-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 NkAVRhOwrQ74V9b8PunAS2KyMWthWr4iS05zgUrfIcxX13wK1b2FzXRN6PDXJfQk
 gUINofdh+bdWT3kPv9xw8A==

<SEC-DOCUMENT>0000950134-04-019107.txt : 20041210
<SEC-HEADER>0000950134-04-019107.hdr.sgml : 20041210
<ACCEPTANCE-DATETIME>20041210164525
ACCESSION NUMBER:		0000950134-04-019107
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20041210
DATE AS OF CHANGE:		20041210
EFFECTIVENESS DATE:		20041210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHS INC
		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-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-121161
		FILM NUMBER:		041196858

	BUSINESS ADDRESS:	
		STREET 1:		5500 CENEX DRIVE
		CITY:			INVER GROVE HEIGHTS
		STATE:			MN
		ZIP:			55077
		BUSINESS PHONE:		651-355-6000

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENEX HARVEST STATES COOPERATIVES
		DATE OF NAME CHANGE:	19980611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HARVEST STATES COOPERATIVES
		DATE OF NAME CHANGE:	19961212
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>c90331sv8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML>
<HEAD>
<TITLE>sv8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt">Registration No.&nbsp;333-<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>



<P align="center" style="font-size: 10pt">As filed with the
Securities and Exchange Commission on December&nbsp;10, 2004



<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">





<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt">Washington, D.C. 20549
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM S-8</B>

<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT UNDER THE<BR>
SECURITIES ACT OF 1933</B></DIV>


<P align="center" style="font-size: 24pt"><B>CHS Inc.</B>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Minnesota</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>41-0251095</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>5500 Cenex Drive<BR>
Inver Grove Heights, Minnesota 55077</B><BR>
(Address of registrant&#146;s principal executive offices,<BR>
including zip code)



<P align="center" style="font-size: 10pt"><B>CHS INC. DEFERRED COMPENSATION PLAN</B><BR>
(Full title of the plan)



<P align="center" style="font-size: 10pt"><B>David Kastelic<BR>
Senior Vice President and General Counsel<BR>
CHS Inc.<BR>
5500 Cenex Drive<BR>
Inver Grove Heights, Minnesota 55077<BR>
(651)&nbsp;355-3712</B><BR>
(Name, address and telephone number,<BR>
including area code, of agent for service)



<P align="center" style="font-size: 10pt">Copies to:



<P align="center" style="font-size: 10pt"><B>R. Kirkland Cozine, Esq.<BR>
Amy L. Schneider, Esq.<BR>
Dorsey &#038; Whitney LLP<BR>
50 South Sixth Street, Suite&nbsp;1500<BR>
Minneapolis, Minnesota 55402-1498<BR>
(612)&nbsp;340-2600<BR>
Facsimile: (612)&nbsp;340-8738</B>



<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Title of securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering price per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>aggregate offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registration</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>to be registered</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>be registered</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>obligation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>fee</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred
Compensation
Obligations (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">6,335</TD>
    <TD nowrap>(2)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Deferred Compensation Obligations are unsecured obligations of CHS
Inc. to pay deferred compensation in the future in accordance with the
terms of the CHS Inc. Deferred Compensation Plan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On July&nbsp;18, 2001, the Registrant filed with the Securities and Exchange
Commission a registration statement on Form&nbsp;S-2 (No.&nbsp;333-65364) for the
registration of 50,000,000 shares of 8% Preferred Stock. By
Post-Effective Amendment No.&nbsp;1 to Form S-2 filed February&nbsp;25, 2003, the
Registrant terminated the offering pursuant to Registration Statement No.
333-65364. At the time of such termination, 40,545,126 shares of 8%
Preferred Stock remained unsold and the amount of the filing fee
associated with those unsold shares was $10,136.28. Pursuant to Rule
457(p) under the Securities Act, on November&nbsp;26, 2003, the Registrant
offset $1,051.70 of such unused filing fee against its filing of a
registration statement on Form&nbsp;S-2 (No.&nbsp;333-110810) for the registration
of the offer and sale of shares of 8% Cumulative Redeemable Preferred
Stock. After that offset, the amount of the filing fee associated with
the unsold shares of 8% Preferred Stock that remained was $9,084.58.
Pursuant to Rule 457(p) under the Securities Act, on December&nbsp;6, 2004, the
Registrant offset $2,534 of such unused filing fee against its filing of a
registration statement on Form&nbsp;S-2 (No.&nbsp;333-121029) for the registration
of the offer and sale of shares of 8% Cumulative Redeemable Preferred
Stock. After that offset, the amount of the filing fee associated with
the unsold shares of 8% Preferred Stock that remained was $6,550.58.
Pursuant to Rule 457(p) under the Securities Act, the Registrant is
offsetting $6,335 of such unused filing fee against the filing fee due in
connection with this Registration Statement, resulting in a new net paid
filing fee of $0.00.</TD>
</TR>

</TABLE>
<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000"> PART II</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Item&nbsp;3. Incorporation of Documents by Reference.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">Item&nbsp;4. Description of Securities.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003"> Item&nbsp;5. Interests of Named Experts and Counsel.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004"> Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005"> Item&nbsp;7. Exemption from Registration Claimed.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006"> Item&nbsp;8. Exhibits.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">Item&nbsp;9. Undertakings.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009"> EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="c90331exv4w1.htm">Deferred Compensation Plan</A></TD></TR>
<TR><TD colspan="9"><A HREF="c90331exv4w2.htm">New Plan Participants 2005 Plan Agreement and Election Form</A></TD></TR>
<TR><TD colspan="9"><A HREF="c90331exv4w3.htm">Beneficiary Designation Form</A></TD></TR>
<TR><TD colspan="9"><A HREF="c90331exv5w1.htm">Opinion of Dorsey & Whitney LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="c90331exv23w2.htm">Consent of PricewaterhouseCoopers LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="c90331exv23w3.htm">Consent of Deloitte & Touche LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="c90331exv24w1.htm">Power of Attorney</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 " PART II" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>


<!-- link1 "Item&nbsp;3. Incorporation of Documents by Reference." -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents, which have been filed with the Securities and
Exchange Commission (the &#147;SEC&#148;) by CHS Inc. (&#147;we,&#148; &#147;us&#148; or &#147;CHS&#148;), are
incorporated by reference in this registration statement:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our Annual Report on Form 10-K for the fiscal year ended
August&nbsp;31, 2004; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our Current Report on Form 8-K filed on September&nbsp;22, 2004.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by us pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d)
of the Exchange Act subsequent to the date hereof and prior to the filing of a
post-effective amendment which indicates that all securities offered hereby
have been sold or which deregisters all securities remaining unsold shall be
deemed to be incorporated by reference herein and to be a part hereof from the
respective dates of filing of such documents.

<!-- link1 "Item&nbsp;4. Description of Securities." -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The securities offered hereby are deferred compensation obligations of CHS
Inc., which are being offered to eligible employees and directors of CHS and
its participating affiliates under the CHS Inc. Deferred Compensation Plan (the
&#147;Plan&#148;). The Plan permits participants to defer, in accordance with the terms
of the Plan, base salary, bonuses and director fees (each a &#147;Cash Deferral&#148;).
The amount of compensation to be deferred by each participant will be based on
elections by each participant under the terms of the Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS may be required to credit amounts to a participant&#146;s account in
accordance with employment or other agreements entered into between the
participant and CHS. In addition, CHS may, but is not required to, credit any
amount it desires to any participant&#146;s account. CHS may also
credit amounts to a participant&#146;s account to make up for certain limits
applicable to the CHS 401(k) plan or other qualified plan for the Plan year or
for such other purposes as determined by the Plan committee in its sole
discretion. All such amounts may: (1)&nbsp;be smaller or larger than the amount
credited to any other participant; (2)&nbsp;be zero, even though one or more other
participants receive a contribution from CHS; and (3)&nbsp;differ from the amount
credited to such participant in the preceding Plan year. The Plan is an
unfunded plan, and CHS is not required to set aside any funds or otherwise
provide any mechanism for paying the credited amounts at any time amounts are
credited to a participant&#146;s account.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The deferred amounts described above (including the Cash Deferrals and
additional amounts credited by CHS to a participant&#146;s account) will be credited
with earnings and investment gains and losses by assuming that the amount was
invested in one or more investment alternatives selected by the participant in
accordance with the terms of the Plan. The deemed investment alternatives
include various investment funds with different degrees of risk and a fixed
interest alternative with the interest rate equal to the 10-year Treasury Note
rate as of December&nbsp;31 of the prior year, plus one percent. Participants may
reallocate amounts among the various deemed investment alternatives up to
twelve times each year. These deemed investment alternatives are merely
measuring tools to determine the value of the participant&#146;s account, and CHS is
not required to invest any amounts as a result of these elections.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS&#146;s obligations to make payments under the Plan are unsecured
obligations of CHS and are subject to the claims of general creditors of CHS.
These obligations will rank equally with other unsecured and unsubordinated
indebtedness of CHS from time to time outstanding. All amounts payable to
participants under the Plan are denominated in U.S. dollars and will be payable
on the date or dates selected by each participant in accordance with the terms
of the Plan or on such other date or dates as specified in the Plan. Rights to
payment under the Plan are not convertible into another security of CHS.


<P align="center" style="font-size: 10pt">II-1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS reserves the right to amend the Plan prospectively at any time,
including the right to terminate the Plan completely. No amendment will reduce
a participant&#146;s account balance as of the date of such
amendment. In no event will CHS be responsible for any decline in a
participants&#146; account balance as a result of the selection,
discontinuation, addition, substitution, crediting or debiting of one
or more investment alternatives.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A participant&#146;s rights or the rights of any other person to receive
payment of deferred compensation obligations under the Plan may not be sold,
assigned, transferred, pledged, garnished or encumbered, except by a written
designation of a beneficiary under the Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing summarizes the material terms and provisions of the deferred
compensation obligations. It is not a complete legal description of the
deferred compensation obligations, and is qualified in its entirety by
reference to the Plan.

<!-- link1 " Item&nbsp;5. Interests of Named Experts and Counsel." -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<!-- link1 " Item&nbsp;6. Indemnification of Directors and Officers." -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;308A.325 of the Minnesota cooperative law provides that a
cooperative may eliminate or limit the personal liability of a director of a
cooperative for breach of fiduciary duty as a director in the cooperative&#146;s
articles of incorporation, provided, however, that the articles may not limit
the liability of a director for:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>breach of the director&#146;s duty of loyalty to the cooperative
or its members;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acts or omissions that are not in good faith or involve
intentional misconduct or a knowing violation of law;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a transaction from which the director derived an improper
personal benefit; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an act or omission occurring before the date when the
provision in the articles eliminating or limiting liability becomes
effective.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;IX of our Articles of Incorporation, as amended to date,
eliminates or limits the personal liability of our directors to the greatest
extent permitted under Minnesota law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;VI of our Bylaws provides that we shall indemnify each person who
is or was a director, officer, manager, employee, or agent of this cooperative,
and any person serving at the request of this cooperative 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 to which such directors, officers, managers,
employees or agents of an cooperative may be indemnified under Minnesota law,
as amended from time to time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain directors&#146; and officers&#146; liability insurance which covers
certain liabilities and expenses of our directors and officers and covers CHS
for reimbursement of payments to our directors and officers in respect of such
liabilities and expenses.

<!-- link1 " Item&nbsp;7. Exemption from Registration Claimed." -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="center" style="font-size: 10pt">II-2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 " Item&nbsp;8. Exhibits." -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits.</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CHS Inc. Deferred Compensation Plan.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Plan Participants 2005 Plan Agreement and Election Form for the CHS
Inc. Deferred Compensation Plan.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beneficiary Designation Form for the CHS Inc. Deferred Compensation Plan.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Dorsey &#038; Whitney LLP.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Dorsey &#038; Whitney LLP (included in Exhibit&nbsp;5.1).</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP.</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<!-- link1 "Item&nbsp;9. Undertakings." -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned registrant hereby undertakes:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of
the Securities Act of 1933, as amended (the &#147;Securities Act&#148;);



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information
set forth in the registration statement. Notwithstanding the
foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed
that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the SEC pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no more
than a 20% change in the maximum aggregate offering price set forth
in the &#147;Calculation of Registration Fee&#148; table in the effective
registration statement; and



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the
plan of distribution not previously disclosed in the registration
statement or any material change to such information in the
registration statement;



<P align="left" style="margin-left:3%; font-size: 10pt"><I>provided</I>, <I>however, </I>that paragraphs (a)(1)(i) and (a)(1)(ii) above do not
apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed with
or furnished to the SEC by the registrant pursuant to Section&nbsp;13 or
Section 15(d) of the Exchange Act that are incorporated by reference in
the registration statement.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment 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.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at
the termination of the offering.


<P align="center" style="font-size: 10pt">II-3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act 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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&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 foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the SEC 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 such
liabilities (other than the payment by 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.


