Document:

Exhibit

Exhibit 10.12E
AMENDMENT NO. 5 
TO 
NOTE PURCHASE AND PRIVATE  SHELF AGREEMENT

THIS   AMENDMENT   No.   5   TO   NOTE   PURCHASE AND   PRIVATE SHELF AGREEMENT, dated as of December 21, 2012 (this "Amendment"), is made to the  Note Purchase and Private Shelf Agreement dated as of April 13, 2004 (as amended pursuant to Amendment No. 1 to Note  Purchase and Private Shelf Agreement dated  as of April 9, 2007, Amendment No. 2 to Note Purchase and Private Shelf Agreement dated as of January 18, 2008, Amendment No. 3  to  Note  Purchase  and  Private  Shelf  Agreement  effective  as  of November 1, 2010 and Amendment No. 4 to Note Purchase and Private Shelf Agreement dated as of June 9, 2011, the "Note Agreement") among CHS Inc. (formerly known as Cenex Harvest States Cooperatives), a nonstock agricultural cooperative organized under the laws of the State of Minnesota (the "Company"), on one hand, and Prudential Investment Management, Inc., ("Prudential"), The Prudential Insurance Company of America, Pruco Life Insurance Company, Prudential Retirement Insurance and Annuity Company, Modem Woodmen of America and each Prudential Affiliate which becomes party thereto in accordance with the terms of such agreement, on the other hand. The amendments to the Note Agreement made pursuant to this Amendment shall be effective as of the time determined in accordance with in Section 9 below.

WHEREAS, the Company has requested that the holders of the Notes agree to certain amendments to the Note Agreement as set forth below; and

WHEREAS, the Company and holders of the Notes signing this Amendment desire to amend the Note Agreement as set forth below.

NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, including the mutual promises and agreements contained herein,  the  parties hereto hereby agree as follows:

1.Definitions. Capitalized terms used herein without definition shall have the definition given to them in the Note Agreement if defined therein.

2.Uncommitted Facility. The Company and Prudential expressly agree and acknowledge that, as of the date hereof, and after giving effect to the amendments to the Note Agreement made by this Amendment, (i) the Available Facility Amount is $300,000,000 and (ii) CHS Exposure is $265,300,000, including $20,000,000 aggregate principal  amount  of notes to be purchased from Hartford Financial in early January, 2013 (the "Harford  Purchase"). Therefore, as of the date hereof, and giving pro forma effect to the Hartford Purchase, the maximum aggregate principal amount of Shelf Notes the Company may request is $184,700,000. NOTWITHSTANDING THE FOREGOING, THIS AMENDMENT AND THE NOTE AGREEMENT HAVE BEEN ENTERED INTO ON THE EXPRESS UNDERSTANDING THAT NEITHER PRUDENTIAL NOR ANY PRUDENTIAL AFFILIATE SHALL BE OBLIGED TO MAKE OR ACCEPT OFFERS TO PURCHASE SHELF NOTES,  OR TO QUOTE RATES, SPREADS OR OTHER TERMS WITH RESPECT TO SPECIFIC PURCHASES  OF  SHELF  NOTES,  AND  THE  FACILITY  SHALL  IN  NO  WAY  BE CONSTRUED  AS  A  COMMITMENT   BY  PRUDENTIAL   OR  ANY  PRUDENTIAL AFFILIATE.

3.      Facility Amount.   The cover page of the Note Agreement and paragraph  IB of the Note Agreement are each amended to change the amount  of  "$150,000,000"  appearing thereto to the amount of "$450,000,000".

4.        Amendment to Paragraph 2B(l). Paragraph 2B(l) of the Note Agreement is renumbered as paragraph 2B(l )(i) and is amended and restated in its entirety to read as set forth below, and new paragraph 2B(l)(ii) is added to the Note Agreement, such paragraph 2B(l )(ii) to read as set forth below:

