1. Joint Ventures with International Partners November 7, 2005

2. CHS Inc. Who Are We? Farmer Owned Cooperative $12 Billion in Sales 5,700 Employees Domestic and International Business

3. History of Joint Venture Ventura Foods Holsum Foods (CHS) - Oil Based Foods - Acquisitions - 100% Owned Wilsey Foods (Mitsui) - Oil Based Foods - Acquisitions - Large Customer of (CHS) Duplication Synergy Potential

4. 1 st Joint Venture Tasks CEO to CEO Reason for Joint Venture – Vision - National (Size and Scale) Agree on Basic Issues - Governance - Ownership

5. Formation of Joint Venture Open Communications Mutual Benefit Trust Between Partners

6. Hurdles to Overcome Beyond Business Culture US Farmer Owned Cooperative Global Japanese Corporation 50/50 Partnership Board Trip to Tokyo, Japan

7. Completed Deal August 1996 $350 Million Sales $8.5 Million Profits

8. TODAY $1.2 Billion Sales $60-70 Million Profits

9. Excellent Results Relationship Strong Platform for CHS Food Business

10. United Harvest CHS / Mitsui

11. Grain Export Joint Venture Vancouver / Kalama - PNW - Rail - Shuttles

12. Mitsui Brought Terminal Global Customers

13. CHS Brought Terminal Grain Origination Terminal Transportation Expertise

14. Objections Terminal Efficiencies Origination / Export Partnership Financial Reasons

15. International Partners Similar to Domestic Common Objectives Open Communication Trust Between Partners Respect of Cultures

16. Thank You!