<P align="center" style="font-size: 10pt">II-4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 " SIGNATURES" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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-8 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 the
9th day of December, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>CHS INC.</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ David A. Kastelic</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David A. Kastelic</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sr. Vice President and General Counsel</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
this registration statement has been signed by the following persons in the
capacities indicated on the 9th day of December, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John D. Johnson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(principal executive officer)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John D. Johnson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John Schmitz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Chief
Financial Officer</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(principal financial officer)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Schmitz</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jodell Heller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Controller</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(principal accounting officer)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jodell Heller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board of Directors</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael Toelle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bruce Anderson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert Bass</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David Bielenberg</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dennis Carlson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Curt Eischens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">II-5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert Elliott</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steve Fritel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert Grabarski</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jerry Hasnedl</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Glen Keppy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James Kile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Randy Knecht</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael Mulcahey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard Owen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Duane Stenzel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Merlin Van Walleghen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ David Kastelic</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" width="42%" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David Kastelic</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attorney-in-fact</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">II-6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- link1 " EXHIBIT INDEX" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CHS Inc. Deferred Compensation Plan.</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Plan Participants 2005 Plan Agreement and Election Form for the CHS
Inc. Deferred Compensation Plan.</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beneficiary Designation Form for the CHS Inc. Deferred Compensation Plan.</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Dorsey &#038; Whitney LLP.</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Dorsey &#038; Whitney LLP (included in Exhibit&nbsp;5.1).</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP.</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP.</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>c90331exv4w1.htm
<DESCRIPTION>DEFERRED COMPENSATION PLAN
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>Exhibit 4.1</B>



<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P align="center" style="font-size: 10pt"><B>Adopted Effective December&nbsp;30, 2004</B>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 1</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Definitions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 2</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Selection, Enrollment, Eligibility</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">2.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Selection by Committee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">2.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Enrollment and Eligibility Requirements; Commencement of Participation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">2.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Termination of a
Participant&#146;s Eligibility</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 3</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Deferral Commitments/Company Contribution Amounts/Company Restoration Matching Amounts/ Vesting/Crediting/Taxes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">3.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Minimum Deferrals</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">3.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Maximum Deferral</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">3.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Election to Defer; Effect of Election Form</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">3.4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Withholding and Crediting of Annual Deferral Amounts</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">3.5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Company Contribution Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">3.6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Company Restoration Matching Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">3.7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Crediting of Amounts after Benefit Distribution</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">3.8</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Vesting</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">3.9</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Crediting/Debiting of Account Balances</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">3.10</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>FICA and Other Taxes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 4</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Scheduled Distribution; Unforeseeable Financial Emergencies;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">4.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Scheduled Distribution</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">4.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Postponing Scheduled Distributions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">4.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Certain Benefits Take Precedence Over Scheduled Distributions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">4.4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 5</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Change In Control Benefit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">5.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Change in Control Benefit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">5.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Payment of Change in Control Benefit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 6</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Retirement Benefit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">6.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Retirement Benefit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">6.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Payment of Retirement Benefit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">-i-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 7</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Termination Benefit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">7.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Termination Benefit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">7.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Payment of Termination Benefit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 8</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Disability Benefit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">8.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Disability Benefit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">8.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Payment of Disability Benefit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 9</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Death Benefit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">9.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Death Benefit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">9.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Payment of Death Benefit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 10</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Beneficiary Designation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">10.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Beneficiary</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">10.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Beneficiary Designation; Change; Spousal Consent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">10.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Acknowledgement</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">10.4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>No Beneficiary Designation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">10.5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Doubt as to Beneficiary</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">10.6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Discharge of Obligations</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 11</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Leave of Absence</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">11.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Paid Leave of Absence</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">11.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Unpaid Leave of Absence</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 12</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Termination of Plan, Amendment or Modification</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">12.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Termination of Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">12.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Amendment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">12.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Plan Agreement</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">12.4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Effect of Payment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 13</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Administration</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">13.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Committee Duties</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">13.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Administration Upon Change In Control</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">13.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Agents</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">13.4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Binding Effect of Decisions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">13.5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Indemnity of Committee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">13.6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Employer Information</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">-ii-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 14</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Other Benefits and Agreements</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">14.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Coordination with Other Benefits</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 15</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Claims Procedures</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">15.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Presentation of Claim</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">15.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Notification of Decision</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">15.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Review of a Denied Claim</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">15.4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Decision on Review</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">15.5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Legal Action</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">15.6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Determinations</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 16</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">16.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Establishment of the Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">16.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Interrelationship of the Plan and the Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">16.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Distributions From the Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ARTICLE 17</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Miscellaneous</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">17.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Status of Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">17.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Unsecured General Creditor</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">17.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Employer&#146;s Liability</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">17.4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Nonassignability</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">17.5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Not a Contract of Employment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">17.6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Furnishing Information</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">17.7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Terms</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">17.8</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Captions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">17.9</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Governing Law</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">17.10</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Notice</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">17.11</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Successors</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">17.12</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Spouse&#146;s Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">17.13</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Validity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">17.14</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Incompetent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">17.15</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Deduction Limitation on Benefit Payments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">17.16</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Insurance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">-iii-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P align="center" style="font-size: 10pt"><B>CHS INC.<BR>
DEFERRED COMPENSATION PLAN</B><BR>
Adopted Effective December&nbsp;30, 2004



<P align="center" style="font-size: 10pt"><B>Purpose</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of this Plan is to provide specified benefits to Directors and
a select group of management or highly compensated Employees who contribute
materially to the continued growth, development and future business success of
CHS Inc., a Minnesota corporation, and its subsidiaries, if any, that sponsor
this Plan. This Plan shall be unfunded for tax purposes and for purposes of
Title I of ERISA.


<P align="center" style="font-size: 10pt"><B>ARTICLE 1</B>


<DIV align="center" style="font-size: 10pt"><B>Definitions</B></DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this Plan, unless otherwise clearly apparent from the
context, the following phrases or terms shall have the following indicated
meanings:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Account Balance&#148; shall mean, with respect to a Participant, an entry on
the records of the Employer equal to the sum of (i)&nbsp;the Deferral Account
balance, (ii)&nbsp;the Company Contribution Account balance, and (iii)&nbsp;the
Company Restoration Matching Account balance. The Account Balance shall be
a bookkeeping entry only and shall be utilized solely as a device for the
measurement and determination of the amounts to be paid to a Participant,
or his or her designated Beneficiary, pursuant to this Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Annual Deferral Amount&#148; shall mean that portion of a Participant&#146;s Base
Salary, Bonus and Director Fees that a Participant defers in accordance
with Article&nbsp;3 for any one Plan Year, without regard to whether such
amounts are withheld and credited during such Plan Year. In the event of
a Participant&#146;s Retirement, Disability, death or Termination of Employment
prior to the end of a Plan Year, such year&#146;s Annual Deferral Amount shall
be the actual amount withheld prior to such event.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Annual Installment Method&#148; shall be an annual installment payment over
the number of years selected by the Participant in accordance with this
Plan, calculated as follows: (i)&nbsp;for the first annual installment, the
Participant&#146;s vested Account Balance shall be calculated as of the close
of business on or around the Participant&#146;s Benefit Distribution Date, as
determined by the Committee in its sole discretion, and (ii)&nbsp;for remaining
annual installments, the Participant&#146;s vested Account Balance shall be
calculated on every anniversary of such calculation date, as applicable.
Each annual installment shall be calculated by multiplying this balance by
a fraction, the numerator of which is one and the denominator of which is
the remaining number of annual payments due the Participant. By way of
example, if the Participant elects a ten (10)&nbsp;year Annual Installment
Method for the Retirement Benefit, the first payment shall be 1/10 of the
vested Account Balance, calculated as described in this definition. The
following year, the payment shall be 1/9 of the vested Account Balance,
calculated as described in this definition.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Base Salary&#148; shall mean the annual cash compensation relating to
services performed during any calendar year, excluding distributions from
nonqualified deferred compensation plans, bonuses, commissions, overtime,
fringe benefits, profit sharing contributions, stock options,</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-1-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>relocation expenses, incentive payments, non-monetary awards, director
fees and other fees, and automobile and other allowances paid to a
Participant for employment services rendered (whether or not such
allowances are included in the Employee&#146;s gross income). Base Salary
shall be calculated before reduction for compensation voluntarily deferred
or contributed by the Participant pursuant to all qualified or
nonqualified plans of any Employer and shall be calculated to include
amounts not otherwise included in the Participant&#146;s gross income under
Code Sections&nbsp;125, 402(e)(3), 402(h), or 403(b) pursuant to plans
established by any Employer; provided, however, that all such amounts will
be included in compensation only to the extent that had there been no such
plan, the amount would have been payable in cash to the Employee. In no
event shall Base Salary include any amounts payable to the Participant
prior to the commencement of his or her participation in this Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Beneficiary&#148; shall mean one or more persons, trusts, estates or other
entities, designated in accordance with Article&nbsp;10, that are entitled to
receive benefits under this Plan upon the death of a Participant.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Beneficiary Designation Form&#148; shall mean the form established from time
to time by the Committee that a Participant completes, signs and returns
to the Committee to designate one or more Beneficiaries.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Benefit Distribution Date&#148; shall mean the date that triggers
distribution of a Participant&#146;s vested Account Balance. A Participant&#146;s
Benefit Distribution Date shall be determined upon the occurrence of any
one of the following:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Participant Retires, his or her Benefit Distribution
Date shall be the last day of the six-month period immediately
following the date on which the Participant Retires; provided,
however, in the event the Participant changes his or her Retirement
Benefit election in accordance with Section&nbsp;6.2(a), his or her
Benefit Distribution Date shall be postponed in accordance with such
Section&nbsp;6.2(a); or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Participant experiences a Termination of Employment, his
or her Benefit Distribution Date shall be the last day of the
six-month period immediately following the date on which the
Participant experiences a Termination of Employment; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The date on which the Committee is provided with proof that is
satisfactory to the Committee of the Participant&#146;s death, if the
Participant dies prior to the complete distribution of his or her
vested Account Balance; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The date on which the Committee determines the Participant is
Disabled; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The date on which the Company experiences a Change in Control,
as determined by the Committee in its sole discretion, if (i)&nbsp;the
Participant has elected to receive a Change in Control Benefit, as
set forth in Section&nbsp;5.1 below, and (ii)&nbsp;if a Change in Control
occurs prior to the Participant&#146;s Termination of Employment,
Retirement, death or Disability.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Board&#148; shall mean the board of directors of the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Bonus&#148; shall mean any compensation, in addition to Base Salary, earned
by a Participant for services rendered during a Plan Year as further
specified on an Election Form approved by the Committee in its sole
discretion, under any Employer&#146;s annual bonus and cash incentive plans.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-2-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Change in Control&#148; shall be defined in accordance with Treasury
Regulations promulgated pursuant to Code Section&nbsp;409A, including such
Regulations as may be issued after the Effective Date of this Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.11</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Change in Control Benefit&#148; shall have the meaning set forth in Article
5.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.12</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Claimant&#148; shall have the meaning set forth in Section&nbsp;15.1.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.13</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Code&#148; shall mean the Internal Revenue Code of 1986, as it may be amended
from time to time.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.14</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Committee&#148; shall mean the committee described in Article&nbsp;13.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.15</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Company&#148; shall mean CHS Inc., a Minnesota corporation, and any successor
to all or substantially all of the Company&#146;s assets or business.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.16</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Company Contribution Account&#148; shall mean (i)&nbsp;the sum of the
Participant&#146;s Company Contribution Amounts, plus (ii)&nbsp;amounts credited or
debited to the Participant&#146;s Company Contribution Account in accordance
with this Plan, less (iii)&nbsp;all distributions made to the Participant or
his or her Beneficiary pursuant to this Plan that relate to the
Participant&#146;s Company Contribution Account.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.17</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Company Contribution Amount&#148; shall mean, for any one Plan Year, the
amount determined in accordance with Section&nbsp;3.5.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.18</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Company Restoration Matching Account&#148; shall mean (i)&nbsp;the sum of all of a
Participant&#146;s Company Restoration Matching Amounts, plus (ii)&nbsp;amounts
credited or debited to the Participant&#146;s Company Restoration Matching
Account in accordance with this Plan, less (iii)&nbsp;all distributions made to
the Participant or his or her Beneficiary pursuant to this Plan that
relate to the Participant&#146;s Company Restoration Matching Account.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.19</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Company Restoration Matching Amount&#148; shall mean, for any one Plan Year,
the amount determined in accordance with Section&nbsp;3.6.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.20</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Death Benefit&#148; shall mean the benefit set forth in Article&nbsp;9.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.21</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Deduction Limitation&#148; shall mean the limitation on a benefit that may
otherwise be distributable pursuant to the provisions of this Plan, as set
forth in Section&nbsp;17.15.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.22</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Deferral Account&#148; shall mean (i)&nbsp;the sum of all of a Participant&#146;s
Annual Deferral Amounts, plus (ii)&nbsp;amounts credited or debited to the
Participant&#146;s Deferral Account in accordance with this Plan, less (iii)
all distributions made to the Participant or his or her Beneficiary
pursuant to this Plan that relate to his or her Deferral Account.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.23</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Director&#148; shall mean any member of the board of directors of any
Employer.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.24</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Director Fees&#148; shall mean the annual fees earned by a Director from any
Employer, including retainer fees and meetings fees, as compensation for
serving on the board of directors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.25</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Disability&#148; or &#147;Disabled&#148; shall mean that a Participant is (i)&nbsp;unable to
engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less
than 12&nbsp;months, or (ii)&nbsp;by reason of any medically determinable physical
or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-3-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>less than 12&nbsp;months, receiving income replacement benefits for a
period of not less than 3&nbsp;months under an accident or health plan covering employees of the
Participant&#146;s Employer.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.26</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Disability Benefit&#148; shall mean the benefit set forth in Article&nbsp;8.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.27</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Election Form&#148; shall mean the form, which may be in electronic format,
established from time to time by the Committee that a Participant
completes, signs and returns to the Committee to make an election under
the Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.28</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Employee&#148; shall mean a person who is an employee of any Employer.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.29</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Employer(s)&#148; shall mean the Company and/or any of its subsidiaries (now
in existence or hereafter formed or acquired) that have been selected by
the Board to participate in the Plan and have adopted the Plan as a
sponsor.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.30</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;ERISA&#148; shall mean the Employee Retirement Income Security Act of 1974,
as it may be amended from time to time.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.31</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;401(k) Plan&#148; shall mean, with respect to an Employer, a plan qualified
under Code Section 401(a) that contains a cash or deferral arrangement
described in Code Section&nbsp;401(k), adopted by the Employer, as it may be
amended from time to time, or any successor thereto.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.32</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Participant&#148; shall mean any Employee or Director (i)&nbsp;who is selected to
participate in the Plan, (ii)&nbsp;who submits an executed Plan Agreement,
Election Form and Beneficiary Designation Form, which are accepted by the
Committee, and (iii)&nbsp;whose Plan Agreement has not terminated.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.33</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Plan&#148; shall mean the CHS Inc. Deferred Compensation Plan, which shall be
evidenced by this instrument and by each Plan Agreement, as they may be
amended from time to time.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.34</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Plan Agreement&#148; shall mean a written agreement, as may be amended from
time to time, which is entered into by and between an Employer and a
Participant. Each Plan Agreement executed by a Participant and the
Participant&#146;s Employer shall provide for the entire benefit to which such
Participant is entitled under the Plan; should there be more than one Plan
Agreement, the Plan Agreement bearing the latest date of acceptance by the
Employer shall supersede all previous Plan Agreements in their entirety
and shall govern such entitlement. The terms of any Plan Agreement may be
different for any Participant, and any Plan Agreement may provide
additional benefits not set forth in the Plan or limit the benefits
otherwise provided under the Plan; provided, however, that any such
additional benefits or benefit limitations must be agreed to by both the
Employer and the Participant.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.35</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Plan Year&#148; shall mean a period beginning on January 1 of each calendar
year and continuing through December&nbsp;31 of such calendar year. The first
Plan Year for which the Plan shall be in effect shall commence on January
1, 2005.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.36</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Retirement&#148;, &#147;Retire(s)&#148; or &#147;Retired&#148; shall mean, with respect to an
Employee, separation from service with all Employers for any reason other
than a leave of absence, death or Disability on or after the earlier of
the attainment of (a)&nbsp;age sixty-five (65)&nbsp;or (b)&nbsp;age fifty-five (55)&nbsp;with
ten (10)&nbsp;Years of Service; and shall mean with respect to a Director who
is not an Employee, separation from service as a Director with all Employers on or after the attainment of age
sixty (60).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.37</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Retirement Benefit&#148; shall mean the benefit set forth in Article&nbsp;6.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-4-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.38</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Scheduled Distribution&#148; shall mean the distribution set forth in Section&nbsp;4.1.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.39</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Terminate the Plan&#148;, &#147;Termination of the Plan&#148; shall mean a
determination by an Employer&#146;s board of directors that (i)&nbsp;all of its
Participants shall no longer be eligible to participate in the Plan, (ii)
all deferral elections for such Participants shall terminate, and (iii)
such Participants shall no longer be eligible to receive company
contributions under this Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.40</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Termination Benefit&#148; shall mean the benefit set forth in Article&nbsp;7.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.41</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Termination of Employment&#148; shall mean the separation from service with
all Employers, voluntarily or involuntarily, for any reason other than
Retirement, Disability, death or an authorized leave of absence. If a
Participant is both an Employee and a Director, a Termination of
Employment shall occur only upon the termination of the last position
held.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.42</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Trust&#148; shall mean one or more trusts established by the Company in
accordance with Article&nbsp;16.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.43</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Unforeseeable Financial Emergency&#148; shall mean an unanticipated emergency
that is caused by an event beyond the control of the Participant that
would result in severe financial hardship to the Participant resulting
from (i)&nbsp;a sudden and unexpected illness or accident of the Participant,
the Participant&#146;s spouse, or a dependent of the Participant, (ii)&nbsp;a loss
of the Participant&#146;s property due to casualty, or (iii)&nbsp;such other similar
extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Participant, all as determined in the
sole discretion of the Committee.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.44</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Years of Service&#148; shall mean an Employee&#146;s period of service with CHS
Inc. or a related Employer measured in full years. A Participant shall
receive credit for one full year of &#147;Service&#148; for each Plan Year in which
the Participant had at least 1,000 hours of service for a participating
Employer or related Employer.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>ARTICLE 2</B>


