Document:

FORM OF SUBORDINATED INDENTURE

 Exhibit 4.2 
  

 
  

SUMITOMO MITSUI FINANCIAL GROUP, INC. 

as Issuer 
 and 

THE BANK OF NEW YORK MELLON 

as Trustee 
 SUBORDINATED
INDENTURE 
 Dated as of
[                    ] 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	ARTICLE 1	  
	DEFINITIONS	  
			
	 Section 1.01.
	  	Certain Terms Defined	  	 	1	  
	
	ARTICLE 2	  
	SECURITIES	  
			
	 Section 2.01.
	  	Forms Generally	  	 	5	  
	 Section 2.02.
	  	Form of Trustee’s Certification of Authentication	  	 	6	  
	 Section 2.03.
	  	Amount Unlimited; Issuable in Series	  	 	6	  
	 Section 2.04.
	  	Authentication and Delivery of Securities	  	 	8	  
	 Section 2.05.
	  	Execution of Securities	  	 	9	  
	 Section 2.06.
	  	Certificate of Authentication	  	 	9	  
	 Section 2.07.
	  	Denomination and Date of Securities; Payments of Interest	  	 	9	  
	 Section 2.08.
	  	Registration, Transfer and Exchange	  	 	10	  
	 Section 2.09.
	  	Mutilated, Defaced, Destroyed, Lost and Stolen Securities	  	 	10	  
	 Section 2.10.
	  	Cancellation of Securities	  	 	11	  
	 Section 2.11.
	  	Temporary Securities	  	 	11	  
	 Section 2.12.
	  	Japanese Withholding Tax.	  	 	12	  
	 Section 2.13.
	  	CUSIP Numbers, ISIN Numbers and Common Codes	  	 	13	  
	
	ARTICLE 3	  
	COVENANTS	  
			
	 Section 3.01.
	  	Payment of Principal and Interest	  	 	13	  
	 Section 3.02.
	  	Offices for Payments, Registration, etc	  	 	13	  
	 Section 3.03.
	  	Appointment to Fill a Vacancy in Office of Trustee	  	 	14	  
	 Section 3.04.
	  	Paying Agents	  	 	14	  
	 Section 3.05.
	  	Payment of Additional Amounts	  	 	15	  
	 Section 3.06.
	  	Certificate of the Issuer	  	 	16	  
	 Section 3.07.
	  	Securityholders Lists	  	 	16	  
	 Section 3.08.
	  	Reports by the Issuer	  	 	17	  
	 Section 3.09.
	  	Reports by the Trustee	  	 	17	  
	 Section 3.10.
	  	Statement by Officers as to Event of Acceleration or Default	  	 	17	  
	
	ARTICLE 4	  
	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF
ACCELERATION	  
			
	 Section 4.01.
	  	Event of Acceleration; Limited Acceleration of Maturity	  	 	17	  
	 Section 4.02.
	  	Trustee May File Proof of Claim	  	 	18	  
	 Section 4.03.
	  	Application of Proceeds	  	 	19	  
	 Section 4.04.
	  	Suits for Enforcement	  	 	20	  
	 Section 4.05.
	  	Restoration of Rights on Abandonment of Proceeding	  	 	20	  
	 Section 4.06.
	  	Limitations on Suits by Securityholder	  	 	20	  
	 Section 4.07.
	  	Unconditional Right of Securityholders to Institute Certain Suits	  	 	20	  
	 Section 4.08.
	  	Powers and Remedies Cumulative; Delay or Omission Not Waiver of Acceleration or Default	  	 	21	  
	 Section 4.09.
	  	Control by Securityholders	  	 	21	  
	 Section 4.10.
	  	Waiver of Event of Acceleration or Past Default	  	 	21	  
	 Section 4.11.
	  	Trustee to Give Notice of Acceleration or Default, but May Withhold in Certain Circumstances	  	 	22	  

  
 i 

							
	 Section 4.12.
	  	Right of Court to Require Filing of Undertaking to Pay Costs	  	 	22	  
	 Section 4.13.
	  	Judgment Currency	  	 	22	  
	
	ARTICLE 5	  
	CONCERNING THE TRUSTEE	  
			
	 Section 5.01.
	  	Certain Duties and Responsibilities of the Trustee; Prior to Event of Acceleration or Default; Upon Event of Acceleration or Default	  	 	23	  
	 Section 5.02.
	  	Certain Rights of the Trustee	  	 	24	  
	 Section 5.03.
	  	[Reserved]	  	 	26	  
	 Section 5.04.
	  	Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof	  	 	26	  
	 Section 5.05.
	  	Trustee and Agents May Hold Securities; Collections, etc	  	 	26	  
	 Section 5.06.
	  	Monies Held by Trustee	  	 	26	  
	 Section 5.07.
	  	Compensation and Indemnification of Trustee and its Prior Claim.	  	 	26	  
	 Section 5.08.
	  	Right of Trustee to Rely on Officer’s Certificate, etc	  	 	27	  
	 Section 5.09.
	  	Persons Eligible for Appointment as Trustee	  	 	27	  
	 Section 5.10.
	  	Resignation and Removal; Appointment of Successor Trustee	  	 	27	  
	 Section 5.11.
	  	Acceptance of Appointment by Successor Trustee.	  	 	28	  
	 Section 5.12.
	  	Merger, Conversion, Consolidation or Succession to Business of Trustee	  	 	29	  
	 Section 5.13.
	  	Conflicting Interests	  	 	29	  
	 Section 5.14.
	  	Appointment of Authenticating Agent	  	 	29	  
	
	ARTICLE 6	  
	CONCERNING THE SECURITYHOLDERS	  
			
	 Section 6.01.
	  	Evidence of Action Taken by Securityholders	  	 	30	  
	 Section 6.02.
	  	Proof of Execution of Instruments and of Holding of Securities; Record Date	  	 	31	  
	 Section 6.03.
	  	Holders to be Treated as Owners	  	 	31	  
	 Section 6.04.
	  	Securities Owned by Issuer Deemed Not Outstanding	  	 	31	  
	 Section 6.05.
	  	Right of Revocation of Action Taken	  	 	31	  
	
	ARTICLE 7	  
	SUPPLEMENTAL SUBORDINATED INDENTURES	  
			
	 Section 7.01.
	  	Supplemental Subordinated Indentures Without Consent of Securityholders	  	 	32	  
	 Section 7.02.
	  	Supplemental Subordinated Indentures With Consent of Securityholders	  	 	33	  
	 Section 7.03.
	  	Effect of Supplemental Subordinated Indenture	  	 	34	  
	 Section 7.04.
	  	Documents to be Given to Trustee	  	 	34	  
	 Section 7.05.
	  	Notation on Securities in Respect of Supplemental Subordinated Indentures	  	 	34	  
	 Section 7.06.
	  	Conformity with the Trust Indenture Act of 1939	  	 	34	  
	
	ARTICLE 8	  
	CONSOLIDATION, MERGER, SALE OR CONVEYANCE	  
			
	 Section 8.01.
	  	Issuer May Consolidate, etc., on Certain Terms	  	 	34	  
	 Section 8.02.
	  	Successor Substituted	  	 	35	  
	 Section 8.03.
	  	Opinion of Counsel	  	 	35	  
	
	ARTICLE 9	  
	SATISFACTION AND DISCHARGE OF SUBORDINATED INDENTURE; UNCLAIMED MONIES	  
			
	 Section 9.01.
	  	Satisfaction and Discharge of Subordinated Indenture	  	 	35	  
	 Section 9.02.
	  	Application by Trustee of Funds Deposited for Payment of Securities	  	 	36	  
	 Section 9.03.
	  	Repayment of Monies Held by Paying Agent	  	 	36	  
	 Section 9.04.
	  	Return of Monies Held by Trustee and Paying Agent Unclaimed for Two Years	  	 	36	  

  
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	ARTICLE 10	  
	MISCELLANEOUS PROVISIONS	  
			
	 Section 10.01.
	  	Incorporators, Stockholders, Officers and Directors of Issuer Exempt from Individual Liability	  	 	36	  
	 Section 10.02.
	  	Provisions of Subordinated Indenture for the Sole Benefit of Parties and Securityholders	  	 	36	  
	 Section 10.03.
	  	Successors and Assigns of Issuer Bound by Subordinated Indenture	  	 	36	  
	 Section 10.04.
	  	Notices and Demands on Issuer, Trustee and Securityholders	  	 	37	  
	 Section 10.05.
	  	Officer’s Certificates and Opinions of Counsel; Statements to be Contained Therein	  	 	37	  
	 Section 10.06.
	  	Conflict with any Provision of Subordinated Indenture with Trust Indenture Act of 1939	  	 	38	  
	 Section 10.07.
	  	Governing Law	  	 	38	  
	 Section 10.08.
	  	Counterparts	  	 	38	  
	 Section 10.09.
	  	Effect of Headings	  	 	38	  
	 Section 10.10.
	  	Submission to Jurisdiction	  	 	38	  
	 Section 10.11.
	  	Non-Business Day	  	 	39	  
	 Section 10.12.
	  	Waiver of Jury Trial	  	 	39	  
	
	ARTICLE 11	  
	 REDEMPTION AND REPURCHASE OF
SECURITIES
	   

			
	 Section 11.01.
	  	Optional Tax Redemption	  	 	39	  
	 Section 11.02.
	  	Applicability of Sections 11.03, 11.04 and 11.05	  	 	40	  
	 Section 11.03.
	  	Notice of Redemption; Partial Redemptions	  	 	40	  
	 Section 11.04.
	  	Payment of Securities Called for Redemption	  	 	41	  
	 Section 11.05.
	  	Exclusion of Certain Securities from Eligibility for Selection for Redemption	  	 	41	  
	 Section 11.06.
	  	Repurchase of Securities	  	 	42	  

  
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 CROSS REFERENCE SHEET 

Cross-reference sheet of provisions of the Trust Indenture Act of 1939 and this Subordinated Indenture: 

 

			
	Section of the Act	 	Section of Subordinated Indenture
	 310(a)(1) and (2)
	 	5.09
	 310(a)(3) and (4)
	 	Inapplicable
	 310(a)(5)
	 	Incorporated by Section 318(c)
	 310(b)
	 	5.10
	 310(c)
	 	Inapplicable
	 311(a), (b) and (c)
	 	Incorporated by Section 318(c)
	 312(a)
	 	3.07
	 312(b)
	 	Incorporated by Section 318(c)
	 312(c)
	 	Incorporated by Section 318(c)
	 313(a)
	 	3.09
	 313(b)(1)
	 	Inapplicable
	 313(b)(2)
	 	Incorporated by Section 318(c)
	 313(c)
	 	Incorporated by Section 318(c)
	 313(d)
	 	Incorporated by Section 318(c)
	 314(a)
	 	3.08
	 314(b)
	 	Inapplicable
	 314(c)(1) and (2)
	 	10.05
	 314(c)(3)
	 	Inapplicable
	 314(d)
	 	Inapplicable
	 314(e)
	 	10.05
	 315(a), (c) and (d)
	 	5.01
	 315(b)
	 	4.11
	 315(e)
	 	4.12
	 316(a)(1)
	 	4.09
	 316(a)(2)
	 	Inapplicable
	 316(b)
	 	4.07
	 316(c)
	 	Incorporated by Section 318(c)
	 317(a)
	 	4.02
	 317(b)
	 	3.04
	 318(a)
	 	10.06

 Notes: This cross-reference sheet shall not, for any purpose, be deemed to be a part of this Subordinated Indenture.

 Attention should also be directed to Section 318(c) of the Trust Indenture Act (as defined in this Subordinated Indenture), which provides that the
provisions of Sections 310 to and including 317 of the Trust Indenture Act are a part of and govern every qualified indenture, whether or not physically contained therein. Sections designated in the cross-reference sheet above as “Incorporated
by Section 318(c)” are not physically contained herein but are incorporated automatically by Section 318(c) of the Trust Indenture Act. 

  
 iv 

 THIS SUBORDINATED INDENTURE, dated as of
[                    ] between Sumitomo Mitsui Financial Group, Inc., a joint stock company (kabushiki kaisha) organized under the laws of
Japan (the “Issuer”), and The Bank of New York Mellon, as trustee (the “Trustee”), 

W I T N E S S E T H: 

WHEREAS, the Issuer has duly authorized the issue from time to time of its unsecured and subordinated bonds, debentures, notes or other
evidences of indebtedness to be issued in one or more series (the “Securities”) up to such principal amount or amounts as may from time to time be authorized in accordance with the terms of this Subordinated Indenture; and to
provide, among other things, for the authentication, delivery and administration thereof, the Issuer has duly authorized the execution and delivery of this Subordinated Indenture; and 

WHEREAS, all things necessary to make this Subordinated Indenture a valid indenture and agreement according to its terms have been done; 

NOW, THEREFORE: 
 In
consideration of the premises and the purchases of the Securities by the Holders thereof, the Issuer and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Securities as
follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Certain Terms Defined. The following terms (except as otherwise expressly provided herein or in the
form of Security or any indenture supplemental hereto, or unless the context otherwise clearly requires) for all purposes of this Subordinated Indenture and of any indenture supplemental hereto have the respective meanings specified in this
Section 1.01. All other terms used in this Subordinated Indenture that are defined in the Trust Indenture Act (as defined below) or which are by reference therein defined in the Securities Act (as defined below) (except as herein otherwise
expressly provided or unless the context otherwise clearly requires) have the meanings assigned to such terms in the Trust Indenture Act and in the Securities Act as in force at the date of this Subordinated Indenture. The words
“herein,” “hereof” and “hereunder” and other words of similar import refer to this Subordinated Indenture as a whole and not to any particular Article, Section or other subdivision. The terms
defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular. 

“Additional Amounts” has the meaning set forth in Section 3.05. 

“Agent” means any registrar, paying agent, transfer agent or authenticating agent. 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 5.14 to act on behalf of the Trustee to
authenticate Securities. 
 “Authorized Agent” has the meaning set forth in Section 10.10. 

“Bankruptcy Act” means the Bankruptcy Act of Japan (Act No. 75 of 2004), as amended or replaced from time to time. 

“Board” means the Board of Directors of the Issuer, any duly authorized committee of such board or any director or directors
and/or officer or officers of the Issuer to whom such Board of Directors or duly authorized committee thereof has duly delegated its authority. 

  
 1 

 “Board Resolution” means one or more resolutions or determinations to have been
duly adopted by the Board, and to be in full force and effect. 
 “Business Day” means, with respect to any particular
Place of Payment, any day that is not a day on which banking institutions in that Place of Payment are authorized or required by law, regulation or executive order to close. 

“Civil Rehabilitation Act” means the Civil Rehabilitation Act of Japan (Act No. 225 of 1999), as amended or replaced
from time to time. 
 “Clearing Organization” means, with respect to the Securities of any series issuable or issued in the
form of one or more Registered Global Securities, the Person designated as Clearing Organization by the Issuer pursuant to Section 2.03 until a successor Clearing Organization has become such pursuant to the applicable provisions of this
Subordinated Indenture, and thereafter “Clearing Organization” shall mean or include each Person who is then a Clearing Organization hereunder, and if at any time there is more than one such Person, “Clearing Organization” as
used with respect to the Securities of any such series shall mean the Clearing Organization with respect to the Registered Global Securities of that series. 

“Commission” means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the Exchange
Act, or if at any time after the execution and delivery of this Subordinated Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date.

 “Consent Rehabilitation Order” means a decision of a court of competent jurisdiction under Article 217, paragraph 1 of
the Civil Rehabilitation Act to the effect that (i) the procedures for the investigation and confirmation of civil rehabilitation claims, as defined in Article 84 of the Civil Rehabilitation Act, and (ii) the resolution of a civil
rehabilitation plan, shall be omitted. 
 “Corporate Trust Office” means the office of the Trustee at which the corporate
trust business of the Trustee in the United States shall, at any particular time, be principally administered, which office is, at the date as of which this Subordinated Indenture is dated, located at 101 Barclay Street, New York, NY 10286, United
States of America, Attention: Global Corporate Trust—Sumitomo Mitsui Financial Group, Inc., or such other address as the Trustee may designate from time to time by notice to the Holders and the Issuer, or the principal corporate trust office of
any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Issuer). 

“Designated Financial Institution” has the meaning set forth in Section 3.05. 

“Dollar” means the coin or currency of the United States of America that at the time of payment is legal tender for the
payment of public and private debts. 
 “DTC” means The Depository Trust Company and any successor thereto. 

“DTC Procedures” has the meaning set forth in Section 2.12(a). 

“Event of Acceleration” means any event or condition specified as such in Section 4.01. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“FATCA” has the meaning set forth in Section 3.05. 

“FSA” means the Financial Services Agency of Japan, or any successor or similar authority. 

  
 2 

 “Holder,” “Holder of Securities,”
“Securityholder” or other similar terms mean the registered holder of any Security. 
 “Incorporated
Provision” has the meaning set forth in Section 10.06. 
 “interest” means, when used with respect to a Security
that by its terms bears interest only after maturity, interest payable after maturity. 
 “Interest Recipient Information”
has the meaning set forth in Section 3.05. 
 “Issuer” means Sumitomo Mitsui Financial Group, Inc., a joint stock company
(kabushiki kaisha) organized under the laws of Japan, and, subject to Article 8, its successors and assigns. 
 “Judgment
Currency” has the meaning set forth in Section 4.13. 
 “New York Banking Day” has the meaning set forth in
Section 4.13. 
 “New York Court” has the meaning set forth in Section 10.10. 

“Officer’s Certificate” means a certificate signed by any one Responsible Officer of the Issuer duly authorized to
execute any such certificate and delivered to the Trustee. Each such certificate shall comply with Section 314 of the Trust Indenture Act, if applicable, and include (except as otherwise expressly provided in this Subordinated Indenture) the
statements provided in Section 10.05, if applicable. 
 “Opinion of Counsel” means an opinion in writing signed by legal
counsel who may be an employee of or counsel to the Issuer and who shall be reasonably satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act, if applicable, and include the statements provided
in Section 10.05, if and to the extent required thereby. 
 “Original Issue Discount Security” means any Security that
provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 4.01. 

“Outstanding” means, when used with reference to Securities, subject to the provisions of Section 6.04, as of any
particular time, all Securities authenticated and delivered by the Trustee under this Subordinated Indenture, except: 
 (a) Securities
theretofore canceled by the paying agent or delivered to the paying agent for cancellation; and 
 (b) Securities in substitution for which
other Securities have been authenticated and delivered, or which have been paid, pursuant to the terms of Section 2.09 (except with respect to any such Security as to which proof satisfactory to the Trustee is presented that such Security is
held by a Person in whose hands such Security is a legal, valid and binding obligation of the Issuer). 
 In determining whether the Holders
of the requisite principal amount of Outstanding Securities of any or all series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be
deemed to be Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 4.01. 

“Participant” has the meaning set forth in Section 3.05. 

  
 3 

 “Person” means any individual, corporation, partnership, joint venture,
association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof or other entity, whether or not having a separate legal personality. 

“Place of Payment” means, when used with respect to the Securities of any particular series, the place or places where the
principal of and interest, if any, on the Securities of that series are payable, as contemplated in Section 3.02. 

“principal”, whenever used with reference to the Securities or any Security or any portion thereof, shall be deemed to
include “and premium, if any.” For the avoidance of doubt, “premium” referred to in the previous sentence means amounts exceeding the face value of a Security payable by the Issuer to the Holders upon redemption or such other
event as may be specified in or pursuant to Section 2.03. 
 “qualified indenture” means an indenture deemed to have been
qualified under the Trust Indenture Act pursuant to Section 309 thereunder. 
 “record date” has the meaning set forth
in Section 2.07. 
 “Registered Global Security” means a Security evidencing all or a part of a series of Registered
Securities, issued to the Clearing Organization for such series in accordance with Section 2.03 and bearing the legend prescribed by an applicable form of Security or supplemental indenture. 

“Registered Security” means any Security registered on the Security register of the Issuer. 

“registrar” or “Security registrar” means each Person keeping a register or registers as contemplated by
Section 2.08. 
 “Reorganization Act” means the Corporate Reorganization Act of Japan (Act No. 154 of 2002), as
amended or replaced from time to time. 
 “Required Currency” has the meaning set forth in Section 4.13. 

“Responsible Officer” means, when used with respect to the Trustee, any managing director, vice president, trust associate,
relationship manager, transaction manager, client service manager, any trust officer or any other officer located at the Specified Corporate Trust Office of the Trustee who customarily performs functions similar to those performed by any persons who
at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and in each such case, who shall have responsibility for the
administration of this Subordinated Indenture. When used with respect to the Issuer, “Responsible Officer” means the Chairman of the Board, the President, a Senior Managing Director, a Managing Director, a Director, a General Manager or a
Joint General Manager of the Issuer or any other officer or assistant officer of the Issuer customarily performing functions similar to those performed by the persons who at the time shall be such officers and who shall be authorized to provide
instruction under this Subordinated Indenture to the Trustee. 
 “Securities Act” means the U.S. Securities Act of 1933, as
amended. 
 “Security” or “Securities” has the meaning stated in the first recital of this Subordinated
Indenture, or, as the case may be, Securities that have been authenticated and delivered under this Subordinated Indenture. If the Securities of any series incorporate stock acquisition rights, then the terms “Security” and
“Securities” shall be deemed to include such stock acquisition rights. 
 “Senior Indebtedness” has the meaning
set forth in the applicable supplemental indenture. 

  
 4 

 “Special Taxation Measures Act” has the meaning set forth in Section 3.05. 

“specially-related person of the Issuer” has the meaning set forth in Section 3.05(i). 

“Specified Corporate Trust Office” means The Bank of New York Mellon, Hong Kong Branch, Level 24, Three Pacific Place, 1
Queen’s Road East, Hong Kong, Attention: Corporate Trust—Sumitomo Mitsui Financial Group, Inc., facsimile: +852 2295 3283. 

“Subordinated Indenture” means this instrument as originally executed and delivered or, if amended or supplemented as herein
provided, as so amended or supplemented or both, including the forms and terms of particular series of Securities established as contemplated hereunder. 

“Subordination Event” has the meaning set forth in the applicable supplemental indenture. 

“Summary Rehabilitation Order” means a decision of a court of competent jurisdiction under Article 211, paragraph 1 of the
Civil Rehabilitation Act to the effect that the procedures for the investigation and confirmation of civil rehabilitation claims as defined in Article 84 of the Civil Rehabilitation Act shall be omitted. 

“Tax Documentation” has the meaning set forth in Section 2.12(b). 

“Tax Exemption Application” has the meaning set forth in Section 3.05. 

“Taxes” has the meaning set forth in Section 3.05. 

“Trust Indenture Act” means (except as otherwise provided in Article 7) the Trust Indenture Act of 1939 as in force at the
date as of which this Subordinated Indenture was originally executed; provided, however, that in the event that the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such
amendment, the Trust Indenture Act of 1939, as so amended. 
 “Trustee” means the Person so identified in the first
paragraph hereof and, subject to the provisions of Article 5, shall also include any successor trustee. 
 “Yield to
Maturity” means the yield to maturity on the Securities of a series, calculated at the time of initial issuance of the Securities of such series, or, if applicable, at the most recent redetermination of interest on the Securities of such
series, and calculated in accordance with accepted financial practice. 
 ARTICLE 2 

SECURITIES 

Section 2.01. Forms Generally. The Securities of each series shall be substantially in such form (not inconsistent with this
Subordinated Indenture) as shall be established by or pursuant to a Board Resolution and set forth in an Officer’s Certificate or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Subordinated Indenture, and may have imprinted or otherwise reproduced thereon such legend or legends (not inconsistent with the provisions of this Subordinated Indenture) as
may be required to comply with any law, or with any rules or regulations pursuant thereto, or with any rules of any securities exchange, or to conform to general usage, all as may be determined by the officer or officers executing such Securities,
as evidenced by his or their execution of the Securities. 
 The definitive Securities shall be printed or lithographed on security printed
paper or may be produced in any other manner, all as determined by the officer or officers executing such Securities, as evidenced by his or their execution of such Securities. 

  
 5 

 Section 2.02. Form of Trustee’s Certification of Authentication. Subject to the
provisions of Section 5.14, the Trustee’s certificate of authentication on all Securities shall be in substantially the following form: 

This is one of the Securities of the series designated herein and referred to in the within-mentioned Subordinated Indenture. 

 

							
	Dated:	 	  
	 	 The Bank of New York Mellon
 as
Trustee

				
		 		 	By:	 	  

		 		 	Authorized Officer

 Section 2.03. Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities
which may be authenticated and delivered under this Subordinated Indenture is unlimited. 
 The Securities may be issued in one or more
series, and, unless provided for otherwise in or pursuant to a Board Resolution and set forth in an Officer’s Certificate or in an indenture supplemental hereto, each such series shall at all times rank pari passu among themselves and
shall be subordinated to Senior Indebtedness pursuant to, and to the extent set forth in, the applicable supplemental indenture. There shall be established in or pursuant to a Board Resolution and set forth in one or more Officer’s
Certificates, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series: 
 (a) the
issue date of the Securities; 
 (b) the title and type of the Securities of the series (which shall distinguish the Securities of the
series from all other Securities); 
 (c) the ranking of the Securities; 

(d) the initial principal amount of the Securities and any limits upon the aggregate principal amount of the Securities of the series that may
be authenticated and delivered under this Subordinated Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Sections 2.08, 2.09,
2.11, 4.03 or 11.04); 
 (e) the denominations in which Securities of the series shall be issuable; 

(f) if other than Dollars, the coin or currency in which the Securities of the series are denominated; 

(g) the date or dates, if any, on which the principal of the Securities of the series is payable; 

(h) the rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such rate or rates shall be
determined, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and the record dates (in the case of Registered Securities) for the determination of Holders to whom interest is
payable and/or the method by which such rate or rates or date or dates shall be determined; 
 (i) if the amount of principal or any premium
or interest on the Securities may be determined with reference to an index or pursuant to a formula, the manner in which such amounts will be determined; 

(j) the manner in which, and the place or places where, the principal of and any interest on the Securities of the series shall be payable
(subject to the provisions of Section 3.02); 
 (k) the right or requirement, if any, to extend the interest payment periods or defer
or cancel the payment of interest and the duration and effect of that extension, deferral or cancellation; 

  
 6 

 (l) any other or different subordination events, modification or elimination of any acceleration
rights or covenants with respect to the Securities of the series and any terms required by or advisable under applicable laws or regulations or rating agency criteria, including laws and regulations relating to attributes required for the Securities
to qualify as capital for regulatory, rating or other purposes; 
 (m) any conversion or exchange features of the Securities; 

(n) whether and under what circumstances the Issuer will pay Additional Amounts on the Securities of the series for any tax, assessment or
governmental charge withheld or deducted and, if so, whether it will have the option to redeem those Securities rather than pay the Additional Amounts, in each case, if other than as provided herein; 

(o) the price or prices at which, the period or periods within which and the terms and conditions upon which Securities of the series may be
redeemed, in whole or in part, at the option of the Issuer; 
 (p) the terms of the subordination of the Securities of the series and any
other provisions relevant to such subordination, if different from the terms and provisions set forth herein; 
 (q) any trustees,
authenticating agents, paying agents, transfer agents, registrars or any other agents with respect to the Securities of the series; 
 (r)
any restrictions applicable to the offer, sale or delivery of the Securities; 
 (s) any provisions for the discharge of our obligations
relating to the Securities, if different from the provisions set forth herein; 
 (t) if the Securities of the series are to be issuable in
definitive form (whether upon original issue or upon exchange of a temporary Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of such certificates,
documents or conditions; 
 (u) whether the series of Securities may be reopened in a manner consistent with the terms of this Subordinated
Indenture, without the consent of the Holders of the Securities of the series, for increases in the aggregate principal amount of the series or for the establishment of additional terms with respect to the Securities of the series; 

(v) any write-down, write-up, bail-in or other provisions applicable to a particular series of Securities required by, relating to or in
connection with, applicable regulatory capital or other requirements of the FSA or other applicable regulatory authority; 
 (w) if other
than the principal amount thereof, the portion of the principal amount of the Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 4.01 or provable in bankruptcy, civil
rehabilitation, reorganization, insolvency or similar proceedings pursuant to Section 4.02; 
 (x) if other than the coin or currency
in which the Securities of the series are denominated, the coin or currency in which payment of the principal of or interest on the Securities of the series shall be payable; 

(y) if the principal of or interest on the Securities of the series is to be payable, at the election of the Issuer or a Holder thereof, in a
coin or currency other than that in which the Securities are denominated, the period or periods within which, and the terms and conditions upon which, such election may be made; 

  
 7 

 (z) if the amounts of payments of principal of and interest on the Securities of the series may
be determined with reference to an index based on a coin or currency other than that in which the Securities of the series are denominated, or with reference to any currencies, securities or baskets of securities, commodities or indices, the manner
in which such amounts shall be determined; 
 (aa) whether the Securities of the series will be issuable as Registered Securities (and, if
so, whether such Securities will be issuable as Registered Global Securities and, in such case, the respective Clearing Organization for such Registered Global Securities) and any restrictions applicable to the offer, sale, transfer, exchange or
delivery of Registered Securities or the payment of interest thereon not otherwise specified herein; 
 (bb) whether the Securities of the
series shall be excluded from participation with the Securities of other series or otherwise differentiated from the Securities of other series in relation to any matter in respect of which the Securities generally or Securities of more than one
series are contemplated by this Subordinated Indenture to act together or otherwise be treated or affected collectively; and 
 (cc) any
other terms of the Securities of the series, which terms shall not be inconsistent with the provisions of this Subordinated Indenture. 

All Securities of any one series shall be substantially identical except as to denomination, issue date, issue price and, if applicable, the
date from which interest shall accrue and the date on which interest shall be first paid, except as may otherwise be provided in or pursuant to a Board Resolution and set forth in one or more Officer’s Certificates or in one or more indentures
supplemental hereto, as referenced above. Securities of any one series need not be issued at the same time, and unless otherwise provided, a series may be reopened for issuance of additional Securities of such series without the consent of any
Holder; provided that such additional Securities must be fungible with the other Outstanding Securities of the same series for U.S. federal income tax purposes. 

Section 2.04. Authentication and Delivery of Securities. At any time and from time to time after the execution and delivery of
this Subordinated Indenture, the Issuer may deliver Securities of any series executed by the Issuer to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver such Securities upon and in accordance with the written
order of the Issuer, signed by any one Responsible Officer of the Issuer duly authorized to execute any such order, without any further action by the Issuer. In authenticating such Securities and accepting the additional responsibilities under this
Subordinated Indenture in relation to such Securities, the Trustee shall be entitled to receive and (subject to Section 5.01) shall be fully protected in relying upon: 

(a) a copy of any Board Resolution relating to such series certified by a Responsible Officer of the Issuer, which shall constitute approval
and due authorization for the actions of the Issuer in respect of the transactions contemplated hereby; 
 (b) an executed supplemental
indenture, if any; 
 (c) one or more Officer’s Certificates setting forth the form and terms of the Securities as required pursuant to
Sections 2.01 and 2.03, respectively, and prepared in accordance with Section 10.05; and 
 (d) an Opinion of Counsel, prepared in
accordance with Section 10.05, to the effect that 
 (i) the form or forms and terms of such Securities have been
established by or pursuant to a Board Resolution or by a supplemental indenture as permitted by Sections 2.01 and 2.03 in conformity with the provisions of this Subordinated Indenture; 

(ii) such Securities, when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute valid and binding 

  
 8 

 
obligations of the Issuer enforceable against the Issuer in accordance with their respective terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights
generally, concepts of reasonableness and equitable principles of general applicability; and 
 (iii) covers such other
matters as the Trustee may reasonably request. 
 The Trustee shall have the right to decline to authenticate and deliver any Securities
under this Section 2.04 if the Trustee, being advised by counsel, determines that such action may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors or board of trustees, executive committee, or a
trust committee of directors or trustees or Responsible Officers shall determine that such action would expose the Trustee to personal liability to existing Holders. 

Section 2.05. Execution of Securities. The Securities shall be signed on behalf of the Issuer by one (or, if so specified in an
indenture supplemental hereto, more than one) Responsible Officer of the Issuer, and such signature may, but need not, be attested. Such signature may be the manual or facsimile signature of the present or any future such officer. Typographical and
other minor errors or defects in any reproduction of any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. 

In case any Responsible Officer of the Issuer who shall have signed any of the Securities shall cease to be such officer before the relevant
Security shall be authenticated and delivered by the Trustee or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or disposed of as though the person who signed such Security had not ceased to be such officer
of the Issuer. Any Security may be signed on behalf of the Issuer by any such persons as, at the actual date of the execution of such Security, shall be a Responsible Officer of the Issuer, although at the date of the execution and delivery of this
Subordinated Indenture such person was not such an officer. 
 Section 2.06. Certificate of Authentication. Only such Securities
as shall bear thereon a certificate of authentication substantially in an authorized form herein recited, executed by or on behalf of the Trustee by the manual signature of an authorized officer of the Trustee or, as contemplated bySection 5.14, by
an Authenticating Agent, shall be entitled to the benefits of this Subordinated Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee or Authenticating Agent upon any Security executed by the Issuer shall be conclusive
evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Subordinated Indenture. 

Section 2.07. Denomination and Date of Securities; Payments of Interest. The Securities shall be issuable as Registered Securities
and in minimum denominations as shall be specified as contemplated by Section 2.03. The Securities of any series shall be issuable in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof, or such other
denominations and integral multiples as the Issuer may designate in an indenture supplemental hereto or in or pursuant to a Board Resolution under which such series of Securities is issued and set forth in one or more Officer’s Certificates.
The Securities shall be numbered, lettered or otherwise distinguished in such manner or in accordance with such plan as the officer or officers of the Issuer executing the same may determine with the approval of the Trustee, as evidenced by the
execution and authentication thereof. 
 Each Security shall be dated the date of its authentication and shall bear interest, if any, from
the date and shall be payable on the dates, in each case, which shall be specified as contemplated by Section 2.03. 
 The person in
whose name any Registered Security of any series is registered at the close of business on any record date applicable to such series with respect to any interest payment date for such series shall be entitled to receive the interest, if any, payable
on such interest payment date notwithstanding any transfer or exchange of such Security subsequent to the record date and prior to such interest payment date, except if and to the extent that the Issuer shall default in the payment of the interest
due on such interest payment date for such series, in 

  
 9 

 
which case such defaulted interest shall be paid to the persons in whose names Outstanding Securities for such series are registered at the close of business on a subsequent record date (which
shall be not less than five Business Days prior to the date of payment of such defaulted interest) established by notice given by mail by or on behalf of the Issuer to the Holders of the Securities of such series not less than 15 days preceding such
subsequent record date. The term “record date” as used with respect to any interest payment date for the Securities of any particular series (except a date for payment of defaulted interest) shall mean the date specified as such in
the terms of such Securities, or, if no such date is so specified, if such interest payment date is the first day of a calendar month, the fifteenth day of the next preceding calendar month or, if such interest payment date is the fifteenth day of a
calendar month, the first day of such calendar month, whether or not such record date is a Business Day. 
 Section 2.08.
Registration, Transfer and Exchange. The Issuer will keep or cause to be kept at each office or agency to be maintained for the purpose as provided in Section 3.02 a register or registers in which, subject to such reasonable regulations
as it may prescribe, it will register, and will register the transfer of, Registered Securities as in this Article provided. Such register shall be in written form in the English language or in any other form capable of being converted into such
form within a reasonable time. At all times during normal business hours on Business Days such register or registers shall be open for inspection by the Trustee. 

Upon due presentation for registration of transfer of any Registered Security of any series at any such office or agency to be maintained for
the purpose as provided in Section 3.02, the Issuer shall execute, and the Trustee shall authenticate and deliver, in the name or names of the transferee or transferees, a new Security or Securities of the same series in authorized
denominations for a like aggregate principal amount. 
 Any Security or Securities of any series may be exchanged for a new Security or
Securities of the same series in other authorized denominations, in an equal aggregate principal amount. Securities of any series to be exchanged shall be surrendered at any office or agency to be maintained by the Issuer for the purpose as provided
in Section 3.02, and the Issuer shall execute, and the Trustee shall authenticate and deliver in exchange therefor, a new Security or Securities of the same series which the Securityholder making the exchange shall be entitled to receive,
bearing numbers not contemporaneously outstanding. 
 All Securities presented for registration of transfer, exchange, redemption or payment
shall (if so required by the Issuer or the Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder or his attorney duly
authorized in writing. 
 The Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any exchange or registration of transfer of Securities. No service charge shall be made for any such transaction. 

The Issuer shall not be required to exchange or register a transfer of (a) any Securities of any series for a period of 15 days next
preceding the first mailing of notice of redemption of Securities of such series to be redeemed, or (b) any Securities selected, called or being called for redemption except, in the case of any Security where public notice has been given that
such Security is to be redeemed in part, the portion thereof not so to be redeemed. 
 All Securities issued upon any transfer or exchange
of Securities shall be valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Subordinated Indenture, as the Securities surrendered upon such transfer or exchange. 

Section 2.09. Mutilated, Defaced, Destroyed, Lost and Stolen Securities. In case any temporary or definitive Security shall become
mutilated or defaced or be destroyed, lost or stolen, the Issuer in its discretion may execute, and, upon the written request of any Responsible Officer of the Issuer, the Trustee shall authenticate and

  
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deliver a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Security, or in lieu of and in
substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substitute Security shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as may be required
by them to indemnify and defend and to save each of them harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the destruction, loss or theft of such Security and of the ownership thereof. In every case of
mutilation or defacement, the applicant shall surrender the Security to the Trustee or such agent. 
 Upon the issuance of any substitute
Security, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee or its agent) connected
therewith. In case any Security which has matured or is about to mature or has been called for redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer may, instead of issuing a substitute Security, pay or
authorize the payment of the same (without surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such payment shall furnish to the Issuer and the Trustee and any agent of the Issuer or the Trustee such
security or indemnity as any of them may require to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee and any agent of the Issuer or the Trustee evidence to
their satisfaction of the destruction, loss or theft of such Security and of the ownership thereof. 
 Every substitute Security of any
series issued pursuant to the provisions of this Section 2.09, by virtue of the fact that any such Security is destroyed, lost or stolen, shall constitute an additional contractual obligation of the Issuer, whether or not the destroyed, lost or
stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of (but shall be subject to all the limitations of rights set forth in) this Subordinated Indenture equally and proportionately with any and all
other Securities of such series duly authenticated and delivered hereunder. All Securities shall be held and owned upon the express condition that, to the extent permitted by law, the foregoing provisions are exclusive with respect to the
replacement or payment of mutilated, defaced or destroyed, lost or stolen Securities and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the
replacement or payment of negotiable instruments or other securities without their surrender. 
 Section 2.10. Cancellation of
Securities. All Securities surrendered for payment, redemption, registration of transfer or exchange, or for credit against any payment in respect of a sinking or analogous fund, if surrendered to the Issuer or any agent of the Issuer or the
paying agent, shall be delivered to the paying agent for cancellation or, if surrendered to the paying agent, shall be canceled by it; and no Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this
Subordinated Indenture. The paying agent shall dispose of canceled Securities held by it in accordance with the paying agent’s procedures for the disposition of canceled securities in effect as of the date of such disposition and, upon prior
written request, deliver a certificate of disposition to the Issuer. If the Issuer shall acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and
until the same are delivered to the paying agent for cancellation. 
 Section 2.11. Temporary Securities. Pending the
preparation of definitive Securities for any series, the Issuer may execute, and the Trustee shall authenticate and deliver, temporary Securities for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form
satisfactory to the Trustee). Temporary Securities of any series shall be issuable as Registered Securities without coupons, of any authorized denomination, and substantially in the form of the definitive Securities of such series but with such
omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Issuer with the concurrence of the Trustee. Temporary Securities may contain such reference to any provisions of this Subordinated
Indenture as may be appropriate. Every temporary Security shall be executed by the Issuer and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities. Without
unreasonable delay, the Issuer shall execute and furnish definitive Securities of such series, and thereupon temporary Securities of such series may be surrendered in exchange therefor 

  
 11 

 
without charge at each office or agency to be maintained by the Issuer for that purpose pursuant to Section 3.02, and the Trustee shall authenticate and deliver in exchange for such
temporary Securities of such series a like aggregate principal amount of definitive Securities of the same series of authorized denominations. Until so exchanged, the temporary Securities of any series shall be entitled to the same benefits under
this Subordinated Indenture as definitive Securities of such series, unless otherwise established pursuant to Section 2.03. 

Section 2.12. Japanese Withholding Tax. 

(a) In compliance with Japanese tax laws and the practices of taxing authorities in Japan, in respect of any interest payment on a series of
Securities issued in global or book-entry form pursuant to this Subordinated Indenture or any supplemental indenture hereto, any paying agent shall act in accordance with the procedures and forms set out in the memorandum, dated January 28,
2000, entitled “Compliance Procedures for International Securities Offerings by Japanese Issuers—Securities Held Through DTC” prepared by the International Capital Market Association (formerly the International Primary Market
Association) (as may be amended, updated or supplemented from time to time by notice from such association, the “DTC Procedures”), if DTC is acting as Clearing Organization with respect to such series or with respect to depositary
interests representing the Securities of such series, or in accordance with such other similar procedures as may be established by another Clearing Organization. Except as otherwise provided in this Subordinated Indenture, any such paying agent
shall be responsible only for performing such services as are specifically provided for in the DTC Procedures or such other procedures actually known by the paying agent, as applicable and as may be amended or modified and communicated to the paying
agent from time to time. Any such paying agent and the Issuer may rely on the information provided in the claim for exemption from Japanese withholding taxes and other documentation in the absence of actual knowledge to the contrary. 

(b) If any interest payment on a series of Securities is due to be made hereunder, and if and so long as payments of interest (if any) by the
Issuer to any paying agent may be made without withholding or deduction for or on account of Japanese tax only upon receipt of certifications, claims for exemption, notifications or other documentation in compliance with Japanese tax law
requirements (“Tax Documentation”), the relevant paying agent, at the direction of the Issuer, shall (i) collect the required Tax Documentation from the Clearing Organization (or Holders of the Securities, if definitive
Securities representing such series have been issued); (ii) provide any required confirmations of information available to it; and (iii) deliver such Tax Documentation to, or on the order of, the Issuer via facsimile no later than two
Business Days prior to the relevant interest payment date, followed by first class mail or express courier at the address stipulated in Section 10.04, for filing with the relevant Japanese district tax office. Any such paying agent may rely on
the information provided in Tax Documentation (including, where relevant, supporting documentation) in the absence of actual knowledge that such information is incorrect. 

(c) If the beneficial owner of the Securities satisfies the requirements for claiming an exemption from Japanese withholding tax after the
date on which an amount in respect of such tax is withheld and before the date on which the tax is actually paid to the Japanese taxing authority, then the Issuer or the paying agent acting at the direction of the Issuer, may, to the extent
reasonably practicable, repay the amount withheld (after deduction of reasonable costs, including amounts in respect of changes in foreign exchange rates) to the Holder. 

(d) If (i) subsequent to making a payment on the Securities without withholding or deduction of Japanese taxes the Issuer is required to
remit to the Japanese taxing authority any amount in respect of Japanese taxes that should have been withheld or deducted from such payment (together with any interest and penalties) due to the failure of the beneficial owner to provide accurate
Interest Recipient Information or to otherwise properly claim an exemption from Japanese taxes imposed with respect to such payment, and (ii) such beneficial owner would not have been entitled to receive Additional Amounts with respect to such
payment had Japanese taxes been withheld from the payment when it was made, such beneficial owner (but not any subsequent beneficial owner of the Securities) shall be required to reimburse the Issuer, in Japanese yen, for the amount remitted by the
Issuer to the Japanese taxing authority. The Issuer shall notify, directly or through a paying agent or relevant Clearing Organization, such beneficial owner of the amount to be reimbursed to the Issuer. 

  
 12 

 (e) The paying agent shall furnish forms of certifications to Holders upon request, and shall use
reasonable endeavours to assist Holders in claiming available exemptions, but shall not be liable for a Holder’s failure to qualify for such an exemption. Neither the Issuer nor the paying agent shall have any liability for any withholding of
tax arising as a result of a late delivery of the required Tax Documentation or incorrectly completed Tax Documentation. 
 Based on the Tax
Documentation received, the paying agent will make the appropriate calculations of interest payable after making the relevant deductions in accordance with this Section 2.12. 

The paying agent shall retain copies of Tax Documentation for a period of five years from the date of receipt and shall make such
documentation available for inspection by the Issuer and any relevant tax authorities in Japan upon written request given reasonable notice from the Issuer. 

Section 2.13. CUSIP Numbers, ISIN Numbers and Common Codes. The Issuer, in issuing the Securities of any series, may use CUSIP
numbers, ISIN numbers and/or common codes, if then generally in use, and, if so, the Trustee shall use such CUSIP numbers, ISIN numbers and/or common codes in notices of redemption of Securities of such series as a convenience to Holders; provided
that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification
numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee in writing of any change in the CUSIP numbers, ISIN numbers or common codes
for any Securities Outstanding. 
 ARTICLE 3 

COVENANTS 

Section 3.01. Payment of Principal and Interest. The Issuer covenants and agrees for the benefit of the Holders of Securities of
each series of Securities that it will duly and punctually pay or cause to be paid the principal of, and interest on, each of the Securities of such series (together with any Additional Amounts payable pursuant to the terms of such Securities) at
the place or places, at the respective times and in the manner provided in such Securities. Subject to any other provisions that may be established pursuant to Section 2.03, the interest on Securities (together with any Additional Amounts
payable pursuant to the terms of such Securities) shall be payable only to or upon the written order of the Holders thereof and, at the option of the Issuer, may be paid by wire transfer or by mailing checks for such interest payable to or upon the
written order of such Holders at their last addresses as they appear on the registry books of the Issuer (in the case of Registered Securities) or at such other addresses as may be specified in the written orders of the Holders. 

All payments in respect of the Securities will be subject in all cases to any applicable fiscal laws or other laws and regulations, and,
except as provided in Section 3.05, no Additional Amounts will be payable as a result of the withholding or deduction of any taxes or duties of whatever nature imposed or levied as a result of such laws or regulations. Any amount withheld from
payments on the Securities will be treated as paid to the Holders thereof. 
 Section 3.02. Offices for Payments, Registration,
etc. So long as any of the Securities of any series remains outstanding, the Issuer will maintain in each Place of Payment for such series an office or agency (a) where the Securities of such series may be presented or surrendered for
payment, (b) where Registered Securities of such series may be presented or surrendered for registration or registration of transfer and for exchange as provided in this Subordinated Indenture and (c) where notices and demands to or upon
the Issuer in respect of the Securities of such series or of this Subordinated Indenture may be served. The Issuer will give to the Trustee written notice of the location of any such office or agency and of any change of location thereof. Unless
otherwise specified in accordance with Section 2.03, the Issuer hereby initially designates the Corporate Trust Office of the Trustee as 

  
 13 

 
the office to be maintained by it for each such purpose in relation to Registered Securities. In case the Issuer shall fail to so designate or maintain any such office or agency or shall fail to
give such notice of the location or of any change in the location thereof, presentations and demands may be made and notices may be served at the Corporate Trust Office. 

The Issuer may from time to time designate one or more offices or agencies (in addition to or in lieu of the office or agency established
pursuant to the preceding paragraph) where the Securities of a series may be presented or surrendered for payment and where Registered Securities of that series may be presented or surrendered for registration or registration of transfer as provided
in this Subordinated Indenture, and the Issuer may from time to time rescind any such designation, as the Issuer may deem desirable or expedient; provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its
obligation to maintain the agencies provided for in this Section 3.02. The Issuer will give to the Trustee prompt written notice of any such designation or rescission thereof. 

Section 3.03. Appointment to Fill a Vacancy in Office of Trustee. The Issuer, whenever necessary to avoid or fill a vacancy
in the office of Trustee, will appoint, in the manner provided in Section 5.10, a Trustee, so that there shall at all times be a Trustee with respect to each series of Securities hereunder. 

Section 3.04. Paying Agents. Whenever the Issuer shall appoint a paying agent other than the Trustee with respect to the
Securities of any series, it will cause such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 3.04, 

(a) that it will hold all sums received by it as such agent for the payment of the principal of or interest on the Securities of such series
(whether such sums have been paid to it by the Issuer or by any other obligor on the Securities of such series) in trust for the benefit of the Holders of the Securities of such series or of the Trustee; 

(b) that it will give the Trustee notice of any failure by the Issuer (or by any other obligor on the Securities of such series) to make any
payment of the principal of or interest on the Securities of such series when the same shall be due and payable; and 
 (c) that it will pay
any such sums so held in trust by it to the Trustee upon the Trustee’s written request at any time during the continuance of the failure referred to in Section 3.04(b) above. 

The Issuer will, on or prior to 10:00 a.m., New York City time, on each due date of the principal of or interest on the Securities of such
series deposit or cause to be deposited with the paying agent a sum sufficient to pay such principal or interest so becoming due, and (unless such paying agent is the Trustee) the Issuer will promptly notify the Trustee of any failure to take such
action. The paying agent shall not be bound to make any payment until it has received in immediately available and cleared funds the full amount due to be paid to it pursuant to this Section 3.04(c). 

If the Issuer shall act as its own paying agent with respect to the Securities of any series, it will, on or before each due date of the
principal of or interest on the Securities of such series, set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such series a sum sufficient to pay such principal or interest so becoming due. The Issuer will
promptly notify the Trustee of any failure to take such action. 
 Anything in this Section 3.04 to the contrary notwithstanding, the
Issuer may at any time, for the purpose of obtaining a satisfaction and discharge with respect to one or more or all series of Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for any such
series by the Issuer or any paying agent hereunder, as required by this Section 3.04, such sums to be held by the Trustee upon the trusts herein contained. 

Anything in this Section 3.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 3.04
is subject to the provisions of Sections 9.03 and 9.04. 

  
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 Section 3.05. Payment of Additional Amounts. Unless otherwise established in
accordance with Section 2.03, all payments of principal and interest in respect of the Securities shall be made by the Issuer without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental
charges of whatever nature imposed or levied by or on behalf of Japan, or any authority thereof or therein having power to tax (“Taxes”), unless such withholding or deduction is required by law. In such event, the Issuer shall pay
such additional amounts (“Additional Amounts”) as will result in the receipt by the Holder of such amounts as would have been received by it had no such withholding or deduction been required, except that no such Additional Amounts
shall be payable with respect to any Securities under any of the following circumstances: 
 (i) the Holder or beneficial
owner of the Securities is an individual non-resident of Japan or a non-Japanese corporation and is liable for such Taxes in respect of such Securities by reason of its (A) having some connection with Japan other than the mere holding of such
Securities or (B) being a person having a special relationship with the Issuer as described in Article 6, paragraph (4) of the Act on Special Measures Concerning Taxation of Japan (Act No. 26 of 1957, as amended) (the “Special
Taxation Measures Act” and, each such person, a “specially-related person of the Issuer”); 
 (ii)
the Holder or beneficial owner of the Securities would otherwise be exempt from any such withholding or deduction but fails to comply with any applicable requirement to provide Interest Recipient Information (as defined below) or to submit a Tax
Exemption Application (as defined below) to the relevant paying agent to whom the relevant Securities are presented (where presentation is required), or whose Interest Recipient Information is not duly communicated through the relevant Participant
(as defined below) and the relevant international Clearing Organization to such paying agent; 
 (iii) the Holder or
beneficial owner of the Securities is for Japanese tax purposes treated as an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution that complies with the requirement to provide Interest
Recipient Information or to submit a Tax Exemption Application and (B) an individual resident of Japan or a Japanese corporation that duly notifies (directly or through the relevant Participant or otherwise) the relevant paying agent of its
status as not being subject to withholding or deduction by the Issuer by reason of receipt by such individual resident of Japan or Japanese corporation of interest on the relevant Securities through a payment handling agent in Japan appointed by
it); 
 (iv) the Securities are presented for payment (where presentation is required) more than 30 days after the day on
which such payment on the Securities became due or after the full payment was provided for, whichever occurs later, except to the extent the Holder thereof would have been entitled to Additional Amounts on presenting the same for payment on the last
day of such period of 30 days; 
 (v) the withholding or deduction is imposed on a payment pursuant to European Council
Directive 2003/48/EC or any other directive amending, supplementing or implementing such Directive, regarding the taxation of savings income or any law implementing such directive; 

(vi) the withholding or deduction is imposed on a Holder or beneficial owner who could have avoided such withholding or
deduction by presenting its Securities (where presentation is required) to another paying agent maintained by the Issuer; 

(vii) the Holder is a fiduciary or partnership or is not the sole beneficial owner of the payment of the principal of, or any
interest on, any Security, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner, in each case, who would
not have been entitled to such Additional Amounts had it been the beneficial owner of such Security; or 
 (viii) any
combination of the above. 
 No Additional Amounts will be payable for or on account of any deduction or withholding imposed pursuant to
Sections 1471-1474 of the U.S. Internal Revenue Code and the U.S. Treasury regulations thereunder (“FATCA”), any intergovernmental agreement entered into with respect to FATCA, or any law, regulation or other official guidance
enacted or published in any jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement. 

  
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 Where Securities are held through a participant of an international Clearing Organization or a
financial intermediary (each, a “Participant”), in order to receive payments free of withholding or deduction by the Issuer for or on account of Taxes, if the relevant beneficial owner is (A) an individual non-resident of Japan
or a non-Japanese corporation (other than a specially-related person of the Issuer) or (B) a Japanese financial institution falling under certain categories prescribed by the Special Taxation Measures Act (a “Designated Financial
Institution”), each such beneficial owner shall, at the time of entrusting a Participant with the custody of the relevant Securities, provide certain information prescribed by the Special Taxation Measures Act to enable the Participant to
establish that such beneficial owner is exempted from the requirement for withholding or deduction of such Taxes (“Interest Recipient Information”), and advise the Participant if the beneficial owner ceases to be so exempted
(including the case in which a beneficial owner who is an individual non-resident of Japan or a non-Japanese corporation becomes a specially-related person of the Issuer). 

Where Securities are not held through a Participant, in order to receive payments free of withholding or deduction by the Issuer for, or on
account of, Taxes, if the relevant beneficial owner is (A) an individual non-resident of Japan or a non-Japanese corporation (other than a specially-related person of the Issuer) or (B) a Designated Financial Institution, each such
beneficial owner shall, prior to each time at which it receives interest, submit to the relevant paying agent a written application for tax exemption (hikazei tekiyo shinkokusho) (a “Tax Exemption Application”), in a form
obtainable from the paying agent stating, inter alia, the name and address (and, if applicable, the Japanese individual or corporation ID number) of the beneficial owner, the title of the Securities, the relevant Interest Payment Date, the
amount of interest and the fact that the beneficial owner is qualified to submit the Tax Exemption Application, together with documentary evidence regarding its identity and residence. 

The Issuer shall make any required withholding or deduction and remit the full amount withheld or deducted to the Japanese taxing authority in
accordance with applicable law. The Issuer shall use reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any tax, duty, assessment, fee or other governmental charge so withheld or deducted from the Japanese taxing
authority imposing such tax, duty, assessment or other governmental charge, and if certified copies are not available, the Issuer shall use reasonable efforts to obtain other evidence satisfactory to the Trustee, and the Trustee shall make such
certified copies or other evidence available to the Holders or beneficial owners upon reasonable request to the Trustee. 
 The obligation
to pay Additional Amounts with respect to any taxes, duties, assessments and other governmental charges shall not apply to (A) any estate, inheritance, gift, sales, transfer, personal property or any similar tax, duty, assessment, fee or other
governmental charge or (B) any tax, duty, assessment, fee or other governmental charge which is payable otherwise than by withholding or deduction from payments of principal of or interest on the Securities; provided that, except as otherwise
set forth in the Securities and in this Subordinated Indenture, the Issuer shall pay all stamp, court or documentary taxes or any excise or property taxes, charges or similar levies and other duties, if any, which may be imposed by Japan, the United
States or any political subdivision or any taxing authority thereof or therein, with respect to the execution or enforcement of this Subordinated Indenture or as a consequence of the initial issuance, execution, delivery or registration of the
Securities. 
 Section 3.06. Certificate of the Issuer. So long as any Securities are Outstanding under this Subordinated
Indenture, the Issuer will furnish to the Trustee within 180 days of the end of the Issuer’s fiscal year each year (beginning with the year following the first issuance of any Securities pursuant to this Subordinated Indenture) a brief
certificate (which need not comply with Section 10.05) from the principal executive, financial or accounting officer of the Issuer as to his or her knowledge of the Issuer’s compliance with all conditions and covenants under this
Subordinated Indenture (such compliance to be determined without regard to any period of grace or requirement of notice provided under this Subordinated Indenture), which certificate shall comply with the requirements of the Trust Indenture Act. 

 Section 3.07. Securityholders Lists. If and so long as the Trustee shall not be the Security registrar for the
Securities of any series, the Issuer will furnish or cause to be furnished to the Trustee a list in such form as the 

  
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Trustee may reasonably require of the names and addresses of the Holders of the Securities of such series pursuant to Section 312 of the Trust Indenture Act (a) not more than 15
days after each record date for the payment of interest on such Securities, as hereinabove specified, as of such record date and on dates to be determined pursuant to Section 2.03 for non-interest bearing securities in each year, and
(b) at such other times as the Trustee may reasonably request in writing, within 30 days after receipt by the Issuer of any such request as of a date not more than 15 days prior to the time such information is furnished. 

Section 3.08. Reports by the Issuer. The Issuer covenants to file with the Trustee, within 30 days after the Issuer files the same
with the Commission, copies of any annual reports and of the information, documents and other reports that the Issuer may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. Delivery of such
reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such reports shall not constitute actual or constructive notice or knowledge of any information contained therein or determinable
from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). 

Section 3.09. Reports by the Trustee. Any Trustee’s report required under Section 313(a) of the Trust Indenture Act
shall be transmitted on or before April 1 in each year following the date hereof, so long as any Securities are Outstanding hereunder, and shall be dated as of a date convenient to the Trustee no more than 60 nor less than 45 days prior
thereto. 
 Section 3.10. Statement by Officers as to Event of Acceleration or Default. The Issuer shall deliver to the Trustee,
reasonably promptly after the Issuer becomes aware of the occurrence of (i) any Event of Acceleration or an event which, with notice or the lapse of time or both, would constitute an Event of Acceleration, (ii) any default in payment when
due of principal of, or interest on, a series of Securities or (iii) any default in the performance by the Issuer of any obligation under the Securities or this Subordinated Indenture, an Officer’s Certificate setting forth the details of
such Event of Acceleration or default and the action which the Issuer proposes to take with respect thereto. 
 ARTICLE 4 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
ON EVENT OF ACCELERATION 
 Section 4.01. Event of Acceleration; Limited
Acceleration of Maturity. Unless otherwise established in accordance with Section 2.03 or by any applicable supplemental indenture, “Event of Acceleration” with respect to Securities of any series and wherever used herein
means the occurrence and continuation of a Subordination Event. If a court of competent jurisdiction with respect to the Issuer shall rescind a declaration of bankruptcy or terminate a bankruptcy action without a distribution of assets pursuant to
the Bankruptcy Act, shall rescind or terminate a reorganization without approving the plan of reorganization pursuant to the Reorganization Act or shall rescind or terminate a rehabilitation proceeding without approving the plan of rehabilitation,
or by issuing a Summary Rehabilitation Order or Consent Rehabilitation Order, pursuant to the Civil Rehabilitation Act, then such Subordination Event shall have the same effect as if it had not occurred. 

Unless otherwise set forth in any applicable supplemental indenture or pursuant to a Board Resolution and set forth in an Officer’s
Certificate under which such series of Securities is issued, if an Event of Acceleration has occurred and is continuing with respect to a series of Securities, then in each and every such case, unless the principal of all the Securities of such
series has already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding hereunder, by written notice to the Issuer (and to the Trustee if given
by Securityholders), may, and the Trustee at the request of such Holders shall (subject to being indemnified and/or secured to the Trustee’s reasonable satisfaction), declare the entire principal (or, if the Securities of any such affected
series are Original Issue 

  
 17 

 
Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of all Securities of such series, and the accrued and unpaid interest thereon, to be due
and payable immediately. Upon any such declaration, such principal, together with any accrued and unpaid interest and all other amounts owing hereunder, shall become immediately due and payable. 

For all purposes under this Subordinated Indenture, if a portion of the principal of any Original Issue Discount Securities shall have been
accelerated and declared due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the principal amount of such Original Issue Discount Securities shall be
deemed, for all purposes hereunder, to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the principal thereof as shall be due and payable as a result of such
acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities. 

