporation, limited liability company, or other entity required to be listed in
Exhibit 21 to the Company's Annual Report on Form 10-K for the fiscal year ended
August 31, 2002, that is not so listed; and, since August 31, 2002, the Company
has not formed or acquired, directly or indirectly, any corporation, limited
liability company, or other entity that will be required to be so listed
pursuant to Item 601(a)(21) in the Company's Annual Report on Form 10-K for the
fiscal year ended August 31, 2003.



                                       6
<PAGE>

         (u) All the outstanding shares of capital stock or membership interests
of each wholly-owned Subsidiary and, to the Company's knowledge, each
majority-owned Subsidiary, have been duly and validly authorized and issued and
are fully paid and nonassessable, have been issued in compliance with all
federal and state securities laws and were not issued in violation of any
preemptive right, resale right, right of first refusal or similar right; and,
except as otherwise set forth in the Prospectus, all outstanding shares of
capital stock or membership interests of the Subsidiaries are owned by the
Company either directly or through wholly owned subsidiaries free and clear of
any security interests, claims, liens or encumbrances.

         (v) Except for restrictions imposed by (i) National Cooperative
Refinery Association's board of directors on its ability to pay patronage
dividends, (ii) applicable loan or credit facilities and (iii) applicable law,
no Subsidiary or Material Joint Venture is currently restricted, directly or
indirectly, from paying any dividends to the Company, from making any other
distribution on such Subsidiary's or Material Joint Venture's capital stock or
membership interests, or from repaying any loans or advances made by the Company
to such Subsidiary or Material Joint Venture, and no Subsidiary is restricted
from transferring any of its property or assets to the Company.

         (w) Neither the Company nor any Subsidiary or Material Joint Venture is
(i) in violation of its respective articles or certificate of incorporation,
charter, bylaws or other governing documents, or (ii) in violation, breach or
default of any obligation, agreement, covenant or condition contained in any
indenture, mortgage, deed of trust, loan agreement, note, lease or other
material agreement, instrument, franchise, license or permit to which the
Company or any such Subsidiary or Material Joint Venture is a party or by which
it is bound, or to which any of the property or assets of the Company or any
such Subsidiary or Material Joint Venture is subject, where any such violation,
breach or default would have, individually or in the aggregate, a Material
Adverse Effect on the performance by the Company of this Agreement or the
consummation of any of the transactions contemplated hereby.

         (x) The Company, its Subsidiaries and Material Joint Ventures have good
title to all properties owned by them that are material to their respective
operations, in each case free and clear of all liens, encumbrances and defects,
and the property held under lease by the Company, its Subsidiaries and Material
Joint Ventures is held by them under valid, subsisting and enforceable leases,
except as (i) do not materially interfere with the current or reasonably
anticipated use of such properties; (ii) described in the Registration Statement
or the Prospectus; or (iii) could not reasonably be expected, singly or in the
aggregate, to have a Material Adverse Effect.

         (y) Each of the Company, its Subsidiaries and Ventura Foods, LLC owns
or possesses adequate licenses or other rights to use all patents, trademarks,
service marks, trade names, copyrights and know-how necessary to conduct the
businesses now or proposed to be operated by them as described in the
Registration Statement and Prospectus. None of the Company or its Subsidiaries
or Ventura Foods, LLC has received any notice of infringement of or conflict
with (or knows of any such



                                       7
<PAGE>

infringement of or conflict with) asserted rights of others with respect to any
patents, trademarks, service marks, trade names, copyrights or know-how that, if
such assertion of infringement or conflict were sustained, would have a Material
Adverse Effect.

         (z) The Company, its Subsidiaries and Material Joint Ventures are
insured by recognized, financially sound and reputable institutions with
policies in such amounts and with such deductibles and covering such risks as
are customary for their businesses including, in the case of the Company,
policies covering real and personal property owned or leased by the Company and
its Subsidiaries against theft, damage, destruction, acts of vandalism and
earthquakes, general liability and directors' and officers' liability. The
Company has no reason to believe that it or any Subsidiary or Material Joint
Venture will not be able (i) to renew its existing insurance coverage as and
when such policies expire or (ii) to obtain comparable coverage from similar
institutions as may be necessary or appropriate to conduct its business as now
conducted and at a cost that would not have a Material Adverse Effect. Neither
of the Company nor any Subsidiary or Material Joint Venture has been denied any
insurance coverage which it has sought or for which it has applied during the
last five years.

         (aa) The Company, its Subsidiaries and Material Joint Ventures have
filed all necessary federal, state and foreign income and franchise tax returns
and have paid or made provision for the payment of all taxes required to be paid
by any of them and, if due and payable, any related assessment, fine or penalty
levied against any of them. The Company has made adequate charges, accruals and
reserves in the financial statements referred to in Section 1(i) above in
respect of all federal, state and foreign income and franchise taxes for all
periods as to which the tax liability of the Company or any of its Subsidiaries
and Material Joint Ventures has not been finally determined. The Company is not
aware of any tax deficiency that has been or might be asserted or threatened
against the Company that could reasonably be expected to have a Material Adverse
Effect.

         (bb) The Company and each of its Subsidiaries and Material Joint
Ventures has all consents, approvals, authorizations, orders, registrations,
qualifications, certificates, franchises, licenses and permits of and from all
public, regulatory or governmental agencies and bodies, material to the
ownership of their respective properties and conduct of their respective
businesses as now being conducted and as may be described in the Registration
Statement and the Prospectus. The conduct of the business of the Company and
each of the Subsidiaries and Material Joint Ventures is in compliance in all
material respects with all applicable federal, state, local and foreign laws and
regulations, except where failure to be so in compliance would not have a
Material Adverse Effect. Neither the Company nor any Subsidiary or Material
Joint Venture has received any notice of proceedings relating to the revocation
or modification of, or non-compliance with, any such consents, approvals,
authorizations, orders, registrations, qualifications, certificates, franchises,
licenses and permits which, singly or in the aggregate, if the subject of an
unfavorable



                                       8
<PAGE>

decision, ruling or finding, could reasonably be expected to have a Material
Adverse Effect.

         (cc) Since the respective dates as of which information is given in the
Registration Statement and the Prospectus, and except as otherwise disclosed
therein, (i) there has been no material adverse change, or any development that
could reasonably be expected to have a Material Adverse Effect, in the business
condition (financial or otherwise), earnings, operations, properties, business
or business prospects of the Company and its Subsidiaries and Material Joint
Ventures, taken as a whole (a "Material Adverse Change"), whether or not arising
in the ordinary course of business; (ii) there have been no transactions entered
into by the Company or its Subsidiaries and Material Joint Ventures which would
materially affect the Company or the Subsidiaries and Material Joint Ventures,
taken as a whole, other than in the ordinary course of business; (iii) there has
been no dividend or distribution of any kind declared, paid or made by the
Company on its equity securities or on any class of capital stock or membership
interests of a Subsidiary, except regular redemptions of patrons' equities and
patronage dividends declared by the Board of Directors of the Company and paid
by the Company in the ordinary course of business in accordance with the
redemption and patronage dividend policies established by the Board of
Directors; (iv) neither the Company nor any Subsidiary or Material Joint Venture
has incurred, other than in the ordinary course of business, any material
liabilities or obligations, indirect, direct or contingent; and (v) there has
not been (A) any change in the equity securities of the Company or the capital
stock or membership or other equity interests of any Subsidiary or Material
Joint Venture, or any issuance of warrants, convertible securities or other
rights to purchase equity securities of the Company or the capital stock or
membership or other equity interests of any Subsidiary or Material Joint
Venture, or (B) any material increase in the short-term or long-term debt
(including capitalized lease obligations) of the Company or any Subsidiary or
Material Joint Venture other than borrowings after such dates under the credit
facilities described in the Prospectus and, with respect to the Material Joint
Ventures, borrowings made in the ordinary course of business consistent with
past practices. Neither the Company nor any of its Subsidiaries or Material
Joint Ventures has any contingent liabilities which are not disclosed in the
Prospectus or in the Registration Statement that are material to the Company and
its Subsidiaries and Material Joint Ventures, taken as a whole.

         (dd) There is not pending or, to the knowledge of the Company,
threatened or contemplated, any action, suit or proceeding to which the Company
or any Subsidiary or Material Joint Venture of the Company is a party or to
which any of their assets may be subject, before or by any court or governmental
agency, authority or body, domestic or foreign, or any arbitrator, the
disposition of which could reasonably be expected to (i) result in any Material
Adverse Change, or (ii) materially and adversely affect the Company's
performance under this Agreement or the consummation of any of the transactions
contemplated hereby.



                                       9
<PAGE>

         (ee) The Company has been advised of the rules and requirements under
the Investment Company Act of 1940, as amended (the "Investment Company Act").
None of the Company or any Subsidiary is, or after receipt of payment for the
shares of Preferred Stock will be, an "investment company" or an entity
"controlled" by an "investment company" within the meaning of the Investment
Company Act. Following this offering, each of the Company and its Subsidiaries
will conduct its respective business in a manner so as not to become subject to
the Investment Company Act.

         (ff) Neither the Company nor any of its affiliates has, directly or
indirectly, taken any action designed to cause or result in the stabilization or
manipulation of the price of the Preferred Stock to facilitate the sale or
resale of the Preferred Stock.

         (gg) Neither of the Company nor any of its Subsidiaries is currently
doing business with the government of Cuba or with any person located in Cuba.

         (hh) Each of the Company and its Subsidiaries and Material Joint
Ventures is in compliance in all material respects with all currently applicable
provisions of the Employee Retirement Income Security Act of 1974, as amended,
including the regulations and published interpretations thereunder ("ERISA"); no
"reportable event" (as defined in ERISA) has occurred or is expected to occur
with respect to any "pension plan" (as defined in ERISA) of the Company or its
Subsidiaries or Material Joint Ventures which could reasonably be expected to
have a Material Adverse Effect; neither the Company nor any Subsidiary or
Material Joint Venture has incurred or expects to incur liability under (i)
Title IV of ERISA with respect to termination of, or withdrawal from, any
"pension plan" or (ii) Sections 412 or 4971 of the Internal Revenue Code of
1986, as amended, including the regulations and published interpretations
thereunder (the "Code"), in each case which could reasonably be expected to have
a Material Adverse Effect; and each "pension plan" for which the Company or any
Subsidiary or Material Joint Venture would have any liability that is intended
to be qualified under Section 501(a) of the Code is so qualified in all material
respects and nothing has occurred or is expected to occur, whether by action or
by failure to act, which would cause the loss of such qualification, except for
such loss as would not reasonably be expected to have a Material Adverse Effect.

