CENEX HARVEST STATES COOPERATIVES
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

	Three Months Ended November 30,						Years Ended August 31,												Three Months Ended August 31,			Year Ended May 31,
	2002			2001			2002			2001			2000			1999			1998			1998
	(in thousands)
EARNINGS:
Income before income taxes	$	45,862		$	47,578		$	144,838		$	152,954		$	91,268		$	92,980		$	18,831		$	196,916
ADD:
Minority interests		5,431			3,036			15,390			35,098			24,546			10,017			3,252			6,880
Fixed charges, as shown below		16,825			14,372			57,647			77,267			75,085			56,221			15,963			47,532
Redemptions received from equity method investees		15,313			14,092			37,689			30,104			41,250			8,829			360			12,686
Redemptions received from cooperatives and other investments		1,713			1,328			6,310			1,672			2,638			2,412			31			17,247
SUBTRACT:
Equity in income of investees		(8,165	)		(3,942	)		(58,133	)		(28,494	)		(28,325	)		(22,363	)		9,142			(8,381)
Noncash patronage refunds		(184	)		(766	)		(2,327	)		(3,896	)		(6,825	)		(4,848	)		(9,305	)		(61,732)
Interest capitalized		(530	)		(350	)		(2,105	)		(1,244	)		(2,709	)		(1,733	)		(439	)		(1,838)
EARNINGS AS ADJUSTED	$	76,265		$	75,348		$	199,309		$	263,461		$	196,928		$	141,515		$	37,835		$	209,310
FIXED CHARGES:
Interest	$	13,343		$	11,165		$	44,560		$	62,680		$	60,275		$	44,171		$	12,749		$	36,459
Amortization of debt costs expensed or capitalized		736			692			3,030			2,747			2,116			2,131			344			899
Appropriate portion (1/3) of rent expense		2,746			2,514			10,057			11,840			12,694			9,919			2,870			10,174
TOTAL FIXED CHARGES		16,825			14,371			57,647			77,267			75,085			56,221			15,963			47,532
PREFERRED DIVIDEND FACTOR:		211			—			276			—			—			—			—			—
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS	$	17,036		$	14,371		$	57,923		$	77,267		$	75,085		$	56,221		$	15,963		$	47,532
RATIO		4.5x			5.2x			3.4x			3.4x			2.6x			2.5x			2.4x			4.4x