The acceleration set forth in this Section 4.01 will not arise upon a default of the Issuer in the payment of principal of or interest on
the Securities of any series or upon the default of the Issuer in the performance or observance of any covenant, condition or provision contained in this Subordinated Indenture or the Securities of any series or upon the occurrence of any other
event in relation to the Securities of any series other than a Subordination Event. 
 Section 4.02. Trustee May File Proof of
Claim. In case there shall be pending proceedings relative to the Issuer or any other obligor upon the Securities under any applicable bankruptcy, civil rehabilitation, reorganization, insolvency or other similar law, or in case a receiver,
assignee or trustee in bankruptcy, civil rehabilitation, reorganization or insolvency, or a liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor, or in
case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the Securities of any series, or to the creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of
any Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 4.02, shall be entitled and
empowered, by intervention in such proceedings or otherwise: 
 (a) to file and prove a claim or claims for the whole amount of principal
and interest (or, if the Securities of any series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) owing and unpaid in respect of the Securities of any series, and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for compensation to the Trustee and each predecessor trustee, and their respective agents, attorneys and counsel, and for
reimbursement of all expenses and costs properly incurred, and all advances made, by the Trustee and each predecessor trustee, except as a result of negligence, bad faith or willful misconduct) and of the Securityholders allowed in any judicial
proceedings relative to the Issuer or other obligor upon the Securities of any series, or to the creditors or property of the Issuer or such other obligor, 

(b) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of the Securities of any series in any election of a
trustee or a standby trustee or receiver or standby receiver in arrangement, reorganization, liquidation or other bankruptcy, civil rehabilitation, reorganization or insolvency proceedings or person performing similar functions in comparable
proceedings, and 
 (c) to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute all
amounts received with respect to the claims of the Securityholders and of the Trustee on their behalf; 
 and any trustee, receiver, liquidator, custodian
or similar official is hereby authorized by each of the Securityholders to make payments to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly 

  
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to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor trustee and their respective agents, attorneys
and counsel, and all other expenses and costs properly incurred, all amounts for which the Trustee and any Agent are entitled to indemnification under or pursuant to this Subordinated Indenture and all advances made by the Trustee and each
predecessor trustee except as a result of negligence, bad faith or willful misconduct. 
 Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Securityholder any plan of reorganization, rehabilitation, arrangement, adjustment or composition affecting the Securities of any series or the rights
of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding, except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 

All rights of action and of asserting claims under this Subordinated Indenture, or under any of the Securities, may be enforced by the Trustee
without the possession of any of the Securities or the production thereof in any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the
Securities in respect of which such action was taken. 
 In any proceedings brought by the Trustee (and also any proceedings involving the
interpretation of any provision of this Subordinated Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Securities in respect to which such action was taken, and it shall not be necessary
to make any Holders of such Securities parties to any such proceedings. 
 Section 4.03. Application of Proceeds. Any monies
collected by the Trustee pursuant to this Article in respect of any series shall be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such monies on account of principal or interest, upon
presentation of the several Securities in respect of which monies have been collected and stamping (or otherwise noting) thereon the payment, or issuing Securities of such series in reduced principal amounts in exchange for the presented Securities
of like series if only partially paid, or upon surrender thereof if fully paid: 
 FIRST: To the payment of fees, costs and expenses
applicable to such series in respect of which monies have been collected, including compensation to the Trustee, each predecessor trustee, any Agent and their respective agents and attorneys and of all expenses and costs properly incurred (including
any amounts to which the Trustee, each predecessor trustee or any Agent are entitled to indemnification by the Issuer under or pursuant to this Subordinated Indenture), and all advances made, by the Trustee, each predecessor trustee and any Agent,
subject to Section 5.07; 
 SECOND: In case the principal of the Securities of such series in respect of which monies have been
collected shall not have become and be then due and payable, to the payment of interest on the Securities of such series in default in the order of the maturity of the installments of such interest, with interest (to the extent that such interest
has been collected by the Trustee) upon the overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in such Securities, such payments to be made
ratably to the persons entitled thereto, without discrimination or preference; 
 THIRD: In case the principal of the Securities of such
series in respect of which monies have been collected shall have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon all the Securities of such series for principal and interest, with interest upon
the overdue principal, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities)
specified in the 

  
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Securities of such series; and in case such monies shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities of such series, then to the payment of such
principal and interest or Yield to Maturity, without preference or priority of principal over interest or Yield to Maturity, or of interest or Yield to Maturity over principal, or of any installment of interest over any other installment of
interest, or of any Security of such series over any other Security of such series, ratably to the aggregate of such principal and accrued and unpaid interest or Yield to Maturity; and 

FOURTH: To the payment of the remainder, if any, to the Issuer for itself and for any other person lawfully entitled thereto, as applicable.

 Section 4.04. Suits for Enforcement. In case an Event of Acceleration, a default in the payment of interest or principal with
respect to the Securities of a particular series or other default has occurred, has not been waived and is continuing, the Trustee may, in its discretion, proceed to protect and enforce the rights vested in it by this Subordinated Indenture by such
appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement
contained in this Subordinated Indenture or in aid of the exercise of any power granted in this Subordinated Indenture or to enforce any other legal or equitable right vested in the Trustee by this Subordinated Indenture or by law and any Agent
shall comply with the Trustee’s instructions in furtherance of such rights. 
 Section 4.05. Restoration of Rights on
Abandonment of Proceeding. In case the Trustee shall have proceeded to enforce any right under this Subordinated Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to
the Trustee, then and in every such case the Issuer and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Issuer, the Trustee and the Securityholders shall continue
as though no such proceedings had been taken. 
 Section 4.06. Limitations on Suits by Securityholder. No Holder of any Security
of any series shall have any right by virtue or by availing of any provision of this Subordinated Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to this Subordinated
Indenture, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of default and of the
continuance thereof, as hereinbefore provided, and unless also the Holders of not less than 25% in aggregate principal amount of the Securities of each affected series then Outstanding (treated as a single class) shall have made written request upon
the Trustee to institute such action or proceedings in its own name as trustee hereunder and shall have offered to the Trustee such indemnity and/or security as reasonably satisfactory to the Trustee as it may require against the costs, expenses and
liabilities to be suffered or incurred therein or thereby and the Trustee for 60 days after its receipt of such notice, request and offer of indemnity and/or security shall have failed to institute any such action or proceeding and no direction
inconsistent with such written request shall have been given to the Trustee pursuant to Section 4.09 within such 60-day period; it being understood and intended, and being expressly covenanted by the taker and Holder of every Security with
every other taker and Holder and the Trustee, that no one or more Holders of Securities of any series shall have any right in any manner whatever by virtue or by availing of any provision of this Subordinated Indenture to affect, disturb or
prejudice the rights of any other such Holder of Securities, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Subordinated Indenture, except in the manner herein provided and for
the equal, ratable and common benefit of all Holders of Securities of the applicable series. For the protection and enforcement of the provisions of this Section 4.06, each and every Securityholder and the Trustee shall be entitled to such
relief as can be given either at law or in equity. 
 Section 4.07. Unconditional Right of Securityholders to Institute Certain
Suits. Notwithstanding any other provision in this Subordinated Indenture and any provision of any Security, the right of any Holder of any Security to receive payment of the principal of and interest on such Security on or after the respective
due dates 

  
 20 

 
expressed in such Security, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder.
For the avoidance of doubt, nothing in this Section 4.07 shall be construed to impair the effectiveness of any subordination or loss absorption provisions set forth in any applicable supplemental indenture hereto. 

Section 4.08. Powers and Remedies Cumulative; Delay or Omission Not Waiver of Acceleration or Default. Except as provided in
Section 4.06 and the last sentence of Section 2.09, no right or remedy herein conferred upon or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 No delay or omission of the Trustee or
of any Securityholder to exercise any right or power accruing upon any Event of Acceleration or a default occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of
Acceleration or a default or an acquiescence therein; and, subject to Section 4.06 and the last sentence of Section 2.09, every power and remedy given by this Subordinated Indenture or by law to the Trustee or to the Securityholders may be
exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders. 
 Section 4.09.
Control by Securityholders. The Holders of a majority in aggregate principal amount of the Securities of each series affected (with all such series voting as a single class) at the time Outstanding shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to the Securities of such series by this Subordinated Indenture; provided that such
direction shall not be otherwise than in accordance with law and the provisions of this Subordinated Indenture and provided further that (subject to the provisions of Section 5.01) the Trustee shall have the right to decline to follow any such
direction if the Trustee shall determine that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors, the executive committee, or a trust committee of directors or Responsible
Officers of the Trustee shall determine that the action or proceedings so directed would involve the Trustee in personal liability or if the Trustee in good faith shall so determine that the actions or forebearances specified in or pursuant to such
direction would be unduly prejudicial to the interests of Holders of the Securities of all series so affected not joining in the giving of said direction, it being understood that (subject to Section 5.01) the Trustee shall have no duty to
ascertain whether or not such actions or forebearances are unduly prejudicial to such Holders. 
 Nothing in this Subordinated Indenture
shall impair the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such direction or directions by Securityholders. 

Section 4.10. Waiver of Event of Acceleration or Past Default. Prior to the acceleration of the maturity of any Securities as
provided in Section 4.01, the Holders of a majority in aggregate principal amount of the Securities of all series at the time Outstanding with respect to which an Event of Acceleration shall have occurred and be continuing (voting as a single
class) may on behalf of the Holders of all such Securities waive any past default or Event of Acceleration and its consequences, except a default in respect of a covenant or provision hereof which cannot be modified or amended without the consent of
the Holder of each Security affected. In the case of any such waiver, the Issuer, the Trustee and the Holders of all such Securities shall be restored to their former positions and rights hereunder, respectively, but no such waiver shall extend to
any subsequent or other default or impair any right consequent thereon. 
 Upon any such waiver, such default shall cease to exist and be
deemed to have been cured and not to have occurred, and any Event of Acceleration arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this Subordinated Indenture, but no such waiver shall extend to any
subsequent or other default or Event of Acceleration or impair any right consequent thereon. 

  
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 Section 4.11. Trustee to Give Notice of Acceleration or Default, but May Withhold in
Certain Circumstances. The Trustee shall give to the Securityholders of any series, in the case of Registered Securities as the names and addresses of such Holders appear on the registry books, notice by mail (or by other means provided in a
supplemental indenture hereto, pursuant to a the Board Resolution and set forth in an Officer’s Certificate under which such series of Securities is issued or in the form of Security for such series) of all defaults known to the Trustee which
have occurred with respect to such series, such notice to be transmitted within 90 days after the occurrence thereof, unless such defaults shall have been cured before the giving of such notice (the term “default” or “defaults”
for the purposes of this Section 4.11 being hereby defined to mean any (i) event or condition which is, or with notice or lapse of time or both would become, an Event of Acceleration, (ii) default in the payment of the principal of or
interest on any of the Securities of such series or (iii) a default in the performance by the Issuer of any obligation under this Subordinated Indenture or the Securities); provided that, except in the case of default in the payment of the
principal of or interest on any of the Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors or trustees and/or
Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Securityholders of such series. 

Section 4.12. Right of Court to Require Filing of Undertaking to Pay Costs. All parties to this Subordinated Indenture agree, and
each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Subordinated Indenture or in any suit against the
Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 4.12 shall not apply to
any suit instituted by the Trustee, to any suit instituted by any Securityholder or group of Securityholders of any series holding in the aggregate more than 10% in aggregate principal amount of the Securities of such series, or to any suit
instituted by any Securityholder for the enforcement of the payment of the principal of or interest on any Security on or after the due date expressed in such Security. 

Section 4.13. Judgment Currency. The Issuer agrees, to the fullest extent that it may effectively do so under applicable law, that
(a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest on the Securities of any series (the “Required Currency”) into a currency in which a
judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency
with the Judgment Currency on the New York Banking Day following the day on which final non-appealable judgment is entered, and (b) its obligations under this Subordinated Indenture to make payments in the Required Currency (i) shall not
be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall
result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering
in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due
under this Subordinated Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in The City of New
York are authorized or required by law or executive order to close. 

  
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 ARTICLE 5 

CONCERNING THE TRUSTEE 

Section 5.01. Certain Duties and Responsibilities of the Trustee; Prior to Event of Acceleration or Default; Upon Event of
Acceleration or Default. With respect to the Holders of any series of Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Acceleration with respect to the Securities of a particular series and after the curing or
waiving of all Events of Acceleration which may have occurred with respect to such series, undertakes to perform duties and only such duties as are specifically set forth in this Subordinated Indenture. In case an Event of Acceleration or a default
in the payment of interest or principal with respect to the Securities of a series has occurred (which has not been cured or waived) the Trustee shall exercise with respect to such series of Securities such of the rights and powers vested in it by
this Subordinated Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 

No provision of this Subordinated Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that 
 (a) prior to the occurrence of an Event of Acceleration or a default
in the payment of interest or principal or other default with respect to the Securities of any series and after the curing or waiving of all such Events of Acceleration or such in the payment of interest or principal or other default with respect to
such series which may have occurred: 
 (i) the duties and obligations of the Trustee with respect to the Securities of such
series shall be determined solely by the express provisions of this Subordinated Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Subordinated Indenture,
and no implied covenants or obligations shall be read into this Subordinated Indenture against the Trustee; and 
 (ii) in
the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee
and conforming with the requirements of this Subordinated Indenture; provided that in the case of any such statements, certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall
examine the same to determine whether or not they conform to the requirements of this Subordinated Indenture (but need not confirm or investigate the accuracy of the mathematical calculations therein), and provided further that the Trustee, in its
discretion and subject to being indemnified and/or secured to its reasonable satisfaction, may make further inquiry or investigation into such matters as it sees fit and shall do so if requested in writing to do so by the Holders of at least 25% of
the aggregate principal amount of Securities then Outstanding; 
 (b) the Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders pursuant to Section 4.09 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power it believes in good faith to be conferred upon the
Trustee, under this Subordinated Indenture; and 
 (d) except as expressly provided in this Subordinated Indenture, the Trustee shall, in
connection with all the trusts, powers, authorities and discretions vested in the Trustee by this Subordinated Indenture or by operation of law, have absolute discretion as to the manner, exercise or non-exercise of the Trustee’s functions.

 None of the provisions contained in this Subordinated Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, unless it is indemnified and/or secured to its reasonable satisfaction. 

  
 23 

 The provisions of this Section 5.01 are in furtherance of and subject to Sections 315 and
316 of the Trust Indenture Act. 
 Section 5.02. Certain Rights of the Trustee. In furtherance of and subject to the Trust
Indenture Act and subject to Section 5.01: 
 (a) in the absence of bad faith on its part, the Trustee (i) may conclusively rely
and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, note, coupon, security or
other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; (ii) shall be entitled to rely on and assume (without further inquiry) that any matter purported to be authorized,
approved or ratified by any Board Resolution or Officer’s Certificate is adequate and complete authorization, approval and ratification in respect of the Issuer and its actions under this Subordinated Indenture; and (iii) shall be entitled
to assume, without inquiry, that the Issuer has acted and performed all of its obligations in accordance this Subordinated Indenture and the other agreements to which the Issuer is a party, unless the Trustee is notified in writing by the Issuer to
the contrary; 
 (b) any request, direction, order or demand of the Issuer mentioned herein shall be sufficiently evidenced by an
Officer’s Certificate (unless other evidence in respect thereof be herein specifically prescribed), and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by a Responsible Officer of the Issuer; 

(c) the Trustee may consult with counsel and any written advice or opinions of such counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or opinions; 

(d) the Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Subordinated Indenture at the
request, order or direction of any of the Securityholders pursuant to the provisions of this Subordinated Indenture, unless such Securityholders shall have offered to the Trustee security and/or indemnity reasonably satisfactory to it against the
costs, expenses and liabilities which might be suffered or incurred therein or thereby; 
 (e) the Trustee shall not be liable for any
action taken or omitted by it in good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it by this Subordinated Indenture; 

(f) prior to the occurrence of an Event of Acceleration or a default hereunder and after the curing or waiving of all Events of Acceleration
and such default, the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond,
debenture, note, coupon, security, or other paper or document unless requested in writing so to do by the Holders of not less than a majority in aggregate principal amount of the Securities of all series affected then Outstanding; unless the Trustee
has received indemnity and/or security reasonably satisfactory to it against such reasonable expenses or costs as a condition to proceeding; the expenses of every such investigation shall be paid by the Issuer; 

(g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys not regularly in its employ, and the Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it hereunder; 

(h) the Trustee shall not be deemed to have notice of any default pursuant to subsections 3.10(ii) or (iii) or Event of Acceleration
unless a Responsible Officer of the Trustee has received written notice thereof and such notice references the Securities and this Subordinated Indenture; 

  
 24 

 (i) the rights, privileges, protections, immunities and benefits given to the Trustee, including,
without limitation, its right to be indemnified, are extended to, and shall be enforceable by, The Bank of New York Mellon as registrar, paying agent, transfer agent and authenticating agent, and each agent, custodian and other Person employed to
act hereunder; 
 (j) the Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of individuals
and/or titles of officers authorized at such time to take specified actions pursuant to this Subordinated Indenture, which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person
specified as so authorized in any such certificate previously delivered and not superseded; 
 (k) in connection with the exercise by the
Trustee of the rights and powers vested in it by this Subordinated Indenture, the Trustee shall have regard to the general interests of the Holders as a class but shall not have regard to any interests arising from circumstances particular to
individual Holders (whatever their number) and, in particular but without limitation, shall not have regard to the consequences of the exercise of such rights and powers for individual Holders (whatever their number) resulting from their being for
any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any country, state or territory; 

(l) notwithstanding the satisfaction or discharge of this Subordinated Indenture or the resignation, replacement or removal of the Trustee,
the Trustee shall under no circumstances be liable to any party for any special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, inter alia, loss of business, goodwill, opportunity or profit) even if
advised of the likelihood of such loss on damages and regardless of the form of action. The provisions of this Section 5.02(l) shall survive the termination and discharge of this Subordinated Indenture and the resignation or removal of the Trustee;

 (m) in no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, existing or future law or regulation, any existing or future act of governmental authority, strikes, work stoppages, accidents, acts of
war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee
shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances; 

(n) before the Trustee acts or refrains from acting, it may require an Officer’s Certificate and an Opinion of Counsel conforming to
Section 10.05 and the Trustee will not be liable for any action it takes or omits to take in good faith in reliance on the certificate or opinion unless it shall be proved that such action or omission was the result of the Trustee’s negligence
or willful misconduct; and 
 (o) The Issuer agrees with the Trustee and the paying agent that it will (a) advise the Trustee and the paying
agent of any amendment or modification to the terms of the Notes that would constitute a “material modification” for the purpose of Section 1.1471-2(b)(2)(iv) of the U.S. Internal Revenue Code (including a significant modification as
defined in Section 1.1001-3(e) of the U.S. Internal Revenue Code), and (b) provide the Trustee and the paying agent, at the Trustee’s or paying agent’s request, with sufficient information, to the extent readily available to the Issuer and
that the Issuer is permitted to disclose under applicable law, so as to enable the Trustee and the paying agent to determine whether or not the Trustee and paying agent is obliged, in respect of any payments to be made by it pursuant to this
Subordinated Indenture and the Securities, to make any withholding or deduction pursuant to an agreement described in Section 1471(b) or otherwise imposed pursuant to Sections 1471-1474 of the U.S. Internal Revenue Code and any regulations, or
agreements thereunder or official interpretations thereof or any intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any law implementing such an intergovernmental agreement)
(the “FATCA Withholding Tax”). The Trustee and the paying agent shall be entitled to deduct FATCA Withholding Tax, and shall have no obligation to gross-up any payment hereunder or to pay any additional amount as a result of such
FATCA Withholding Tax. 

  
 25 

 Section 5.03. [Reserved]. 

Section 5.04. Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof. The recitals
contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no
representation as to the validity or sufficiency of this Subordinated Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Issuer of any of the Securities or of the proceeds thereof. 

Section 5.05. Trustee and Agents May Hold Securities; Collections, etc. The Trustee or any agent of the Issuer or the Trustee, in
its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not the Trustee or such agent and may otherwise deal with the Issuer and receive, collect, hold and retain collections
from the Issuer with the same rights it would have if it were not the Trustee or such agent. 
 Section 5.06. Monies Held by
Trustee. Subject to the provisions of Section 9.04, all monies received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other
funds except to the extent required by mandatory provisions of law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under any liability for interest on any monies received by it hereunder, except as otherwise agreed in
writing with the Issuer. 
 Section 5.07. Compensation and Indemnification of Trustee and its Prior Claim. 

(a) The Issuer covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, such compensation as the
Issuer and the Trustee shall from time to time agree in writing (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust), and the Issuer covenants and agrees to pay or reimburse the Trustee
and each predecessor trustee upon its request for all reasonable expenses, disbursements and advances properly incurred or made by or on behalf of it in accordance with any of the provisions of this Subordinated Indenture (including the reasonable
compensation and the expenses and disbursements of its counsel and of all agents and other persons not regularly in its employ) except to the extent any such expense, disbursement or advancement may arise from its negligence, bad faith or willful
misconduct. 
 (b) The Issuer also covenants to indemnify the Trustee and each predecessor trustee and their respective agents, officers and
directors for, and to hold it harmless against, any loss, liability, damage, claim or expenses arising out of or in connection with the acceptance or administration of this Subordinated Indenture or the trusts hereunder and the performance of such
party’s duties hereunder (including in any agent capacity in which it acts), including properly incurred costs and expenses of defending itself against or investigating any claim of liability, and in connection with the exercise or performance
of any of its powers or duties hereunder, and the properly incurred compensation, expenses and disbursements of the Trustee’s agents and counsel and other persons not regularly within the Trustee’s employ except to the extent such loss,
liability, damage, claim or expense is due to the negligence, bad faith or willful misconduct of the Trustee or such predecessor trustee. 

(c) The obligations of the Issuer under this Section 5.07 to compensate and indemnify the Trustee and each predecessor trustee and to pay
or reimburse the Trustee and each predecessor trustee for properly incurred expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Subordinated Indenture. Such
additional indebtedness shall be a senior claim to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the Holders of particular Securities, and the Securities
are hereby subordinated to such senior claim. 
 (d) When the Trustee incurs expenses or renders services in connection with a Subordination
Event, the expenses (including the properly incurred charges and expenses of its agents and counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable bankruptcy, insolvency or other
similar law. 

  
 26 

 (e) The provisions of this Section 5.07 and Section 5.02(i) shall survive the termination or
discharge of this Subordinated Indenture, the redemption or maturity of the Securities and the resignation or removal of the Trustee. 

Section 5.08. Right of Trustee to Rely on Officer’s Certificate, etc. Subject to Sections 5.01 and 5.02, whenever in the
administration of the trusts of this Subordinated Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, such matter (unless other evidence in
respect thereof be herein specifically prescribed) may, in the absence of negligence, bad faith or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the
Trustee, and such certificate, in the absence of negligence, bad faith or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the provisions of this Subordinated
Indenture upon the faith thereof. 
 Section 5.09. Persons Eligible for Appointment as Trustee. The Trustee for each series of
Securities hereunder shall at all times be a corporation having a combined capital and surplus of at least U.S.$50,000,000, and which is eligible in accordance with the provisions of Section 310(a) of the Trust Indenture Act. If such
corporation publishes reports of condition at least annually, pursuant to law or to the requirements of a U.S. Federal, State or District of Columbia supervising or examining authority, then for the purposes of this Section 5.09, the combined
capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 

Section 5.10. Resignation and Removal; Appointment of Successor Trustee. (a) The Trustee, or any trustee or trustees
hereafter appointed, may at any time resign with respect to one or more or all series of Securities by giving 60 days’ prior written notice of resignation to the Issuer and by mailing notice thereof by first class mail to Holders of the
applicable series of Securities at their last addresses as they shall appear on the Security register or otherwise providing notice to Holders in the manner applicable to the Securities of each such series, or the Holders of a majority in aggregate
principal amount of outstanding Securities of any series may remove the Trustee as Trustee with respect to the Securities of such series by so notifying the Trustee and the Issuer in writing and may appoint a successor trustee with respect thereto
with the Issuer’s consent . Upon receiving such notice of resignation or removal from the Trustee, the Issuer shall promptly appoint a successor trustee or trustees with respect to the applicable series by duly authorized written instrument in
duplicate, one copy of which instrument shall be delivered to the resigning Trustee or the Issuer and one copy to the successor trustee or trustees. If no successor trustee has been so appointed with respect to any series of Securities and has
accepted such appointment within 30 days after the mailing of such notice of resignation, the resigning trustee may, on behalf of and at the expense of the Issuer, with prior notice to the Issuer, appoint its own successor or the resigning trustee
or the Issuer may petition any court of competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series for at least six months may,
subject to the provisions of Section 4.12, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper
and prescribe, appoint a successor trustee. 
 (b) In case at any time any of the following shall occur: 

(i) the Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act with respect to any
series of Securities and shall fail to resign after written request therefor by the Issuer or by any Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series for at least six months; 

(ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 310(a) of the Trust Indenture Act
and shall fail to resign after written request therefor by the Issuer or by any Securityholder; or 

  
 27 

 (iii) the Trustee shall become incapable of acting with respect to the applicable
series of Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation; 
 then, in any such case, the Issuer may remove the Trustee with respect to the applicable
series of Securities and appoint a successor trustee for such series by duly authorized written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to
Section 315(e) of the Trust Indenture Act, any Securityholder who has been a bona fide Holder of a Security or Securities of such series for at least six months may, subject to the provisions of Section 4.12, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee with respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper
and prescribe, remove the Trustee and appoint a successor trustee. 
 (c) The Holders of a majority in aggregate principal amount of the
Securities of any series at the time outstanding may at any time remove the Trustee with respect to Securities of such series and appoint a successor trustee with respect to the Securities of such series by delivering to the Trustee so removed, to
the successor trustee so appointed and to the Issuer the evidence provided for in Section 6.01 of the action in that regard taken by the Securityholders. 

(d) Any resignation or removal of the Trustee with respect to any series and any appointment of a successor trustee with respect to such
series pursuant to any of the provisions of this Section 5.10 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 5.11. 

Section 5.11. Acceptance of Appointment by Successor Trustee. Any successor trustee appointed as provided in Section 5.10 shall
execute and deliver to the Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee with respect to all or any applicable series shall become
effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named
as trustee for such series hereunder; but, nevertheless, on the written request of the Issuer or of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to Section 9.04, pay over to the
successor trustee all monies and property at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee all such rights, powers, duties and obligations. Upon request of any such successor
trustee, the Issuer shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a prior claim
upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the provisions of Section 5.07. 

If a successor trustee is appointed with respect to the Securities of one or more (but not all) series in respect of which the predecessor
trustee serves as trustee, the Issuer, the predecessor trustee and each successor trustee with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as shall
be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor trustee with respect to the Securities of any series as to which the predecessor trustee is not retiring shall continue to be vested in the
predecessor trustee, and shall add to or change any of the provisions of this Subordinated Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute such trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust or trusts under separate indentures. 

Upon acceptance of appointment by any successor trustee as provided in this Section 5.11, the Issuer shall mail notice thereof by
first-class mail to the Holders of Securities of any series for which such successor trustee 

  
 28 

 
is acting as trustee at their last addresses as they shall appear in the Security register or shall otherwise provide notice thereof to Holders in the manner applicable to the Securities of each
such series. If the acceptance of appointment is substantially contemporaneous with the resignation, then the notice called for by the preceding sentence may be combined with the notice called for by Section 5.10. If the Issuer fails to mail or
provide such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed or provided at the expense of the Issuer. 

Section 5.12. Merger, Conversion, Consolidation or Succession to Business of Trustee. Any corporation into which the Trustee may
be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate
trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be eligible under the provisions of Section 5.09, without the execution or filing of any paper or any further act on the part
of any of the parties hereto, anything herein to the contrary notwithstanding. 
 In case at the time such successor to the Trustee shall
succeed to the trusts created by this Subordinated Indenture and any of the Securities of any series shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor
trustee and deliver such Securities so authenticated; and, in case at that time any of the Securities of any series shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any
predecessor hereunder or in the name of the successor trustee; and in all such cases such certificate shall have the full force which it is anywhere in the Securities of such series or in this Subordinated Indenture provided that the certificate of
the Trustee shall have; provided, that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Securities of any series in the name of any predecessor trustee shall apply only to its successor or successors
by merger, conversion or consolidation. 
 Section 5.13. Conflicting Interests. The Trustee for the Securities shall be subject
to the provisions of Section 310(b) of the Trust Indenture Act during the period of time required thereby. Nothing herein shall prevent the Trustee from filing with the Commission the application referred to in the penultimate paragraph of
Section 310(b) of the Trust Indenture Act. In determining whether the Trustee has a conflicting interest as defined in Section 310(b) of the Trust Indenture Act with respect to the Securities of any series, there shall be excluded
Securities of any particular series of Securities other than that series. 
 Section 5.14. Appointment of Authenticating Agent.
The Trustee may appoint an Authenticating Agent or agents with respect to one or more series of Securities, which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series, and Securities so authenticated shall be
entitled to the benefits of this Subordinated Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Subordinated Indenture to the authentication and delivery of
Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on
behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Issuer and shall at all times be a corporation organized and doing business under the laws of the United States of America, any state thereof or
the District of Columbia, authorized under such laws to act as an authenticating agent, having a combined capital and surplus of not less than U.S.$50,000,000 and subject to supervision or examination by Federal or state authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 5.14, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section 5.14, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section 5.14. 

  
 29 

 Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an
Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section 5.14, without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Issuer.
The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any
time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 5.14, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Issuer and shall mail written notice of
such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Security register of the Issuer. 

Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of
its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 5.14. 

The Issuer agrees to pay to each Authenticating Agent from time to time such reasonable compensation, costs and expenses for its services
under this Section 5.14, as may be agreed between the Issuer and such Authenticating Agent. 
 If an appointment with respect to one or more
series is made pursuant to this Section 5.14, the Securities of such series may have endorsed thereon, in addition to or instead of the Trustee’s certificate of authentication, an alternate certificate of authentication in the following
form: 
 This is one of the Securities of the series designated herein and referred to in the within-mentioned Subordinated Indenture. 

 

													
		 		 	Dated:	 		 	  
	 	
							
		 		 		 		 		 	By:	 	
		 		 		 		 		 	as Authenticating Agent
							
		 		 		 		 		 	By:	 	  

		 		 		 		 		 	Authorized Officer

 ARTICLE 6 

CONCERNING THE SECURITYHOLDERS 

Section 6.01. Evidence of Action Taken by Securityholders. Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Subordinated Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all series may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such specified percentage of Securityholders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or
instruments are delivered to the Trustee. Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Subordinated Indenture and (subject to Sections 5.01 and 5.02) conclusive in favor
of the Trustee and the Issuer, if made in the manner provided in this Article. 

  
 30 

 Section 6.02. Proof of Execution of Instruments and of Holding of Securities;
Record Date. Subject to Sections 5.01 and 5.02, the execution of any instrument by a Securityholder or his agent or proxy may be proved in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such
manner as shall be satisfactory to the Trustee. The holding of Securities shall be proved by the Security register or by a certificate of the registrar thereof. The Issuer may set a record date for purposes of determining the identity of Holders of
Securities of any series entitled to vote or consent to any action referred to in Section 6.01, which record date may be set at any time or from time to time by notice to the Trustee, for any date or dates (in the case of any adjournment or
reconsideration) not more than 60 days nor less than five days prior to the proposed date of such vote or consent, and thereafter, notwithstanding any other provisions hereof, only Holders of Securities of such series of record on such record date
shall be entitled to so vote or give such consent or revoke such vote or consent. 
 Section 6.03. Holders to be Treated as
Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Security register for such series as the absolute owner of such Security (whether or
not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of this Subordinated Indenture,
interest on such Security and for all other purposes; and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such person, or upon his order,
shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon any such Security. 

Section 6.04. Securities Owned by Issuer Deemed Not Outstanding. In determining whether the Holders of the requisite aggregate
principal amount of Outstanding Securities of any or all series have concurred in any direction, consent or waiver under this Subordinated Indenture, Securities which are owned by the Issuer or any other obligor on the Securities with respect to
which such determination is being made or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor on the Securities with respect to which such determination is
being made shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only
Securities which a Responsible Officer of the Trustee has been notified in writing are so owned shall be so disregarded. Securities held by any depositary or other custodial arrangement established by or on behalf of the Issuer shall be regarded as
Outstanding if the beneficial interest therein is not owned by the Issuer or any other obligor on such Securities or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any
other obligor on such Securities. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such
Securities and that the pledgee is not the Issuer or any other obligor upon the Securities or any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor on the
Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the Issuer shall furnish to the Trustee
promptly an Officer’s Certificate listing and identifying all Securities, if any, known by the Issuer to be owned or held by or for the account of any of the above-described persons; and, subject to Sections 5.01 and 5.02, the Trustee shall be
entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose of any such determination. 

Section 6.05. Right of Revocation of Action Taken. At any time prior to (but not after) the evidencing to the Trustee, as provided
in Section 6.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified in this Subordinated Indenture in connection with such action, any
Holder of a Security the serial number of which is shown by the evidence to be included among the serial numbers of the Securities the Holders of which have consented to such action may, by filing written notice at the Corporate Trust Office and
upon proof of holding as provided in this 

  
 31 

 
Article, revoke such action so far as concerns such Security. Except as aforesaid, any such action taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon
all future Holders and owners of such Security and of any Securities issued in exchange or substitution therefor or on registration of transfer thereof, irrespective of whether or not any notation in regard thereto is made upon any such Security.
Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified in this Subordinated Indenture in connection with such action shall be conclusively binding upon
the Issuer, the Trustee and the Holders of all the Securities affected by such action. 
 ARTICLE 7 

SUPPLEMENTAL SUBORDINATED INDENTURES 

Section 7.01. Supplemental Subordinated Indentures Without Consent of Securityholders. The Issuer, when duly authorized, and the
Trustee may, from time to time, and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes: 

(a) to convey, transfer, assign, mortgage or pledge to the Trustee as security for the Securities of one or more series any property or
assets; 
 (b) to evidence the succession of another legal entity to the Issuer, or successive successions, and the assumption by the
successor legal entity of the covenants, agreements and obligations of the Issuer pursuant to Article 8; 
 (c) to add to the covenants of
the Issuer such further covenants, restrictions, conditions or provisions as shall be for the protection of the Holders of Securities, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants,
restrictions, conditions or provisions an Event of Acceleration permitting the enforcement of all or any of the several remedies provided in this Subordinated Indenture as herein set forth; provided, that in respect of any such additional covenant,
restriction, condition or provision such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate
enforcement upon such an Event of Acceleration or may limit the remedies available to the Trustee upon such an Event of Acceleration or may limit the right of the Holders of a majority in aggregate principal amount of the Securities of such series
to waive such an Event of Acceleration; 
 (d) to cure any ambiguity or to correct or supplement any provision contained herein or in any
supplemental indenture which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture; or to make such other provisions in regard to matters or questions arising under this Subordinated Indenture or
under any supplemental indenture as the Board may deem necessary or desirable and which shall not adversely affect the interests of the Holders of the Securities in any material respect; 

(e) to establish the terms or form of Securities of any series as permitted by Sections 2.01 and 2.03; and 

(f) to evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Subordinated Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of
Section 5.11. 
 The Trustee is hereby authorized to join with the Issuer in the execution of any such supplemental indenture, to make
any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter into any such
supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Subordinated Indenture or otherwise. 

  
 32 

 Any supplemental indenture authorized by the provisions of this Section 7.01 may be executed
without the consent of the Holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 7.02. 

Section 7.02. Supplemental Subordinated Indentures With Consent of Securityholders. With the consent (evidenced as provided in
Article 6) of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of all series affected by such supplemental indenture (voting as one class), the Issuer, when duly authorized, and the
Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Subordinated Indenture or of
any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of each such series; provided, that no such supplemental indenture shall (i) extend the final maturity of any Security or of any installment of
principal of any such Security, (ii) reduce the principal amount thereof, (iii) reduce the rate or extend the time of payment of interest thereon, (iv) reduce any amount payable on redemption thereof, (v) make the principal
thereof (including any amount in respect of original issue discount), or interest thereon, payable in any coin or currency other than that provided in the Securities or in accordance with the terms thereof, (vi) modify or amend any provisions
for converting any currency into any other currency as provided in the Securities or in accordance with the terms of such Securities, (vii) change the Issuer’s obligations to pay Additional Amounts established pursuant to
Section 2.03(n) or Section 3.05 (if any), (viii) reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon an acceleration of the maturity of such Security pursuant to
Section 4.01 or the amount provable in bankruptcy pursuant to Section 4.02, or impair or affect the right of any Securityholder to institute suit for the payment thereof or, if the Securities provide therefor, impair or affect any right of
repayment at the option of the Securityholder, (ix) modify or amend any provisions relating to the conversion or exchange of the Securities for securities of the Issuer or of other entities or other property (or the cash value thereof),
including the determination of the amount of securities or other property (or cash) into which the Securities shall be converted or exchanged, other than as provided in the antidilution provisions or other similar adjustment provisions of the
Securities or otherwise in accordance with the terms of such Securities, (x) modify or amend any provisions relating to the agreement to subordinate and the terms of subordination of the Securities of any particular series or (xi) reduce
the aforesaid percentage of Securities of any particular series, the consent of the Holders of such series being required for any such supplemental indenture, in each case without the consent of the Holders of each Security so affected. 

A supplemental indenture which changes or eliminates any covenant or other provision of this Subordinated Indenture which has expressly been
included solely for the benefit of one or more particular series of Securities, or which modifies the rights of Holders of Securities of such series, with respect to such covenant or provision, shall be deemed not to affect the rights under this
Subordinated Indenture of the Holders of Securities of any other series. 
 Upon the request of the Issuer, accompanied by an Officer’s
Certificate, and upon the filing with the Trustee of evidence of the consent of Securityholders as aforesaid and other documents, if any, required by Section 6.01, the Trustee shall join with the Issuer in the execution of such supplemental
indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Subordinated Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such
supplemental indenture. 
 It shall not be necessary for the consent of the Securityholders under this Section 7.02 to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

Promptly after the execution by the Issuer and the Trustee of any supplemental indenture pursuant to the provisions of this Section 7.02,
the Trustee shall give notice thereof by (a) first class mail to the Holders of Securities of each series affected thereby at their addresses as they shall appear on the registry books of the Issuer

  
 33 

 
or (b) by any other means set forth in such supplemental indenture, setting forth in general terms the substance of such supplemental indenture. Any failure of the Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

Section 7.03. Effect of Supplemental Subordinated Indenture. Upon the execution of any supplemental indenture pursuant to the
provisions hereof, this Subordinated Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Subordinated Indenture of the
Trustee, the Issuer and the Holders of Securities of each series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any
such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Subordinated Indenture for any and all purposes. 

Section 7.04. Documents to be Given to Trustee. The Trustee, subject to the provisions of Sections 5.01 and 5.02, shall be
entitled to receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article 7 complies with the applicable provisions of this Subordinated Indenture. 

Section 7.05. Notation on Securities in Respect of Supplemental Subordinated Indentures. Securities of any series authenticated
and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article may bear a notation in a form approved by the Trustee for such series as to any matter provided for by such supplemental indenture or as to
any action taken by Securityholders. If the Issuer or the Trustee shall so determine, new Securities of any series so modified as to conform, to any modification of this Subordinated Indenture contained in any such supplemental indenture may be
prepared by the Issuer, authenticated by the Trustee and delivered in exchange for the Securities of such series then Outstanding. 

Section 7.06. Conformity with the Trust Indenture Act of 1939. Every supplemental indenture executed pursuant to this Article 7
shall conform to the requirements of the Trust Indenture Act as then in effect. 
 ARTICLE 8 

CONSOLIDATION, MERGER, SALE OR CONVEYANCE 

Section 8.01. Issuer May Consolidate, etc., on Certain Terms. The Issuer covenants that it will not merge or consolidate with or
merge into, or sell, assign, transfer, lease or convey all or substantially all of its properties or assets, in one or more related transactions, to another Person, other than consolidation, merger, sale, assignment, transfer, lease or conveyance
which results in the Issuer being the surviving party, unless: 
 (a) the entity formed by such consolidation or into which the Issuer is
merged or the Person which acquires by conveyance or transfer the properties and assets of the Issuer substantially as an entirety shall be a joint stock company (kabushiki kaisha) organized and validly existing under the laws of Japan and
shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee for each series of Securities, in form satisfactory to the Trustee, the due and punctual payment of the principal of and interest, if any, on all
Securities and the performance of every covenant of this Subordinated Indenture on the part of the Issuer to be performed or observed; and 

(b) immediately after giving effect to such transaction, no Event of Acceleration shall have occurred and be continuing. 

The Issuer shall deliver to the Trustee before the consummation of the proposed transaction an Officer’s Certificate to the foregoing
effect and an Opinion of Counsel to the effect that: (i) such merger, sale, assignment, transfer, lease, conveyance or other disposition and such supplemental indenture, comply with this Subordinated Indenture, (ii) the surviving Person
has duly executed and delivered the supplemental indenture and (iii) such 

  
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supplemental indenture constitutes a valid and binding agreement of such Person, enforceable against such Person in accordance with its terms. The Trustee shall be entitled to rely conclusively
upon such Officer’s Certificate and Opinion of Counsel. 
 Section 8.02. Successor Substituted. In case of any such
consolidation, merger, sale or conveyance, and following such an assumption by the successor Person, such successor Person shall succeed to and be substituted for the Issuer, with the same effect as if it had been named herein. Such successor Person
may cause to be signed, and may issue either in its own name or in the name of the Issuer prior to such succession, any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Issuer and delivered to the
Trustee; and, upon the order of any such successor Person formed by consolidation with the Issuer or into which the Issuer is merged, or which acquires by conveyance or transfer the properties and assets of the Issuer substantially as an entirety,
instead of the Issuer and subject to all the terms, conditions and limitations in this Subordinated Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall have been signed and delivered by the
officers of the Issuer to the Trustee for authentication, and any Securities which such successor Person thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the Securities so issued shall in all respects have
the same legal rank and benefit under this Subordinated Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Subordinated Indenture as though all of such Securities had been issued at the date of the
execution hereof. 
 In case of any such consolidation, merger, sale, lease or conveyance such changes in phrasing and form (but not in
substance) may be made in the Securities thereafter to be issued as may be appropriate. 
 In the event of any such sale or conveyance
(other than a conveyance by way of lease) the Issuer or any successor Person which shall theretofore have become such in the manner described in this Article shall be discharged from all obligations and covenants under this Subordinated Indenture
and the Securities and may be liquidated and dissolved. 
 Section 8.03. Opinion of Counsel. The Trustee, subject to the
provisions of Sections 5.01 and 5.02, shall be entitled to receive an Opinion of Counsel, prepared in accordance with Section 10.05, as conclusive evidence that any such consolidation, merger, sale, lease or conveyance, and any such assumption, and
any such liquidation or dissolution, complies with the applicable provisions of this Subordinated Indenture. 
 ARTICLE 9 

SATISFACTION AND DISCHARGE OF SUBORDINATED INDENTURE;
UNCLAIMED MONIES 
 Section 9.01. Satisfaction and Discharge of Subordinated Indenture. If at any
time (i) the Issuer shall have paid or caused to be paid the principal of and interest on all the Securities of any series outstanding hereunder (other than Securities of such series which have been destroyed, lost or stolen and which have been
replaced or paid as provided in Section 2.09) as and when the same shall have become due and payable or (ii) the Issuer shall have delivered to the paying agent for cancellation all Securities of any series theretofore authenticated (other
than any Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09), and the Trustee, on demand of the Issuer accompanied by an Officer’s Certificate
and an Opinion of Counsel and at the cost and expense of the Issuer, shall execute proper instruments acknowledging such satisfaction of and discharging this Subordinated Indenture with respect to such series; provided, that the rights of Holders of
the Securities to receive amounts in respect of principal of and interest on the Securities held by them shall not be delayed longer than required by then-applicable mandatory rules or policies of any securities exchange upon which the Securities
are listed. The Issuer agrees to reimburse the Trustee for any costs or expenses thereafter properly incurred and to compensate the Trustee for any services thereafter properly rendered by the Trustee in connection with this Subordinated Indenture
or the Securities of such series. 

  
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 Section 9.02. Application by Trustee of Funds Deposited for Payment of Securities.
Subject to the provisions of this Subordinated Indenture applicable to the Securities, all monies deposited with the Trustee pursuant to Section 9.01 shall be held in trust and applied by it to the payment, either directly or through any paying
agent (including the Issuer acting as its own paying agent), to the Holders of the particular Securities of such series for the payment or redemption of which such monies have been deposited with the Trustee of all sums due and to become due thereon
for principal and interest; but such money need not be segregated from other funds except to the extent required by law. 

Section 9.03. Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Subordinated
Indenture with respect to Securities of any series, all monies then held by any paying agent under the provisions of this Subordinated Indenture with respect to such series of Securities shall, upon demand of the Issuer, be repaid to it or paid to
the Trustee and thereupon such paying agent shall be released from all further liability with respect to such monies. 
 Section 9.04.
Return of Monies Held by Trustee and Paying Agent Unclaimed for Two Years. Any monies deposited with or paid to the Trustee or any paying agent for the payment of the principal of or interest on any Security of any series and not applied but
remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable, shall, upon the written request of the Issuer and unless otherwise required by mandatory provisions of applicable escheat or
abandoned or unclaimed property law, be repaid to the Issuer by the Trustee for such series or such paying agent, and the Holder of the Security of such series shall, unless otherwise required by mandatory provisions of applicable escheat or
abandoned or unclaimed property laws, thereafter look only to the Issuer for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any paying agent with respect to such monies shall thereupon cease. 

ARTICLE 10 

MISCELLANEOUS PROVISIONS 

Section 10.01. Incorporators, Stockholders, Officers and Directors of Issuer Exempt from Individual Liability. No recourse under
or upon any obligation, covenant or agreement contained in this Subordinated Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such, or against any past, present or future
stockholder, member, officer or director, as such, of the Issuer or of any successor, either directly or through the Issuer or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by
any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities by the Holders thereof and as part of the consideration for the issue of the Securities. 

Section 10.02. Provisions of Subordinated Indenture for the Sole Benefit of Parties and Securityholders. Nothing in this
Subordinated Indenture or in the Securities, expressed or implied, shall give or be construed to give to any Person other than the parties hereto and their successors, the holders of Senior Indebtedness and the Holders of the Securities, any legal
or equitable right, remedy or claim under this Subordinated Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors, the holders of Senior
Indebtedness and of the Holders of the Securities. 
 Section 10.03. Successors and Assigns of Issuer Bound by Subordinated
Indenture. All the covenants, stipulations, promises and agreements in this Subordinated Indenture contained by or on behalf of the Issuer shall bind its successors and assigns, whether so expressed or not. 

  
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 Section 10.04. Notices and Demands on Issuer, Trustee and Securityholders. Any notice
or demand which by any provision of this Subordinated Indenture is required or permitted to be given or served by the Trustee or by the Holders of Securities to or on the Issuer may be given or served by being deposited postage prepaid, first-class
or similar class mail (except as otherwise specifically provided herein) addressed (until another address of the Issuer is filed by the Issuer with the Trustee) to the Issuer at the following address: 

Sumitomo Mitsui Financial Group, Inc. 

1-2, Marunouchi 1-chome, Chiyoda-ku 

Tokyo 100-0005 Japan 
 Attention:
Investor Relations Department 
 Fax: +81-3-4333-9861 

Any notice, direction, request or demand by the Issuer or any Securityholder to or upon the Trustee shall be deemed to have been sufficiently
given or made, for all purposes, if given or made to its Corporate Trust Office at: 
 The Bank of New York Mellon 

101 Barclay Street 
 New York, NY
10286 
 United States of America 

Attention: Global Corporate Trust—Sumitomo Mitsui Financial Group, Inc. 

with a copy to its Specified Corporate Trust Office: 

The Bank of New York Mellon, Hong Kong Branch 

Level 24, Three Pacific Place 
 1
Queen’s Road East, Hong Kong 
 Attention: Corporate Trust—Sumitomo Mitsui Financial Group, Inc. 

Facsimile: +852 2295 3283 
 Any
such notice, demand or other documents shall be in the English language. Anything herein to the contrary notwithstanding, no such notice or demand shall be effective as to the Trustee unless such notice or demand shall be effective as to the Trustee
unless it is actually received by the Trustee at its Corporate Trustee Office or its Specified Corporate Trust Office. 
 Where this
Subordinated Indenture provides for notice to Holders of Registered Securities, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder entitled
thereto, at his last address as it appears in the Security register. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders. Where this Subordinated Indenture provides for notice in any manner, such notice may be waived in writing by the person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

In case, by reason of the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer and
Holders of Registered Securities when such notice is required to be given pursuant to any provision of this Subordinated Indenture, then any manner of giving such notice as shall be reasonably satisfactory to the Trustee shall be deemed to be a
sufficient giving of such notice. 
 Section 10.05. Officer’s Certificates and Opinions of Counsel; Statements to be Contained
Therein. Upon any application or demand by the Issuer to the Trustee to take any action under any of the provisions of this 

  
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Subordinated Indenture, the Issuer shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Subordinated Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing
of such documents is specifically required by any provision of this Subordinated Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

Each certificate or opinion provided for in this Subordinated Indenture and delivered to the Trustee with respect to compliance with a
condition or covenant provided for in this Subordinated Indenture shall include (a) a statement that the person making such certificate or opinion has read such covenant or condition, (b) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based, (c) a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with. 

Any certificate, statement or opinion of an officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or
opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the
exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates to factual matters, information with respect to which is in the possession of the Issuer, upon
the certificate, statement or opinion of or representations by an officer of officers of the Issuer, unless such counsel knows that the certificate, statement or opinion or representations with respect to the matters upon which his certificate,
statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

Any certificate, statement or opinion of an officer of the Issuer or of counsel may be based, insofar as it relates to accounting matters,
upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Issuer, unless such officer or counsel, as the case may be, knows that the certificate or opinion or representations with respect to the
accounting matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

Section 10.06. Conflict with any Provision of Subordinated Indenture with Trust Indenture Act of 1939. If and to the extent that
any provision of this Subordinated Indenture limits, qualifies or conflicts with another provision included in this Subordinated Indenture by operation of Sections 310 to and including 317 of the Trust Indenture Act (an “Incorporated
Provision”), such Incorporated Provision shall control. 
 Section 10.07. Governing Law. This Subordinated Indenture
and each Security shall be governed by the laws of the State of New York. 
 Section 10.08. Counterparts. This Subordinated
Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

Section 10.09. Effect of Headings. The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof. 
 Section 10.10. Submission to Jurisdiction. The Issuer (i) agrees that any
legal suit, action or proceeding against the Issuer arising out of or based upon this Subordinated Indenture or the Securities may be instituted in any court of the State of New York or the United States located in the Borough of Manhattan, The City
of 

  
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New York (each a “New York Court”), (ii) waives, to the fullest extent it may effectively do so under applicable law, any objection which it may now or
hereafter have to the laying of venue of any such proceeding in any such New York Court or any immunity it may have or hereafter acquire (on the grounds of sovereignty or otherwise) from the jurisdiction of any such New York Court or from any legal
process with respect to itself or its property and (iii) submits to the non-exclusive personal jurisdiction of any such New York Court in any such suit or proceeding. The Issuer agrees to appoint Sumitomo Mitsui Banking Corporation’s New
York Branch, with offices at 277 Park Avenue, New York, New York 10172, as its authorized agent (the “Authorized Agent”) upon whom process may be served in any such action arising out of or based on the Securities of a particular
series or this Subordinated Indenture with respect to a particular series of Securities. The Issuer hereby agrees that such appointment shall be maintained at least until the first-year anniversary of the first day upon which none of the Securities
of the relevant series shall be Outstanding. The Issuer further agrees that service of process upon the Authorized Agent and written notice of said service to it mailed by first class mail or delivered to the Issuer shall be deemed in every respect
effective service of process upon it in any such suit or proceeding. Nothing herein shall affect the right of any person to serve process in any other manner permitted by law. The Issuer agrees that a final action in any such suit or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other lawful manner. 
 The Issuer hereby
irrevocably waives, to the extent permitted by law, any immunity to jurisdiction to which it may otherwise be entitled (including, without limitation, immunity to pre-judgment attachment, post-judgment attachment and execution) in any legal suit,
action or proceeding against it arising out of or based on this Subordinated Indenture, the Securities or the transactions contemplated hereby. 

The provisions of this Section 10.10 are intended to be effective upon the execution of this Subordinated Indenture without any further
action by the Issuer or the Trustee and the introduction of a true copy of this Subordinated Indenture into evidence shall be conclusive and final evidence as to such matters. 

Section 10.11. Non-Business Day. In any case where the date of payment of interest, redemption or stated maturity of a Security
established in accordance with Section 2.03 shall not be a Business Day at any Place of Payment with respect to Securities of that series, then (notwithstanding any other provision of this Subordinated Indenture or of the Securities) payment of
principal of and interest, if any, with respect to such Security need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day (unless otherwise specified in any applicable supplemental indenture) at
such Place of Payment with the same force and effect as if made on the date of payment of interest, redemption or stated maturity of a Security established in accordance with Section 2.03, provided that no interest shall accrue for the period
from and after such date of payment of interest, redemption or stated maturity of a Security, as the case may be. 
 Section 10.12.
Waiver of Jury Trial. EACH OF THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUBORDINATED
INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 ARTICLE 11 

REDEMPTION AND REPURCHASE OF SECURITIES 

Section 11.01. Optional Tax Redemption. (a) Unless otherwise established in accordance with Section 2.03, the Securities
of any series may be redeemed at the option of the Issuer, in whole, but not in part, subject to prior confirmation of the FSA, if such confirmation is required under applicable Japanese laws or regulations then in effect, at any time, on giving not
less than 30 nor more than 60 days’ notice of redemption to the Holders of the series to be redeemed (which notice shall be irrevocable and shall conform, as applicable, to the additional notice requirements set forth in Section 11.03) at a
redemption price equal to 100% of the principal amount of the Securities together with any accrued and unpaid interest (including Additional Amounts with respect thereto, if 

  
 39 

 
any) to (but excluding) the date fixed for redemption if (i) the Issuer is or will be obliged to pay Additional Amounts or (ii) there is more than an insubstantial risk that, for
Japanese corporate tax purposes, any portion of the interest payable on the Securities is not or will not be deductible from the Issuer’s taxable income or is or will be required to be deducted from the amount to be excluded from the
Issuer’s taxable gross receipts, in each case of (i) and (ii) above as a result of any change in, or amendment to, the laws or regulations of Japan or any political subdivision or any authority thereof or therein having power to tax,
or any change in application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date of the issuance of the relevant series of Securities and such obligation cannot be avoided by the
Issuer through the taking of reasonable measures available to the Issuer; provided that, in the case of (i) above, no such notice of redemption shall be given sooner than 90 days prior to the earliest date on which the Issuer would be obliged
to pay such Additional Amounts were a payment then due in respect of the relevant Securities. 
 (b) Prior to the publication of any notice
of redemption pursuant to this Section 11.01, the Issuer shall deliver to the Trustee (i) a certificate signed by an authorized officer stating that the conditions precedent to its right to so redeem have been fulfilled and (ii) an
opinion of independent legal or tax advisors of recognized standing to the effect that the Issuer is or will be obliged to pay such Additional Amounts, in the case of (a)(i) above, or, in the case of (a)(ii) above, there is more than an
insubstantial risk that, for Japanese corporate tax purposes, any portion of the interest to be payable on the Securities is not or will not be deductible from the Issuer’s taxable income or is or will be required to be deducted from the amount
to be excluded from the Issuer’s taxable gross receipts, as the case may be, as a result of such change or amendment. 

Section 11.02. Applicability of Sections 11.03, 11.04 and 11.05. The provisions of Sections 11.03, 11.04 and 11.05 shall be
applicable to the Securities of any series which are redeemable before their maturity for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.03 for Securities of such series. 

Section 11.03. Notice of Redemption; Partial Redemptions. Notice of redemption to the Holders of Securities of any series to be
redeemed as a whole or in part at the option of the Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid, at least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of
Securities of such series at their last addresses as they shall appear upon the registry books. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the
notice. Failure to give notice by mail, or any defect in the notice, to the Holder of any Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Security
of such series. 
 The notice of redemption to each such Holder shall specify the principal amount and CUSIP number, ISIN number and/or
common code (if any) of each Security of such series held by such Holder to be redeemed, the date fixed for redemption, the redemption price, the place or places of payment, that payment will be made upon presentation and surrender of such
Securities, that such redemption is pursuant to the mandatory or optional sinking fund, or both, if such be the case, that any accrued and unpaid interest (including Additional Amounts with respect thereto, if any) to (but excluding) the date fixed
for redemption will be paid as specified in such notice and that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue. In case any Security of a series is to be redeemed in part only the notice of
redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Security, a new Security or Securities of such series in principal amount equal
to the unredeemed portion thereof will be issued. 
 The notice of redemption of Securities of any series to be redeemed at the option of
the Issuer shall be given by the Issuer or, at the Issuer’s request, by the Trustee in the name and at the expense of the Issuer, in which case the Issuer shall make such request no later than 7 days prior to the conclusion of the applicable
notice period. Unless otherwise agreed between the Issuer and the Trustee, the Issuer shall provide advance notice to the Trustee five Business Days prior to the date of publication of any notice of redemption. 

  
 40 

 On or before the redemption date specified in the notice of redemption given as provided in this
Section 11.03, the Issuer will deposit with the Trustee or with one or more paying agents (or, if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided in Section 3.04) an amount of money or other
property sufficient to redeem on the redemption date all the Securities of such series so called for redemption at the appropriate redemption price, together with any accrued and unpaid interest (including Additional Amounts with respect thereto, if
any) to (but excluding) the date fixed for redemption. If less than all the Outstanding Securities of a series are to be redeemed, the Issuer will deliver to the Trustee at least 30 days prior to the date fixed for redemption an Officer’s
Certificate stating the aggregate principal amount of Securities to be redeemed. 
 If less than all the Securities of a series are to be
redeemed, the Securities of such series to be redeemed shall be selected in accordance with the requirements of the stock exchange on which the Securities are listed (if any) or in accordance with the requirements of the clearing system through
which the Securities of such series are held. If the Securities of such series are not listed on any stock exchange or held through the clearing systems the Securities of such series to be redeemed shall be selected by the Trustee, in such manner as
it shall deem appropriate and fair in its sole and absolute discretion, Securities of such series to be redeemed in whole or in part. Securities may be redeemed in part in multiples equal to the minimum authorized denomination for Securities of such
series or any multiple thereof. For all purposes of this Subordinated Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities of any series shall relate, in the case of any Security redeemed or to be
redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed. 
 Section 11.04.
Payment of Securities Called for Redemption. If notice of redemption has been given as above provided, the Securities or portions of Securities specified in such notice shall become due and payable on the date and at the place stated in such
notice at the applicable redemption price, together with any accrued and unpaid interest (including Additional Amounts with respect thereto, if any) to (but excluding) the date fixed for redemption, and on and after said date (unless the Issuer
shall default in the payment of such Securities at the redemption price, together with any accrued and unpaid interest (including Additional Amounts with respect thereto, if any) to (but excluding) said date) interest on the Securities or portions
of Securities so called for redemption shall cease to accrue and, except as provided in Sections 5.06 and 9.04, such Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under this
Subordinated Indenture, and the Holders thereof shall have no right in respect of such Securities except the right to receive the redemption price thereof, together with any accrued and unpaid interest (including Additional Amounts with respect
thereto, if any) to (but excluding) the date fixed for redemption. On presentation and surrender of such Securities at a Place of Payment specified in said notice, said Securities or the specified portions thereof shall be paid and redeemed by the
Issuer at the applicable redemption price, together with any accrued and unpaid interest (including Additional Amounts with respect thereto, if any) to (but excluding) the date fixed for redemption; provided that, unless otherwise specified as
contemplated by Section 2.03, any payment of interest becoming due on the date fixed for redemption shall be payable to the Holders of such Securities registered as such on the relevant record date according to their terms and the provisions of
Sections 2.07 and 3.01 hereof. 
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the
principal shall, until paid or duly provided for, bear interest from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security) borne by such Security. 

Upon presentation of any Security redeemed in part only, the Issuer shall execute, and the Trustee shall authenticate and deliver to or on the
order of the Holder thereof, at the expense of the Issuer, a new Security or Securities of such series, of authorized denominations, in principal amount equal to the unredeemed portion of the Security so presented. 

