CHS Inc.

March 15, 2018 Shirley Cunningham Executive Vice President Ag Business and Enterprise Strategy CHS Inc. (March 15th, 2018)

I am writing in regard to the decision you have shared with me to retire from CHS Inc. ("CHS" or "the Company") and your position as Executive Vice President Ag Business and Enterprise Strategy, effective May 4, 2018. I appreciate and thank you for your strong leadership and many contributions to CHS during your more than five years with the Company. I wish you well as you undertake your retirement and spending more time in Scotland.

[LOGO] Tim Skidmore Chief Financial Officer [LOGO] [LOGO] [LOGO] [LOGO] CONFIDENCE [LOGO] Failing to Recognize Your Flaws Inability to Identify Your Strengths CONFIDENCE 2018 Priorities: Strengthen AND Grow Strengthen Relationships Employee Engagement Owner/Customer Engagement Grow Core Business Equity Management 2018 Priorities: Strengthen and Grow Strengthen Relationships Employee Engagement Owner/Customer Engagement Grow Core Business Sharpen Operational Excellence Safety CHS United Centers of Excellence Finance, Credit Risk Management RESTORE Financial Flexibility Expense Working Capital C (December 8th, 2017)

CHS LONG-TERM INCENTIVE PLAN Master Plan Document (November 9th, 2017)

Our mission at CHS is to improve company profitability and stakeholder value. The CHS Long-Term Incentive Plan (the Plan) is provided to eligible executives and key employees (each a "Participant") who can have influence on long-term business success.

Chs Annual Variable Pay Plan (November 9th, 2017)

CHS is implementing a plan modification to the CHS Annual Variable Pay Plan (the Plan) for fiscal 2017 ("Modification"). This allows for an Award at the threshold performance target to be earned if the Company's fiscal 2017 ROAE is less than the threshold performance target, provided the following enterprise goals ("Modification Goals") are both determined to have been achieved:

CHS LONG TERM INCENTIVE PLAN Plan Appendix (November 9th, 2017)

Chs Long Term Incentive Plan (November 9th, 2017)

*Funded Debt is the average of the funded debt at the beginning of Fiscal Year 2018 and at the end of Fiscal Year 2020, and Equity is the equity at the beginning of Fiscal Year 2018.

SECOND AMENDMENT OF CHS INC. DEFERRED COMPENSATION PLAN (2015 Restatement) (November 9th, 2017)

WHEREAS, CHS Inc. (the "Company") has heretofore established and maintains a nonqualified deferred compensation plan which is currently embodied in an amended and restated document effective May 19, 2015 and entitled "CHS Inc. Deferred Compensation Plan, Master Plan Document (2015 Restatement)" as amended (hereinafter, the "Plan document");

CHS LONG-TERM INCENTIVE PLAN Master Plan Document (November 9th, 2017)

Our mission at CHS is to improve company profitability and stakeholder value. The CHS Long-Term Incentive Plan (the "Plan") is provided to eligible executives and key employees (each a "Participant") who can have influence on long-term business success.

Chs Annual Variable Pay Plan (November 9th, 2017)

The purpose of the CHS Annual Variable Pay Plan (the Plan) is to provide a direct financial incentive for eligible employees (each a "Participant") who contribute to the achievement of company and business unit financial goals, as well as individual employee performance goals that are aligned with organizational priorities and CHS Leadership Expectations.

Omnibus Amendment No. 2 (November 9th, 2017)

This OMNIBUS AMENDMENT NO. 2, dated as of July 18, 2017 (this "Amendment"), is entered into by and among COFINA FUNDING, LLC, a Delaware limited liability company, as seller (the "Seller"), CHS INC. ("CHS"), a Minnesota corporation, as Servicer (in such capacity, the "Servicer") and as an Originator, CHS CAPITAL, LLC, as an Originator (together with CHS, the "Originators"), the CONDUIT PURCHASERS, COMMITTED PURCHASERS and PURCHASER AGENTS set forth on the signature pages hereto, THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as administrative agent (in such capacity, the "Administrative Agent") and U.S. BANK NATIONAL ASSOCIATION, as custodian (the "Custodian"), and is (i) the second amendment to the Custodian Agreement (as defined below) and (ii) the second amendment to the Sale Agreement (as defined below).