"2B(l)(i). Facility. Prudential is  willing  to  consider,  in  its  sole discretion and within limits which may be authorized for purchase by Prudential Affiliates from time to time, the purchase of Shelf Notes pursuant to this Agreement. The willingness of Prudential to consider such purchase of  Shelf Notes is herein called the "Facility". At any time (without limiting paragraph 2B(l)(ii)), the "Available Facility Amount" shall mean $450,000,000, minus the aggregate outstanding and unpaid principal amount of the Shelf Notes on the Amendment No. 5 Effective Date (which the Company and Prudential acknowledge and agree was $150,000,000), minus the aggregate outstanding and unpaid principal amount of Shelf Notes purchased and sold pursuant to this Agreement after the Amendment No. 5 Effective Date and prior to such time, minus the aggregate principal amount of Accepted Notes (as hereinafter defined) which have not yet been purchased and sold hereunder prior to such time. NOTWITHSTANDING THE WILLINGNESS OF PRUDENTIAL TO CONSIDER PURCHASES OF SHELF NOTES BY PRUDENTIAL AFFILIATES, THIS AGREEMENT IS ENTERED  INTO  ON  THE EXPRESS UNDERSTANDING  THAT  NEITHER  PRUDENTIAL  NOR ANY PRUDENTIAL AFFILIATE SHALL  BE  OBLIGATED  TO  MAKE OR ACCEPT OFFERS  TO PURCHASE SHELF NOTES, OR TO QUOTE RATES, SPREADS OR OTHER TERMS WITH RESPECT TO SPECIFIC PURCHASES OF SHELF NOTES, AND THE FACILITY SHALL IN NO WAY BE CONSTRUED AS A COMMITMENT BY PRUDENTIAL  OR ANY PRUDENTIAL  AFFILIATE.

2B(l)(ii).  Limitation  on  Facility.  Notwithstanding  anything  in paragraph 2B(l )(i), the Company may not request the issuance of Shelf Notes, and neither Prudential nor any other Prudential Affiliate shall be required to purchase Shelf Notes pursuant to the Facility if, after the issuance of such Shelf Notes, the aggregate amount of the CHS Exposure would exceed $450,000,000."

5.Amendment to Paragraph 2B(2). Paragraph 2B(2) of the Note Agreement is amended to delete in its entirety clause (i) thereof and to substitute therefor the following: "(i) December 21, 2015,".

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6.Amendment to Paragraph 10B. Paragraph l OB of the Note Agreement is amended by adding the following definitions thereto in proper alphabetical location:

"Amendment No. 5 Effective Date" shall mean the "Effective Date", as defined in Amendment No. 5 to this Agreement.

"CHS Exposure" means, at any time, the aggregate principal amount of
(i) Notes outstanding at such time held by Prudential Affiliates,  (ii) Accepted Notes which Prudential Affiliates have agreed to purchase  but  which have not been purchased at such time, and (iii) any other Debt of the Company or any of its Subsidiaries owed to any Prudential Affiliates.

7.Structuring Fee. In consideration of the time, effort and expense involved in the preparation, negotiation and execution of this Amendment, at the time of the execution and delivery of this Amendment by the Company, Prudential and the Required Holders, the Company will pay to Prudential or at the direction of Prudential by wire transfer of immediately available funds a structuring fee in the amount of $50,000.00.

8.Company Representations. The Company hereby represents and warrants that this Amendment has been duly authorized, executed and delivered by it and all necessary or required consents to and approvals of this Amendment  have been obtained and are in full force and effect, and that, both  before and after giving effect to this Amendment, (a) each representation and warranty set forth in paragraph 8 of the Note Agreement is true and correct as of the date of execution and delivery of this Amendment by the Company with the same effect as if made on such date (except to the extent such representations and warranties expressly refer to an earlier date, in which case they were true  and correct as of such earlier date), and  (b) no Default or Event of Default has occurred and is continuing under the Note Agreement.

9.Effective Date. This Amendment shall become effective on the date (the "Effective Date") that each of the following conditions has been satisfied:

9.1Documents. Prudential and each holder of a Note shall have received original counterparts of this Amendment executed by the Company, Prudential and the Required Holders.

9.2Representations. All representations set forth m Section 8 of this Amendment shall be true and correct as of the Effective Date.

9.3Structuring Fee. Prudential shall have received payment of the structuring fee referred to in Section 7.

9.4Proceedings. All corporate and other proceedings taken or to be taken in connection with the transactions contemplated by this Amendment shall be satisfactory to Prudential and each holder of a Note and its counsel, and Prudential and each holder of a Note shall have received all such counterpart originals or certified or other copies of such documents as it may reasonably request.

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10.General Provisions. The Note Agreement, except as expressly modified herein, shall continue in full force and effect and shall continue to be binding upon the parties thereto. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Prudential or any holder of a Note under the Note Agreement, nor constitute a waiver of any provision of the Note Agreement. The execution, delivery and effectiveness of this Amendment shall not be construed as a course of  dealing or other implication that Prudential or any holder of the Notes has agreed to or is prepared to grant any amendment to, waiver of or consent under the Note Agreement or any Note in the future, whether or not under similar circumstances.