Section 11.05. Exclusion of Certain Securities from Eligibility for Selection for Redemption. Securities shall be excluded from
eligibility for selection for redemption if they are identified by registration and certificate 

  
 41 

 
number in a written statement signed by an authorized officer of the Issuer and delivered to the Trustee at least 40 days prior to the last date on which notice of redemption may be given as
being owned of record and beneficially by, and not pledged or hypothecated by, either (a) the Issuer or (b) an entity specifically identified in such written statement as directly or indirectly controlling or controlled by or under direct
or indirect common control with the Issuer. 
 Section 11.06. Repurchase of Securities. The Issuer or any subsidiary of the
Issuer may at any time subject to prior confirmation of the FSA, if such confirmation is required under applicable Japanese laws or regulations then in effect, purchase any or all of the Securities in the open market or otherwise at any price. Upon
such repurchase, the Trustee shall, in accordance with Section 2.10, cancel any Securities so purchased that are surrendered to it. Subject to applicable law, neither the Issuer nor any subsidiary of the Issuer shall have any obligation to offer to
purchase any Securities held by any Holder as a result of its purchase or offer to purchase Securities held by any other Holder in the open market or otherwise. The provisions of this Section 11.06 are subject to modification in accordance with
Section 2.03. 
 [Signature page follows] 

  
 42 

 IN WITNESS WHEREOF, the parties hereto have caused this Subordinated Indenture to be duly
executed as of [                    ]. 
  

			
	 SUMITOMO MITSUI FINANCIAL
GROUP, INC.

		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 THE BANK OF NEW YORK MELLON

		
	By:	 	  

	Name:	 	
	Title:	 	

  
  

 
 [Subordinated Indenture]chs2016notepurchaseagree

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     

 

TABLE OF CONTENTS   1.   2.   3.   4.   AUTHORIZATION OF NOTES    1.1 Description of Notes to be Issued    1.2 Additional Series of Notes    SALE AND PURCHASE OF NOTES    CLOSING    CONDITIONS TO CLOSING    Page   1   1   1   2   3   3   4.1 Representations and Warranties  3   4.2 Performance; No Default  3   4.3 Compliance Certificates  3   4.4 Opinions of Counsel  4   4.5 Purchase Permitted By Applicable Law, etc  4   4.6 Sale of Other 2016 Notes  4   4.7 Payment of Special Counsel Fees  4   4.8 Private Placement Number  5   4.9 Changes in Corporate Structure  5   4.10 Funding Instructions  5   4.11 Offeree Letter  5   4.12 Proceedings and Documents  5   5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY  5   5.1 Organization; Power and Authority  5   5.2 Authorization, etc  6   5.3 Disclosure  6   5.4 Organization and Ownership of Shares of Subsidiaries; Affiliates  6   5.5 Financial Statements; Material Liabilities  7   5.6 Compliance with Laws, Other Instruments, etc  7   5.7 Governmental Authorizations, etc  8   5.8 Litigation; Observance of Agreements, Statutes and Orders  8   5.9 Taxes  8   5.10 Title to Property; Leases  9   5.11 Permits and Other Operating Rights  9   5.12 Intellectual Property  9     

 

TABLE OF CONTENTS   (continued)   Page   5.13 Compliance with ERISA 10   5.14 Private Offering by the Company 11   5.15 Use of Proceeds; Margin Regulations 11   5.16 Existing Debt; Future Liens 11   5.17 Foreign Assets Control Regulations, etc 12   5.18 Status under Certain Statutes 14   5.19 Environmental Matters 14   5.20 Solvency 14   5.21 Hostile Tender Offers 15   5.22 Ranking of 2016 Notes 15   6. REPRESENTATIONS OF THE PURCHASER 15   6.1 Purchase for Investment 15   6.2 Source of Funds 15   7. INFORMATION AS TO COMPANY 17   7.1 Financial and Business Information 17   7.2 Officer's Certificate 19   7.3 Inspection 20   7.4 Electronic Delivery 21   8. INTEREST; PAYMENT OF THE NOTES 21   8.1 Interest Payments 21   8.2 Offer to Pay Notes Upon Change in Control 21   8.3 Optional Prepayments with Make-Whole Amount 22   8.4 Allocation of Partial Prepayments 23   8.5 Maturity; Surrender, etc 23   8.6 Purchase of Notes 23   8.7 Make-Whole Amount 24   9. AFFIRMATIVE COVENANTS 25   9.1 Compliance with Laws 25   9.2 Insurance 26   9.3 Maintenance of Properties 26   9.4 Payment of Taxes and Claims 26   DB1/84912103.8 ii     

 

TABLE OF CONTENTS    (continued)   Page   9.5 Corporate Existence, etc 26   9.6 Pari Passu 27   9.7 Most Favored Lender 27   10. NEGATIVE COVENANTS 28   10.1 Transactions with Affiliates 28   10.2 Merger, Consolidation, etc 29   10.3 Consolidated Funded Debt to Consolidated Cash Flow 30   10.4 Adjusted Consolidated Funded Debt to Consolidated Net Worth 30   10.5 Priority Debt 30   10.6 Liens 30   10.7 Sale of Assets 33   10.8 Line of Business 36   10.9 Subsidiary Distribution Restrictions 37   10.10 Terrorism Sanctions Regulations 37   11. EVENTS OF DEFAULT 37   12. REMEDIES ON DEFAULT, ETC 39   12.1 Acceleration 39   12.2 Other Remedies 40   12.3 Rescission 40   12.4 No Waivers or Election of Remedies, Expenses, etc 40   13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES 41   13 1 Registration of Notes 41   13.2 Transfer and Exchange of Notes 41   13.3 Replacement of Notes 42   14. PAYMENTS ON NOTES 42   14.1 Place of Payment 42   14.2 Home Office Payment 42   15. EXPENSES, ETC 43   15.1 Transaction Expenses 43   15.2 Survival 43   DB1/ 84912103.8 iii     

 

TABLE OF CONTENTS   (continued)   Page   16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE   AGREEMENT 43   17. AMENDMENT AND WAIVER 43   17.1 Requirements 44   17.2 Solicitation of Holders of Notes 44   17.3 Binding Effect, etc 45   17.4 Notes held by Company, etc 45   18. NOTICES 45   19. REPRODUCTION OF DOCUMENTS 46   20. CONFIDENTIAL INFORMATION 46   21. SUBSTITUTION OF PURCHASER 47   22. MISCELLANEOUS 47   22.1 Successors and Assigns 47   22.2 Payments Due on Non-Business Days 48   22.3 Accounting Terms 48   22.4 Severability 48   22.5 Construction 49   22.6 Counterparts 49   22.7 Governing Law 49   22.8 Jurisdiction and Process; Waiver of Jury Trial 49   DB1/ 84912103.8 iv     

 

Schedules and Exhibits   Schedule A -- Information Relating to Purchasers   Schedule B -- Defined Terms   Schedule 5.3 Disclosure Materials   Schedule 5.4 Subsidiaries of the Company and Ownership of Subsidiary Stock   Schedule 5.5 Financial Statements   Schedule 5.6 Restrictions on Debt   Schedule 5.12 Intellectual Property   Schedule 5.16 Existing Debt   Exhibit 1.1(a) Form of Series S Senior Notes due January 25, 2023   Exhibit 1.1(b) Form of Series T Senior Notes due January 25, 2025   Exhibit 1.1(c) Form of Series U Senior Notes due January 25, 2027   Exhibit 1.1(d) Form of Series V Senior Notes due January 25, 2028   Exhibit 1.1(e) Form of Series W Senior Notes due January 25, 2031   Exhibit 1.1(f) Form of Series X Senior Notes due January 25, 2036   Exhibit 1.2 Form of Supplement   Exhibit 4.4(a) Form of Opinion of Special Counsel for the Company   Exhibit 4.4(b) Form of Opinion of General Counsel for the Company   Exhibit 4.4(c) Form of Opinion of Special Counsel for the Purchasers   DB1/ 84912103.8     

 

CHS INC.   5500 Cenex Drive   Inver Grove Heights, MN 55077   $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   Dated as of January 14, 2016   To Each of The Purchasers Listed in   Schedule A Hereto:   Ladies and Gentlemen:   CHS Inc., a nonstock agricultural cooperative corporation organized under the laws of the   State of Minnesota (the "Company"), agrees with each of the purchasers whose names appear at   the end hereof (each, a "Purchaser" and, collectively, the "Purchasers") as follows:   1. AUTHORIZATION OF NOTES.   1.1 Description of Notes to be Issued.   The Company will authorize the issue and sale of (a) $152,000,000 aggregate principal   amount of its Series S Senior Notes due January 25, 2023 (the "Series S Notes"), (b)   $150,000,000 aggregate principal amount of its Series T Senior Notes due January 25, 2025 (the   "Series T Notes"), (c) $58,000,000 aggregate principal amount of its Series U Senior Notes due   January 25, 2027 (the "Series U Notes), (d) $95,000,000 aggregate principal amount of its Series   V Senior Notes due January 25, 2028 (the "Series V Notes), (e) $100,000,000 aggregate   principal amount of its Series W Senior Notes due January 25, 2031 (the "Series W Notes") and   (f) $125,000,000 aggregate principal amount of its Series X Senior Notes due January 25, 2036   (the "Series X Notes" and together with the Series S Notes, the Series T Notes, the Series U   Notes, the Series V Notes and the Series W Notes, collectively, the "2016 Notes", each as may   be amended, restated or otherwise modified from time to time pursuant to Section 17 and   including any such notes issued in substitution therefor pursuant to Section 13 of this   Agreement). The Series S Notes, the Series T Notes and the Series U Notes shall be   substantially in the form set out in Exhibit 1.1(a), Exhibit 1.1(b), Exhibit 1.1(c), Exhibit 1.1(d),   Exhibit 1.1(e)  and Exhibit 1.1(f)  respectively. Certain capitalized terms used in this Agreement   are defined in Schedule B  hereto; references to a "Schedule" or an "Exhibit" are, unless   otherwise specified, to a Schedule or an Exhibit attached to this Agreement; and references to a   "Section" are, unless otherwise specified, references to a Section of this Agreement.   1.2 Additional Series of Notes.   DB1/ 84912103.8     

 

In addition to the issuance and sale of the 2016 Notes, the Company may from time to   time issue and sell one or more additional Series of notes (the "Additional Notes" and together   with the 2016 Notes, the "Notes", each as may be amended, restated or otherwise modified from   time to time pursuant to Section 17 and including any such Notes issued in substitution therefor   pursuant to Section 13 of this Agreement) pursuant to this Agreement; provided that the   aggregate principal amount of all Notes issued pursuant to this Agreement that may be   outstanding at any time shall not exceed $1,000,000,000. Each Series of Additional Notes will   be issued pursuant to a supplement to this Agreement (a "Supplement") in substantially the form   of Exhibit 1.2,  and will be subject to the following terms and conditions:   (a) the designation of each Series of Additional Notes shall distinguish such   Series from the Notes of all other Series;   (b) each Series of Additional Notes may consist of different and separate   tranches and may differ as to outstanding principal amounts, maturity dates, interest rates,   make-whole amounts, if any, and price and terms of redemption or payment prior to   maturity;   (c) all Notes issued under this Agreement, including pursuant to any   Supplement, shall rank pari passu with each other;   (d) each Series of Additional Notes shall be dated the date of issue, bear   interest at such rate or rates, mature on such date or dates, be subject to such mandatory   or optional prepayments, if any, on the dates and with the make-whole amounts, if any, as   are provided in the Supplement under which such Additional Notes are issued, and shall   have such additional or different conditions precedent to closing and such additional or   different representations and warranties or other terms and provisions as shall be   specified in such Supplement;   (e) any additional or more restrictive covenants, Events of Default, rights   (including, without limitation, any additional put rights) or similar provisions that are   added by a Supplement for the benefit of the Series of Notes to be issued pursuant to such   Supplement shall apply to all outstanding Notes, whether or not the Supplement so   provides, so long as the Notes outstanding under such Supplement remain outstanding   (an "Incorporated Provision"); and   (f) except to the extent provided in foregoing clause (d), all of the provisions   of this Agreement shall apply to all Additional Notes.   2. SALE AND PURCHASE OF NOTES.   Subject to the terms and conditions of this Agreement, the Company will issue and sell to   each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for   in Section 3, 2016 Notes in the principal amount and in the Series specified opposite such   Purchaser's name in Schedule A  at the purchase price of 100% of the principal amount thereof.   The Purchasers' obligations hereunder are several and not joint obligations and no Purchaser   shall have any liability to any Person for the performance or non-performance of any obligation   by any other Purchaser hereunder.   DB1/ 84912103.8     

 

DB1/ 84912103.8         3      3. CLOSING.   The sale and purchase of the 2016 Notes to be purchased by each Purchaser shall occur at   the offices of Morgan, Lewis & Bockius LLP, 101 Park Avenue, New York, New York 10178 at   10:00 a.m., local time, at a closing (the “Closing”) on January 25, 2016.  At the Closing, the   Company will deliver to each Purchaser the 2016 Notes to be purchased by such Purchaser in the   form of a single Note of each Series to be purchased by such Purchaser (or such greater number   of 2016 Notes of each such Series in denominations of at least $100,000 as such Purchaser may   request), dated the date of the Closing and registered in such Purchaser’s name (or in the name of   its nominee), as indicated in Schedule A, against delivery by such Purchaser to the Company or   its order of immediately available funds in the amount of the purchase price therefor by wire   transfer of immediately available funds for the account of the Company to Wells Fargo Bank,   San Francisco, California, routing number 121000248, account number ##########,   Beneficiary: CHS Inc.  If at the Closing the Company shall fail to tender such 2016 Notes to any   Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4   shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at its election,   be relieved of all further obligations under this Agreement, without thereby waiving any rights   such Purchaser may have by reason of such failure or such nonfulfillment.   4. CONDITIONS TO CLOSING.   Each Purchaser’s obligation to purchase and pay for the 2016 Notes to be sold to such   Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or   at the Closing, of the following conditions:   4.1 Representations and Warranties.   The representations and warranties of the Company in this Agreement shall be correct   when made as of the date hereof and at the time of the Closing.   4.2 Performance; No Default.   The Company shall have performed and complied with all agreements and conditions   contained in this Agreement required to be performed or complied with by it prior to or at the   Closing and from the date of this Agreement to the Closing assuming that Sections 9 and 10 are   applicable from the date of this Agreement.  From the date of this Agreement until the Closing,   before and after giving effect to the issue and sale of the Notes (and the application of the   proceeds thereof as contemplated by Section 5.15), no Default or Event of Default shall have   occurred and be continuing.  Neither the Company nor any Subsidiary shall have entered into   any transaction since the date of the Memorandum that would have been prohibited by Sections   10.1, 10.3, 10.4, 10.5, 10.7 or 10.10 hereof had such Sections applied since such date.   4.3 Compliance Certificates.   (a) Officer’s Certificate.  The Company shall have delivered to such   Purchaser an Officer’s Certificate, dated the date of the Closing, (i) certifying that the   conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled and (ii) setting forth a   description of any Additional Provision in effect on the date of this Agreement (including     

 

any defined terms used therein) and related explanatory calculations, as applicable.   (b) Secretary's Certificate.  The Company shall have delivered to such   Purchaser a certificate, signed on its behalf by its Secretary or its Assistant Secretary, and   one other officer of the Company, dated the date of the Closing, certifying as to (i) the   resolutions attached thereto and other corporate proceedings relating to the authorization,   execution and delivery of the 2016 Notes and this Agreement and (ii) the Company's   organizational documents.      4.4 Opinions of Counsel.   Such Purchaser shall have received opinions in form and substance satisfactory to such   Purchaser, dated the date of the Closing (a) from Dorsey & Whitney LLP, counsel for the   Company, covering the matters set forth in Exhibit 4.4(a)  and covering such other matters   incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably   request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers),   (b) James M. Zappa, General Counsel for the Company, covering the matters set forth in Exhibit   4.4(b)  and covering such other matters incident to the transactions contemplated hereby as such   Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel to   deliver such opinion to the Purchasers) and (c) from Morgan, Lewis & Bockius LLP, the   Purchasers' special counsel in connection with such transactions, substantially in the form set   forth in Exhibit 4.4(c)  and covering such other matters incident to such transactions as such   Purchaser may reasonably request.   4.5 Purchase Permitted By Applicable Law, etc.   On the date of the Closing, such Purchaser's purchase of 2016 Notes shall (a) be   permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject,   without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law)   permitting limited investments by insurance companies without restriction as to the character of   the particular investment, (b) not violate any applicable law or regulation (including, without   limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and   (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable   law or regulation, which law or regulation was not in effect on the date hereof. If requested by   such Purchaser, such Purchaser shall have received an Officer's Certificate certifying as to such   matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine   whether such purchase is so permitted.   4.6 Sale of Other 2016 Notes.   Contemporaneously with the Closing, the Company shall sell to each other Purchaser and   each other Purchaser shall purchase the 2016 Notes to be purchased by it at the Closing as   specified in Schedule A.   4.7 Payment of Special Counsel Fees.   Without limiting the provisions of Section 15.1, the Company shall have paid on or   before the Closing the fees, charges and disbursements of the Purchasers' special counsel   DB1/ 84912103.8 4     

 

referred to in Section 4.4 to the extent reflected in a statement of such counsel rendered to the   Company at least one (1) Business Day prior to the Closing.   4.8 Private Placement Number.   A Private Placement Number issued by Standard & Poor's CUSIP Service Bureau (in   cooperation with the SVO) shall have been obtained for each Series of the 2016 Notes.   4.9 Changes in Corporate Structure.   The Company shall not have changed its jurisdiction of incorporation or been a party to   any merger or consolidation and shall not have succeeded to all or any substantial part of the   liabilities of any other entity, at any time following the date of the most recent financial   statements referred to in Schedule 5.5.   4.10 Funding Instructions.   At least three Business Days prior to the date of the Closing, each Purchaser shall have   received written instructions (via e-mail) signed by a Responsible Officer on letterhead of the   Company confirming the information specified in Section 3 including (a) the name and address   of the transferee bank, (b) such transferee bank's ABA number and (c) the account name and   number into which the purchase price for the 2016 Notes is to be deposited.   4.11 Offeree Letter.   U.S. Bancorp Investments, Inc. and J.P. Morgan Securities LLC shall have delivered to   the Company, their counsel, such Purchaser, and its special counsel an offeree letter, in form and   substance satisfactory to such Purchaser, confirming the manner of the offering of the 2016   Notes by U.S. Bancorp Investments, Inc. and J.P. Morgan Securities LLC.   4.12 Proceedings and Documents.   All corporate and other proceedings in connection with the transactions contemplated by   this Agreement and all documents and instruments incident to such transactions shall be   satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel   shall have received all such counterpart originals or certified or other copies of such documents   as such Purchaser or such special counsel may reasonably request.   5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.   The Company represents and warrants to each Purchaser that:   5.1 Organization; Power and Authority.   The Company is a nonstock agricultural cooperative corporation duly organized, validly   existing and in good standing under the laws of the State of Minnesota, and is duly qualified as a   foreign corporation and is in good standing in each jurisdiction in which such qualification is   required by law, other than those jurisdictions as to which the failure to be so qualified or in   DB1/ 84912103.8 5     

 

good standing could not, individually or in the aggregate, reasonably be expected to have a   Material Adverse Effect. The Company has the corporate power and authority to own or hold   under lease the properties it purports to own or hold under lease, to transact the business it   transacts and proposes to transact, to execute and deliver this Agreement and the 2016 Notes and   to perform the provisions hereof and thereof.   5.2 Authorization, etc.   The Company has all requisite corporate power to own and operate its respective   properties and to conduct its business as currently conducted and as currently proposed to be   conducted. The Company has all requisite corporate power to execute, deliver and perform its   obligations under this Agreement and the 2016 Notes. The Company has taken all necessary   corporate action to authorize the execution and delivery of, and the performance of its   obligations under, this Agreement and the 2016 Notes, and this Agreement constitutes, and upon   execution and delivery thereof each 2016 Note will constitute, a legal, valid and binding   obligation of the Company enforceable against the Company in accordance with its terms,   except, in each case, as such enforceability may be limited by (a) applicable bankruptcy,   insolvency, reorganization, moratorium or other similar laws affecting the enforcement of   creditors' rights generally and (b) general principles of equity (regardless of whether such   enforceability is considered in a proceeding in equity or at law).   5.3 Disclosure.   The Company, through its agents, U.S. Bancorp Investments, Inc. and J.P. Morgan   Securities LLC, has delivered to each Purchaser a copy of a Private Placement Memorandum,   dated December 2015 (the "Memorandum"), relating to the transactions contemplated hereby.   The Memorandum fairly describes, in all material respects, the general nature of the business and   principal properties of the Company and its Subsidiaries. Except as disclosed in Schedule 5.3,   this Agreement, the Memorandum and the documents, certificates or other writings delivered to   the Purchasers by or on behalf of the Company in connection with the transactions contemplated   hereby and identified in Schedule 5.3,  and the financial statements listed in Schedule 5.5  (this   Agreement, the Memorandum and such documents, certificates or other writings and such   financial statements being referred to, collectively, as the "Disclosure Documents"), taken as a   whole, do not contain any untrue statement of a material fact or omit to state any material fact   necessary to make the statements herein or therein not misleading in light of the circumstances   under which they were made. Except as disclosed in the Disclosure Documents, since August   31, 2015, there has been no change in the financial condition, operations, business or properties   of the Company or any Subsidiary except changes that individually or in the aggregate could not   reasonably be expected to have a Material Adverse Effect. There is no fact known to the   Company that could reasonably be expected to have a Material Adverse Effect that has not been   set forth herein or in the Disclosure Documents.   5.4 Organization and Ownership of Shares of Subsidiaries; Affiliates.   (a) Schedule 5.4  contains (except as noted therein) complete and correct lists   of (i) the Company's Subsidiaries, showing, as to each Subsidiary, the correct name   thereof, the jurisdiction of its organization, and the percentage of shares of each class of   DB1/ 84912103.8 6     

 

its capital stock or similar equity interests outstanding owned by the Company and each   other Subsidiary, (ii) the Company's Affiliates, other than Subsidiaries, and (iii) the   Company's directors and senior officers.   (b) All of the outstanding shares of capital stock or similar equity interests of   each Subsidiary shown in Schedule 5.4  as being owned by the Company or its   Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by   the Company or another Subsidiary free and clear of any Lien (except as otherwise   disclosed in Schedule 5.4).   (c) Each Subsidiary identified in Schedule 5.4  is a corporation or other legal   entity duly organized, validly existing and, where applicable, in good standing under the   laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or   other legal entity and, where applicable, is in good standing in each jurisdiction in which   such qualification is required by law, other than those jurisdictions as to which the failure   to be so qualified or in good standing could not, individually or in the aggregate,   reasonably be expected to have a Material Adverse Effect. Each such Subsidiary has the   corporate or other power and authority to own or hold under lease the properties it   purports to own or hold under lease and to transact the business it transacts and proposes   to transact.   (d) No Subsidiary is a party to, or otherwise subject to any legal, regulatory,   contractual or other restriction (other than this Agreement, the agreements listed on   Schedule 5.4  and customary limitations imposed by corporate law or similar statutes)   restricting the ability of such Subsidiary to pay dividends out of profits or make any other   similar distributions of profits to the Company or any of its Subsidiaries that owns   outstanding shares of capital stock or similar equity interests of such Subsidiary.      5.5 Financial Statements; Material Liabilities.   The Company has delivered to each Purchaser copies of the financial statements of the   Company and its Subsidiaries listed on Schedule 5.5.  All of said financial statements (including   in each case the related schedules and notes) fairly present in all material respects the   consolidated financial position of the Company and its Subsidiaries as of the respective dates   specified in such Schedule and the consolidated results of their operations and cash flows for the   respective periods so specified and have been prepared in accordance with GAAP consistently   applied throughout the periods involved except as set forth in the notes thereto (subject, in the   case of any interim financial statements, to normal year-end adjustments). The Company and its   Subsidiaries do not have any Material liabilities that are not disclosed on such financial   statements or otherwise disclosed in the Disclosure Documents.   5.6 Compliance with Laws, Other Instruments, etc.   The execution, delivery and performance by the Company of this Agreement and the   2016 Notes will not (a) contravene, result in any breach of, or constitute a default under, or result   in the creation of any Lien in respect of any property of the Company or any Subsidiary under,   any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate   DB1/ 84912103.8 7     

 

charter or by-laws, or any other agreement or instrument to which the Company or any   Subsidiary is bound or by which the Company or any Subsidiary or any of their respective   properties may be bound or affected, (b) conflict with or result in a breach of any of the terms,   conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or   Governmental Authority applicable to the Company or any Subsidiary or (c) violate any   provision of any statute or other rule or regulation of any Governmental Authority applicable to   the Company or any Subsidiary. The Company is not a party to any contract or agreement or   subject to any charter or other corporate restrictions which materially and adversely affects its   business, property, assets, financial condition or results of operations, and the Company is not a   party to, or otherwise subject to any provision contained in, any instrument evidencing Debt of   the Company, any agreement relating thereto or any other contract or agreement (including its   charter) which limits the amount of, or otherwise imposes restrictions on the incurring of, Debt   of the Company of the type to be evidenced by the 2016 Notes except as set forth in the   agreements listed in Schedule 5.6  attached hereto. The provisions of this Agreement and the   2016 Notes do not contravene any agreement listed in Schedule 5.6.      5.7 Governmental Authorizations, etc.   No consent, approval or authorization of, or registration, filing or declaration with, any   Governmental Authority is required in connection with the execution, delivery or performance   by the Company of this Agreement or the 2016 Notes.   5.8 Litigation; Observance of Agreements, Statutes and Orders.   (a) There are no actions, suits, investigations or proceedings pending or, to the   knowledge of the Company or any of its Subsidiaries, threatened against or affecting the   Company or any Subsidiary or any properties or rights of the Company or any Subsidiary   in any court or before any arbitrator of any kind or before or by any Governmental   Authority that, individually or in the aggregate, could reasonably be expected to have a   Material Adverse Effect.   (b) Neither the Company nor any Subsidiary is (i) in default under any term of   any agreement or instrument to which it is a party or by which it is bound, (ii) in violation   of any order, judgment, decree or ruling of any court, arbitrator or Governmental   Authority or (iii) in violation of any applicable law, ordinance, rule or regulation of any   Governmental Authority (including, without limitation, Environmental Laws, the USA   PATRIOT Act or any of the others laws and regulations that are referred to in Section   5.17), which default or violation, individually or in the aggregate, could reasonably be   expected to have a Material Adverse Effect.   5.9 Taxes.   The Company and its Subsidiaries have filed all U.S. federal, state and, to the knowledge   of the officers of the Company, other tax returns that are required to have been filed in any   jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other   taxes and assessments levied upon them or their properties, assets, income or franchises, to the   extent such taxes and assessments have become due and payable and before they have become   DB1/ 84912103.8     

 

delinquent, except for any taxes and assessments (a) the amount of which is not individually or   in the aggregate Material or (b) the amount, applicability or validity of which is currently being   contested in good faith by appropriate proceedings and with respect to which the Company or a   Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP.   The Company knows of no basis for any other tax or assessment that could reasonably be   expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of   the Company and its Subsidiaries in respect of U.S. federal, state or other taxes for all fiscal   periods are adequate. The U.S. federal income tax liabilities of the Company and its Subsidiaries   have been determined by the Internal Revenue Service and paid for all fiscal years up to and   including the fiscal year ended August 31, 2009. The Company is a cooperative association   taxed under the provisions of "subchapter T" of the Code and the Company does not presently   intend to alter its status as a subchapter T cooperative association for U.S. federal income tax   purposes.   5.10 Title to Property; Leases.   Except for minor defects in title which, individually or in the aggregate, could not   reasonably be expected to have a Material Adverse Effect, the Company has and each of its   Subsidiaries has good and indefeasible title to its respective real properties (other than properties   which it leases) and good title to all of its other respective properties and assets that individually   or in the aggregate are Material, including all such properties reflected in the most recent audited   balance sheet referred to in Section 5.5 or purported to have been acquired by the Company or   any Subsidiary after said date (except as sold or otherwise disposed of in the ordinary course of   business), in each case free and clear of Liens prohibited by this Agreement. All leases that   individually or in the aggregate are Material are valid and subsisting and are in full force and   effect in all material respects.   5.11 Permits and Other Operating Rights.   The Company and each Subsidiary of the Company has all such valid and sufficient   certificates of convenience and necessity, franchises, licenses, permits, operating rights and other   authorizations from all Governmental Authorities having jurisdiction over the Company or any   Subsidiary or any of its properties, as are necessary for the ownership, operation and   maintenance of its businesses and properties, as presently conducted and as proposed to be   conducted while the 2016 Notes are outstanding, subject to exceptions and deficiencies which,   individually or in the aggregate, would not reasonably be expected to have a Material Adverse   Effect, and such certificates of convenience and necessity, franchises, licenses, permits,   operating rights and other authorizations from all Governmental Authorities or any of its   properties are free from restrictions or conditions which, individually or in the aggregate, would   reasonably be expected to have a Material Adverse Effect.   5.12 Intellectual Property.   Except as disclosed in Schedule 5.12,   (a) the Company and its Subsidiaries own or possess all patents, copyrights,   service marks, trademarks and trade names, or rights thereto, that individually or in the   DB1/ 84912103.8 9     

 

aggregate are Material, without known conflict with the rights of others;   (b) to the best knowledge of the Company, no product or practice of the   Company or any Subsidiary infringes in any Material respect any license, permit,   franchise, authorization, patent, copyright, proprietary software, service mark, trademark,   trade name or other right owned by any other Person; and   (c) to the best knowledge of the Company, there is no Material violation by   any Person of any right of the Company or any of its Subsidiaries with respect to any   patent, copyright, proprietary software, service mark, trademark, trade name or other   right owned or used by the Company or any of its Subsidiaries.   5.13 Compliance with ERISA.   (a) The Company and each ERISA Affiliate have operated and administered   each Plan in compliance with all applicable laws except for such instances of   noncompliance as have not resulted in and could not, individually or in the aggregate,   reasonably be expected to result in a Material Adverse Effect. Neither the Company nor   any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA (aside   from ordinary claims for benefits under the Plans) or the penalty or excise tax provisions   of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no   event, transaction or condition has occurred or exists that could, individually or in the   aggregate, reasonably be expected to result in the incurrence of any such liability by the   Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights,   properties or assets of the Company or any ERISA Affiliate, in either case pursuant to   Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise   tax provisions under the Code or federal law or section 4068 of ERISA or by the granting   of a security interest in connection with the amendment of a Plan, other than such   liabilities or Liens as would not be individually or in the aggregate Material.   (b) The present value of the aggregate benefit liabilities under each of the   Plans (other than Multiemployer Plans), determined as of the end of such Plan's most   recently ended plan year on the basis of the actuarial assumptions specified for funding   purposes in such Plan's most recent actuarial valuation report, did not exceed the   aggregate current value of the assets of such Plan allocable to such benefit liabilities by   more than $25,000,000 for any single Plan or by more than $40,000,000, in the   aggregate, for all such Plans. The term "benefit liabilities" has the meaning specified in   section 4001 of ERISA and the terms "current value" and "present value" have the   meaning specified in section 3 of ERISA.   (c) The Company and its ERISA Affiliates have not incurred withdrawal   liabilities (and are not subject to contingent withdrawal liabilities) under section 4201 or   4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate   are Material.   (d) The expected postretirement benefit obligation (determined as of the last   day of the Company's most recently ended fiscal year in accordance with Financial   D,B1/ 84912103.8 10     

 

Accounting Standards Board Accounting Standards Codification Topic 715-60, without   regard to liabilities attributable to continuation coverage mandated by section 4980B of   the Code) of the Company and its Subsidiaries is not Material.   (e) The execution and delivery of this Agreement and the issuance and sale of   the 2016 Notes hereunder will not involve any transaction that is subject to the   prohibitions of section 406 of ERISA or in connection with which a tax could be imposed   pursuant to section 4975(c)(1)(A)-(D) of the Code. The representation by the Company   to each Purchaser in the first sentence of this Section 5.13(e) is made in reliance upon and   subject to the accuracy of such Purchaser's representation in Section 6.2 as to the sources   of the funds to be used to pay the purchase price of the 2016 Notes to be purchased by   such Purchaser.   5.14 Private Offering by the Company.   Neither the Company nor anyone acting on its behalf has, directly or indirectly, offered   the 2016 Notes or any similar Securities for sale to, or solicited any offer to buy any of the same   from, or otherwise approached or negotiated in respect thereof with, any Person other than the   Purchasers and not more than 75 other Institutional Investors (as defined in clause (c) of the   definition of such term), each of which has been offered the 2016 Notes at a private sale for   investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any   action that would subject the issuance or sale of the 2016 Notes to the registration requirements   of Section 5 of the Securities Act or to the registration requirements of any securities or "blue   sky" laws of any applicable jurisdiction.   5.15 Use of Proceeds; Margin Regulations.   The Company will apply the proceeds of the sale of the 2016 Notes for general corporate   purposes, including funding capital expenditures and investments. No part of the proceeds from   the sale of the 2016 Notes hereunder will be used, directly or indirectly, for the purpose of   buying or carrying any margin stock within the meaning of Regulation U of the Board of   Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying   or trading in any Securities under such circumstances as to involve the Company in a violation of   Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of   Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 5% of the   value of the consolidated assets of the Company and its Subsidiaries and the Company does not   have any present intention that margin stock will constitute more than 5% of the value of such   assets. As used in this Section, the terms "margin stock" and "purpose of buying or carrying"   shall have the meanings assigned to them in said Regulation U.   5.16 Existing Debt; Future Liens.   (a) Except as described therein, Schedule 5.16  sets forth a complete and   correct list of all outstanding Debt of the Company and its Subsidiaries in excess of   $10,000,000 or having commitments in excess thereof as of November 30, 2015   (including descriptions of the obligors and obligees, principal amounts outstanding, any   collateral therefor and any Guaranties thereof), since which date there has been no   DB1/ 84912103.8 11     

 

Material change in the amounts, interest rates, sinking funds, installment payments or   maturities of the Debt of the Company or its Subsidiaries. Neither the Company nor any   Subsidiary is in default and no waiver of default is currently in effect, in the payment of   any principal or interest on any Debt of the Company or such Subsidiary and no event or   condition exists with respect to any Debt of the Company or any Subsidiary that would   permit (or that with notice or the lapse of time, or both, would permit) one or more   Persons to cause such Debt to become due and payable before its stated maturity or   before its regularly scheduled dates of payment.   (b) The aggregate amount of all outstanding Debt of the Company and its   Subsidiaries not set forth on Schedule 5.16  does not exceed $50,000,000.   (c) Except as disclosed in Schedule 5.16,  neither the Company nor any   Subsidiary has agreed or consented to cause or permit in the future (upon the happening   of a contingency or otherwise) any of its property, whether now owned or hereafter   acquired, to be subject to a Lien not permitted by Section 10.6.   (d) Neither the Company nor any Subsidiary is a party to, or otherwise subject   to any provision contained in, any instrument evidencing Debt of the Company or such   Subsidiary, any agreement relating thereto or any other agreement (including, but not   limited to, its charter or other organizational document) which limits the amount of, or   otherwise imposes restrictions on the incurring of, Debt of the Company, except as   specifically indicated in Schedule 5.16.   5.17 Foreign Assets Control Regulations, etc.   (a) Neither the Company nor any Controlled Entity is (i) a Person whose   name appears on the list of Specially Designated Nationals and Blocked Persons   published by the Office of Foreign Assets Control, United States Department of the   Treasury ("OFAC") (an "OFAC Listed Person") (ii) an agent, department, or   instrumentality of, or is otherwise beneficially owned by, controlled by or acting on   behalf of, directly or indirectly, (x) any OFAC Listed Person or (y) any Person, entity,   organization, foreign country or regime that is subject to any OFAC Sanctions Program,   or (iii) otherwise blocked, subject to sanctions under or engaged in any activity in   violation of other United States economic sanctions, including but not limited to, the   Trading with the Enemy Act, the International Emergency Economic Powers Act, the   Comprehensive Iran Sanctions, Accountability and Divestment Act ("CISADA") or any   similar law or regulation with respect to Iran or any other country, the Sudan   Accountability and Divestment Act, any OFAC Sanctions Program, or any economic   sanctions regulations administered and enforced by the United States or any enabling   legislation or executive order relating to any of the foregoing (collectively, "U.S.   Economic Sanctions") (each OFAC Listed Person and each other Person, entity,   organization and government of a country described in clause (i), clause (ii) or clause   (iii), a "Blocked Person"). Neither the Company nor any Controlled Entity has been   notified that its name appears or may in the future appear on a state list of Persons that   engage in investment or other commercial activities in Iran or any other country that is   subject to U.S. Economic Sanctions.   DB1/ 84912103.8 12     

 

(b) No part of the proceeds from the sale of the Notes hereunder constitutes or   will constitute funds obtained on behalf of any Blocked Person or will otherwise be used   by the Company or any Controlled Entity, directly or indirectly, (i) in connection with   any investment in, or any transactions or dealings with, any Blocked Person, or (ii)   otherwise in violation of U.S. Economic Sanctions.   (c) Neither the Company nor any Controlled Entity (i) has been found in   violation of, charged with, or convicted of, money laundering, drug trafficking, terrorist-   related activities or other money laundering predicate crimes under the Currency and   Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act),   the USA PATRIOT Act or any other United States law or regulation governing such   activities (collectively, "Anti-Money Laundering Laws") or any U.S. Economic   Sanctions violations, (ii) to the Company's actual knowledge after making due inquiry, is   under investigation by any Governmental Authority for possible violation of Anti-Money   Laundering Laws or any U.S. Economic Sanctions violations, (iii) has been assessed civil   penalties under any Anti-Money Laundering Laws or any U.S. Economic Sanctions, or   (iv) has had any of its funds seized or forfeited in an action under any Anti-Money   Laundering Laws. The Company has established procedures and controls which it   reasonably believes are adequate (and otherwise comply with applicable law) to ensure   that the Company and each Controlled Entity is and will continue to be in compliance   with all applicable current and future Anti-Money Laundering Laws and U.S. Economic   Sanctions.   (d) (1) Neither the Company nor any Controlled Entity (i) has been charged   with, or convicted of bribery or any other anti-corruption related activity under any   applicable law or regulation in a U.S. or any non-U.S. country or jurisdiction, including   but not limited to, the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010   (collectively, "Anti-Corruption Laws"), (ii) to the Company's actual knowledge after   making due inquiry, is under investigation by any U.S. or non-U.S. Governmental   Authority for possible violation of Anti-Corruption Laws, (iii) has been assessed civil or   criminal penalties under any Anti-Corruption Laws or (iv) has been or is the target of   sanctions imposed by the United Nations or the European Union.   (2) To the Company's actual knowledge after making due inquiry, neither the   Company nor any Controlled Entity has, within the last five years, directly or indirectly   offered, promised, given, paid or authorized the offer, promise, giving or payment of   anything of value to a Governmental Official or a commercial counterparty for the   purposes of: (i) influencing any act, decision or failure to act by such Government   Official in his or her official capacity or such commercial counterparty, (ii) inducing a   Governmental Official to do or omit to do any act in violation of the Governmental   Official's lawful duty, or (iii) inducing a Governmental Official or a commercial   counterparty to use his or her influence with a government or instrumentality to affect   any act or decision of such government or entity; in each case in order to obtain, retain or   direct business or to otherwise secure an improper advantage in violation of any   applicable law or regulation or which would cause any holder to be in violation of any   law or regulation applicable to such holder; and   DB1/ 84912103.8 13     

 

(3) No part of the proceeds from the sale of the Notes hereunder will be used,   directly or indirectly, for any improper payments, including bribes, to any Governmental   Official or commercial counterparty in order to obtain, retain or direct business or obtain   any improper advantage. The Company has established procedures and controls which it   reasonably believes are adequate (and otherwise comply with applicable law) to ensure   that the Company and each Controlled Entity is and will continue to be in compliance   with all applicable current and future Anti-Corruption Laws.   5.18 Status under Certain Statutes.   Neither the Company nor any Subsidiary is subject to regulation under the Investment   Company Act of 1940, as amended, the Public Utility Holding Company Act of 2005, as   amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended.   5.19 Environmental Matters.   (a) Neither the Company nor any Subsidiary has knowledge of any claim or   has received any notice of any claim, and no proceeding has been instituted raising any   claim against the Company or any of its Subsidiaries or any of their respective real   properties now or formerly owned, leased or operated by any of them or other assets,   alleging any damage to the environment or violation of any Environmental Laws, except,   in each case, such as could not reasonably be expected to result in a Material Adverse   Effect.   (b) Neither the Company nor any Subsidiary has knowledge of any facts   which would give rise to any claim, public or private, of violation of Environmental Laws   or damage to the environment emanating from, occurring on or in any way related to real   properties now or formerly owned, leased or operated by any of them or to other assets or   their use, except, in each case, such as could not reasonably be expected to result in a   Material Adverse Effect.   (c) Neither the Company nor any of its Subsidiaries has stored any Hazardous   Materials on real properties now or formerly owned, leased or operated by any of them   and has not disposed of any Hazardous Materials in a manner contrary to any   Environmental Laws in each case in any manner that could reasonably be expected to   result in a Material Adverse Effect.   (d) All buildings on all real properties now owned, leased or operated by the   Company or any of its Subsidiaries are in compliance with applicable Environmental   Laws, except where failure to comply could not reasonably be expected to result in a   Material Adverse Effect.   5.20 Solvency.   The Company, after giving effect to the transactions contemplated by this Agreement and   the 2016 Notes, will not be engaged in any business or transaction, or about to engage in any   business or transaction, for which the Company has unreasonably small assets or capital (within   the meaning of the Uniform Fraudulent Transfer Act, the Uniform Fraudulent Conveyance Act   rmll 84912101 .8 14     

 

and Section 548 of Title 11 of the United States Code), and the Company does not have any   intent to hinder, delay or defraud any Person to which it is, or will become, on or after the date of   Agreement, indebted to or to incur debts that would be beyond its ability to pay as they mature.   5.21 Hostile Tender Offers.   None of the proceeds of the sale of any 2016 Note will be used to finance a Hostile   Tender Offer.   5.22 Ranking of 2016 Notes.   The Company's obligations under the 2016 Notes and this Agreement will, upon issuance   of the 2016 Notes, rank at least pari passu, without preference or priority, with all of its other   outstanding unsecured and unsubordinated obligations, except for those obligations that are, or   are liable to be, mandatorily preferred by law.   6. REPRESENTATIONS OF THE PURCHASER.      6.1 Purchase for Investment.   Each Purchaser severally represents that (a) it is an "accredited investor" under Rule   501(a) of Regulation D under the Securities Act and (b) it is purchasing the Notes for its own   account or for one or more separate accounts maintained by such Purchaser or for the account of   one or more pension or trust funds and not with a view to the distribution thereof, provided that   the disposition of such Purchaser's or their property shall at all times be within such Purchaser's   or their control. Each Purchaser understands that the Notes have not been registered under the   Securities Act and may be resold only if registered pursuant to the provisions of the Securities   Act or if an exemption from registration is available, except under circumstances where neither   such registration nor such an exemption is required by law, and that the Company is not required   to register the Notes.   6.2 Source of Funds.   Each Purchaser severally represents that at least one of the following statements is an   accurate representation as to each source of funds (a "Source") to be used by such Purchaser to   pay the purchase price of the Notes to be purchased by such Purchaser hereunder:   (a) the Source is an "insurance company general account" (as the term is   defined in the United States Department of Labor's Prohibited Transaction Exemption   ("PTE") 95-60) in respect of which the reserves and liabilities (as defined by the annual   statement for life insurance companies approved by the NAIC (the "NAIC Annual   Statement")) for the general account contract(s) held by or on behalf of any employee   benefit plan together with the amount of the reserves and liabilities for the general   account contract(s) held by or on behalf of any other employee benefit plans maintained   by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same   employee organization in the general account do not exceed 10% of the total reserves and   liabilities of the general account (exclusive of separate account liabilities) plus surplus as   set forth in the NAIC Annual Statement filed with such Purchaser's state of domicile; or   DB1/ 84912103.8 15     

 

(b) the Source is a separate account that is maintained solely in connection   with such Purchaser's fixed contractual obligations under which the amounts payable, or   credited, to any employee benefit plan (or its related trust) that has any interest in such   separate account (or to any participant or beneficiary of such plan (including any   annuitant)) are not affected in any manner by the investment performance of the separate   account; or   (c) the Source is either (i) an insurance company pooled separate account,   within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the   meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in   writing pursuant to this clause (c), no employee benefit plan or group of plans maintained   by the same employer or employee organization beneficially owns more than 10% of all   assets allocated to such pooled separate account or collective investment fund; or   (d) the Source constitutes assets of an "investment fund" (within the meaning   of Part VI of PTE 84-14 (the "QPAM Exemption")) managed by a "qualified   professional asset manager" or "QPAM" (within the meaning of Part VI of the QPAM   Exemption), no employee benefit plan's assets that are managed by QPAM in such   investment fund, when combined with the assets of all other employee benefit plans   established or maintained by the same employer or by an affiliate (within the meaning of   Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee   organization and managed by such QPAM, represent more than 20% of the total client   assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM   Exemption are satisfied, neither the QPAM nor a person controlling or controlled by the   QPAM maintains an ownership interest in the Company that would cause the QPAM and   the Company to be "related" within the meaning of Part VI(h) of the QPAM Exemption   and (i) the identity of such QPAM and (ii) the names of any employee benefit plans   whose assets in the investment fund, when combined with the assets of all other   employee benefit plans established or maintained by the same employer or by an affiliate   (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by   the same employee organization, represent 10% or more of the assets of such investment   fund, have been disclosed to the Company in writing pursuant to this clause (d); or   (e) the Source constitutes assets of a "plan(s)" (within the meaning of Part   IV(h) of PTE 96-23 (the "INHAM Exemption")) managed by an "in-house asset   manager" or "INHAM" (within the meaning of Part IV(a) of the INHAM Exemption),   the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the   INHAM nor a person controlling or controlled by the INHAM (applying the definition of   "control" in Part IV(d) of the INHAM Exemption) owns a 10% or more interest in the   Company and (i) the identity of such INHAM and (ii) the name(s) of the employee   benefit plan(s) whose assets constitute the Source have been disclosed to the Company in   writing pursuant to this clause (e); or   (f) the Source is a governmental plan; or   (g) the Source is one or more employee benefit plans, or a separate account or   trust fund comprised of one or more employee benefit plans, each of which has been   DB1/ 84912103.8 16     

 

identified to the Company in writing pursuant to this clause (g); or   (h) the Source does not include assets of any employee benefit plan, other   than a plan exempt from the coverage of ERISA.   As used in this Section 6.2, the terms "employee benefit plan", "governmental plan" and   "separate account" shall have the respective meanings assigned to such terms in section 3 of   ERISA.   7. INFORMATION AS TO COMPANY.   7.1 Financial and Business Information.   The Company shall deliver to each Purchaser and each holder of a Note that is an   Institutional Investor:   (a) Quarterly Statements  -- within 60 days (or such shorter period as is the   earlier of (x) 15 days greater than the period applicable to the filing of the Company's   Quarterly Report on Form 10-Q (the "Form 10-Q") with the SEC regardless of whether   the Company is subject to the filing requirements thereof and (y) the date by which such   financial statements are required to be delivered under any Material Credit Facility or the   date on which such corresponding financial statements are delivered under any Material   Credit Facility if such delivery occurs earlier than such required delivery date) after the   end of each quarterly fiscal period in each fiscal year of the Company (other than the last   quarterly fiscal period of each such fiscal year), duplicate copies of,   (i) a consolidated balance sheet of the Company and its Subsidiaries   as at the end of such quarter, and   (ii) consolidated statements of income and cash flows of the Company   and its Subsidiaries, for such quarter and (in the case of the second and third   quarters) for the portion of the fiscal year ending with such quarter,   setting forth in each case in comparative form the figures for the corresponding periods in   the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP   applicable to quarterly financial statements generally, and certified by a Senior Financial   Officer as fairly presenting, in all material respects, the financial position of the companies   being reported on and their results of operations and cash flows, subject to changes resulting   from year-end adjustments, provided that delivery within the time period specified above of   copies of the Company's Form 10-Q prepared in compliance with the requirements therefor   and filed with the SEC shall be deemed to satisfy the requirements of this Section 7.1(a);   (b) Annual Statements  -- within 120 days (or such shorter period as is the   earlier of (x) 15 days greater than the period applicable to the filing of the Company's   Annual Report on Form 10-K (the "Form 10-K") with the SEC regardless of whether the   Company is subject to the filing requirements thereof and (y) the date by which such   financial statements are required to be delivered under any Material Credit Facility or the   date on which such corresponding financial statements are delivered under any Material   DB1/ 84912103.8 17     

 

Credit Facility if such delivery occurs earlier than such required delivery date) after the   end of each fiscal year of the Company, duplicate copies of,   (i) consolidated and consolidating balance sheets of the Company and   its Subsidiaries, as at the end of such year, and   (ii) consolidated and consolidating statements of income and cash   flows and a consolidated statement of members' equity of the Company and its   Subsidiaries, for such year,   setting forth in each case, in comparative form, the figures for the previous fiscal year, all   in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion   thereon (without a "going concern" or similar qualification or exception and without any   qualification or exception as to the scope of the audit on which such opinion is based) of   independent certified public accountants of recognized national standing, which opinion   shall state that such financial statements present fairly, in all material respects, the   financial position of the companies being reported upon and their results of operations   and cash flows and have been prepared in conformity with GAAP, and that the   examination of such accountants in connection with such financial statements has been   made in accordance with generally accepted auditing standards, and that such audit   provides a reasonable basis for such opinion in the circumstances; provided that the   delivery within the time period specified above of the Company's Form 10-K for such   fiscal year (together with the Company's annual report to members, if any, prepared   pursuant to Rule 14a-3 under the Exchange Act) prepared in accordance with the   requirements therefor and filed with the SEC shall be deemed to satisfy the requirements   of this Section 7.1(b);   (c) SEC and Other Reports  -- promptly upon their becoming available, one   copy of (i) each financial statement, report, notice or proxy statement sent by the   Company or any Subsidiary to its principal lending banks as a whole (excluding   information sent to such banks in the ordinary course of administration of a bank facility,   such as information relating to pricing and borrowing availability) or to its public   Securities holders generally, and (ii) each regular or periodic report, each registration   statement (without exhibits except as expressly requested by such holder), and each   prospectus and all amendments thereto filed by the Company or any Subsidiary with the   SEC and of all press releases and other statements made available generally by the   Company or any Subsidiary to the public concerning developments that are Material;   (d) Notice of Default or Event of Default  -- promptly, and in any event within   five days after a Responsible Officer becoming aware of the existence of any Default or   Event of Default or that any Person has given any notice or taken any action with respect   to a claimed default hereunder or that any Person has given any notice or taken any action   with respect to a claimed default of the type referred to in Section 11(f), a written notice   specifying the nature and period of existence thereof and what action the Company is   taking or proposes to take with respect thereto;   (e) ERISA Matters  -- promptly, and in any event within five days after a   DB1/ 84912103.8 18     

 

Responsible Officer becoming aware of any of the following, a written notice setting   forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate   proposes to take with respect thereto:   (i) with respect to any Plan, any reportable event, as defined in section   4043(b) of ERISA and the regulations thereunder, for which notice thereof has   not been waived pursuant to such regulations as in effect on the date hereof; or   (ii) the taking by the PBGC of steps to institute, or the threatening by   the PBGC of the institution of, proceedings under section 4042 of ERISA for the   termination of, or the appointment of a trustee to administer, any Plan, or the   receipt by the Company or any ERISA Affiliate of a notice from a Multiemployer   Plan that such action has been taken by the PBGC with respect to such   Multiemployer Plan; or   (iii) any event, transaction or condition that could result in the   incurrence of any liability by the Company or any ERISA Affiliate pursuant to   Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating   to employee benefit plans, or in the imposition of any Lien on any of the rights,   properties or assets of the Company or any ERISA Affiliate pursuant to Title I or   IV of ERISA or such penalty or excise tax provisions, if such liability or Lien,   taken together with any other such liabilities or Liens then existing, could   reasonably be expected to have a Material Adverse Effect;   (f) Notices from Governmental Authority  -- promptly, and in any event   within 30 days of receipt thereof, copies of any notice to the Company or any Subsidiary   from any Governmental Authority relating to any order, ruling, statute or other law or   regulation that could reasonably be expected to have a Material Adverse Effect; and   (g) Requested Information  -- with reasonable promptness, such other data and   information relating to the business, operations, affairs, financial condition, assets or   properties of the Company or any of its Subsidiaries or relating to the ability of the   Company to perform its obligations hereunder and under the Notes as from time to time   may be reasonably requested by any Purchaser or a holder of a Note; and   (h) Information Required by Rule 144A  — with reasonable promptness, upon   the request of any Purchaser or a holder of a Note, such financial and other information   as such holder may reasonably determine to be necessary in order to permit compliance   with the information requirements of Rule 144A under the Securities Act in connection   with the resale of Notes, except at such times as the Company is subject to and in   compliance with the reporting requirements of section 13 or 15(d) of the Exchange Act.   7.2 Officer's Certificate.   Each set of financial statements delivered to a Purchaser or a holder of a Note pursuant to   Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial   Officer setting forth:   DB1/ 84912103.8 19     

 

(a) Covenant Compliance -- the information (including detailed calculations)   required in order to establish whether the Company was in compliance with the   requirements of Sections 10.3 through and including 10.5, Section 10.7 hereof, inclusive,   and each Incorporated Provision, if applicable, during the quarterly or annual period   covered by the statements then being furnished (including with respect to each such   Section, where applicable, the calculations of the maximum or minimum amount, ratio or   percentage, as the case may be, permissible under the terms of such Sections, and the   calculation of the amount, ratio or percentage then in existence). In the event that the   Company or any Subsidiary has made an election to measure any financial liability using   fair value (which election is being disregarded for purposes of determining compliance   with this Agreement pursuant to Section 22.3) as to the period covered by any such   financial statement, such Senior Financial Officer's certificate as to such period shall   include a reconciliation from GAAP with respect to such election; and   (b) Event of Default -- a statement that such officer has reviewed the relevant   terms hereof and has made, or caused to be made, under his or her supervision, a review   of the transactions and conditions of the Company and its Subsidiaries from the   beginning of the quarterly or annual period covered by the statements then being   furnished to the date of the certificate and that such review shall not have disclosed the   existence during such period of any condition or event that constitutes a Default or an   Event of Default or, if any such condition or event existed or exists (including, without   limitation, any such event or condition resulting from the failure of the Company or any   Subsidiary to comply with any Environmental Law), specifying the nature and period of   existence thereof and what action the Company shall have taken or proposes to take with   respect thereto.   7.3 Inspection.   The Company shall permit the representatives of each Purchaser and each holder of a   Note that is an Institutional Investor:   (a) No Default -- if no Default or Event of Default then exists, at the expense   of such Purchaser or such holder and upon reasonable prior notice to the Company, to   visit the principal executive office of the Company or any Subsidiary, to discuss the   affairs, finances and accounts of the Company and its Subsidiaries with the Company's   officers, and (with the consent of the Company, which consent will not be unreasonably   withheld) its independent public accountants, and (with the consent of the Company,   which consent will not be unreasonably withheld) to visit the other offices and properties   of the Company and each Subsidiary, all at such reasonable times and as often as may be   reasonably requested in writing; and   (b) Default -- if a Default or Event of Default then exists, at the expense of the   Company to visit and inspect any of the offices or properties of the Company or any   Subsidiary, to examine all their respective books of account, records, reports and other   papers, to make copies and extracts therefrom, and to discuss their respective affairs,   finances and accounts with their respective officers and independent public accountants   (and by this provision the Company authorizes said accountants to discuss the affairs,   DB1/ 84912103.8 20     

 

finances and accounts of the Company and its Subsidiaries), all at such times and as often   as may be requested.   7.4 Electronic Delivery.   Financial statements, opinions of independent certified public accountants, other   information and Officer's Certificates that are required to be delivered by the Company pursuant   to Sections 7.1(a), (b) or (c) and Section 7.2 shall be deemed to have been delivered if the   Company satisfies any of the following requirements with respect thereto:   (a) (i) such financial statements satisfying the requirements of Section 7.1(a)   or (b) and related Officer's Certificate satisfying the requirements of Section 7.2 or (ii)   such information required to be delivered pursuant Section 7.1(c), in either case, are   delivered to each Purchaser and holder of a Note by e-mail;   (b) the Company shall have timely filed such Form 10—Q, Form 10—K or   other information satisfying the requirements of Section 7.1(a), Section 7.1(b) or Section   7.1(c), as the case may be, with the SEC on EDGAR and shall have made such form,   such other information and the related Officer's Certificate satisfying the requirements of   Section 7.2 available on its home page on the internet, which is located at   http://www.chsinc.com  as of the date of this Agreement; or   (c) (i) such financial statements satisfying the requirements of Section 7.1(a)   or Section 7.1(b) and related Officer's Certificate(s) satisfying the requirements of   Section 7.2 or (ii) such information required to be delivered pursuant to Section 7.1(c), in   either case, are timely posted by or on behalf of the Company on IntraLinks or on any   other similar website to which each Purchaser and each holder of Notes has free access;   provided however, that in the case of any of clauses (b) or (c), the Company shall have   given each Purchaser and each holder of a Note prior written notice, which may be by e-mail or   in accordance with Section 18, of such posting or filing in connection with each delivery.   8. INTEREST; PAYMENT OF THE NOTES.   8.1 Interest Payments.   Interest on the 2016 Notes shall accrue on the unpaid principal balance of the 2016 Notes   at the rates and shall be computed on the basis as described in the applicable 2016 Note. Interest   shall be due and payable as provided in the 2016 Notes.   8.2 Offer to Pay Notes Upon Change in Control.   (a) Notice and Offer. The Company will not take any action that   consummates or finalizes a Change in Control unless at least thirty (30) days prior to   such action it shall have given to each holder of the Notes written notice of such   impending Change in Control. The Company will, within five (5) Business Days after   any Responsible Officer has knowledge of the occurrence of any Change in Control, give   written notice of such Change in Control to each holder of Notes in the manner set forth   DB1/ 84912103.8 "1     

 

in Section 18. If a Change in Control has occurred, such written notice shall contain, and   shall constitute an irrevocable offer to prepay all or (at such holder's option) any portion   of the Notes held by such holder on a date specified in such notice (the "Proposed   Prepayment Date") that is not less than thirty (30) days and not more than sixty (60)   days after the date of such notice. If the Proposed Prepayment Date shall not be specified   in such notice, the Proposed Prepayment Date shall be the 30th day after the date such   notice shall have been sent by the Company. In no event will the Company take any   action to consummate or finalize a Change in Control unless the Company has given the   notice required by this Section 8.2(a) and, contemporaneously with such action, the   Company prepays all Notes required to be prepaid in accordance with Section 8.2(b)   hereof.   (b) Acceptance and Payment. A holder of Notes may accept the offer to   prepay made pursuant to Section 8.2(a) by causing a notice of acceptance of such offered   prepayment (specifying in such notice the amount of Notes with respect to which such   acceptance applies) to be delivered to the Company prior to the Proposed Prepayment   Date (it being understood that the failure by a holder to respond to such written offer of   prepayment prior to the Proposed Prepayment Date shall be deemed to constitute a   rejection of such offer with respect to all Notes held by such holder). If so accepted, such   offered prepayment shall be due and payable on the Proposed Prepayment Date. Such   offered prepayment shall be made at 100% of the principal amount of such Notes so   prepaid, plus interest on all such Notes accrued to the Proposed Prepayment Date. If the   Company shall at any time receive an acceptance of an offer to prepay Notes pursuant to   this Section 8.2(b) from some, but not all of, the holders of the Notes, then the Company   will, within two (2) Business Days after the receipt of such acceptance, give written   notice of such acceptance to each other holder of the Notes.   (c) Officer's Certificate. Each offer to prepay the Notes pursuant to this   Section 8.2 shall be accompanied by a certificate, executed by a Responsible Officer of   the Company and dated the date of such offer, specifying:   (i) the Proposed Prepayment Date;   (ii) that such payment is to be made pursuant to the provisions of this   Section 8.2;   (iii) the outstanding principal amount as of the Proposed Prepayment   Date of each Note offered to be prepaid;   (iv) the unpaid interest that would be due on each such Note offered to   be prepaid, accrued to the date fixed for payment;   (v) that the conditions of this Section 8.2 have been fulfilled; and   (vi) in reasonable detail, the nature and date or proposed date of the   Change in Control.   8.3 Optional Prepayments with Make-Whole Amount.   DB1/ 84912103.8 22     

 