         (ii) No hazardous substances, hazardous wastes, pollutants or
contaminants have been deposited or disposed of in, on or under the properties
of the Company or any Subsidiary or Material Joint Venture during the period in
which the Company or any Subsidiary or Material Joint Venture has owned,
occupied, managed, controlled or operated such properties in violation of any
applicable law, ordinance, rule, regulation, order, judgment, decree or permit
or which would require remedial action under any applicable law, ordinance,
rule, regulation, order, judgment, decree or permit, except for any violation or
remedial action (other than remedial actions of the type routinely carried out
at facilities of like character to those operated by the Company, its
Subsidiaries and Material Joint Ventures) which would



                                       10
<PAGE>

not have, or could not be reasonably expected to have, singularly or in the
aggregate with all such violations or remedial actions, a Material Adverse
Effect.

         (jj) No labor disturbance by the employees of the Company or any of its
Subsidiaries or Material Joint Ventures that could reasonably be expected to
have a Material Adverse Effect exists or is imminent.

         2. Purchase, Sale and Delivery of Preferred Stock.

         (a) On the basis of the representations, warranties and agreements
herein contained, and on the terms but subject to the conditions herein set
forth, the Company agrees to issue and sell to each of the Underwriters, and
each of the Underwriters agrees, severally and not jointly, to purchase from the
Company, the number of shares of Preferred Stock set forth opposite their
respective names on SCHEDULE I hereto (the "Firm Shares"). The purchase price
per share of Preferred Stock to be paid by the several Underwriters to the
Company shall be $24.0625.

            (b) Delivery of the Firm Shares to be purchased by the Underwriters
against payment therefor shall be made by the Company and the Representatives as
provided in Sections 2(d) and 2(e) below at 9:00 a.m. Rocky Mountain time (i) on
the third full business day following the first day that the shares of Preferred
Stock are traded; (ii) if this Agreement is executed and delivered after 2:30
P.M., Rocky Mountain time, the fourth full business day following the day that
this Agreement is executed and delivered; or (iii) at such other time and date
not later than seven full business days following the first day that shares of
Preferred Stock are traded as the Representatives and the Company may determine
(or at such time and date to which payment and delivery shall have been
postponed pursuant to Section 11 hereof), such time and date of payment and
delivery being herein called the "Closing Date"; provided, however, that if the
Company has not made available to the Representatives copies of the Prospectus
within the time provided in Section 2(f) hereof, the Representatives may, in
their sole discretion, postpone the Closing Date until no later than two full
business days following delivery of copies of the Prospectus to the
Representatives.

            (c) In addition, on the basis of the representations, warranties and
agreements herein contained, and upon the terms but subject to the conditions
herein set forth, the Company hereby grants an option to the several
Underwriters to purchase, severally and not jointly, up to an aggregate of
375,000 additional shares of Preferred Stock (the "Option Shares") from the
Company at the purchase price per share to be paid by the Underwriters for the
Firm Shares. The option granted hereunder is for use by the Underwriters solely
in covering any over-allotments in connection with the sale and distribution of
the Firm Shares. The option granted hereunder may be exercised at any time upon
notice by the Representatives to the Company, which notice may be given at any
time within 30 days from the date of this Agreement. The time and date of
delivery of the Option Shares, if subsequent to the Closing Date, is referred to
herein as the "Option Closing Date" and shall be



                                       11
<PAGE>

determined by the Representatives and shall not be earlier than three nor later
than five full business days after delivery of such notice of exercise. If any
Option Shares are to be purchased, each Underwriter agrees, severally and not
jointly, to purchase the number of Option Shares (subject to such adjustments to
eliminate fractional shares as the Representatives may determine) that bears the
same proportion to the total number of Option Shares to be purchased as the
number of Firm Shares set forth on SCHEDULE I opposite the name of such
Underwriter bears to the total number of Firm Shares, and the Company agrees to
sell the number of Option Shares (subject to such adjustments to eliminate
fractional shares as the Representatives may determine) that bears the same
proportion to the total number of Option Shares to be sold by the Company. The
Representatives may cancel the option at any time prior to its expiration by
giving written notice of such cancellation to the Company.

            (d) Payment for the Shares shall be made at the Closing Date (and,
if applicable, at the Option Closing Date) by wire transfer in immediately
available funds to the order of the Company. It is understood that the
Representatives have been authorized, for their own account and the accounts of
the several Underwriters, to accept delivery of and receipt for, and make
payment of the purchase price for, the Firm Shares and any Option Shares the
Underwriters have agreed to purchase. D. A. Davidson & Co., individually and not
as a Representative of the Underwriters, may (but shall not be obligated to)
make payment for any shares of Preferred Stock to be purchased by any
Underwriter whose funds shall not have been received by the Representatives by
the Closing Date or the Option Closing Date, as the case may be, for the account
of such Underwriter, but any such payment shall not relieve such Underwriter
from any of its obligations under this Agreement.

            (e) The Company shall deliver, or cause to be delivered, a credit
representing the Firm Shares to an account or accounts at The Depository Trust
Company, as designated by the Representatives for the accounts of the
Representatives and the several Underwriters at the Closing Date, against the
irrevocable release of a wire transfer of immediately available funds for the
amount of the purchase price therefor. The Company also shall deliver, or cause
to be delivered, a credit representing the Option Shares that the Underwriters
have agreed to purchase at the Closing Date (or the Option Closing Date, as the
case may be), to an account or accounts at The Depository Trust Company as
designated by the Representatives for the accounts of the Representatives and
the several Underwriters, against the irrevocable release of a wire transfer of
immediately available funds for the amount of the purchase price therefor. Time
shall be of the essence, and delivery at the time and place specified in this
Agreement is a further condition to the obligations of the Underwriters.

            (f) Not later than 12:00 noon on the second business day following
the date the shares of Preferred Stock are released by the Underwriters for sale
to the public, the Company shall deliver or cause to be delivered copies of the
Prospectus in such quantities and at such places as the Representatives shall
reasonably request.



                                       12
<PAGE>

         3. Offering by the Underwriters.

         The Representatives hereby advise the Company that the Underwriters
intend to offer for sale to the public, as described in the Prospectus, their
respective portions of the Firm Shares (and Option Shares, as the case may be)
as soon after this Agreement has been executed and the Registration Statement
has been declared effective as the Representatives, in their sole judgment, have
determined is advisable and practicable.

         4. Covenants.

         The Company covenants and agrees with the several Underwriters as
follows:

         (a) The Company will notify the Representatives promptly (i) of the
time when the Registration Statement or any post-effective amendment to the
Registration Statement has become effective; (ii) any supplement to the
Prospectus (including any term sheet within the meaning of Rule 434 of the Rules
and Regulations) has been filed; (iii) of the receipt of any comments from the
Commission; and (iv) of any request by the Commission for any amendment or
supplement to the Registration Statement or Prospectus or additional
information. If the Company has elected to rely on Rule 430A of the Rules and
Regulations, the Company will prepare and file a Prospectus (or term sheet
within the meaning of Rule 434 of the Rules and Regulations) containing the
information omitted therefrom pursuant to Rule 430A with the Commission within
the time period required by, and otherwise in accordance with the provisions of,
Rules 424(b), 430A and 434, if applicable. If the Company has elected to rely
upon Rule 462(b) of the Rules and Regulations to increase the size of the
offering registered under the Act, the Company will prepare and file a
registration statement with respect to such increase with the Commission within
the time period required by, and otherwise in accordance with the provisions of,
Rule 462(b). The Company will prepare and file with the Commission, promptly
upon the Representatives' request, any amendments or supplements to the
Registration Statement or Prospectus (including any term sheet within the
meaning of Rule 434 of the Rules and Regulations) that, in the Representatives'
reasonable opinion, may be necessary or advisable in connection with the
distribution of the Preferred Stock; and the Company will not file any amendment
or supplement to the Registration Statement or Prospectus (including any term
sheet within the meaning of Rule 434 of the Rules and Regulations) which is not
in compliance with the Act or to which the Representatives shall reasonably
object by notice to the Company after having been furnished a copy a reasonable
time prior to the filing.

         (b) The Company will advise the Representatives, promptly after the
Company receives notice or obtains knowledge thereof, of the issuance by the
Commission of any stop order suspending the effectiveness of the Registration
Statement, of the suspension of the qualification of the Preferred Stock for
offering or sale in any jurisdiction or for listing on the Nasdaq National
Market, or of the initiation or threatening of any proceeding for any such
purpose; and the Company



                                       13
<PAGE>

will promptly use its best efforts to prevent the issuance of any stop order or
suspension or to obtain its withdrawal if such a stop order or suspension should
be issued.

            (c) During such period of time after the first date of the public
offering of the Preferred Stock during which a prospectus relating thereto is
required to be delivered under the Act in connection with sales by the
Underwriters, acting as underwriters and not dealers (the "Distribution
Period"), the Company will comply with all requirements imposed upon it by the
Act, as now and hereafter amended, and by the Rules and Regulations, as from
time to time in force, so far as necessary to permit the sale and distribution
of the Preferred Stock by the Underwriters as contemplated by the provisions
hereof and the Prospectus. If during such period any event occurs, or fails to
occur, as a result of which, in the judgment of the Company or in the reasonable
opinion of the Representatives, (i) the Prospectus would include an untrue
statement of a material fact or omit to state a material fact necessary to make
the statements therein, in light of the circumstances then existing, not
misleading, or (ii) it becomes necessary to amend the Registration Statement or
supplement the Prospectus to comply with the Act, then the Company will promptly
notify the Representatives and will prepare and file with the Commission, and
furnish at its own expense to the Underwriters, an amendment to the Registration
Statement or supplement to the Prospectus so that the Prospectus as so amended
or supplemented will not, in the light of the circumstances when it is so
delivered, be misleading, or so that the Prospectus will comply with the Act.

         (d) The Company shall furnish to the Representatives a copy of any
report or document proposed to be filed with the Commission pursuant to Section
13, 14 or 15 of the Exchange Act during the Distribution Period not less than
one business day before the filing thereof; and the Company shall timely file
with the Commission all reports and documents required to be filed under the
Exchange Act in order to comply with the Exchange Act subsequent to the date of
the Prospectus and during the Distribution Period.

         (e) The Company will cooperate with the Representatives and counsel for
the Underwriters in endeavoring to qualify the Preferred Stock for offering and
sale under the applicable securities laws of such states and other jurisdictions
of the United States as the Representatives may reasonably designate; provided
that no such qualification shall be required in any jurisdiction where, as a
result thereof, the Company would become subject to service of general process,
to qualification to do business as a foreign entity or to registration as a
securities dealer. In each jurisdiction in which the Preferred Stock has been so
qualified, the Company will file such statements and reports as may be required
to be filed by it by the laws of such jurisdiction to continue such
qualification in effect so long as required for the distribution of such
securities.