11.Reference to and Effect on Note Agreement. Upon the effectiveness of this Amendment, each reference to the Note Agreement in any other document, instrument or agreement shall mean and be a reference to the Note Agreement as modified by this Amendment.

12.Expenses. The Company hereby confirms its obligations under the Note Agreement, whether or not the transactions hereby contemplated are consummated, to pay, promptly after request by Prudential all reasonable out-of-pocket costs and expenses, including attorneys' fees and expenses, incurred by Prudential or the holders of the Notes in connection with this Amendment or the transactions contemplated hereby, in enforcing any rights under this Amendment, or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Amendment or the transactions contemplated hereby. The obligations of the Company under this Section 12 shall survive transfer by any holder of any Note and payment of any Note.

13.Governing Law. This Amendment shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of Illinois.

14.Counterparts. This Amendment may be executed in any number of counterparts and by different parties to this Amendment in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Telefax or electronic copies of documents or signature pages bearing original signatures, and executed documents or signature pages delivered by telefax or electronic transmission, shall, in each such instance, be deemed to be, and shall constitute and be treated as, an original signed document or counterpart, as applicable. The section titles contained in this Amendment are and shall be without substance, meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto.

[Remainder of Page Intentionally Blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 3 to Note Purchase and Private Shelf Agreement to be executed by their duly authorized officers effective as of the Effective Date.

COMPANY: 
CHS INC.

By: /s/ David A. Kastelic
Name:  David A. Kastelic
Title:    Exec. VP & CFO

PRUDENTIAL  INVESTMENT MANAGEMENT, INC.

By:    _______________________    
Vice President

THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

By:    _______________________    
Vice President

PRUCO LIFE INSURANCE  COMPANY

By:    _______________________    
Vice President

PRUDENTIAL  RETIREMENT  INSURANCE AND ANNUITY COMPANY

		
	By:
	Prudential Investment Management, Inc., as investment manager

By:    _______________________    
Vice President

MODERN WOODMEN OF AMERICA

		
	By:
	Prudential Private Placement Investors, L.P. (as Investment Advisor)

		
	By:
	Prudential Private Placement Investors, Inc. (as its General Partners)

By:    _______________________    

5Exhibit

Exhibit 10.45A
AMENDMENT NO. 1 to MASTER AGREEMENT

This Amendment No. 1 to Master Agreement (together with the Exhibits hereto, this “Amendment No. 1”) is made as of the 30th day of April 2013, by and among ConAgra Foods, Inc., a Delaware corporation (“Oracle”), Cargill, Incorporated, a Delaware corporation (“Watson”) and CHS Inc., a Minnesota corporation (“Iris”), in connection with that certain Master Agreement, made as of the 4th day of March, 2013 (the “Master Agreement”), by and among Oracle, Watson, Iris and HM Luxembourg S.à r.l., a Luxembourg S.à r.l. (“Newco”). Oracle, Watson and Iris are each referred to herein individually as a “Parent” and collectively as the “Parents.” Capitalized terms not otherwise defined herein will have the respective meanings assigned to them in the Master Agreement.

RECITALS

1.In accordance with Section 9.02(a) of the Master Agreement, the Parents may amend the Master Agreement, and any such amendment will be binding upon each Parent if such amendment is set forth in a writing executed by any such Parent and such amendment will be binding upon Newco if such amendment or waiver is set forth in a writing executed by all Parents.

2.The Parents desire to amend the Master Agreement to provide for certain changes to the terms and Schedules thereof, as further provided herein, and by their execution of this Amendment No. 1 the Parents intend for this Amendment No. 1 to be an amendment to the Master Agreement that is binding on all Parents and Newco.

Accordingly, the Parents, intending to be legally bound hereby, agree as follows:

I.Identification of Shared Assets. The first sentence of Section 1.03(a)(i) of  the Master Agreement is deleted in its entirety and replaced with the following: “No later than May 31, 2013, each Parent will prepare and deliver to the other Parents a schedule of all of the Shared Assets of such Parent’s Group (the “Shared Assets Schedules”).”

		
	II.
	Real Property Reviews.

(a)The third sentence of Section 5.07(a)(i) of the Master Agreement is deleted in its entirety and replaced with the following: “The Parents will direct the title companies to prepare the title commitments as promptly as reasonably practicable, and in any case by June 30, 2013.”