The Company may, at its option, upon notice as provided below, prepay at any time all,   or from time to time any part of, the Notes, in integral multiples of $1,000,000 and in a minimum   amount of $5,000,000, at 100% of the principal amount so prepaid, plus interest thereon to the   prepayment date and the Make-Whole Amount determined for the prepayment date with respect   to such principal amount. The Company will give each holder of Notes written notice of each   optional prepayment under this Section 8.3 not less than ten (10) Business Days and not more   than sixty (60) days prior to the date fixed for such prepayment. Each such notice shall specify   such prepayment date (which shall be a Business Day), the aggregate principal amount of the   Notes to be prepaid on such date, the principal amount of each Note held by such holder to be   prepaid (determined in accordance with Section 8.4), and the interest to be paid on the   prepayment date with respect to such principal amount being prepaid, and shall be accompanied   by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount due in   connection with such prepayment (calculated as if the date of such notice were the date of the   prepayment), setting forth the details of such computation. Two (2) Business Days prior to such   prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial   Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment   date.      8.4 Allocation of Partial Prepayments.   In the case of each partial prepayment of the Notes pursuant to Section 8.3, the principal   amount of the Notes to be prepaid shall be allocated among all of the Notes at the time   outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts   thereof not theretofore called for prepayment, without regard to the Series of Notes.   8.5 Maturity; Surrender, etc.   In the case of each prepayment of Notes pursuant to this Section 8, the principal amount   of each Note to be prepaid shall mature and become due and payable on the date fixed for such   prepayment, together with interest on such principal amount accrued to such date and, in the case   of any such prepayment pursuant to Section 8.3, the applicable Make-Whole Amount, if any.   From and after such date, unless the Company shall fail to pay such principal amount when so   due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid,   interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be   surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued   in lieu of any prepaid principal amount of any Note.   8.6 Purchase of Notes.   The Company will not and will not permit any Affiliate to purchase, redeem, prepay or   otherwise acquire, directly or indirectly, any of the outstanding Notes except upon the payment   or prepayment of the Notes in accordance with the terms of this Agreement and the Notes or (b)   pursuant to a written offer to purchase made by the Company or an Affiliate pro rata to the   holders of the Notes outstanding upon the same terms and conditions. Any such offer shall   provide each holder with sufficient information to enable it to make an informed decision with   respect to such offer, and shall remain open for at least 15 Business Days. If the holders of more   than 33'A% of the principal amount of the Notes then outstanding accept such offer, the   DB1; 84912103.8 23     

 

Company shall promptly notify the remaining holders of such fact and the expiration date for the   acceptance by holders of Notes of such offer shall be extended by the number of days necessary   to give each such remaining holder at least 10 Business Days from its receipt of such notice to   accept such offer. The Company will promptly cancel all Notes acquired by it or any Affiliate   pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this   Agreement and no Notes may be issued in substitution or exchange for any such Notes.   8.7 Make-Whole Amount.   The term "Make-Whole Amount" means, with respect to any Note of any Series, an   amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled   Payments with respect to the Called Principal of such Note of such Series over the amount of   such Called Principal, provided that the Make-Whole Amount may in no event be less than zero.   For the purposes of determining the Make-Whole Amount, the following terms have the   following meanings:   "Called Principal" means, with respect to any Note of any Series, the principal   of such Note that is to be prepaid pursuant to Section 8.3, or has become or is declared to   be immediately due and payable pursuant to Section 12.1, as the context requires.   "Discounted Value" means, with respect to the Called Principal of any Note of   any Series, the amount obtained by discounting all Remaining Scheduled Payments with   respect to such Called Principal from their respective scheduled due dates to the   Settlement Date with respect to such Called Principal, in accordance with accepted   financial practice and at a discount factor (applied on the same periodic basis as that on   which interest on such Series of Notes is payable) equal to the Reinvestment Yield with   respect to such Called Principal.   "Reinvestment Yield" means, with respect to the Called Principal of any Note of   any Series, 0.50% plus the yield to maturity calculated by using (i) the yields reported, as   of 10:00 A.M. (New York City time) on the second Business Day preceding the   Settlement Date on screen "PX 1" on the Bloomberg Financial Market Service (or such   other display on the Bloomberg Financial Market Service as may be agreed upon by the   Company and the Required Holders having the same information if "PX-1" is replaced   by Bloomberg Financial Market Service) for the most recently issued, actively traded, on-   the-run benchmark U.S. Treasury securities, having a maturity equal to the Remaining   Average Life of such Called Principal as of such Settlement Date or (ii) if such yields are   not reported as of such time or the yields reported as of such time are not ascertainable,   (including by way of interpolation), the Treasury Constant Maturity Series Yields   reported, for the latest day for which such yields have been so reported as of the second   Business Day preceding the Settlement Date, in Federal Reserve Statistical Release H.15   (519) (or any comparable successor publication) for the most recently issued actively   traded on-the-run U.S. Treasury securities having a constant maturity equal to the   Remaining Average Life of such Called Principal as of such Settlement Date. In either   case, the yield will be determined using the applicable screen or report as determined   above, if necessary, by (a) converting U.S. Treasury bill quotations to bond equivalent   yields in accordance with accepted financial practice and (b) interpolating linearly on a   DBI/ 84912103.8 24     

 

straight line basis between (1) the applicable most recently issued actively traded on-the-   run U.S. Treasury security with the maturity closest to and greater than the Remaining   Average Life and (2) the applicable most recently issued actively traded on-the-run U.S.   Treasury security with the maturity closest to and less than the Remaining Average Life.   The Reinvestment Yield shall be rounded to the number of decimal places as appears in   the interest rate of the applicable Series of Note.   "Remaining Average Life" means, with respect to any Called Principal of any   Series of Notes, the number of years obtained by dividing (a) such Called Principal into   (b) the sum of the products obtained by multiplying (i) the principal component of each   Remaining Scheduled Payment with respect to such Called Principal by (ii) the number   of years, computed on the basis of a 360-day year composed of twelve 30-day months   and calculated to two decimal places, that will elapse between the Settlement Date with   respect to such Called Principal and the scheduled due date of such Remaining Scheduled   Payment.   "Remaining Scheduled Payments" means, with respect to the Called Principal   of any Note of any Series, all payments of such Called Principal and interest thereon that   would be due after the Settlement Date with respect to such Called Principal if no   payment of such Called Principal were made prior to its scheduled due date, provided   that if such Settlement Date is not a date on which interest payments are due to be made   under the terms of the Notes of such Series, then the amount of the next succeeding   scheduled interest payment will be reduced by the amount of interest accrued to such   Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.3   or 12.1.   "Settlement Date" means, with respect to the Called Principal of any Note of any   Series, the date on which such Called Principal is to be prepaid pursuant to Section 8.3,   or has become or is declared to be immediately due and payable pursuant to Section 12.1,   as the context requires.   9. AFFIRMATIVE COVENANTS.   From the date of this Agreement until the Closing and thereafter, so long as any of the   Notes are outstanding, the Company covenants that:   9.1 Compliance with Laws.   The Company will and will cause each of its Subsidiaries to comply with all laws,   ordinances or governmental rules or regulations to which each of them is subject, including,   without limitation, ERISA, Environmental Laws, the USA PATRIOT Act and the other laws and   regulations that are referred to in Section 5.17, and will obtain and maintain in effect all licenses,   certificates, permits, franchises and other governmental authorizations necessary to the   ownership of their respective properties or to the conduct of their respective businesses, in each   case to the extent necessary to ensure that non-compliance with such laws, ordinances or   governmental rules or regulations or failures to obtain or maintain in effect such licenses,   DB1/ 84912103.8 25     

 

certificates, permits, franchises and other governmental authorizations could not, individually or   in the aggregate, reasonably be expected to have a Material Adverse Effect.      9.2 Insurance.   The Company will and will cause each of its Subsidiaries to maintain, with financially   sound and reputable insurers, insurance with respect to their respective properties and businesses   against such casualties and contingencies, of such types, on such terms and in such amounts   (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with   respect thereto) as is customary in the case of entities of established reputations engaged in the   same or a similar business and similarly situated; provided, however, the Company may, to the   extent permitted by law, provide for appropriate self-insurance with respect to workers'   compensation.   9.3 Maintenance of Properties.   The Company will and will cause each of its Subsidiaries to maintain and keep, or cause   to be maintained and kept, their respective properties in good repair, working order and condition   (other than ordinary wear and tear), so that the business carried on in connection therewith may   be properly conducted at all times, provided that this Section shall not prevent the Company or   any Subsidiary from discontinuing the operation and the maintenance of any of its properties if   such discontinuance is desirable in the conduct of its business and the Company has concluded   that such discontinuance could not, individually or in the aggregate, reasonably be expected to   have a Material Adverse Effect.   9.4 Payment of Taxes and Claims.   The Company will and will cause each of its Subsidiaries to file all tax returns required to   be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on   such returns and all other taxes, assessments, governmental charges, or levies imposed on them   or any of their properties, assets, income or franchises, and to pay and discharge all amounts   payable for work, labor and materials, in each case to the extent such taxes, assessments,   charges, levies and amounts have become due and payable and before they have become   delinquent and all claims for which sums have become due and payable that have or might   become a Lien on properties or assets of the Company or any Subsidiary, provided that neither   the Company nor any Subsidiary need pay any such tax, assessment, charge, levy or amount   payable if (a) the amount, applicability or validity thereof is being actively contested by the   Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and   the Company or a Subsidiary has established adequate reserves therefor in accordance with   GAAP on the books of the Company or such Subsidiary or (b) the nonpayment of all such taxes,   assessments, charges, levies and amounts payable in the aggregate could not reasonably be   expected to have a Material Adverse Effect.   9.5 Corporate Existence, etc.   Subject to Section 10.2, the Company will at all times preserve and keep in full force and   effect its corporate existence and will at all times preserve and keep in full force and effect the   corporate existence of each of its Subsidiaries, except to the extent that, with respect to   DB1/ 84912103.8 26     

 

Subsidiaries, in the good faith judgment of the Company, the failure to do so could not   reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect. The   Company will at all times preserve and keep in full force and effect all certificates of   convenience and necessity, rights and franchises, licenses, permits, operating rights and other   authorization from any Governmental Authorities as are necessary for the ownership, operation   and maintenance of its and its Subsidiaries' respective businesses and properties, unless the   termination of or failure to preserve and keep in full force and effect such right, certificate or   franchise, license, permit, operating right or other authorization would not reasonably be   expected, individually or in the aggregate, to have a Material Adverse Effect.      9.6 Pari Passu.   The Company covenants that all Debt owing under the Notes and under this Agreement   will rank at least pari passu with all its other present and future unsecured Senior Debt.   9.7 Most Favored Lender.   (a) If at any time (including as in effect on the date of this Agreement) any   Material Credit Facility shall include any Financial Covenant, any event of default   (whether set forth as a undertaking, event of default, prepayment event or other such   provision) or prepayment right not set forth herein or that would be more beneficial to the   holders of the Notes than any analogous provision contained in this Agreement (any such   Financial Covenant, event of default or prepayment right, an "Additional Provision"),   then the Company shall provide (i) with respect to any Additional Provision in effect on   the date of Closing, the information required to be provided with respect to such   Additional Provisions in the Officer's Certificate required to be delivered to the   Purchasers pursuant to Section 4.3(a) and (ii) with respect to any Additional Provision in   effect after the date of Closing, a Most Favored Lender Notice to the holders of the   Notes. Thereupon, unless waived in writing by the Required Holders within thirty (30)   days of receipt of such Most Favored Lender Notice by the holders of the Notes, such   Additional Provision (and any related definitions) shall be deemed automatically   incorporated by reference into this Agreement, mutatis mutandis (including any grace   period, if applicable, with respect thereto), as if set forth fully herein, without any further   action required on the part of any Person, effective as of the date when such Additional   Provision became effective under such Material Credit Facility. Thereafter upon the   request of any holder of a Note, the Company shall enter into any additional agreement or   amendment to this Agreement reasonably requested by such holder evidencing any of the   foregoing. As used herein, "Most Favored Lender Notice" means, in respect of any   Additional Provision, a written notice, which may be by e-mail, to each of the holders of   the Notes delivered promptly, and in any event within ten (10) Business Days after the   inclusion of such Additional Provision in any Material Credit Facility (including by way   of amendment or other modification of any existing provision thereof), by a Senior   Financial Officer of the Company referring to the provisions of this Section 9.7 and   setting forth a description of such Additional Provision (including any defined terms used   therein) and related explanatory calculations, as applicable.   (b) So long as no Default or Event of Default has occurred and is continuing   DBI/ 84912103.8 27     

 

on the date on which any Additional Provision is amended or modified in the relevant   Material Credit Facility such that such Additional Provision is less restrictive on the   Company, any Additional Provision is removed from such Material Credit Facility or   such Material Credit Facility shall be terminated, any Additional Provision incorporated   into this Agreement pursuant to this Section 9.7: (x) shall be deemed amended, modified   or removed as a result of any amendment, modification or removal of such Additional   Provision under such Material Credit Facility and (y) shall be deemed deleted from this   Agreement at such time as such Material Credit Facility shall be terminated and no   amounts shall be outstanding thereunder; provided, that,   (i) other than as provided in Section 17, this Agreement shall not be   amended to delete any covenant, undertaking, event of default, restriction or other   provision included in this Agreement (other than by operation of Section 9.7(a))   or to make any such provision less restrictive on the Company and its   Subsidiaries; and   (ii) if any lender or agent under such Material Credit Facility is paid   any remuneration as consideration for any amendment, modification or removal   of such Additional Provision under such Material Credit Facility, then such   remuneration shall be concurrently paid, on the same equivalent terms, ratably to   each holder of the Notes then outstanding.   (c) The breach of any Additional Provision incorporated into this Agreement   pursuant to this Section 9.7 shall constitute an Event of Default and the period of grace (if   any) applicable to the breach of such Additional Provision in such Material Credit   Facility shall apply hereunder. Certificates delivered to the holders of Notes pursuant to   Section 7.2 shall include the information (including detailed calculations) required in   order to establish whether the Company was in compliance during the time that any such   Additional Provision was added and thereafter and during the interim or annual period   covered by the applicable financial statements described in Sections 7.1(a) and 7.1(b)   with each such Additional Provision incorporated into this Agreement pursuant to this   Section 9.7.   Although it will not be a Default or an Event of Default if the Company fails to comply   with any provision of Section 9 on or after the date of this Agreement and prior to the Closing, if   such a failure occurs, then any of the Purchasers may elect not to purchase the Notes on the date   of Closing that is specified in Section 3.   10. NEGATIVE COVENANTS.   From the date of this Agreement until the Closing and thereafter, so long as any of the   Notes are outstanding, the Company covenants that:   10.1 Transactions with Affiliates.   The Company will not, and will not permit any Subsidiary to, enter into directly or   indirectly any transaction or Material group of related transactions (including, without limitation,   the purchase, lease, sale or exchange of properties of any kind or the rendering of any service)   DB1/ 84912103.8 28     

 

with any Affiliate, except in the ordinary course and pursuant to the reasonable requirements of   the Company's or such Subsidiary's business and upon fair and reasonable terms no less   favorable to the Company or such Subsidiary than would be obtainable in a comparable arm's-   length transaction with a Person not an Affiliate.   10.2 Merger, Consolidation, etc.   The Company will not, and will not permit any Subsidiary to, directly or indirectly,   consolidate with, or merge into, any other Person or permit any other Person to consolidate with,   or merge into, it, or convey, transfer or lease all or substantially all of its assets in a single   transaction or series of transactions to any Person, except that:   (a) any Subsidiary may consolidate with, or merge into, the Company or any   Wholly-Owned Subsidiary if the Company or such Wholly-Owned Subsidiary is the   surviving corporation;   (b) any Subsidiary (other than a Subsidiary which guarantees the obligations   of the Company hereunder) may consolidate with, or merge into, any joint venture entity,   of which the Company or any Subsidiary of the Company holds an ownership interest   and shares in the earnings; provided that the terms of any such consolidation or merger   and the division of the joint venture's earnings, when viewed as a whole, can be   reasonably expected to generate the same or greater book earnings and cash flow for the   Company or Subsidiary of the Company as would be generated absent such consolidation   or merger;   (c) the Company may consolidate with, or merge into, any other Person, or   permit any other Person to consolidate with, or merge into, it, if   (i) the successor formed by such consolidation or the survivor of such   merger (the "Surviving Corporation"), is a solvent corporation organized under   the laws of the United States of America or any State thereof (including the   District of Columbia),   (ii) if the Company is not the Surviving Corporation, (A) the Surviving   Corporation shall have executed and delivered to each holder of the Notes its   written assumption of the due and punctual performance and payment of each   covenant and condition of the Company in this Agreement and the Notes, which   assumption shall be in form and substance approved in writing by the Required   Holders, and (B) the Company shall have caused to be delivered to each holder of   the Notes an opinion of nationally recognized independent counsel, or other   independent counsel reasonably satisfactory to the Required Holders, to the effect   that all agreements or instruments effecting such assumption are enforceable in   accordance with their terms and comply with the terms hereof, and   (iii) immediately after giving effect to such transaction,   (A) no Default or Event of Default shall exist, and   DB1/ 84912103.8 29     

 

(B) the Surviving Corporation and its Subsidiaries are   permitted to incur at least $1.00 of additional Priority Debt under the   provisions of Section 10.5, and   (d) CHS Capital may transfer CHS Capital Loan Assets to a Wholly-Owned   Subsidiary in the ordinary course of business.   No such conveyance, transfer or lease of all or substantially all of the assets of the Company or   any Subsidiary which guarantees the obligations of the Company hereunder shall have the effect   of releasing the Company, any such Subsidiary or any successor corporation or limited liability   company that shall theretofore have become such in the manner prescribed in this Section 10.2   from its liability under this Agreement or the Notes or any Subsidiary guarantee provided by   such Subsidiary under Section 10.5.   10.3 Consolidated Funded Debt to Consolidated Cash Flow.   The Company will not permit the ratio (the "Leverage Ratio") for any fiscal period of   (a) Consolidated Funded Debt determined as of the end of each fiscal quarter to (b) Consolidated   Cash Flow for the period of four fiscal quarters ending on such date to exceed 3.50 to 1.00.   10.4 Adjusted Consolidated Funded Debt to Consolidated Net Worth.   The Company shall not permit the ratio of (a) Adjusted Consolidated Funded Debt   determined as of the end of each fiscal quarter to (b) Consolidated Net Worth determined as of   such date to exceed .80 to 1.00.   10.5 Priority Debt.   (a) The Company covenants that it will not, and will not permit any of its   Subsidiaries to, directly or indirectly, create, issue, incur, assume or permit to exist any   Priority Debt if the aggregate outstanding principal amount of all Priority Debt would   exceed 20% of Consolidated Net Worth.   (b) The Company will not at any time permit any Subsidiary to guaranty,   become a co-borrower or otherwise become obligated in respect of any Debt owing under   any Material Credit Facility unless contemporaneously such Subsidiary guaranties, or   becomes similarly obligated in respect of, the Notes, in each case pursuant to   documentation in form and substance reasonably satisfactory to the Required Holders.   10.6 Liens.   The Company will not, and will not permit any of its Subsidiaries to, directly or   indirectly create, incur, assume or suffer to be created, incurred or assumed or to exist (upon the   happening of a contingency or otherwise), any Lien on or with respect to any property of the   Company or any such Subsidiary, whether now owned or held or hereafter acquired (unless   provision is made whereby the Notes will be equally and ratably secured with any and all other   obligations thereby secured as provided in the last paragraph of this Section 10.6), except:   DB1/ 84912103.8 30     

 

(a) Liens for taxes, assessments or other governmental charges or levies   securing obligations not overdue, or if overdue, being actively contested in good faith by   appropriate proceedings that will prevent the forfeiture or sale of any property, provided   that adequate reserves are established in accordance on the books of the Company or a   Subsidiary of the Company in accordance with GAAP;   (b) attachment, judgment and other similar Liens arising in connection with   court proceedings, provided the execution or other enforcement of such Lien(s) is   effectively stayed and the claims secured thereby are being actively contested in good   faith in such manner that the property subject to such Lien(s) is not subject to forfeiture   or sale, and further provided that adequate reserves are established on the books of the   Company or a Subsidiary of the Company in accordance with GAAP;   (c) Liens incidental to the normal conduct of the business of the Company or   a Subsidiary of the Company or to the ownership by the Company or a Subsidiary of its   property which were not incurred in connection with the borrowing of money or the   obtaining of credit or advances and which do not in the aggregate materially detract from   the value of the property of the Company or any Subsidiary of the Company for the   purpose of such business or materially impair the use thereof in the operation of the   business of the Company or any Subsidiary of the Company, including, without   limitation, Liens   (i) in connection with workers' compensation, unemployment   insurance, social security and other like laws,   (ii) to secure (or to obtain letters of credit that secure) the performance   of tenders, statutory obligations, surety and performance bonds (of a type other   than set forth in Section 10.6(b)), bids, leases (other than Capital Leases),   purchase, construction or sales contracts and other similar obligations, in each   case not incurred or made in connection with the borrowing of money, the   obtaining of advances or credit or the payment of the deferred purchase price of   property,   (iii) to secure the claims or demands of materialmen, mechanics,   carriers, warehousemen, vendors, repairmen, landlords, lessors and other like   Persons, arising in the ordinary course of business, and   (iv) in the nature of reservations, exceptions, encroachments,   easements, rights-of-way, covenants, conditions, restrictions, leases and other   similar title exceptions or encumbrances affecting real property;   provided that any amounts secured by such Liens are not yet due and payable.   (d) Liens existing as of the date of this Agreement securing Debt and set forth   on Schedule 5.16  hereto;   (e) any Lien renewing, extending or refunding any Lien permitted by clause   (d) of this Section 10.6, provided that (i) the principal amount of the Debt secured by   DB1/ 84912103.8 31     

 

such Lien immediately prior to such extension, renewal or refunding is not increased or   the maturity thereof reduced, (ii) such Lien is not extended to any other property, and (iii)   immediately after such extension, renewal or refunding no Default or Event of Default   would exist;   (f) Liens on property of the Company or any of its Subsidiaries securing Debt   owing to the Company or to any of its Wholly-Owned Subsidiaries;   (g) any Lien created to secure all or any part of the purchase price or cost of   construction, or to secure Debt incurred or assumed to pay all or a part of the purchase   price or cost of construction, of any property (or any improvement thereon) acquired or   constructed by the Company or a Subsidiary of the Company after the date of this   Agreement, provided that   (i) no such Lien shall extend to or cover any property other than the   property (or improvement thereon) being acquired or constructed or rights relating   solely to such item or items of property (or improvement thereon),   (ii) the principal amount of Debt secured by any such Lien shall at no   time exceed an amount equal to the lesser of (A) the cost to the Company or such   Subsidiary of the property (or improvement thereon) being acquired or   constructed or (B) the Fair Market Value (as determined in good faith by the   Company) of such property, determined at the time of such acquisition or at the   time of substantial completion of such construction, and   (iii) such Lien shall be created contemporaneously with, or within 180   days after, the acquisition or completion of construction of such property (or   improvement thereon);   (h) any Lien existing on property acquired by the Company or any Subsidiary   of the Company at the time such property is so acquired (whether or not the Debt secured   thereby is assumed by the Company or such Subsidiary) or any Lien existing on property   of a Person immediately prior to the time such Person is merged into or consolidated with   the Company or any Subsidiary of the Company, provided that   (i) no such Lien shall have been created or assumed in contemplation   of such acquisition of property or such consolidation or merger,   (ii) such Lien shall extend only to the property acquired or the   property of such Person merged into or consolidated with the Company or   Subsidiary which was subject to such Lien as of the time of such consolidation or   merger, and   (iii) the principal amount of the Debt secured by any such Lien shall at   no time exceed an amount equal to 100% of the Fair Market Value (as determined   in good faith by the board of directors of the Company or such Subsidiary) of the   property subject thereto at the time of the acquisition thereof or at the time of such   merger or consolidation;   DB1/ 84912103.8 32     

 

(i) Liens to CoBank and other cooperatives with respect to equity held by the   Company in such banks or other cooperatives securing Debt, provided that the aggregate   Fair Market Value of such equity securing Debt shall not exceed $50,000,000 at any one   time;   (j) Liens consisting of the cash collateralization of reimbursement obligations   in an aggregate amount not to exceed $200,000,000 in respect of letters of credit required   to be pledged because the expiry date of such letters of credit occurs later than the   maturity date of the lending facility under which such letters of credit were issued, but   only to the extent and for so long as no Default or Event of Default has occurred and is   continuing and no "potential default" or "event of default" has occurred and is continuing   under and as defined in such lending facility; and   (k) other Liens not otherwise permitted under clause (a) through (j) of this   Section 10.6 securing Debt, provided that the existence, creation, issuance, incurrence or   assumption of such Debt is permitted under Sections 10.3, 10.4 and 10.5 hereof.   If, notwithstanding the prohibition contained herein, the Company shall, or shall permit any of its   Subsidiaries to, directly or indirectly create, incur, assume or permit to exist any Lien, other than   those Liens permitted by the provisions of paragraphs (a) through (k) of this Section 10.6 (but   including any Liens in respect of the Material Credit Facility whether or not permitted by   paragraphs (a) — (k) of this Section 10.6 (but excluding clause (j)), it will make or cause to be   made effective provision whereby the Notes will be secured equally and ratably with any and all   other obligations thereby secured, such security to be pursuant to agreements reasonably   satisfactory to the Required Holders (including intercreditor arrangements providing for the pari   passu treatment of the Notes and all such secured Debt) and, in any such case, the Notes shall   have the benefit, to the fullest extent that, and with such priority as, the holders of the Notes may   be entitled under applicable law, of an equitable Lien on such property. For the avoidance of   doubt, the Company acknowledges that it will not, and will not permit any Subsidiary to, secure   or grant any Liens in respect of the Material Credit Facility (other than Liens permitted by   paragraph (j) of this Section 10.6) unless an equal and ratable Lien is granted in respect of the   Notes.   10.7 Sale of Assets.   (a) Sale of Assets. The Company will not, and will not permit any of its   Subsidiaries to, make any Transfer, provided that the foregoing restriction does not apply   to a Transfer if:   (i) the property that is the subject of such Transfer constitutes either   (A) inventory held for sale, or (B) equipment, fixtures, supplies or materials no   longer required, in the opinion of the Company or such Subsidiary, in the   operation of the business of the Company or such Subsidiary or that is obsolete,   and, in the case of any Transfer described in clause (A) or clause (B), such   Transfer is in the ordinary course of business (an "Ordinary Course Transfer");   (ii) such Transfer is from a Subsidiary to the Company or a Wholly-   DB1/ 84912103.8 33     

 

Owned Subsidiary, so long as immediately before and immediately after the   consummation of such transaction, and after giving effect thereto, no Default or   Event of Default exists or would exist (each such Transfer, collectively with any   Ordinary Course Transfers, "Excluded Transfers"); or   (iii) such Transfer is a lease or sale of the assets of the Company or any   Subsidiary of the Company to any joint venture entity, of which the Company or   any Subsidiary of the Company holds an ownership interest and shares in the   earnings; provided that the terms of any such lease or sale and the division of the   joint venture's earnings, when viewed as a whole, can be reasonably expected to   generate the same or greater book earnings and cash flow for the Company or   Subsidiary of the Company as would be generated absent such lease or sale..   (b) Debt Prepayment Applications and Reinvested Transfers.   (i) Notwithstanding the provisions of Section 10.7(a), the Company or   any Subsidiary may Transfer any of its properties at the Fair Market Value   thereof; provided that   (A) either (1) such Transfer is not an Excluded Transfer and   does not involve a Substantial Portion of the property of the Company and   its Subsidiaries, or, (2) the Net Proceeds Amount with respect to such   Transfer (the "Designated Portion") is either (x) applied to the   acquisition by the Company or the Subsidiary making such Transfer of   assets of a nature similar to, and of at least an equivalent value of, the   assets which were the subject of such Transfer (a "Reinvested   Transfer"), or (y) applied to a Debt Prepayment Application, in either   case, within one year of the consummation of such Transfer, as specified   in an Officer's Certificate delivered to each holder of Notes prior to, or   contemporaneously with, the consummation of such Transfer; and   (B) immediately after giving effect to such Transfer (1) no   Default or Event of Default shall exist and (2) the Company is able to   incur at least $1.00 of additional Priority Debt under the provisions of   Section 10.5 hereof.   (ii) If, notwithstanding the certificate referred to in the foregoing   clause 10.7(b)(i)(A), the Company shall fail to apply the entire amount of the   Designated Portion as specified in such certificate within the period stated in   Section 10.7(b)(i), an Event of Default shall be deemed to have existed as of the   expiration of such period and shall be deemed to be continuing.   (c) Certain Definitions. The following terms have the following meanings:   (i) "Debt Prepayment Application" means, with respect to any   Transfer by the Company or any Subsidiary, the application by the Company or   such Subsidiary of cash in an amount equal to the Net Proceeds Amount with   respect to such Transfer to pay the outstanding principal of all Funded Debt of the   DB1/ 84912103.8 34     

 

Company or such Subsidiary (other than Funded Debt owing to any of the   Subsidiaries or any Affiliate and Funded Debt in respect of any revolving credit   or similar facility providing the Company or such Subsidiary with the right to   obtain loans or other extensions of credit from time to time, except to the extent   that in connection with such payment of Funded Debt, the availability of loans or   other extensions of credit under such credit facility is permanently reduced by an   amount not less than the amount of such proceeds applied to the payment of such   Funded Debt), provided that in the course of making such application the   Company shall offer to prepay each outstanding Note in a principal amount that   equals the Ratable Portion for such Note plus interest on all such Notes accrued to   the date of such payment. The Company will give each holder of Notes written   notice of such offered prepayment not less than ten (10) Business Days and not   more than sixty (60) days prior to the date fixed for such prepayment, specifying   such prepayment date, the aggregate principal amount of the Notes to be prepaid   on such date and the Ratable Portion payable with respect to each such Note. A   holder of Notes may accept or reject such offer to prepay by causing a notice of   such acceptance or rejection to be delivered to the Company at least two (2)   Business Days prior to the prepayment date specified by the Company in such   offer. If a holder of Notes has not responded to such offer by a date which is at   least two (2) Business Days prior to such specified prepayment date, such holder   shall be deemed to have rejected such offer of prepayment. If any holder of a   Note rejects or is deemed to have rejected such offer of prepayment, then, for   purposes of determining the extent to which any Net Proceeds Amount has been   applied to a Debt Prepayment Application, the Company nevertheless will be   deemed to have paid Funded Debt in an amount equal to the Ratable Portion for   such Note.   As used in this definition,   (i) "Ratable Portion" means, for any Note, an amount equal to the   product of   (a) the Net Proceeds Amount (or any portion thereof) being so   offered to be applied to the payment of Funded Debt, multiplied by   (b) a fraction the numerator of which is the outstanding   principal amount of such Note and the denominator of which is the   aggregate outstanding principal amount of Funded Debt of the Company   and its Subsidiaries, after eliminating all offsetting debits and credits   between the Company and its Subsidiaries and all other items required to   be eliminated in the course of the preparation of consolidated financial   statements of the Company and its Subsidiaries in accordance with GAAP.   (ii) "Disposition Value" means, at any time, with respect to any   Transfer,   DB1/ 84912103.8 35     

 

(a) in the case of property that does not constitute capital stock   of or other ownership interests in any Subsidiary of the Company, the   book value thereof, valued at the time of such Transfer in good faith by   the board of directors of the Company, and   (b) in the case of property that constitutes capital stock of or   other ownership interests in any Subsidiary of the Company, an amount   equal to that percentage of the book value of the assets of the Subsidiary   that issued such capital stock or other ownership interests as is equal to the   percentage that the book value that such capital stock or other ownership   interests represents of the book value of all of the outstanding capital stock   of or other ownership interests in such Subsidiary (assuming, in making   such calculations, that all securities convertible into such capital stock or   other ownership interests are so converted and giving full effect to all   transactions that would occur or be required in connection with such   conversion), determined as of time of such Transfer in good faith by the   board of directors of the Company.   (iii) "Net Proceeds Amount" means, with respect to any Transfer of   any property by any Person, an amount equal to the difference of   (a) the aggregate amount of the consideration (valued at the   Fair Market Value of such consideration at the time of the consummation   of such Transfer) received by such Person in respect of such Transfer,   minus   (b) all ordinary and reasonable out-of-pocket costs and   expenses actually incurred by such Person in connection with such   Transfer and any income taxes fairly attributable to such Transfer.   (iv) "Substantial Portion" means, at any time, any property subject to   a Transfer if the Disposition Value of such property, when added to the   Disposition Value of all other property of the Company and its Subsidiaries that   shall have been the subject of a Transfer (other than an Excluded Transfer and   Transfers of such other property to the extent the Net Proceeds Amount arising   therefrom has been applied to a Reinvested Transfer or a Debt Prepayment   Application) during the then current fiscal year of the Company, exceeds an   amount equal to 25% of Consolidated Total Assets as of the end of the fiscal year   of the Company then most recently ended.   (v) "Transfer" means, with respect to any Person, any transaction in   which such Person sells, conveys, transfers or leases (as lessor) any of its   property, including, without limitation, capital stock of or other ownership   interests in, any other Person.   10.8 Line of Business.   DB1/ 84912103.8 36     

 

The Company will not, and will not permit any Subsidiary to, engage to any Material   extent in any business activity or operations other than operations or activities (a) in or   reasonably related to the agriculture industry, (b) in the food industry or (c) in which the   Company and its Subsidiaries are otherwise engaged on the date hereof as described in the   Memorandum or businesses reasonably related thereto or in furtherance thereof.   10.9 Subsidiary Distribution Restrictions.   The Company covenants that it will not, and will not permit any Subsidiary of the   Company to, enter into, or be otherwise subject to, any contract or agreement (including its   certificate of incorporation) which limits the amount of, or otherwise imposes restrictions on the   payment of, Distributions by any Subsidiary of the Company.   10.10 Terrorism Sanctions Regulations.   The Company will not and will not permit any Controlled Entity (a) to become (including   by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or   any Person that is the target of sanctions imposed by the United Nations or by the European   Union, or (b) directly or indirectly to have any investment in or engage in any dealing or   transaction (including, without limitation, any investment, dealing or transaction involving the   proceeds of the Notes) with any Person if such investment, dealing or transaction (i) would cause   any holder to be in violation of any law or regulation applicable to such holder, or (ii) is   prohibited by or subject to sanctions under any U.S. Economic Sanctions, or (c) to engage, nor   shall any Affiliate of either engage, in any activity that could subject such Person or any   Purchaser or any holder to sanctions under CISADA or any similar law or regulation with   respect to Iran or any other country that is subject to U.S. Economic Sanctions.   Although it will not be a Default or an Event of Default if the Company fails to comply   with any provision of Section 10 before or after giving effect to the issuance of the Notes on a   pro forma basis, if such a failure occurs, then any of the Purchasers may elect not to purchase the   Notes on the date of Closing that is specified in Section 3.   11. EVENTS OF DEFAULT.   An "Event of Default" shall exist if any of the following conditions or events shall occur   and be continuing:   (a) the Company defaults in the payment of any principal or Make-Whole   Amount, if any, on any Note when the same becomes due and payable, whether at   maturity or at a date fixed for prepayment or by declaration or otherwise; or   (b) the Company defaults in the payment of any interest on any Note for more   than five (5) Business Days after the same becomes due and payable; or   (c) the Company defaults in the performance of or compliance with any term   contained in any of Section 7.1(d), Section 8.2 (other than any payment default occurring   under Sections 11(a) and/or 11(b)), Section 10 (other than Section 10.8) hereof or any   Incorporated Provision; or   DB1/ 84912103.8 37     

 

(d) the Company defaults in the performance of or compliance with any term   contained herein (other than those referred to in clauses (a), (b) and (c) of this Section 11)   and such default is not remedied within 30 days after the earlier of (i) a Responsible   Officer obtaining actual knowledge of such default and (ii) the Company receiving   written notice of such default from any holder of a Note (any such written notice to be   identified as a "notice of default" and to refer specifically to this clause (d) of Section   11); or   (e) any representation or warranty made in writing by or on behalf of the   Company or by any officer of the Company in this Agreement or in any writing furnished   in connection with the transactions contemplated hereby proves to have been false or   incorrect in any material respect on the date as of which made; or   (0 (i) the Company or any Subsidiary is in default (as principal or as   guarantor or other surety) in the payment of any principal of or premium or make-whole   amount or interest on any Debt that is outstanding in an aggregate principal amount of at   least $100,000,000 beyond any period of grace provided with respect thereto, or (ii) the   Company or any Subsidiary is in default in the performance of or compliance with any   agreement, term or condition contained in any instrument or agreement evidencing any   Debt in an aggregate outstanding principal amount of at least $100,000,000 or of any   mortgage, indenture or other agreement relating thereto or any other condition exists, and   as a consequence of such default or condition such Debt has become, or has been   declared (or one or more Persons are entitled to declare such Debt to be) due and payable   before its stated maturity or before its regularly scheduled dates of payment, or (iii) as a   consequence of the occurrence or continuation of any event or condition (other than the   passage of time or the right of the holder of Debt to convert such Debt into equity   interests), (x) the Company or any Subsidiary has become obligated to purchase or repay   Debt before its regular maturity or before its regularly scheduled dates of payment in an   aggregate outstanding principal amount of at least $100,000,000, or (y) one or more   Persons have the right to require the Company or any Subsidiary so to purchase or repay   such Debt; or   (g) the Company or any Subsidiary (i) is generally not paying, or admits in   writing its inability to pay, its debts as they become due, (ii) files, or consents by answer   or otherwise to the filing against it of, a petition for relief or reorganization or   arrangement or any other petition in bankruptcy, for liquidation or to take advantage of   any bankruptcy, insolvency, reorganization, moratorium or other similar law of any   jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the   appointment of a custodian, receiver, trustee or other officer with similar powers with   respect to it or with respect to any substantial part of its property, (v) is adjudicated as   insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the   foregoing; or   (h) a court or Governmental Authority of competent jurisdiction enters an   order appointing, without consent by the Company or any of its Subsidiaries, a custodian,   receiver, trustee or other officer with similar powers with respect to it or with respect to   any substantial part of its property, or constituting an order for relief or approving a   DB1/ 84912103.8 38     

 

petition for relief or reorganization or any other petition in bankruptcy or for liquidation   or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering   the dissolution, winding-up or liquidation of the Company or any of its Subsidiaries, or   any such petition shall be filed against the Company or any of its Subsidiaries and such   petition shall not be dismissed within 60 days; or   (i) a final judgment or judgments for the payment of money aggregating in   excess of $25,000,000 are rendered against one or more of the Company and its   Subsidiaries and which judgments are not, within 30 days after entry thereof, bonded,   discharged or stayed pending appeal, or are not discharged within 30 days after the   expiration of such stay; or   (j) if (i) any Plan shall fail to satisfy the minimum funding standards of   ERISA or the Code for any plan year or part thereof or a waiver of such standards or   extension of any amortization period is sought or granted under section 436 of the Code,   (ii) a notice of intent to terminate any Plan shall have been or is reasonably expected to   be filed with the PBGC or the PBGC shall have instituted proceedings under ERISA   section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall   have notified the Company or any ERISA Affiliate that a Plan may become a subject of   any such proceedings, (iii) the aggregate "amount of unfunded benefit liabilities" (within   the meaning of section 4001(a)(18) of ERISA) under all Plans, determined in accordance   with Title IV of ERISA, shall exceed five percent (5%) of Consolidated Net Worth for   any period of ten (10) consecutive calendar days or more, (iv) the Company or any   ERISA Affiliate shall have incurred or is reasonably expected to incur any liability   pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code   relating to employee benefit plans, (v) the Company or any ERISA Affiliate withdraws   from any Multiemployer Plan, or (vi) the Company or any Subsidiary establishes or   amends any employee welfare benefit plan that provides post-employment welfare   benefits in a manner that would increase the liability of the Company or any Subsidiary   thereunder; and any such event or events described in clauses (i) through (vi) above,   either individually or together with any other such event or events, could reasonably be   expected to have a Material Adverse Effect. As used in this Section 11(j), the terms   "employee benefit plan" and "employee welfare benefit plan" shall have the respective   meanings assigned to such terms in section 3 of ERISA.   12. REMEDIES ON DEFAULT, ETC.   12.1 Acceleration.   (a) If an Event of Default with respect to the Company described in clause (g)   or (h) of Section 11 (other than an Event of Default described in subclause (i) of clause   (g) or described in subclause (vi) of clause (g) by virtue of the fact that such clause   encompasses subclause (i) of clause (g)) has occurred, all the Notes then outstanding   shall automatically become immediately due and payable.   (b) If any other Event of Default has occurred and is continuing, the Required   Holders may at any time at its or their option, by notice or notices to the Company,   DB1/ 84912103.8 39     

 

declare all the Notes then outstanding to be immediately due and payable.   (c) If any Event of Default described in clause (a) or (b) of Section 11 has   occurred and is continuing, any holder or holders of Notes at the time outstanding   affected by such Event of Default may at any time, at its or their option, by notice or   notices to the Company, declare all the Notes held by it or them to be immediately due   and payable.   Upon any Notes becoming due and payable under this Section 12.1, whether   automatically or by declaration, such Notes will forthwith mature and the entire unpaid principal   amount of such Notes, plus (i) all accrued and unpaid interest thereon (including, but not limited   to, interest accrued thereon at the Default Rate) and (ii) the Make-Whole Amount determined in   respect of such principal amount (to the full extent permitted by applicable law), shall all be   immediately due and payable, in each and every case without presentment, demand, protest or   further notice, all of which are hereby waived. The Company acknowledges, and the parties   hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free   from repayment by the Company (except as herein specifically provided for) and that the   provision for payment of a Make-Whole Amount by the Company in the event that the Notes are   prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation   for the deprivation of such right under such circumstances.   12.2 Other Remedies.   If any Default or Event of Default has occurred and is continuing, and irrespective of   whether any Notes have become or have been declared immediately due and payable under   Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce   the rights of such holder by an action at law, suit in equity or other appropriate proceeding,   whether for the specific performance of any agreement contained herein or in any Note, or for an   injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of   any power granted hereby or thereby or by law or otherwise.   12.3 Rescission.   At any time after any Notes have been declared due and payable pursuant to clause (b) or   (c) of Section 12.1, the Required Holders may, by written notice to the Company, rescind and   annul any such declaration and its consequences if (a) the Company has paid all overdue interest   on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and   payable and are unpaid other than by reason of such declaration, and all interest on such overdue   principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any   overdue interest in respect of the Notes of any Series, at the Default Rate for such Series, (b) all   Events of Default and Defaults, other than non-payment of amounts that have become due solely   by reason of such declaration, have been cured or have been waived pursuant to Section 17, and   (c) no judgment or decree has been entered for the payment of any monies due pursuant hereto or   to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any   subsequent Event of Default or Default or impair any right consequent thereon.   12.4 No Waivers or Election of Remedies, Expenses, etc.   DB1/ 84912103.8 40     

 

No course of dealing and no delay on the part of any holder of any Note in exercising any   right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder's   rights, powers or remedies. No right, power or remedy conferred by this Agreement or any Note   upon any holder of any Note shall be exclusive of any other right, power or remedy referred to   herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without   limiting the obligations of the Company under Section 15, the Company will pay to the holder of   each Note on demand such further amount as shall be sufficient to cover all costs and expenses   of such holder incurred in any enforcement or collection under this Section 12, including,   without limitation, reasonable attorneys' fees, expenses and disbursements.   13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES.   13.1 Registration of Notes.   The Company shall keep at its principal executive office a register for the registration and   registration of transfers of Notes. The name and address of each holder of one or more Notes,   each transfer thereof and the name and address of each transferee of one or more Notes shall be   registered in such register. If any holder of one or more Notes is a nominee, then (a) the name   and address of the beneficial owner of such Note or Notes shall also be registered in such register   as an owner and holder thereof and (b) at any such beneficial owner's option, either such   beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this   Agreement. Prior to due presentment for registration of transfer, the Person in whose name any   Note shall be registered shall be deemed and treated as the owner and holder thereof for all   purposes hereof, and the Company shall not be affected by any notice or knowledge to the   contrary. The Company shall give to any holder of a Note that is an Institutional Investor   promptly upon request therefor, a complete and correct copy of the names and addresses of all   registered holders of Notes.   13.2 Transfer and Exchange of Notes.   Upon surrender of any Note at the principal executive office of the Company for   registration of transfer or exchange (and in the case of a surrender for registration of transfer,   duly endorsed or accompanied by a written instrument of transfer duly executed by the registered   holder of such Note or its attorney duly authorized in writing and accompanied by the address for   notices of each transferee of such Note or part thereof), the Company shall execute and deliver,   at the Company's expense (except as provided below), one or more new Notes of such Series (as   requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to   the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to   such Person as such holder may request and shall be substantially in the form of such Note for   such Series as set forth in Exhibit 1.1(a), 1.1(b), 1.1(c), 1.1(d), 1.1(e)  of 1.1(f),  as applicable.   Each such new Note shall be dated and bear interest from the date to which interest shall have   been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall   have been paid thereon. The Company may require payment of a sum sufficient to cover any   stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall   not be transferred in denominations of less than $100,000, provided that if necessary to enable   the registration of transfer by a holder of its entire holding of Notes, one Note may be in a   denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its   DB1/ 84912103.8 41     

 

name (or the name of its nominee), shall be deemed to have made the representation set forth in   Section 6.2.   13.3 Replacement of Notes.   Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership   of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case   of an Institutional Investor, notice from such Institutional Investor of such ownership and such   loss, theft, destruction or mutilation), and   (a) in the case of loss, theft or destruction, of indemnity reasonably   satisfactory to it (provided that if the holder of such Note is, or is a nominee for, an   original Purchaser or a Qualified Institutional Buyer, such Person's own unsecured   agreement of indemnity shall be deemed to be satisfactory), or   (b) in the case of mutilation, upon surrender and cancellation thereof,   the Company at its own expense shall execute and deliver, in lieu thereof, a new Note of the same   Series, dated and bearing interest from the date to which interest shall have been paid on such lost,   stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated   Note if no interest shall have been paid thereon.   14. PAYMENTS ON NOTES.   14.1 Place of Payment.   Subject to Section 14.2, payments of principal, Make-Whole Amount, if any, and interest   becoming due and payable on the Notes shall be made in New York, New York at the principal   office of Wells Fargo Bank, National Association in such jurisdiction. The Company may at any   time, by notice to each holder of a Note, change the place of payment of the Notes so long as   such place of payment shall be either the principal office of the Company in such jurisdiction or   the principal office of a bank or trust company in such jurisdiction.   14.2 Home Office Payment.   So long as any Purchaser or its nominee shall be the holder of any Note, and   notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company   will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, and   interest by the method and at the address specified for such purpose below such Purchaser's   name in Schedule A,  or by such other method or at such other address as such Purchaser shall   have from time to time specified to the Company in writing for such purpose, without the   presentation or surrender of such Note or the making of any notation thereon, except that upon   written request of the Company made concurrently with or reasonably promptly after payment or   prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation,   reasonably promptly after any such request, to the Company at its principal executive office or at   the place of payment most recently designated by the Company pursuant to Section 14.1. Prior   to any sale or other disposition of any Note held by a Purchaser or its nominee such Purchaser   will, at its election, either endorse thereon the amount of principal paid thereon and the last date   DB1/ 84912103.8 42     

 

to which interest has been paid thereon or surrender such Note to the Company in exchange for a   new Note or Notes pursuant to Section 13.2. The Company will afford the benefits of this   Section 14.2 to any Qualified Institutional Buyer or Institutional Investor that is the direct or   indirect transferee of any Note purchased by a Purchaser under this Agreement and that has   made the same agreement relating to such Note as the Purchasers have made in this Section 14.2.   15. EXPENSES, ETC.   15.1 Transaction Expenses.   Whether or not the transactions contemplated hereby are consummated, the Company   will pay all costs and expenses (including reasonable attorneys' fees of a special counsel and, if   reasonably required, local or other counsel) incurred by the Purchasers and each other holder of a   Note in connection with such transactions and in connection with any amendments, waivers or   consents under or in respect of this Agreement or the Notes (whether or not such amendment,   waiver or consent becomes effective), including, without limitation: (a) the costs and expenses   incurred in enforcing or defending (or determining whether or how to enforce or defend) any   rights under this Agreement or the Notes or in responding to any subpoena or other legal process   or informal investigative demand issued in connection with this Agreement or the Notes, or by   reason of being a holder of any Note, and (b) the costs and expenses, including financial   advisors' fees, incurred in connection with the insolvency or bankruptcy of the Company or any   Subsidiary or in connection with any work-out or restructuring of the transactions contemplated   hereby and by the Notes. The Company will pay, and will save each Purchaser and each other   holder of a Note harmless from, all claims in respect of any fees, costs or expenses if any, of   brokers and finders (other than those, if any, retained by a Purchaser or other holder in   connection with its purchase of the Notes).   15.2 Survival.   The obligations of the Company under this Section 15 will survive the payment or   transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement   or the Notes, and the termination of this Agreement.   16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE   AGREEMENT.   All representations and warranties contained herein shall survive the execution and   delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note   or portion thereof or interest therein and the payment of any Note, and may be relied upon by   any subsequent holder of a Note, regardless of any investigation made at any time by or on   behalf of such Purchaser or any other holder of a Note. All statements contained in any   certificate or other instrument delivered by or on behalf of the Company pursuant to this   Agreement shall be deemed representations and warranties of the Company under this   Agreement. Subject to the preceding sentence, this Agreement and the Notes embody the entire   agreement and understanding between each Purchaser and the Company and supersede all prior   agreements and understandings relating to the subject matter hereof   17. AMENDMENT AND WAIVER.   DB1/ 84912103.8 43     

 

17.1 Requirements.   This Agreement, the Notes and any Supplement may be amended, and the observance of   any term hereof or of the Notes may be waived (either retroactively or prospectively), with (and   only with) the written consent of the Company and the Required Holders, except that (a) no   amendment or waiver of any of the provisions of Section 1, 2, 3, 4, 5, 6 or 21 hereof (or any   similar provision in any Supplement), or any defined term (as it is used therein), will be effective   as to any Purchaser unless consented to by such Purchaser in writing, and (b) no such   amendment or waiver may, without the written consent of the holder of each Note at the time   outstanding affected thereby, (i) subject to the provisions of Section 12 relating to acceleration or   rescission, change the amount or time of any prepayment or payment of principal of, or reduce   the rate or change the time of payment or method of computation of interest or of the Make-   Whole Amount on, the Notes, (ii) change the percentage of the principal amount of the Notes the   holders of which are required to consent to any such amendment or waiver or the principal   amount of the Notes that the Purchasers are to purchase pursuant to Section 2 upon the   satisfaction of the conditions to Closing that appear in Section 4, or (iii) amend any of Sections   8, 11(a), 11(b), 12, 17 or 20 (or any similar provision in any Supplement).   17.2 Solicitation of Holders of Notes.   (a) Solicitation.  The Company will provide each Purchaser and each holder   of the Notes (irrespective of the amount of Notes then owned by it) with sufficient   information, sufficiently far in advance of the date a decision is required, to enable such   Purchaser and such holder to make an informed and considered decision with respect to   any proposed amendment, waiver or consent in respect of any of the provisions hereof or   of the Notes. The Company will deliver executed or true and correct copies of each   amendment, waiver or consent effected pursuant to the provisions of this Section 17 to   each Purchaser and each holder of outstanding Notes promptly following the date on   which it is executed and delivered by, or receives the consent or approval of, the requisite   Purchasers or holders of Notes.   (b) Payment.  The Company will not directly or indirectly pay or cause to be   paid any remuneration, whether by way of supplemental or additional interest, fee or   otherwise, or grant any security or provide other credit support, to any Purchaser or   holder of Notes as consideration for or as an inducement to the entering into by such   Purchaser or holder of Notes of any waiver or amendment of any of the terms and   provisions hereof or of any Note unless such remuneration is concurrently paid, or   security is concurrently granted or other credit support is concurrently provided, on the   same terms, ratably to each Purchaser and each holder of Notes then outstanding even if   such Purchaser or holder did not consent to such waiver or amendment.   (c) Consent in Contemplation of Transfer.  Any consent made pursuant to this   Section 17.2 by the holder of any Note that has transferred or has agreed to transfer such   Note to the Company, any Subsidiary or any Affiliate of the Company and has provided   or has agreed to provide such written consent as a condition to such transfer shall be void   and of no force or effect except solely as to such holder, and any amendments effected or   waivers granted or to be effected or granted that would not have been or would not be so   DB1/ 84912103.8 44     

 

effected or granted but for such consent (and the consents of all other holders of Notes   that were acquired under the same or similar conditions) shall be void and of no force or   effect except solely as to such transferring holder.   17.3 Binding Effect, etc.   Any amendment or waiver consented to as provided in this Section 17 applies equally to   all Purchasers and holders of Notes and is binding upon them and upon each future holder of any   Note and upon the Company without regard to whether such Note has been marked to indicate   such amendment or waiver. No such amendment or waiver will extend to or affect any   obligation, covenant, agreement, Default or Event of Default not expressly amended or waived   or impair any right consequent thereon. No course of dealing between the Company and the any   Purchaser or holder of any Note nor any delay in exercising any rights hereunder or under any   Note shall operate as a waiver of any rights of any Purchaser or holder of such Note. As used   herein, the term "this Agreement" and references thereto shall mean this Agreement as it may   from time to time be amended or supplemented.   17.4 Notes held by Company, etc.   Solely for the purpose of determining whether the holders of the requisite percentage of   the aggregate principal amount of Notes then outstanding approved or consented to any   amendment, waiver or consent to be given under this Agreement or the Notes, or have directed   the taking of any action provided herein or in the Notes to be taken upon the direction of the   holders of a specified percentage of the aggregate principal amount of Notes then outstanding,   Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to   be outstanding.   18. NOTICES.   Except to the extent otherwise provided in Section 4.10, Section 7.4 or Section 9.7, all   notices and communications provided for hereunder shall be in writing and sent (a) by telecopy   if the sender on the same day sends a confirming copy of such notice by a recognized overnight   delivery service (charges prepaid), or (b) by registered or certified mail with return receipt   requested (postage prepaid), or (c) by a recognized overnight delivery service (with charges   prepaid). Any such notice must be sent:   if to any Purchaser or its nominee,  to such Purchaser or nominee at   the address specified for such communications in Schedule A,  or at such other   address as such Purchaser or nominee shall have specified to the Company in   writing,   (ii) if to any other holder of any Note,  to such holder at such address as   such other holder shall have specified to the Company in writing, or   (iii) if to the Company,  to the Company at its address set forth at the   beginning hereof to the attention of Timothy Skidmore, Executive Vice President   and Chief Financial Officer, or at such other address as the Company shall have   specified to the holder of each Note in writing.   DB1/ 84912103.8 45     

 

Notices under this Section 18 will be deemed given only when actually received.   19. REPRODUCTION OF DOCUMENTS.   This Agreement and all documents relating thereto, including, without limitation, (a)   consents, waivers and modifications that may hereafter be executed, (b) documents received by   any Purchaser at the Closing (except the Notes themselves), and (c) financial statements,   certificates and other information previously or hereafter furnished to any Purchaser, may be   reproduced by such Purchaser by any photographic, photostatic, microfilm, microcard, miniature   photographic, electronic or digital, or other similar process and such Purchaser may destroy any   original document so reproduced. The Company agrees and stipulates that, to the extent   permitted by applicable law, any such reproduction shall be admissible in evidence as the   original itself in any judicial or administrative proceeding (whether or not the original is in   existence and whether or not such reproduction was made by such Purchaser in the regular   course of business) and any enlargement, facsimile or further reproduction of such reproduction   shall likewise be admissible in evidence. This Section 19 shall not prohibit the Company or any   other holder of Notes from contesting any such reproduction to the same extent that it could   contest the original, or from introducing evidence to demonstrate the inaccuracy of any such   reproduction.   20. CONFIDENTIAL INFORMATION.   For the purposes of this Section 20, "Confidential Information" means information   delivered to any Purchaser by or on behalf of the Company or any Subsidiary in connection with   the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in   nature and that was clearly marked or labeled or otherwise adequately identified when received   by such Purchaser as being confidential information of the Company or such Subsidiary,   provided that such term does not include information that (a) was publicly known or otherwise   known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly   known through no act or omission by such Purchaser or any Person acting on such Purchaser's   behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by the   Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser   under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the   confidentiality of such Confidential Information in accordance with procedures adopted by such   Purchaser in good faith to protect confidential information of third parties delivered to such   Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i)   its directors, officers, employees, agents, attorneys, trustees and affiliates (to the extent such   disclosure reasonably relates to the administration of the investment represented by its Notes),   (ii) its financial advisors and other professional advisors who agree to hold confidential the   Confidential Information substantially in accordance with the terms of this Section 20, (iii) any   other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such   Note or any part thereof or any participation therein (if such Person has agreed in writing prior to   its receipt of such Confidential Information to be bound by the provisions of this Section 20), (v)   any Person from which it offers to purchase any security of the Company (if such Person has   agreed in writing prior to its receipt of such Confidential Information to be bound by the   provisions of this Section 20), (vi) any Federal or state regulatory authority having jurisdiction   over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any   DB1/ 84912103.8 46     

 

nationally recognized rating agency that requires access to information about such Purchaser's   investment portfolio or (viii) any other Person to which such delivery or disclosure may be   necessary or appropriate (w) to effect compliance with any law, rule, regulation or order   applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in   connection with any litigation to which such Purchaser is a party or (z) if an Event of Default has   occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery   and disclosure to be necessary or appropriate in the enforcement or for the protection of the   rights and remedies under such Purchaser's Notes and this Agreement. Each holder of a Note,   by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to   the benefits of this Section 20 as though it were a party to this Agreement. On reasonable   request by the Company in connection with the delivery to any holder of a Note of information   required to be delivered to such holder under this Agreement or requested by such holder (other   than a holder that is a party to this Agreement or its nominee), such holder will enter into an   agreement with the Company embodying the provisions of this Section 20.   In the event that as a condition to receiving access to information relating to the   Company or its Subsidiaries in connection with the transactions contemplated by or otherwise   pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a   confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual   workspace or otherwise) which is different from this Section 20, this Section 20 shall not be   amended thereby and, as between such Purchaser or such holder and the Company, this Section   20 shall supersede any such other confidentiality undertaking.   21. SUBSTITUTION OF PURCHASER.   Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser   of the Notes that it has agreed to purchase hereunder, by written notice to the Company, which   notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate's   agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of   the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such   notice, any reference to such Purchaser in this Agreement (other than in this Section 21), shall be   deemed to refer to such Affiliate in lieu of such original Purchaser. In the event that such   Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such   original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company of   notice of such transfer, any reference to such Affiliate as a "Purchaser" in this Agreement (other   than in this Section 21), shall no longer be deemed to refer to such Affiliate, but shall refer to   such original Purchaser, and such original Purchaser shall again have all the rights of an original   holder of the Notes under this Agreement.   22. MISCELLANEOUS.   22.1 Successors and Assigns.   All covenants and other agreements contained in this Agreement by or on behalf of any   of the parties hereto bind and inure to the benefit of their respective successors and assigns   (including, without limitation, any subsequent holder of a Note) whether so expressed or not.   DB1/ 84912103.8 47     

 

22.2 Payments Due on Non-Business Days.   Anything in this Agreement or the Notes to the contrary notwithstanding (but without   limiting the requirement in Sections 8.2 or 8.3 that the notice of any optional prepayment specify   a Business Day as the date fixed for such prepayment), any payment of principal of or Make-   Whole Amount or interest on any Note that is due on a date other than a Business Day shall be   made on the next succeeding Business Day without including the additional days elapsed in the   computation of the interest payable on such next succeeding Business Day; provided that if the   maturity date of any Notes is a date other than a Business Day, the payment otherwise due on   such maturity date shall be made on the next succeeding Business Day and shall include the   additional days elapsed in the computation of interest payable on such next succeeding Business   Day.   22.3 Accounting Terms.   All accounting terms used herein which are not expressly defined in this Agreement have   the meanings respectively given to them in accordance with GAAP. Except as otherwise   specifically provided herein, (a) all computations made pursuant to this Agreement shall be made   in accordance with GAAP, and (b) all financial statements shall be prepared in accordance with   GAAP. For purposes of determining compliance with this Agreement (including, without   limitation, Section 9, Section 10 and the definition of "Debt"), any election by the Company to   measure any financial liability using fair value (as permitted by Financial Accounting Standards   Board Accounting Standards Codification Topic No. 825-10-25 — Fair Value Option,   International Accounting Standard 39 — Financial Instruments: Recognition and Measurement or   any similar accounting standard) shall be disregarded and such determination shall be made as if   such election had not been made.   Notwithstanding the foregoing, if the Company notifies the holders of Notes that, in   Company's reasonable opinion, or if the Required Holders notify the Company that, in the   Required Holders' reasonable opinion, as a result of a change in GAAP after the date hereof, any   covenant contained in Sections 10.2, 10.3, 10.4, 10.5, 10.6 or 10.7, or any of the defined terms   used therein no longer apply as intended such that such covenants are materially more or less   restrictive to the Company than as at the date of this Agreement, the Company shall negotiate in   good faith with the holders of Notes to make any necessary adjustments to such covenant or   defined term to provide the holders of the Notes with substantially the same protection as such   covenant provided prior to the relevant change in GAAP. Until the Company and the Required   Holders so agree to reset, amend or establish alternative covenants or defined terms, (a) the   covenants contained in Sections 10.2, 10.3, 10.4, 10.5, 10.6 and 10.7, together with the relevant   defined terms, shall continue to apply and compliance therewith shall be determined on the basis   of GAAP in effect at the date of this Agreement and (b) each set of financial statements   delivered to holders of Notes pursuant to Section 7.1(a) or (b) during such time shall include   detailed reconciliations reasonably satisfactory to the Required Holders as to the effect of such   change in GAAP.   22.4 Severability.   DB1/ 84912103.8 48     