         (f) The Company will furnish to the Underwriters copies of the
Registration Statement as originally filed (including all exhibits filed
therewith), each



                                       14
<PAGE>

amendment thereto (without exhibits), each of the Preliminary Prospectuses, the
Prospectus, and all amendments and supplements (including any term sheet within
the meaning of Rule 434 of the Rules and Regulations) to such documents, in each
case as soon as available and in such quantities as the Representatives may from
time to time reasonably request.

         (g) For a period of five years commencing with the date hereof, the
Company will furnish to the Representatives copies of all documents, proxy
statements, reports and information as are furnished by the Company to the
holders of its preferred stock generally.

         (h) The Company will make generally available to holders of the
Preferred Stock as soon as practicable, but in any event not later than 18
months after the "effective date of the Registration Statement" (as defined in
Rule 158(c)) of the Rules and Regulations), an earnings statement (which need
not be audited) complying with Section 11(a) of the Act and the Rules and
Regulations (including, at the option of the Company, Rule 158).

         (i) The Company will apply the net proceeds from the sale of the
Preferred Stock for the purposes set forth in the Prospectus under the caption
"Use of Proceeds."

         (j) The Company will not take, directly or indirectly, prior to the
termination of the offering contemplated by this Agreement, any action designed
to or which might reasonably be expected to cause or result in, or which has
constituted, the stabilization or manipulation of the price of the Preferred
Stock to facilitate the sale or resale of the Preferred Stock.

         (k) The Company will not incur any liability for any finder's or
broker's fee or agent's commission in connection with the execution and delivery
of this Agreement or the consummation of the transactions contemplated hereby
other than as contemplated herein.

         (l) For so long as the shares of Preferred Stock sold in the offering
contemplated by this Agreement are outstanding, the Company will use its
commercially reasonable efforts to cause the Preferred Stock to continue to be
listed on the Nasdaq National Market or a comparable securities exchange or
market; provided, however, that the Company shall not be obligated to change its
director qualification standards or procedures for nominating and electing
directors, or otherwise modify its corporate governance structure to maintain
such listing.

         (m) For so long as the shares of Preferred Stock sold in the offering
contemplated by this Agreement are outstanding, the Company shall engage and
maintain a registrar and transfer agent for the Preferred Stock.



                                       15
<PAGE>

         (n) If at any time during the ninety (90) day period after the
Registration Statement becomes effective, any rumor, publication or event
relating to or affecting the Company shall occur as a result of which, in the
reasonable opinion of the Representatives, the market price of the Preferred
Stock has been or is likely to be materially affected (regardless of whether
such rumor, publication or event necessitates a supplement to or amendment of
the Prospectus), the Company will, after written notice from the Representatives
advising the Company to the effect set forth above, promptly prepare, consult
with the Representatives concerning the substance of and disseminate a press
release or other public statement, reasonably satisfactory to the
Representatives, responding to or commenting on such rumor, publication or
event.

         (o) The Company shall file, on a timely basis, with the Commission all
reports and documents required to be filed under the Exchange Act to comply with
the Exchange Act subsequent to the date of the Prospectus and during the
Distribution Period.

         (p) During the period commencing on the Closing Date through December
31, 2003, the Company will not, without the prior written consent of D.A.
Davidson & Co. and US Bancorp Piper Jaffray Inc., offer, sell or contract to
sell, or otherwise dispose of or enter into any transaction which is designed
to, or could be expected to, result in the disposition (whether by actual
disposition or effective economic disposition due to cash settlement or
otherwise by the Company) directly or indirectly, or announce the offering of,
any additional shares of Preferred Stock or any securities convertible into, or
exchangeable for, Preferred Stock; provided, that, during such period, the
Company may issue and sell shares of Preferred Stock (i) pursuant to any
dividend reinvestment plan of the Company; (ii) in exchange for the Company's
currently outstanding 8% preferred stock; or (iii) in an underwritten public
offering.

         (q) For the period commencing January 1, 2004 and ending February 1,
2008, the Company will not without the prior written consent of D.A. Davidson &
Co. and U.S. Bancorp Piper Jaffray Inc. issue additional shares of Preferred
Stock except as set forth in the Amended And Restated Resolution Creating A
Series Of Preferred Equity To Be Designated 8% Cumulative Redeemable Preferred
Stock, adopted by the Board of Directors of the Company on January 7, 2003.

         5. Costs and Expenses.

         (a) The Representatives shall be entitled to receive from the Company,
for themselves alone and not as representatives of the several Underwriters, a
non-accountable expense allowance of one hundred thousand dollars ($100,000).
The Representatives shall be entitled to withhold this allowance on the Closing
Date with respect to shares of Preferred Stock delivered by the Company on the
Closing Date.



                                       16
<PAGE>

         (b) Whether or not the transactions contemplated hereunder are
consummated or this Agreement is terminated, the Company will pay or cause to be
paid all costs, fees and expenses incident to the performance of its obligations
hereunder, including, without limitation, (i) all expenses (including transfer
taxes allocated to the respective transferees) incurred in connection with the
issuance, transfer and delivery of the Preferred Stock; (ii) all expenses and
fees (including fees and expenses of the Company's accountants and counsel but,
except as otherwise provided below, not including fees and expenses of the
Underwriters' counsel) in connection with the preparation, printing, filing,
delivery, and shipping of the Registration Statement, each Preliminary
Prospectus, the Prospectus, and the printing, delivery, and shipping of this
Agreement and other underwriting documents, including any Blue Sky Memoranda
reasonably requested by the Representatives; (iii) all filing fees and fees and
disbursements of the Underwriters' counsel incurred in connection with
qualifying or registering (or obtaining exemptions from the qualification or
registration of) the Preferred Stock for offering and sale by the Underwriters
or by dealers under the securities or blue sky laws of the states and other
jurisdictions which the Representatives shall designate; (iv) the fees and
expenses of the transfer agent and registrar; (v) the filing fees incident to,
and the reasonable fees and expenses of counsel for the Underwriters in
connection with, any required review by the NASD of the terms of the sale of the
Preferred Stock; (vi) listing fees; and (vii) all other costs and expenses
incident to the performance of the Company's obligations hereunder that are not
otherwise specifically provided for herein.

         (c) Except as provided in this Section 5, Section 7, and Section 9(b),
the Underwriters will pay all of their own costs and expenses, including
transfer taxes on resale of any shares of Preferred Stock by the Underwriters
and any advertising expenses connected with any offers that they may make.

         (d) If the sale of the Preferred Stock provided for herein is not
consummated by reason of any failure, refusal or inability on the part of the
Company to perform any agreement on its part to be performed, or because any
other condition of the Underwriters' obligations hereunder required to be
fulfilled by the Company is not fulfilled (and such non-fulfillment is not due
to the Underwriters' actions or omissions), then Company shall either (i)
reimburse the Underwriters for all out-of-pocket disbursements (including,
without limitation, reasonable fees and disbursements of counsel for the
Underwriters) incurred by the Underwriters in connection with their
investigation, preparing to market and marketing the Preferred Stock or in
contemplation of performing their obligations hereunder, or (ii) pay the
Representatives the non-accountable expense allowance of one hundred thousand
dollars ($100,000), whichever is less. The Company shall not in any event be
liable to any Underwriter for loss of anticipated profits from the transactions
covered by this Agreement.

         6. Conditions of Underwriters' Obligations.

                                       17
<PAGE>

            The obligations of the several Underwriters to purchase and pay for
the shares of Preferred Stock as provided herein on the Closing Date and, with
respect to the Option Shares, the Option Closing Date, are subject to the
accuracy of the Company's representations and warranties set forth in Section 1
hereof, as of the date hereof and at the Closing Date (as if made at the Closing
Date) and, with respect to the Option Shares, as of the Option Closing Date (as
if made at the Option Closing Date), to the timely performance by the Company of
its covenants and other obligations hereunder, and to the following additional
conditions:

         (a) The Registration Statement shall have become effective prior to the
execution of this Agreement or at such later time and date as the
Representatives shall have approved in writing, and all filings required by
Rules 424, 430A and 434 of the Rules and Regulations shall have been timely
made; no stop order suspending the effectiveness of the Registration Statement
or any amendment thereof shall have been issued and no proceedings for the
issuance of such an order shall have been initiated or, to the knowledge of the
Company or any Representative, threatened; any request of the Commission for
additional information (to be included in the Registration Statement or the
Prospectus or otherwise) shall have been complied with to the Representatives'
reasonable satisfaction; and the NASD shall have raised no objection to the
fairness and reasonableness of the underwriting terms and arrangements.

         (b) The Representatives shall not have advised the Company that the
Registration Statement or the Prospectus, or any amendment thereof or supplement
thereto (including any term sheet within the meaning of Rule 434 of the Rules
and Regulations), contains an untrue statement of fact which, in the
Representatives' reasonable opinion, is material, or omits to state a fact
which, in the Representatives' reasonable opinion, is material and is required
to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading, which misstatement
or omission has not been corrected.

         (c) Between the date hereof and the Closing Date (or the Option Closing
Date, as the case may be), no Material Adverse Change shall have occurred or
become known to the Company that, in the Representatives' reasonable judgment,
makes it impracticable or inadvisable to proceed with the public offering of the
Preferred Stock as contemplated by the Prospectus.

         (d) The Representatives shall have received on the Closing Date and the
Option Closing Date, as the case may be, (i) an opinion of Dorsey & Whitney LLP,
counsel for the Company, substantially in the form of EXHIBIT A attached hereto,
and (ii) an opinion from David A. Kastelic, Esq., Senior Vice President and
General Counsel of the Company, substantially in the form of EXHIBIT B attached
hereto, which opinions shall be dated the Closing Date and the Option Closing
Date, as the case may be, and addressed to the Underwriters. Counsel rendering
such opinions may rely as to questions of law not involving the laws of the
United States or the



                                       18
<PAGE>

State of Minnesota upon opinions of local counsel, and as to questions of fact
upon representations or certificates of officers of the Company, and of
government officials.

         (e) The Representatives shall have received on the Closing Date and the
Option Closing Date, as the case may be, an opinion from Stoel Rives LLP,
counsel for the Underwriters, dated the Closing Date and the Option Closing
Date, as the case may be, and addressed to the Underwriters, as to such matters
as the Underwriters may reasonably request. Such counsel shall have received
such papers and information as they reasonably request from the Company to
enable such counsel to pass upon such matters.