(b)The third sentence of Section 5.07(a)(ii) of the Master Agreement is deleted in its entirety and replaced with the following:  “The Parents will direct the engaged ALTA surveying coordinators to prepare the surveys of the Title Reviewed Properties as promptly as reasonably practicable, and in any case by June 30, 2013.”

(c)The third sentence of Section 5.07(a)(iv) of the Master Agreement is deleted in its entirety and replaced with the following:  “The Parents will direct the zoning report service companies to prepare the zoning reports as promptly as reasonably practicable, and in any case by June 30, 2013.”

(d)The first sentence of Section 5.07(a)(v)(A) of the Master Agreement is deleted in its entirety and replaced with the following: “Either prior to or as of the date of this Agreement, or within 25 Business Days after the date of this Agreement, the Parents have jointly engaged or will jointly engage one or more mutually acceptable engineering and environmental consulting firms to perform the services specified in this Section 5.07(a)(v) and Section 5.07(b) (the “Consulting Firm”).”

(e)The third sentence of Section 5.07(a)(v)(A) of the Master Agreement is deleted in its entirety and replaced with the following: “During the period commencing on the date of this Agreement (or, if later, the date on which the Consulting Firm is retained) and ending on June 30, 2013 (the “Review Period”), the Consulting Firm, along with up to two individuals designated by each Parent (such individuals, together with the Consulting Firm, the “Joint Review Team”) will conduct an engineering review of each Real Property that is a production facility (including bakeries) (collectively, the “Reviewed Facilities”), in accordance with the protocols and standards set forth on the scope of work attached as Exhibit D-1 (the “Engineering Reviews”).”

III.Initial Updating. Section 5.09(a) of the Master Agreement is deleted in its entirety and replaced with the following: “Each Parent may update its Disclosure Letter by (i) delivering a substantially complete draft of such update (the “Draft Updates”) to the other Parents no later than July 17, 2013 and (ii) delivering a final version of such update (the “Disclosure Letter Updates”) to the other Parents no later than July 31, 2013, provided, however, that no updates to the sections of the Disclosure Letter pertaining to Fundamental Reps or any sections other than those relating to the representations and warranties will be permitted. These updates may reflect matters that came to exist or occurred either before or after the date of this Agreement. Upon the delivery of any Draft Update pursuant to this Section 5.09(a), the Parent delivering such Draft Update will, prior to delivering a Disclosure Letter Update in respect of such Draft Update, provide the other Parents a reasonable opportunity to review and comment on such Draft Update, and will consider in good faith such comments.”

		
	IV.
	Completion of Transaction Documents.

(a)The first sentence of Section 5.15 of the Master Agreement is deleted in its entirety and replaced with the following: “During the period commencing on the date of this Agreement and ending (i) on May 31, 2013, for Incomplete Transaction Documents which are not Incomplete Ancillary Exhibits, and (ii) prior to the Closing, for Incomplete Ancillary Exhibits, the Parties will complete the forms of each of the Incomplete Transaction Documents, negotiating in good faith, in accordance with the terms of this Section 5.15.”

(b)Section 5.15 of the Master Agreement is supplemented with the following subsection “(j)”: “The form of the Alliance Agreement will be modified by the Parents as they mutually determine in good faith is necessary solely to incorporate
appropriate governance provisions relating to Oracle Puerto Rico, Sky Canada and Oracle Netherlands.”

V.Schedule 1.01(a)(i) (Watson Reorganization). Schedule 1.01(a)(i) of the Disclosure Schedules is deleted in its entirety and replaced with the form of Schedule 1.01(a)(i) attached to this Amendment as Exhibit A.

VI.Schedule 1.01(a)(ii) (Iris Reorganization). Schedule 1.01(a)(ii) of the Disclosure Schedules is deleted in its entirety and replaced with the form of Schedule 1.01(a)(ii) attached to this Amendment as Exhibit B.

		
	VII.
	Definitions.

(a)Article X is supplemented with the following: ““Draft Update” has the meaning set forth in Section 5.09(a).”

(b)The definition of “Incomplete Ancillary Exhibits” in Article X is deleted in its entirety and replaced with the following: “”Incomplete Ancillary Exhibits” means those items set forth in clauses (v) through (ix), and (xvi), of the definition of Incomplete Transaction Documents.”

(c)The definition of “Incomplete Transaction Documents” in Article X is supplemented with the following clauses: “ (xv) the Alliance Agreement and (xvi) Schedules 1.2 and 9.1 of the IP License Agreements.”