 

Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction   shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability   without invalidating the remaining provisions hereof, and any such prohibition or   unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or   render unenforceable such provision in any other jurisdiction.   22.5 Construction.   Each covenant contained herein shall be construed (absent express provision to the   contrary) as being independent of each other covenant contained herein, so that compliance with   any one covenant shall not (absent such an express contrary provision) be deemed to excuse   compliance with any other covenant. Where any provision herein refers to action to be taken by   any Person, or which such Person is prohibited from taking, such provision shall be applicable   whether such action is taken directly or indirectly by such Person.   22.6 Counterparts.   This Agreement may be executed in any number of counterparts, each of which shall be   an original but all of which together shall constitute one instrument. Each counterpart may   consist of a number of copies hereof, each signed by less than all, but together signed by all, of   the parties hereto.   22.7 Governing Law.   This Agreement shall be construed and enforced in accordance with, and the rights of the   parties shall be governed by, the law of the State of New York excluding choice of law principles   of the law of such State that would permit the application of the laws of a jurisdiction other than   such State.   22.8 Jurisdiction and Process; Waiver of Jury Trial.   (a) The Company irrevocably submits to the non-exclusive jurisdiction of any   New York State or federal court sitting in the Borough of Manhattan, The City of New   York, over any suit, action or proceeding arising out of or relating to this Agreement or   the Notes. To the fullest extent permitted by applicable law, the Company irrevocably   waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim   that it is not subject to the jurisdiction of any such court, any objection that it may now or   hereafter have to the laying of the venue of any such suit, action or proceeding brought in   any such court and any claim that any such suit, action or proceeding brought in any such   court has been brought in an inconvenient forum.   (b) The Company consents to process being served by or on behalf of any   holder of Notes in any suit, action or proceeding of the nature referred to in Section   22.8(a) by mailing a copy thereof by registered or certified mail (or any substantially   similar form of mail), postage prepaid, return receipt requested, to it at its address   specified in Section 18 or at such other address of which such holder shall then have been   notified pursuant to said Section. The Company agrees that such service upon receipt (i)   shall be deemed in every respect effective service of process upon it in any such suit,   DB1/ 84912103.8 49     

 

action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be   taken and held to be valid personal service upon and personal delivery to it. Notices   hereunder shall be conclusively presumed received as evidenced by a delivery receipt   furnished by the United States Postal Service or any reputable commercial delivery   service.   (c) Nothing in this Section 22.8 shall affect the right of any holder of a Note   to serve process in any manner permitted by law, or limit any right that the holders of any   of the Notes may have to bring proceedings against the Company in the courts of any   appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one   jurisdiction in any other jurisdiction.   (d) The parties hereto hereby waive trial by jury in any action brought on or   with respect to this Agreement, the Notes or any other document executed in connection   herewith or therewith.   DB1/ 84912103.8 50     

 

If you are in agreement with the foregoing, please sign the form of agreement on a   counterpart of this Agreement and return it to the Company, whereupon this Agreement shall   become a binding agreement between you and the Company.   Very truly yours,   CHS, INC.   N • Timoth N. Skidmore   Title: Executive Vice President and   Chief Financial Officer   [Signature Page to Note Purchase Agreement - CHS]     

 

fiv By: Name: 'Ft y ‘uto   Title: Vice President   By: rtAVA    Name: P.e ev Fetc1C o      Title: Vice President   By:   Name: fi(- Pt`, c c o   Title: Vice President   This Agreement is hereby   Accepted and agreed to as   of the date hereof.   THE PRUDENTIAL 'URANCE COMPANY OF AMERICA   THE GIBRALTAR LIFE INSURANCE CO., LTD.   By: Prudential Investment Management Japan Co., Ltd. (as Investment Manager)   By: Prudential I estment Management, Inc. (as Sub-Adviser)   PRUDENTIAL ARIZONA REINSURANCE CAPTIVE COMPANY   By: Prudential Investment Management, Inc. (as Investment Manager)   vv#   ZURICH AMERICAN INSURANCE COMPANY   ZURICH AMERICAN LIFE INSURANCE COMPANY   FARMERS NEW WORLD LIFE INSURANCE COMPANY   LIBERTY NATIONAL LIFE INSURANCE COMPANY   FAMILY HERITAGE LIFE INSURANCE COMPANY OF AMERICA   By: Prudential Private Placement Investors, L.P. (as Investment Advisor)   By: Prudential Private Placement Investors, Inc. (as its General Partner)   By:   Name: j>t r4e- \-26 ("co   Title: Vice President   [Signature Page to Note Purchase Agreement - CHS]     

 

By:   Name:   Title: Managing Director   Elisabeth A. Perenick   By:   Name:   Title: Elisabeth A. Perenick Managing Director   By:    Name:   Title: Elisabeth A. Perenick Managing Director   MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY   By: Babson Capital Management LLC as Investment Adviser   C. M. LIFE INSURANCE COMPANY   By: Babson Capital Management LLC as Investment Adviser   By: (A}Atail    NaMe:   Title: Elisabeth A. Perenick Managing Director   MASSMUTUAL ASIA LIMITED   By: Babson Capital Management LLC as Investment Adviser   BANNER LIFE INSURANCE COMPANY   By: Babson Capital Management LLC as Investment Adviser   [Signature Page to Note Purchase Agreement - CHS]     

 

THE NORTHW   ANNUITY SEP   ERN MUTUAL LIFE INSURANCE COMPANY FOR ITS GROUP   TE A   By:   Name:   Title: Its Authorized Representative   Iry   By:   Name: Pavn A. 3arras Title: Managing erector   THE NORTHWESTERN UTUAL LIFE INSURANCE COMPANY   By: Northwestern Mut Inves ment Company, LLC, its Investment adviser   APPROVED   Lary D0    [Signature Page to Note Purchase Agreement - CBS]     

 

...--   By:   Name: Dawn Bruneau   Title: Vice President   HARTFORD FIRE INSURANCE COMPANY   HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY   HARTFORD CASUALTY INSURANCE COMPANY   HARTFORD LIFE INSURANCE COMPANY   PACIFIC INSURANCE COMPANY, LIMITED   Separate Account B, a separate account of HARTFORD LIFE INSURANCE COMPANY   By: Hartford Investment Management Company   Their Agent and Attorney-in-Fact   [Signature Page to Note Purchase Agreement - CHS]     

 

FARM BUREAU LIFE INSURANCE COMPANY OF MICHIGAN   By: Hartford Investment Management Company   Its Agent and Attorney-in-Fact   By:    Name: Dawn Bruneau   Title: Vice President   [Signature Page to Note Purchase Agreement - CHS]     

 

USAA GENERAL INDEMNITY COMPANY   By:    Name: Neal Graves   Title: Executive Director-Insurance Portfolios   GARRISON PROPERTY & CASUALTY INSURANCE COMPANY   By:   Name: Neal Graves   Title: Executive Director-Insurance Portfolios   UNITED SERVICES AUTOMOBILE ASSOCIATION   By:      Name: Neal Graves   Title: Executive Director-Insurance Portfolios   USAA LIFE INSURANCE COMPANY   By:      Name: James 'F. Jackson, Jr.   Title: EXecutive Director   USAA LIFE INSURANCE COMPANY OF NEW YORK   By:    Name: J es F. Jackson, Jr.   Title: Executive Director   [Signature Page to Note Purchase Agreement - CHS)     

 

BLUE CROSS AND BLUE SHIELD OF FLORIDA, INC.   RESERVE NATIONAL INSURANCE COMPANY   UNITEDHEALTHCARE INSURANCE COMPANY   UNITED INSURANCE COMPANY OF AMERICA   WESTERN FRATERNAL LIFE ASSOCIATION   AMERICAN REPUBLIC INSURANCE COMPANY   DEARBORN NATIONAL LIFE INSURANCE COMPANY   MINNESOTA LIFE INSURANCE COMPANY   ROYAL NEIGHBORS OF AMERICA   SECURIAN LIFE INSURANCE COMPANY   TRUSTMARK INSURANCE COMPANY   UNITY FINANCIAL LIFE INSURANCE COMPANY   CATHOLIC FINANCIAL LIFE   CATHOLIC UNITED FINANCIAL   POLISH NATIONAL ALLIANCE OF THE U.S. OF N.A.   GREAT WESTERN INSURANCE COMPANY   By: Advantus Capital Management, Inc.   ?c D1' By:    Name: David Land Title: Vice President.   [Signature Page to Note Purchase Agreement - CHS]     

 

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK   LEXINGTON INSURANCE COMPANY   UNITED GUARANTY RESIDENTIAL INSURANCE COMPANY   THE VARIABLE ANNUITY LIFE INSURANCE COMPANY   AMERICAN GENERAL LIFE INSURANCE COMPANY   By: AIG Asset Management (U.S.), LLC, as Investment Adviser   By:    Name:   Title: l •,e Pre   [Signature Page to Note Purchase Agreement - CHS]     

 

THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA   By:   Name: Barry Scheinholtz   Title: Senior Director, Private Placements   [Signature Page to Note Purchase Agreement - CHS]     

 

ALLIANZ LIFE INSURA CE COMPANY OF NORTH AMERICA   By:   Name: B IAN F. LAN   Title: ASSISTANT TREA   Y   RER   [Signature Page to Note Purchase Agreement - CI1S]     

 

AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY   By:   Name: Jeffrey A. Fossell   Title: Authorized Signatory   EAGLE LIFE INSURANCE COMPANY   is1 Iso -i1/4.-t, % \\By: ,   Name: Jeffrey A. Fossell   Title: Authorized Signatory   ItJ   [Signature Page to Note Purchase Agreement - CHS]     

 

AMERICAN UNITED LIFE INSURANCE COMPANY   By:    Name: avi l M. Weisenburger   Title: VP, Fixed Income Securities   THE STATE LIFE INSURANCE COMPANY   By:   Name: DavisWeisenburger   Title: VP, Fixed Income Securities   [Signature Page to Note Purchase Agreement - CHS]     

 

MODERN WOODMEN OF AMERICA   By:    Name: Brett M. Van   Title: Treasurer & Investment Manager   [Signature Page to Note Purchase Agreement - CHS]     

 

/ STATE 0 . 1  'SCONSIN INVESTMENT BOARD   i /0/   edirAir Aliv — - . ter      By:   Name: Christopher P. Prestigiacomo   Title: Portfolio Manager   [Signature Page to Note Purchase Agreement - CHS]     

 

CMFG LIFE INSURANCE COMPANY   By: MEMBERS Capital Advisors, Inc.   acting as Investment Advisor   By:    Name: Allen R. Cantrell   Title: Managing Director, Investments   [Signature Page to Note Purchase Agreement - CHS]     

 

AMERICAN FAMILY LIFE INSURANCE COMPANY   By: (-7L'    Name: David L. Voge   Title: Fixed Income Portfolio Manager   [Signature Page to Note Purchase Agreement CHS]     

 

AMERITAS LIFE INSURANCE CORP.   AMERITAS LIFE INSURANCE CORP. OF NEW YORK   By: Ameritas Investment Partners Inc., as Agent   By:   Name: Tina Udell   Title: Vice President & Managing Director   [Signature Page to Note Purchase Agreement - CHS]     

 

SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY   By:   Name! David Divin   Title: Senior Portfolio Manager   ........"."1...   [Signature Page to Note Purchase Agreement - CHS]     

 

ASSURITY LIFE INSURANCE COMPANY   By: \i& \ L   Name: Victor Weber   Title: Senior Director - Investments   [Signature Page to Note Purchase Agreement - CBS]     

 

    DB1/ 84912103.8      SCHEDULE A      INFORMATION AS TO PURCHASERS      Purchaser Name THE PRUDENTIAL INSURANCE COMPANY OF AMERICA   Name in Which to Register Note(s) THE PRUDENTIAL INSURANCE COMPANY OF AMERICA   Note Registration Number(s);   Principal Amount(s)   RW-1; $23,850,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      JPMorgan Chase Bank   New York, NY   ABA No.:  021-000-021   Account Name:  The Prudential - Privest Portfolio   Account No.:  ###### (please do not include spaces)   Reference:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series W Senior Notes due January 25, 2031  12542R K@8   Security No. INV05998      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   The Prudential Insurance Company of America   c/o Prudential Investment Management, Inc.   Prudential Tower   655 Broad Street   14th Floor - South Tower   Newark, NJ 07102   Attention:  PIM Private Accounting Processing Team   Email: Pim.Private.Accounting.Processing.Team@prudential.com   Address / Fax # / Email for all other   notices   The Prudential Insurance Company of America   c/o Prudential Capital Group   60 S. 6th Street, Suite 3710   Minneapolis, Minnesota 55402-4422   Attention:  Managing Director   Instructions re Delivery of Note(s) Prudential Capital Group   Two Prudential Plaza   180 N. Stetson Avenue   Suite 5600   Chicago, IL 60601   Attention:  Kim L. Maranda   Telephone:  (312) 540.4246   Signature Block Format THE PRUDENTIAL INSURANCE COMPANY OF AMERICA      By:         Name:   Title:  Vice President   Tax Identification Number 22-1211670     

 

   Schedule A-2   DB1/ 84912103.8         Purchaser Name THE PRUDENTIAL INSURANCE COMPANY OF AMERICA   Name in Which to Register Note(s) THE PRUDENTIAL INSURANCE COMPANY OF AMERICA   Note Registration Number(s);   Principal Amount(s)   RX-1; $12,450,000   RX-2; $20,000,000   RX-3; $10,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      JPMorgan Chase Bank   New York, NY   ABA No.:  021-000-021      Account Name:  The Prudential - Privest Portfolio   Account No.:  ###### (please do not include spaces) (in the case of   payments on account of the Note originally issued in the principal amount   of $12,450,000.00)      Account Name:  Prudential Separate Account Group Annuity Investment   Account Privates (SAGA)   Account No.:  ###### (please do not include spaces) (in the case of   payments on account of the Note originally issued in the principal amount   of $20,000,000.00)      Account Name:  JCPenney Private Custody Account   Account No.:  ###### (please do not include spaces) (in the case of   payments on account of the Note originally issued in the principal amount   of $10,000,000.00)      Reference:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series X Senior Notes due January 25, 2036  12542R K#6   Security No. INV05998      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   The Prudential Insurance Company of America   c/o Prudential Investment Management, Inc.   Prudential Tower   655 Broad Street   14th Floor - South Tower   Newark, NJ 07102   Attention:  PIM Private Accounting Processing Team   Email: Pim.Private.Accounting.Processing.Team@prudential.com   Address / Fax # / Email for all other   notices   The Prudential Insurance Company of America   c/o Prudential Capital Group   60 S. 6th Street, Suite 3710   Minneapolis, Minnesota 55402-4422   Attention:  Managing Director     

 

   Schedule A-3   DB1/ 84912103.8      Purchaser Name THE PRUDENTIAL INSURANCE COMPANY OF AMERICA   Instructions re Delivery of Note(s) Prudential Capital Group   Two Prudential Plaza   180 N. Stetson Avenue   Suite 5600   Chicago, IL 60601   Attention:  Kim L. Maranda   Telephone:  (312) 540.4246   Signature Block Format THE PRUDENTIAL INSURANCE COMPANY OF AMERICA      By:         Name:   Title:  Vice President   Tax Identification Number 22-1211670     

 

   Schedule A-4   DB1/ 84912103.8         Purchaser Name THE GIBRALTAR LIFE INSURANCE CO., LTD.   Name in Which to Register Note(s) THE GIBRALTAR LIFE INSURANCE CO., LTD.   Note Registration Number(s);   Principal Amount(s)   RW-2; $25,500,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      All principal, interest and Make-Whole Amount payments on account of   Notes held by such purchaser shall be made by wire transfer of   immediately available funds for credit to:       JPMorgan Chase Bank   New York, NY   ABA No.:  021-000-021   Account Name:  GIBPRVJAFS1   Account No.:  ###### (please do not include spaces)   Reference:  “Accompanying Information” below       All payments, other than principal, interest or Make-Whole Amount, on   account of Notes held by such purchaser shall be made by wire transfer of   immediately available funds for credit to:      JPMorgan Chase Bank   New York, NY   ABA No. 021-000-021   Account No. #########   Account Name:  Prudential International Insurance Service Co.   Reference:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series W Senior Notes due January 25, 2031  12542R K@8   Security No. INV05998      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   The Gibraltar Life Insurance Co., Ltd.   2-13-10, Nagata-cho   Chiyoda-ku, Tokyo 100-8953, Japan   Attention:  Osamu Egi, Team Leader of Investment Administration Team   E-mail:  osamu.egi@gib-life.co.jp      and e-mail copy to:      Attention:  Tetsuya Sawazaki, Manager of Investment Administration   Team   E-mail:  tetsuya.sawazaki@gib-life.co.jp   Address / Fax # / Email for all other   notices   Prudential Private Placement Investors, L.P.   c/o Prudential Capital Group   60 S. 6th Street, Suite 3710   Minneapolis, Minnesota 55402-4422   Attention:  Managing Director     

 

   Schedule A-5   DB1/ 84912103.8      Purchaser Name THE GIBRALTAR LIFE INSURANCE CO., LTD.   Instructions re Delivery of Note(s) Prudential Capital Group   Two Prudential Plaza   180 N. Stetson Avenue   Suite 5600   Chicago, IL 60601   Attention:  Kim L. Maranda   Telephone:  (312) 540.4246   Signature Block Format THE GIBRALTAR LIFE INSURANCE CO., LTD.   By: Prudential Investment Management Japan Co., Ltd.    (as Investment Manager)   By: Prudential Investment Management, Inc. (as Sub-Adviser)      By:         Name:   Title:  Vice President   Tax Identification Number 98-0408643     

 

   Schedule A-6   DB1/ 84912103.8         Purchaser Name THE GIBRALTAR LIFE INSURANCE CO., LTD.   Name in Which to Register Note(s) THE GIBRALTAR LIFE INSURANCE CO., LTD.   Note Registration Number(s);   Principal Amount(s)   RX-4; $6,500,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      All principal, interest and Make-Whole Amount payments on account of   Notes held by such purchaser shall be made by wire transfer of   immediately available funds for credit to:       JPMorgan Chase Bank   New York, NY   ABA No.:  021-000-021   Account Name:  GIBPRVHFR2   Account No.:  ###### (please do not include spaces)   Reference:  “Accompanying Information” below       All payments, other than principal, interest or Make-Whole Amount, on   account of Notes held by such purchaser shall be made by wire transfer of   immediately available funds for credit to:      JPMorgan Chase Bank   New York, NY   ABA No. 021-000-021   Account No. #########   Account Name:  Prudential International Insurance Service Co.   Reference:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series X Senior Notes due January 25, 2036  12542R K#6   Security No. INV05998      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   The Gibraltar Life Insurance Co., Ltd.   2-13-10, Nagata-cho   Chiyoda-ku, Tokyo 100-8953, Japan   Attention:  Osamu Egi, Team Leader of Investment Administration Team   E-mail:  osamu.egi@gib-life.co.jp      and e-mail copy to:      Attention:  Tetsuya Sawazaki, Manager of Investment Administration   Team   E-mail:  tetsuya.sawazaki@gib-life.co.jp   Address / Fax # / Email for all other   notices   Prudential Private Placement Investors, L.P.   c/o Prudential Capital Group   60 S. 6th Street, Suite 3710   Minneapolis, Minnesota 55402-4422   Attention:  Managing Director     

 

   Schedule A-7   DB1/ 84912103.8      Purchaser Name THE GIBRALTAR LIFE INSURANCE CO., LTD.   Instructions re Delivery of Note(s) Prudential Capital Group   Two Prudential Plaza   180 N. Stetson Avenue   Suite 5600   Chicago, IL 60601   Attention:  Kim L. Maranda   Telephone:  (312) 540.4246   Signature Block Format THE GIBRALTAR LIFE INSURANCE CO., LTD.   By: Prudential Investment Management Japan Co., Ltd.     (as Investment Manager)   By: Prudential Investment Management, Inc. (as Sub-Adviser)      By:         Name:   Title:  Vice President   Tax Identification Number 98-0408643     

 

   Schedule A-8   DB1/ 84912103.8            Purchaser Name PRUDENTIAL ARIZONA REINSURANCE CAPTIVE COMPANY   Name in Which to Register Note(s) PRUDENTIAL ARIZONA REINSURANCE CAPTIVE COMPANY   Note Registration Number(s);   Principal Amount(s)   RW-3; $13,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      Citibank/NYC   ABA No.:  021-000-089   Account Name:  Citibank N.A. NY Trust and Custody   Account No.:  ########   SWIFT:  CITIUS33   FFC Account Name:  PARCC PLAZ Trust 1   FFC Account No.:  ######   Reference:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series W Senior Notes due January 25, 2031  12542R K@8   Security No. INV05998      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Prudential Arizona Reinsurance Captive Company   c/o Prudential Investment Management, Inc.   Prudential Tower   655 Broad Street   14th Floor - South Tower   Newark, NJ 07102   Attention:  PIM Private Accounting Processing Team   Email: Pim.Private.Accounting.Processing.Team@prudential.com   Address / Fax # / Email for all other   notices   Prudential Arizona Reinsurance Captive Company   c/o Prudential Capital Group   60 S. 6th Street, Suite 3710   Minneapolis, Minnesota 55402-4422   Attention:  Managing Director    Instructions re Delivery of Note(s) Prudential Capital Group   Two Prudential Plaza   180 N. Stetson Avenue   Suite 5600   Chicago, IL 60601   Attention:  Kim L. Maranda   Telephone:  (312) 540.4246   Signature Block Format PRUDENTIAL ARIZONA REINSURANCE CAPTIVE COMPANY   By: Prudential Investment Management, Inc.    (as Investment Manager)       By:          Name:    Title:  Vice President     

 

   Schedule A-9   DB1/ 84912103.8      Purchaser Name PRUDENTIAL ARIZONA REINSURANCE CAPTIVE COMPANY   Tax Identification Number 33-1095301     

 

   Schedule A-10   DB1/ 84912103.8         Purchaser Name ZURICH AMERICAN INSURANCE COMPANY   Name in Which to Register Note(s) HARE & CO., LLC   Note Registration Number(s);   Principal Amount(s)   RW-4; $11,650,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      The Bank of New York   ABA No:  021000018   BNF:  ######   Attn:  PP P&I Department   Ref:  ZAIC Private Placements & “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series W Senior Notes due January 25, 2031  12542R K@8      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Zurich North America   Attn:  Treasury T1-19   1400 American Lane   Schaumburg, IL 60196-1056      Contact:  Mary Fran Callahan, Vice President-Treasurer   Telephone:  (847) 605-6447   Facsimile:   (847) 605-7895   E-mail:  mary.callahan@zurichna.com   Address / Fax # / Email for all other   notices   Prudential Private Placement Investors, L.P.   c/o Prudential Capital Group   60 S. 6th Street, Suite 3710   Minneapolis, Minnesota 55402-4422   Attention:  Managing Director   Instructions re Delivery of Note(s) The Depository Trust Company   570 Washington Blvd - 5th floor   Jersey City, NJ 07310   Attention:  BNY Mellon/Branch Deposit Department      Please include in the cover letter accompanying the Notes a reference to   the Purchaser's account number (Zurich American Insurance Co.-Private   Placements; Account Number:  ######).      Send copy by nationwide overnight delivery service to:      Prudential Investment Management, Inc.   655 Broad Street   14th Floor - South Tower   Newark, NJ 07102   Attention:  Michael Iacono - Trade Management     

 

   Schedule A-11   DB1/ 84912103.8      Purchaser Name ZURICH AMERICAN INSURANCE COMPANY   Signature Block Format ZURICH AMERICAN INSURANCE COMPANY   By: Prudential Private Placement Investors, L.P.     (as Investment Advisor)   By: Prudential Private Placement Investors, Inc.    (as its General Partner)        By:          Name:    Title:  Vice President   Tax Identification Number 36-4233459     

 

   Schedule A-12   DB1/ 84912103.8         Purchaser Name ZURICH AMERICAN LIFE INSURANCE COMPANY   Name in Which to Register Note(s) HARE & CO., LLC   Note Registration Number(s);   Principal Amount(s)   RW-5; $3,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      The Bank of New York   ABA No:  021000018   BNF:  ######   Attn:  PP P&I Department   Ref:  ZALICO Private Placements & “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series W Senior Notes due January 25, 2031  12542R K@8      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Zurich American Life Insurance Company   Attn:  Treasury T1-19   1400 American Lane   Schaumburg, IL 60196-1056      Contact:  Robert Burne, Vice President-Treasurer   Telephone:  (847) 762-7328   Facsimile:   (847) 313-0807   E-mail:  robert.burne@zurichna.com   Address / Fax # / Email for all other   notices   Prudential Private Placement Investors, L.P.   c/o Prudential Capital Group   60 S. 6th Street, Suite 3710   Minneapolis, Minnesota 55402-4422   Attention:  Managing Director   Instructions re Delivery of Note(s) The Depository Trust Company   570 Washington Blvd - 5th floor   Jersey City, NJ 07310   Attention:  BNY Mellon/Branch Deposit Department      Please include in the cover letter accompanying the Notes a reference to   the Purchaser's account number (ZALICO Private Placement Pru; Custody   Account Number:  ##########).      Send copy by nationwide overnight delivery service to:      Prudential Investment Management, Inc.   655 Broad Street   14th Floor - South Tower   Newark, NJ 07102   Attention:  Michael Iacono - Trade Management     

 

   Schedule A-13   DB1/ 84912103.8      Purchaser Name ZURICH AMERICAN LIFE INSURANCE COMPANY   Signature Block Format ZURICH AMERICAN LIFE INSURANCE COMPANY   By: Prudential Private Placement Investors, L.P.     (as Investment Advisor)   By: Prudential Private Placement Investors, Inc.    (as its General Partner)        By:          Name:    Title:  Vice President   Tax Identification Number 36-3050975     

 

   Schedule A-14   DB1/ 84912103.8         Purchaser Name FARMERS NEW WORLD LIFE INSURANCE COMPANY   Name in Which to Register Note(s) FARMERS NEW WORLD LIFE INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RX-5; $8,250,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      JPMorgan Chase Bank   New York, NY   ABA No.:  021000021   Account No.:  ##########   Account Name:  SSG Private Income Processing   For further credit to Account ################   Reference:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series X Senior Notes due January 25, 2036  12542R K#6      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   investment.accounting@farmersinsurance.com     or   Farmers Insurance Company   Attention:  Investment Accounting Team   4680 Wilshire Blvd., 4th Floor   Los Angeles, CA 90010      and      investments.operations@farmersinsurance.com     or   Farmers New World Life Insurance Company   Attention:  Investment Operations Team   3003 77th Avenue Southeast, 5th Floor   Mercer Island, WA 98040-2837   Address / Fax # / Email for all other   notices   Prudential Private Placement Investors, L.P.   c/o Prudential Capital Group   60 S. 6th Street, Suite 3710   Minneapolis, Minnesota 55402-4422   Attention:  Managing Director     

 

   Schedule A-15   DB1/ 84912103.8      Purchaser Name FARMERS NEW WORLD LIFE INSURANCE COMPANY   Instructions re Delivery of Note(s) JPMorgan Chase Bank, N.A.   4 Chase Metrotech Center, 3rd Floor   Brooklyn, NY 11245-0001   Attention:  Physical Receive Department   Brian Cavanaugh   Telephone:  (718) 242-0264      Please include in the cover letter accompanying the Notes a reference to   the Purchaser's account number ("################") and CUSIP   information.      Send copy by nationwide overnight delivery service to:      Prudential Investment Management, Inc.   655 Broad Street   14th Floor - South Tower   Newark, NJ 07102   Attention:  Michael Iacono - Trade Management   Signature Block Format FARMERS NEW WORLD LIFE INSURANCE COMPANY   By: Prudential Private Placement Investors, L.P.     (as Investment Advisor)   By: Prudential Private Placement Investors, Inc.    (as its General Partner)        By:          Name:    Title:  Vice President   Tax Identification Number 91-0335750     

 

   Schedule A-16   DB1/ 84912103.8         Purchaser Name LIBERTY NATIONAL LIFE INSURANCE COMPANY   Name in Which to Register Note(s) LIBERTY NATIONAL LIFE INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RX-6; $12,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      Bank of New York Mellon   ABA: 021000018   GLA# ######   Acct. Name:  Liberty National Life Ins. Co. PFG Pvt.   Acct #: ##########   Ref:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series X Senior Notes due January 25, 2036  12542R K#6      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Torchmark Corporation   Attention:  Alan Hintz   3700 S. Stonebridge Drive   McKinney, TX 75070   Email: AHINTZ@torchmarkcorp.com   Phone:  (972) 569-3694   Fax:  (972) 569-3282   Address / Fax # / Email for all other   notices   Prudential Private Placement Investors, L.P.   c/o Prudential Capital Group   60 S. 6th Street, Suite 3710   Minneapolis, Minnesota 55402-4422   Attention:  Managing Director   Instructions re Delivery of Note(s) Bank of New York Mellon   1 Wall Street, 3rd Floor, Window A   New York, NY 10286       Please include in the cover letter accompanying the Notes a reference to   the Purchaser's account number (Acct. Name:  Liberty National Life Ins.   Co. PFG Pvt.; Acct #:  ######).        Send copy by nationwide overnight delivery service to:      Prudential Investment Management, Inc.   655 Broad Street   14th Floor - South Tower   Newark, NJ 07102   Attention:  Michael Iacono - Trade Management     

 

   Schedule A-17   DB1/ 84912103.8      Purchaser Name LIBERTY NATIONAL LIFE INSURANCE COMPANY   Signature Block Format LIBERTY NATIONAL LIFE INSURANCE COMPANY   By: Prudential Private Placement Investors, L.P.     (as Investment Advisor)   By: Prudential Private Placement Investors, Inc.    (as its General Partner)        By:          Name:    Title:  Vice President   Tax Identification Number 63-0124600     

 

   Schedule A-18   DB1/ 84912103.8         Purchaser Name FAMILY HERITAGE LIFE INSURANCE COMPANY OF   AMERICA   Name in Which to Register Note(s) FAMILY HERITAGE LIFE INSURANCE COMPANY OF AMERICA   Note Registration Number(s);   Principal Amount(s)   RX-7; $3,800,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      Bank of New York Mellon   ABA: 021000018   GLA# ######   Acct. Name:  Family Heritage Life Ins. Co. of America PFG Pvt.   Acct #: ##########   Ref:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series X Senior Notes due January 25, 2036  12542R K#6      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Torchmark Corporation   Attention:  Alan Hintz   3700 S. Stonebridge Drive   McKinney, TX 75070   Email: AHINTZ@torchmarkcorp.com   Phone:  (972) 569-3694   Fax:  (972) 569-3282   Address / Fax # / Email for all other   notices   Prudential Private Placement Investors, L.P.   c/o Prudential Capital Group   60 S. 6th Street, Suite 3710   Minneapolis, Minnesota 55402-4422   Attention:  Managing Director   Instructions re Delivery of Note(s) Bank of New York Mellon   1 Wall Street, 3rd Floor, Window A   New York, NY 10286       Please include in the cover letter accompanying the Notes a reference to   the Purchaser's account number (Acct. Name:  Family Heritage Life Ins.   Co. of America PFG Pvt.; Acct #:  ######).        Send copy by nationwide overnight delivery service to:      Prudential Investment Management, Inc.   655 Broad Street   14th Floor - South Tower   Newark, NJ 07102   Attention:  Michael Iacono - Trade Management     

 

   Schedule A-19   DB1/ 84912103.8      Purchaser Name FAMILY HERITAGE LIFE INSURANCE COMPANY OF   AMERICA   Signature Block Format FAMILY HERITAGE LIFE INSURANCE COMPANY OF AMERICA   By: Prudential Private Placement Investors, L.P.     (as Investment Advisor)   By: Prudential Private Placement Investors, Inc.    (as its General Partner)        By:          Name:    Title:  Vice President   Tax Identification Number 34-1626521     

 

   Schedule A-20   DB1/ 84912103.8         Purchaser Name MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY   Name in Which to Register Note(s) MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RS-1; $28,300,000   RT-1; $37,100,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      MassMutual    Citibank   New York, New York   ABA # 021000089   Acct # ########   RE:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2   Series T Senior Notes due January 25, 2025  12542R J@0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Massachusetts Mutual Life Insurance Company   Treasury Operations Liquidity Management   1295 State Street   Springfield, MA 01111   Attn: Janelle Tarantino      With a copy to:   Massachusetts Mutual Life Insurance Company   c/o Babson Capital Management LLC   1500 Main Street – Suite 2200   PO Box 15189   Springfield, MA  01115       With advice of payment to the Treasury Operations Liquidity Management   Department at Massachusetts Mutual Life Insurance Company at   mmincometeam@massmutual.com or (413) 226-4295 (facsimile).     

 

   Schedule A-21   DB1/ 84912103.8      Purchaser Name MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY   Address / Fax # / Email for all other   notices   Massachusetts Mutual Life Insurance Company   c/o Babson Capital Management LLC   1500 Main Street – Suite 2200   PO Box 15189   Springfield, MA 01115-5189      Electronic Delivery of Financials and other information to:   Massachusetts Mutual Life Insurance Company   c/o Babson Capital Management LLC   1500 Main Street – Suite 2200   PO Box 15189   Springfield, MA 01115-5189      With notification to:   privateplacements@babsoncapital.com   rrichards@babsoncapital.com   Instructions re Delivery of Note(s) Steve Katz, Counsel   Babson Capital Management LLC   1500 Main Street, Suite 2800   Springfield, MA 01115-5189   Telephone: 413-226-1052   Facsimile: 413-226-2052   E-mail: skatz@babsoncapital.com   Signature Block Format MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY   By: Babson Capital Management LLC as Investment Adviser       By:          Name:    Title:   Tax Identification Number 04-1590850     

 

   Schedule A-22   DB1/ 84912103.8         Purchaser Name C.M. LIFE INSURANCE COMPANY   Name in Which to Register Note(s) C.M. LIFE INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RS-2; $2,300,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      JP Morgan Chase Bank   New York, NY   ABA # 021000021   Account Name:  CM Life Insurance Company   Account Number:  #########   RE:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   C.M. Life Insurance Company   Treasury Operations Liquidity Management   1295 State Street   Springfield, MA 01111   Attn: Janelle Tarantino      With a copy to:   C.M. Life Insurance Company    c/o Babson Capital Management LLC   1500 Main Street – Suite 2200   PO Box 15189   Springfield, MA  01115      With advice of payment to the Treasury Operations Liquidity Management   Department at Massachusetts Mutual Life Insurance Company at   mmincometeam@massmutual.com or (413) 226-4295 (facsimile).   Address / Fax # / Email for all other   notices   C.M. Life Insurance Company    c/o Babson Capital Management LLC   1500 Main Street – Suite 2200   PO Box 15189   Springfield, MA 01115-5189      Electronic Delivery of Financials and other information to:   C.M. Life Insurance Company    c/o Babson Capital Management LLC   1500 Main Street – Suite 2200   PO Box 15189   Springfield, MA 01115-5189      With notification to:   privateplacements@babsoncapital.com   rrichards@babsoncapital.com     

 

   Schedule A-23   DB1/ 84912103.8      Purchaser Name C.M. LIFE INSURANCE COMPANY   Instructions re Delivery of Note(s) Steve Katz, Counsel   Babson Capital Management LLC   1500 Main Street, Suite 2800   Springfield, MA 01115-5189   Telephone: 413-226-1052   Facsimile: 413-226-2052   E-mail: skatz@babsoncapital.com   Signature Block Format C.M. LIFE INSURANCE COMPANY   By: Babson Capital Management LLC as Investment Adviser       By:          Name:    Title:   Tax Identification Number 06-1041383     

 

   Schedule A-24   DB1/ 84912103.8         Purchaser Name MASSMUTUAL ASIA LIMITED   Name in Which to Register Note(s) GERLACH & CO.   Note Registration Number(s);   Principal Amount(s)   RS-3; $6,000,000   RT-2; $1,300,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      Gerlach & Co.   Citibank, N.A.   ABA Number 021000089   Concentration Account ########   FFC: ####################   Ref:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2   Series T Senior Notes due January 25, 2025  12542R J@0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   MassMutual Asia Limited   Treasury Operations Liquidity Management   1295 State Street   Springfield, MA  01111   Attn:  Janelle Tarantino      With a copy to:    MassMutual Asia Limited   c/o Babson Capital Management LLC   1500 Main Street - Suite 2200   Springfield, MA  01115      Send Corporate Action Notification to:   Citigroup Global Securities Services   Attn: Corporate Action Dept   3800 Citibank Center Tampa   Building B  Floor 3    Tampa , FL  33610-9122      With advice of payment to the Treasury Operations Liquidity   Management Department at Massachusetts Mutual Life Insurance   Company at mmincometeam@massmutual.com or (413) 226-4295   (facsimile).     

 

   Schedule A-25   DB1/ 84912103.8      Purchaser Name MASSMUTUAL ASIA LIMITED   Address / Fax # / Email for all other   notices   MassMutual Asia Limited   c/o Babson Capital Management LLC   1500 Main Street - Suite 2200   PO Box 15189   Springfield, MA  01115-5189      Electronic Delivery of Financials and other information to:   MassMutual Asia Limited   c/o Babson Capital Management LLC   1500 Main Street – Suite 2200   Springfield, MA 01115-5189      With notification to:   privateplacements@babsoncapital.com   rrichards@babsoncapital.com   Instructions re Delivery of Note(s) Citibank NA   399 Park Avenue   Level B Vault   New York, NY  10022   Acct. #######      With a copy to:      Steve Katz, Counsel   Babson Capital Management LLC   1500 Main Street, Suite 2800   Springfield, MA 01115-5189   Telephone: 413-226-1052   Facsimile: 413-226-2052   E-mail: skatz@babsoncapital.com   Signature Block Format MASSMUTUAL ASIA LIMITED   By: Babson Capital Management LLC as Investment Adviser       By:          Name:    Title:   Tax Identification Number N/A     

 

   Schedule A-26   DB1/ 84912103.8         Purchaser Name BANNER LIFE INSURANCE COMPANY   Name in Which to Register Note(s) HARE & CO., LLC   Note Registration Number(s);   Principal Amount(s)   RS-4; $2,400,000   RT-3; $2,600,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      The Bank of New York/Mellon   New York, New York   ABA # 021000018   Acct Name:  Banner Life Insurance Company   Acct # #########   Attention:  P&I Department   Reference:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2   Series T Senior Notes due January 25, 2025  12542R J@0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Banner Life Insurance Company   c/o Babson Capital Management LLC   1500 Main Street – Suite 2200   PO Box 15189   Springfield, MA 01115-5189   Address / Fax # / Email for all other   notices   Banner Life Insurance Company   c/o Babson Capital Management LLC   1500 Main Street – Suite 2200   PO Box 15189   Springfield, MA 01115-5189      Electronic Delivery of Financials and other information to:   Banner Life Insurance Company   c/o Babson Capital Management LLC   1500 Main Street – Suite 2200   PO Box 15189   Springfield, MA 01115-5189      With notification to:   privateplacements@babsoncapital.com   rrichards@babsoncapital.com     

 

   Schedule A-27   DB1/ 84912103.8      Purchaser Name BANNER LIFE INSURANCE COMPANY   Instructions re Delivery of Note(s) The Depository Trust Company   570 Washington Blvd – 5th Floor   Jersey City, NJ 07310   Attn: BNY Mellon/Branch Deposit Department   #########################      With a copy to:      Steve Katz, Counsel   Babson Capital Management LLC   1500 Main Street, Suite 2800   Springfield, MA 01115-5189   Telephone: 413-226-1052   Facsimile: 413-226-2052   E-mail: skatz@babsoncapital.com   Signature Block Format BANNER LIFE INSURANCE COMPANY   By: Babson Capital Management LLC as Investment Adviser       By:          Name:    Title:   Tax Identification Number 52-1236145     

 

   Schedule A-28   DB1/ 84912103.8         Purchaser Name THE NORTHWESTERN MUTUAL LIFE INSURANCE   COMPANY   Name in Which to Register Note(s) THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RT-4; $16,000,000   RU-1; $17,000,000   RV-1; $17,000,000   RX-8; $23,500,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      Please contact our Treasury & Investment Operations Department to   securely obtain wire transfer instructions.      E-mail:  payments@northwesternmutual.com   Phone: (414) 665-1679   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series T Senior Notes due January 25, 2025  12542R J@0   Series U Senior Notes due January 25, 2027  12542R J#8   Series V Senior Notes due January 25, 2028  12542R K*0   Series X Senior Notes due January 25, 2036  12542R K#6      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   The Northwestern Mutual Life Insurance Company   720 East Wisconsin Avenue   Milwaukee, WI   53202   Attention:  Investment Operations   Email:  payments@northwesternmutual.com   Phone: (414) 665-1679   Address / Fax # / Email for all other   notices   The Northwestern Mutual Life Insurance Company   720 East Wisconsin Avenue   Milwaukee, WI   53202   Attention:  Securities Department   Email:  privateinvest@northwesternmutual.com   Facsimile:  (414) 665- 7124   Instructions re Delivery of Note(s) The Northwestern Mutual Life Insurance Company   720 East Wisconsin Avenue   Milwaukee, WI   53202   Attention:  Anne T. Brower   Signature Block Format THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY   By: Northwestern Mutual Investment Management Company, LLC,    its Investment adviser       By:          Name:    Title:  Managing Director   Tax Identification Number 39-0509570     

 

   Schedule A-29   DB1/ 84912103.8         Purchaser Name THE NORTHWESTERN MUTUAL LIFE INSURANCE   COMPANY FOR ITS GROUP ANNUITY SEPARATE ACCOUNT   Name in Which to Register Note(s) THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY   FOR ITS GROUP ANNUITY SEPARATE ACCOUNT   Note Registration Number(s);   Principal Amount(s)   RX-9; $1,500,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      Please contact our Treasury & Investment Operations Department to   securely obtain wire transfer instructions.      E-mail:  payments@northwesternmutual.com   Phone: (414) 665-1679   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series X Senior Notes due January 25, 2036  12542R K#6      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   The Northwestern Mutual Life Insurance Company for its Group Annuity   Separate Account   720 East Wisconsin Avenue   Milwaukee, WI 53202   Attention: Investment Operations   E-mail: payments@northwesternmutual.com   Phone: (414) 665-1679   Address / Fax # / Email for all other   notices   The Northwestern Mutual Life Insurance Company for its Group Annuity   Separate Account   720 East Wisconsin Avenue   Milwaukee, WI 53202   Attention: Securities Department   E-mail: privateinvest@northwesternmutual.com   Facsimile:  (414) 665-7124   Instructions re Delivery of Note(s) The Northwestern Mutual Life Insurance Company   720 East Wisconsin Avenue   Milwaukee, WI 53202   Attention:  Anne T. Brower   Signature Block Format THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY   FOR ITS GROUP ANNUITY SEPARATE ACCOUNT      By:         Name:   Title:  Its Authorized Representative   Tax Identification Number 39-0509570     

 

   Schedule A-30   DB1/ 84912103.8         Purchaser Name HARTFORD FIRE INSURANCE COMPANY   Name in Which to Register Note(s) HARTFORD FIRE INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RS-5; $5,000,000   RS-6; $5,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      JP Morgan Chase    4 New York Plaza   New York  New York 10004   Bank ABA No. 021000021   Chase NYC/Cust   A/C # ########## for F/C/T - ##########   Attn: Bond Interest /Principal - CHS Inc.   Ref:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Hartford Investment Management Company   c/o Investment Operations   Regular Mailing Address:   P.O. Box 1744   Hartford, CT  06144-1744   Overnight Mailing Address:   One Hartford Plaza - NP-A   Hartford, Connecticut 06155   Telefacsimile: (860)297-8875/8876   Address / Fax # / Email for all other   notices   Hartford Investment Management Company   c/o Investment Department-Private Placements   E-mail Address:     ken.day@himco.com and PrivatePlacements.Himco@Himco.com,   subject to confirming copy of notice being sent same day by    recognized international commercial delivery service (charges prepaid)   to the following addresses:   Regular Mailing Address:   P.O. Box 1744   Hartford, CT  06144-1744   Overnight Mailing Address:   One Hartford Plaza, NP5-B   Hartford, Connecticut 06155   Telefacsimile: (860)297-8884     

 

   Schedule A-31   DB1/ 84912103.8      Purchaser Name HARTFORD FIRE INSURANCE COMPANY   Instructions re Delivery of Note(s) JPMorgan Chase Bank, N.A.   4 Chase Metrotech Center, 3rd Floor   Brooklyn, New York 11245-0001   Attention:  Physical Receive Department    (Use Willoughby Street Entrance)   Custody Account Number: ######### (must appear on outside of   envelope)   Signature Block Format HARTFORD FIRE INSURANCE COMPANY   By: Hartford Investment Management Company    Its Agent and Attorney-in-Fact       By:          Name:    Title:   Tax Identification Number 06-0383750     

 

   Schedule A-32   DB1/ 84912103.8         Purchaser Name HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY   Name in Which to Register Note(s) HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RS-7; $5,000,000   RS-8; $5,000,000    RS-9; $3,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      JP Morgan Chase    4 New York Plaza   New York  New York 10004   Bank ABA No. 021000021   Chase NYC/Cust   A/C # ########## for F/C/T - #########   Attn: Bond Interest /Principal - CHS Inc.   Ref:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Hartford Investment Management Company   c/o Investment Operations   Regular Mailing Address:   P.O. Box 1744   Hartford, CT  06144-1744   Overnight Mailing Address:   One Hartford Plaza - NP-A   Hartford, Connecticut 06155   Telefacsimile: (860)297-8875/8876   Address / Fax # / Email for all other   notices   Hartford Investment Management Company   c/o Investment Department-Private Placements   E-mail Address:     ken.day@himco.com and PrivatePlacements.Himco@Himco.com,   subject to confirming copy of notice being sent same day by    recognized international commercial delivery service (charges prepaid)   to the following addresses:   Regular Mailing Address:   P.O. Box 1744   Hartford, CT  06144-1744   Overnight Mailing Address:   One Hartford Plaza, NP5-B   Hartford, Connecticut 06155   Telefacsimile: (860)297-8884     

 

   Schedule A-33   DB1/ 84912103.8      Purchaser Name HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY   Instructions re Delivery of Note(s) JPMorgan Chase Bank, N.A.   4 Chase Metrotech Center, 3rd Floor   Brooklyn, New York 11245-0001   Attention:  Physical Receive Department    (Use Willoughby Street Entrance)   Custody Account Number: ######### (must appear on outside of   envelope)   Signature Block Format HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY   By: Hartford Investment Management Company    Its Agent and Attorney-in-Fact       By:          Name:    Title:   Tax Identification Number 06-0838648     

 

   Schedule A-34   DB1/ 84912103.8         Purchaser Name HARTFORD CASUALTY INSURANCE COMPANY   Name in Which to Register Note(s) HARTFORD CASUALTY INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RS-10; $5,000,000   RS-11; $5,000,000    RS-12; $3,500,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      JP Morgan Chase    4 New York Plaza   New York  New York 10004   Bank ABA No. 021000021   Chase NYC/Cust   A/C # ########## for F/C/T - #########   Attn: Bond Interest /Principal - CHS Inc.   Ref:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Hartford Investment Management Company   c/o Investment Operations   Regular Mailing Address:   P.O. Box 1744   Hartford, CT  06144-1744   Overnight Mailing Address:   One Hartford Plaza - NP-A   Hartford, Connecticut 06155   Telefacsimile: (860)297-8875/8876   Address / Fax # / Email for all other   notices   Hartford Investment Management Company   c/o Investment Department-Private Placements   E-mail Address:     ken.day@himco.com and PrivatePlacements.Himco@Himco.com,   subject to confirming copy of notice being sent same day by    recognized international commercial delivery service (charges prepaid)   to the following addresses:   Regular Mailing Address:   P.O. Box 1744   Hartford, CT  06144-1744   Overnight Mailing Address:   One Hartford Plaza, NP5-B   Hartford, Connecticut 06155   Telefacsimile: (860)297-8884     

 

   Schedule A-35   DB1/ 84912103.8      Purchaser Name HARTFORD CASUALTY INSURANCE COMPANY   Instructions re Delivery of Note(s) JPMorgan Chase Bank, N.A.   4 Chase Metrotech Center, 3rd Floor   Brooklyn, New York 11245-0001   Attention:  Physical Receive Department    (Use Willoughby Street Entrance)   Custody Account Number: ######### (must appear on outside of   envelope)   Signature Block Format HARTFORD CASUALTY INSURANCE COMPANY   By: Hartford Investment Management Company    Its Agent and Attorney-in-Fact       By:          Name:    Title:   Tax Identification Number 06-0294398     

 

   Schedule A-36   DB1/ 84912103.8         Purchaser Name HARTFORD LIFE INSURANCE COMPANY   Name in Which to Register Note(s) HARTFORD LIFE INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RS-13; $5,000,000   RS-14; $1,500,000    Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      JP Morgan Chase    4 New York Plaza   New York  New York 10004   Bank ABA No. 021000021   Chase NYC/Cust   A/C # ########## for F/C/T - #########   Attn: Bond Interest /Principal - CHS Inc.   Ref:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Hartford Investment Management Company   c/o Investment Operations   Regular Mailing Address:   P.O. Box 1744   Hartford, CT  06144-1744   Overnight Mailing Address:   One Hartford Plaza - NP-A   Hartford, Connecticut 06155   Telefacsimile: (860)297-8875/8876   Address / Fax # / Email for all other   notices   Hartford Investment Management Company   c/o Investment Department-Private Placements   E-mail Address:     ken.day@himco.com and PrivatePlacements.Himco@Himco.com,   subject to confirming copy of notice being sent same day by    recognized international commercial delivery service (charges prepaid)   to the following addresses:   Regular Mailing Address:   P.O. Box 1744   Hartford, CT  06144-1744   Overnight Mailing Address:   One Hartford Plaza, NP5-B   Hartford, Connecticut 06155   Telefacsimile: (860)297-8884     

 

   Schedule A-37   DB1/ 84912103.8      Purchaser Name HARTFORD LIFE INSURANCE COMPANY   Instructions re Delivery of Note(s) JPMorgan Chase Bank, N.A.   4 Chase Metrotech Center, 3rd Floor   Brooklyn, New York 11245-0001   Attention:  Physical Receive Department    (Use Willoughby Street Entrance)   Custody Account Number: ######### (must appear on outside of   envelope)   Signature Block Format HARTFORD LIFE INSURANCE COMPANY   By: Hartford Investment Management Company    Its Agent and Attorney-in-Fact       By:          Name:    Title:   Tax Identification Number 06-0974148     

 

   Schedule A-38   DB1/ 84912103.8         Purchaser Name PACIFIC INSURANCE COMPANY, LIMITED   Name in Which to Register Note(s) PACIFIC INSURANCE COMPANY, LIMITED   Note Registration Number(s);   Principal Amount(s)   RS-15; $5,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      JP Morgan Chase    4 New York Plaza   New York  New York 10004   Bank ABA No. 021000021   Chase NYC/Cust   A/C # ########## for F/C/T - #########   Attn: Bond Interest /Principal - CHS Inc.   Ref:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Hartford Investment Management Company   c/o Investment Operations   Regular Mailing Address:   P.O. Box 1744   Hartford, CT  06144-1744   Overnight Mailing Address:   One Hartford Plaza - NP-A   Hartford, Connecticut 06155   Telefacsimile: (860)297-8875/8876   Address / Fax # / Email for all other   notices   Hartford Investment Management Company   c/o Investment Department-Private Placements   E-mail Address:     ken.day@himco.com and PrivatePlacements.Himco@Himco.com,   subject to confirming copy of notice being sent same day by    recognized international commercial delivery service (charges prepaid)   to the following addresses:   Regular Mailing Address:   P.O. Box 1744   Hartford, CT  06144-1744   Overnight Mailing Address:   One Hartford Plaza, NP5-B   Hartford, Connecticut 06155   Telefacsimile: (860)297-8884     

 

   Schedule A-39   DB1/ 84912103.8      Purchaser Name PACIFIC INSURANCE COMPANY, LIMITED   Instructions re Delivery of Note(s) JPMorgan Chase Bank, N.A.   4 Chase Metrotech Center, 1st Floor, Window 5   Brooklyn, New York 11245-0001   Attention:  Physical Receive Department    (Use Willoughby Street Entrance)   Custody Account Number: ######### (must appear on outside of   envelope)   Signature Block Format PACIFIC INSURANCE COMPANY, LIMITED   By: Hartford Investment Management Company    Its Agent and Attorney-in-Fact       By:          Name:    Title:   Tax Identification Number 06-1401918     

 

   Schedule A-40   DB1/ 84912103.8         Purchaser Name FARM BUREAU LIFE INSURANCE COMPANY OF MICHIGAN   Name in Which to Register Note(s) FARM BUREAU LIFE INSURANCE COMPANY OF MICHIGAN   Note Registration Number(s);   Principal Amount(s)   RW-6; $5,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      Bank: Comerica Bank/Trust Operations   AC: ##########   BNF: Farm Bureau Life Insurance Company of Michigan   AC: ##########   Bank Routing Number: 111000753   DTC Number: 2108   Institutional I.D.: 48156   Agent Bank I.D.: 19143   Attn: Bond Interest /Principal - CHS Inc   Ref:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series W Senior Notes due January 25, 2031  12542R K@8      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Farm Bureau Life Insurance Company of Michigan    7373 West Saginaw Highway   Lansing, MI 48917   Attention: Travis M. Lower   Telephone No.:(517) 679-4713   Facsimile No.:(517) 323-6554   E-mail Address:  tlower@fbinsmi.com   Address / Fax # / Email for all other   notices   Hartford Investment Management Company   c/o Investment Department-Private Placements   E-mail Address:     ken.day@himco.com and PrivatePlacements.Himco@Himco.com,   subject to confirming copy of notice being sent same day by    recognized international commercial delivery service (charges prepaid)   to the following addresses:   Regular Mailing Address:   P.O. Box 1744   Hartford, CT  06144-1744   Overnight Mailing Address:   One Hartford Plaza, NP5-B   Hartford, Connecticut 06155   Telefacsimile: (860)297-8884   Instructions re Delivery of Note(s) Comerica Bank   411 W. Lafayette   Detroit, MI  48226   Mail Code 3531   Attn: Trust Asset Control     

 

   Schedule A-41   DB1/ 84912103.8      Purchaser Name FARM BUREAU LIFE INSURANCE COMPANY OF MICHIGAN   Signature Block Format FARM BUREAU LIFE INSURANCE COMPANY OF MICHIGAN   By: Hartford Investment Management Company    Its Agent and Attorney-in-Fact       By:          Name:    Title:   Tax Identification Number 38-6056370     

 

   Schedule A-42   DB1/ 84912103.8         Purchaser Name SEPARATE ACCOUNT B, A SEPARATE ACCOUNT OF   HARTFORD LIFE INSURANCE COMPANY   Name in Which to Register Note(s) SEPARATE ACCOUNT B, A SEPARATE ACCOUNT OF HARTFORD   LIFE INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RS-16; $2,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      JP Morgan Chase    4 New York Plaza   New York  New York 10004   Bank ABA No. 021000021   Chase NYC/Cust   A/C # ########## for F/C/T - #########   Attn: Bond Interest /Principal - CHS Inc   Ref:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Hartford Investment Management Company   c/o Investment Operations   Regular Mailing Address:   P.O. Box 1744   Hartford, CT  06144-1744   Overnight Mailing Address:   One Hartford Plaza - NP-A   Hartford, Connecticut 06155   Telefacsimile: (860)297-8875/8876   Address / Fax # / Email for all other   notices   Hartford Investment Management Company   c/o Investment Department-Private Placements   E-mail Address:     ken.day@himco.com and PrivatePlacements.Himco@Himco.com,   subject to confirming copy of notice being sent same day by    recognized international commercial delivery service (charges prepaid)   to the following addresses:   Regular Mailing Address:   P.O. Box 1744   Hartford, CT  06144-1744   Overnight Mailing Address:   One Hartford Plaza, NP5-B   Hartford, Connecticut 06155   Telefacsimile: (860)297-8884     

 

   Schedule A-43   DB1/ 84912103.8      Purchaser Name SEPARATE ACCOUNT B, A SEPARATE ACCOUNT OF   HARTFORD LIFE INSURANCE COMPANY   Instructions re Delivery of Note(s) JPMorgan Chase Bank, N.A.   4 Chase Metrotech Center, 3rd Floor   Brooklyn, New York 11245-0001   Attention:  Physical Receive Department    (Use Willoughby Street Entrance)   Custody Account Number: ######### (must appear on outside of   envelope)   Signature Block Format Separate Account B, a separate account of HARTFORD LIFE   INSURANCE COMPANY   By: Hartford Investment Management Company    Its Agent and Attorney-in-Fact       By:          Name:    Title:   Tax Identification Number 06-0974148     

 

   Schedule A-44   DB1/ 84912103.8         Purchaser Name USAA GENERAL INDEMNITY COMPANY   Name in Which to Register Note(s) ELL & CO.   Note Registration Number(s);   Principal Amount(s)   RS-17; $5,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      Northern Chgo/Trust   ABA#071000152   Credit Wire Account # ##########   ##########      Reference “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Ell & Co   c/o Northern Trust Company   PO Box 92395   Chicago, IL 60675-92395   Attn:  Income Collections   Please include the cusip and shares/par for the dividend/interest payment   Address / Fax # / Email for all other   notices   Donna Baggerly   VP Insurance Portfolios   9800 Fredericksburg Road   San Antonio, TX 78288   (210) 498-5195   Email: privates@usaa.com   Instructions re Delivery of Note(s) Depository Trust & Clearing Corporation   Newport Office Center   570 Washington Blvd., 5th Floor   Jersey City, NJ 07310   Attn: Tanya Stackhouse-Bowen or Robert Mendez   Reference: Northern Trust Account # ##########   212-855-2484   Signature Block Format USAA GENERAL INDEMNITY COMPANY      By:         Name:   Title:   Tax Identification Number 74-1718283     

 

   Schedule A-45   DB1/ 84912103.8         Purchaser Name GARRISON PROPERTY & CASUALTY INSURANCE COMPANY   Name in Which to Register Note(s) ELL & CO.   Note Registration Number(s);   Principal Amount(s)   RS-18; $5,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      Northern Chgo/Trust   ABA#071000152   Credit Wire Account # ##########   ##########      Reference “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Ell & Co   c/o Northern Trust Company   PO Box 92395   Chicago, IL 60675-92395   Attn:  Income Collections   Please include the cusip and shares/par for the dividend/interest payment   Address / Fax # / Email for all other   notices   Donna Baggerly   VP Insurance Portfolios   9800 Fredericksburg Road   San Antonio, TX 78288   (210) 498-5195   Email: privates@usaa.com   Instructions re Delivery of Note(s) Depository Trust & Clearing Corporation   Newport Office Center   570 Washington Blvd., 5th Floor   Jersey City, NJ 07310   Attn: Tanya Stackhouse-Bowen or Robert Mendez   Reference: Northern Trust Account # ##########   212-855-2484   Signature Block Format GARRISON PROPERTY & CASUALTY INSURANCE COMPANY      By:         Name:   Title:   Tax Identification Number 43-1803614     

 

   Schedule A-46   DB1/ 84912103.8         Purchaser Name UNITED SERVICES AUTOMOBILE ASSOCIATION   Name in Which to Register Note(s) ELL & CO.   Note Registration Number(s);   Principal Amount(s)   RT-5; $15,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      Northern Chgo/Trust   ABA#071000152   Credit Wire Account # ##########   ###########      Reference “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series T Senior Notes due January 25, 2025  12542R J@0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Ell & Co   c/o Northern Trust Company   PO Box 92395   Chicago, IL 60675-92395   Attn:  Income Collections   Please include the cusip and shares/par for the dividend/interest payment   Address / Fax # / Email for all other   notices   Donna Baggerly   VP Insurance Portfolios   9800 Fredericksburg Road   San Antonio, TX 78288   (210) 498-5195   Email: privates@usaa.com   Instructions re Delivery of Note(s) Depository Trust & Clearing Corporation   Newport Office Center   570 Washington Blvd., 5th Floor   Jersey City, NJ 07310   Attn: Tanya Stackhouse-Bowen or Robert Mendez   Reference: Northern Trust Account # ###########   212-855-2484   Signature Block Format UNITED SERVICES AUTOMOBILE ASSOCIATION       By:         Name:   Title:   Tax Identification Number 74-0959140     