         (f) On the Closing Date and on the Option Closing Date, as the case may
be, the Representatives shall have received a letter from PricewaterhouseCoopers
LLP, independent certified public accountants, dated the Closing Date and the
Option Closing Date, as the case may be, and addressed to the Underwriters, in
the form previously agreed with the Representatives.

            (g) You shall have received on the Closing Date and the Option
Closing Date, as the case may be, a certificate of the Company, dated the
Closing Date or the Option Closing Date, as the case may be, signed by the Chief
Executive Officer and the Chief Financial Officer of the Company, to the effect
that:

                       (i) The representations and warranties of the Company in
this Agreement are true and
correct, as if made on and as of the Closing Date or the Option Closing Date, as
the case may be, and the Company has complied with all the agreements and
satisfied all the conditions on its part to be performed or satisfied at or
prior to the Closing Date or the Option Closing Date, as the case may be;

                       (ii) No stop order suspending the effectiveness of the
Registration Statement has been issued and no proceedings for that purpose have
been instituted or, to the Company's knowledge, are pending or threatened under
the Act; and

                       (iii) When the Registration Statement became effective
and at all times subsequent thereto up to the delivery of such certificate, the
Registration Statement and the Prospectus, and any amendments or supplements
thereto, contained all material information required to be included therein by
the Act and in all material respects conformed to the requirements of the Act;
the Registration Statement and the Prospectus, and any amendments or supplements
thereto, did not and does not include any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make
the statements therein (in the case of the Prospectus, in light of the
circumstances under which they are or were made) not misleading; and, since the
effective date of the Registration Statement, there has occurred no event
required to be set forth in an amended or supplemented Prospectus which has not
been so set forth.



                                       19
<PAGE>

            (h) The shares of Preferred Stock shall have been approved for
listing on the Nasdaq National Market, subject only to official notice of
issuance.

            (i) The Company shall have complied with the provisions of Sections
2(f) and 4(e) hereof with respect to the furnishing of Prospectuses.

            (j) On or before each of the Closing Date and the Option Closing
Date, as the case may be, the Representatives and counsel for the Underwriters
shall have received such information, documents and opinions as they may
reasonably require for the purposes of enabling them to pass upon the issuance
and sale of the shares of Preferred Stock as contemplated herein, or in order to
evidence the accuracy of any of the representations and warranties or the
satisfaction of any of the conditions or agreements, herein contained.

            If any condition specified in this Section 6 is not satisfied when
and as required to be satisfied, this Agreement may be terminated by the
Representatives by notice to the Company at any time on or prior to the Closing
Date and, with respect to the Option Shares, at any time prior to the Option
Closing Date, which termination shall be without liability on the part of any
party to any other party, except that Section 5, Section 7 and Section 8 shall
at all times be effective and shall survive such termination.

         All opinions, certificates, letters and other documents delivered
pursuant to this Section 6 will be in compliance with the provisions hereof only
if they are satisfactory in form and substance to the reasonable judgment of the
Representatives and the Underwriters' counsel.

         7. Indemnification and Contribution.

         (a) The Company agrees to indemnify and hold harmless each Underwriter,
its officers and employees, and each person, if any, who controls any
Underwriter within the meaning of the Act, against any losses, claims, damages,
liabilities or expenses ("Losses"), joint or several, to which such Underwriter
may become subject under the Act or otherwise (including in settlement of any
litigation, if such settlement is effected with the written consent of the
Company), insofar as such Losses (or actions in respect thereof) arise out of or
are based (i) upon an untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement or any amendment thereto, or the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading; (ii)
upon any untrue statement or alleged untrue statement of a material fact
contained in any Preliminary Prospectus or the Prospectus, or any amendment or
supplement thereto, or the omission or alleged omission therefrom of a material
fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; (iii) in whole or in
part upon any inaccuracy in the representations and



                                       20
<PAGE>

warranties of the Company contained herein; (iv) in whole or in part upon any
failure of the Company to perform its obligations hereunder or under law; or (v)
any act or failure to act or any alleged act or failure to act by any
Underwriter in connection with, or relating in any manner to, the Preferred
Stock or the offering contemplated hereby, and which is included as part of or
referred to in any Losses or action arising out of or based upon any matter
covered by clause (i), (ii), (iii) or (iv) above, except that the Company shall
not be liable under this clause (v) to the extent that a court of competent
jurisdiction shall have determined by a final judgment that such Losses resulted
directly from any such acts or failures to act undertaken or omitted to be taken
by such Underwriter through its bad faith or willful misconduct; and will
reimburse each Underwriter for any legal or other expenses reasonably incurred
by such Underwriter in connection with investigating or defending any such
Losses or action as such expenses are incurred; provided, however, that the
Company will not be liable in any such case to the extent that any such Losses
arise out of or are based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in the Registration Statement, any
Preliminary Prospectus, the Prospectus or any amendment or supplement thereto,
in reliance upon and in conformity with written information furnished to the
Company by the Representatives, on behalf of the Underwriters, specifically for
use in the preparation thereof; and provided further, that the Company will not
be liable in any such case to the extent that any such Losses arise out of or
are based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in any Preliminary Prospectus that was corrected in the
Prospectus (or any amendment or supplement thereto) if the person asserting any
such Losses purchased shares of Preferred Stock from an Underwriter but was not
sent or given a copy of the Prospectus (as amended or supplemented) in any case
where such delivery of the Prospectus (as amended or supplemented) was required
by the Act.

         (b) Each Underwriter agrees, severally but not jointly, to indemnify
and hold harmless the Company, its directors, officers and employees, and each
person, if any, who controls the Company within the meaning of the Act, against
any Losses to which the Company may become subject, under the Act or otherwise
(including in settlement of any litigation, if such settlement is effected with
the written consent of the Representatives), insofar as such Losses (or actions
in respect thereof) arise out of or are based upon (i) an untrue statement or
alleged untrue statement of a material fact contained in the Registration
Statement, any Preliminary Prospectus, the Prospectus or any amendment or
supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in the Registration
Statement, any Preliminary Prospectus, the Prospectus, in reliance upon and in
conformity with written information furnished to the Company by the
Representatives on behalf of such Underwriter, specifically for use in the
preparation thereof; and (ii) an untrue statement or alleged untrue statement or
omission or alleged omission made in any Preliminary Prospectus that was
corrected in the Prospectus (or any amendment or



                                       21
<PAGE>

supplement thereto) if the person asserting any such Losses purchased shares of
Preferred Stock from an Underwriter but was not sent or given a copy of the
Prospectus (as amended or supplemented) in any case where such delivery of the
Prospectus (as amended or supplemented) was required by the Act; and will
reimburse the Company for any legal or other expenses reasonably incurred by the
Company in connection with investigating or defending against any such Losses or
action as such expenses are incurred.

            (c) Promptly after receipt by an indemnified party under subsection
(a) or (b) above of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against the indemnifying
party under subsection (a) or (b) above, notify the indemnifying party in
writing of the commencement thereof; but the failure to so notify the
indemnifying party shall not relieve the indemnifying party from any liability
that it may have to any indemnified party (i) unless and to the extent the
failure results in the forfeiture by the indemnifying party of substantial
rights and defenses, (ii) for contribution or (iii) otherwise than under this
Section 7. In case any such action shall be brought against any indemnified
party, and it shall notify the indemnifying party of the commencement thereof,
the indemnifying party shall be entitled to participate in, and, to the extent
that it shall elect, jointly with any other indemnifying party similarly
notified, by written notice delivered to the indemnified party promptly after
receiving the aforesaid notice from such indemnified party, to assume the
defense thereof, with counsel reasonably satisfactory to such indemnified party;
provided, however, if the defendants in any such action include both the
indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded that a conflict may arise between the positions of the
indemnifying party and the indemnified party in conducting the defense of any
such action or that there may be legal defenses available to it and/or other
indemnified parties which are different from or additional to those available to
the indemnifying party, the indemnified party or parties shall have the right to
select separate counsel to assume such legal defenses and to otherwise
participate in the defense of such action on behalf of such indemnified party or
parties.

            After notice from the indemnifying party to such indemnified party
of the indemnifying party's election so to assume the defense thereof, the
indemnifying party shall not be liable to such indemnified party under such
subsection for any legal or other expenses subsequently incurred by such
indemnified party in connection with the defense thereof other than reasonable
costs of investigation unless (i) the indemnified party shall have employed
separate counsel in accordance with the proviso to the preceding sentence (it
being understood, however, that the indemnifying party shall not be liable for
the expenses of more than one separate counsel (together with local counsel),
approved by the indemnifying party (D.A. Davidson & Co. and US Bancorp Piper
Jaffray Inc. in the case of subsection (b) above, representing the indemnified
parties who are parties to such action)); (ii) the indemnifying party shall not
have employed counsel reasonably satisfactory to the indemnified party to
represent the indemnified party within a reasonable time after



                                       22
<PAGE>

notice of commencement of the action; or (iii) the indemnifying party has
authorized the employment of counsel for the indemnified party at the expense of
the indemnifying party, in each of which cases the fees and expenses of counsel
shall be at the expense of the indemnifying party.

            (d) The indemnifying party under this Section 7 shall not be liable
for any settlement of any proceeding effected without its written consent, which
consent shall not be unreasonably withheld, but if settled with such consent or
if there be a final judgment for the plaintiff, the indemnifying
party agrees to indemnify the indemnified party against any Losses by reason of
such settlement or judgment. No indemnifying party shall, without the prior
written consent of the indemnified party, effect any settlement, compromise or
consent to the entry of judgment in any pending or threatened action, suit or
proceeding in respect of which any indemnified party is or could have been a
party and indemnity was or could have been sought hereunder by such indemnified
party, unless such settlement, compromise or consent includes (x) an
unconditional release of such indemnified party from all liability on claims
that are the subject matter of such action, suit or proceeding and (y) does not
include a statement as to or an admission of fault, culpability or a failure to
act by or on behalf of any indemnified party.

         (e) If the indemnification provided for in this Section 7 is
unavailable or insufficient to hold harmless an indemnified party under
subsection (a) or (b) above, then each indemnifying party shall contribute to
the amount paid or payable by such indemnified party as a result of the Losses
referred to in subsection (a) or (b) above (i) in such proportion as is
appropriate to reflect the relative benefits received by the Company on the one
hand and the Underwriters on the other from the offering of the Preferred Stock,
or (ii) if the allocation provided by clause (i) above is not permitted by
applicable law, then in such proportion as is appropriate to reflect not only
the relative benefits referred to in clause (i) above but also the relative
fault of the Company on the one hand and the Underwriters on the other in
connection with the statements or omissions that resulted in such Losses, as
well as any other relevant equitable considerations. The relative benefits
received by the Company on the one hand and the Underwriters on the other shall
be deemed to be in the same proportion as the total net proceeds from the
offering (before deducting expenses) received by the Company bear to the total
underwriting discounts and commissions received by the Underwriters. The
relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the
Company or the Underwriters and the parties' relevant intent, knowledge, access
to information and opportunity to correct or prevent such untrue statement or
omission.