<DIV align="center" style="font-size: 10pt"><B>Selection, Enrollment, Eligibility</B></DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Selection by Committee</B>. Participation in the Plan shall be limited to
Directors and, as determined by the Committee in its sole discretion, a
select group of management or highly compensated Employees. From that
group, the Committee shall select, in its sole discretion, those
individuals who may actually participate in this Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Enrollment and Eligibility Requirements; Commencement of Participation</B>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a condition to participation, each Director or selected
Employee who is eligible to participate in the Plan effective as of
the first day of a Plan Year shall complete, execute and return to
the Committee a Plan Agreement, an Election Form and a Beneficiary
Designation Form, prior to the first day of such Plan Year, or such
other earlier deadline
as may be established by the Committee in its sole discretion. In
addition, the Committee shall establish from time to time such other
enrollment requirements as it determines, in its sole discretion,
are necessary.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Director or selected Employee who first becomes eligible to
participate in this Plan after the first day of a Plan Year must
complete these requirements within thirty (30)&nbsp;days after he or she
first becomes eligible to participate in the Plan, or within such
other earlier</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-5-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deadline as may be established by the Committee, in its
sole discretion, in order to participate for that Plan Year. In such
event, such person&#146;s participation in this Plan shall not commence
earlier than the date determined by the Committee pursuant to Section
2.2(c) and such person shall not be permitted to defer under this
Plan any portion of his or her Base Salary, Bonus and/or Director
Fees that are paid with respect to services performed prior to his or
her participation commencement date.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Director or selected Employee who is eligible to
participate in the Plan shall commence participation in the Plan on
the date that the Committee determines, in its sole discretion, that
the Director or Employee has met all enrollment requirements set
forth in this Plan and required by the Committee, including returning
all required documents to the Committee within the specified time
period. Notwithstanding the foregoing, the Committee shall process
such Participant&#146;s deferral election as soon as administratively
practicable after such deferral election is submitted to and accepted
by the Committee.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Director or an Employee fails to meet all requirements
contained in this Section&nbsp;2.2 within the period required, that
Director or Employee shall not be eligible to participate in the Plan
during such Plan Year.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Termination of a Participant&#146;s Eligibility</B>. The Committee shall have the
right, in its sole discretion, to (i)&nbsp;terminate any deferral election the
Participant has made for the remainder of the Plan Year in which the
Committee makes such determination, (ii)&nbsp;prevent the Participant from
making future deferral elections, and/or (iii)&nbsp;take further action that
the Committee deems appropriate. Notwithstanding the foregoing, in the
event of a Termination of the Plan in accordance with Section&nbsp;1.39, the
termination of the affected Participants&#146; eligibility for participation in
the Plan shall not be governed by this Section&nbsp;2.3, but rather shall be
governed by Section&nbsp;1.39 and Section&nbsp;12.1. In the event that a
Participant is no longer eligible to defer compensation under this Plan,
the Participant&#146;s Account Balance shall continue to be governed by the
terms of this Plan until such time as the Participant&#146;s Account Balance is
paid in accordance with the terms of this Plan.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>ARTICLE 3</B>


<DIV align="center" style="font-size: 10pt"><B>Deferral Commitments/Company Contribution Amounts/<BR>
Company Restoration Matching Amounts/ Vesting/Crediting/Taxes</B></DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Minimum Deferrals</B>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Annual Deferral Amount</B>. For each Plan Year, a Participant may
elect to defer, as his or her Annual Deferral Amount, Base Salary,
Bonus and/or Director Fees in the following minimum amounts for each
deferral elected:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Deferral</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Minimum Amount</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Base Salary and/or Bonus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$2,000 aggregate</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Director Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">-6-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Committee determines, in its sole discretion, prior to the
beginning of a Plan Year that a Participant has made an election for
less than the stated minimum amounts, or if no election is made, the
amount deferred shall be zero. If the Committee determines, in its
sole discretion, at any time after the beginning of a Plan Year that
a Participant has deferred less than the stated minimum amounts for
that Plan Year, any amount credited to the Participant&#146;s Account
Balance as the Annual Deferral Amount for that Plan Year shall be
distributed to the Participant within sixty (60)&nbsp;days after the last
day of the Plan Year in which the Committee determination was made.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Short Plan Year</B>. Notwithstanding the foregoing, if a
Participant first becomes a Participant after the first day of a Plan
Year the minimum Annual Deferral Amount shall be an amount equal to
the minimum set forth above, multiplied by a fraction, the numerator
of which is the number of complete months remaining in the Plan Year
and the denominator of which is 12.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Maximum Deferral.</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Annual Deferral Amount</B>. For each Plan Year, a Participant may
elect to defer, as his or her Annual Deferral Amount, Base Salary,
Bonus and/or Director Fees up to the following maximum percentages
for each deferral elected:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>