 

   Schedule A-47   DB1/ 84912103.8         Purchaser Name USAA LIFE INSURANCE COMPANY   Name in Which to Register Note(s) ELL & CO.   Note Registration Number(s);   Principal Amount(s)   RT-6; $10,000,000   RV-2; $19,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      Northern Chgo/Trust   ABA#071000152   Credit Wire Account # ##########   ##################      Reference “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series T Senior Notes due January 25, 2025  12542R J@0   Series V Senior Notes due January 25, 2028  12542R K*0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Ell & Co   c/o Northern Trust Company   PO Box 92395   Chicago, IL 60675-92395   Attn:  Income Collections   Please include the cusip and shares/par for the dividend/interest payment   Address / Fax # / Email for all other   notices   John Spear   VP Insurance Portfolios   9800 Fredericksburg Road   San Antonio, TX 78288   (210) 498-8661   Email: privates@usaa.com   Instructions re Delivery of Note(s) Depository Trust & Clearing Corporation   Newport Office Center   570 Washington Blvd., 5th Floor   Jersey City, NJ 07310   Attn: Tanya Stackhouse-Bowen or Robert Mendez   Reference: Northern Trust Account # ##################   212-855-2484   Signature Block Format USAA LIFE INSURANCE COMPANY      By:         Name:   Title:   Tax Identification Number 74-1472662     

 

   Schedule A-48   DB1/ 84912103.8         Purchaser Name USAA LIFE INSURANCE COMPANY OF NEW YORK   Name in Which to Register Note(s) ELL & CO.   Note Registration Number(s);   Principal Amount(s)   RV-3; $1,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      Northern Chgo/Trust   ABA#071000152   Credit Wire Account # ##########   ####################      Reference “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series V Senior Notes due January 25, 2028  12542R K*0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Ell & Co   c/o Northern Trust Company   PO Box 92395   Chicago, IL 60675-92395   Attn:  Income Collections   Please include the cusip and shares/par for the dividend/interest payment   Address / Fax # / Email for all other   notices   John Spear   VP Insurance Portfolios   9800 Fredericksburg Road   San Antonio, TX 78288   (210) 498-8661   Email: privates@usaa.com   Instructions re Delivery of Note(s) Depository Trust & Clearing Corporation   Newport Office Center   570 Washington Blvd., 5th Floor   Jersey City, NJ 07310   Attn: Tanya Stackhouse-Bowen or Robert Mendez   Reference: Northern Trust Account # ####################   212-855-2484   Signature Block Format USAA LIFE INSURANCE COMPANY OF NEW YORK      By:         Name:   Title:   Tax Identification Number 16-1530706     

 

   Schedule A-49   DB1/ 84912103.8         Purchaser Name BLUE CROSS AND BLUE SHIELD OF FLORIDA, INC.   Name in Which to Register Note(s) MAC & CO., LLC   Note Registration Number(s);   Principal Amount(s)   RS-19; $1,000,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Blue Cross and Blue Shield of Florida, Inc.   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Blue Cross and Blue Shield of Florida, Inc.   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format BLUE CROSS AND BLUE SHIELD OF FLORIDA, INC.   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 59-2015694     

 

   Schedule A-50   DB1/ 84912103.8         Purchaser Name RESERVE NATIONAL INSURANCE COMPANY   Name in Which to Register Note(s) HARE & CO., LLC   Note Registration Number(s);   Principal Amount(s)   RS-20; $1,000,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Reserve National Insurance Company   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Reserve National Insurance Company   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format RESERVE NATIONAL INSURANCE COMPANY   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 73-0661453     

 

   Schedule A-51   DB1/ 84912103.8         Purchaser Name UNITEDHEALTHCARE INSURANCE COMPANY   Name in Which to Register Note(s) ELL & CO.   Note Registration Number(s);   Principal Amount(s)   RS-21; $2,000,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      UnitedHealthcare Insurance Company   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      UnitedHealthcare Insurance Company   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format UNITEDHEALTHCARE INSURANCE COMPANY   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 36-2739571     

 

   Schedule A-52   DB1/ 84912103.8         Purchaser Name UNITED INSURANCE COMPANY OF AMERICA   Name in Which to Register Note(s) HARE & CO., LLC   Note Registration Number(s);   Principal Amount(s)   RS-22; $4,000,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      United Insurance Company of America   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      United Insurance Company of America   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format UNITED INSURANCE COMPANY OF AMERICA   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 36-1896670     

 

   Schedule A-53   DB1/ 84912103.8         Purchaser Name WESTERN FRATERNAL LIFE ASSOCIATION   Name in Which to Register Note(s) HUBB & CO.   Note Registration Number(s);   Principal Amount(s)   RS-23; $1,000,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Western Fraternal Life Association   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Western Fraternal Life Association   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format WESTERN FRATERNAL LIFE ASSOCIATION   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 42-0594470     

 

   Schedule A-54   DB1/ 84912103.8         Purchaser Name AMERICAN REPUBLIC INSURANCE COMPANY   Name in Which to Register Note(s) WELLS FARGO BANK N.A. FBO AMERICAN REPUBLIC   INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RS-24; $1,000,000   RT-7;   $1,100,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2   Series T Senior Notes due January 25, 2025  12542R J@0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      American Republic Insurance Company   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      American Republic Insurance Company   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format AMERICAN REPUBLIC INSURANCE COMPANY   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 42-0113630        

 

   Schedule A-55   DB1/ 84912103.8         Purchaser Name DEARBORN NATIONAL LIFE INSURANCE COMPANY   Name in Which to Register Note(s) ELL & CO.   Note Registration Number(s);   Principal Amount(s)   RT-8; $2,500,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series T Senior Notes due January 25, 2025  12542R J@0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Dearborn National Life Insurance Company   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Dearborn National Life Insurance Company   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format DEARBORN NATIONAL LIFE INSURANCE COMPANY   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 36-2598882     

 

   Schedule A-56   DB1/ 84912103.8         Purchaser Name DEARBORN NATIONAL LIFE INSURANCE COMPANY   Name in Which to Register Note(s) ELL & CO.   Note Registration Number(s);   Principal Amount(s)   RT-9; $2,500,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series T Senior Notes due January 25, 2025  12542R J@0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Dearborn National Life Insurance Company   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Dearborn National Life Insurance Company   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format DEARBORN NATIONAL LIFE INSURANCE COMPANY   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 36-2598882     

 

   Schedule A-57   DB1/ 84912103.8         Purchaser Name MINNESOTA LIFE INSURANCE COMPANY   Name in Which to Register Note(s) MINNESOTA LIFE INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RT-10; $18,500,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series T Senior Notes due January 25, 2025  12542R J@0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Minnesota Life Insurance Company    c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Minnesota Life Insurance Company    c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format MINNESOTA LIFE INSURANCE COMPANY   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 41-0417830     

 

   Schedule A-58   DB1/ 84912103.8         Purchaser Name ROYAL NEIGHBORS OF AMERICA   Name in Which to Register Note(s) ELL & CO.   Note Registration Number(s);   Principal Amount(s)   RT-11; $1,000,000   RX-10; $2,000,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series T Senior Notes due January 25, 2025  12542R J@0   Series X Senior Notes due January 25, 2036  12542R K#6      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Royal Neighbors of America   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn: Client Administrator   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Royal Neighbors of America   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn: Client Administrator   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format ROYAL NEIGHBORS OF AMERICA   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 36-1711198     

 

   Schedule A-59   DB1/ 84912103.8         Purchaser Name SECURIAN LIFE INSURANCE COMPANY   Name in Which to Register Note(s) SECURIAN LIFE INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RT-12; $1,500,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series T Senior Notes due January 25, 2025  12542R J@0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Securian Life Insurance Company   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, Minnesota  55101   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Securian Life Insurance Company   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, Minnesota  55101   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format SECURIAN LIFE INSURANCE COMPANY   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 41-1412669     

 

   Schedule A-60   DB1/ 84912103.8               Purchaser Name TRUSTMARK INSURANCE COMPANY   Name in Which to Register Note(s) ELL & CO.   Note Registration Number(s);   Principal Amount(s)   RT-13; $2,000,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series T Senior Notes due January 25, 2025  12542R J@0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Trustmark Insurance Company    c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Trustmark Insurance Company    c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format TRUSTMARK INSURANCE COMPANY   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 36-0792925     

 

   Schedule A-61   DB1/ 84912103.8         Purchaser Name UNITY FINANCIAL LIFE INSURANCE COMPANY   Name in Which to Register Note(s) LINK & CO   Note Registration Number(s);   Principal Amount(s)   RT-14; $900,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series T Senior Notes due January 25, 2025  12542R J@0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Unity Financial Life Insurance Company   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Unity Financial Life Insurance Company   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format UNITY FINANCIAL LIFE INSURANCE COMPANY   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 23-1640528     

 

   Schedule A-62   DB1/ 84912103.8         Purchaser Name CATHOLIC FINANCIAL LIFE   Name in Which to Register Note(s) US BANK FBO CATHOLIC FINANCIAL LIFE   Note Registration Number(s);   Principal Amount(s)   RU-2; $2,000,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series U Senior Notes due January 25, 2027  12542R J#8      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Catholic Financial Life   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Catholic Financial Life   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format CATHOLIC FINANCIAL LIFE   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 39-0201015     

 

   Schedule A-63   DB1/ 84912103.8         Purchaser Name CATHOLIC UNITED FINANCIAL   Name in Which to Register Note(s) WELLS FARGO BANK N.A. FBO CATHOLIC UNITED FINANCIAL   Note Registration Number(s);   Principal Amount(s)   RW-7; $500,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series W Senior Notes due January 25, 2031  12542R K@8      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Catholic United Financial   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Catholic United Financial   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format CATHOLIC UNITED FINANCIAL   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 41-0182070     

 

   Schedule A-64   DB1/ 84912103.8         Purchaser Name POLISH NATIONAL ALLIANCE OF THE U.S. OF N.A.   Name in Which to Register Note(s) HARE & CO., LLC   Note Registration Number(s);   Principal Amount(s)   RW-8;   $  500,000   RX-11; $1,500,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series W Senior Notes due January 25, 2031  12542R K@8   Series X Senior Notes due January 25, 2036  12542R K#6      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Polish National Alliance of the U.S. of N.A.    c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Polish National Alliance of the U.S. of N.A.   c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN  55101   Attn:  Client Administrator   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format POLISH NATIONAL ALLIANCE OF THE U.S. OF N.A.   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 36-1635410     

 

   Schedule A-65   DB1/ 84912103.8         Purchaser Name GREAT WESTERN INSURANCE COMPANY   Name in Which to Register Note(s) WELLS FARGO BANK N.A. FBO GREAT WESTERN INSURANCE   COMPANY   Note Registration Number(s);   Principal Amount(s)   RX-12; $3,500,000   Payment on account of Note(s)      Method      Account Information         To be provided to the Company prior to closing   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series X Senior Notes due January 25, 2036  12542R K#6      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Great Western Insurance Company    c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN 55101   Attn: Client Administrator   Address / Fax # / Email for all other   notices   All notices and statements should be sent electronically via Email to:   privateplacements@advantuscapital.com.        If Email is unavailable or if the Email is returned for any reason (including   receipt of a message that the Email is undeliverable), such notice and   statements should be sent to the following address:      Great Western Insurance Company    c/o Advantus Capital Management, Inc.   400 Robert Street North   St. Paul, MN 55101   Attn: Client Administrator   Instructions re Delivery of Note(s) Instructions to be provided to Morgan Lewis prior to closing      Signature Block Format GREAT WESTERN INSURANCE COMPANY   By: Advantus Capital Management, Inc.       By:          Name:    Title:   Tax Identification Number 87-0395954     

 

   Schedule A-66   DB1/ 84912103.8         Purchaser Name THE UNITED STATES LIFE INSURANCE COMPANY IN THE   CITY OF NEW YORK   Name in Which to Register Note(s) OCEANWHALE & CO.   Note Registration Number(s);   Principal Amount(s)   RS-25; $3,100,000   RT-15; $3,100,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      State Street Bank & Trust Company   ABA # 011-000-028   Account Name:  THE UNITED STATES LIFE INS. CO. PHYSICAL;   Fund Number PA77   Account Number:  ########   Reference:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2   Series T Senior Notes due January 25, 2025  12542R J@0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   The United States Life Insurance Company in the City of New York   (PA77)   c/o AIG Asset Management    2929 Allen Parkway, A36-04   Houston, Texas  77019-2155   Attn:  Private Placements Portfolio Operations   Email:  AIGGIGPVTPLACEMENTOPERATIONS@aig.com      Duplicate payment notices (only) to:      The United States Life Insurance Co. in the City of New York (PA77)   c/o State Street Bank Corporation, Insurance Services   Fax:  (816) 871-5539   Address / Fax # / Email for all other   notices   The United States Life Insurance Company in the City of New York   (PA77)   c/o AIG Asset Management    2929 Allen Parkway, A36-04   Houston, Texas  77019-2155   Attn:  Private Placements Portfolio Operations   Email:  AIGGIGPVTPLACEMENTOPERATIONS@aig.com      Compliance reporting information (financial docs, officer’s certificates,   etc.) to:      AIG Asset Management    2929 Allen Parkway, A36-04   Houston, Texas  77019-2155   Attn:  Private Placements Compliance   Email:  complianceprivateplacements@aig.com     

 

   Schedule A-67   DB1/ 84912103.8      Purchaser Name THE UNITED STATES LIFE INSURANCE COMPANY IN THE   CITY OF NEW YORK   Instructions re Delivery of Note(s) DTCC   570 Washington Blvd.   Jersey City, NJ 07310   Attn:  NY Window – 5th Floor    Contact:  Robert Mendez; Phone:  (617) 985-2074   SSB Participant Number:  0997    SSB Account Name:  THE UNITED STATES LIFE INSURANCE   COMPANY IN THE CITY OF N. Y.   SSB Account Number:  ####   Signature Block Format THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY   OF NEW YORK    By: AIG Asset Management (U.S.), LLC, as Investment Adviser       By:          Name:    Title:   Tax Identification Number 13-5459480     

 

   Schedule A-68   DB1/ 84912103.8         Purchaser Name LEXINGTON INSURANCE COMPANY   Name in Which to Register Note(s) HARE & CO., LLC   Note Registration Number(s);   Principal Amount(s)   RS-26; $1,800,000   RT-16; $1,800,000   RV-4;   $3,590,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      The Bank of New York Mellon   ABA # 021-000-018     Account Name:  BNYM Income   Account Number:  #########    For Further Credit to:  LEXINGTON INSURANCE CO.; Account No:    ######   Reference:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2   Series T Senior Notes due January 25, 2025  12542R J@0   Series V Senior Notes due January 25, 2028  12542R K*0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Lexington Insurance Company (554916)   c/o AIG Asset Management    2929 Allen Parkway, A36-04    Houston, Texas  77019-2155   Attn:  Private Placements Portfolio Operations   Email: AIGGIGPVTPLACEMENTOPERATIONS@aig.com      Duplicate payment notices (only) to:      Lexington Insurance Company (554916)   c/o The Bank of New York Mellon   Attn:  P & I Department   Fax:  (718) 315-3076   Address / Fax # / Email for all other   notices   Lexington Insurance Company (554916)   c/o AIG Asset Management    2929 Allen Parkway, A36-04    Houston, Texas  77019-2155   Attn:  Private Placements Portfolio Operations   Email: AIGGIGPVTPLACEMENTOPERATIONS@aig.com      Compliance reporting information (financial docs, officer’s certificates,   etc.) to:      AIG Asset Management   2929 Allen Parkway, A36-04   Houston, Texas  77019-2155   Attn:  Private Placements Compliance   Email: complianceprivateplacements@aig.com     

 

   Schedule A-69   DB1/ 84912103.8      Purchaser Name LEXINGTON INSURANCE COMPANY   Instructions re Delivery of Note(s) DTCC   570 Washington Blvd.    Jersey City, NJ 07310   Attn: BNY Mellon / Branch Deposit Department – 5th Floor   Contact:  Andre Granville; Phone:  (315) 414-3068   BNYM Participant Number:  901    BNYM Account Name:  LEXINGTON INSURANCE COMPANY    BNYM Account Number:  ######   Signature Block Format LEXINGTON INSURANCE COMPANY    By: AIG Asset Management (U.S.), LLC, as Investment Adviser       By:          Name:     Title:    Tax Identification Number 25-1149494        

 

   Schedule A-70   DB1/ 84912103.8         Purchaser Name UNITED GUARANTY RESIDENTIAL INSURANCE COMPANY   Name in Which to Register Note(s) HARE & CO., LLC   Note Registration Number(s);   Principal Amount(s)   RS-27; $100,000   RT-17; $100,000   RV-5;   $190,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      The Bank of New York Mellon   ABA # 021-000-018   Account Name:  BNYM Income   Account Number:  #########    For Further Credit to:  U. S. Bank N.A.; Account No.  ######   Reference:  United Guaranty Residential Ins. Co. & “Accompanying   Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2   Series T Senior Notes due January 25, 2025  12542R J@0   Series V Senior Notes due January 25, 2028  12542R K*0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   United Guaranty Residential Insurance Company (1028783566)   c/o AIG Asset Management    2929 Allen Parkway, A36-04    Houston, Texas  77019-2155   Attn:  Private Placements Portfolio Operations   Email:  AIGGIGPVTPLACEMENTOPERATIONS@aig.com      Duplicate payment notices (only) to:      United Guaranty Residential Insurance Company (1028783566)   c/o U.S. Bank N.A.    Fax:  Lisa Nadel (202) 261-0810   Address / Fax # / Email for all other   notices   United Guaranty Residential Insurance Company (1028783566)   c/o AIG Asset Management    2929 Allen Parkway, A36-04    Houston, Texas  77019-2155   Attn:  Private Placements Portfolio Operations   Email:  AIGGIGPVTPLACEMENTOPERATIONS@aig.com      Compliance reporting information (financial docs, officer’s certificates,   etc.) to:      AIG Asset Management   2929 Allen Parkway, A36-04   Houston, Texas  77019-2155   Attn:  Private Placements Compliance   Email: complianceprivateplacements@aig.com     

 

   Schedule A-71   DB1/ 84912103.8      Purchaser Name UNITED GUARANTY RESIDENTIAL INSURANCE COMPANY   Instructions re Delivery of Note(s) DTCC   570 Washington Blvd.    Jersey City, NJ 07310   Attn: BNY Mellon / Branch Deposit Department – 5th Floor   Contact:  Lisa Nadel; Phone:  (202) 261-0805   BNYM Participant Number:  901    BNYM Account Name:  U.S. Bank N.A.   BNYM Account Number:  ######   Signature Block Format UNITED GUARANTY RESIDENTIAL INSURANCE COMPANY   By: AIG Asset Management (U.S.), LLC, as Investment Adviser       By:          Name:     Title:    Tax Identification Number 42-0885398       

 

   Schedule A-72   DB1/ 84912103.8         Purchaser Name THE VARIABLE ANNUITY LIFE INSURANCE COMPANY   Name in Which to Register Note(s) HARE & CO., LLC   Note Registration Number(s);   Principal Amount(s)   RV-6; $6,220,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      The Bank of New York Mellon   ABA # 021-000-018   Account Name:  BNYM Income   Account Number:  #########    For Further Credit to:  VARIABLE ANNUITY LIFE INSURANCE CO.;   Account No.  ######   Reference:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series V Senior Notes due January 25, 2028  12542R K*0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   The Variable Annuity Life Insurance Company (260735)   c/o AIG Asset Management    2929 Allen Parkway, A36-04    Houston, Texas  77019-2155   Attn:  Private Placements Portfolio Operations   Email:  AIGGIGPVTPLACEMENTOPERATIONS@aig.com      Duplicate payment notices (only) to:      The Variable Annuity Life Insurance Company (260735)   c/o The Bank of New York Mellon   Attn:  P & I Department   Fax:  (718) 315-3076   Address / Fax # / Email for all other   notices   The Variable Annuity Life Insurance Company (260735)   c/o AIG Asset Management    2929 Allen Parkway, A36-04    Houston, Texas  77019-2155   Attn:  Private Placements Portfolio Operations   Email:  AIGGIGPVTPLACEMENTOPERATIONS@aig.com      Compliance reporting information (financial docs, officer’s certificates,   etc.) to:      AIG Asset Management   2929 Allen Parkway, A36-04   Houston, Texas  77019-2155   Attn:  Private Placements Compliance   Email: complianceprivateplacements@aig.com     

 

   Schedule A-73   DB1/ 84912103.8      Purchaser Name THE VARIABLE ANNUITY LIFE INSURANCE COMPANY   Instructions re Delivery of Note(s) DTCC   570 Washington Blvd.    Jersey City, NJ 07310   Attn: BNY Mellon / Branch Deposit Department – 5th Floor   Contact:  Andre Granville; Phone:  (315) 414-3068   BNYM Participant Number:  901    BNYM Account Name:  THE VARIABLE ANNUITY LIFE   INSURANCE COMPANY   BNYM Account Number:  ######   Signature Block Format THE VARIABLE ANNUITY LIFE INSURANCE COMPANY   By: AIG Asset Management (U.S.), LLC, as Investment Adviser       By:          Name:     Title:    Tax Identification Number 74-1625348     

 

   Schedule A-74   DB1/ 84912103.8         Purchaser Name AMERICAN GENERAL LIFE INSURANCE COMPANY   Name in Which to Register Note(s) AGL-DEL   Note Registration Number(s);   Principal Amount(s)   RW-9;  $10,000,000   RX-13; $20,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      State Street Bank & Trust Company   ABA # 011-000-028   Account Name:  AMERICAN GENERAL LIFE INS. CO. PHYSICAL;   Fund Number PA40   Account Number:  ########   Reference:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series W Senior Notes due January 25, 2031  12542R K@8   Series X Senior Notes due January 25, 2036  12542R K#6      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   American General Life Insurance Company (PA40)   c/o AIG Asset Management    2929 Allen Parkway, A36-04   Houston, Texas 77019-2155   Attn:  Private Placements Portfolio Administration    Email:  AIGGIGPVTPLACEMENTOPERATIONS@aig.com      Duplicate payment notices (only) to:      American General Life Insurance Company (PA40)   c/o State Street Bank Corporation, Insurance Services    Fax:  (816) 871-5539   Address / Fax # / Email for all other   notices   American General Life Insurance Company (PA40)   c/o AIG Asset Management    2929 Allen Parkway, A36-04   Houston, Texas 77019-2155   Attn:  Private Placements Portfolio Administration    Email:  AIGGIGPVTPLACEMENTOPERATIONS@aig.com      Compliance reporting information (financial docs, officer’s certificates,   etc.) to:      AIG Asset Management   2929 Allen Parkway, A36-04   Houston, Texas  77019-2155   Attn:  Private Placements Compliance   Email: complianceprivateplacements@aig.com      

 

   Schedule A-75   DB1/ 84912103.8      Purchaser Name AMERICAN GENERAL LIFE INSURANCE COMPANY   Instructions re Delivery of Note(s) DTCC   570 Washington Blvd.   Jersey City, NJ 07310   Attn:  NY Window – 5th Floor    Contact:  Robert Mendez; Phone:  (617) 985-2074   SSB Participant Number:  0997    SSB Account Name:  AMERICAN GENERAL LIFE INSURANCE   COMPANY   SSB Account Number:  ####   Signature Block Format AMERICAN GENERAL LIFE INSURANCE COMPANY    By: AIG Asset Management (U.S.), LLC, as Investment Adviser       By:          Name:    Title:   Tax Identification Number 25-0598210     

 

   Schedule A-76   DB1/ 84912103.8         Purchaser Name THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA   Name in Which to Register Note(s) THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA   Note Registration Number(s); Principal   Amount(s)   RS-28; $6,000,000   RT-18; $8,000,000   RU-3;   $7,000,000   RV-7;   $7,000,000   RW-10; $7,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      JP Morgan Chase   FED ABA #021000021   Chase/NYC/CTR/BNF   A/C ##########   Reference A/C #######, Guardian Life, & “Accompanying   Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2   Series T Senior Notes due January 25, 2025  12542R J@0   Series U Senior Notes due January 25, 2027  12542R J#8   Series V Senior Notes due January 25, 2028  12542R K*0   Series W Senior Notes due January 25, 2031  12542R K@8      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices related   to payments   The Guardian Life Insurance Company of America   7 Hanover Square   New York, NY 10004-2616   Attn: Barry Scheinholtz   Investment Department  9-A   FAX #  (212) 919-2658   Email address: bscheinholtz@glic.com   Address / Fax # / Email for all other   notices   The Guardian Life Insurance Company of America   7 Hanover Square   New York, NY 10004-2616   Attn: Barry Scheinholtz   Investment Department  9-A   FAX #  (212) 919-2658   Email address: bscheinholtz@glic.com   Instructions re Delivery of Note(s) JP Morgan Chase Bank, N.A.   4 Chase Metrotech Center – 3rd Floor   Brooklyn, NY 11245-0001   Reference A/C #######, Guardian Life   Signature Block Format THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA      By:         Name:   Title:   Tax Identification Number 13-5123390     

 

   Schedule A-77   DB1/ 84912103.8         Purchaser Name ALLIANZ LIFE INSURANCE COMPANY OF NORTH   AMERICA   Name in Which to Register Note(s) MAC & CO., LLC   Note Registration Number(s); Principal   Amount(s)   RU-4; $25,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      MAC & CO., LLC   The Bank of New York Mellon   ABA #: 011001234   SWIFT Code: BSDTUS33   BNY Mellon Account No.: ###########   DDA ##########   Cost Center 1253   Re: “Accompanying Information” below   For Credit to Portfolio Account:  AZL Special Investments   AZAF6700422   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series U Senior Notes due January 25, 2027  12542R J#8      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices related   to payments   Allianz Life Insurance Company of North America   c/o Allianz Investment Management   Attn: Private Placements   55 Greens Farms Road   Westport, Connecticut  06880   Phone: 203-293-1900   Email: PPT@allianzlife.com      With a copy to:      Kathy Muhl   Supervisor – Income Group   The Bank of New York Mellon   Three Mellon Center – Room 153-1818   Pittsburgh, Pennsylvania  15259   Phone: 412-234-5192   Email: kathy.muhl@bnymellon.com   Address / Fax # / Email for all other   notices   Allianz Life Insurance Company of North America   c/o Allianz Investment Management   Attn:  Private Placements   55 Greens Farms Road   Westport, Connecticut  06880   Phone: 203-293-1900   Email: ppt@allianzlife.com     

 

   Schedule A-78   DB1/ 84912103.8      Purchaser Name ALLIANZ LIFE INSURANCE COMPANY OF NORTH   AMERICA   Instructions re Delivery of Note(s) The Depository Trust Company    570 Washington Blvd - 5th floor    Jersey City, NJ 07310    Attn: BNY Mellon/Branch Deposit Department      For Credit to:  Allianz Life Insurance Company of North America,   AZL Special Investments    ###########   Signature Block Format ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA      By:         Name:   Title:   Tax Identification Number 41-1366075     

 

   Schedule A-79   DB1/ 84912103.8         Purchaser Name AMERICAN EQUITY INVESTMENT LIFE INSURANCE   COMPANY   Name in Which to Register Note(s) CHIMEFISH & CO   Note Registration Number(s);   Principal Amount(s)   RV-8; $22,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      State Street Bank & Trust Company   ABA # 011000028   Account # ############################   REFERENCE: “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series V Senior Notes due January 25, 2028  12542R K*0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   American Equity Investment Life Insurance Co.   Attn:  Asset Administration   6000 Westown Parkway   West Des Moines, IA  50266   515-221-0329 fax   Address / Fax # / Email for all other   notices   American Equity Investment Life Insurance Co.   Attn:  Asset Administration   6000 Westown Parkway   West Des Moines, IA  50266   515-221-0329 fax   Instructions re Delivery of Note(s) DTCC   Newport Office Center    570 Washington Blvd   Jersey City, NJ 07310   5th Floor/NY Window/Robert Mendez    FBO State Street Bank & Trust for account ####   CUSIP/PPN:  12542R K*0   Security Description:  CHS Inc. Series V Senior Notes due January 25,   2028   Signature Block Format AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY      By:         Name:  Jeffrey A. Fossell   Title:    Authorized Signatory   Tax Identification Number 65-1186810     

 

   Schedule A-80   DB1/ 84912103.8         Purchaser Name EAGLE LIFE INSURANCE COMPANY   Name in Which to Register Note(s) CHIMEFISH & CO   Note Registration Number(s);   Principal Amount(s)   RS-29; $1,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      State Street Bank & Trust Company   ABA # 011000028   Account # ############################   REFERENCE:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Eagle Life Insurance Company   Attn:  Asset Administration   6000 Westown Parkway   West Des Moines, IA  50266   515-221-0329 fax   Address / Fax # / Email for all other   notices   Eagle Life Insurance Company   Attn:  Asset Administration   6000 Westown Parkway   West Des Moines, IA  50266   515-221-0329 fax   Instructions re Delivery of Note(s) DTCC   Newport Office Center    570 Washington Blvd   Jersey City, NJ 07310   5th Floor/NY Window/Robert Mendez    FBO State Street Bank & Trust for account ####   CUSIP/PPN:  12542R J*2   Security Description:  CHS Inc. Series S Senior Notes due January 25,   2023   Signature Block Format EAGLE LIFE INSURANCE COMPANY      By:         Name:  Jeffrey A. Fossell   Title:    Authorized Signatory   Tax Identification Number 65-1186810     

 

   Schedule A-81   DB1/ 84912103.8         Purchaser Name AMERICAN UNITED LIFE INSURANCE COMPANY   Name in Which to Register Note(s) AMERICAN UNITED LIFE INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RS-30; $  3,000,000   RV-9;  $10,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      AMERICAN UNITED LIFE INSURANCE COMPANY   Bank of New York   ABA #:  021000018   Credit Account:  #########   Account Name: American United Life Insurance Company   Account #:  ######   Re:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2   Series V Senior Notes due January 25, 2028  12542R K*0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   American United Life Insurance Company   Attn:  Mike Bullock, Securities Department   One American Square, Suite 305W   Post Office Box 368   Indianapolis, IN 46206   mike.bullock@oneamerica.com   Address / Fax # / Email for all other   notices   American United Life Insurance Company   Attn:  Mike Bullock, Securities Department   One American Square, Suite 305W   Post Office Box 368   Indianapolis, IN 46206   mike.bullock@oneamerica.com   Instructions re Delivery of Note(s) The Depository Trust Company   Attn:  BNY Mellon/Branch Deposit Dept.   Acct # ###### American United Life Ins. Co.   570 Washington Blvd. – 5th Floor   Jersey City, NJ  07310   Signature Block Format AMERICAN UNITED LIFE INSURANCE COMPANY      By:         Name:  David M. Weisenburger   Title:  VP, Fixed Income Securities   Tax Identification Number 35-0145825     

 

   Schedule A-82   DB1/ 84912103.8         Purchaser Name THE STATE LIFE INSURANCE COMPANY   Name in Which to Register Note(s) THE STATE LIFE INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RS-31; $7,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      THE STATE LIFE INSURANCE COMPANY   Bank of New York   ABA #:  021000018   Credit Account:  #########   Account Name: The State Life Insurance Company   Account #:  ######    Re:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   American United Life Insurance Company   Attn:  Mike Bullock, Securities Department   One American Square, Suite 305W   Post Office Box 368   Indianapolis, IN 46206   mike.bullock@oneamerica.com   Address / Fax # / Email for all other   notices   American United Life Insurance Company   Attn:  Mike Bullock, Securities Department   One American Square, Suite 305W   Post Office Box 368   Indianapolis, IN 46206   mike.bullock@oneamerica.com   Instructions re Delivery of Note(s) The Depository Trust Company   Attn:  BNY Mellon/Branch Deposit Dept.   Acct # ###### State Life, c/o AUL   570 Washington Blvd. – 5th Floor   Jersey City, NJ  07310   Signature Block Format THE STATE LIFE INSURANCE COMPANY   By: American United Life Insurance Company   Its: Agent       By:          Name:  David M. Weisenburger    Title:  VP, Fixed Income Securities   Tax Identification Number 35-0684263     

 

   Schedule A-83   DB1/ 84912103.8            Purchaser Name MODERN WOODMEN OF AMERICA   Name in Which to Register Note(s) MODERN WOODMEN OF AMERICA   Note Registration Number(s);   Principal Amount(s)   RS-32; $7,000,000   RT-19; $8,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      The Northern Trust Company   50 South LaSalle Street   Chicago, IL 60675   ABA No. 071-000-152   Account Name:  Modern Woodmen of America   Account No. #####      Reference  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2   Series T Senior Notes due January 25, 2025  12542R J@0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Modern Woodmen of America   Attn:  Investment Accounting Department   1701 First Avenue   Rock Island, IL 61201   Fax:  (309) 793-5688   Address / Fax # / Email for all other   notices   Modern Woodmen of America   Attn:  Investment Department   1701 First Avenue   Rock Island, IL 61201   investments@modern-woodmen.org    Fax:  (309) 793-5574   Instructions re Delivery of Note(s) Modern Woodmen of America   1701 1st Ave   Rock Island, IL  61201   Attn:  Douglas A. Pannier   Signature Block Format MODERN WOODMEN OF AMERICA      By:         Name:   Title:   Tax Identification Number 36-1493430        

 

   Schedule A-84   DB1/ 84912103.8         Purchaser Name STATE OF WISCONSIN INVESTMENT BOARD   Name in Which to Register Note(s) STATE OF WISCONSIN INVESTMENT BOARD   Note Registration Number(s);   Principal Amount(s)   RT-20; $5,000,000   RU-5;   $5,000,000   RV-10; $5,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      Federal Reserve Bank of Boston   ABA # 011-00-1234   For the account of the State of Wisconsin Investment Board   DDA# ##########   Attn: Cost Center 1195   For: ###########    Ref:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series T Senior Notes due January 25, 2025  12542R J@0   Series U Senior Notes due January 25, 2027  12542R J#8   Series V Senior Notes due January 25, 2028  12542R K*0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Ms. Mai Thor   Accounting Specialist   State of Wisconsin Investment Board   121 East Wilson Street   P. O. Box 7842   Madison, Wisconsin 53707-7842   Phone: (608) 267-3742   Fax:  (608) 266-2436      With a message identifying the security by name and CUSIP number and   application of the funds.   Address / Fax # / Email for all other   notices   State of Wisconsin Investment Board   121 East Wilson Street   P. O. Box 7842   Madison, Wisconsin 53707-7842   Attention:  Portfolio Manager, Private Markets Group-Wisconsin Private   Debt Portfolio      Street Address   State of Wisconsin Investment Board   121 East Wilson Street   Madison, Wisconsin 53703   Attention:  Portfolio Manager, Private Markets Group–Wisconsin Private   Debt Portfolio     

 

   Schedule A-85   DB1/ 84912103.8      Purchaser Name STATE OF WISCONSIN INVESTMENT BOARD   Instructions re Delivery of Note(s) Ms. Mai Thor   Accounting Specialist   State of Wisconsin Investment Board   121 East Wilson Street   Madison, Wisconsin 53707-7842   Signature Block Format STATE OF WISCONSIN INVESTMENT BOARD       By:         Name:  Christopher P. Prestigiacomo   Title:  Portfolio Manager   Tax Identification Number 39-6006423     

 

   Schedule A-86   DB1/ 84912103.8         Purchaser Name CMFG LIFE INSURANCE COMPANY   Name in Which to Register Note(s) TURNKEYS + CO   Note Registration Number(s);   Principal Amount(s)   RT-21; $7,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      ABA:  011000028   Bank:  State Street Bank   Account Name:  CMFG Life Insurance Company   DDA #:  ########   REFERENCE FUND:  ZT1E   Nominee Name:  TURKEYS & CO   CMFG Life Insurance Company TAX ID#:  39-0230590   TURNKEYS + CO TAX ID#:  03-0400481   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series T Senior Notes due January 25, 2025  12542R J@0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   EMAIL:  DS-PRIVATEPLACEMENTS@CUNAMUTUAL.COM   Address / Fax # / Email for all other   notices   EMAIL:  DS-PRIVATEPLACEMENTS@CUNAMUTUAL.COM   EMAIL:  RALPH.GUNDRUM@CUNAMUTUAL.COM   Instructions re Delivery of Note(s) DTCC   Newport Office Center   570 Washington Blvd   Jersey City, NJ  07310   5th floor / NY Window / Robert Mendez   FBO:  State Street Bank & Trust for ZT1E   Signature Block Format CMFG LIFE INSURANCE COMPANY   By: MEMBERS Capital Advisors, Inc.    acting as Investment Advisor       By:          Name:  Allen R. Cantrell    Title:  Managing Director, Investments   Tax Identification Number 39-0230590     

 

   Schedule A-87   DB1/ 84912103.8         Purchaser Name CMFG LIFE INSURANCE COMPANY   Name in Which to Register Note(s) TURNKEYS + CO   Note Registration Number(s);   Principal Amount(s)   RT-22; $3,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      ABA:  011000028   Bank:  State Street Bank   Account Name:  CMFG Life Members Zone   DDA #:  ########   REFERENCE FUND:  ZTAV   Nominee Name:  TURKEYS & CO   CMFG Life Insurance Company TAX ID#:  39-0230590   TURNKEYS + CO TAX ID#:  03-0400481   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series T Senior Notes due January 25, 2025  12542R J@0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   EMAIL:  DS-PRIVATEPLACEMENTS@CUNAMUTUAL.COM   Address / Fax # / Email for all other   notices   EMAIL:  DS-PRIVATEPLACEMENTS@CUNAMUTUAL.COM   EMAIL:  RALPH.GUNDRUM@CUNAMUTUAL.COM   Instructions re Delivery of Note(s) DTCC   Newport Office Center   570 Washington Blvd   Jersey City, NJ  07310   5th floor / NY Window / Robert Mendez   FBO:  State Street Bank & Trust for ZTAV   Signature Block Format CMFG LIFE INSURANCE COMPANY   By: MEMBERS Capital Advisors, Inc.    acting as Investment Advisor       By:          Name:  Allen R. Cantrell    Title:  Managing Director, Investments   Tax Identification Number 39-0230590     

 

   Schedule A-88   DB1/ 84912103.8         Purchaser Name AMERICAN FAMILY LIFE INSURANCE COMPANY   Name in Which to Register Note(s) BAND & CO.   Note Registration Number(s);   Principal Amount(s)   RS-33; $5,250,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      US Bank, N.A.   Trust Services   60 Livingston Ave, St Paul, MN 55107-2292   ABA # 091000022   Beneficiary Account ##############   FFC to American Family Trust Account ############## for AFLIC-   Traditional Cash & Privates   Reference “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   American Family Life Insurance Company   6000 American Parkway   Madison, Wisconsin 53783-0001   Attention:  Investment Division-Private Placements   dvoge@amfam.com   Address / Fax # / Email for all other   notices   American Family Life Insurance Company   6000 American Parkway   Madison, Wisconsin 53783-0001   Attention:  Investment Division-Private Placements   dvoge@amfam.com      Notices Regarding Audit Confirmations:      American Family Life Insurance Company   6000 American Parkway   Madison, Wisconsin 53783-0001   Attention:  Private Placements   dvoge@amfam.com     

 

   Schedule A-89   DB1/ 84912103.8      Purchaser Name AMERICAN FAMILY LIFE INSURANCE COMPANY   Instructions re Delivery of Note(s) US Bank Milwaukee, N.A.   Attn:  Julie Wiza (MK-WI-T15C)   Trust Officer, Account Manager   777 E. Wisconsin Ave.   Milwaukee, WI  53202      with a copy to:      American Family Life Insurance Company   6000 American Parkway   Madison, Wisconsin 53783-0001   Attention:  Investment Division-Private Placements   dvoge@amfam.com   Signature Block Format AMERICAN FAMILY LIFE INSURANCE COMPANY      By:         Name:  David L. Voge   Title:  Fixed Income Portfolio Manager   Tax Identification Number 39-6039160     

 

   Schedule A-90   DB1/ 84912103.8         Purchaser Name AMERICAN FAMILY LIFE INSURANCE COMPANY   Name in Which to Register Note(s) BAND & CO.   Note Registration Number(s);   Principal Amount(s)   RS-34; $1,750,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      US Bank, N.A.   Trust Services   60 Livingston Ave., St. Paul, MN  55107-2292   ABA #091000022   Beneficial Account #############   FFC to American Family Trust Account ############# for AFLIC-UL   Cash and Privates   Reference “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   American Family Life Insurance Company   6000 American Parkway   Madison, Wisconsin 53783-0001   Attention:  Investment Division-Private Placements   dvoge@amfam.com   Address / Fax # / Email for all other   notices   American Family Life Insurance Company   6000 American Parkway   Madison, Wisconsin 53783-0001   Attention:  Investment Division-Private Placements   dvoge@amfam.com      Notices Regarding Audit Confirmations:      American Family Life Insurance Company   6000 American Parkway   Madison, Wisconsin 53783-0001   Attention:  Private Placements   dvoge@amfam.com     

 

   Schedule A-91   DB1/ 84912103.8      Purchaser Name AMERICAN FAMILY LIFE INSURANCE COMPANY   Instructions re Delivery of Note(s) US Bank Milwaukee, N.A.   Attn:  Julie Wiza (MK-WI-T15C)   Trust Officer, Account Manager   777 E. Wisconsin Ave.   Milwaukee, WI  53202      with a copy to:      American Family Life Insurance Company   6000 American Parkway   Madison, Wisconsin 53783-0001   Attention:  Investment Division-Private Placements   dvoge@amfam.com   Signature Block Format AMERICAN FAMILY LIFE INSURANCE COMPANY      By:         Name:  David L. Voge   Title:  Fixed Income Portfolio Manager   Tax Identification Number 39-6039160     

 

   Schedule A-92   DB1/ 84912103.8         Purchaser Name AMERITAS LIFE INSURANCE CORP.   Name in Which to Register Note(s) CUDD & CO. FOR THE BENEFIT OF AMERITAS LIFE INSURANCE   CORP.   Note Registration Number(s);   Principal Amount(s)   RS-35; $2,000,000   RT-23; $1,000,000   RU-6;   $2,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      JPMorgan Chase Bank   ABA #021-000-021   DDA Clearing Account:  ##########   Further Credit - ######   Reference “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2   Series T Senior Notes due January 25, 2025  12542R J@0   Series U Senior Notes due January 25, 2027  12542R J#8      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Ameritas Life Insurance Corp.   1876 Waycross Rd   Cincinnati, OH  45240   ATTN:  Patty Dearing   Fax #: (513) 595-2926   Address / Fax # / Email for all other   notices   Ameritas Life Insurance Corp.   Ameritas Investment Partners, Inc.   ATTN:  Private Placements   390 North Cotner Blvd.   Lincoln, NE 68505      Contacts:  Joe Mick   Tel:  402-467-7471   Fax:  402-467-6980   Email:  Joe.Mick@Ameritas.com   Instructions re Delivery of Note(s) JPMorgan Chase Bank, N.A.   4 Chase Metrotech Center, 3rd Floor   Brooklyn, NY  11245-0001   ATTN:  Physical Receive Department   REF:  Account ######   REF:  Ameritas Life Insurance Corp.   Signature Block Format AMERITAS LIFE INSURANCE CORP.   By: Ameritas Investment Partners Inc., as Agent       By:          Name:  Tina Udell    Title:  Vice President & Managing Director   Tax Identification Number 13-6022143     

 

   Schedule A-93   DB1/ 84912103.8         Purchaser Name AMERITAS LIFE INSURANCE CORP. OF NEW YORK   Name in Which to Register Note(s) CUDD & CO. FOR THE BENEFIT OF AMERITAS LIFE INSURANCE   CORP. OF NEW YORK   Note Registration Number(s);   Principal Amount(s)   RT-24; $1,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      JPMorgan Chase Bank   ABA #021-000-021   DDA Clearing Account:  ##########   Further Credit - ######   Reference “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series T Senior Notes due January 25, 2025  12542R J@0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Ameritas Life Insurance Corp.   1876 Waycross Rd   Cincinnati, OH  45240   ATTN:  Patty Dearing   Fax #: (513) 595-2926   Address / Fax # / Email for all other   notices   Ameritas Life Insurance Corp. of New York   Ameritas Investment Partners, Inc.   ATTN:  Private Placements   390 North Cotner Blvd.   Lincoln, NE 68505      Contacts:  Joe Mick   Tel:  402-467-7471   Fax:  402-467-6980   Email:  Joe.Mick@Ameritas.com   Instructions re Delivery of Note(s) JPMorgan Chase Bank   4 Chase Metrotech Center, 3rd Floor   Brooklyn, NY  11245-0001   ATTN:  Physical Receive Department   REF:  Account ######   REF:  Ameritas Life Insurance Corp. of New York   Signature Block Format AMERITAS LIFE INSURANCE CORP. OF NEW YORK   By: Ameritas Investment Partners Inc., as Agent       By:          Name:  Tina Udell    Title:  Vice President & Managing Director   Tax Identification Number 13-6022143     

 

   Schedule A-94   DB1/ 84912103.8         Purchaser Name SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY   Name in Which to Register Note(s) SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RS-36; $5,000,000   Payment on account of Note(s)      Method      Account Information         Federal Funds Wire Transfer      State Street Bank and Trust Company   Boston, MA  02101   ABA No.: 011 000 028   Acct. Name: SFB LIFE INS CO   Acct. No.: ########   Reference: EQ83 & “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series S Senior Notes due January 25, 2023  12542R J*2      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Attn: Securities Management    Southern Farm Bureau Life Insurance Company   1401 Livingston Lane   Jackson, MS  39213   PrivatePlacements@sfbli.com   Address / Fax # / Email for all other   notices   Attn: Securities Management    Southern Farm Bureau Life Insurance Company   1401 Livingston Lane   Jackson, MS  39213   PrivatePlacements@sfbli.com       or by overnight mail to:      Attn: Securities Management   Southern Farm Bureau Life Insurance Company   1401 Livingston Lane   Jackson, MS  39213   Instructions re Delivery of Note(s) Attn: Kathy Shawver   Southern Farm Bureau Life Insurance Company   1401 Livingston Lane   Jackson, MS  39213   kshawver@sfbli.com   Signature Block Format SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY      By:         Name:  David Divine   Title:  Senior Portfolio Manager   Tax Identification Number 64-0283583     

 

   Schedule A-95   DB1/ 84912103.8         Purchaser Name ASSURITY LIFE INSURANCE COMPANY   Name in Which to Register Note(s) ASSURITY LIFE INSURANCE COMPANY   Note Registration Number(s);   Principal Amount(s)   RV-11; $4,000,000   Payment on account of Note(s)      Method      Account Information         Federal Wire Transfer      US BANK NATIONAL ASSOCIATION   13th & M Streets   Lincoln, NE  68508   ABA No.: 104000029   Account of: Assurity Life Insurance Company   General Fund Account #############   Ref:  “Accompanying Information” below   Accompanying Information Name of Issuer: CHS Inc.      Description of Security:    PPN:      Series V Senior Notes due January 25, 2028  12542R K*0      Due date and application (as among principal, interest and Make-Whole   Amount) of the payment being made.   Address / Fax # / Email for notices   related to payments   Assurity Life Insurance Company   2000 Q Street   Lincoln, NE  68503   Attn:  Investment Division   Fax:  402-458-2170   Phone  402-437-3682   Address / Fax # / Email for all other   notices   Assurity Life Insurance Company   2000 Q Street   P.O. Box 82533   Lincoln, NE  68501-2533   Attn:  Victor Weber    Phone:  402-437-3682   Fax:  402-458-2170   Email:  vweber@assurity.com   Instructions re Delivery of Note(s) Assurity Life Insurance Company   2000 Q Street   Lincoln, NE  68503   Attn:  Victor Weber   Signature Block Format ASSURITY LIFE INSURANCE COMPANY      By:         Name:  Victor Weber   Title:  Senior Director - Investments   Tax Identification Number 38-1843471           

 

SCHEDULE B   DEFINED TERMS   As used herein, the following terms have the respective meanings set forth below or set forth   in the Section hereof following such term:   "Additional Notes" is defined in Section 1.2.   "Additional Provision" is defined in Section 9.7(a).   "Adjusted Consolidated Funded Debt" means Consolidated Funded Debt, plus the net   present value of all rentals payable under operating leases of the Company and its Subsidiaries as   discounted by a rate of 10% per annum.   "Affiliate" means, at any time, and with respect to any Person, (a) any other Person that at   such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or   is under common Control with, such first Person, and (b) any Person beneficially owning or   holding, directly or indirectly, 10% or more of any class of voting or equity interests of the   Company or any Subsidiary or any corporation of which the Company and its Subsidiaries   beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of voting   or equity interests. As used in this definition, "Control" means the possession, directly or   indirectly, of the power to direct or cause the direction of the management and policies of a Person,   whether through the ownership of Voting Interests, by contract or otherwise. Unless the context   otherwise clearly requires, any reference to an "Affiliate" is a reference to an Affiliate of the   Company.   "Agreement, this" is defined in Section 17.3.   "Anti-Corruption Laws" is defined in Section 5.17(d)(1).   "Anti-Money Laundering Laws" is defined in Section 5.17(c).   "Applicable Rate" means, with respect to (a) any Series S Note, (i) 4.64% per annum   during any fiscal quarter following a fiscal period during which the Company delivered financial   statements under Section 7.1 reflecting a Leverage Ratio for the immediately preceding fiscal period   greater than 3.0 to 1.0 and (ii) 4.39% per annum at all other times, (b) any Series T Note, (i) 4.83%   per annum during any fiscal quarter following a fiscal period during which the Company delivered   financial statements under Section 7.1 reflecting a Leverage Ratio for the immediately preceding   fiscal period greater than 3.0 to 1.0 and (ii) 4.58% per annum at all other times and (c) any Series U   Note, (i) 4.94% per annum during any fiscal quarter following a fiscal period during which the   Company delivered financial statements under Section 7.1 reflecting a Leverage Ratio for the   immediately preceding fiscal period greater than 3.0 to 1.0 and (ii) 4.69% per annum at all other   times, (d) any Series V Note, (i) 4.99% per annum during any fiscal quarter following a fiscal   period during which the Company delivered financial statements under Section 7.1 reflecting a   Leverage Ratio for the immediately preceding fiscal period greater than 3.0 to 1.0 and (ii) 4.74% per   annum at all other times, (e) any Series W Note, (i) 5.14% per annum during any fiscal quarter   DB1/ 84912103.8     

 

following a fiscal period during which the Company delivered financial statements under Section   7.1 reflecting a Leverage Ratio for the immediately preceding fiscal period greater than 3.0 to 1.0   and (ii) 4.89% per annum at all other times and (f) any Series X Note, (i) 5.65% per annum during   any fiscal quarter following a fiscal period during which the Company delivered financial   statements under Section 7.1 reflecting a Leverage Ratio for the immediately preceding fiscal period   greater than 3.0 to 1.0 and (ii) 5.40% per annum at all other times, provided, with respect to clauses   (a), (b), (c), (d), (e) and (1) above, if the Company fails to deliver the financial statements as   required by Section 7.1 for any fiscal period it will be deemed to have a Leverage Ratio greater than   3.0 to 1.0 for such fiscal period.   "Blocked Person" is defined in Section 5.17(a).   "Business Day" means any day other than a Saturday, a Sunday or a day on which   commercial banks in New York, New York are required or authorized to be closed.   "Capital Lease" means, at any time, a lease with respect to which the lessee is required   concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance   with GAAP.   "Capitalized Lease Obligation" means with respect to any Person and a Capital Lease,   the amount of the obligation of such Person as the lessee under such Capital Lease (net of   interest expenses) which would, in accordance with GAAP, appear as a liability on a balance   sheet of such Person.   "CFC" means a Person that is a controlled foreign corporation under Section 957 of the   Code.   "Change in Control" means any Person or Persons acting in concert, together with the   Affiliates thereof, directly or indirectly controlling or owning (beneficially or otherwise) in the   aggregate more than 50% of the aggregate voting power of the issued and outstanding Voting   Interests of the Company.   "CHS Capital" means collectively, CHS Capital, LLC, and each of its Subsidiaries.   "CHS Capital Debt" means, on any date of determination, Debt owing by CHS Capital   in connection with the sale or financing of CHS Capital Loan Assets, and in respect of which   neither the Company nor any of its other Subsidiaries has any obligation (including, without   limitation, any indemnification obligation) or liability.   "CHS Capital Loan Assets" means loan assets owned and loan commitments made by   CHS Capital or a Wholly-Owned Subsidiary in the ordinary course of business.   "CISADA" is defined in Section 5.17(a).   "Closing" is defined in Section 3.   "CoBank" means Co-Bank, ACB, a United States Agricultural Credit Bank.   Schedule B-2   DB1/ 84912103.8     

 

"Code" means the Internal Revenue Code of 1986, as amended from time to time, and the   rules and regulations promulgated thereunder from time to time.   "Company" is defined in the introductory paragraph hereof.   "Confidential Information" is defined in Section 20.   "Consolidated Cash Flow" means for any period the sum of (a) earnings before income   taxes of the Company and its Subsidiaries for such period determined on a consolidated basis in   accordance with GAAP, plus (b) the amounts that have been deducted in the determination of   such earnings before income taxes for such period for (i) interest expense for such period, (ii)   depreciation for such period, (iii) amortization for such period and (iv) extraordinary non-cash   losses for such period, minus (c) the amounts that have been included in the determination of   such earnings before income taxes for such period for (i) one-time gains, (ii) extraordinary   income, (iii) non-cash patronage income, and (iv) non-cash equity earnings in joint ventures.   "Consolidated Funded Debt" means as of any date of determination, the total of all   Funded Debt of the Company and its Subsidiaries outstanding on such date, after eliminating all   offsetting debits and credits between the Company and its Subsidiaries and all other items   required to be eliminated in the course of preparation of consolidated financial statements of the   Company and its Subsidiaries in accordance with GAAP.   "Consolidated Net Worth" means as of any date, total equity of the Company and its   Subsidiaries as of such date, determined on a consolidated basis in accordance with GAAP.   "Consolidated Total Assets" means at any time, the total assets of the Company and its   Subsidiaries that would be shown on a consolidated balance sheet of the Company and its   Subsidiaries at such time prepared in accordance with GAAP.   "Controlled Entity" means (a) any of the Subsidiaries of the Company and any of their or   the Company's respective Controlled Affiliates and (b) if the Company has a parent company, such   parent company and its Controlled Affiliates. As used in this definition, "Control" means the   possession, directly or indirectly, of the power to direct or cause the direction of the management   and policies of a Person, whether through the ownership of voting securities, by contract or   otherwise.   "Debt" means with respect to any Person   (a) all obligations of such Person for borrowed money (including all   obligations for borrowed money secured by any Lien with respect to any property owned   by such Person whether or not such Person has assumed or otherwise become liable for   such obligations),   (b) all obligations of such Person for the deferred purchase price of property   acquired by such Person (excluding accounts payable arising in the ordinary course of   business but including all liabilities created or arising under any conditional sale or other   title retention agreement with respect to such property),   Schedule B-3   DBI/ 84912103.8     

 

(c) all Capitalized Lease Obligations of such Person,   (d) the aggregate amount of CHS Capital Loan Assets subject to a sale or   financing arrangement, and   (e) all Guaranties of such Person with respect to liabilities of the type   described in clause (a), (b), (c) or (d) of any other Person,   provided that (i) Debt of a Subsidiary of the Company shall exclude such obligations and   Guaranties of such Subsidiary if owed or guaranteed by such Subsidiary to the Company or a   Wholly-Owned Subsidiary of the Company, (ii) Debt of the Company shall exclude such   obligations and Guaranties if owed or guaranteed by the Company to a Wholly-Owned   Subsidiary of the Company and (iii) Debt of the Company shall exclude any unfunded   obligations which may exist now and in the future in the Company's pension plans.   "Debt Prepayment Application" is defined in Section 10.7(c).   "Default" means an event or condition the occurrence or existence of which would, with   the lapse of time or the giving of notice or both, become an Event of Default.   "Default Rate" means that rate of interest that is the greater of (a) 2% per annum above the   Applicable Rate with respect to such Note or (b) 2% over the rate of interest publicly announced by   The Bank of New York in New York, New York as its "base" or "prime" rate.   "Designated Portion" is defined in Section 10.7(b).   "Disclosure Documents" is defined in Section 5.3.   "Disposition Value" is defined in Section 10.7(c).   "Distribution" means, in respect of any corporation, association or other business entity:   (a) dividends or other distributions or payments on capital stock or other   equity interests of such corporation, association or other business entity (except   distributions in such stock or other equity interest); and   (b) the redemption or acquisition of such stock or other equity interests or of   warrants, rights or other options to purchase such stock or other equity interests (except   when solely in exchange for such stock or other equity interests) unless made,   contemporaneously, from the net proceeds of a sale of such stock or other equity   interests.   "EDGAR" means the SEC's Electronic Data Gathering, Analysis and Retrieval System or   any successor SEC electronic filing system for such purposes.   "Environmental Laws" means any and all Federal, state, local, and foreign statutes, laws,   regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises,   licenses, agreements or governmental restrictions relating to pollution and the protection of the   Schedule B-4   DB1/ 84912103.8     

 

environment or the release of any materials into the environment, including but not limited to those   related to hazardous substances or wastes, air emissions and discharges to waste or public systems.   "ERISA" means the Employee Retirement Income Security Act of 1974, as amended from   time to time, and the rules and regulations promulgated thereunder from time to time in effect.   "ERISA Affiliate" means any trade or business (whether or not incorporated) that is treated   as a single employer together with the Company under section 414 of the Code.   "Event of Default" is defined in Section 11.   "Exchange Act" means the Securities Exchange Act of 1934, as amended.   "Excluded Transfers" is defined in Section 10.7(a).   "Fair Market Value" means, at any time and with respect to any property, the sale value of   such property that would be realized in an arm's-length sale at such time between an informed and   willing buyer and an informed and willing seller (neither being under a compulsion to buy or sell,   respectively).   "Financial Covenant" means any covenant as well as any defined term used within any   such covenant that requires the Company or any of its Subsidiaries to achieve, maintain, or not   exceed, a stated level of financial condition or performance and includes, without limitation, any   requirement that the Company or any of its Subsidiaries:   (a) maintain a specified level of net worth, shareholders' equity, total assets,   cash flow or net income;   (b) maintain any relationship of any component of its capital structure to any   other component thereof (including, without limitation, the relationship of indebtedness,   senior indebtedness or subordinated indebtedness to total capitalization or to net worth);   Or   (c) maintain any measure of its ability to service its indebtedness (including,   without limitation, exceeding any specified ratio of revenues, cash flow or net income to   indebtedness, interest expense, rental expense, capital expenditures and/or scheduled   payments of indebtedness).   For the avoidance of doubt, the covenants set forth in Sections 10.3 and 10.4 of   this Agreement and any "Minimum Consolidated Net Worth" covenant set forth in a   Material Credit Facility constitute Financial Covenants.   "Form 10-Q" is defined in Section 7.1(a).   "Form 10-K" is defined in Section 7.1(b).   "Funded Debt" means with respect to any Person, all Debt which would, in accordance   with GAAP, be required to be classified as a long term liability on the books of such Person, and   Schedule B-5   DB1/ 84912103.8     