         The Company and the Underwriters agree that it would not be just and
equitable if contributions pursuant to this subsection (e) were to be determined
by pro rata allocation or by any other method of allocation which does not take
account of the equitable considerations referred to in the first paragraph of
this subsection (e).




                                       23
<PAGE>

The amount paid by an indemnified party as a result of the Losses referred to in
the first paragraph of this subsection (e) shall be deemed to include any legal
or other expenses reasonably incurred by such indemnified party in connection
with investigating or defending against any action or claim which is the subject
of this subsection (e). Notwithstanding the provisions of this subsection (e),
no Underwriter shall be required to contribute any amount in excess of the
underwriting discounts and commissions applicable to the shares of Preferred
Stock purchased by such Underwriter. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Underwriters' obligations in this subsection (e) to
contribute are several in proportion to their respective underwriting
obligations and not joint.

         (f) The obligations of the Company under this Section 7 shall be in
addition to any liability which the Company may otherwise have and shall extend,
upon the same terms and conditions, to each person, if any, who controls any
Underwriter within the meaning of the Act; and the obligations of the
Underwriters under this Section 7 shall be in addition to any liability that the
respective Underwriters may otherwise have and shall extend, upon the same terms
and conditions, to each director of the Company (including any person who, with
his or her consent, is named in the Registration Statement as about to become a
director of the Company), to each officer of the Company who has signed the
Registration Statement and to each person, if any, who controls the Company
within the meaning of the Act.

            (g) Any Losses for which an indemnified party is entitled to
indemnification or contribution under this Section 7 shall be paid by the
indemnifying party to the indemnified party as such Losses are incurred, but in
all cases, no later than thirty (30) days of invoice to the indemnifying party.

            (h) The parties to this Agreement hereby acknowledge that they are
sophisticated business entities that were represented by counsel during the
negotiations regarding the provisions hereof including, without limitation, the
provisions of this Section 7, and are fully informed regarding said provisions.
They further acknowledge that the provisions of this Section 7 fairly allocate
the risks in light of the ability of the parties to investigate the Company and
its business in order to assure that adequate disclosure is made in the
Registration Statement and Prospectus as required by the Act and the Exchange
Act.

            8. Representations and Agreements to Survive Delivery.

            All representations, warranties, and agreements of the Company
herein or in certificates delivered pursuant hereto, and the agreements of the
Company and the Underwriters contained in Section 7 hereof, shall remain
operative and in full force and effect regardless of any investigation made by
or on behalf of any Underwriter or any controlling person thereof, or the
Company or any of its officers, directors, or




                                       24
<PAGE>

controlling persons, and shall survive delivery of, and payment for, the
Preferred Stock to and by the Underwriters hereunder and any termination of this
Agreement. A successor to any Underwriter, or to the Company, its directors or
officers, or any person controlling the Company, shall be entitled to the
benefits of the indemnity, contribution and reimbursement agreements contained
in Section 7.

         9. Termination.

         (a) The Representatives shall have the right to terminate this
Agreement, by notice as hereinafter specified, at any time at or prior to the
Closing Date (i) if in the reasonable opinion of the Representatives there has
been, since the date of this Agreement or since the respective dates as of which
information is given in the Registration Statement and the Prospectus, except as
contemplated in the Registration Statement or the Prospectus, any Material
Adverse Change, whether or not arising in the ordinary course of business; (ii)
the Company shall have sustained a loss by strike, fire, flood, earthquake,
accident or other calamity of such character as in the reasonable judgment of
the Representatives may interfere materially with the conduct of the business
and operations of the Company regardless of whether or not such loss shall have
been insured; (iii) if the Company shall have failed, refused or been unable, at
or prior to such Closing Date, to perform any agreement on its part to be
performed hereunder; (iv) if any other condition of the Underwriters'
obligations hereunder required to be fulfilled by the Company is not fulfilled
and such non-fulfillment is not due to the Underwriters' actions or omissions;
(v) if there has occurred an outbreak or escalation of hostilities between the
United States and any foreign power, an outbreak or escalation of any
insurrection or armed conflict involving the United States, or any other
calamity or crisis, or material adverse change or development in political,
financial or economic conditions having an effect on the U.S. financial markets
that, in the reasonable judgment of the Representatives, makes it impracticable
or inadvisable to market the Preferred Stock in the manner and on the terms
described in the Prospectus or to enforce contracts for the sale of the
Preferred Stock; or (vi) if trading in the Preferred Stock has been suspended or
limited by the Commission or the Nasdaq National Market, or if trading in
securities generally on either the New York Stock Exchange or the Nasdaq
National Market has been suspended or limited, or minimum or maximum prices for
trading have been fixed, or maximum ranges for prices for securities have been
required, by the Nasdaq National Market or by order of the Commission or any
other governmental authority, or the NASD, or if a banking moratorium has been
declared by federal, Minnesota, or New York authorities.

            (b) If this Agreement is terminated pursuant to this Section 9, such
termination shall be without liability of (i) the Company to any Underwriter,
except as provided in Section 5(d) hereof; (ii) any Underwriter to the Company,
or (iii) of any party hereto to any other party except that the provisions of
Section 7 shall at all times be effective and shall survive such termination.

         10. Default by the Company.



                                       25
<PAGE>

         If the Company shall fail at the Closing Date to sell and deliver the
number of Preferred Stock which it is obligated to sell hereunder, then this
Agreement shall terminate without any liability on the part of any
non-defaulting party. No action taken pursuant to this Section shall relieve the
Company so defaulting from liability, if any, in respect of such default.

         11. Default By the Underwriters.

         (a) If any Underwriter or Underwriters shall default in their
obligations to purchase the Preferred Stock which they have agreed to purchase
hereunder, the Representatives may in their discretion arrange for the purchase
of such Preferred Stock by themselves or another party or other parties on the
terms contained herein. If within thirty-six hours after such default by any
Underwriter, the Representatives do not arrange for the purchase of such
Preferred Stock, then the Company shall be entitled to a further period of
thirty-six hours within which to procure another party or other parties
reasonably satisfactory to the Representatives to purchase such Preferred Stock
on such terms. In the event that, within the respective prescribed periods, the
Representatives notify the Company that they have has so arranged for the
purchase of such Preferred Stock, or the Company notifies the Representatives
that it has so arranged for the purchase of such Preferred Stock, the
Representatives or the Company shall have the right to postpone the Closing Date
for a period of not more than seven days, in order to effect whatever changes
may thereby be made necessary in the Registration Statement or the Prospectus,
or in any other documents or arrangements, and the Company agrees to file
promptly any amendments to the Registration Statement or the Prospectus which in
the opinion of the Representatives may thereby be made necessary. The term
"Underwriter" as used in this Agreement shall include any person substituted
under this Section with like effect as if such person had originally been a
party to this Agreement with respect to such Preferred Stock. The foregoing
shall not relieve any defaulting Underwriter from liability for its default.

         (b) If, after giving effect to any arrangements for the purchase of the
Preferred Stock of a defaulting Underwriter or Underwriters by the
Representatives and the Company as provided in subsection (a) above, the
aggregate number of shares of such Preferred Stock which remains unpurchased
does not exceed 10% of the aggregate number of shares of all the Preferred Stock
to be purchased, then the Company shall have the right to require each
non-defaulting Underwriter to purchase the number of shares of Preferred Stock
which such Underwriter agreed to purchase hereunder and, in addition, to require
each non-defaulting Underwriter to purchase its pro rata share (based on the
aggregate number of shares of Preferred Stock which such Underwriter agreed to
purchase hereunder) of the Preferred Stock of such defaulting Underwriter or
Underwriters for which such arrangements have not been made; but nothing herein
shall relieve any defaulting Underwriter from liability for its default.



                                       26
<PAGE>

         (c) If, after giving effect to any arrangements for the purchase of the
Preferred Stock of a defaulting Underwriter or Underwriters by the
Representatives and the Company as provided in subsection (a) above, the
aggregate number of shares of such Preferred Stock which remains unpurchased
exceeds 10% of the aggregate number of shares of all the Preferred Stock to be
purchased, or if the Company shall not exercise the right described in
subsection (b) above to require non-defaulting Underwriters to purchase
Preferred Stock of the defaulting Underwriter or Underwriters, then this
Agreement shall thereupon terminate, without liability on the part of any
non-defaulting Underwriter or the Company except for the expenses to be borne by
the Company and the Underwriters as provided in Section 5 hereof and the
indemnity and contribution agreements in Section 7 hereof, but nothing herein
shall relieve a defaulting Underwriter from liability for its default.

         12. Information Furnished by Underwriters.

            The Company hereby acknowledges that the only information that the
Underwriters have furnished to the Company expressly for use in the Registration
Statement, any Preliminary Prospectus or the Prospectus (or any amendment or
supplement thereto) are the statements set forth under the caption
"Underwriting" in the Prospectus; and the Underwriters confirm that such
statements are correct.

         13. Notices.

         Except as otherwise provided herein, all communications hereunder shall
be in writing and, if to the Underwriters, shall be mailed or delivered to the
Underwriters, c/o D. A. Davidson & Co., 8 Third Street North, Great Falls,
Montana 59401, Attention: Syndicate Department; if to the Company, shall be
mailed or delivered to it at Cenex Harvest States Cooperatives, 5500 Cenex
Drive, Inver Grove Heights, Minnesota 55077, Attention: Chief Executive Officer.
Any party to this Agreement may change such address for notices by sending to
the parties to this Agreement written notice of a new address for such purpose.

         14. Persons Entitled to Benefit of Agreement.

         This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and assigns and the controlling
persons, officers and directors referred to in Section 7. Nothing in this
Agreement is intended or shall be construed to give to any other person, firm or
corporation any legal or equitable remedy or claim under or in respect of this
Agreement or any provision herein contained. The term "successors and assigns"
as herein used shall not include any purchaser, as such purchaser, of any of the
Preferred Stock from the Underwriters.

         15. Governing Law.



                                       27
<PAGE>

         This Agreement shall be governed by and construed in accordance with
the laws of the State of New York, without giving effect to any provisions
relating to conflicts of laws.