</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Deferral</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Maximum Percentage</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Base Salary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bonus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Director Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Short Plan Year</B>. Notwithstanding the foregoing, if a
Participant first becomes a Participant after the first day of a Plan
Year, the maximum Annual Deferral Amount shall be limited to the
amount of compensation not yet earned by the Participant as of the
date the Participant submits a Plan Agreement and Election Form to
the Committee for acceptance.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Election to Defer; Effect of Election Form</B>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>First Plan Year</B>. In connection with a Participant&#146;s
commencement of participation in the Plan, the Participant shall make
an irrevocable deferral election for the Plan Year in which the
Participant commences participation in the Plan, along with such
other elections as the Committee deems necessary or desirable under
the Plan. For these elections to be valid, the Election Form must be
completed and signed by the Participant,
timely delivered to the Committee (in accordance with Section&nbsp;2.2
above) and accepted by the Committee.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Subsequent Plan Years</B>. For each succeeding Plan Year, an
irrevocable deferral election for that Plan Year, and such other
elections as the Committee deems necessary or desirable under the
Plan, shall be made by timely delivering a new Election Form to the
Committee, in accordance with its rules and procedures, before the
end of the Plan Year preceding the Plan Year for which the election
is made. If no such Election Form is</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-7-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>timely delivered for a Plan
Year, the Annual Deferral Amount shall be zero for that Plan Year.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Performance-Based Compensation. </B>Notwithstanding the foregoing,
the Committee may, in its sole discretion, determine that an
irrevocable deferral election pertaining to performance-based
compensation may be made by timely delivering a new Election Form to
the Committee, in accordance with its rules and procedures, no later
than six (6)&nbsp;months before the end of the performance service period.
&#147;Performance-based compensation&#148; shall be compensation based on
services performed over a period of at least twelve (12)&nbsp;months, in
accordance with Code Section&nbsp;409A and related guidance.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Withholding and Crediting of Annual Deferral Amounts</B>. For each Plan
Year, the Base Salary portion of the Annual Deferral Amount shall be
withheld from each regularly scheduled Base Salary payroll in equal
amounts, as adjusted from time to time for increases and decreases in Base
Salary. The Bonus and/or Director Fees portion of the Annual Deferral
Amount shall be withheld at the time the Bonus or Director Fees are or
otherwise would be paid to the Participant, whether or not this occurs
during the Plan Year itself. Annual Deferral Amounts shall be credited to
a Participant&#146;s Deferral Account as soon as reasonably practicable
following the time such amounts would otherwise have been paid to the
Participant.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Company Contribution Amount</B>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For each Plan Year, an Employer may be required to credit
amounts to a Participant&#146;s Company Contribution Account in accordance
with employment or other agreements entered into between the
Participant and the Employer. Such amounts shall be credited on the
date or dates prescribed by such agreements.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For each Plan Year, an Employer, in its sole discretion, may,
but is not required to, credit any amount it desires to any
Participant&#146;s Company Contribution Account under this Plan, which
amount shall be for that Participant the Company Contribution Amount
for that Plan Year and shall include any amounts credited in
accordance with Section&nbsp;3.5(a) above. The amount so credited to a
Participant may be smaller or larger than the amount credited to any
other Participant, and the amount credited to any Participant for a
Plan Year may be zero, even though one or more other Participants
receive a Company Contribution Amount for that Plan Year. The
Company Contribution Amount described in this Section&nbsp;3.5(b), if any,
shall be credited on a date or dates to be determined by the
Committee, in its sole discretion.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any provision in this Plan to the contrary,
Company Contribution Amounts may, as applicable, be distributed at
the time or times determined under the
relevant terms of the Company&#146;s plan, agreement or other arrangement
under which such amounts were contributed to this Plan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Company Restoration Matching Amount</B>. A Participant&#146;s Company Restoration
Matching Amount for any Plan Year shall be an amount determined by the
Committee, in its sole discretion, to make up for certain limits
applicable to the 401(k) Plan or other qualified plan for such Plan Year,
as identified by the Committee, or for such other purposes as determined
by the Committee in its sole discretion. The amount so credited to a
Participant under this Plan for any Plan Year (i)&nbsp;may be smaller or larger
than the amount credited to any other Participant, and (ii)</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-8-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may differ
from the amount credited to such Participant in the preceding Plan Year.
The Participant&#146;s Company Restoration Matching Amount, if any, shall be
credited on a date or dates to be determined by the Committee, in its sole
discretion.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Crediting of Amounts after Benefit Distribution</B>. Notwithstanding any
provision in this Plan to the contrary, should the complete distribution
of a Participant&#146;s vested Account Balance occur prior to the date on which
any portion of (i)&nbsp;the Annual Deferral Amount that a Participant has
elected to defer in accordance with Section&nbsp;3.3, (ii)&nbsp;the Company
Contribution Amount, or (iii)&nbsp;the Company Restoration Matching Amount,
would otherwise be credited to the Participant&#146;s Account Balance, such
amounts shall not be credited to the Participant&#146;s Account Balance, but
shall be paid to the Participant in a manner determined by the Committee,
in its sole discretion.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Vesting</B>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant shall at all times be 100% vested in his or her
Deferral Account.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant shall be vested in his or her Company
Contribution Account in accordance with the vesting schedule(s) set
forth in his or her Plan Agreement, employment agreement, any other
agreement entered into between the Participant and his or her
Employer, or as declared by the Committee in its sole discretion. If
not addressed in such agreements or declared by the Committee, a
Participant shall vest in each Company Contribution Amount, plus
amounts credited and debited on such amount, on the anniversary of
the date on which such Company Contribution Amount was credited to
the Company Contribution Account, in accordance with the following
schedule; provided, however, that the Participant must be in the
service of an Employer as an Employee on such anniversary to receive
vesting credit:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Time Elapsed Following Crediting of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Company Contribution Amount</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Vested Percentage</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD align="center"><DIV style="margin-left:10px; text-indent:-10px">Less than 1&nbsp;year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:10px; text-indent:-10px">1&nbsp;year or more, but less than 2&nbsp;years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">33</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="center"><DIV style="margin-left:10px; text-indent:-10px">2&nbsp;years or more, but less than 3&nbsp;years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">66</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:10px; text-indent:-10px">3&nbsp;years or more</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A new vesting schedule shall apply to each Company Contribution
Amount credited to the Participant&#146;s Company Contribution Account.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant shall be vested in his or her Company Restoration
Matching Account only to the extent that the Participant would be
vested in such amounts under the provisions of the 401(k) Plan, as
determined by the Committee in its sole discretion.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything to the contrary contained in this
Section&nbsp;3.8, in the event that, while a Participant is employed by an
Employer or in the service of the Company as a Director, a Change in
Control occurs (whether or not Article&nbsp;5 has been implemented) or the
Participant Retires, dies or becomes Disabled, the Participant&#146;s
Company Contribution Account and Company Restoration Matching Account
shall immediately</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-9-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>become 100% vested (if it is not already vested in
accordance with the above vesting schedules).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding subsection 3.8(d) above, the vesting schedule
for a Participant&#146;s Company Contribution Account and Company
Restoration Matching Account shall not be accelerated upon a Change
in Control to the extent that the Committee determines that such
acceleration would cause the deduction limitations of Section&nbsp;280G of
the Code to become effective. In the event that all of a
Participant&#146;s Company Contribution Account and/or Company Restoration
Matching Account is not vested pursuant to such a determination, the
Participant may request independent verification of the Committee&#146;s
calculations with respect to the application of Section&nbsp;280G. In
such case, the Committee must provide to the Participant within
ninety (90)&nbsp;days of such a request an opinion from a nationally
recognized accounting firm selected by the Participant (the
&#147;Accounting Firm&#148;). The opinion shall state the Accounting Firm&#146;s
opinion that any limitation in the vested percentage hereunder is
necessary to avoid the limits of Section&nbsp;280G and contain supporting
calculations. The cost of such opinion shall be paid for by the
Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;3.8(e) shall not prevent the acceleration of the
vesting schedule applicable to a Participant&#146;s Company Contribution
Account and/or Company Restoration Matching Account if such
Participant is entitled to a &#147;gross-up&#148; payment, to eliminate the
effect of the Code section 4999 excise tax, pursuant to his or her
employment agreement or other agreement entered into between such
Participant and the Employer.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Crediting/Debiting of Account Balances</B>. In accordance with, and subject
to, the rules and procedures that are established from time to time by the
Committee, in its sole discretion, amounts shall be credited or debited to
a Participant&#146;s Account Balance in accordance with the following rules:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Measurement Funds</B>. The Participant may elect one or more of
the measurement funds selected by the Committee, in its sole
discretion, which are based on certain mutual funds or other
collective investment vehicles (the &#147;Measurement Funds&#148;), for the
purpose of crediting or debiting additional amounts to his or her
Account Balance. As necessary, the Committee may, in its sole
discretion, discontinue, substitute or add a Measurement Fund. Each
such action will take effect as of the first day of the first
calendar quarter that begins at least thirty (30)&nbsp;days after the day
on which the Committee gives Participants advance written notice of
such change.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Election of Measurement Funds</B>. A Participant, in connection
with his or her initial deferral election in accordance with Section
3.3(a) above, shall elect, on the Election
Form, one or more Measurement Fund(s) (as described in Section
3.9(a) above) to be used to determine the amounts to be credited or
debited to his or her Account Balance. If a Participant does not
elect any of the Measurement Funds as described in the previous
sentence, the Participant&#146;s Account Balance shall automatically be
allocated into the money market Measurement Fund, as determined by
the Committee from time to time, in its sole discretion. The
Participant may (but is not required to) elect, by submitting an
Election Form to the Committee that is accepted by the Committee, to
add or delete one or more Measurement Fund(s) to be used to
determine the amounts to be credited or debited to his or her
Account Balance, or to change the portion of his or her Account</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-10-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Balance allocated to each previously or newly elected Measurement
Fund. If an election is made in accordance with the previous
sentence, it shall apply as of the first business day deemed
reasonably practicable by the Committee, in its sole discretion, and
shall continue thereafter for each subsequent day in which the
Participant participates in the Plan, unless changed in accordance
with the previous sentence.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Proportionate Allocation</B>. In making any election described in
Section&nbsp;3.9(b) above, the Participant shall specify on the Election
Form, in increments of one percent (1%), the percentage of his or her
Account Balance or Measurement Fund, as applicable, to be
allocated/reallocated.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Crediting or Debiting Method</B>. The performance of each
Measurement Fund (either positive or negative) will be determined on
a daily basis based on the manner in which such Participant&#146;s Account
Balance has been hypothetically allocated among the Measurement Funds
by the Participant.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No Actual Investment</B>. Notwithstanding any other provision of
this Plan that may be interpreted to the contrary, the Measurement
Funds are to be used for measurement purposes only, and a
Participant&#146;s election of any such Measurement Fund, the allocation
of his or her Account Balance thereto, the calculation of additional
amounts and the crediting or debiting of such amounts to a
Participant&#146;s Account Balance shall not be considered or construed in
any manner as an actual investment of his or her Account Balance in
any such Measurement Fund. In the event that the Company or the
Trustee (as that term is defined in the Trust), in its own
discretion, decides to invest funds in any or all of the investments
on which the Measurement Funds are based, no Participant shall have
any rights in or to such investments themselves. Without limiting
the foregoing, a Participant&#146;s Account Balance shall at all times be
a bookkeeping entry only and shall not represent any investment made
on his or her behalf by the Company or the Trust; the Participant
shall at all times remain an unsecured creditor of the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>FICA and Other Taxes</B>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Annual Deferral Amounts</B>. For each Plan Year in which an Annual
Deferral Amount is being withheld from a Participant, the
Participant&#146;s Employer(s) shall withhold from that portion of the
Participant&#146;s Base Salary and/or Bonus that is not being deferred, in
a manner determined by the Employer(s), the Participant&#146;s share of
FICA and other employment taxes on such Annual Deferral Amount. If
necessary, the Committee may reduce the Annual Deferral Amount in
order to comply with this Section&nbsp;3.10.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Company Restoration Matching Account and Company Contribution
Account</B>. When a Participant becomes vested in a portion of his or
her Company Restoration Matching Account and/or Company Contribution
Account, the Participant&#146;s Employer(s) shall withhold from that
portion of the Participant&#146;s Base Salary and/or Bonus that is not
deferred, in a manner determined by the Employer(s), the
Participant&#146;s share of FICA and other employment taxes on such
Company Restoration Matching Amount and/or Company Contribution
Amount. If necessary, the Committee may reduce the vested portion of
the Participant&#146;s Company Restoration Matching Account or Company
Contribution Account, as applicable, in order to comply with this
Section&nbsp;3.10.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-11-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Distributions</B>. The Participant&#146;s Employer(s), or the trustee
of the Trust, shall withhold from any payments made to a Participant
under this Plan all federal, state and local income, employment and
other taxes required to be withheld by the Employer(s), or the
trustee of the Trust, in connection with such payments, in amounts
and in a manner to be determined in the sole discretion of the
Employer(s) and the trustee of the Trust.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>ARTICLE 4</B>