 

shall include, without limitation (a) any Debt which by its terms or by the terms of any   instrument or agreement relating thereto matures, or which is otherwise payable or unpaid, more   than one year from the date of creation thereof, (b) any Debt outstanding under a revolving credit   or similar agreement providing for borrowings (and renewals and extensions thereof) which   would, in accordance with GAAP, be required to be classified as a long term liability of such   Person, (c) any Capitalized Lease Obligation of such Person and all obligations to reimburse   letter of credit banks or any other Person in respect thereof or any letter of credit issuer or other   credit provider (or related risk-participating lender) with respect to all letters of credit which   support long-term debt with expiration dates in excess of one-year from the date of issuance   thereof, and (d) any Guaranty of such Person with respect to Funded Debt of another Person.   For the avoidance of doubt, (w) any borrowings under a revolving credit or similar   agreement where such borrowings are not used for working capital purposes would be classified   as Funded Debt, (x) borrowings under a revolving credit or similar agreement where such   borrowings are outstanding for less than one year and which are used for working capital   purposes would not be classified as Funded Debt, (y) borrowings used for working capital   purposes outstanding for one year or longer would be classified as Funded Debt and (z) current   maturities of long-term debt would be classified as Funded Debt..   "GAAP" means generally accepted accounting principles as in effect from time to time in   the United States of America.   "Governmental Authority" means   (a) the government of   (i) the United States of America or any State or other political   subdivision thereof, or   (ii) any jurisdiction in which the Company or any Subsidiary conducts   all or any part of its business, or which asserts jurisdiction over any properties of the   Company or any Subsidiary, or   (b) any entity exercising executive, legislative, judicial, regulatory or   administrative functions of, or pertaining to, any such government.   "Governmental Official" means any governmental official or employee, employee of any   government-owned or government-controlled entity, political party, any official of a political party,   candidate for political office, official of any public international organization or anyone else acting   in an official capacity.   "Guaranty" means, with respect to any Person, any obligation (except the endorsement in   the ordinary course of business of negotiable instruments for deposit or collection) of such Person   guaranteeing or in effect guaranteeing any Debt, dividend or other obligation of any other Person in   any manner, whether directly or indirectly, including (without limitation) obligations incurred   through an agreement, contingent or otherwise, by such Person:   (a) to purchase such Debt or obligation or any property constituting security   Schedule B-6   DB1/ 84912103.8     

 

therefor;   (b) to advance or supply funds (i) for the purchase or payment of such Debt or   obligation, or (ii) to maintain any working capital or other balance sheet condition or any   income statement condition of any other Person or otherwise to advance or make available   funds for the purchase or payment of such Debt or obligation;   (c) to lease properties or to purchase properties or services primarily for the   purpose of assuring the owner of such Debt or obligation of the ability of any other Person   to make payment of the Debt or obligation; or   (d) otherwise to assure the owner of such Debt or obligation against loss in   respect thereof.   In any computation of the Debt or other liabilities of the obligor under any Guaranty, the   Debt or other obligations that are the subject of such Guaranty shall be assumed to be direct   obligations of such obligor.   "Hazardous Material" means any and all pollutants, toxic or hazardous wastes or any   other substances that might pose a hazard to health or safety, the removal of which may be required   or the generation, manufacture, refining, production, processing, treatment, storage, handling,   transportation, transfer, use, disposal, release, discharge, spillage, seepage, or filtration of which is   or shall be restricted, prohibited or penalized by any applicable law (including, without limitation,   asbestos, urea formaldehyde foam insulation and polychlorinated biphenyls).   "holder" means, with respect to any Note, the Person in whose name such Note is   registered in the register maintained by the Company pursuant to Section 13.1, provided, however,   that if such Person is a nominee, the "holder" shall also include the beneficial owner of such Note.   "Hostile Tender Offer" means, with respect to the use of proceeds of any Note, any offer   to purchase, or any purchase of, shares of capital stock of any corporation or equity interests in   any other entity, or securities convertible into or representing the beneficial ownership of, or   rights to acquire, any such shares or equity interests, if such shares, equity interests, securities or   rights are of a class which is publicly traded on any securities exchange or in any over-the-   counter market, other than purchases of such shares, equity interests, securities or rights   representing less than 5% of the equity interests or beneficial ownership of such corporation or   other entity for portfolio investment purposes, and such offer or purchase has not been duly   approved by the board of directors of such corporation or the equivalent governing body of such   other entity prior to the date of the closing.   "Incorporated Provision" is defined in Section 1.2(e).   "INHAM Exemption" is defined in Section 6.2(e).   "Institutional Investor" means (a) any original purchaser of a Note, (b) any holder of a   Note holding more than 5% of the aggregate principal amount of the Notes then outstanding, and (c)   any bank, trust company, savings and loan association or other financial institution, any pension   Schedule B-7   DB1/ 84912103.8     

 

plan, any investment company, any insurance company, any broker or dealer, or any other similar   financial institution or entity, regardless of legal form.   "Leverage Ratio" is defined in Section 10.3.   "Lien" means, with respect to any Person, any mortgage, lien, pledge, charge, security   interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured   party to or of such Person under any conditional sale or other title retention agreement or Capital   Lease, upon or with respect to any property or asset of such Person (including in the case of stock,   stockholder agreements, voting trust agreements and all similar arrangements).   "Make-Whole Amount" is defined in Section 8.7.   "Material" means material in relation to the business, operations, affairs, financial   condition, assets, properties, or prospects of the Company and its Subsidiaries taken as a whole.   "Material Adverse Effect" means a material adverse effect on (a) the business, operations,   affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a   whole, or (b) the ability of the Company to perform its obligations under this Agreement and the   Notes, or (c) the validity or enforceability of this Agreement or the Notes.   "Material Credit Facility" means, as to the Company and its Subsidiaries,   (a) (i) that certain Note Purchase Agreement, dated as of October 18, 2002, by   and among the Company and the holders of the notes issued thereunder, (ii) that certain   Note Purchase and Private Shelf Agreement, dated as of April 13, 2004, by and among   the Company, the holders of the notes issued thereunder and certain other parties, (iii)   that certain Note Purchase Agreement, dated as of October 4, 2007, by and among the   Company and the holders of the notes issued thereunder, (iv) that certain Note Purchase   Agreement, dated as of June 9, 2011, by and among the Company and the holders of the   notes issued thereunder, (v) that certain 2015 Amended and Restated Credit Agreement   (5-Year Revolving Loan), dated as of September 4, 2015, by and among the Company,   CoBank, ACB, Wells Fargo Bank, N.A. and the syndication parties thereto, (vi) that   certain Credit Agreement (10 Year Term Loan), dated as of December 12, 2007, by and   among the Company, CoBank, ACB and the syndication parties thereto, (vii) that certain   Pre-Export Credit Agreement, dated as of September 24, 2013, by and between CHS   Agronegocio Industria e Comericio Ltda., the Company, Credit Agricole Corporate and   Investment Bank and the syndication parties thereto, (viii) those certain Credit   Agreements between CHS Agronegocio Industria e Comericio Ltda. and Itau Unibanco   Holding S.A. or its affiliates, (ix) that certain Uncommitted Line of Credit Agreement,   dated as of March 7, 2013, by and between CHS Europe S.a r.l. and Sovereign Bank,   N.A., (x) that certain Facility Letter, dated February 21, 2013, by and among CHS   Singapore Trading Company Pte. Ltd., the Company and Australia and New Zealand   Banking Group Limited, (xi) that certain 2015 Credit Agreement (10-Year Term Loan),   dated as of September 4, 2015, by and among the Company, CoBank, ACB and the   syndication parties thereto, and (xii) that certain (A) Credit Agreement, dated as of July   13, 2015, by and among TEMCO, LLC, The Bank of Tokyo-Mitsubishi UFJ, Ltd., as   Schedule B-8   DB1/ 84912103.8     

 

administrative agent and the lenders party thereto and (B) Guaranty, dated as of July 13,   2015, by the Company to and for the benefit of The Bank of Tokyo-Mitsubishi UFJ, Ltd.,   including, in each case under clauses (i) through (xii) above, any renewals, extensions,   amendments, supplements, restatements, replacements or refinancing thereof in each case   to the extent such financings create or evidence indebtedness for borrowed money in a   principal amount outstanding or available for borrowing (whether or not committed and   whether or not in a series of agreements) equal to or greater than $100,000,000 (or the   equivalent of such amount in the relevant currency of payment); and   (b) any other agreement or series of agreements creating or evidencing   indebtedness for borrowed money entered into on or after the date of Closing by the   Company or any Subsidiary, or in respect of which the Company or any Subsidiary is an   obligor or otherwise provides a guarantee or other credit support, in a principal amount   outstanding or available for borrowing (whether or not committed) equal to or greater   than $100,000,000 (or the equivalent of such amount in the relevant currency of payment,   determined as of the date of the closing of such facility based on the exchange rate of   such other currency);   provided, however that to the extent all Debt incurred by a Subsidiary which is a   CFC under a related credit agreement does not constitute Funded Debt and is used by   such CFC solely to finance inventory and receivables (or both) relating to agricultural   commodities or crude products, then for so long as such Subsidiary is a CFC, for the   purposes of Section 10.5(b) and the last paragraph of Section 10.6 only (and not, for the   avoidance of doubt, in respect of Section 9.7), such credit agreement shall not constitute a   Material Credit Facility.   "Memorandum" is defined in Section 5.3.   "Most Favored Lender Notice" is defined in Section 9.7(a).   "Multiemployer Plan" means any Plan that is a "multiemployer plan" (as such term is   defined in section 4001(a)(3) of ERISA).   "NAIC" means the National Association of Insurance Commissioners or any successor   thereto.   "NAIC Annual Statement" is defined in Section 6.2(a).   "Net Proceeds Amount" is defined in Section 10.7(c).   "Notes" is defined in Section 1.2.   "OFAC" is defined in Section 5.17(a).   "OFAC Listed Person" is defined in Section 5.17(a).   "OFAC Sanctions Program" means any economic or trade sanction that OFAC is   responsible for administering and enforcing. A list of OFAC Sanctions Programs may be found at:   Schedule B-9   DB1/ 84912103.8     

 

http://www.treasury.goviresourcecenter/sanctions/Programs/Pages/Programs.aspx.    "Officer's Certificate" means a certificate of a Senior Financial Officer or of any other   officer of the Company whose responsibilities extend to the subject matter of such certificate.   "Ordinary Course Transfer" is defined in Section 10.7(a).   "PBGC" means the Pension Benefit Guaranty Corporation referred to and defined in   ERISA or any successor thereto.   "Person" means an individual, partnership, corporation, limited liability company,   association, trust, unincorporated organization, or a government or agency or political subdivision   thereof.   "Plan" means an "employee benefit plan" (as defined in section 3(3) of ERISA) that is or,   within the preceding five years, has been established or maintained, or to which contributions are or,   within the preceding five years, have been made or required to be made, by the Company or any   ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any   liability.   "Priority Debt" means, at any time, without duplication, the sum of   (a) all then outstanding Debt of the Company or any Subsidiary secured by   any Lien on any property of the Company or any Subsidiary (other than Debt secured   only by Liens permitted under paragraphs (a) through (j) of Section 10.6), plus   (b) all Funded Debt of Subsidiaries of the Company, plus   (c) all Debt (other than Funded Debt) of Subsidiaries of the Company in the   aggregate in excess of (i) for the period commencing on the date of this Agreement   through and including August 31, 2016, an amount equal to eleven percent (11%) of   Consolidated Net Worth and (ii) at any time on and after September 1, 2016, an amount   equal to eight percent (8%) of Consolidated Net Worth, in each case under clauses (i) and   (ii) determined as of the last day of the Company's most recently ended fiscal year for   which financial statements have been provided to the holders of Notes pursuant to   Section 7.1(b);   provided that any CHS Capital Debt (x) in an aggregate amount not to exceed the   greater of (i) $1,000,000,000 and (ii) fifteen percent (15%) of Consolidated Net Worth   (determined as of the last day of the Company's most recently ended fiscal year for   which financial statements have been provided to the holders of Notes pursuant to   Section 7.1(b)) and (y) secured only by a Lien on a CHS Capital Loan Asset, will not be   deemed to constitute Priority Debt.   "property" or "properties" means, unless otherwise specifically limited, real or personal   property of any kind, tangible or intangible, choate or inchoate.   "Proposed Prepayment Date" is defined in Section 8.2(a).   Schedule B-10   DB1/ 84912103.8     

 

"PTE" is defined in Section 6.2(a).   "Purchaser" is defined in the introductory paragraph hereof.   "QPAM Exemption" means Prohibited Transaction Class Exemption 84-14 issued by the   United States Department of Labor.   "Qualified Institutional Buyer" means any Person who is a "qualified institutional buyer"   within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act.   "Ratable Portion" is defined in Section 10.7(c).   "Reinvested Transfer" is defined in Section 10.7(b).   "Required Holders" means at any time (a) prior to the Closing, the Purchasers and (b) on   or after the Closing, the holders of a majority in aggregate principal amount of the Notes at the time   outstanding (exclusive of Notes then owned by the Company or any of its Affiliates).   "Responsible Officer" means any Senior Financial Officer and any other officer of the   Company with responsibility for the administration of the relevant portion of this Agreement.   "SEC" shall mean the Securities and Exchange Commission of the United States, or any   successor thereto.   "Securities" or "Security" shall have the meaning specified in Section 2(1) of the Securities   Act.   "Securities Act" means the Securities Act of 1933, as amended from time to time.   "Senior Debt" means the Notes and any Debt of the Company or its Subsidiaries that by   its terms is not in any manner subordinated in right of payment to any other unsecured Debt of   the Company or any Subsidiary.   "Senior Financial Officer" means the chief financial officer, principal accounting officer,   treasurer or comptroller of the Company.   "Series" means any one or more Series of Notes issued hereunder or pursuant to any   Supplement.   "Series S Notes" is defined in Section 1.1(a).   "Series T Notes" is defined in Section 1.1(b).   "Series U Notes" is defined in Section 1.1(c).   "Series V Notes" is defined in Section 1.1(d).   "Series W Notes" is defined in Section 1.1(e).   Schedule B-11   DB1/ 84912103.8     

 

"Series X Notes" is defined in Section 1.1(f).   "Source" is defined in Section 6.2.   "Subsidiary" shall mean, with respect to any Person, any other Person greater than 50%   of the total combined voting power of all classes of Voting Interests of which shall, at the time as   of which any determination is being made, be owned by such first Person either directly or   through other Subsidiaries of such first Person.   "Substantial Portion" is defined in Section 10.7(c).   "Supplement" is defined in Section 1.2.   "Surviving Corporation" is defined in Section 10.2(b)(i).   "SVO" means the Securities Valuation Office of the NAIC or any successor to such   Office.   "2016 Notes" is defined in Section 1.1.   "Transfer" is defined in Section 10.7(c)(v).   "USA PATRIOT Act" means United States Public Law 107-56, United and   Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct   Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and   regulations promulgated thereunder from time to time in effect.   "U.S. Economic Sanctions" is defined in Section 5.17(a).   "Voting Interests" shall mean (a) with respect to any stock corporation, any shares of   stock of such corporation whose holders are entitled under ordinary circumstances to vote for the   election of directors of such corporation or persons performing similar functions (irrespective of   whether at the time stock of any other class or classes shall have or might have voting power by   reason of the happening of any contingency), and (b) with respect to the Company or any other   entity, membership or other ownership interests in the Company or such other entity whose   holders are entitled under ordinary circumstances to vote for the election of the directors of the   Company or such other entity or persons performing similar functions (irrespective of whether at   the time membership or other ownership interests of any other class or classes shall have or   might have voting power by reasoning of the happening of any contingency).   "Wholly-Owned Subsidiary" means, at any time, any Subsidiary one hundred percent   (100%) of all of the equity interests (except directors' qualifying shares) and voting interests of   which are owned by any one or more of the Company and the Company's other Wholly-Owned   Subsidiaries at such time.   Schedule B-12   DB1/ 84912103.8     

 

SCHEDULE 5.3   DISCLOSURE MATERIALS   No exceptions to representations/statements made in the Disclosure Documents.   Documents delivered to Purchasers:   Tine   -Master Q&A   CHS Patronage Illustration   Cl-IS Master Q&A List 12-11-15   CH S Master Q&A list 12-15-15   B: hibit La - Segment Earnings   CHF: Master 05P, List 12-16-15   Exhibit 52 - Summary Management Structure Chart   Ex hibk 71 - Q1 - Q3 FY 15 Crack Spreads   Exhibit 62 - Projected Segment Earnings   Exhibit 61 - Patronage Rates   Exhibit 44 - l'eriibership; History   Exhibit 37 - Segr-ient Earnings   Exhibit lb - Board Book CH52012 OS   Exhibit lb - Board Book CH52013_00   Exhibit lb - Board Book CHS2014 OS   Exhibit lb - Board Book CH52015_03   Exhibit 13 - CapEx Projections   Exhibit 14- Cash Flow Statement   Exhibit 17 - CapEx Breakdown   Exhibit 30 - CHS Historical   Exhibit 31 - Segment Historical   CRS PPIA OFAC Questionnaire   Investors On Diligence Meeting   CRS Investor Due Diligence Agenda - Final   CRS Imtestor Due Diligence 1-5-2016   Projections   CRS Projections FY2-015-2020   Offering Letter   CHS Offering Letter 12-3-15 REVISION   Offering Memorandum   CHS Private Placement Memorandum   Financial Information   CAS 10K - FY2013   CHS 10K - FY2014   HS 10K - FY201:5   Pres e Fitations   CF-IS Investor Presentation   CHS Investor Call Replay Instructions   Leiii al Documents   CHS Master Note Purchase Agreement   CHS MNPA - Blackline to Model Fomi 2   MNPA - Blackline to 2011 MNPA   I.     

 

SCHEDULE 5.4   SUBSIDIARIES OF THE COMPANY AND OWNERSHIP OF SUBSIDIARY STOCK   See attached.     

 

Name   Foreign/   Domestic   Ownership By Incorp. Date   Date CHS   Interest   Acquired   State/   Country of lncorp.   1856770 Alberta Ltd. F 100% CHS Canada Cooperative 10/28/14 10/28/14 Alberta, Canada   ACC Feed Supplement, LLC D   50% Consumers Supply   Distributing, LLC; 50% Animal   Feed Supplements   07/15/13 07/15/13 South Dakota   ADM/CHS, LLC   (Dissolution Pdq) D   100% CHS eff. 1/1/66 (formerly   55% ADM; 45% CHS) 06/05/00 06/05/00   Delaware   Ag Partners, LLC D   50% CHS, 50% FUOC of Wolf   Point (dba Aq Land) 09/20/11 09/20/11   Montana   Ag States Reinsurance Company, IC D   100% Impact Risk Funding, Inc.,   PCC   08/24/10 08/24/10 Washington DC   Agfarm Pty. Ltd. F   50% CHS Bermuda GP; 50%   Ruralco Holdings Limited   06/14/05 08/08/13 Australia   Agfarm Unit Trust F   50% CHS Bermuda GP; 50%   Ruralco Holdings Limited   10/27/03 08/08/13 Australia   Agri Point Ltd. F   99% CHS Europe; 1% Oregana   (formerly 100% CHS Europe SA) 05/12/07 01/10/11   Repulic of Cyprus   Agriliance LLC D 50% LOL; 50% UCB 01/05/00 01/05/00 Delaware   Agro Distribution, LLC D 100% Agriliance 06/04/99 06/04/99 Delaware   Agro Storage d.o.o. F 100% Agri Point Ltd. 10/17/13 10/17/13 Bosnia   Agromarket Servis LLC F 100% CHS Agromarket 06/29/09 12/22/09 Russian Federation   Allied Agronomy Limited Liability   Company   D   .7962% Allied Energy and   28.38% CHS   01/01/01 01/01/01 North Dakota   American Inland Ports-CF, LLC D   15% CHS; 15% Sunrise Ag; 65%   Clarkson Grain; 5% others   01/23/07 02/14/07 Illinois   American Inland Ports-DB, LLC D   15% CHS; 15% Sunrise Ag; 65:   Clarkson Grain; 5% others   01/23/07 02/14/07 Illinois   Andali Operacoes Industrials S.A. F   50% CHS do Brasil; 50% by Krug   Holding Ltda., Vaccari   Goncalves Holding Ltda. And   Piekarski Holdina Eireli   11/04/97 06/29/12 Paranagua - PR   Ardent Mills Netherlands Holdings B.V. F 100% Ardent Mills Sari 04/04/00 05/29/14 Netherlands   Ardent Mills S.a.r.l. (f/k/a HM   Luxembourg Sari) F   44% Cargill Entities (Class A   109.078.457 shares); 44%   ConAgra Foods AM Holding Sarl   (Class C 109.078.457 Shares);   12% CHS Milling Luxembourg   Sarl (Class B 29.748.670 shares)   02/21/13 02/21/13 Luxembourg   Ardent Mills, LLC D 100% Ardent Mills Sarl 12/19/2001 5/29/2014 Delaware   Ardent Mills ULC F   100% Ardent Mills Netherlands   Holdings B.V   9/30/2013 4/29/2014 Canada   Badger Energy Services, LLC D 100% CHS-LCC Co-op 08/22/00 11/08/12 Wisconsin   Battle Creek/CHS, LLC D   50% CHS; 50% Battle Creek   Farmers Cooperative   03/07/01 03/07/01 Delaware   Beaufort Tyre Service Pty Ltd. F 50% Broadbent Grain Pty. Ltd. 03/23/09 10/09/14 Australia   Boort Grain Cooperative Limited F   26.17% CHS Trading Company   Australia Party Ltd.   01/10/11 10/30/13 Australia   Briggs Crop Nutrients LLC D   50% CHS Inc.   50% Aq Plus, Inc.   07/09/14 07/09/14 Indiana   Broadbent Bulk Services Pty. Ltd. F 50% Broadbent Grain Pty. Ltd. 12/09/86 10/09/14 Australia   Broadbent Companies F   50% CHS Australia; 50%   Broadbent Group Investment Pty   Ltd   09/19/12 10/09/14 Australia   CENEX AG, Inc. D 100% CHS 10/23/74 10/23/74 Delaware   CENEX Pipeline, LLC D 100% CHS 05/04/98 05/04/98 Minnesota   Central Montana Propane, LLC D   CHS 53.38% and Moore Farmers   Oil Company 46.62%   09/16/97 03/01/00 Montana   Central Plains Ag Services LLC D   50% CHS; 50%West Central Ag   Services   06/02/08 06/02/08 Minnesota   CHS - Ho!drew, Inc. D 100% CHS 11/14/08 11/14/08 Nebraska   CHS (Nantong) Cereal & Oil Storage   and Transportation Co., Ltd   F   51% Hualiang Nantong Cereals   & Oil Transfer Co., Ltd, 49% CHS   Singapore Trading Company   PTE.. Ltd   08/01/13 08/01/13   CHS (Shanghai) Trading Co., Ltd. F 100% CHS Hong Kong Limited 01/06/09 01/06/09 China   CHS (Taiwan) Commodity Trading Co.   Ltd.   F   100% CHS Singapore Trading   Company PTE. Ltd.   08/08/13 08/08/13 Republic of China   CHS Acquisition LLC D 100% CHS Inc. 09/22/14 09/22/14 Minnesota   CHS Agri Intelligence LLC D 80% CHS; 20% Paradigm isr Inc. 10/02/13 10/02/13 Minnesota   CHS Agritrade Bulgaria Ltd. F 100% CHS Europe SA 02/09/11 02/09/11 Sofia, Bulgaria   CHS Agritrade d.o.o. F 100% CHS Europe SA 10/17/13 10/17/13 Bosnia   CHS Agritrade Hungary Ltd. F 100% CHS Europe SA 01/03/11 01/03/11 Budapest, Hungary   CHS Agritrade Romania SRL F 100% CHS Europe SA 03/01/11 03/01/11 Bucharest, Romania     

 

CHS Agro S.A. F   50% CHS de Argentina and 50%   Kadesh Hispania, S.L.   ("Adecoagro")   02/27/13 02/27/13 Argentina   CHS Agromarket, LLC F   28.57% CHS Europe; 71.43%   Oregana Co. Ltd.   03/24/09 12/22/09 Russian Federation   CHS AGRONEGOCIO - Industria e   Comercio Ltda.   F   99.99% CHS Bermuda GP; .01%   CHS Holdings Inc.   02/01/03 02/01/03   Sao Paulo   Brazil   CHS Bermuda GP F   Ett. WZ6/15 99% CHS   Luxembourg Financial, LLC; 1%   CHS Holdings, Inc. (previously   99% CHS Inc.; 1% CHS Holdings,   Inc 1   08/06/12 08/06/12 Bermuda   CHS Canada Cooperative F 100% CHS 03/19/14 03/19/14 Canada   CHS Canada LP (fka CHS CanAgra LP) F   1% CHS Canada Cooperative,   99% CHS Country Operations   Canada. Inc.   03/24/14 03/24/14 Alberta, Canada   CHS Canada, Inc. F 100% CHS 05/23/13 05/23/13 Manitoba   CHS Capital ProFund LLC D 100% CHS Capital LLC 10/11/10 10/11/10 Minnesota   CHS Capital, LLC D 100% CHS 02/09/05 02/09/05 Minnesota   CHS Comercio Servicos E Solucoes   Agricolas Ltda. (d/b/a CHS Barter   Solutions, f/k/a Atman Producao   Aaranrps:uaria I Ida.)   F 100% CHS do Brasil 08/16/93 07/31/12 Goias, Brazil   CHS Country Operations Canada, Inc. F 100% CHS 09/12/12 09/12/12 Alberta, Canada   CHS de Argentina, S.A. F   99.94% CHS; .06% CHS-Farmco   ,   Inc.   09/30/09 09/30/09 Argentina   CHS de Paraguay Sociedad de   Responsabilidad Limitada (SRL) F   99.9995% CHS Singapore   Trading Company; .0005% CHS   Holdinas. Inc.   10/08/12 10/08/12 Paraguay   CHS Energy Canada, Inc. F 100% CHS Inc. 06/12/87 06/12/87 Alberta, Canada   CHS Europe Sarl (Eff. 1/30/14; f/k/a CHS   Europe SA) F   Eff. 8/21/15, CHS Bermuda GP is   sole member; Eff. 2/14/14, CHS   Inc. is sole member (previously   100% CHSIEll   08/02/07 08/02/07 Switzerland   CHS Hallock Canada, Inc. F 100% CHS Inc. 08/07/15 08/07/15 Manitoba, Canada   CHS Hallock, LLC D 100% CHS Inc. 07/08/15 07/08/15 Minnesota   CHS Hedging, LLC D 100% CHS 2/10/2014 2/10/2014 Delaware   CHS Holdings, LLC (f/k/a CHS Holdings,   Inc.) D   Effec. 8/21/15 100% CHS   Bermuda GP (formerly 100%   CHS Inc.)   04/20/99 04/20/99 Minnesota   CHS Hong Kong Limited F 100% CHS Europe 06/11/08 06/11/08 Hong Kong   CHS Inc. D 100% CHS 07/15/36 07/15/36 Minnesota   CHS Inc. de Mexico F   99% CHS; 1% St. Paul Maritime   Corporation   02/20/06 02/20/06 Mexico   CHS Industries Ltd. F 100% CHS Europe SA 02/14/00 02/09/12 Israel   CHS Insurance Services, LLC (f/k/a Ag   States Agency, LLC) D 100% by CHS   12/27/94 12/27/94 Minnesota   CHS Israel Protein Foods Ltd. F 100% CHS Industries Ltd. 07/04/62 02/09/12 Israel   CHS Korea, LLC F 100% CHS Bermuda GP 10/27/11 10/27/11 South Korea   CHS Latin America Holdings LLC D 100% CHS Bermuda GP 08/12/15 08/12/15 Minnesota   CHS Luxembourg, S.a.r.l. (d/b/a in MN   as CHS Luxembourg Financial, LLC) F 100% CHS Inc. 07/12/13   07/12/13 Grand Duchy of Luxembourg   Kansas   CHS McPherson Refinery, Inc. (f/k/a   National Cooperative Refinery   Association)   D 100% CHS (Eff. 9/1/2015) 07/07/43 07/07/43   CHS Milling Luxembourg, S.a.r.l. F   87.48% CHS; 12.52 CHS   Luxembourg S.a.r.l. (prey. 50%   CHS Inc.; 50% CHS Luxembourg   S.a.r.I.1   07/12/13 07/12/13   Grand Duchy of   Luxembourg   CHS Ningbo Protein Foods Ltd. F 100%-CHS Pacific Private Limited 10/17/03 02/09/12 China   CHS Pacific Private Limited F 100% CHS Industries Ltd. 09/23/03 02/09/12 Singapore   CHS Serbia D.O.O. Novi Sad F 100% CHS Europe SA 04/01/11 04/01/11 Novi Sad, Serbia   CHS Singapore Trading Company PTE.   LTD.   F 100% CHS Bermuda GP 11/01/11 11/01/11 Republic of Singapore   CHS South Sioux City, Inc. D 100% CHS 09/13/94 02/09/12 Delaware   CHS Spiritwood Fertilizer LLC D 100% CHS 09/10/14 09/10/14 Delaware   CHS Tarim ye Gida Sanayi Limited   Sirketi   F 100% CHS Europe 11/15/13 11/15/13 Turkey   CHS Trading Company Australia Pty Ltd F 100% CHS Bermuda GP 06/29/09 06/29/09   New South Whales,   Australia   CHS UKRAINE, LLC F   99.9% CHS Europe SA; .1%   Oregana Co. Ltd. 02/12/08   02/12/08 Kyiv, Ukraine   CHS Uruguay SRL F   99.9% CHS Bermuda; .1% CHS   Holdings   11/14/13 11/14/13   CHS-Brule, Inc. D 100% CHS 01/07/15 Nebraska   CHS-CFE Co (Carrollton Farmers'   Elevator Company) D 100% CHS 08/01/14   08/01/14 Illinois     

 

CHS-Elkton D 100% CHS 06/29/11 06/29/11 South Dakota   CHS-Farmco, Inc. D 100% CHS 03/13/06 03/13/06 Kansas   CHS-GC, Inc. D 100% CHS 06/08/11 06/08/11 Colorado   CHS-Hamilton, Inc. D 100% CHS 03/14/11 03/14/11 Michigan   CHSINC. lberica S.L. F 100% CHS Europe Sarl 08/03/09 08/03/09   Barcelona, Catanuna,   Spain   CHS-LCC Co-op D 100% CHS 08/22/12 08/22/12 Wisconsin   CHS-M&M, Inc. D 100% CHS 03/23/07 03/23/07 Colorado   CHS-New Salem D 100% CHS 06/13/11 06/13/11 North Dakota   CHS-Ostrander D 100% CHS 09/06/12 09/06/12 Minnesota   CHS-Rochester D 100% CHS 12/26/13 12/26/13 Minnesota   CHS-Shipman, Inc. D 100% CHS 10/25/11 10/25/11 Illinois   CHS-SLE Land, LLC D 50% CHS; 50% South Louisiana Ethanol, LLC 07/24/07 07/24/07 Louisiana   CHS-Sub Whatcom, Inc. D 100% CHS 05/18/15 05/18/15 Washington   CHS-Valley City D 100% CHS 10/31/13 06/02/14 North Dakota   CHS-Wallace County, Inc. D 100% CHS 02/17/05 02/17/05 Kansas   Circle Land Management, Inc. D 100% CHS 05/05/93 05/05/93 Minnesota   Clear Creek Transportation, LLC D 100% CHS McPherson Refinery , ' Inc. 07/21/58 Kansas   Cofina Funding, LLC D 100% CHS Capital LLC 08/09/05 08/09/05 Delaware   Collins, MT Crop Nutrients LLC D 66% Mountain View Co-op; 34%CHS Inc.   08/23/12 08/23/12 Montana   Colorado Retail Ventures Services,   L.L.C. D CHS Inc. 43.7067, Other 56.293 01/17/96 Colorado   Commerce City Grain LLC D 50% Ardent Mills LLC USA   Consumers Supply Distributing, LLC D 50% CHS 50% C.S.D., Inc. 11/09/11 11/09/11 Minnesota   Cooperative Agronomy Services D   CHS 23.33 (3500 tons); 4   Seasons 53.33 (8000 tons);   Chelsea 1333 (2000 tons);   Fileridale - 10.00 (1500 Tonsl   09/04/07 South Dakota   Cornerstone Ag, LLC D   CHS (was Farmco, Inc.) 33.65%,   Cargill 50%, Frontier Equity   Exchanae 16.35%   06/01/00 11/16/06 Delaware   Crestline Crop Nutrients LLC D 50% CHS; 50% Sunrise Cooperative, Inc. 12/16/10 12/16/10 Ohio   Cross Country Land Management LLC D 100% Circle Land Manageemt 03/11/15 Montana   CZL Australia & Japan Pty. Ltd. F 100% CZL Ltd. 04/23/15 04/23/15 Australia   CZL Ltd. F   CHS Singapore Trading   Company PTE. LTD. 51%, ZEN-   NOH 49%   03/27/97 04/12/12 Japan   Dakota Agronomy Partners, L.L.C. D 50% CHS (Sun Prairie Grain), 50% FUOC Minot 02/01/99 02/01/99 North Dakota   Energy Partners, LLC D 50% CHS; 50% Missoula Electric Cooperative 08/28/00 08/28/00 Montana   Fin-Aq, Inc. D 100% CHS 12/17/87 12/17/87 South Dakota   Front Range Pipeline, LLC D 100% CHS 03/23/99 03/23/99 Minnesota   Genetic Marketing Group, LLC D   rCIIUICIA.711,71C7111 V1LNCI., 1114,   Central Washington Grain   Growers, Inc.,Cooperative   Agricultural Produces, Inc.,   Reardon Seed Company, Inc.,   Primeland Cooperatives a div.   Of CHS, Mid Columbia   Producers, Inc, and Northwest   Grain Growers, Inc. (each own   4 4 ,I0L -l0/ %   01/18/02 Washington   Global Agri LLC F 100% Serseris Holdings Limited 09/07/09 09/07/09 Odessa, Ukraine   Good News Products, Inc. D   CHS-Hamilton, Inc. 25%; Sunrise   Acres 25%; Active Feed Co. 25%;   Creighton Brothers 25%   01/16/92 03/14/11 Michigan   Green Bay Terminal Corporation D CHS 33.3%; 66% Marathon 02/24/53 02/24/53 Wisconsin   GTL Resources Limited F 100% Sinav Limited 100% 04/21/93 06/04/14 England   GTL Resources Overseas Investments   Limited F GTL Resources Limited 100% 05/16/05 06/04/14   England   GTL Resources USA, Inc. D GTL Resources Overseas Investments Limited 100% 07/07/05 06/04/14 Delaware   Hamberg, LLC D CHS 50%, 50% Fessenden Coop Assn 11/09/11 11/09/11 Minnesota   Ham berg, North Dakota Crop Nutrients   LLC D   CHS 50%, 50% Fessenden Coop   Assn 06/30/14 06/30/14 Minnesota   IC Grain (Hungary) F CHS Europe Sarl 50%; CAF Grains 50% 04/21/15 04/21/15 Hungary   Illinois River Energy, LLC D 100% GTL Resources USA, Inc. 02/20/02 06/04/14 Delaware   Illinois Valley Supply LLC D 50% CHS-Shipman, Inc. 50% CHS-CFE Co. 06/19/98 01/13/12 Illinois     

 

Impact Risk Funding Inc., PCC D 00%LC   CHS Insurance Services, 1   L   08/24/10 08/24/10 Washington DC   Imperial Valley Terminal, LLC D   50% CHS, 50% Sunrise Ag   Service Company   03/14/07 03/14/07 Illinois   Jayhawk Pipeline L.L.C. D 100% CHS McPherson Refinery,   ,   Inc.   05/24/94 05/24/94 Kansas   Kaw Pipe Line Company D   67% CHS McPherson Refinery, ,   Inc., 33% CITGO   09/13/35 07/07/43 Delaware   Lakaput Bulk Storage Ptd. Ltd. F   50% CHS Tradng Company   Australia Pty. Ltd.   11/25/02 10/09/14 Australia   Larsen Cooperative TVCS D 100% CHS-LCC Co-op 06/01/06 11/08/12 Wisconsin   Latty Grain, Ltd D   CHS Inc. 40%; Mercer Landmark   Inc. 60%   03/22/95 08/31/09 Ohio   M Tarhaz Raktarozasi Os SzolgaltatO   Korlatolt FelelossOgu Tarsas6g (M-   Tarh6z Kft)   F 100% S.C. Silotrans S.R.L. 01/20/99 01/10/11 Hungary   Market Street Terminal, LLC D 50% CHS, 50% Northern Partners 07/14/14 07/14/14 Illinois   Marshall Insurance Agency, Inc. D 100% CHS 04/01/05 04/01/05 Minnesota   McPherson Agricultural Product, LLC D   100% CHS McPherson Refinery,   Inc.   10/06/04 10/06/04 Kansas   Midwest Ag Supplements, LLC D CHS Inc. 50%, Form A Feed-25% ' John Pollock 25%   07/13/10 07/13/10 Minnesota   Molinos de Puerto Rico, LLC D   100% Ardent Mills Netherland   Holdings B.V. 05/25/06 05/29/14   Puerto Rico   Montana-Wyoming Oil Spill Control   Cooperative D   8 members; CHS interest is   approx. 18.16% 06/13/00   10/01/00 Wyoming   Mountain Country, LLC D   CHS 50%, Valley Wide Coop, Inc.   50%   07/29/99 08/30/06 Idaho   Norick Risk Funding Concepts, LLC D Norick, Inc. 50%; CHS Inc. 50% 05/06/04 05/06/04 Minnesota   Northern Illinois Alliance, LLC D   CHS 50%; Elburn Co-operative   Company 50%   03/24/06 03/24/06 Illinois   Northern Montana Oil Spill Cooperaive,   LLC D   Front Range Pipeline is one of 4   members in the LLC; ownership   interest is undefined and based   on operations and participation   12/11/02 12/11/02 Montana   Northern Riverina Grains Pty. Ltd. F   31.58% CHS Trading Company   Australia Party Ltd. 10/18/11   10/30/13 Australia   Northwest Iowa Agronomy, LLC D   CHS 46.4%, Midwest Farmers   Coop (20.4%), Farmers Coop   Society (17%), Farmers Elevator   Coon (16.2%1.   08/06/04 09/04/07 Iowa   Nutriqonia Ltd. F 10% CHS Industries Ltd. 02/09/12 Israel   Omega Terminal S.A. F 100% Serseris Holdings Limited 02/25/99 02/20/09 Switzerland   Oregana Co., Ltd. F 100% CHS Europe 10/13/08 12/22/09 Republic of Cyprus   Osage Pipe Line Company D   100% CHS McPherson Refinery,   Inc. (per Kent Stos at CHS   McPherson Refinery. Inc.)   05/07/75 05/07/75 Delaware   Osage Pipe Line Company, LLC D 50% CHS McPherson; 50% Magellan Pipe Line Company 01/20/04   01/20/04 Delaware   Patriot Fuels Biodiesel, LLC D 100% Patriot Holdings, LLC 09/03/13 06/01/15 Illinois   Patriot Holdings, LLC D 100% GLT Resources USA, Inc. 09/14/11 06/01/15 Illinois   Patriot Land Holdings, LLC D 100% Patriot Holdings, LLC 04/01/13 06/01/15 Illinois   Patriot Renewable Fuels, LLC D 100% Patriot Holdings, LLC 01/31/05 06/01/15 Illinois   PGG/HSC Feed Company, L.L.C. D 80% CHS; 20% Pendleton Grain   Growers   10/26/94 10/26/94 Oregon   Plains Liquor LLC D Don Olson 50% and Dan Ostendorf 50%   05/18/10 05/18/10 Minnesota   PLC Insurance Agency, Inc. D 100% CHS 09/30/09 09/30/09 Minnesota   Prairie Lakes Grain Storage Limited   Partnership   D CHS 38.5855%; Other 61.4145% 06/15/01 12/17/03 Minnesota   Producer Ag, LLC D 50% Mid-Kansas Cooperative Assn; 50% CHS 02/13/13 02/13/13 Kansas   Pro-Tect Insurance Agency, LLC D 50% CHS Inc, 50% Ag Insurance Services, Inc.   04/01/05 04/01/05 Minnesota   QTI-AMG, LLCA D   AMG, Inc. 510 Common Units,   Quality Technology 6,290   Common Units, GTL Resources   USA. Inc. 1.200 Common Units   02/05/09 01/30/15 Illinois   Red Rock Cooperative Association D 31.68% CHS 10/26/99 10/26/99 South Dakota   Rockville Propane Terminal LLC D 50% Wenner Gas Co; 50% CHS 10/22/13 Minnesota   RosAgrolnvest LLC F 100% Oregana Co. Ltd. 03/13/09 12/22/09 Russian Federation   Russell Consulting Group, L.L.C. D   CHS Hedging LLC owns 65.6% ,   Russell Consulting, Inc. owns   34.4%   12/30/99 06/29/07 Nebraska   RV Broadbent & Sons Pty Ltd. F 50% Broadbent Grain Pty. Ltd. 07/01/99 10/09/14 Australia   S.C. Silotrans S.R.L. F 95.94% Agri Point Ltd.; 4.06% S.C.Schenker Romtrans S.A. 08/18/97   01/10/11 Romania     

 

S.C. Transporter S.R.L. F   Eff. 6/21/13 100% Silotrans SRL   (formerly 50% S.C. Silotrans   S.R.L.; 50% S.C. Perfect Casa De   Comenzi S.R.L.1   03/17/04 01/10/11 Romania   S.P.E. CHS Plant Extracts Ltd. F 100% CHS Industries Ltd. 11/16/00 02/09/12 Israel   SC Nutron SRL F Agri Point Ltd 11/15/11 09/26/14   Serseris Holdings Limited F   26% CHS Europe Sarl; 74% G.N.   Terminal Enterprises Ltd.   04/14/09 11/06/12 Republic of Cyprus   Serseris Ltd. F 100% Serseris Holdings Limited 11/06/12 11/06/12 Dubai   Shel-Bar 2000 GP F   50% CHS Israel Protein Foods   Ltd.   02/09/12 Israel   Shipman Bio Investment, L.L.C. D   Tom T. Connors 1/3, Robert   Moore 1/3, CHS-Shipman, Inc.   37.74%   02/23/06 12/19/11 Illinois   Sinav Limited F 100% CHS 10/19/11 06/04/14 England   Sitio 0 de Quequen S.A. F 22.75% CHS de Argentina SA; 22.75% Noble Argentina S.A.   Solbar Europe BV F   100% CHS Israel Protein Foods   Ltd   05/17/04 02/09/12   Amsterdam, The   Netherlands   Solbar Holdings (2005) Ltd. F 15% CHS Industries Ltd. 02/09/12 Israel   Southwest Crop Nutrients, LLC D   (...rio 00.0VLD7o, IJULlye LILY L.Ut1Ip   Exchange 33.33%, The Plains   Equity Exchange and Co-   operative Union 3.2258%, The   Elkhart Cooperative 1.6129%,   The Offerle Cooperative Grain   and Supply Co 1.6129%,   C , 1 k I nffn r nnnr.r.fixi" 1 81 900/   09/09/04 09/04/07 Kansas   St. Hilaire Ag Insurance, Inc. D 100% CHS 02/20/90 08/09/96 Minnesota   St. Paul Maritime Corporation D 100% CHSC 08/18/95 08/18/95 Minnesota   Superior East II LLC D 100% by Superior East LLC 05/23/13 05/23/13 Nebraska   Superior East LLC D   50% CHS; 50% Aurora   Cooperative Elevator Company   04/10/13 04/10/13 Nebraska   TEMCO, LLC D 50%-CHS, 50% Cargill 09/15/92 09/15/92 Delaware   Terminal Corredor Norte S.A. (TCN) F   25% CHS do Brasil; 75%   NovaAgri Infra-Estrutura de   Armazenagem E Escoamento   Agricola S.A. (Sao Paulo, Brazil)   12/15/11 05/24/12   Sao Paulo   Brazil   The Farmer's Elevator Company of   Lowder   D 100% CHS 12/20/05 08/09/10 Illinois   United Country Brands LLC D 100% CHS 01/05/00 01/05/00 Delaware   Ventura Foods LLC D 50% CHS; 50% Mitsui & Co. 07/15/96 07/15/96 Delaware   Wabash Valley Grain, LLC   (CHS Interest sold 8/31/15?) D   50% CHS; 50% Superior Ag   Resources CO-OP, Inc.   08/04/08 08/04/08 Indiana   Wagner Gas & Electric, Inc. D 100% CHS-LCC Co-op 04/21/77 11/08/12 Wisconsin   Watertown Crop Nutrients LLC D   70% CHS, 30% Watertown   Cooperative Elevator   05/19/11 10/25/11 South Dakota   West Central Distribution, LLC D   75% WCI Holdings Co; 25% CHS   Acquisition LLC   10/01/14 Minnesota   Western Feed, LLC D   50% CHS; 50% Western   Cooperative Company   02/28/08 02/28/08 Minnesota   Western Kansas Liquid Fertilizer   Terminal   D   25%1Jecatur cooperative   Association, 25% Cooperative    Agricultural Services, Inc., 25%   Midwest Cooperative, and 25%   CHS Wallace County   10/03/98 09/07/05 Kansas   Whitesville Crop Nutrients LLC D   Ceres Solutions, CHS LLP 68%,   Inc. 32%   12/01/10 12/01/10 Indiana   X-Seed, LLC D X-Seed, Inc. 50%; CHS 50% 08/28/14 08/28/14 Minnesota   Zeeland Lumber Holdings, LLC. D   75% Zeeland Lumber and Supply   Co., 25% CHS Inc.   12/12/08 09/26/11 Michigan     

 

Schedule 5.4   Name Foreign/ Domestic Ownership By   lncorp.   Date   Date CHS   Interest   Acquired   State/Country of   Incorporation   1856770 Alberta Ltd. F 100% CHS Canada Cooperative 10/28/14 10/28/14 Alberta, Canada   Ag States Reinsurance Company, IC D   100% Impact Risk Funding, Inc.,   PCC   08/24/10 08/24/10 Washington DC   Agri Point Ltd. F   99% CHS Europe; 1% Oregana   (formerly 100% CHS Europe SA) 05/12/07 01/10/11 Repulic of Cyprus   Agro Storage d.o.o. F 100% Agri Point Ltd. 10/17/13 10/17/13 Bosnia   Agromarket Servis LLC F 100% CHS Agromarket 06/29/09 12/22/09 Russian Federation   Badger Energy Services, LLC D 100% CHS-LCC Co-op 08/22/00 11/08/12 Wisconsin   CENEX AG, Inc. D 100% CHS 10/23/74 10/23/74 Delaware   CENEX Pipeline, LLC D 100% CHS 05/04/98 05/04/98 Minnesota   Central Montana Propane, LLC D   CHS 53.38% and Moore Farmers   Oil Company 46.62%   09/16/97 03/01/00 Montana   CHS - Holdrege, Inc. D 100% CHS 11/14/08 11/14/08 Nebraska   CHS (Shanghai) Trading Co., Ltd. F 100% CHS Hong Kong Limited 01/06/09 01/06/09 China   CHS (Taiwan) Commodity Trading Co.   Ltd.   F   100% CHS Singapore Trading   Company PTE. Ltd.   08/08/13 08/08/13 Republic of China   CHS Acquisition LLC D 100% CHS Inc. 09/22/14 09/22/14 Minnesota   CHS Agri Intelligence LLC D 80% CHS; 20% Paradigm isr Inc. 10/02/13 10/02/13 Minnesota   CHS Agritrade Bulgaria Ltd. F 100% CHS Europe SA 02/09/11 02/09/11 Sofia, Bulgaria   CHS Agritrade d.o.o. F 100% CHS Europe SA 10/17/13 10/17/13 Bosnia   CHS Agritrade Hungary Ltd. F 100% CHS Europe SA 01/03/11 01/03/11 Budapest, Hungary   CHS Agritrade Romania SRL F 100% CHS Europe SA 03/01/11 03/01/11 Bucharest, Romania   Russian Federation CHS Agromarket, LLC F   28.57% CHS Europe; 71.43%   Oreqana Co. Ltd.   03/24/09 12/22/09   CHS AGRONEGOCIO - Industria e   Comercio Ltda.   F   99.99% CHS Bermuda GP; .01%   CHS Holdings, Inc.   02/01/03 02/01/03 Sao Paulo   Brazil   CHS Bermuda GP F   Ett. 8/26/15 99% (MS   Luxembourg Financial, LLC; 1%   CHS Holdings, Inc. (previously   99% CHS Inc.; 1% CHS Holdings,   Inc 1   08/06/12 08/06/12 Bermuda   CHS Canada Cooperative F 100% CHS 03/19/14 03/19/14 Canada   CHS Canada LP (fka CHS CanAgra LP) F   1% CHS Canada Cooperative,   99% CHS Country Operations   Canada. Inc.   03/24/14 03/24/14 Alberta, Canada   CHS Canada, Inc. F 100% CHS 05/23/13 05/23/13 Manitoba   CHS Capital ProFund LLC D 100% CHS Capital LLC 10/11/10 10/11/10 Minnesota   CHS Capital, LLC D 100% CHS 02/09/05 02/09/05 Minnesota   CHS Comercio Servicos E Solucoes   Agricolas Ltda. (d/b/a CHS Barter   Solutions, f/k/a Atman Producao   Aaronrecuaria Ltda.)   F 100% CHS do Brasil 08/16/93 07/31/12 Goias, Brazil   CHS Country Operations Canada, Inc. F 100% CHS 09/12/12 09/12/12 Alberta, Canada   CHS de Argentina, S.A. F   99.94% CHS; .06% CHS-Farmco,   Inc.   09/30/09 09/30/09 Argentina   CHS de Paraguay Sociedad de   Responsabilidad Limitada (SRL) F   99.9995% CHS Singapore    Trading Company; .0005% CHS   Holdinas. Inc.   10/08/12 10/08/12 Paraguay   CHS Energy Canada, Inc. F 100% CHS Inc. 06/12/87 06/12/87 Alberta, Canada   CHS Europe Sari (Eff. 1/30/14; f/k/a CHS   Europe SA) F   Eff. 8/21/15, CHS Bermuda GP is   sole member; Eff. 2/14/14, CHS   Inc. is sole member (previously   100% CHSIHI   08/02/07 08/02/07 Switzerland   CHS Hallock Canada, Inc. F 100% CHS Inc. 08/07/15 08/07/15 Manitoba, Canada   CHS Hallock, LLC D 100% CHS Inc. 07/08/15 07/08/15 Minnesota   CHS Hedging, LLC D 100% CHS 2/10/2014 2/10/2014 Delaware   CHS Holdings, LLC (f/k/a CHS Holdings,   Inc.) D   Effec. 8/21/15 100% CHS   Bermuda GP (formerly 100%   CHS Inc.)   04/20/99 04/20/99 Minnesota   CHS Hong Kong Limited F 100% CHS Europe 06/11/08 06/11/08 Hong Kong   CHS Inc. D 100% CHS 07/15/36 07/15/36 Minnesota   CHS Inc. de Mexico F   99% CHS; 1% St. Paul Maritime   Corporation   02/20/06 02/20/06 Mexico   CHS Industries Ltd. F 100% CHS Europe SA 02/14/00 02/09/12 Israel   Page 1     

 

Schedule 5.4   Name Foreign/ Domestic Ownership By   lncorp .   Date   Date CHS   Interest   Acquired   State/Country of   Incorporation   CHS Insurance Services, LLC (f/k/a Ag   States Agency, LLC)   D 100% by CHS 12/27/94 12/27/94 Minnesota   CHS Israel Protein Foods Ltd. F 100% CHS Industries Ltd. 07/04/62 02/09/12 Israel   CHS Korea, LLC F 100% CHS Bermuda GP 10/27/11 10/27/11 South Korea   CHS Latin America Holdings LLC D 100% CHS Bermuda GP 08/12/15 08/12/15 Minnesota   CHS Luxembourg, S.a.r.l. (d/b/a in MN   as CHS Luxembourg Financial, LLC) F   100% CHS Inc. 07/12/13 07/12/13   Grand Duchy of   Luxembourg   Kansas   CHS McPherson Refinery, Inc. (f/k/a   National Cooperative Refinery   Association)   D CHS 100% (Eff. 9/1/2015) 07/07/43 07/07/43   CHS Milling Luxembourg, S.a.r.l. F   87.48% CHS; 12.52 CHS   Luxembourg S.a.r.l. (prey. 50%   CHS Inc.; 50% CHS Luxembourg   S.a.r.I.1   07/12/13 07/12/13   Grand Duchy of   Luxembourg   CHS Ningbo Protein Foods Ltd. F 100%-CHS Pacific Private Limited 10/17/03 02/09/12 China   CHS Pacific Private Limited F 100% CHS Industries Ltd. 09/23/03 02/09/12 Singapore   CHS Serbia D.O.O. Novi Sad F 100% CHS Europe SA 04/01/11 04/01/11 Novi Sad, Serbia   CHS Singapore Trading Company PTE.   LTD.   F 100% CHS Bermuda GP 11/01/11 11/01/11 Republic of Singapore   CHS South Sioux City, Inc. D 100% CHS 09/13/94 02/09/12 Delaware   CHS Spiritwood Fertilizer LLC D 100% CHS 09/10/14 09/10/14 Delaware   CHS Tarim ye Gida Sanayi Limited   Sirketi   F 100% CHS Europe 11/15/13 11/15/13 Turkey   CHS Trading Company Australia Pty Ltd F 100% CHS Bermuda GP 06/29/09 06/29/09   New South Whales,   Australia   CHS UKRAINE, LLC F   99.9% CHS Europe SA; .1%   °regalia Co. Ltd.   02/12/08 02/12/08 Kyiv, Ukraine   CHS Uruguay SRL F   99.9% CHS Bermuda; .1% CHS   Holdings   11/14/13 11/14/13   CHS-Brule, Inc. D 100% CHS 01/07/15 Nebraska   CHS-CFE Co (Carrollton Farmers'   Elevator Company) D   100% CHS 08/01/14 08/01/14 Illinois   CHS-Elkton D 100% CHS 06/29/11 06/29/11 South Dakota   CHS-Farmco, Inc. D 100% CHS 03/13/06 03/13/06 Kansas   CHS-GC, Inc. D 100% CHS 06/08/11 06/08/11 Colorado   CHS-Hamilton, Inc. D 100% CHS 03/14/11 03/14/11 Michigan   CHSINC. lberica S.L. F 100% CHS Europe SA 08/03/09 08/03/09   Barcelona, Catanuna,   Spain   CHS-LCC Co-op D 100% CHS 08/22/12 08/22/12 Wisconsin   CHS-M&M, Inc. D 100% CHS 03/23/07 03/23/07 Colorado   CHS-New Salem D 100% CHS 06/13/11 06/13/11 North Dakota   CHS-Ostrander D 100% CHS 09/06/12 09/06/12 Minnesota   CHS-Rochester D 100% CHS 12/26/13 12/26/13 Minnesota   CHS-Shipman, Inc. D 100% CHS 10/25/11 10/25/11 Illinois   CHS-Sub Whatcom, Inc. D 100% CHS 05/18/15 05/18/15 Washington   CHS-Valley City D 100% CHS 10/31/13 06/02/14 North Dakota   CHS-Wallace County, Inc. D 100% CHS 02/17/05 02/17/05 Kansas   Circle Land Management, Inc. D 100% CHS 05/05/93 05/05/93 Minnesota   Clear Creek Transportation, LLC D   100% CHS McPherson Refinery   Inc.   07/21/58 Kansas   Cofina Funding, LLC D 100% CHS Capital LLC 08/09/05 08/09/05 Delaware   Cross Country Land Management LLC D 100% Circle Land Management 03/11/15 Montana   CZL Australia & Japan Pty. Ltd. F 100% CZL Ltd. 04/23/15 04/23/15 Australia   CZL Ltd. F   CHS Singapore Trading   Company PTE. LTD. 51%, ZEN-   NOH 49%   03/27/97 04/12/12 Japan   Fin-Ag, Inc. D 100% CHS 12/17/87 12/17/87 South Dakota   Front Range Pipeline, LLC D 100% CHS 03/23/99 03/23/99 Minnesota   GTL Resources Limited F Sinav Limited 100% 04/21/93 06/04/14 England   GTL Resources Overseas Investments   Limited   F GTL Resources Limited 100% 05/16/05 06/04/14 England   GTL Resources USA, Inc. D   GTL Resources Overseas   Investments Limited 100%   07/07/05 06/04/14 Delaware   Illinois River Energy, LLC D 100% GTL Resources USA, Inc. 02/20/02 06/04/14 Delaware   Illinois Valley Supply LLC D   50% CHS-Shipman, Inc. 50%   CHS-CFE Co.   06/19/98 01/13/12 Illinois   Impact Risk Funding Inc., PCC D   100 LLC% CHS Insurance Services, 08/24/10 08/24/10 Washington DC   Jayhawk Pipeline L.L.C. D   100% CHS McPherson Refinery   Inc.   05/24/94 05/24/94 Kansas   Page 2     

 

Schedule 5.4   Name Foreign/ Domestic Ownership By   Incorp.   Date   Date CHS   Interest   Acquired   State/Country of   Incorporation   Kaw Pipe Line Company D   67% CHS McPherson Refinery   Inc., 33% CITGO   09/13/35 07/07/43 Delaware   Larsen Cooperative TVCS D 100% CHS-LCC Co-op 06/01/06 11/08/12 Wisconsin   M Tarhaz Raktarozasi es Szolgaltate   Korlatolt Felelossegu Tarsasag (M-   Tarhez Kft)   F 100% S.C. Silotrans S.R.L. 01/20/99 01/10/11 Hungary   Marshall Insurance Agency, Inc. D 100% CHS 04/01/05 04/01/05 Minnesota   McPherson Agricultural Product, LLC D   100% CHS McPherson Refinery   Inc.   10/06/04 10/06/04 Kansas   Omega Terminal S.A. F 100% Serseris Holdings Limited 02/25/99 02/20/09 Switzerland   Oregana Co., Ltd. F 100% CHS Europe 10/13/08 12/22/09 Republic of Cyprus   Osage Pipe Line Company D   100% NCRA (per Kent Stos at   NCRA) 05/07/75 05/07/75 Delaware   Patriot Fuels Biodiesel, LLC D 100% Patriot Holdings, LLC 09/03/13 06/01/15 Illinois   Patriot Holdings, LLC D 100% GLT Resources USA, Inc. 09/14/11 06/01/15 Illinois   Patriot Land Holdings, LLC D 100% Patriot Holdings, LLC 04/01/13 06/01/15 Illinois   Patriot Renewable Fuels, LLC D 100% Patriot Holdings, LLC 01/31/05 06/01/15 Illinois   PGG/HSC Feed Company, L.L.C. D   80% - CHS and 20% Pendleton   Grain Growers   10/26/94 10/26/94 Oregon   Plains Liquor LLC D   Don Olson 50% and Dan   Ostendorf 50%   05/18/10 05/18/10 Minnesota   PLC Insurance Agency, Inc. D 100% CHS 09/30/09 09/30/09 Minnesota   RosAgrolnvest LLC F 100% Oregana Co. Ltd. 03/13/09 12/22/09 Russian Federation   Russell Consulting Group, L.L.C. D   CHS Hedging LLC owns 65.6% ,   Russell Consulting, Inc. owns   34.4%   12/30/99 06/29/07 Nebraska   S.C. Silotrans S.R.L. F   95.94% Agri Point Ltd.; 4.06%   S.C.Schenker Romtrans S.A.   08/18/97 01/10/11 Romania   S.P.E. CHS Plant Extracts Ltd. F 100% CHS Industries Ltd. 11/16/00 02/09/12 Israel   SC Nutron SRL F Agri Point Ltd 11/15/11 09/26/14   Sinav Limited F 100% CHS 10/19/11 06/04/14 England   Solbar Europe BV F   100% CHS Israel Protein Foods   Ltd   05/17/04 02/09/12   Amsterdam, The   Netherlands   Southeast Propane, LLC-Dissolved as of   10/1/15   D 100% CHS-Valley City 07/31/00 05/05/14 North Dakota   Southwest Crop Nutrients, LLC D   %Ala 70.1)ULO /0, IJUU9e Laty %Amp   Exchange 33.33%, The Plains   Equity Exchange and Co-   operative Union 3.2258%, The   Elkhart Cooperative 1.6129%,   The Offerle Cooperative Grain   and Supply Co 1.6129%, Sublette   t^e.".........,41...e. 4 C4100/   09/09/04 09/04/07 Kansas   St. Hilaire Aq Insurance, Inc. D 100% CHS 02/20/90 08/09/96 Minnesota   St. Paul Maritime Corporation D 100% CHSC 08/18/95 08/18/95 Minnesota   The Farmer's Elevator Company of   Lowder   D 100% CHS 12/20/05 08/09/10 Illinois   United Country Brands LLC D 100% CHS 01/05/00 01/05/00 Delaware   Wagner Gas & Electric, Inc. D 100% CHS-LCC Co-op 04/21/77 11/08/12 Wisconsin   Watertown Crop Nutrients LLC D   70% CHS, 30% Watertown   Cooperative Elevator   05/19/11 10/25/11 South Dakota   Page 3     

 

SCHEDULE 5.5   FINANCIAL STATEMENTS   1. Consolidated Balance Sheets, Income Statement, and Statements of Operations and   Cash Flows for the 3-months ended November 30, 2015 as presented in the   Company's Form 10-Q filed with the SEC on January 7, 2016.     