         16.      Severability.

            The invalidity or unenforceability of any section, paragraph or
provision of this Agreement shall not affect the validity or enforceability of
any other section, paragraph or provision hereof. If any section, paragraph or
provision of this Agreement is for any reason determined to be invalid or
unenforceable, there shall be deemed to be made such changes as are necessary to
make it valid and enforceable.

         17.      General Provisions.

            This Agreement constitutes the entire agreement of the parties to
this Agreement and supersedes all prior written or oral and all contemporaneous
oral agreements, understandings and negotiations with respect to the subject
matter hereof. This Agreement may not be amended or modified unless in writing
by all of the parties hereto (it being understood that execution by the
Representatives of any such amendment or modification shall constitute execution
by the Underwriters) , and no condition herein (express or implied) may be
waived unless waived in writing by each party whom the condition is meant to
benefit. Nothing herein contained shall constitute any of the Underwriters an
unincorporated association or partner with any other Underwriter or with the
Company.

         18.      Counterparts.

         This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.




                                       28
<PAGE>


         Please sign and return to the Company the enclosed duplicates of this
letter whereupon this letter will become a binding agreement between the Company
and the Underwriters in accordance with its terms.

                                    Very Truly Yours,

                                    CENEX HARVEST STATES COOPERATIVES


                                    By ___________________________


Accepted as of the date hereof.

D. A. Davidson & Co. US Bancorp Piper Jaffray Inc. Fahnestock & Co., Inc


By:      D.A. DAVIDSON & CO.

By:      ________________________________

         Name: ________________________________

         Title: _________________________________

         For itself and on behalf of the Representatives




                                       29
<PAGE>


                                   SCHEDULE I


                                                      Total Number of Shares
                                                                of
Underwriter                                               Preferred Stock
- -----------
                                                          To Be Purchased

D.A. Davidson & Co. ................................

US Bancorp Piper Jaffray Inc........................

Fahnestock & Co. Inc................................

                  Total ............................         2,500,000




                                       30
<PAGE>


                                    EXHIBIT A

                     FORM OF OPINION OF DORSEY & WHITNEY LLP









































                                       31
<PAGE>


                                    EXHIBIT B

                   FORM OF OPINION OF DAVID A. KASTELIC, ESQ.,
            SENIOR VICE PRESIDENT AND GENERAL COUNSEL OF THE COMPANY









































                                       32

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>18
<FILENAME>cenex030128_ex4-1.htm
<DESCRIPTION>RESOLUTION
<TEXT>
<html>
<head>
<title>Cenex Harvest States Exhibit 4.1</title>
</head>
<body>

<H2 ALIGN=RIGHT><FONT SIZE=2>EXHIBIT 4.1</FONT></H2>

<H2 ALIGN=CENTER><FONT SIZE=2>CENEX HARVEST STATES COOPERATIVES<BR>AMENDED AND RESTATED<BR>
RESOLUTION CREATING A SERIES OF PREFERRED EQUITY<BR>TO BE DESIGNATED<BR>
8% CUMULATIVE REDEEMABLE PREFERRED STOCK</FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, being the President and Chief Executive Officer of
Cenex Harvest States Cooperatives (the &#147;Company&#148;), a cooperative
organized and existing under the Minnesota Cooperative Law, does hereby
certify that, pursuant to the authority vested in the Board of
Directors of the Company by the Articles of Incorporation of the
Company, the Board of Directors on January&nbsp;7, 2003, duly
adopted the following resolution:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>RESOLVED,</B> that pursuant to the authority vested in the Board
of Directors of the Company (the &#147;Board of Directors&#148;) by the
Articles of Incorporation of the Company, the Board of Directors hereby
establishes a series of preferred equity of the Company having the
following rights, preferences, privileges and limitations:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 1. Designation; Unlimited Shares; Limitations and
Restrictions on Issuance.</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a) Designations;
Unlimited Shares.</B>&nbsp;&nbsp;The shares of such series of preferred equity securities
shall be designated as 8% Cumulative Redeemable Preferred Stock (the &#147;Preferred Stock&#148;).
The shares of the Preferred Stock shall be unlimited in number and subject to Section 1(b)&nbsp;may
be issued by the Board of Directors from time to time. Each time the Board of Directors
authorizes the issuance of shares of Preferred Stock, it may by resolution determine that
some or all of the shares so issued shall be uncertificated shares. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b) Limitations and
Restrictions on Issuance.</B>&nbsp;&nbsp;The Company shall not offer to issue additional
shares of Preferred Stock in exchange for or in redemption of outstanding patrons&#146; equities
or other equity securities held by members of the Company more than one time per calendar
year and in connection with such offer any member that would receive more than
one-quarter of one percent (0.25%) of the number of shares of Preferred Stock outstanding
at the end of the prior calendar year shall instead be entitled to receive such shares in
quarterly installments as nearly equal as possible. After December&nbsp;31, 2003, in any
calendar year, the Company shall not issue additional shares of Preferred Stock in
exchange for or in redemption of outstanding patrons&#146; equities or other equity
securities held by members of the Company in excess of (i), for issuances during the
years 2004, 2005 and 2006, twenty percent (20%) of the number of shares of Preferred
Stock outstanding at the end of the prior calendar year or 400,000 shares, whichever is
greater, and (ii), for issuances during any calendar year after the year 2006,
twenty-five percent (25%) of the number of shares of Preferred Stock outstanding at the
end of the prior calendar year or 400,000 shares, whichever is greater. The Company shall
not issue additional shares of Preferred Stock in exchange for or in redemption of
outstanding patrons&#146; equities owned by an estate of a former individual member of
the Company or in redemption of outstanding patrons&#146; equities owned by individual
members of the Company who have reached age 72 pursuant to the Company&#146;s current
policy. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 2. Rank.</B>&nbsp;&nbsp;The
Preferred Stock shall rank prior to (i)&nbsp;any patronage refund as that term is used in
the Company&#146;s Bylaws, whether or not represented by a certificate, and any
redemption thereof, (ii)&nbsp;any other class or series of capital stock designated by
the Board of Directors as junior to the Preferred Stock and (iii)&nbsp;common stock, if
any, of the Company (collectively, &#147;Junior Securities&#148;), both as to payment of
dividends and as to distributions of assets upon the liquidation, dissolution or winding
up of the Company, whether voluntary or involuntary. Shares of any class or series of
capital stock of the Company that are not Junior Securities, including the Company&#146;s
existing 8% Preferred Stock, shall rank pari passu with the Preferred Stock. </FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>1</font></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<P STYLE="PAGE-BREAK-BEFORE:ALWAYS">&nbsp;</P>