<DIV align="center" style="font-size: 10pt"><B>Scheduled Distribution; Unforeseeable Financial Emergencies</B></DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Scheduled Distribution</B>. In connection with each election to defer an
Annual Deferral Amount, a Participant may irrevocably elect to receive a
Scheduled Distribution, in the form of a lump sum payment, from the Plan
with respect to all or a portion of the Annual Deferral Amount. The
Scheduled Distribution shall be a lump sum payment in an amount that is
equal to the portion of the Annual Deferral Amount the Participant elected
to have distributed as a Scheduled Distribution, plus amounts credited or
debited in the manner provided in Section&nbsp;3.9 above on that amount,
calculated as of the close of business on or around the date on which the
Scheduled Distribution becomes payable, as determined by the Committee in
its sole discretion. Subject to the other terms and conditions of this
Plan, each Scheduled Distribution elected shall be paid out during a sixty
(60)&nbsp;day period commencing immediately after the first day of any Plan
Year designated by the Participant. The Plan Year designated by the
Participant must be at least two (2)&nbsp;Plan Years after the end of the Plan
Year to which the Participant&#146;s deferral election described in Section&nbsp;3.3
relates. By way of example, if a Scheduled Distribution is elected for
Annual Deferral Amounts that are earned in the Plan Year commencing
January&nbsp;1, 2005, the Scheduled Distribution would become payable during a
sixty (60)&nbsp;day period commencing January&nbsp;1, 2008.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Postponing Scheduled Distributions</B>. A Participant may elect to postpone a
Scheduled Distribution described in Section&nbsp;4.1 above, and have such
amount paid out during a sixty (60)&nbsp;day period commencing immediately
after an allowable alternative distribution date designated by the
Participant in accordance with this Section&nbsp;4.2. In order to make this
election, the Participant must submit a new Scheduled Distribution
Election Form to the Committee in accordance with the following criteria:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such Scheduled Distribution Election Form must be submitted to
and accepted by the Committee in its sole discretion at least twelve
(12)&nbsp;months prior to the Participant&#146;s previously designated
Scheduled Distribution Date;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The new Scheduled Distribution Date selected by the Participant
must be the first day of a Plan Year, and must be at least five years
after the previously designated Scheduled Distribution Date;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The election of the new Scheduled Distribution Date shall have
no effect until at least twelve (12)&nbsp;months after the date on which
the election is made;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided, however, a Participant may elect to postpone each Scheduled
Distribution no more than three (3)&nbsp;times.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-12-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Certain Benefits Take Precedence Over Scheduled Distributions</B>. Should a
Benefit Distribution Date occur that triggers a benefit under Articles 5,
7, 8, or 9, any Annual Deferral Amount that is subject to a Scheduled
Distribution election under Section&nbsp;4.1 shall not be paid in accordance
with Section&nbsp;4.1, but shall be paid in accordance with the other
applicable Article. The occurrence of a Benefit Distribution Date that
triggers a Retirement Benefit under Article&nbsp;6 shall not take precedence
over any Annual Deferral Amount that is subject to a Scheduled
Distribution election; such amount(s) shall be paid in accordance with the
applicable Scheduled Distribution election. Notwithstanding the
foregoing, the Committee shall interpret this Section&nbsp;4.3 in a manner that
is consistent with Code Section&nbsp;409A and other applicable tax law,
including but not limited to guidance issued after the effective date of
this Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies</B>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Participant experiences an Unforeseeable Financial
Emergency, the Participant may petition the Committee to suspend
deferrals of Base Salary, Bonus and Director Fees to the extent
deemed necessary by the Committee to satisfy the Unforeseeable
Financial Emergency. If suspension of deferrals is not sufficient to
satisfy the Participant&#146;s Unforeseeable Financial Emergency, or if
suspension of deferrals is not required under Code Section&nbsp;409A and
other applicable tax law, the Participant may further petition the
Committee to receive a partial or full payout from the Plan. The
Participant shall only receive a payout from the Plan to the extent
such payout is deemed necessary by the Committee to satisfy the
Participant&#146;s Unforeseeable Financial Emergency, plus amounts
reasonably necessary to pay taxes reasonably anticipated as a result
of the distribution.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The payout shall not exceed the lesser of (i)&nbsp;the Participant&#146;s
vested Account Balance, calculated as of the close of business on or
around the date on which the amount becomes payable, as determined by
the Committee in its sole discretion, or (ii)&nbsp;the amount necessary to
satisfy the Unforeseeable Financial Emergency, plus amounts
reasonably necessary to pay taxes reasonably anticipated as a result
of the distribution. Notwithstanding the foregoing, a Participant
may not receive a payout from the Plan to
the extent that the Unforeseeable Financial Emergency is or may be
relieved (A)&nbsp;through reimbursement or compensation by insurance or
otherwise, (B)&nbsp;by liquidation of the Participant&#146;s assets, to the
extent the liquidation of such assets would not itself cause severe
financial hardship or (C)&nbsp;by suspension of deferrals under this
Plan, if the Committee, in its sole discretion, determines that
suspension is required by Code Section&nbsp;409A and other applicable tax
law.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Committee, in its sole discretion, approves a
Participant&#146;s petition for suspension, the Participant&#146;s deferrals
under this Plan shall be suspended as of the date of such approval.
If the Committee, in its sole discretion, approves a Participant&#146;s
petition for suspension and payout, the Participant&#146;s deferrals under
this Plan shall be suspended as of the date of such approval and the
Participant shall receive a payout from the Plan within sixty (60)
days of the date of such approval.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, the Committee shall interpret
all provisions relating to suspension and/or payout under this
Section&nbsp;4.4 in a manner that is consistent with Code</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-13-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;Section&nbsp;409A and
other applicable tax law, including but not limited to guidance
issued after the effective date of this Plan.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>ARTICLE 5<BR>
Change in Control Benefit</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Change in Control Benefit</B>. The provisions of this Change in Control
Benefit Article shall not be implemented unless and until the Committee
shall so determine in its discretion, and, upon being implemented, shall
be subject to such conditions and limitations as the Committee may
prescribe from time to time for administrative convenience and to comply
with the provisions of Code Section&nbsp;409A. A Participant, in connection
with his or her commencement of participation in the Plan, shall
irrevocably elect on an Election Form whether to (i)&nbsp;receive a Change in
Control Benefit upon the occurrence of a Change in Control, which shall be
equal to the Participant&#146;s vested Account Balance, calculated as of the
close of business on or around the Participant&#146;s Benefit Distribution
Date, as determined by the Committee in its sole discretion, or (ii)&nbsp;to
have his or her Account Balance remain in the Plan upon the occurrence of
a Change in Control and to have his or her Account Balance remain subject
to the terms and conditions of the Plan. If a Participant does not make
any election with respect to the payment of the Change in Control Benefit,
then such Participant&#146;s Account Balance shall remain in the Plan upon a
Change in Control and shall be subject to the terms and conditions of the
Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment of Change in Control Benefit</B>. The Change in Control Benefit, if
any, shall be paid to the Participant in a lump sum no later than sixty
(60)&nbsp;days after the Participant&#146;s Benefit Distribution Date.
Notwithstanding the foregoing, the Committee shall interpret all
provisions in this Plan relating to a Change in Control Benefit in a
manner that is consistent with Code Section&nbsp;409A and other applicable tax
law, including but not limited to guidance issued after the effective date
of this Plan.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>ARTICLE 6</B>


<DIV align="center" style="font-size: 10pt"><B>Retirement Benefit</B></DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">6.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Retirement Benefit</B>. A Participant who Retires shall receive, as a
Retirement Benefit, his or her vested Account Balance, calculated as of
the close of business on or around the Participant&#146;s Benefit Distribution
Date, as determined by the Committee in its sole discretion.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">6.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment of Retirement Benefit</B>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant, in connection with his or her commencement of
participation in the Plan, shall elect on an Election Form to receive
the Retirement Benefit in a lump sum or pursuant to an Annual
Installment Method of up to ten (10)&nbsp;years. The Participant may
change this election one time by submitting an Election Form to the
Committee in accordance with the following criteria:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such Election Form must be submitted to and
accepted by the Committee in its sole discretion at least
twelve (12)&nbsp;months prior to the Participant&#146;s originally
scheduled Benefit Distribution Date described in Section
1.7(a); and</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-14-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The first Retirement Benefit payment is delayed at
least five (5)&nbsp;years from the Participant&#146;s originally
scheduled Benefit Distribution Date described in Section
1.7(a); and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The election to modify the Retirement Benefit
shall have no effect until at least twelve (12)&nbsp;months after
the date on which the election is made; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, the Committee shall
interpret all provisions relating to changing the Retirement
Benefit election under this Section&nbsp;6.2 in a manner that is
consistent with Code Section&nbsp;409A and other applicable tax law,
including but not limited to guidance issued after the
effective date of this Plan. Accordingly, if a Participant&#146;s
subsequent Retirement Benefit distribution election would
result in the shortening of the length of the Retirement
Benefit payment period (e.g., a Participant changes an existing
distribution election from annual installments to a lump sum
payment; from 10 annual installments to 5 annual installments,
etc.), and the Committee determines such election to be
inconsistent with Code Section&nbsp;409A and other applicable tax
law, the election shall not be effective.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Election Form most recently accepted by the Committee shall
govern the payout of the Retirement Benefit. If a Participant does
not make any election with respect to the payment of the Retirement
Benefit in connection with his or her commencement of participation
in the Plan, then such Participant shall be deemed to have elected
to receive the Retirement Benefit in a lump sum.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The lump sum payment shall be made, or installment payments
shall commence, no later than sixty (60)&nbsp;days after the Participant&#146;s
Benefit Distribution Date. Remaining
installments, if any, shall be paid no later than sixty (60)&nbsp;days
after each anniversary of the Participant&#146;s Benefit Distribution
Date.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>ARTICLE 7</B>


<DIV align="center" style="font-size: 10pt"><B>Termination Benefit</B></DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">7.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Termination Benefit</B>. A Participant who experiences a Termination of
Employment shall receive, as a Termination Benefit, his or her vested
Account Balance, calculated as of the close of business on or around the
Participant&#146;s Benefit Distribution Date, as determined by the Committee in
its sole discretion.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">7.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment of Termination Benefit</B>. The Termination Benefit shall be paid to
the Participant in a lump sum payment no later than sixty (60)&nbsp;days after
the Participant&#146;s Benefit Distribution Date.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-15-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P align="center" style="font-size: 10pt"><B>ARTICLE 8</B>


<DIV align="center" style="font-size: 10pt"><B>Disability Benefit</B></DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">8.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Disability Benefit</B>. Upon a Participant&#146;s Disability, the Participant
shall receive a Disability Benefit, which shall be equal to the
Participant&#146;s vested Account Balance, calculated as of the close of
business on or around the Participant&#146;s Benefit Distribution Date, as
selected by the Committee in its sole discretion.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">8.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment of Disability Benefit</B>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant, in connection with his or her commencement of
participation in the Plan, shall elect on an Election Form to receive
the Disability Benefit in a lump sum or pursuant to an Annual
Installment Method of up to ten (10)&nbsp;years. The Participant may
change this election by submitting an Election Form to the Committee,
provided that any such Election Form is submitted to and accepted by
the Committee in its sole discretion at least twelve (12)&nbsp;months
prior to the Participant&#146;s Disability.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, the Committee shall interpret all
provisions relating to changing the Disability Benefit election
under this Section&nbsp;8.2 in a manner that is consistent with Code
Section&nbsp;409A and other applicable tax law, including but not limited
to guidance issued after the effective date of this Plan.
Accordingly, if a Participant&#146;s subsequent Disability Benefit
distribution election would result in the shortening of the length
of the Disability Benefit payment period (e.g., a Participant
changes an existing distribution election from annual installments
to a lump sum payment; from 5 annual installments to 3 annual
installments, etc.), and the Committee determines such election to
be inconsistent with Code Section&nbsp;409A and other applicable tax law,
the election shall not be effective.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Election Form most recently accepted by the Committee shall
govern the payout of the Disability Benefit. If a Participant does
not make any election with respect to the payment of the Disability
Benefit, then such benefit shall be payable in a lump sum.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The lump sum payment shall be made, or installment payments
shall commence, no later than sixty (60)&nbsp;days after the Participant&#146;s
Benefit Distribution Date. Remaining installments, if any, shall be
paid no later than sixty (60)&nbsp;days after each anniversary of the
Participant&#146;s Benefit Distribution Date.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>ARTICLE 9</B>


<DIV align="center" style="font-size: 10pt"><B>Death Benefit</B></DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">9.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Death Benefit</B>. The Participant&#146;s Beneficiary(ies) shall receive a Death
Benefit upon the Participant&#146;s death which will be equal to the
Participant&#146;s vested Account Balance, calculated as of the close of
business on or around the Participant&#146;s Benefit Distribution Date, as
selected by the Committee in its sole discretion.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-16-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">9.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment of Death Benefit</B>. The Death Benefit shall be paid to the
Participant&#146;s Beneficiary(ies) in a lump sum payment no later than sixty
(60)&nbsp;days after the Participant&#146;s Benefit Distribution Date.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>ARTICLE 10</B>


<DIV align="center" style="font-size: 10pt"><B>Beneficiary Designation</B></DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Beneficiary</B>. Each Participant shall have the right, at any time, to
designate his or her Beneficiary(ies) (both primary as well as contingent)
to receive any benefits payable under the Plan to a beneficiary upon the
death of a Participant. The Beneficiary designated under this Plan may be
the same as or different from the Beneficiary designation under any other
plan of an Employer in which the Participant participates.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Beneficiary Designation; Change; Spousal Consent</B>. A Participant shall
designate his or her Beneficiary by completing and signing the Beneficiary
Designation Form, and returning it to the Committee or its designated
agent. A Participant shall have the right to change a Beneficiary by
completing, signing and otherwise complying with the terms of the
Beneficiary Designation Form and the Committee&#146;s rules and procedures, as
in effect from time to time. If the Participant names someone other than
his or her spouse as a Beneficiary, the Committee may, in its sole
discretion, determine that spousal consent is required to be provided in a
form designated by the Committee, executed by such Participant&#146;s spouse
and returned to the Committee. Upon the acceptance by the Committee of a
new Beneficiary Designation Form, all Beneficiary designations previously
filed shall be canceled. The Committee shall be entitled to rely on the
last Beneficiary Designation Form filed by the Participant and accepted by
the Committee prior to his or her death.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">10.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Acknowledgment</B>. No designation or change in designation of a Beneficiary
shall be effective until received and acknowledged in writing by the
Committee or its designated agent.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">10.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No Beneficiary Designation</B>. If a Participant fails to designate a
Beneficiary as provided in Sections&nbsp;10.1, 10.2 and 10.3 above or, if all
designated Beneficiaries predecease the Participant or die prior to
complete distribution of the Participant&#146;s benefits, then the
Participant&#146;s designated Beneficiary shall be deemed to be his or her
surviving spouse. If the Participant has no surviving spouse, the
benefits remaining under the Plan to be paid to a Beneficiary shall be
payable to the executor or personal representative of the Participant&#146;s
estate.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">10.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Doubt as to Beneficiary</B>. If the Committee has any doubt as to the proper
Beneficiary to receive payments pursuant to this Plan, the Committee shall
have the right, exercisable in its discretion, to cause the Participant&#146;s
Employer to withhold such payments until this matter is resolved to the
Committee&#146;s satisfaction.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">10.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Discharge of Obligations</B>. The payment of benefits under the Plan to a
Beneficiary shall fully and completely discharge all Employers and the
Committee from all further obligations under this Plan with respect to the
Participant, and that Participant&#146;s Plan Agreement shall terminate upon
such full payment of benefits.</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt">-17-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P align="center" style="font-size: 10pt"><B>ARTICLE 11</B>


<DIV align="center" style="font-size: 10pt"><B>Leave of Absence</B></DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">11.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Paid Leave of Absence</B>. If a Participant is authorized by the
Participant&#146;s Employer to take a paid leave of absence from the employment
of the Employer, (i)&nbsp;the Participant shall continue to be considered
eligible for the benefits provided in Articles 4, 5, 6, 7, 8, or 9 in
accordance with the provisions of those Articles, and (ii)&nbsp;the Annual
Deferral Amount shall continue to be withheld during such paid leave of
absence in accordance with Section&nbsp;3.3.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">11.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Unpaid Leave of Absence</B>. If a Participant is authorized by the
Participant&#146;s Employer to take an unpaid leave of absence from the
employment of the Employer for any reason, such Participant shall continue
to be eligible for the benefits provided in Articles 4, 5, 6, 7, 8, or 9
in accordance with the provisions of those Articles. However, the
Participant shall be excused from fulfilling his or her Annual Deferral
Amount commitment that would otherwise have been withheld during the
remainder of the Plan Year in which the unpaid leave of absence is taken.
During the unpaid leave of absence, the Participant shall not be allowed
to make any additional deferral elections. However, if the Participant
returns to employment, the Participant may elect to defer an Annual
Deferral Amount for the Plan Year following his or her return to
employment and for every Plan Year thereafter while a Participant in the
Plan, provided such deferral elections are otherwise allowed and an
Election Form is delivered to and accepted by the Committee for each such
election in accordance with Section&nbsp;3.3 above.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>ARTICLE 12</B>