VIII.Effect of Amendment. Except as specifically amended as set forth above, the Master Agreement shall continue in full force and effect.  Nothing in this Amendment No. 1 shall be construed to amend, modify or waive any provision of the Master Agreement other than those specifically amended or modified as set forth above.

IX.Construction. The descriptive headings herein are inserted for convenience of reference only and are not intended to be a substantive part of or to affect the meaning or interpretation of this Amendment No. 1. Whenever required by the context, any pronoun used in this Amendment No. 1 will include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns, pronouns, and verbs will include the plural and vice versa. Reference to any agreement, document, or instrument means such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof.  The use of the words “include” or “including” in this Amendment No. 1 will be by way of example rather than by limitation.  The use of the words “or,” “either” or “any” will not be exclusive.  The Parties have participated jointly in the negotiation and drafting of this Amendment No. 1. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties, and no presumption or burden of proof will arise favoring or disfavoring any Parent by virtue of the authorship of any of  the provisions of this Amendment No. 1.

X.Governing Law. Any Proceedings arising out of or relating to this Amendment No. 1 will be subject to Section 9.08 of the Master Agreement.

XI.Counterparts; Effectiveness.  This Amendment No. 1 may be executed in multiple counterparts (any one of which need not contain the signatures of more than one Parent), each of which will be deemed to be an original but all of which taken together will constitute one and the same agreement.  This Amendment No. 1, to the extent signed and delivered by means of a facsimile machine or other electronic transmission, will be treated in all manners and respects as an original agreement and will be considered to have the same binding legal effects as if it were the original signed version thereof delivered in person.  At the request of any Parent, the other Parents will re-execute original forms thereof and deliver them to the requesting Parent.  No Parent will raise the use of a facsimile machine or other electronic means to deliver a signature or the fact that any signature was transmitted or communicated through the use of facsimile machine or other electronic means as a defense to the formation of a Contract and each such Parent forever waives any such defense.

[Signature Page Follows]

IN WITNESS WHEREOF, the Parents have caused this Amendment No. 1 to Master Agreement to be duly executed and sealed by their respective authorized officers on the day and year first above written.

CONAGRA FOODS, INC.

/s/ Bill J Hahn

Name: Bill J Hahn
Title: VP of M&A

CARGILL, INCORPORATED

___________________
Name: 
Title:

CHS INC.

/s/ Mark L Palmquist

Name: Mark L Palmquist
Title: Executive VP & COO

IN WITNESS WHEREOF, the Parents have caused this Amendment No. 1 to Master Agreement to be duly executed and sealed by their respective authorized officers on the day and year first above written.

CONAGRA FOODS, INC.

_____________________

          Name:
                                   Title:

CARGILL,  INCORPORATED

                     
/s/ K. Scott Portnoy

          Name: K. Scott Portnoy
         Title: Corporate Vice President

CHS INC.

/s/ Mark L Palmquist

Name: Mark L Palmquist
Title: Executive VP & COO

EXHIBIT A

AMENDED AND RESTATED

Schedule 1.01(a)(i) Watson Reorganization

		
	1.
	Watson Canada Holdings III (2006) Inc. converts to a Nova Scotia Unlimited Liability Corporation. Watson, Inc. contributes the stock of Watson Canada Holdings III (2006) ULC to Watson International, Inc.

		
	2.
	Watson International, Inc. contributes stock of Watson Canada Holdings III (2006) ULC to Watson International Luxembourg 1 S.à r.l.

		
	3.
	Watson International Luxembourg 1 S.à r.l. contributes the stock of Watson Canada Holdings III (2006) ULC to Watson International Luxembourg 20 S.à r.l.

		
	4.
	Watson Canada Holdings III (2006) ULC will complete and file IRS Form 8832, Entity Classification Election, to be treated as a disregarded entity for U.S. federal tax purposes.

		
	5.
	Watson International Luxembourg 20 S.à r.l. borrows from a Watson intercompany lender the USD equivalent of an amount equal to the sum of (a) the balance of the intercompany loan from Watson Limited to Watson Canada Holdings III (2006) ULC, which is approximately $[51.2] million as of March 4, 2013, and (b) Watson Canada Holdings III (2006) ULC’s proportionate share of the balance of the intercompany loan from Watson, Ltd. to Sky GP, the total balance being approximately $[9.2] million as of March 4, 2013.