CHS LONG TERM INCENTIVE PLAN Plan Appendix (November 9th, 2017)

Chs Annual Variable Pay Plan (November 9th, 2017)

ROAE is a measurement of company profitability and is calculated by dividing adjusted net income (earnings) by adjusted equity. To determine the equity and earnings adjustments, CHS subtracts preferred stock dividends from earnings, and reduces equity by the amount of preferred stock on the balance sheet.

Chs Strategic Leadership Team Retention Award Document (November 9th, 2017)

The purpose of the Strategic Leadership Team (SLT) Retention Award (the Award) is to preserve key leadership continuity and bench strength and a competitive compensation position to the external market.

CHS LONG TERM INCENTIVE PLAN Plan Appendix (November 9th, 2017)

CHS LONG TERM INCENTIVE PLAN Plan Appendix (November 9th, 2017)

CHS LONG-TERM INCENTIVE PLAN Master Plan Document (November 9th, 2017)

Our mission at CHS is to improve company profitability and shareholder value. The CHS Long-Term Incentive Plan (the Plan) is provided to eligible executives and key employees (each a "Participant") who can have influence on long-term business success.

Reaffirmation of Performance Guaranty (November 9th, 2017)

In connection with the execution and delivery of (i) that certain Receivables Financing Agreement, dated as of July 22, 2016, by and among the Seller, the Servicer, the Conduit Purchasers, Committed Purchasers and Purchaser Agents party thereto, and the Administrative Agent (as previously amended, supplemented or otherwise modified, the "Existing RFA") and (ii) the Sale and Contribution Agreement, dated as of July 22, 2016 (as previously amended, supplemented or otherwise modified from time to time, the "Sale Agreement"), by and between CHS Inc. ("CHS"), as an Originator, CHS Capital, LLC ("CHS Capital" and, together with CHS and any Person who hereafter becomes a party to the Sale Agreement in the capacity of an "Originator", the "Originators" and each an "Originator"), as an Originator, and the Seller, CHS Inc. (the "Performance Guarantor"), executed and delivered that certain Performance Guaranty, dated as of July 22, 2016, in favor of the Administrative Agent (the "Performance Guar

AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT Dated as of July 18, 2017 Among CHS INC., Individually and as Servicer, COFINA FUNDING, LLC, as Seller, THE VARIOUS CONDUIT PURCHASERS, COMMITTED PURCHASERS, AND PURCHASER AGENTS FROM TIME TO TIME PARTY HERETO, and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as Administrative Agent (November 9th, 2017)

This AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT, dated as of July 18, 2017 (this "Agreement"), is among CHS INC., a Minnesota corporation ("CHS"), individually and as initial Servicer, COFINA FUNDING, LLC, a Delaware limited liability company ("Seller"), the various CONDUIT PURCHASERS, COMMITTED PURCHASERS and PURCHASER AGENTS from time to time party hereto, and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH ("BTMU"), as administrative agent on behalf of the Affected Parties (in such capacity, together with its successors and assigns in such capacity, the "Administrative Agent").

Loan Origination and Participation Agreement (July 14th, 2017)

THIS SECOND AMENDMENT TO AMENDED AND RESTATED LOAN ORIGINATION AND PARTICIPATION AGREEMENT ("Second Amendment") is made and entered into as of this 22nd day of March, 2016, by and between AgStar Financial Services, PCA, d/b/a ProPartners Financial ("ProPartners"), and CHS Capital, LLC, formerly known as Cofina Financial, LLC ("CHS").

Loan Origination and Participation Agreement (July 14th, 2017)

THIS THIRD AMENDMENT TO AMENDED AND RESTATED LOAN ORIGINATION AND PARTICIPATION AGREEMENT ("Third Amendment") is made and entered into as of this 20th day of May, 2016, by and between AgStar Financial Services, PCA, d/b/a ProPartners Financial ("ProPartners"), and CHS Capital, LLC, formerly known as Cofina Financial, LLC ("CHS").