<DIV align="center" style="font-size: 10pt"><B>Termination of Plan, Amendment or Modification</B></DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">12.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Termination of Plan</B>. Although each Employer anticipates that it will
continue the Plan for an indefinite period of time, there is no guarantee
that any Employer will continue the Plan or will not terminate the Plan at
any time in the future. Accordingly, each Employer reserves the right to
Terminate the Plan (as defined in Section&nbsp;1.39). In the event of a
Termination of the Plan, the Measurement Funds available to Participants
following the Termination of the Plan shall be comparable in number and
type to those Measurement Funds available to Participants in the Plan Year
preceding the Plan Year in which the Termination of the Plan is effective.
Following a Termination of the Plan, Participant Account Balances shall
remain in the Plan until the Participant becomes eligible for the benefits
provided in Articles 4, 5, 6, 7, 8 or 9 in accordance with the provisions
of those Articles. The Termination of the Plan shall not adversely affect
any Participant or Beneficiary who has become entitled to the payment of
any benefits under the Plan as of the date of termination. Provided,
however, to the extent permissible under Code Section&nbsp;409A and related
Treasury Regulations and guidance, including but not limited to such
guidance and Regulations as may be issued after the effective date of this
Plan, if there is a Termination of the Plan with respect to all
Participants, the Company shall have the right, in its sole discretion,
and notwithstanding any elections made by the Participant, to immediately
pay all benefits in a lump sum following such Termination of the Plan.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-18-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">12.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amendment</B>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Employer may, at any time, amend or modify the Plan in
whole or in part with respect to that Employer. Notwithstanding the
foregoing, (i)&nbsp;no amendment shall be effective to decrease the value
of a Participant&#146;s vested Account Balance in existence at the time
the amendment is made, and (ii)&nbsp;no amendment or modification of this
Section&nbsp;12.2 or Section&nbsp;13.2 of the Plan shall be effective<I>. </I>In no
event shall the Company or any Employer be responsible for any
decline in a Participant&#146;s Account Balance as a result of the
selection, discontinuation, addition, substitution, crediting or
debiting of the Measurement Funds pursuant to Section&nbsp;3.9.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any provision of the Plan to the contrary, in
the event that the Company determines that any provision of the Plan
may cause amounts deferred under the Plan to become immediately
taxable to any Participant under Code Section&nbsp;409A, and related
guidance, the Company may (i)&nbsp;adopt such amendments to the Plan and
appropriate policies and procedures, including amendments and
policies with retroactive effect, that the Company determines
necessary or appropriate to preserve the intended tax treatment of
the Plan benefits provided by the Plan and/or (ii)&nbsp;take such other
actions as the Company determines necessary or appropriate to comply
with the requirements of Code Section&nbsp;409A, and related guidance.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">12.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Plan Agreement</B>. Despite the provisions of Sections&nbsp;12.1 and 12.2 above,
if a Participant&#146;s Plan Agreement contains benefits or limitations that
are not in this Plan document, the Employer may only amend or terminate
such provisions with the written consent of the Participant.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">12.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Effect of Payment</B>. The full payment of the Participant&#146;s vested Account
Balance under Articles 4, 5, 6, 7, 8, or 9 of the Plan shall completely
discharge all obligations to a Participant and his or her designated
Beneficiaries under this Plan, and the Participant&#146;s Plan Agreement shall
terminate.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>ARTICLE 13</B>


<DIV align="center" style="font-size: 10pt"><B>Administration</B></DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">13.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Committee Duties</B>. Except as otherwise provided in this Article&nbsp;13, this
Plan shall be administered by a Committee, which shall consist of the
Chief Executive Officer of the Company, or such committee as the Chief
Executive Officer of the Company shall appoint. Members of the Committee
may be Participants under this Plan. The Committee shall also have the
discretion and authority to (i)&nbsp;make, amend, interpret, and enforce all
appropriate rules and regulations for the administration of this Plan, and
(ii)&nbsp;decide or resolve any and all questions including interpretations of
this Plan, as may arise in connection with the Plan. Any individual
serving on the Committee who is a Participant shall not vote or act on any
matter relating solely to himself or herself. When making a determination
or calculation, the Committee shall be entitled to rely on information
furnished by a Participant or the Company.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-19-

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">13.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Administration Upon Change In Control</B>. The provisions of this Section
13.2 shall not apply unless and until Article&nbsp;5 has been implemented and a
Trustee has been appointed. For purposes of this Plan, the Committee
shall be the &#147;Administrator&#148; at all times prior to the occurrence of a
Change in Control. Within one hundred and twenty (120)&nbsp;days following a
Change in Control, an independent third party &#147;Administrator&#148; may be
selected by the individual who, immediately prior to the Change in
Control, was the Company&#146;s Chief Executive Officer or, if not so
identified, the Company&#146;s highest ranking officer (the &#147;Ex-CEO&#148;), and
approved by the Trustee. The Committee, as constituted prior to the
Change in Control, shall continue to be the Administrator until the
earlier of (i)&nbsp;the date on which such independent third party is selected
and approved, or (ii)&nbsp;the expiration of the one hundred and twenty (120)
day period following the Change in Control. If an independent third party
is not selected within one hundred and twenty (120)&nbsp;days of such Change in
Control, the Committee, as described in Section&nbsp;13.1 above, shall be the
Administrator. The Administrator shall have the discretionary power to
determine all questions arising in connection with the administration of
the Plan and the interpretation of the Plan and Trust including, but not
limited to benefit entitlement determinations; provided, however, upon and
after the occurrence of a Change in Control, the Administrator shall have
no power to direct the investment of Plan or Trust assets or select any
investment manager or custodial firm for the Plan or Trust. Upon and
after the occurrence of a Change in Control, the Company must: (1)&nbsp;pay all
reasonable administrative expenses and fees of the Administrator; (2)
indemnify the Administrator against any costs, expenses and liabilities
including, without limitation, attorney&#146;s fees and expenses arising in
connection with the performance of the Administrator hereunder, except
with respect to matters resulting from the gross negligence or willful
misconduct of the Administrator or its employees or agents; and (3)&nbsp;supply
full and timely information to the Administrator on all matters relating
to the Plan, the Trust, the Participants and their Beneficiaries, the
Account Balances of the Participants, the date and circumstances of the
Retirement, Disability, death or Termination of Employment of the
Participants, and such other pertinent information as the Administrator
may reasonably require. Upon and after a Change in Control, the
Administrator may be terminated (and a replacement appointed) by the
Trustee only with the approval of the Ex-CEO. Upon and after a Change in
Control, the Administrator may not be terminated by the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">13.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Agents</B>. In the administration of this Plan, the Committee may, from time
to time, employ agents and delegate to them such administrative duties as
it sees fit (including acting through a duly appointed representative) and
may from time to time consult with counsel who may be counsel to any
Employer.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">13.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Binding Effect of Decisions</B>. The decision or action of the Administrator
with respect to any question arising out of or in connection with the
administration, interpretation and application of the Plan and the rules
and regulations promulgated hereunder shall be final and conclusive and
binding upon all persons having any interest in the Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">13.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Indemnity of Committee</B>. All Employers shall indemnify and hold harmless
the members of the Committee, any Employee to whom the duties of the
Committee may be delegated, and the Administrator against any and all
claims, losses, damages, expenses or liabilities arising from any action
or failure to act with respect to
this Plan, except in the case of willful misconduct by the Committee, any
of its members, any such Employee or the Administrator.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-20-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">13.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Employer Information</B>. To enable the Committee and/or Administrator to
perform its functions, the Company and each Employer shall supply full and
timely information to the Committee and/or Administrator, as the case may
be, on all matters relating to the compensation of its Participants, the
date and circumstances of the Retirement, Disability, death or Termination
of Employment of its Participants, and such other pertinent information as
the Committee or Administrator may reasonably require.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>ARTICLE 14</B>


<DIV align="center" style="font-size: 10pt"><B>Other Benefits and Agreements</B></DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">14.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Coordination with Other Benefits</B>. The benefits provided for a
Participant and Participant&#146;s Beneficiary under the Plan are in addition
to any other benefits available to such Participant under any other plan
or program for employees of the Participant&#146;s Employer. The Plan shall
supplement and shall not supersede, modify or amend any other such plan or
program except as may otherwise be expressly provided.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>ARTICLE 15</B>


<DIV align="center" style="font-size: 10pt"><B>Claims Procedures</B></DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">15.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Presentation of Claim</B>. Any Participant or Beneficiary of a deceased
Participant (such Participant or Beneficiary being referred to below as a
&#147;Claimant&#148;) may deliver to the Committee a written claim for a
determination with respect to the amounts distributable to such Claimant
from the Plan. If such a claim relates to the contents of a notice
received by the Claimant, the claim must be made within sixty (60)&nbsp;days
after such notice was received by the Claimant. All other claims must be
made within 180&nbsp;days of the date on which the event that caused the claim
to arise occurred. The claim must state with particularity the
determination desired by the Claimant.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">15.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notification of Decision</B>. The Committee shall consider a Claimant&#146;s
claim within a reasonable time, but no later than ninety (90)&nbsp;days after
receiving the claim. If the Committee determines that special
circumstances require an extension of time for processing the claim,
written notice of the extension shall be furnished to the Claimant prior
to the termination of the initial ninety (90)&nbsp;day period. In no event
shall such extension exceed a period of ninety (90)&nbsp;days from the end of
the initial period. The extension notice shall indicate the special
circumstances requiring an extension of time and the date by which the
Committee expects to render the benefit determination. The Committee
shall notify the Claimant in writing:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the Claimant&#146;s requested determination has been made, and
that the claim has been allowed in full; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the Committee has reached a conclusion contrary, in whole
or in part, to the Claimant&#146;s requested determination, and such
notice must set forth in a manner calculated to be understood by the
Claimant:</TD>
</TR>


</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the specific reason(s) for the denial of the claim,
or any part of it;</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-21-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>specific reference(s) to pertinent provisions of
the Plan upon which such denial was based;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a description of any additional material or
information necessary for the Claimant to perfect the claim,
and an explanation of why such material or information is
necessary;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an explanation of the claim review procedure set
forth in Section&nbsp;15.3 below; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" nowrap align="right">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a statement of the Claimant&#146;s right to bring a
civil action under ERISA Section 502(a) following an adverse
benefit determination on review.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">15.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Review of a Denied Claim</B>. On or before sixty (60)&nbsp;days after receiving a
notice from the Committee that a claim has been denied, in whole or in
part, a Claimant (or the Claimant&#146;s duly authorized representative) may
file with the Committee a written request for a review of the denial of
the claim. The Claimant (or the Claimant&#146;s duly authorized
representative):</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may, upon request and free of charge, have reasonable access
to, and copies of, all documents, records and other information
relevant to the claim for benefits;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may submit written comments or other documents; and/or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may request a hearing, which the Committee, in its sole
discretion, may grant.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">15.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Decision on Review</B>. The Committee shall render its decision on review
promptly, and no later than sixty (60)&nbsp;days after the Committee receives
the Claimant&#146;s written request for a review of the denial of the claim.
If the Committee determines that special circumstances require an
extension of time for processing the claim, written notice of the
extension shall be furnished to the Claimant prior to the termination of
the initial sixty (60)&nbsp;day period. In no event shall such extension
exceed a period of sixty (60)&nbsp;days from the end of the initial period.
The extension notice shall indicate the special circumstances requiring an
extension of time and the date by which the Committee expects to render
the benefit determination. In rendering its decision, the Committee shall
take into account all comments, documents, records and other information
submitted by the Claimant relating to the claim, without regard to whether
such information was submitted or considered in the initial benefit
determination. The decision must be written in a manner calculated to be
understood by the Claimant, and it must contain:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>specific reasons for the decision;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>specific reference(s) to the pertinent Plan provisions upon
which the decision was based;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a statement that the Claimant is entitled to receive, upon
request and free of charge, reasonable access to and copies of, all
documents, records and other information relevant (as defined in
applicable ERISA regulations) to the Claimant&#146;s claim for benefits;
and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a statement of the Claimant&#146;s right to bring a civil action
under ERISA Section&nbsp;502(a).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">15.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Legal Action</B>. A Claimant&#146;s compliance with the foregoing provisions of
this Article&nbsp;15 is a mandatory prerequisite to a Claimant&#146;s right to
commence any legal action with respect to any claim for benefits under
this Plan.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-22-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">15.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Determinations</B>. Benefits under the Plan will be paid only if the
Committee decides in its discretion that the applicant is entitled to
them. The Committee has discretionary authority to grant or deny benefits
under the Plan. The Committee shall have the sole discretion, authority
and responsibility to interpret and construe this Plan Statement and all
relevant documents and information, and to determine all factual and legal
questions under the Plan, including but not limited to the entitlement of
all persons to benefits and the amounts of their benefits. The Committee
shall make such determinations as may be required from time to time in the
administration of the Plan. The discretionary authority shall include all
matters arising under the Plan.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>ARTICLE 16</B>