		
	6.
	On the same day, Watson International Luxembourg 20 S.à r.l. makes a capital contribution equal to the USD amount in step 5 to Watson Canada Holdings III (2006) ULC in exchange for additional Watson Canada Holdings III (2006) ULC shares.

		
	7.
	On the same day, Watson Canada Holdings III (2006) ULC converts the USD amount at the spot rate to CAD and repays $[51.2] million CAD loan to Watson Limited, and Watson Canada Holdings III (2006) contributes an amount equal to its proportionate share of the $[9.2] million CAD loan to Sky GP as a contribution of capital. Sky GP then repays its $[9.2] million intercompany loan from Watson Limited.

		
	8.
	Sky GP liquidates and is dissolved and then Watson Canada Holdings III (2006) ULC and Iris Canada Milling ULC amalgamate.

		
	9.
	If the appropriate third-party consents have been obtained, Surviving ULC purchases the flour milling assets held by Watson Limited.  Surviving ULC borrows cash proportionately from Watson and Iris Luxembourg entities or has

cash on hand equal to the fair market value of the Watson Limited flour milling assets. If the appropriate third-party consents have not been obtained, then the flour milling assets held by Watson Limited will be treated as Shared Assets.

		
	10.
	Watson, Inc. contributes non-Sky LLC assets and assets that were previously leased to Sky LLC to a newly formed single member LLC, New Watson LLC.

		
	11.
	Watson, Inc. contributes remainder of outstanding short-term debt to capital of Sky LLC in exchange for additional Sky LLC interests.

		
	12.
	Watson, Inc. and Watson International Luxembourg 20 S.à r.l. form Watson S.à r.l.    Watson S.à r.l. will complete and file IRS Form 8832, Entity Classification Election, to be treated as a partnership for U.S. federal tax purposes.

		
	13.
	Watson, Inc. contributes equity of New Watson LLC and Watson International Luxembourg 20 S.à r.l. contributes the stock of Surviving ULC to Watson S.à r.l.

EXHIBIT B

AMENDED AND RESTATED

Schedule 1.01(a)(ii) Iris Reorganization

		
	1.
	Iris Canada, Inc. reorganizes as Iris Canada Milling, Inc. with Iris Canada, Inc. name and unrelated grain marketing activities transferred to a new Canadian corporation.

		
	2.
	Iris Inc. creates new Luxembourg holding company, Iris Lux Holdco, S.à r.l. that will be taxed as a corporation.

		
	3.
	Iris Inc. and Iris Lux Holdco, S.à r.l. form Iris Lux, S.à r.l. Iris Lux, S.à r.l. will complete and file IRS Form 8832, Entity Classification Election, to be treated as a partnership for U.S. federal tax purposes.

		
	4.
	Iris Canada Milling, Inc. converts to a Nova Scotia Unlimited Liability Corporation. Iris Inc. contributes the stock of Iris Canada Milling ULC to Iris Lux Holdco,

S.à r.l.

		
	5.
	Iris Canada Milling ULC will complete and file IRS Form 8832, Entity Classification Election, to be treated as a disregarded entity for U.S. federal tax purposes.

		
	6.
	Iris Canada Milling ULC contributes an amount equal to its proportionate share of the $[9.2] million CAD loan to Sky GP as a contribution of capital. Sky GP then repays its $[9.2] million intercompany loan from Watson Limited.

		
	7.
	Sky GP liquidates and then Watson Canada Holdings III (2006) ULC and Iris Canada Milling ULC amalgamate.

		
	8.
	Surviving ULC purchases the flour milling assets held by Watson Limited. Surviving ULC borrows cash proportionately from Watson and Iris Luxembourg entities or has cash on hand equal to the fair market value of the Watson Limited flour milling assets. If the appropriate third-party consents have not been obtained, then the flour milling assets held by Watson Limited will be treated as Shared Assets.

		
	9.
	Iris Inc. contributes assets that were previously leased to Sky LLC to a newly formed single member LLC, New Iris LLC.

		
	10.
	Iris Inc. contributes cash to Sky LLC in an amount equal to its pro rata share of the outstanding short-term indebtedness of Sky LLC in exchange for additional Sky LLC interests. Sky LLC uses such contributions to reduce its short-term term indebtedness.

		
	11.
	Iris Inc. contributes equity of New Iris LLC and Iris Lux Holdco, S.à r.l. contributes the stock of Surviving ULC to Iris Lux S.à r.l. (Luxembourg).

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