Loan Origination and Participation Agreement (July 14th, 2017)

THIS FOURTH AMENDMENT TO AMENDED AND RESTATED LOAN ORIGINATION AND PARTICIPATION AGREEMENT ("Fourth Amendment") is made and entered into as of this 7th day of April, 2017, by and between AgStar Financial Services, PCA, d/b/a ProPartners Financial ("ProPartners"), and CHS Capital, LLC, formerly known as Cofina Financial, LLC ("CHS").

Separation Agreement (May 22nd, 2017)

THIS SEPARATION AGREEMENT (the Agreement) is made as of this 22nd day of May, 2017, by and between Carl M. Casale (Executive) and CHS Inc. (the Company; individually, each of the parties is referred to herein as a Party; collectively, the parties are referred to herein as the Parties).

Employment Agreement (May 22nd, 2017)

THIS AGREEMENT (the Agreement) is made and entered into as of the May 22, 2017 (the Effective Date), by and between CHS Inc. (the Company) and Jay D. Debertin (Executive) (each hereinafter referred to as a party and collectively as the parties).

Omnibus Amendment No. 1 (February 15th, 2017)

This OMNIBUS AMENDMENT NO. 1, dated as of February 14, 2017 (this "Amendment"), is entered into by and among COFINA FUNDING, LLC, a Delaware limited liability company, as seller (the "Seller"), CHS INC. ("CHS"), a Minnesota corporation, as Servicer (in such capacity, the "Servicer") and as an Originator, CHS CAPITAL, LLC, as an Originator (together with CHS, the "Originators"), the CONDUIT PURCHASERS, COMMITTED PURCHASERS and PURCHASER AGENTS set forth on the signature pages hereto, THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as administrative agent (in such capacity, the "Administrative Agent") and U.S. BANK NATIONAL ASSOCIATION, as custodian (the "Custodian"), and is (i) the first amendment to the RFA (as defined below) and (ii) the first amendment to the Custodian Agreement (as defined below).

Power of Attorney (January 27th, 2017)

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints each of Carl M. Casale, Timothy Skidmore and James Zappa his 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 and in his name, place and stead, in any and all capacities, to sign a Registration Statement on Form S-1 under the Securities Act of 1933, as amended, and any and all amendments (including post-effective amendments) 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 might or could do in person, hereby ratifying and confirming all that each such attorney-i

RECEIVABLES FINANCING AGREEMENT Dated as of July 22, 2016 Among CHS INC., Individually and as Servicer, COFINA FUNDING, LLC, as Seller, THE VARIOUS CONDUIT PURCHASERS, COMMITTED PURCHASERS, AND PURCHASER AGENTS FROM TIME TO TIME PARTY HERETO, and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as Administrative Agent (November 3rd, 2016)

This RECEIVABLES FINANCING AGREEMENT, dated as of July 22, 2016 (this "Agreement"), is among CHS INC., a Minnesota corporation ("CHS"), individually and as initial Servicer, COFINA FUNDING, LLC, a Delaware limited liability company ("Seller"), the various CONDUIT PURCHASERS, COMMITTED PURCHASERS and PURCHASER AGENTS from time to time party hereto, and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH ("BTMU"), as administrative agent on behalf of the Affected Parties (in such capacity, together with its successors and assigns in such capacity, the "Administrative Agent").

Payoff and Termination Agreement (November 3rd, 2016)

THIS PAYOFF AND TERMINATION AGREEMENT, dated as of July 22, 2016 (this "Payoff and Termination"), is entered into by and among COFINA FUNDING, LLC ("Cofina"), CHS INC. ("CHS"), CHS CAPITAL, LLC (f/k/a Cofina Financial, LLC) ("CHS Capital"), NIEUW AMSTERDAM RECEIVABLES CORPORATION B.V. ("Nieuw Amsterdam"), COOPERATIEVE RABOBANK U.A. ("Rabobank"), VICTORY RECEIVABLES CORPORATION ("Victory"), THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH ("BTMU") and U.S. BANK NATIONAL ASSOCIATION ("USB"), as trustee (in such capacity, the "Trustee") and as custodian (in such capacity, the "Custodian"). Capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the Indenture (as defined below).