<DIV align="center" style="font-size: 10pt"><B>Trust</B></DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">16.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Establishment of the Trust</B>. In order to provide assets from which to
fulfill the obligations of the Participants and their beneficiaries under
the Plan, the Company may establish a trust by a trust agreement with a
third party, the trustee, to which each Employer may, in its discretion,
contribute cash or other property, including securities issued by the
Company, to provide for the benefit payments under the Plan, (the
&#147;Trust&#148;).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">16.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Interrelationship of the Plan and the Trust</B>. The provisions of the Plan
and the Plan Agreement shall govern the rights of a Participant to receive
distributions pursuant to the Plan. The provisions of the Trust shall
govern the rights of the Employers, Participants and the creditors of the
Employers to the assets transferred to the Trust. Each Employer shall at
all times remain liable to carry out its obligations under the Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">16.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Distributions From the Trust</B>. Each Employer&#146;s obligations under the Plan
may be satisfied with Trust assets distributed pursuant to the terms of
the Trust, and any such distribution shall reduce the Employer&#146;s
obligations under this Plan.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>ARTICLE 17</B>


<DIV align="center" style="font-size: 10pt"><B>Miscellaneous</B></DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Status of Plan</B>. The Plan is intended to be a plan that is not qualified
within the meaning of Code Section 401(a) and that &#147;is unfunded and is
maintained by an employer primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated
employees&#148; within the meaning of ERISA Sections&nbsp;201(2), 301(a)(3) and
401(a)(1). The Plan shall be administered and interpreted (i)&nbsp;to the
extent possible in a manner consistent with that intent, and (ii)&nbsp;in
accordance with Code Section&nbsp;409A
and other applicable tax law, including but not limited to Treasury
Regulations promulgated pursuant to Code Section&nbsp;409A.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-23-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Unsecured General Creditor</B>. Participants and their Beneficiaries, heirs,
successors and assigns shall have no legal or equitable rights, interests
or claims in any property or assets of an Employer. For purposes of the
payment of benefits under this Plan, any and all of an Employer&#146;s assets
shall be, and remain, the general, unpledged unrestricted assets of the
Employer. An Employer&#146;s obligation under the Plan shall be merely that of
an unfunded and unsecured promise to pay money in the future.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Employer&#146;s Liability</B>. An Employer&#146;s liability for the payment of
benefits shall be defined only by the Plan and the Plan Agreement, as
entered into between the Employer and a Participant. An Employer shall
have no obligation to a Participant under the Plan except as expressly
provided in the Plan and his or her Plan Agreement.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Nonassignability</B>. Neither a Participant nor any other person shall have
any right to commute, sell, assign, transfer, pledge, anticipate, mortgage
or otherwise encumber, transfer, hypothecate, alienate or convey in
advance of actual receipt, the amounts, if any, payable hereunder, or any
part thereof, which are, and all rights to which are expressly declared to
be, unassignable and non-transferable. No part of the amounts payable
shall, prior to actual payment, be subject to seizure, attachment,
garnishment or sequestration for the payment of any debts, judgments,
alimony or separate maintenance owed by a Participant or any other person,
be transferable by operation of law in the event of a Participant&#146;s or any
other person&#146;s bankruptcy or insolvency or be transferable to a spouse as
a result of a property settlement or otherwise (including without
limitation any domestic relations order, whether or not a &#147;qualified
domestic relations order&#148; under section 414(p) of the Code and section
206(d) of ERISA) before the Account Balance is distributed to the
Participant or Beneficiary.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Not a Contract of Employment</B>. The terms and conditions of this Plan
shall not be deemed to constitute a contract of employment between any
Employer and the Participant. Such employment is hereby acknowledged to
be an &#147;at will&#148; employment relationship that can be terminated at any time
for any reason, or no reason, with or without cause, and with or without
notice, unless expressly provided in a written employment agreement.
Nothing in this Plan shall be deemed to give a Participant the right to be
retained in the service of any Employer, either as an Employee or a
Director, or to interfere with the right of any Employer to discipline or
discharge the Participant at any time.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Furnishing Information</B>. A Participant or his or her Beneficiary will
cooperate with the Committee by furnishing any and all information
requested by the Committee and take such other actions as may be requested
in order to facilitate the administration of the Plan and the payments of
benefits hereunder, including but not limited to taking such physical
examinations as the Committee may deem necessary.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Terms</B>. Whenever any words are used herein in the masculine, they shall
be construed as though they were in the feminine in all cases where they
would so apply; and whenever any words are used herein in the singular or
in the plural, they shall be construed as though they were used in the
plural or the singular, as the case may be, in all cases where they would
so apply.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Captions</B>. The captions of the articles, sections and paragraphs of this
Plan are for convenience only and shall not control or affect the meaning
or construction of any of its provisions.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-24-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Governing Law</B>. Subject to ERISA, the provisions of this Plan shall be
construed and interpreted according to the internal laws of the State of
Minnesota without regard to its conflicts of laws principles.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notice</B>. Any notice or filing required or permitted to be given to the
Committee under this Plan shall be sufficient if in writing and
hand-delivered, or sent by registered or certified mail, to the address
below:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CHS Inc.</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attn: Kevin Newton, Benefits Manager</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5500 Cenex Drive</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Inver Grove Heights, Minnesota 55077</DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such notice shall be deemed given as of the date of delivery or, if
delivery is made by mail, as of the date shown on the postmark on the
receipt for registration or certification.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any notice or filing required or permitted to be given to a Participant
under this Plan shall be sufficient if in writing and hand-delivered, or
sent by mail, to the last known address of the Participant.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.11</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Successors</B>. The provisions of this Plan shall bind and inure to the
benefit of the Participant&#146;s Employer and its successors and assigns and
the Participant and the Participant&#146;s designated Beneficiaries.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.12</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Spouse&#146;s Interest</B>. The interest in the benefits hereunder of a spouse
of a Participant who has predeceased the Participant shall automatically
pass to the Participant and shall not be transferable by such spouse in
any manner, including but not limited to such spouse&#146;s will, nor shall
such interest pass under the laws of intestate succession.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.13</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Validity</B>. In case any provision of this Plan shall be illegal or
invalid for any reason, said illegality or invalidity shall not affect the
remaining parts hereof, but this Plan shall be construed and enforced as
if such illegal or invalid provision had never been inserted herein.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.14</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Incompetent</B>. If the Committee determines in its discretion that a
benefit under this Plan is to be paid to a minor, a person declared
incompetent or to a person incapable of handling the disposition of that
person&#146;s property, the Committee may direct payment of such benefit to the
guardian, legal representative or person having the care and custody of
such minor, incompetent or incapable person. The Committee may require
proof of minority, incompetence, incapacity or guardianship, as it may
deem appropriate prior to distribution of the benefit. Any payment of a
benefit shall be a payment for the account of the Participant and the
Participant&#146;s Beneficiary, as the case may be, and shall be a complete
discharge of any liability under the Plan for such payment amount.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-25-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>CHS Inc.</B><BR>
Deferred Compensation Plan<BR>
<I>Master Plan Document</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.15</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Deduction Limitation on Benefit Payments</B>. An Employer may determine
that as a result of the application of the limitation under Code Section
162(m), a distribution payable to a Participant pursuant to this Plan
would not be deductible by the Employer if such distribution were made at
the time required by the Plan. If an Employer makes such a determination,
then the distribution shall not be paid to the Participant until such time
as the distribution first becomes deductible. The amount of the
distribution shall continue to be adjusted in accordance with Section&nbsp;3.9
above until it is distributed to the Participant. The amount of the
distribution, plus amounts credited or debited thereon, shall be paid to
the Participant or his or her Beneficiary (in the event of the
Participant&#146;s death) at the earliest possible date, as determined by the
Employer, on which the deductibility of compensation paid or payable to
the Participant for the taxable year of the Employer during which the
distribution is made will not be limited by Section&nbsp;162(m).
Notwithstanding the foregoing, the Committee shall interpret this
provision in a manner that is consistent with Code Section&nbsp;409A and other
applicable tax law, including but not limited to guidance issued after the
effective date of this Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.16</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Insurance</B>. The Employers, on their own behalf or on behalf of the
trustee of the Trust, and, in their sole discretion, may apply for and
procure insurance on the life of the Participant, in such amounts and in
such forms as the Trust may choose. The Employers or the trustee of the
Trust, as the case may be, shall be the sole owner and beneficiary of any
such insurance. The Participant shall have no interest whatsoever in any
such policy or policies, and at the request of the Employers shall submit
to medical examinations and supply such information and execute such
documents as may be required by the insurance company or companies to whom
the Employers have applied for insurance.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">IN WITNESS WHEREOF, the
Company has signed this Plan document as of December&nbsp;10, 2004.



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>

    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">CHS Inc., a Minnesota corporation<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000">/s/&nbsp;John
D. Johnson</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000">President
and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">-26-
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>c90331exv4w2.htm
<DESCRIPTION>NEW PLAN PARTICIPANTS 2005 PLAN AGREEMENT AND ELECTION FORM
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt">Exhibit&nbsp;4.2