<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3. Dividends and
Distributions.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a) Payment of Dividends.</B>&nbsp;&nbsp;The
holders of the Preferred Stock shall be entitled to receive quarterly dividends when, as
and if declared by the Board of Directors out of funds legally available for such
purpose, at the rate of $2.00 per annum per share. Dividends shall be payable on March&nbsp;31,
June&nbsp;30, September 30 and December 31 of each year (each such date a &#147;Payment
Date&#148;), provided that any such Payment Date is a Business Day. A Business Day is any
day that is not a Saturday, Sunday or a legal holiday. If any Payment Date is not a
Business Day, such dividend shall be payable without interest on the next Business Day.
Dividends shall be fully cumulative and shall accumulate without interest from and
including the latest of (i) January&nbsp;1, 2003 or (ii)&nbsp;the day immediately
following the most recent Payment Date as to which dividends have been paid. Dividends
shall be paid to holders of record as they appear on the books of the Company five
Business Days prior to the relevant Payment Date. The Company may, in its sole
discretion, pay dividends by any one or more of the following means: (x)&nbsp;check
mailed to the address of such holder as it appears on the books of the Company, (y)&nbsp;electronic
transfer in accordance with instructions provided by such holder or (z)&nbsp;any other
means mutually agreed between the Company and such holder. The amount of dividends
payable shall be computed on the basis of a 360-day year of twelve 30-day months. Each
payment of dividends will include dividends to and including the relevant Payment Date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b) Limitations on
Distributions to Holders of Junior Securities.</B>&nbsp;&nbsp;No distributions shall be made
by the Company to the holders of any Junior Security unless and until all accumulated and
unpaid dividends on the Preferred Stock and on any class or series of capital stock
ranking on parity with the Preferred Stock, including the full dividend for the
then-current dividend period, shall have been paid or declared and set apart for payment.
Any reference to a &#147;distribution&#148; contained in this Section 3(b)&nbsp;shall not
be deemed to include any distribution made in connection with a liquidation, dissolution
or winding up of the Company, whether voluntary or involuntary. The rights of holders of
Preferred Stock upon a distribution made in connection with a liquidation, dissolution or
winding up of the Company, whether voluntary or involuntary, are governed by Section 4
below. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4. Liquidation
Preference.</B>&nbsp;&nbsp;In the event of a liquidation, dissolution or winding up of the
Company, whether voluntary or involuntary, the holders of Preferred Stock shall be
entitled to receive out of the assets of the Company available therefor, before any
payment shall be made or any assets distributed to the holders of any Junior Security, an
amount per share equal to $25.00 plus all dividends accumulated and unpaid on such share,
whether or not declared, to and including the date of such distribution. The entire
assets of the Company available for distribution shall be distributed ratably among the
holders of the Preferred Stock and any other capital stock of the Company which ranks on
a parity as to liquidation rights with the Preferred Stock in proportion to the
respective preferential amounts to which each is entitled (but only to the extent of such
preferential amounts). After payment in full of the liquidation preference of the shares
of Preferred Stock, the holders of such shares shall not be entitled to any further
participation in any distribution of assets by the Company. Neither a consolidation or
merger of the Company with another person nor a sale or transfer of all or part of the
Company&#146;s assets for cash, securities or other property will be deemed a
liquidation, dissolution or winding up of the Company for purposes of this Section 4 if,
following such transaction, the Preferred Stock remains outstanding as duly authorized
stock of the Company or any successor entity. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 5. Redemption.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a) Optional Redemption
Right.</B>&nbsp;&nbsp;From and after February&nbsp;1, 2008, the Company, at its option, may
redeem at any time all, or from time to time any portion, of the Preferred Stock at a
price per share (the &#147;Optional Redemption Price&#148;) equal to $25.00 plus all
dividends accumulated and unpaid on such share, whether or not declared, to and including
the date fixed for redemption (the &#147;Optional Redemption Date&#148;). </FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>2</font></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<P STYLE="PAGE-BREAK-BEFORE:ALWAYS">&nbsp;</P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b) Optional Redemption
of Less Than All Outstanding Shares of Preferred Stock.</B>&nbsp;&nbsp; In case of the Company&#146;s
redemption of less than all of the then outstanding shares of Preferred Stock pursuant to
Section 5(a), the Company shall designate by lot, or in such other manner as the Board of
Directors may determine, the shares to be redeemed, or shall effect such redemption pro&nbsp;rata.
Notwithstanding the foregoing, the Company shall not redeem less than all of the then
outstanding shares of Preferred Stock until all dividends accumulated and unpaid upon all
then outstanding shares of Preferred Stock shall have been paid for all past dividend
periods. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c) Holders&#146; Redemption
Right.</B>&nbsp;&nbsp;If at any time there shall have been a Change in Control (as defined in
Section 5(g)&nbsp;below), each record holder of shares of Preferred Stock shall have the
right, for a period of 90 days from the date of such Change in Control, to require the
Company to redeem all or any portion of the shares of Preferred Stock owned by such
record holder. All shares as to which the record holder has notified the Company of an
exercise of redemption right created by this Section 5(c)&nbsp;on or prior to the 90th
day after such Change in Control shall be redeemed 130 days after the date of such Change
in Control (or, if such date is not a Business Day, the next succeeding Business Day)
(the &#147;Mandatory Redemption Date&#148;) (each of the Optional Redemption Date and the
Mandatory Redemption Date, a &#147;Redemption Date&#148;) at a price per share (the &#147;Mandatory
Redemption Price&#148;) (each of the Optional Redemption Price and the Mandatory
Redemption Price, a &#147;Redemption Price&#148;) equal to $25.00 plus all dividends
accumulated and unpaid on such share, whether or not declared, to and including the
Mandatory Redemption Date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d) Redemption Notice.</B>&nbsp;&nbsp;Not
less than 30 days prior to any Redemption Date, the Company shall give written notice
(the &#147;Redemption Notice&#148;) to the holders of record of the shares of Preferred
Stock to be redeemed. The Redemption Notice shall specify (i)&nbsp;the Redemption Date,
(ii)&nbsp;the Redemption Price, (iii)&nbsp;the number of shares of Preferred Stock held
by the holder that are subject to redemption on the Redemption Date, (iv)&nbsp;the time,
place and manner in which the holder shall surrender to the Company the certificate or
certificates representing the shares of Preferred Stock to be redeemed, including the
steps that a holder should take with respect to any certificates which have been lost,
stolen or destroyed or to any uncertificated shares, and (v)&nbsp;that from and after the
Redemption Date, dividends will cease to accumulate on such shares and such shares shall
no longer be deemed outstanding. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(e) Surrender of
Certificates.</B>&nbsp;&nbsp;On or after the Redemption Date, each holder shall surrender the
certificate or certificates representing the shares of Preferred Stock called for
redemption in the manner provided in the Redemption Notice or take such steps with
respect to lost, stolen or destroyed certificates or uncertificated shares as are
provided in the Redemption Notice. Upon so doing, a holder shall be entitled to receive
payment of the Redemption Price for the shares of Preferred Stock so redeemed. If fewer
than all of the shares of Preferred Stock represented by a surrendered certificate or
certificates are redeemed, the Company shall issue a new certificate representing the
unredeemed shares. Each surrendered certificate shall be canceled. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(f) Effect of Redemption.</B>&nbsp;&nbsp;From
and after the Redemption Date, if funds necessary for the redemption shall be available
therefor and shall have been irrevocably deposited or set aside, then (i)&nbsp;dividends
shall cease to accumulate with respect to the shares of Preferred Stock called for
redemption, (ii)&nbsp;such shares shall no longer be deemed outstanding, (iii)&nbsp;the
holders of such shares shall cease to be shareholders and (iv)&nbsp;all rights whatsoever
with respect to such shares of Preferred Stock shall terminate except the right of the
holders thereof to receive the Redemption Price, without interest. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(g) Definition of Change
in Control.</B>&nbsp;&nbsp;For purposes of Section 5(c), a Change in Control shall have
occurred if, in connection with a merger or consolidation of the Company approved by the
Board of Directors of the Company (prior to submitting the merger or consolidation to the
Members of the Company for approval), whether or not the Company is the surviving entity,
those persons who were members of the Board of Directors on January&nbsp;1, 2003 (the
&#147;Original Directors&#148;), together with those persons who became members of the
Board of Directors after such date (the &#147;Approved Subsequent Directors&#148;) at the
annual meeting of the Company shall have ceased to constitute a majority of the Company&#146;s
Board of Directors. </FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>3</font></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<P STYLE="PAGE-BREAK-BEFORE:ALWAYS">&nbsp;</P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(h) Purchases.</B>&nbsp;&nbsp;The
Company may at any time and from time to time in compliance with applicable law purchase
shares of Preferred Stock on the open market, pursuant to a tender offer or otherwise, at
such price or prices and other terms as it determines. The Company may not make any such
purchases at a time when there are accumulated but unpaid dividends for past dividend
periods. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6. Voting Rights.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a) General.</B>&nbsp;&nbsp;Except
as set forth in Section 6(b), the holders of Preferred Stock shall have only such voting
rights as are required by applicable law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b) Certain Actions Not
to be Taken Without Vote of Holders of Preferred Stock.</B>&nbsp;&nbsp; Unless the Preferred
Stock is redeemed pursuant to its terms, the affirmative vote of the holders of at least
two-thirds of the outstanding shares of the Preferred Stock, voting separately as a
class, shall be required (i)&nbsp;for any amendment, alteration or repeal, whether by
merger or consolidation or otherwise, of the Company&#146;s Articles of Incorporation or
this resolution if the amendment, alteration or repeal adversely affects the rights or
preferences of the Preferred Stock, and (ii)&nbsp;to establish, by board resolution or
otherwise, any class or series of equity security of the Company having rights senior to
the Preferred Stock as to the payment of dividends or distribution of assets upon the
liquidation, dissolution or winding up of the Company, whether voluntary or involuntary.
For purposes of this Section 6(b), the creation and issuance of any other class of
securities of the Company ranking on a parity with or junior to the Preferred Stock,
including an increase in the authorized number of shares of any such securities, shall
not be deemed to adversely affect the rights or preferences of the Preferred Stock. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7. Notices.</B>&nbsp;&nbsp;Any
notice required by this resolution to be given to the holders of Preferred Stock shall be
addressed to each holder of record at his, her or its address appearing on the books of
the Company and sent by personal delivery, facsimile transmission, overnight courier
requiring signature for delivery or by first class United States mail, postage prepaid.
Any such notice shall be deemed given on the date of delivery thereof if manually
delivered, the date of sending thereof if sent by facsimile transmission with electronic
confirmation of delivery received, the date of sending if sent by overnight courier or
the date of mailing if mailed. Any notice that is mailed as provided above shall be
conclusively presumed to have been duly given, whether or not a holder of Preferred Stock
receives such notice; and failure to give such notice, or any defect in such notice, to
any holder of Preferred Stock shall not affect the validity of the notice as to any other
holder of Preferred Stock or the validity of any proceedings taken with respect to any
other holder in connection with such notice. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 8. Termination of
Effectiveness.</B>&nbsp;&nbsp;Upon the acquisition or redemption by the Company of all
outstanding shares of Preferred Stock, the Board of Directors may by resolution determine
that the provisions of this resolution shall cease to be of further effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para In 0" FSL="Project" -->
<P><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 9. Transfer
Rights.</B>&nbsp;&nbsp;The Board of Directors has expressly authorized the initial sale and
subsequent transfer of the shares of Preferred Stock. </FONT></P>


<BR><BR>
<P ALIGN="CENTER"><font size=2>4</font></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<P STYLE="PAGE-BREAK-BEFORE:ALWAYS">&nbsp;</P>



</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>19
<FILENAME>cenex030128_ex4-2.txt
<DESCRIPTION>FORM OF STOCK CERTIFICATE
<TEXT>
                       INCORPORATED UNDER THE LAWS OF THE
                               STATE OF MINNESOTA

NUMBER                                                                SHARES
SPECIMEN                                                              SPECIMEN

                                                                    CUSIP 15132F

                        CENEX HARVEST STATES COOPERATIVES


         THIS CERTIFIES THAT SPECIMEN is the owner and registered holder of
______________________________ Shares of the fullY paid and nonassessable 8%
Cumulative Redeemable Preferred Stock, no par value, of CENEX HARVEST STATES
COOPERATIVE transferable only on the books of the cooperative corporation by the
holder hereof in person or by Attorney upon surrender of this Certificate
properly endorsed.



         In Witness Whereof, the said cooperative corporation has caused this
Certificate to be signed by facsimile signatures of its duly authorized officers
this ______________ day of _______________________, A.D. _______.




____________________________________ ____________________________________
              Secretary                            President







<PAGE>



The cooperative corporation will furnish to any shareholder upon request and
without charge a full statement of the designations, preferences, limitations,
and relative right of the shares of each class or series authorized to be
issued, so far as they have been determined, and the authority of the board to
determine the relative rights and preferences of subsequent classes or shares.



              For Value Received, ____________________________ hereby sell,
assign and transfer unto _______________________________________________________
__________________________________________________________________________shares
represented by the within certificate, and do hereby irrevocably constitute and
appoint:

__________________________________________________________________ attorney to
transfer the said shares on the books of the within named cooperative
corporation with full power of substitution in the premises:

Dated: ______________________

              In presence of ___________________________________________________
________________________________________________________________________________




NOTICE. THE SIGNATURE OF THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATEVER.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>20
<FILENAME>cenex030128_ex5-1.txt
<DESCRIPTION>OPINION
<TEXT>



                                January 13, 2003

Cenex Harvest States Cooperatives
5500 Cenex Drive
Inver Grove Heights, Minnesota 55077

         Re:      Registration Statement on Form S-2

Ladies and Gentlemen:

         We have acted as counsel to Cenex Harvest States Cooperatives, a
Minnesota cooperative (the "Company"), in connection with a Registration
Statement on Form S-2, File No. 333-101916 (the "Registration Statement"),
relating to the sale by the Company of up to 2,875,000 shares of 8% Cumulative
Redeemable Preferred Stock of the Company (the "Preferred Stock").

         We have examined such documents and have reviewed such questions of law
as we have considered necessary and appropriate for the purposes of our opinions
set forth below. In rendering our opinions set forth below, we have assumed the
authenticity of all documents submitted to us as originals, the genuineness of
all signatures and the conformity to authentic originals of all documents
submitted to us as copies. As to questions of fact material to our opinions, we
have relied upon certificates of officers of the Company and of public
officials. We have also assumed that the Preferred Stock will be issued and sold
as described in the Registration Statement.