SALE AND CONTRIBUTION AGREEMENT Dated as of July 22, 2016 Among (November 3rd, 2016)

THIS SALE AND CONTRIBUTION AGREEMENT, dated as of July 22, 2016 (this "Agreement"), is among CHS INC., a Minnesota corporation ("CHS"), as an originator, CHS CAPITAL, LLC ("CHS Capital"), a Minnesota limited liability company, as an originator (CHS and CHS Capital are referred to herein, individually, as an "Originator" and, collectively, as the "Originators"), and COFINA FUNDING, LLC, a Delaware limited liability company (the "Company").

AMENDMENT NO. 1 TO THE CHS INC. SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (2013 Restatement) (November 3rd, 2016)

CHS Inc., pursuant to the power of amendment reserved to it in Section 7.1 of the CHS Inc. Supplemental Executive Retirement Plan ("Plan"), hereby amends the Plan in the manner set forth below effective as of the date executed below.

AMENDMENT NO. 2 TO THE CHS INC. SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (2013 Restatement) (July 7th, 2016)

CHS Inc., pursuant to the power of amendment reserved to it in Section 7.1 of the CHS Inc. Supplemental Executive Retirement Plan ("Plan"), hereby amends the Plan in the manner set forth below effective as of the date executed below.

FIRST AMENDMENT OF CHS INC. DEFERRED COMPENSATION PLAN (2015 Restatement) (July 7th, 2016)

WHEREAS, CHS Inc. (the "Company") has heretofore established and maintains a nonqualified deferred compensation plan which is currently embodied in an amended and restated document effective May 19, 2015 and entitled "CHS Inc. Deferred Compensation Plan, Master Plan Document (2015 Restatement)" (hereinafter, the "Plan document");

EXECUTION VERSION FIRST AMENDMENT TO CREDIT AGREEMENT This First Amendment to Credit Agreement (This "First Amendment") Is Entered Into as of June 30, 2016, and Effective in Accordance With Section 2 Below, by and Among COBANK, ACB ("CoBank") for Its Own Benefit as a Syndication Party, and as the Administrative Agent for the Benefit of the Present and Future Syndication Parties (In That Capacity, "Administrative Agent"), the Syndication Parties Party Hereto, and CHS INC., a Cooperative Corporation Formed Under the Laws of the State of Minnesota, Whose Address Is 5500 Cenex Drive, Inver Grove H (July 7th, 2016)

Change in Control Agreement (April 11th, 2016)

THIS AGREEMENT, is hereby entered into on April 7, 2016 and is effective as of September 1, 2016 (the "Effective Date"), by and between CHS Inc., a Minnesota limited liability company (the "Company"), and Carl M. Casale (the "Executive").

Power of Attorney (January 25th, 2016)

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints each of Carl M. Casale, Timothy N. Skidmore, and Theresa M. Egan 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-1 under the Securities Act of 1933, as amended, and any and all amendments (including post-effective amendments) 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 conf

Execution Version CHS INC. MASTER NOTE PURCHASE AGREEMENT DATED AS OF JANUARY 14, 2016 $152,000,000 SERIES S SENIOR NOTES DUE JANUARY 25, 2023 $150,000,000 SERIES T SENIOR NOTES DUE JANUARY 25, 2025 $58,000,000 SERIES U SENIOR NOTES DUE JANUARY 25, 2027 $95,000,000 SERIES v SENIOR NOTES DUE JANUARY 25, 2028 $100,000,000 SERIES W SENIOR NOTES DUE JANUARY 25, 2031 $125,000,000 SERIES X SENIOR NOTES DUE JANUARY 25, 2036 DB1/ 84912103.8 (January 21st, 2016)