<P align="center" style="font-size: 10pt"><B>Action Required: Must be
returned by December&nbsp;23, 2004</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>CHS Inc.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><B>New Plan Participants</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><B>2005 Plan Agreement and Election Form</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><B><I>Deferred Compensation Plan</I></B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade width="100%" align="left">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="100%" align="left"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name (Last, First, Middle Initial)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Social Security Number</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">You may use this form to:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indicate the amount of your Base Salary, Bonus and Director Fees that
you wish to defer during the 2005 Plan Year.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Elect to receive a Scheduled Distribution (optional)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Select the form of your Retirement Benefit (required)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Select form of your Disability Benefit payment (required)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Allocate new deferrals and new company contributions among the available investment options.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Deferral Election -</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Please select all that apply; fill in the appropriate blanks with whole</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Employee</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>percentages or whole dollar amounts.</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT> Base Salary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I elect to defer <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> % <B>or </B>$<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> of my Base Salary earned in 2005.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT> Bonus
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I elect to defer <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> % <B>or </B>$<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> of my Bonus earned during the 2005
fiscal year.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT> Non-Participation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I elect not to participate in the 2005 Plan Year.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Deferral Election -</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Please select one box; fill in the appropriate blanks with whole percentages or</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Board of Directors</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>whole dollar amounts.</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT> Director Fees
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I elect to defer <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> % <B>or </B>$<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> of my Director Fees earned in 2005.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT> Non-Participation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I elect not to participate in the 2005 Plan Year.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>You may elect to defer up to a maximum of 30% of Base Salary, 100% of
Bonus, and 100% of Director Fees</I>. <I>The minimum aggregate deferral amount
for Base Salary and/or Bonus is $2,000. There is no minimum deferral
amount for Director Fees. The minimum deferral amounts will be pro-rated
in accordance with the terms of the Plan for any Participant who commences
participation in the Plan after the first day of a Plan Year.</I></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="center" style="font-size: 10pt"><B>Action Required: Must be
returned by December&nbsp;23, 2004</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>CHS Inc.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><B>New Plan Participants</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><B>2005 Plan Agreement and Election Form</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><B><I>Deferred Compensation Plan</I></B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="72%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Optional Scheduled<BR>
Distribution Election*</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Please fill in each blank if you wish to receive a Scheduled Distribution.</B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I irrevocably elect to receive a Scheduled Distribution of my 2005 Annual Deferral Amount, as well as any
investment gains or losses attributable to such amounts, payable within 60&nbsp;days of January&nbsp;1,&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(must be 2008 or later). If you elect to receive a Scheduled Distribution on a date following your
Retirement, the Scheduled Distribution will be paid on the date you have elected above, rather than as part
of your Retirement Benefit.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please state the percentage of the Annual Deferral Amount (and any investment gains or losses) you
would like to receive as a Scheduled Distribution: &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;%.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>If you choose not to elect a Scheduled Distribution, or you elect to receive less than 100% of your
Annual Deferral Amount as a Scheduled Distribution, the remainder of your Annual Deferral Amount, and
any related investment gains or losses, will be paid to you along with the rest of your vested Account
Balance pursuant to the Plan</I>. <I>You may elect to postpone the distribution of a previously designated
Scheduled Distribution, provided (i)&nbsp;you submit a properly completed Scheduled Distribution Change Form
to the Committee at least one year prior to your previously designated Scheduled Distribution date,
(ii)&nbsp;the new Scheduled Distribution date you select is at least five years after your previously
designated Scheduled Distribution date, and (iii)&nbsp;the election of the new Scheduled Distribution date
is not effective until at least one year after the date the election is made. You may postpone each
scheduled distribution no more than three times.</I></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Retirement Benefit<BR>
Distribution Election*</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please select lump sum or annual installments; fill in the number of
years, if necessary.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#120;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I elect to receive a Retirement Benefit in the manner indicated below, to the extent allowed by the Plan
(select one payment option below). This election will apply to all Retirement Benefits.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> A lump sum payment</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> Annual installments for &nbsp;&nbsp;&nbsp;years (up to 10&nbsp;years).</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>After the initial enrollment, you may make a one-time election to change the form of your Retirement
Benefit payment, as long as (i)&nbsp;you submit a properly completed Benefit Distribution Change Form to the
Committee at least one year prior to your Retirement, (ii)&nbsp;your first Retirement Benefit payment is
delayed by at least five years following the date on which such payment would otherwise commence, and
(iii)&nbsp;the election to change the form of your Retirement Benefit payment is not effective until at
least one year after the date the election is made. Please note that if your election to change the
form of your Retirement Benefit payment would result in the shortening of the length of the payment
period of such benefit (e.g., a change from annual installments to a lump sum payment; from 10 annual
installments to 5 annual installments, etc.), and the Committee determines such election to be
inconsistent with applicable tax law, the election will not be effective.</I></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="center" style="font-size: 10pt"><B>Action Required: Must be
returned by December&nbsp;23, 2004</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>CHS Inc.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><B>New Plan Participants</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><B>2005 Plan Agreement and Election Form</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><B><I>Deferred Compensation Plan</I></B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Disability Benefit Distribution Election*</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please select lump sum or annual installments;
fill in the number of years, if necessary.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#120;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I elect to receive a Disability Benefit in the manner indicated below, to the extent allowed by the
Plan (select one payment option below). This election will apply to all Disability Benefits.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> A lump sum payment</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> Annual installments for &nbsp;&nbsp;&nbsp;years (up to 10&nbsp;years).</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>After the initial enrollment, you may elect to change the form of your Disability Benefit payment,
as long as you submit a properly completed Benefit Distribution Change Form to the Committee at least
one year prior to the date on which you become Disabled. Please note that if your election to change
the form of your Disability Benefit payment would result in the shortening of the length of the
payment period of such benefit (e.g., a change from annual installments to a lump sum payment; from 5
annual installments to 3 annual installments, etc.), and the Committee determines such election to be
inconsistent with applicable tax law, the election will not be effective.</I></TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<B>New Deferrals/Contributions<BR>Allocation Election</B></DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please select in whole percentage increments; the total must equal 100%.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">I elect to allocate my new deferrals and new company contributions to the following Measurement Funds:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> Vanguard Prime Money Market Fund
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> Vanguard LifeStrategy Income Fund
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> Vanguard LifeStrategy Conservative Growth Fund
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> Vanguard LifeStrategy Moderate Growth Fund
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> Vanguard LifeStrategy Growth Fund
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
Ten-Year T-Note Fund
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>Action Required: Must be
returned by December&nbsp;23, 2004</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>CHS Inc.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><B>New Plan Participants</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><B>2005 Plan Agreement and Election Form</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><B><I>Deferred Compensation Plan</I></B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Unless otherwise provided in this Agreement, the capitalized terms in this
Agreement shall have the same meaning as under the Plan&#146;s master plan
document (the &#147;Plan Document&#148;) a copy of which has been made available to the
Participant. The Plan Document is hereby incorporated into and made a part
of this Agreement as though set forth in full in this Agreement. The
Participant hereby acknowledges that he or she has read and understands this
Agreement and the Plan Document and as a condition to participation in the
Plan, the Participant must complete, sign, date and return to the Committee
an original copy of this Agreement, various Election Forms as required by the
Committee, and a Beneficiary Designation.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">This Agreement shall inure to the benefit of, and be binding upon the
Employer, its successors and assigns, and the Participant. Subject to ERISA,
the provisions of this Plan shall be construed and interpreted according to
the internal laws of the State of Minnesota without regard to its conflicts
of laws principles.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>ACKNOWLEDGED AND AGREED:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>ACCEPTED:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><HR size="1" noshade width="100%" align="left"></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade width="100%" align="left"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature of Participant
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Date
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For the Committee
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Date</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">4
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>4
<FILENAME>c90331exv4w3.htm
<DESCRIPTION>BENEFICIARY DESIGNATION FORM
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt">Exhibit&nbsp;4.3



<P align="right" style="font-size: 10pt"><U>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>



<DIV align="right" style="font-size: 10pt">Print or Type Employee&#146;s Name</DIV>



<P align="center" style="font-size: 10pt"><B>BENEFICIARY DESIGNATION</B>



<P align="center" style="font-size: 10pt"><B>CHS INC.<BR>
DEFERRED COMPENSATION PLAN</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I, <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>(please print name), hereby
designate my death Beneficiary or Beneficiaries under the Plan, as
follows:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Primary Beneficiary or Beneficiaries</B>. All of my death benefit
shall be paid in equal shares (unless otherwise specified)* to such of
the following persons as survive me:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name** and Address of Person(s) Designated</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Social Security Account Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Relationship to Me</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD valign="top"><HR size="1" noshade><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><HR size="1" noshade><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><HR size="1" noshade><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Alternative Beneficiary or Beneficiaries</B>. If none of the persons
named in Part&nbsp;A above survives me, all of my death benefit shall be
paid in equal shares (unless otherwise specified)* to such of the
following persons as survive me:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name** and Address of Person(s) Designated</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Social Security Account Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Relationship to Me</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD valign="top"><HR size="1" noshade><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><HR size="1" noshade><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><HR size="1" noshade><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>NOTE: If no person qualifies for a particular fractional
share, that share shall be distributed pro rata among the fractional
shares for which one or more persons do qualify.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">**</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>NOTE: A married woman must be designated by her given name and
not by her husband&#146;s name. EXAMPLE: Mary Doe not Mrs.&nbsp;John Doe.</I></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If I have used any of the following terms on this form and I have not
otherwise specifically defined that term, the term shall have the
following meaning: &#147;issue&#148; means all persons who are lineal descendants
of the person whose issue are referred to, including legally adopted
descendants and their descendants; &#147;child&#148; means an issue of the first
generation; &#147;per stirpes&#148; means in equal shares among living children of
the person whose issue are referred to and the issue (taken collectively)
of each deceased child of such person, with such issue taking by right of
representation of such deceased child; and &#147;survive&#148; means living after my
death; provided, however, that if there is not sufficient evidence that a
Beneficiary was living after my death, it shall be deemed that the
Beneficiary was not living after my death. Unless I have otherwise</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>specified in this designation, if a Beneficiary survives me but dies before
receipt of all payments due him or her under the Plan, such remaining
payments shall be payable to his or her estate and not to any other
Beneficiary.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If I designate as a Beneficiary the person who is my spouse on the date
of this designation either by name or by relationship, or both, the
dissolution, annulment or other legal termination of my marriage to such
person shall revoke such designation and this form shall be interpreted as
if such person did not survive me. If I designate any other Beneficiary
both by name and by relationship to me, the description of the
relationship is for identification purposes only and the designation of
the Beneficiary by name will be given effect without regard to whether the
relationship exists now or at my death. Any designation of a Beneficiary
only by statement of relationship to me shall be effective only to
designate the person or persons having such relationship to me at my
death.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any previous Beneficiary designation made by me is hereby revoked. I
reserve the power to change this designation at any time by a form similar
to this both signed by me and received by you prior to my death.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Beneficiary designation shall be effective only if it is both signed
by me and received by you prior to my death.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>, 20 <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">Social Security Number: <U>&nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>&#151;<U>&nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp;</U>&#151;<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><I>Please deliver this form to:</I></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">The above designation was received on</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>, 20<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">CHS Inc.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">CHS INC.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5500 Cenex Drive</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Inver Grove Heights, MN 55007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For the Committee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>(After this designation is received, you will be given a copy of it.)</B>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>c90331exv5w1.htm
<DESCRIPTION>OPINION OF DORSEY & WHITNEY LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt">Exhibit&nbsp;5.1



<P align="center" style="font-size: 10pt">&#091;Dorsey and Whitney LLP Letterhead&#093;



<P align="center" style="font-size: 10pt">December&nbsp;10, 2004



<P align="left" style="font-size: 10pt">CHS Inc.<BR>
5500 Cenex Drive<BR>
Inver Grove Heights, MN 55077


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: Registration Statement on Form&nbsp;S-8


<P align="left" style="font-size: 10pt">Ladies and Gentlemen:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have acted as counsel to CHS Inc., a Minnesota cooperative corporation (the
&#147;Company&#148;), in connection with a Registration Statement on Form S-8 relating to
the registration of the offer and sale by the Company of up to $50,000,000 of
deferred compensation obligations (the &#147;Deferred Compensation Obligations&#148;)
under the CHS Inc. Deferred Compensation Plan (as in effect on the date of this
opinion, the &#147;Plan&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have examined such documents and have reviewed such questions of law as
we have considered necessary and appropriate for the purposes of the 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. We have also
assumed the legal capacity for all purposes relevant hereto of all natural
persons. As to questions of fact material to our opinions, we have relied upon
certificates of officers of the Company and of public officials.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the foregoing, we are of the opinion that the Deferred
Compensation Obligations have been duly authorized by the Company and, when
created in accordance with the terms of the Plan, will be valid and binding
obligations of the Company, except as limited by bankruptcy, insolvency, or
other laws of general application relating to or affecting creditors&#146; remedies
and by general principles of equity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our opinions expressed above are limited to the laws of the State of
Minnesota.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Very truly yours,</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Dorsey &#038; Whitney LLP</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">RKC/CFS



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>6
<FILENAME>c90331exv23w2.htm
<DESCRIPTION>CONSENT OF PRICEWATERHOUSECOOPERS LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="right" style="font-size: 10pt">Exhibit&nbsp;23.2



<P align="center" style="font-size: 10pt"><B>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM CONSENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the incorporation by reference in this Registration
Statement on Form S-8 of our report dated October&nbsp;28, 2004 relating to the
consolidated financial statements of CHS Inc., which appears in CHS
Inc.&#146;s Annual Report on Form 10-K for the year ended August&nbsp;31, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ PricewaterhouseCoopers LLP</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">Minneapolis, Minnesota<BR>
December&nbsp;9, 2004


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>7
<FILENAME>c90331exv23w3.htm
<DESCRIPTION>CONSENT OF DELOITTE & TOUCHE LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt">Exhibit&nbsp;23.3



<P align="center" style="font-size: 10pt"><B>INDEPENDENT
AUDITORS&#146; CONSENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to the incorporation by reference in this Registration
Statement of CHS Inc. on Form S-8 of our report dated June&nbsp;18, 2004 (which
report expresses an unqualified opinion and includes an explanatory paragraph
relating to the adoption of Statement of Financial Accounting Standards No.
142, Goodwill and Other Intangible Assets, in 2002) on the consolidated
financial statements of Ventura Foods, LLC and Subsidiary, appearing in the
Annual Report on Form 10-K of CHS Inc. for the year ended August&nbsp;31, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Deloitte &#038; Touche LLP</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">Los Angeles, California<BR>
December&nbsp;9, 2004


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>8
<FILENAME>c90331exv24w1.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
<HTML>
<HEAD>
<TITLE>exv24w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt">Exhibit&nbsp;24.1



<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below hereby constitutes and appoints each of John D. Johnson, John
Schmitz and David Kastelic his or her true and lawful attorney-in-fact and
agent, with full power to each act without the other, with full power of
substitution and resubstitution, for him or her and in his or her name, place
and stead, in any and all capacities, to sign a Registration Statement on Form
S-8 under the Securities Act of 1933, as amended, and any and all amendments
(including post-effective amendments) thereto, relating to the CHS Inc.
Deferred Compensation Plan and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto each such attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite or necessary
to be done in and about the premises, as fully to all intents and purposes as
he or she might or could do in person, hereby ratifying and confirming all that
each such attorney-in-fact and agent, or his or her substitutes, may lawfully
do or cause to be done by virtue hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, this Power of Attorney has been signed on the 8th day
of December, 2004, by the following persons:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John D. Johnson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
John D. Johnson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(principal executive officer)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD></TD>
<TD></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;/s/
John Schmitz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Chief Financial
Officer</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
John Schmitz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(principal financial officer)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jodell Heller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Controller</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
Jodell Heller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(principal accounting officer)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael Toelle<BR>
<HR size="1" noshade>
Michael Toelle
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board of Directors</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bruce Anderson<BR>
<HR size="1" noshade>
Bruce Anderson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert Bass<BR>
<HR size="1" noshade>
Robert Bass
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ David Bielenberg<BR>
<HR size="1" noshade>
David Bielenberg
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Dennis Carlson<BR>
<HR size="1" noshade>
Dennis Carlson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Curt Eischens<BR>
<HR size="1" noshade>
Curt Eischens
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert Elliott<BR>
<HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert Elliott</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Steve Fritel<BR>
<HR size="1" noshade>
Steve Fritel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert Grabarski<BR>
<HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert Grabarski</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jerry Hasnedl<BR>
<HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jerry Hasnedl</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Glen Keppy<BR>
<HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Glen Keppy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ James Kile<BR>
<HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James Kile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Randy Knecht<BR>
<HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Randy Knecht</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael Mulcahey<BR>
<HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael Mulcahey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard Owen<BR>
<HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard Owen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Duane Stenzel<BR>
<HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Duane Stenzel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Merlin Van Walleghen<BR>
<HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Merlin Van Walleghen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