         Based on the foregoing, we are of the opinion that the shares of
Preferred Stock to be sold by the Company pursuant to the Registration Statement
have been duly authorized and, upon payment in full of the price therefor and
upon issuance, as described in the Registration Statement, will be validly
issued, fully paid and nonassessable.

         Our opinions expressed above are limited to the laws of the State of
Minnesota.

         We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement, and to the reference to our firm under the heading
"Legal Matters" in the Prospectus constituting part of the Registration
Statement.

                                            Very truly yours,

                                            /s/ Dorsey & Whitney



WBP


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>21
<FILENAME>cenex030128_ex12-1.htm
<DESCRIPTION>CENEX HARVEST STATES EXHIBIT 12.1
<TEXT>
<html>
<head>
<title>Cenex Harvest States Exhibit 12.1</title>
</head>
<body>

<H2><FONT SIZE="2">CENEX HARVEST STATES COOPERATIVES<br>

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS</font></H2>

<table cellspacing=0 cellpadding=0 border=0 width=100%>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN=3><FONT SIZE="2">&nbsp;</FONT></TH>
    <TH COLSPAN=6><FONT SIZE="2">Three Months Ended<br>
      November 30,</FONT></TH>
    <TH COLSPAN=12><FONT SIZE="2">Years Ended August 31,</FONT></TH>
    <TH COLSPAN=3><FONT SIZE="2">Three<br>Months<br>Ended<br>
      August 31,</FONT></TH>
    <TH COLSPAN=3><FONT SIZE="2">Year<br>Ended<br>
      May 31,</FONT></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN=27>
      <hr size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN=3><FONT SIZE="2">&nbsp;</FONT></TH>
    <TH COLSPAN=3><FONT SIZE="2">2002</FONT></TH>
    <TH COLSPAN=3><FONT SIZE="2">2001</FONT></TH>
    <TH COLSPAN=3><FONT SIZE="2">2002</FONT></TH>
    <TH COLSPAN=3><FONT SIZE="2">2001</FONT></TH>
    <TH COLSPAN=3><FONT SIZE="2">2000</FONT></TH>
    <TH COLSPAN=3><FONT SIZE="2">1999</FONT></TH>
    <TH COLSPAN=3><FONT SIZE="2">1998</FONT></TH>
    <TH COLSPAN=3><FONT SIZE="2">1998</FONT></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN=27>
      <hr size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN=3><FONT SIZE="2">&nbsp;</FONT></TH>
    <TH COLSPAN=24><FONT SIZE="2">(in thousands)</FONT></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2"><B>EARNINGS:</B></FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width=0%><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD width=44%><FONT SIZE="2">Income before income taxes</FONT></TD>
    <TD width=0%><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD width=1%><FONT SIZE="2">$</FONT></TD>
    <TD width=5%>
      <div align="right"><FONT SIZE="2">45,862</FONT></div>
    </TD>
    <TD width=1%><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD width=1%><FONT SIZE="2">$</FONT></TD>
    <TD width=5%>
      <div align="right"><FONT SIZE="2">47,578</FONT></div>
    </TD>
    <TD width=1%><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD width=1%><FONT SIZE="2">$</FONT></TD>
    <TD width=5%>
      <div align="right"><FONT SIZE="2">144,838</FONT></div>
    </TD>
    <TD width=1%><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD width=1%><FONT SIZE="2">$</FONT></TD>
    <TD width=5%>
      <div align="right"><FONT SIZE="2">152,954</FONT></div>
    </TD>
    <TD width=1%><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD width=1%><FONT SIZE="2">$</FONT></TD>
    <TD width=5%>
      <div align="right"><FONT SIZE="2">91,268</FONT></div>
    </TD>
    <TD width=1%><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD width=1%><FONT SIZE="2">$</FONT></TD>
    <TD width=5%>
      <div align="right"><FONT SIZE="2">92,980</FONT></div>
    </TD>
    <TD width=1%><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD width=1%><FONT SIZE="2">$</FONT></TD>
    <TD width=5%>
      <div align="right"><FONT SIZE="2">18,831</FONT></div>
    </TD>
    <TD width=1%><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD width=1%><FONT SIZE="2">$</FONT></TD>
    <TD width=5%>
      <div align="right"><FONT SIZE="2">196,916</FONT></div>
    </TD>
    <TD width=1%><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">ADD:</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">Minority interests</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">5,431</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">3,036</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">15,390</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">35,098</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">24,546</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">10,017</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">3,252</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">6,880</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">Fixed charges, as shown below</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">16,825</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">14,372</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">57,647</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">77,267</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">75,085</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">56,221</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">15,963</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">47,532</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">Redemptions received from equity method investees</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">15,313</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">14,092</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">37,689</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">30,104</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">41,250</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">8,829</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">360</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">12,686</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">Redemptions received from cooperatives and other investments</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">1,713</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">1,328</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">6,310</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">1,672</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">2,638</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">2,412</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">31</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">17,247</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">SUBTRACT:</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">Equity in income of investees</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(8,165</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(3,942</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(58,133</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(28,494</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(28,325</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(22,363</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">9,142</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(8,381)</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">Noncash patronage refunds</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(184</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(766</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(2,327</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(3,896</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(6,825</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(4,848</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(9,305</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(61,732)</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">Interest capitalized</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(530</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(350</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(2,105</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(1,244</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(2,709</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(1,733</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(439</FONT></div>
    </TD>
    <TD><FONT SIZE="2">)</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">(1,838)</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN=27>
      <hr size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2"><B>EARNINGS AS ADJUSTED</B></FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">76,265</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">75,348</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">199,309</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">263,461</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">196,928</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">141,515</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">37,835</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">209,310 </FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN=27>
      <hr size="3" noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2"><B>FIXED CHARGES:</B></FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">Interest</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">13,343</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">11,165</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">44,560</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">62,680</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">60,275</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">44,171</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">12,749</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">36,459</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">Amortization of debt costs expensed or capitalized</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">736</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">692</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">3,030</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">2,747</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">2,116</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">2,131</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">344</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">899</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">Appropriate portion (1/3) of rent expense</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">2,746</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">2,514</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">10,057</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">11,840</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">12,694</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">9,919</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">2,870</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">10,174</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN=27>
      <hr size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2"><B>TOTAL FIXED CHARGES</B></FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">16,825</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">14,371</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">57,647</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">77,267</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">75,085</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">56,221</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">15,963</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">47,532 </FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN=27>
      <hr size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2"><B>PREFERRED DIVIDEND FACTOR:</B></FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">211</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">&#151;</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">276</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">&#151;</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">&#151;</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">&#151;</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">&#151;</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">&#151;</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN=27>
      <hr size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2"><B>COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS</B></FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">17,036</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">14,371</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">57,923</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">77,267</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">75,085</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">56,221</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">15,963</FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">$</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2">47,532 </FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN=27>
      <hr size="3" noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2"><B>RATIO</B></FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2"><B>4.5x</B></FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2"><B>5.2x</B></FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2"><B>3.4x</B></FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2"><B>3.4x</B></FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2"><B>2.6x</B></FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2"><B>2.5x</B></FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2"><B>2.4x</B></FONT></div>
    </TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD>
      <div align="right"><FONT SIZE="2"><B>4.4x</B></FONT></div>
    </TD>
  </TR>
</table>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>22
<FILENAME>cenex030128_ex23-1.htm
<DESCRIPTION>CONSENT OF INDEPENDENT ACCOUNTANTS
<TEXT>
<HTML>

<HEAD>
     <!-- Client Name:    First Federal Bancshares                                         -->
     <!-- Project Name:   S-4                                                              -->
     <!-- Firm Name:      American Financial Printering, Inc.                              -->
     <TITLE>S-2</TITLE>
</HEAD>

<BODY bgcolor="#FFFFFF" text="#000000">


<H2 ALIGN=RIGHT><FONT SIZE=2>Exhibit 23.1</FONT></H2>


<H2 ALIGN=CENTER><FONT SIZE=2>CONSENT OF INDEPENDENT ACCOUNTANTS</FONT></H2>

<P><FONT SIZE=2>We hereby consent to the use in this Registration Statement on Form S-2 (Amendment No. 1) of our
report dated October 18, 2002 relating to the financial statements of Cenex
Harvest States Cooperatives which appear in such Registration Statement. We also
consent to the references to us under the heading, &#147;Experts&#148; in such
Registration Statement.</FONT></P>

<P><FONT SIZE=2>/s/ PricewaterhouseCoopers LLP</FONT></P>


<P><FONT SIZE=2>Minneapolis, Minnesota<br>
January 10, 2003</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>&nbsp;</font></P>
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<P STYLE="PAGE-BREAK-BEFORE:ALWAYS">&nbsp;</P>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>23
<FILENAME>cenex030128_ex23-2.htm
<DESCRIPTION>INDEPENDENT AUDITORS' CONSENT
<TEXT>
<HTML>

<HEAD>
     <!-- Client Name:    First Federal Bancshares                                         -->
     <!-- Project Name:   S-4                                                              -->
     <!-- Firm Name:      American Financial Printering, Inc.                              -->
     <TITLE>S-2</TITLE>
</HEAD>

<BODY bgcolor="#FFFFFF" text="#000000">


<H2 ALIGN=RIGHT><FONT SIZE=2>Exhibit 23.2</FONT></H2>


<H2 ALIGN=CENTER><FONT SIZE=2>INDEPENDENT AUDITORS&#146; CONSENT</FONT></H2>

<P><FONT SIZE=2>We consent to the incorporation by reference in this Amendment No. 1 to
Registration Statement No. 333-101916 of Cenex Harvest States Cooperatives on
Form S-2 of our report dated June 19, 2002 (which report expresses an
unqualified opinion and includes an explanatory paragraph relating to the change
in the Company&#146;s method of accounting for start-up activities in 1999) on the
consolidated financial statements of Ventura Foods, LLC and subsidiary,
appearing in the Annual Report on Form 10-K of Cenex Harvest States Cooperatives
for the year ended August 31, 2002 and to the reference to us under the heading
&#147;Experts&#148; in the Prospectus, which is part of such Registration Statement.
</FONT></P>

<P><FONT SIZE=2>/s/ Deloitte &amp; Touche LLP</FONT></P>

<P><FONT SIZE=2>Los Angeles, California<br>
January 10, 2003</FONT></P>

<BR><BR>
<P ALIGN="CENTER"><font size=2>&nbsp;</font></P>
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<P STYLE="PAGE-BREAK-BEFORE:ALWAYS">&nbsp;</P>

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</SEC-DOCUMENT>
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