CHS Inc.
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

	Three Months Ended
	November 30,						Years Ended August 31,
(in thousands)	2005			2004			2005			2004			2003			2002			2001
EARNINGS:
Income before income taxes	$	174,845		$	23,023		$	297,260		$	256,703		$	145,104		$	147,873		$	155,246
ADD:
Minority interests		32,161			8,189			47,736			33,830			21,950			15,390			35,098
Fixed charges, as shown below		17,588			16,068			81,048			70,370			66,305			57,813			77,267
Redemptions received from equity method investees		3,533			22,520			74,231			65,158			35,939			37,689			30,104
Redemptions received from cooperatives and other investments		1,175			983			4,152			9,481			8,467			6,310			1,672
SUBTRACT:
Equity in income of investees		(9,177	)		(16,683	)		(95,742	)		(79,022	)		(47,299	)		(58,133	)		(28,494	)
Noncash patronage refunds		(251	)		(221	)		(3,060	)		(4,986	)		(1,795	)		(2,327	)		(3,896	)
Interest capitalized		(1,648	)		(863	)		(6,836	)		(2,817	)		(3,905	)		(2,105	)		(1,244	)
EARNINGS AS ADJUSTED	$	218,226		$	53,016		$	398,789		$	348,717		$	224,766		$	202,510		$	265,753
FIXED CHARGES:
Interest	$	13,524		$	12,456		$	64,875		$	54,441		$	52,580		$	44,560		$	62,680
Amortization of debt costs expensed or capitalized		941			1,086			4,569			3,971			3,162			3,030			2,747
Appropriate portion (1/3) of rent expense		3,123			2,526			11,604			11,958			10,563			10,223			11,840
TOTAL FIXED CHARGES		17,588			16,068			81,048			70,370			66,305			57,813			77,267
PREFERRED DIVIDEND FACTOR:		2,842			2,426			10,815			9,339			5,539			276			—
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS	$	20,430		$	18,494		$	91,863		$	79,709		$	71,844		$	58,089		$	77,267
RATIO		10.7	x		2.9	x		4.3	x		4.4	x		3.1	x		3.5	x		3.4	x