 

SCHEDULE 5.6   RESTRICTIONS ON DEBT   1. $60,000,000 5.60% Series E Senior Notes due October 18, 2017, issued pursuant to   Note Purchase Agreement dated as of October 18, 2002 among the Company and   each of the investors listed on the Purchase Schedule attached thereto.   2. $400,000,000 6.18% Series I Senior Notes dated October 4, 2007 due October 4,   2017, issued pursuant to Note Purchase Agreement dated as of October 4, 2007   among the Company and each of the investors listed on the Purchase Schedule   attached thereto.   3. $50,000,000 5.78% Series J Notes dated February 8, 2008 due February 8, 2018   issued pursuant to Note Purchase and Private Shelf Agreement dated as of April 13,   2004 among the Company and The Prudential Insurance Company and certain   affiliates thereof (the "Shelf Agreement") and $150,000,000 Private Shelf Facility   established thereunder, including all amendments thereto.   4. $100,000,000 4.00% Series K Notes dated November 23, 2010 due November 23,   2020 issued pursuant to the Shelf Agreement.   5. Loan Agreement (Term Loan) between CHS Inc. and European Bank for   Reconstruction and Development dated January 5, 2011.   6. $130,000,000 4.08% Series L Senior Notes Due June 9, 2019; $160,000,000 4.52%   Series M Senior Notes Due June 9, 2021; $130,000,000 4.67% Series N Senior Notes   Due June 9, 2023; and $80,000,000 4.82% Series 0 Senior Notes Due June 9, 2026,   issued pursuant to Master Note Purchase Agreement dated as of June 9, 2011 among   the Company and each of the investors listed on the Purchase Schedule attached   thereto.   7. $100,000,000 4.71% Series P Senior Notes due March 15, 2033, issued pursuant to   Master Note Purchase Agreement dated as of June 9, 2011 among the Company and   each of the investors listed on the Purchase Schedule attached thereto.   8. $80,000,000 3.85% Series Q Senior Notes due July 10, 2025, issued pursuant to   Master Note Purchase Agreement dated as of June 9, 2011 among the Company and   each of the investors listed on the Purchase Schedule attached thereto.   9. $100,000,000 3.80% Series R Senior Notes due July 12, 2025, issued pursuant to   Master Note Purchase Agreement dated as of June 9, 2011 among the Company and   each of the investors listed on the Purchase Schedule attached thereto.   10. 2015 Credit Agreement (10-Year Term Loan), dated September 4, 2015, by and   between CHS Inc., CoBank, ACB, as a syndication party and as the administrative   agent for the benefit of all present and future syndication parties, and the other   syndication parties party thereto.     

 

11. 2015 Amended and Restated Credit Agreement (5-Year Revolving Loan), dated   September 4, 2015, by and between CHS Inc., CoBank, ACB, as a syndication party   and as the administrative agent for the benefit of all present and future syndication   parties, Wells Fargo Bank, National Association, as syndication agent, and the other   syndication parties party thereto.   12. $250 Million Pre-Export Credit Agreement dated as of September 24, 2013 by and   among CHS Agronegocio Industria e Comercio Ltda., the Company as Guarantor,   Credit Agricole Corporate and Investment Bank, Merrill Lynch, Pierce, Fenner &   Smith Incorporated and a syndicate of lenders.   13. $50 Million Pre-Export Credit Agreement dated as of May 13, 2015 by and among   CHS Agronegocio Industria e Comercio Ltda., the Company as Guarantor, and   Mizuho Bank (USA).     

 

SCHEDULE 5.12   INTELLECUAL PROPERTY   None.     

 

3,000,000,000   213,579,001   250,000,000   72,651,002   8,501,945   5,220,998   36,255,691   26,925,548   173,833,770   3,786,967,955   (commitment - actual drawn was $450,000,000 on 11/30/15)   (uncommitted)   (commitment — actual drawn was $205,000,000 as of 11/30/15)   (uncommitted) Includes $11,096,998 of long term   (uncommitted)   (uncommitted) — security interest in goods financed   (uncommitted) — security interest in inventory financed   (uncommitted)   (uncommitted) — security interest in goods financed   SCHEDULE 5.16   EXISTING DEBT   EXISTING INDEBTEDNESS > $10 million   CHS Inc. & Subsidiaries   Short-term Notes    CHS 5 yr Revolver   Trade Finance - Brazil   Pre-Export Facility — Brazil   Trade Finance — Barter (Brazil)   Trade Finance — Shanghai   Trade Finance — Romania   Trade Finance — Australia   Trade Finance — CZL   Trade Finance — Singapore   Private Placements    Private Placement series E   Private Placement series I   Prudential PP series J   Prudential PP series K   Private Placement Series L-0   Private Placement Series P   Private Placement Series Q   Private Placement Series R   Other Debt    Farm Credit Banks - 10 yr Term (12/12/07)   Farm Credit Banks — 10 yr Term (9/4/15)   European Bank for Rec & Dev - Term   Brazil 5 yr Pre-Export Mizuho Facility   Brazil BNDES Term Loans   Guarantee for TCN Brazil - Bank of America   Guarantee for Temco (JV) — MUFG   Guarantee for Temco Kalama, Washington   Terminal Elevator JV Term Loan Agreement   Capital Lease Obligations   18,461,537   160,000,000   30,000,000   100,000,000   500,000,000   100,000,000   80,000,000   100,000,000   1,088,461,537   75,000,000   600,000,000 (commitment — actual drawn was $0 on 11/30/15)   31,882,475   50,000,000   13,079,406 (security interest in silos financed)   20,464,343 (exposure on 11-30-15 was $17,866,569 balance drawn)   125,000,000 (exposure on 11-30-15 was $10,750,000 balance drawn)   60,000,000 (exposure on 11-30-15 was $60,000,000 balance drawn)   123,231,472 Includes both short and long term obligations   498,657,696   Consolidated Total $5,374,087,188     

 

EXHIBIT 1.1(a)   [FORM OF SERIES S SENIOR NOTE]   CHS INC.   SERIES S SENIOR NOTE DUE JANUARY 25, 2023   No. RS-1 1   $r    [Date]   PPN: 12542R J*2         FOR VALUE RECEIVED, the undersigned, CHS Inc. (herein called the "Company"), a   corporation organized and existing under the laws of the State of Minnesota, hereby promises to   pay to [ ],  or registered assigns, the principal sum of 1   DOLLARS ($1  1)  (or so much thereof as shall not have been prepaid) on January 25,   2023, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the   unpaid balance hereof at the Applicable Rate (as defined in the Note Purchase Agreement   referred to below) with respect to this Note from the date hereof, payable semiannually, on the   25th day of January and July in each year, commencing with the January or July next succeeding   the date hereof, until the principal hereof shall have become due and payable, and (b) to the   extent permitted by law, on any overdue payment of interest and, during the continuance of an   Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole   Amount, at a rate per annum from time to time equal to the Default Rate, payable semiannually   as aforesaid (or, at the option of the registered holder hereof, on demand).   Payments of principal of, interest on and any Make-Whole Amount with respect to this   Note are to be made in lawful money of the United States of America at Wells Fargo Bank,   National Association in New York, New York or at such other place as the Company shall have   designated by written notice to the holder of this Note as provided in the Note Purchase   Agreement referred to below.   This Note is one of a series of Series S Senior Notes (herein called the "Notes") issued   pursuant to the Master Note Purchase Agreement, dated as of January 14, 2016 (as from time to   time amended, the "Note Purchase Agreement"), between the Company and the respective   Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be   deemed, by its acceptance hereof, to have (a) agreed to the confidentiality provisions set forth in   Section 20 of the Note Purchase Agreement and (b) made the representation set forth in   Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used   in this Note shall have the respective meanings ascribed to such terms in the Note Purchase   Agreement.   This Note is a registered Note and, as provided in the Note Purchase Agreement, upon   surrender of this Note for registration of transfer accompanied by a written instrument of transfer   duly executed, by the registered holder hereof or such holder's attorney duly authorized in   writing, a new Note for a like principal amount will be issued to, and registered in the name of,   the transferee. Prior to due presentment for registration of transfer, the Company may treat the   DB1/ 84912103.8     

 

person in whose name this Note is registered as the owner hereof for the purpose of receiving   payment and for all other purposes, and the Company will not be affected by any notice to the   contrary.   This Note is subject to prepayment, in whole or from time to time in part, at the times and   on the terms specified in the Note Purchase Agreement, but not otherwise.   If an Event of Default occurs and is continuing, the principal of this Note may be   declared or otherwise become due and payable in the manner, at the price (including any   applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.   This Note shall be construed and enforced in accordance with, and the rights of the   Company and the holder of this Note shall be governed by, the law of the State of New York   excluding choice-of-law principles of the law of such State that would permit the application of   the laws of a jurisdiction other than such State.   CHS INC.   By:    Name:   Title:   Exhibit 1.1(a)-2   DB1/ 84912103.8     

 

EXHIBIT 1.1(b)   [FORM OF SERIES T SENIOR NOTE]   CHS INC.   SERIES T SENIOR NOTE DUE JANUARY 25, 2025   No. RT-[    $r    [Date]   PPN: 12542R J@0        FOR VALUE RECEIVED, the undersigned, CHS Inc. (herein called the "Company"), a   corporation organized and existing under the laws of the State of Minnesota, hereby promises to   pay to [ ],  or registered assigns, the principal sum of [    DOLLARS ($[  ])  (or so much thereof as shall not have been prepaid) on January 25,   2025, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the   unpaid balance hereof at the Applicable Rate (as defined in the Note Purchase Agreement   referred to below) with respect to this Note from the date hereof, payable semiannually, on the   25th day of January and July in each year, commencing with the January or July next succeeding   the date hereof, until the principal hereof shall have become due and payable, and (b) to the   extent permitted by law, on any overdue payment of interest and, during the continuance of an   Event of Default, on such unpaid balance and on any overdue payment of any Make Whole   Amount, at a rate per annum from time to time equal to the Default Rate, payable semiannually   as aforesaid (or, at the option of the registered holder hereof, on demand).   Payments of principal of, interest on and any Make-Whole Amount with respect to this   Note are to be made in lawful money of the United States of America at Wells Fargo Bank,   National Association in New York, New York or at such other place as the Company shall have   designated by written notice to the holder of this Note as provided in the Note Purchase   Agreement referred to below.   This Note is one of a series of Series T Senior Notes (herein called the "Notes") issued   pursuant to the Master Note Purchase Agreement, dated as of January 14, 2016 (as from time to   time amended, the "Note Purchase Agreement"), between the Company and the respective   Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be   deemed, by its acceptance hereof, to have (a) agreed to the confidentiality provisions set forth in   Section 20 of the Note Purchase Agreement and (b) made the representation set forth in   Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used   in this Note shall have the respective meanings ascribed to such terms in the Note Purchase   Agreement.   This Note is a registered Note and, as provided in the Note Purchase Agreement, upon   surrender of this Note for registration of transfer accompanied by a written instrument of transfer   duly executed, by the registered holder hereof or such holder's attorney duly authorized in   writing, a new Note for a like principal amount will be issued to, and registered in the name of,   the transferee. Prior to due presentment for registration of transfer, the Company may treat the   DB1/ 84912103.8     

 

person in whose name this Note is registered as the owner hereof for the purpose of receiving   payment and for all other purposes, and the Company will not be affected by any notice to the   contrary.   This Note is subject to prepayment, in whole or from time to time in part, at the times and   on the terms specified in the Note Purchase Agreement, but not otherwise.   If an Event of Default occurs and is continuing, the principal of this Note may be   declared or otherwise become due and payable in the manner, at the price (including any   applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.   This Note shall be construed and enforced in accordance with, and the rights of the   Company and the holder of this Note shall be governed by, the law of the State of New York   excluding choice-of-law principles of the law of such State that would permit the application of   the laws of a jurisdiction other than such State.   CHS INC.   By:    Name:   Title:   Exhibit 1.1(b)-2   DB1/ 84912103.8     

 

EXHIBIT 1.1(c)   [FORM OF SERIES U SENIOR NOTE]   CHS INC.   SERIES U SENIOR NOTE DUE JANUARY 25, 2027   No. RU-[ ]   $f    [Date]   PPN: 12542R J#8         FOR VALUE RECEIVED, the undersigned, CHS Inc. (herein called the "Company"), a   corporation organized and existing under the laws of the State of Minnesota, hereby promises to   pay to [ ],  or registered assigns, the principal sum of [    DOLLARS ($[ ])  (or so much thereof as shall not have been prepaid) on January 25,   2027, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the   unpaid balance hereof at the Applicable Rate (as defined in the Note Purchase Agreement   referred to below) with respect to this Note from the date hereof, payable semiannually, on the   25th day of January and July in each year, commencing with the January or July next succeeding   the date hereof, until the principal hereof shall have become due and payable, and (b) to the   extent permitted by law, on any overdue payment of interest and, during the continuance of an   Event of Default, on such unpaid balance and on any overdue payment of any Make Whole   Amount, at a rate per annum from time to time equal to the Default Rate, payable semiannually   as aforesaid (or, at the option of the registered holder hereof, on demand).   Payments of principal of, interest on and any Make-Whole Amount with respect to this   Note are to be made in lawful money of the United States of America at Wells Fargo Bank,   National Association in New York, New York or at such other place as the Company shall have   designated by written notice to the holder of this Note as provided in the Note Purchase   Agreement referred to below.   This Note is one of a series of Series U Senior Notes (herein called the "Notes") issued   pursuant to the Master Note Purchase Agreement, dated as of January 14, 2016 (as from time to   time amended, the "Note Purchase Agreement"), between the Company and the respective   Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be   deemed, by its acceptance hereof, to have (a) agreed to the confidentiality provisions set forth in   Section 20 of the Note Purchase Agreement and (b) made the representation set forth in   Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used   in this Note shall have the respective meanings ascribed to such terms in the Note Purchase   Agreement.   This Note is a registered Note and, as provided in the Note Purchase Agreement, upon   surrender of this Note for registration of transfer accompanied by a written instrument of transfer   duly executed, by the registered holder hereof or such holder's attorney duly authorized in   writing, a new Note for a like principal amount will be issued to, and registered in the name of,   the transferee. Prior to due presentment for registration of transfer, the Company may treat the   DB1/ 84912103.8     

 

person in whose name this Note is registered as the owner hereof for the purpose of receiving   payment and for all other purposes, and the Company will not be affected by any notice to the   contrary.   This Note is subject to prepayment, in whole or from time to time in part, at the times and   on the terms specified in the Note Purchase Agreement, but not otherwise.   If an Event of Default occurs and is continuing, the principal of this Note may be   declared or otherwise become due and payable in the manner, at the price (including any   applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.   This Note shall be construed and enforced in accordance with, and the rights of the   Company and the holder of this Note shall be governed by, the law of the State of New York   excluding choice-of-law principles of the law of such State that would permit the application of   the laws of a jurisdiction other than such State.   CHS INC.   By:    Name:   Title:   Exhibit 1.1(c)-2   DB1/ 84912103.8     

 

EXHIBIT 1.1(d)   [FORM OF SERIES V SENIOR NOTE]   CHS INC.   SERIES V SENIOR NOTE DUE JANUARY 25, 2028   No. RV-[   $1    [Date]   PPN: 12542R K*0        FOR VALUE RECEIVED, the undersigned, CHS Inc. (herein called the "Company"), a   corporation organized and existing under the laws of the State of Minnesota, hereby promises to   pay to [ ],  or registered assigns, the principal sum of [    DOLLARS ($[  ])  (or so much thereof as shall not have been prepaid) on January 25,   2028, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the   unpaid balance hereof at the Applicable Rate (as defined in the Note Purchase Agreement   referred to below) with respect to this Note from the date hereof, payable semiannually, on the   25th day of January and July in each year, commencing with the January or July next succeeding   the date hereof, until the principal hereof shall have become due and payable, and (b) to the   extent permitted by law, on any overdue payment of interest and, during the continuance of an   Event of Default, on such unpaid balance and on any overdue payment of any Make Whole   Amount, at a rate per annum from time to time equal to the Default Rate, payable semiannually   as aforesaid (or, at the option of the registered holder hereof, on demand).   Payments of principal of, interest on and any Make-Whole Amount with respect to this   Note are to be made in lawful money of the United States of America at Wells Fargo Bank,   National Association in New York, New York or at such other place as the Company shall have   designated by written notice to the holder of this Note as provided in the Note Purchase   Agreement referred to below.   This Note is one of a series of Series V Senior Notes (herein called the "Notes") issued   pursuant to the Master Note Purchase Agreement, dated as of January 14, 2016 (as from time to   time amended, the "Note Purchase Agreement"), between the Company and the respective   Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be   deemed, by its acceptance hereof, to have (a) agreed to the confidentiality provisions set forth in   Section 20 of the Note Purchase Agreement and (b) made the representation set forth in   Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used   in this Note shall have the respective meanings ascribed to such terms in the Note Purchase   Agreement.   This Note is a registered Note and, as provided in the Note Purchase Agreement, upon   surrender of this Note for registration of transfer accompanied by a written instrument of transfer   duly executed, by the registered holder hereof or such holder's attorney duly authorized in   writing, a new Note for a like principal amount will be issued to, and registered in the name of,   the transferee. Prior to due presentment for registration of transfer, the Company may treat the   DB1/ 84912103.8     

 

person in whose name this Note is registered as the owner hereof for the purpose of receiving   payment and for all other purposes, and the Company will not be affected by any notice to the   contrary.   This Note is subject to prepayment, in whole or from time to time in part, at the times and   on the terms specified in the Note Purchase Agreement, but not otherwise.   If an Event of Default occurs and is continuing, the principal of this Note may be   declared or otherwise become due and payable in the manner, at the price (including any   applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.   This Note shall be construed and enforced in accordance with, and the rights of the   Company and the holder of this Note shall be governed by, the law of the State of New York   excluding choice-of-law principles of the law of such State that would permit the application of   the laws of a jurisdiction other than such State.   CHS INC.   By:    Name:   Title:   Exhibit 1.1(d)-2   DB1/ 84912103.8     

 

EXHIBIT 1.1(e)   [FORM OF SERIES W SENIOR NOTE]   CHS INC.   SERIES W SENIOR NOTE DUE JANUARY 25, 2031   No. RW-[ ]   $[    [Date]   PPN: 12542R K@8         FOR VALUE RECEIVED, the undersigned, CHS Inc. (herein called the "Company"), a   corporation organized and existing under the laws of the State of Minnesota, hereby promises to   pay to [ ],  or registered assigns, the principal sum of [    DOLLARS ($[  ])  (or so much thereof as shall not have been prepaid) on January 25,   2031, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the   unpaid balance hereof at the Applicable Rate (as defined in the Note Purchase Agreement   referred to below) with respect to this Note from the date hereof, payable semiannually, on the   25th day of January and July in each year, commencing with the January or July next succeeding   the date hereof, until the principal hereof shall have become due and payable, and (b) to the   extent permitted by law, on any overdue payment of interest and, during the continuance of an   Event of Default, on such unpaid balance and on any overdue payment of any Make Whole   Amount, at a rate per annum from time to time equal to the Default Rate, payable semiannually   as aforesaid (or, at the option of the registered holder hereof, on demand).   Payments of principal of, interest on and any Make-Whole Amount with respect to this   Note are to be made in lawful money of the United States of America at Wells Fargo Bank,   National Association in New York, New York or at such other place as the Company shall have   designated by written notice to the holder of this Note as provided in the Note Purchase   Agreement referred to below.   This Note is one of a series of Series W Senior Notes (herein called the "Notes") issued   pursuant to the Master Note Purchase Agreement, dated as of January 14, 2016 (as from time to   time amended, the "Note Purchase Agreement"), between the Company and the respective   Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be   deemed, by its acceptance hereof, to have (a) agreed to the confidentiality provisions set forth in   Section 20 of the Note Purchase Agreement and (b) made the representation set forth in   Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used   in this Note shall have the respective meanings ascribed to such terms in the Note Purchase   Agreement.   This Note is a registered Note and, as provided in the Note Purchase Agreement, upon   surrender of this Note for registration of transfer accompanied by a written instrument of transfer   duly executed, by the registered holder hereof or such holder's attorney duly authorized in   writing, a new Note for a like principal amount will be issued to, and registered in the name of,   the transferee. Prior to due presentment for registration of transfer, the Company may treat the   DB1/ 84912103.8     

 

person in whose name this Note is registered as the owner hereof for the purnos -  of receiving   payment and for all other purposes, and the Company will not be affected by any notice to the   contrary.   This Note is subject to prepayment, in -v/hole or from thne to time in part, at the times and   on the terns speci tied in the Note Purchase Agreement, but not othern ise.   if an Event of II-2Tault occurs and 1 continuing„ the principal of this Note ma: ,./- be   declared or otherwise become due and payable in the planner, at the price (including any   applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.   'This Note shall be construed and enforced in accordance with, and the rights of the   Company and the holder of this Note shall be governed by, the law ,  of the State of New York   excluding ehoire-of-law principles of the la-A -  of such State that would permit the application of   the laws of a jurisdiction other than such State.   inn.   Eyilib it 1 .1(4.2   Di31/ 1149 12 103.8     

 

EXHIBIT El(f)   [FORM OF SERIES X SENIOR NOTE]   INC..   SERIES X SENIOR NOTE DUE JAN TARY 25, 2036   No. RX-[   $[    [Date ]    PPN: 12542R K#6         FOR. VALUE RECEIVED, the undersigned, CUSS Inc. (herein called the "Company"), a   corporation organized and existing under the laws of the State of Minnesota, hereby promises to   pay to [  ], or registered assigns, the principal sum of [   DOLLARS ($[  ]) (or so much thereof as shall not have been prepaid) on January 25,   2036, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the   unpaid balance hereof at the Applicable Rate (as defined in the Note Purchase Agreement   referred to below) with respect to this Note from the date hereof, payable semiannually, on the   25th day of January and July in each year, commencing with the January or July next succeeding   the date hereof, until the principal hereof shall have become due and payable, and (b) to the   extent permitted by law, on any overdue payment of interest and, during the continuance of an   Event of Default, on such unpaid balance and on any overdue payment of any Make Whole   Amount, at a rate per annum from time to time equal to the Default Rate, payable semiannually   as aforesaid (or, at the option of the registered holder hereof, on demand).   Payments of principal of, interest on and any Make-Whole Amount with respect to this   Note are to be made in lawful money of the United States of America at Wells Faro Bank,   National Association in New York, New York or at such other place as the Company shall have   designated by written notice to the holder of this Note as provided in the Note Purchase   Agreement referred to below.   This Note is one of a series of Series X Senior Notes (herein called the "Notes") issued   pursuant to the Master Note Purchase Agreement, dated as of January 14, 2016 (as from time to   time amended, the "Note Purchase Agreement"), between the Company and the respective   Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be   deemed, by its acceptance hereof, to have (a) agreed to the confidentiality provisions set forth in   Section 20 of the Note Purchase Agreement and (b) made the representation set forth in   Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used   in this Note shall have the respective meanings ascribed to such terms in the Note Purchase   Agreement.   This Note is a registered Note and, as provided in the Note Purchase Agreement, upon   surrender of this Note for registration of transfer accompanied by a written instrument of transfer   duly executed, by the registered holder hereof or such holder's attorney duly authorized in   writing, a new Note for a like principal amount will be issued to, and registered in the name of,   the transferee. Prior to due presentment for registration of transfer, the Company may treat the   DB1/ 84912103.8     

 

person in whose name this Note is registered as the owner hereof for the purpose of receiving   payment and for all other purposes, and the Company will not be affected by any notice to the   contrary.   This Note is subject to prepayment, in whole or from time to time in part, at the times and   on the terms specified in the Note Purchase Agreement, but not otherwise.   If an Event of Default occurs and is continuing, the principal of this Note may be   declared or otherwise become due and payable in the manner, at the price (including any   applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.   This Note shall be construed and enforced in accordance with, and the rights of the   Company and the holder of this Note shall be governed by, the law of the State of New York   excluding choice-of-law principles of the law of such State that would permit the application of   the laws of a jurisdiction other than such State.   CIIS INC.   By:    Name:   Title:   Exhibit 1.1(0-2   DB1/ 84912103.8     

 

EXHIBIT 1.2   FORM OF SUPPLEMENT   See attached.   DB1/ 84912103.8     

 

EXHIBIT 1.2   CHS INC.   [    ] SUPPLEMENT TO MASTER NOTE PURCHASE AGREEMENT   Dated as of [ ], 20 LA   Re: $[      ] []% Series [ ] Senior Notes   due    DB1/ 86049807.2     

 

CHS INC.   5500 Cenex Drive   Inver Grove Heights, MN 55077   [ ] SUPPLEMENT TO MASTER NOTE PURCHASE AGREEMENT   DATED AS OF [ ],  20[___]   Dated as of [ ]   TO EACH OF THE PURCHASERS LISTED   IN THE ATTACHED SCHEDULE A:   Ladies and Gentlemen:   This [Number] Supplement to Master Note Purchase Agreement (the "[ ] Supplement" or "this   Agreement") is among CHS Inc., a nonstock agricultural cooperative corporation organized   under the laws of the State of Minnesota (the "Company"), and the institutional investor[s]   named on the attached Schedule A  (the "Purchaser[s]").   Reference is hereby made to the Master Note Purchase Agreement dated as of January [ ], 2016   (the "Note Purchase Agreement") among the Company and the purchasers listed on Schedule   A thereto. Capitalized terms not otherwise defined herein shall have the meanings ascribed in   the Note Purchase Agreement. Reference is further made to Section 1.2 of the Note Purchase   Agreement, which provides that each series of Additional Notes will be issued pursuant to a   Supplement.   The Company agrees with the Purchaser[s] as follows:   1. Authorization of the New Series of Additional Notes.  The Company has authorized the   issue and sale of $[ ] aggregate principal amount of Notes to be designated as its [ ]% Series [ ]   Senior Notes due [ ], [ ] (the "Series [ ] Notes"). The Series [ ] Notes, together with the 2016   Notes [and the Series [ ] Notes] heretofore issued pursuant to the Note Purchase Agreement and   each series of Additional Notes that may from time to time hereafter be issued pursuant to the   provisions of Section 1.2 of the Note Purchase Agreement, are collectively referred to as the   "Notes" (such term shall also include any such notes issued in substitution therefor pursuant to   Section 13 of the Note Purchase Agreement). The Series [ ] Notes shall be substantially in the   form set out in Exhibit 1  to this [ ] Supplement, with such changes therefrom, if any, as may be   approved by the Purchaser[s] and the Company.   2. Sale and Purchase of Series [ ] Notes.  Subject to the terms and conditions herein and in   the Note Purchase Agreement, the Company will issue and sell to each Purchaser and each   Purchaser will purchase from the Company, at the [ ] Supplemental Closing provided for in   Section 3, Series [ ] Notes in the principal amount specified opposite such Purchaser's name in   the attached Schedule A  at the purchase price of 100% of the principal amount thereof. The   obligations of the Purchasers are several and not joint obligations and each Purchaser shall have   no liability to any Person for the performance or non-performance by any other Purchaser   DB1/ 86049807.2     

 

hereunder.   3. Closing. The sale and purchase of the Series [ ] Notes to be purchased by the Purchasers   shall occur at the offices of [ ] at 9:00 a.m., [ ] time, at a closing (the "[ ] Supplemental   Closing") on [ ], [ ] or on such other Business Day thereafter on or prior to [ ], [ ] as may be   agreed upon by the Company and the Purchasers. At the [ ] Supplemental Closing, the Company   will deliver to each Purchaser the Series [ ] Notes to be purchased by such Purchaser in the form   of a single Note (or such greater number of Series [ ] Notes in denominations of at least   $500,000 as such Purchaser may request) dated the date of the [ ] Supplemental Closing and   registered in such Purchaser's name (or in the name of its nominee), against delivery by such   Purchaser to the Company or its order of immediately available funds in the amount of the   purchase price therefor by wire transfer of immediately available funds for the account of the   Company to account number [ ] at [Name and Address of Bank], ABA No. [ ]. If at   the [ ] Supplemental Closing the Company fails to tender such Series [ ] Notes to any Purchaser   as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have   been fulfilled to such Purchaser's satisfaction, such Purchaser shall, at such Purchaser's election,   be relieved of all further obligations under this Agreement, without thereby waiving any rights   such Purchaser may have by reason of such failure or such nonfulfillment.   4. Conditions to [ ] Supplemental Closing. Each Purchaser's obligation to purchase and pay   for the Series [ ] Notes to be sold to such Purchaser at the [ ] Supplemental Closing is subject to   the fulfillment to such Purchaser's reasonable satisfaction, prior to or at the [ ] Supplemental   Closing, of the following conditions:   (a) [Representations and Warranties.   Each of the representations and warranties of the Company set forth in Schedule 4   attached hereto shall be correct when made and as of the date of the [ ] Supplemental   Closing.]   [Insert here additional conditions to [ ] Supplemental Closing]   5. [Insert here special payment provisions for Series [ ] Notes including prepayment   provisions].   (a) [Required Prepayments] [Maturity] .   [As provided therein, the entire unpaid principal balance of the Series [ ] Notes   shall be due and payable on the stated maturity date thereof.]   [On [ ], 20[_] and on each [ ] thereafter to and including   [ ], 20[ ]the Company will prepay $[ ] principal amount (or such   lesser principal amount as shall then be outstanding) of the Series [ ] Notes at par and   without payment of the Make-Whole Amount or any premium, provided that upon any   partial prepayment of the Series [ ] Notes pursuant to Section 8.3 of the Note Purchase   Agreement, the principal amount of each required prepayment of the Series [ ] Notes   becoming due under this Section [ ] on and after the date of such prepayment shall be   DB1/ 86049807.2     

 

reduced in the same proportion as the aggregate unpaid principal amount of the Series [ ]   Notes is reduced as a result of such prepayment.]   6. Representations of the Purchasers. Each Purchaser represents and warrants that the   representations and warranties set forth in Section 6 of the Note Purchase Agreement are true   and correct on the date hereof with respect to the purchase of the Series [ ] Notes by such   Purchaser.   7. Applicability of Note Purchase Agreement. Except for those terms and provisions set   forth on Schedule 7 attached hereto the Company and each Purchaser agree to be bound by and   comply with the terms and provisions of the Note Purchase Agreement as fully and completely   as if such Purchaser were an original signatory to the Note Purchase Agreement.   8. References. All references in the Note Purchase Agreement and all other instruments,   documents and agreements relating thereto, or entered into in connection therewith, shall be   deemed to refer to the Note Purchase Agreement, as supplemented by this [ ] Supplement.   9. Notices. All notices and communications provided to any Purchasers under this [ ]   Supplement or the Note Purchase Agreement shall be in writing and sent in the manner specified   in Section 18 of the Note Purchase Agreement to such Purchaser or its nominee (as applicable) at   the address specified for such communications in Schedule A to this [ ] Supplement, or at such   other address as such Purchaser or its nominee shall have specified to the Company in writing.   10. Governing Law. This [ ] Supplement shall be construed and enforced in accordance with,   and the rights of the parties shall be governed by, the law of the State of New York excluding   choice-of-law principles of the law of such State that would permit the application of the laws of   a jurisdiction other than such State.   11. Additional Provisions.   [Here insert any additional provisions].   DB1/ 86049807.2     

 

If you are in agreement with the foregoing, please sign the form of agreement on the   accompanying counterpart of this Agreement and return it to the Company, whereupon the   foregoing shall become a binding agreement between you and the Company. This Agreement   may be executed in any number of counterparts, each executed counterpart constituting an   original but all together only one agreement.   Very truly yours,   CHS INC.   By:    Name:   Title:   The foregoing is agreed to as of the date thereof.   [ADD PURCHASER SIGNATURE BLOCKS]   DB1/ 86049807.2     

 

[CONFIRMATION   Each of the undersigned acknowledges receipt of the foregoing [ ] Supplement to Master   Note Purchase Agreement dated as of [ ],  20[_] and confirms the continuing validity   and enforceability against such undersigned of the Guaranty to which such undersigned is a   partyi l   [ADD SIGNATURE BLOCKS FOR EACH GUARANTOR]   To the extent there are any guarantees provided in connection with any Note, such guarantors should provide this   confirmation in connection with the issuance of the Series [ ] Notes.   DB1/ 86049807.2     

 

Schedule A   INFORMATION RELATING TO PURCHASERS   Name and Address of Purchaser Principal Amount of Series [ ] Notes to be   Purchased   Register Notes in name of   (1) All scheduled payments of principal and interest by wire transfer of immediately   available funds to:   with sufficient information to identify the source and application of such funds, including issuer,   PPN#, interest rate, maturity and whether payment is of principal, premium, or interest   For all payments other than scheduled payments of principal and interest, the Company shall   seek instructions from the holder, and in the absence of instructions to the contrary, will make   such payments to the account and in the manner set forth above.   (2) All notices of payments and written confirmations of such wire transfers:   (3) Original notes delivered to:   (4) All other communications:   (5) Tax ID No.   DB1/ 86049807.2     

 

SCHEDULE 4 TO SUPPLEMENT   SUPPLEMENTAL REPRESENTATIONS   The Company represents and warrants to each Purchaser that, except as hereinafter set forth in   this Schedule 4, each of the representations and warranties set forth in Section 5 of the Note   Purchase Agreement is true and correct in all material respects as of the date hereof with respect   to the Series [ ] Notes with the same force and effect as if each reference to "2016 Notes" set   forth therein was modified to refer to the "Series [ ] Notes" and each reference to "this   Agreement" therein was modified to refer to the Note Purchase Agreement as supplemented by   the [ ] Supplement. The Section references hereinafter set forth correspond to the similar   sections of the Note Purchase Agreement that are supplemented hereby:   [Add any additional Sections as appropriate at the time the Series [ ] Notes are issued and any   exceptions to the representations and warranties]   DB1/ 86049807.2     

 

SCHEDULE 7 TO SUPPLEMENT   DB1/ 86049807.2     

 

EXHIBIT 1 TO SUPPLEMENT   FORM OF SERIES [ ] NOTE   DB1/ 86049807.2     

 

EXHIBIT 4.4(a)   FORM OF OPINION OF SPECIAL COUNSEL FOR THE COMPANY   See attached.   DB1/ 84912103.3     

 

DW DRAFT 1/13/16   [DW Letterhead]   January , 2016   To the Purchasers identified on   Schedule A to the   Note Purchase Agreement (as defined herein)   Dated January [ ], 2016   Re: CHS Inc. Master Note Purchase Agreement   Ladies and Gentlemen:   We have acted as special counsel to CHS Inc., a cooperative corporation formed under   the laws of the State of Minnesota (the "Company"),  in connection with the documents listed on   Schedule 1  attached hereto (the "Transaction Documents").  This opinion is being delivered to   each of the purchasers (the "Purchasers")  identified on Schedule A  of the Note Purchase   Agreement (as defined on Schedule 1  hereto) at the request of the Company pursuant to Section   4.4 of the Note Purchase Agreement. Capitalized terms defined in this opinion and in the   schedules hereto are used herein and therein as so defined. Capitalized terms used in this   opinion and in the schedules hereto that are not defined herein or therein shall have the meanings   given such terms in the Note Purchase Agreement.   In connection with this opinion, we have examined the Transaction Documents and the   following documents:   (i) a copy of the amended and restated articles of incorporation of the Company   certified as of January [ ], 2016 as a true copy by the Minnesota Secretary of   State, and a copy of the bylaws of the Company certified as of January [ ],  2016   as a true copy by the Secretary of the Company (collectively, the "Constituent    Documents");   (ii) a certificate of good standing concerning the Company from the Minnesota   Secretary of State issued January [ ], 2016 (the "Good Standing Certificate");   and   (iii) a certificate of an officer of the Company certifying as to a copy of resolutions of   the Board of Directors of the Company adopted [  ], 2015, incumbency   with respect to officers of the Company, the Constituent Documents, and certain   other matters relating to the Investment Company Act of 1940 and Regulations T,   U and X of the Board of Governors of the Federal Reserve System.   We have also examined such other documents, and have reviewed such questions of law,   as we have considered necessary and appropriate for the purposes of this opinion. In addition, as   to questions of fact material to the opinions hereinafter expressed, we have, when relevant facts   were not independently established by us, relied upon certificates (including those referenced in     

 

The Purchasers   January [ ] , 2016   Page 2   items (i) and (iii) above) and opinions of the Company, its officers and of public officials, and   we have assumed that all such facts are true and correct as of the date of this opinion. We have   not independently examined the records of any court or public office in any jurisdiction (other   than as specifically identified in items (i) and (ii) above), and our opinion is subject to matters   which examination of such records would reveal.   Our opinions expressed below as to certain factual matters are qualified as being limited   "to our actual knowledge" or by other words to the same or similar effect. Such words, as used   herein, mean that prior to or during the course of this firm's representation of the Company in   connection with the specific transactions contemplated by the Transaction Documents, no   contrary information came to the attention of David Swanson, Steven Khadavi, or Thomas Ryan,   the attorneys in our firm who have represented the Company in connection with the transactions   contemplated by the Transaction Documents and the preparation of this opinion. Our opinions in   clause (i) of Paragraph 3 and Paragraph 4 below are limited to (x) our actual knowledge, if any,   of the specifically regulated business activities and properties of the Company based solely upon   an officer's certificate in respect of such matters and without any independent investigation or   verification on our part and (y) laws and regulations normally applicable to transactions of the   type contemplated in the Transaction Documents and do not extend to licenses, permits and   approvals necessary for the conduct of the Company's business. In rendering such opinions, we   have not conducted any independent investigation of the Company or consulted with other   attorneys in our firm with respect to the matters covered thereby. No inference as to our   knowledge with respect to the factual matters upon which we have so qualified our opinions   should be drawn from the fact of our representation of the Company.   In rendering the opinions expressed below, we have assumed, without verification, that:   (A) Each of the parties to the Transaction Documents, other than the Company, is   organized, validly existing and in good standing in its respective jurisdiction of   organization.   (B) Each of the parties to the Transaction Documents, other than the Company, has   the full corporate or similar power and authority to enter into and perform its   respective obligations described in the Transaction Documents.   (C) Each of the Transaction Documents has been executed and delivered by the   appropriate parties, other than the Company, and all necessary steps have been   taken to authorize the execution, delivery and performance by such parties (other   than the Company) of the Transaction Documents.   (D) The representations and warranties of each of the parties contained in the   Transaction Documents with respect to factual matters are true and correct as of   the date of this opinion and all other statements of fact contained in the   Transaction Documents are true, but no statements as to law or conclusions of law     

 

The Purchasers   January [ 1,  2016   Page 3   in the Transaction Documents which are expressly addressed by this opinion are   assumed to be true.   (E) All signatures on the Transaction Documents are genuine, all documents   submitted to us as originals, if any, are authentic and all copies submitted to us   conform to original documents which are themselves authentic original   documents.   (F) Each Transaction Document constitutes the valid, binding and enforceable   obligations of each of the parties thereto, other than the Company, and each of the   parties thereto, other than the Company, has the legal capacity to enter into and be   bound by such Transaction Document.   (G) All natural persons executing and delivering the Transaction Documents have the   legal capacity for all purposes relevant hereto to do so.   (H) The execution and delivery of the Transaction Documents, the performance and   consummation of the transactions described therein or contemplated thereby, and   compliance with the terms and observance of the conditions thereof will not   conflict with, result in a breach or violation of, constitute a default under, or   violate any of the terms, provisions or conditions of (i) the articles of   incorporation or other similar constitution document of any party thereto, other   than the Company, or (ii) any material indenture, mortgage, deed of trust, lease,   document, agreement or other instrument to which any party thereto, including   the Company, or by which any of them or their properties are bound, including,   without limitation, the documents, agreements and other instruments relating to   any material financing transaction to which any party thereto is a party, including   the Company (other than, to the extent covered by our opinions in paragraph 3   below, the agreements and instruments of the Company set forth on Schedule 2    hereto).   Based upon the foregoing and upon such investigation as we have deemed necessary, and   subject to the qualifications set forth below, we are of the opinion that:   1. Based solely on the Good Standing Certificate, the Company is a cooperative   corporation that is validly existing and in good standing under the laws of the State of   Minnesota.   2. The Company has the corporate power to execute, deliver and perform each of the   Transaction Documents, and has taken all requisite corporate action to authorize the execution,   delivery and performance of each of the Transaction Documents. Each of the Transaction   Documents has been duly executed and delivered by the Company.     

 

The Purchasers   January [ ] , 2016   Page 4   3. The execution, delivery and performance of the Transaction Documents by the   Company do not and will not (i) violate or cause a breach of any statute of the United States or   the States of Minnesota or New York, or any rule or regulation of any governmental authority or   regulatory body of the United States or the States of Minnesota or New York (including without   limitation, Regulations T, U or X of the Board of Governors of the Federal Reserve System) or   (ii) violate or cause a breach of, or constitute a default under, (A) any provision of the   Constituent Documents or (B) the agreements and instruments of the Company set forth on   Schedule 2 hereto (other than violations of any financial covenant, financial test or any other   provision requiring calculations or applications of formulas to determine compliance contained   in such agreements and instruments, as to which we give no opinion).   4. No order, consent, approval, authorization of, or registration or filing with, any   State of Minnesota or New York or federal governmental authority is required to be obtained or   made by the Company to make valid and legally binding the execution, delivery and   performance by the Company of its agreements under any Transaction Document, except such as   have been obtained or made.   5. Each of the Transaction Documents has been executed and delivered by the   Company and constitutes the valid and legally binding obligation of the Company, enforceable   against the Company in accordance with its terms.   6. Assuming the representations made by the Company and the Purchasers set forth   in the Note Purchase Agreement are true and correct, and subject to the compliance of the   Company and the Purchasers with applicable securities laws and regulations and the covenants   and agreements of the Note Purchase Agreement, the offer, sale, issuance and delivery of the   Notes to the Purchasers, in the manner contemplated by the Note Purchase Agreement, is exempt   from the registration requirements of the Securities Act of 1933.   7. The Company is not required, nor after giving effect to the consummation of the   transactions contemplated by the Transaction Documents, will be required, to register as an   "investment company" under the Investment Company Act of 1940, as amended.   8. It is not necessary in connection with the offering, sale and delivery of the Notes   purchased by the Purchasers at the Closing, under the circumstances contemplated by the Note   Purchase Agreement, to qualify an indenture in respect of the Notes under the Trust Indenture   Act of 1939, as amended.   SCOPE OF OPINION    Our opinions set forth above are further subject to the following additional qualifications:   (a) Our opinions expressed above are limited to the laws of the States of Minnesota   and New York and the federal laws of the United States of America. We assume no     

 

The Purchasers   January [  , 2016   Page 5   responsibility as to the applicability to this transaction, or the effect thereon, of the laws of any   other jurisdiction.   (b) Our opinions are subject to the effect of bankruptcy, insolvency, reorganization,   arrangement, moratorium, fraudulent transfer, statutes of limitation, or other similar laws and   judicial decisions affecting or relating to the rights of creditors generally, and are further subject   to the effect of general principles of equity, including, without limitation, concepts of materiality,   reasonableness, good faith and fair dealing, estoppel, election of remedies and other similar   doctrines affecting the enforcement of agreements generally (regardless of whether enforcement   is considered in a proceeding at law or in equity). In addition, the availability of specific   performance, injunctive relief, the appointment of a receiver, marshalling of assets, stay or other   equitable remedies is subject to the discretion of the tribunal before which any proceeding   therefor may be brought, unless such discretion is limited by an applicable statute.   (c) Our opinions are further subject to other laws and judicial decisions affecting the   rights of creditors generally, including, without limitation, that we express no opinion as to the   enforceability of provisions of any Transaction Document to the extent it contains:   (i) choice of law or forum selection provisions, or any provision which   purports to confer jurisdiction upon any court or other tribunal;   (ii) waivers by the Company of any statutory or constitutional rights, defenses   or remedies, or the right to recover certain types of damages, or the right to impose   counterclaims, or of statutes of limitation or the tolling thereof;   (iii) cumulative remedies to the extent such cumulative remedies purport to   compensate, or would have the effect of compensating, the party entitled to the benefits   thereof in an amount in excess of the actual loss suffered by such party;   (iv) provisions requiring the Company to pay any prepayment premium,   default interest rate, early termination fee or other form of liquidated damages, if the   payment of such premium, interest rate, fee or damages may be construed as   unreasonable in relation to actual damages or disproportionate to actual damages suffered   by the Purchaser as a result of such prepayment, default or termination;   (v) provisions to the effect that the terms of any document may not be waived   or modified orally or by course of conduct;   (vi) provisions which purport to establish evidentiary standards;   (vii) provisions which purport to grant powers of attorney to any Person;   (viii) provisions which excuse any Person or entity from liability for, or require   any Person or entity to indemnify any other Person or entity against, the indemnified     

 

The Purchasers   January [ ], 2016   Page 6   Person's or entity's negligence or willful misconduct, or any other indemnification   agreement which may be contrary to public policy.   (d) Except as set forth in Paragraphs 3, 4 and 6, we express no opinion as to   compliance or the effect of noncompliance by the Company with any state or federal laws or   regulations applicable to the Company in connection with the transactions described in the   Transaction Documents.   (e) We express no opinion as to compliance or the effect of noncompliance by the   Purchasers with any state or federal laws or regulations applicable to the Purchasers in   connection with the transactions described in the Transaction Documents.   (f) In rendering our opinion in Paragraph 4, we are only opining as to consents,   approvals, authorizations, registrations, declarations and filings necessary for the Company to   execute, deliver and perform its obligations under the Transaction Documents, and we express   no opinion with respect to any consent, approval, authorization from, or any registration,   declaration or filing with, any governmental authority or agency required generally in connection   with the day-to-day business or operations of the Company.   (g) We express no opinion regarding any federal securities laws (except as set forth in   Paragraph 6), or the securities or "Blue Sky" laws of any state.   (h) Minnesota Statutes § 290.371, Subd. 4, provides that any corporation required to   file a Notice of Business Activities Report does not have a cause of action upon which it may   bring suit under Minnesota law unless the corporation has filed a Notice of Business Activities   Report and provides that the use of the courts of the State of Minnesota for all contracts executed   and all causes of action that arose before the end of any period for which a corporation failed to   file a required report is precluded. Insofar as our opinion may relate to the valid, binding and   enforceable character of any agreement under Minnesota law or in a Minnesota court, we have   assumed that any party seeking to enforce such agreement has at all times been, and will   continue at all times to be, exempt from the requirement of filing a Notice of Business Activities   Report or, if not exempt, has duly filed, and will continue to duly file, all Notice of Business   Activities Reports.   In addition, in certain circumstances specified in Minnesota Statutes, Section 290.371,   subdivision 2, a corporation may be exempt from filing a Notice of Business Activities   Report. Insofar as the foregoing opinion may relate to the enforceability of any agreement under   Minnesota law or in a Minnesota court, we have assumed that any party seeking to enforce any   such agreement has either (i) at all times been, and will continue at all times to be, exempt from   the requirement of filing a Notice of Business Activities Report or, if not exempt, has duly filed,   and will continue to duly file, all Notice of Business Activities Reports, or (ii) complied with the   requirements of Minnesota Statutes, Section 290.371, subd. 4, par. (c).     

 

The Purchasers   January [ 1,  2016   Page 7   The opinions expressed herein are based on an analysis of existing laws and court   decisions and cover certain matters not directly addressed by such authorities. This opinion is   solely for the benefit of the Purchasers (and successors and assigns permitted under the terms of   the Note Purchase Agreement) in connection with the transaction described in this letter, may not   be relied upon by the addressee hereof for any other purpose, and may not be relied upon or used   by, circulated, quoted or referred to, nor may copies hereof be delivered to, another person or   entity for any purpose without our prior written consent, except that this opinion may be   disclosed to, but not relied upon by, the National Association of Insurance Commissioners. No   use of or reliance on this opinion by any party, including, without limitation, the Purchasers,   shall establish or imply an attorney-client relationship between such relying party and this firm   with respect to the Transaction Documents or the transactions contemplated by the Transaction   Documents, and such relying party by using or relying on our opinion disclaims any such   attorney-client relationship with respect to the Transaction Documents or the transactions   contemplated by the Transaction Documents for any purpose without our prior written approval.   We disclaim any obligation to update this opinion letter for events occurring or coming to our   attention, or any changes in the law taking effect, after the date hereof.   Very truly yours,   Dorsey & Whitney LLP   DPS/SK   Attachments: Schedule 1 — Transaction Documents   Schedule 2 — Agreements and Instruments     

 

1.  Master   and each   Opinion of Dorsey   Transaction Documents   Schedule 1   & Whitney LLP   January [ ], 2016   the Company Note Purchase Agreement dated as of January [ ], 2016, among   of the purchasers party thereto ("Note Purchase Agreement").   2.  $[ ] of the Company's Series S Senior Notes Due [ ], 20[_]   3.  $[ ] of the Company's Series T Senior Notes Due [ ], 201 1   4.  $[ ] of the Company's Series U Senior Notes Due [ ], 20[__]   5.  $[ ] of the Company's Series V Senior Notes Due [ ], 20[_]   6.  $[ ] of the Company's Series W Senior Notes Due [ ], 20[_]   7.  $[  ] of the Company's Series X Senior Notes Due [  ], 20[_ ___]   Sch. 1-1     

 

Schedule 2   Opinion of Dorsey & Whitney LLP   January [__] , 2016   Agreements and Instruments   1. Limited Liability Company Agreement for Wilsey-Holsum Foods, LLC, dated July 24,   1996   2. Limited Liability Company Agreement for United Harvest, LLC dated November 9, 1998   3. Amended and Restated Credit Agreement among National Cooperative Refinery   Association, various Lenders and CoBank, ACB dated January 31, 2011   a. First Amendment to Amended and Restated Credit Agreement dated December 16,   2011   4. Limited Liability Company Agreement dated August 26, 2002, between Cenex Harvest   States Cooperatives and Cargill, Inc., with respect to TEMCO   a. Amended and Restated Limited Liability Company Agreement dated February 1,   2012, between CHS, Inc. and Cargill Incorporated   5. Purchase and Sale Agreement between Cofina Funding, LLC and Cofina Financial, LLC   dated August 10, 2005   a. Lockbox Agreement dated August 10, 2005   b. Custodian Agreement between Cofina Funding, LLC, U.S. Bank National   Association as Trustee, and U.S. Bank National Association, as Custodian, dated   August 10, 2005   c. Servicing Agreement between Cofina Funding, LLC, Cofina Financial, LLC, and   U.S. Bank National Association as Trustee dated August 10, 2005   d. Amended and Restated Base Indenture between Cofina Funding, LLC and U.S. Bank   National Association dated December 23, 2010   i. Amendment No. 1 to the Amended and Restated Base Indenture dated   February 10, 2012   ii. Series 2005-A Supplement to the Base Indenture dated August 10, 2005   iii. Omnibus Amendment and Agreement between Cofina Funding, LLC, Cofina   Financial LLC, Cenex Finance Association, Inc., Bank Hapoalim B.M., and   U.S. Bank National Association, dated August 30, 2005   iv. Series 2005-B Supplement to the Base Indenture dated November 18, 2005   Sch. 2-1     

 

v. Series 2006-A Supplement to the Base Indenture dated February 21, 2006   vi. Omnibus Amendment and Agreement dated May 11, 2007   vii. Series 2006-B Supplement to the Base Indenture dated May 16, 2006   viii. Omnibus Amendment and Agreement No. 2, dated October 1, 2007   ix. Omnibus Amendment and Agreement No. 3 dated May 16, 2008   x. Series 2008-A Supplement to the Base Indenture dated November 1, 2008   xi. Amendment No. 3 to Series 2008-A Supplement to the Base Indenture dated   November 12, 2010   xii. Series 2010-A Supplement dated December 23, 2010   e. Amended and Restated Loan Origination and Participation Agreement between   AgStar Financial Services, PCA d/b/a ProPartners Financial, CHS Inc. and Cofina   Financial, LLC dated October 31, 2006   i. Amendment to the Amended and Restated Loan Origination Agreement   ii. Amendment to the Amended and Restated Loan Origination Agreement   iii. Amendment to the Amended and Restated Loan Origination Agreement   f. Loan Origination and Participation Agreement among AgStar Financial Services,   PCA, d/b/a ProPartners Financial, Cofina Financial, LLC and Cofina ProFund LLC   dated December 31, 2010      6. Commercial Paper Dealer Agreement between CHS Inc. and SunTrust Capital Markets,   Inc. dated October 6, 2006   7. Commercial Paper Placement Agreement between CHS Inc. and M&I Marshall & Ilsley   Bank dated October 30, 2006   8. Bond Purchase Agreement between National Cooperative Refinery Association and City   of McPherson, Kansas, dated December 18, 2006   a. Taxable Industrial Revenue Bond Series 2006   b. Trust Indenture between City of McPherson, Kansas and Security Bank of Kansas   City, as Trustee   9. 10 Year Term Loan Credit Agreement between CoBank, ACB and CHS Inc. dated   December 12, 2007   Sch. 2-2     

 

a. First Amendment to the Term Loan Credit Agreement dated May 1, 2008   b. Second Amendment to the Term Loan Credit Agreement dated June 2, 2010   c. Third Amendment to the Term Loan Credit Agreement dated September 27, 2011   d. Fourth Amendment to the Term Loan Credit Agreement dated June 26, 2013   e. Fifth Amendment and Waiver, dated September 4, 2015, to the Credit Agreement   (10-Year Term Loan), dated December 12, 2007   10. CHS Inc. $50,000,000 Private Shelf Facility Agreement dated August 11, 2008   11. Revolving Loan Agreement between CHS Inc. and European Bank for Reconstruction and   Development dated November 30, 2010   12. Revolving Credit Agreement ($40 million) between CHS Inc. and Sumitomo Mitsui   Banking Corporation dated December 22, 2010   13. Loan Agreement (Term Loan) between CHS Inc. and European Bank for Reconstruction   and Development dated January 5, 2011   14. Pre-Export Credit Agreement dated September 24, 2013 between CHS Agronegocio   Industria e Comercio Ltda., as borrower, CHS Inc., as guarantor, and Credit Agricole   Corporate and Investment Bank (Credit Agricole), as administrative agent, Credit Agricole   and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint lead arrangers and joint   bookrunners, and the other syndication parties thereto from time to time   a. First Amendment to Pre-Export Credit Agreement dated as of October 9, 2015,   among CHS Agronegocio Industria e Comercio Ltda., as borrower, CHS Inc., as   guarantor, Credit Agricole Corporate and Investment Bank, as administrative agent,   and the lenders party thereto   15. 2015 Amended and Restated Credit Agreement (5-Year Revolving Loan), dated September   4, 2015, by and between CHS Inc., CoBank, ACB, as a syndication party and as the   administrative agent for the benefit of all present and future syndication parties, Wells   Fargo Bank, National Association, as syndication agent, and the other syndication parties   party thereto   16. 2015 Credit Agreement (10-Year Term Loan), dated September 4, 2015, by and between   CHS Inc., CoBank, ACB, as a syndication party and as the administrative agent for the   benefit of all present and future syndication parties, and the other syndication parties party   thereto   17. Uncommitted Line of Credit Agreement, dated as of March 7, 2013, by and between CHS   Europe S.a r.l. and Sovereign Bank, N.A.,   Sch. 2-3     

 

18. Facility Letter, dated February 21, 2013, by and among CHS Singapore Trading Company   Pte. Ltd., the Company and Australia and New Zealand Banking Group Limited   19. Credit Agreements between CHS Agronegocio Industria e Comericio Ltda. and Itau   Unibanco Holding S.A. or its affiliates   20. The following note purchase agreements (collectively, the "Note Purchase Agreements"):   a. Amended and Restated Loan Origination and Participation Agreement among   AgStar Financial Services, PCA, d/b/a ProPartners Financial, CHS Capital, LLC   dated September 1, 2011   i. Amendment No. 1 to Amended and Restated Loan Origination and   Participation Agreement dated September 27, 2012   b. Master Note Purchase Agreement dated June 9, 2011, among CHS Inc. and each of   the purchasers party thereto ($130,000,000 4.08% Series L Notes due June 9, 2019,   $160,000,000 4.52% Series M Notes due June 9, 2021, $130,000,000 4.67% Series   N Notes due June 9, 2023, $80,000,000 4.82% Series 0 Notes due June 9, 2026,   $100,000,000 4.71% Series P Notes due March 15, 2033, $80,000,000 3.85% Series   Q Notes due July 10, 2025)   i. First Supplement to Master Note Purchase Agreement dated March 15, 2013   among the Company and each of the purchasers party thereto   ii. Amendment No. 1, dated September 4, 2015, to the Note Purchase Agreement   dated June 9, 2011   c. Note Purchase Agreement dated October 4, 2007 ($400,000,000 6.18% Series I   Senior Notes due October 4, 2017)   i. Amendment No. 2, dated September 4, 2015, to the Note Purchase Agreement,   dated October 4, 2007   d. Note Purchase Agreement between Cofina Funding, LLC, Victory Receivables   Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, and the   Committed Purchasers dated November 21, 2008   i. Amendment No. 1 to the Note Purchase Agreement (Series 2008-A) dated   February 25, 2009   ii. Amendment No. 2 to the Note Purchase Agreement (Series 2008-A) dated   November 20, 2009   iii. Amendment No. 3 to the Note Purchase Agreement (Series 2008-A) dated   November 12, 2010   Sch. 2-4     

 

iv. Amendment No. 4 to the Note Purchase Agreement (Series 2008-A) dated   December 23, 2010   v. Amendment No. 5 to the Note Purchase Agreement (Series 2008-A) dated   April 13, 2011   vi. Amendment No. 6 to the Note Purchase Agreement (Series 2008-A) dated   April 11, 2012   e. Note Purchase Agreement among Cofina Funding, LLC, Nieuw Amsterdam   Receivables Corporation, Cooperative Centrale Raiffeisen-Boerenleenbank, B.A.   "Rabobank Nederland", New York Branch, and the Financial Institutions dated   December 23, 2010   i. Amendment No. 1 to the Note Purchase Agreement (Series 2010-A) dated   April 13, 2011   ii. Amendment No. 2 to the Note Purchase Agreement (Series 2010-A) dated   June 17, 2011   iii. Amendment No. 3 to the Note Purchase Agreement (Series 2010-A) dated   April 11, 2012   E Note Purchase Agreement between Cofina Funding, LLC, Venus Funding   Corporation, and Bank Hapoalim, B.M. and committed purchasers, dated November   18, 2005   i. First Amendment to the Note Purchase Agreement dated November 6, 2008   g. Note Purchase Agreement between Cofina Funding, LLC, Venus Funding   Corporation, and Bank Hapoalim B.M. dated February 21, 2006   i. First Amendment to the Note Purchase Agreement dated February 20, 2007   ii. Second Amendment to the Note Purchase Agreement dated February 19, 2008   h. Note Purchase Agreement between Cofina Funding, LLC, Voyager Funding   Corporation, Bank Hapoalim B.M., and the Committed Purchasers dated May 16,   2006   i. First Amendment to the Note Purchase Agreement dated May 15, 2007   ii. Second Amendment to the Note Purchase Agreement dated May 13, 2008   i. Note Purchase Agreement dated October 18, 2002 ($60,000,000 5.60% Series E   Senior Notes due October 18, 2017)   Sch. 2-5     

 

i. Amendment No. 1, dated June 9, 2011, to the Note Purchase Agreement, dated   October 18, 2002   ii. Amendment No. 2, dated September 4, 2015, to the Note Purchase Agreement,   dated October 18, 2002   Note Purchase and Private Shelf Agreement dated April 13, 2004 and $150,000,000   Private Shelf Facility established thereunder, including amendments thereto   ($50,000,000 5.78% Series J Notes due February 8, 2018, $100,000,000 4.00%   Series K Notes due November 23, 2020, $100,000,000 3.80% Series R Notes due   July 12, 2025)   k. Note Purchase Agreement between Cofina Funding, LLC, Bank Hapoalim B.M. and   the Committed Purchasers, dated August 10, 2005   Sch. 2-6     

 

EXHIBIT 4.4(b)   FORM OF OPINION OF GENERAL COUNSEL FOR THE COMPANY   See attached.   DB1/ 84912103.8     

 

January , 2016   To the Purchasers Listed on   Schedule A to the   CHS Inc. Master Note Purchase Agreement   Dated January [ ], 2016   Re: CHS Inc. Master Note Purchase Agreement   Ladies and Gentlemen:   I am Executive Vice President and General Counsel of CHS Inc., a cooperative   corporation formed under the laws of the State of Minnesota (the "Company") and render this   opinion in connection with the execution and delivery of the following documents:   (a) Master Note Purchase Agreement dated as of January [  ], 2016, among the   Company and each of the purchasers party thereto ("Note Purchase Agreement"); and   (b) the Notes delivered as of the Closing Date to the Purchasers pursuant to Section 3   of the Note Purchase Agreement.   This opinion is being delivered to the Purchasers at the request of the Company pursuant   to Section 4.4 of the Note Purchase Agreement. Capitalized terms used, but not defined herein,   shall have the meaning given to such terms in the Note Purchase Agreement, if defined therein.   The phrase "to my knowledge" with respect to a statement means that during the course   of my representation of the Company, no information that would give me actual knowledge of   the inaccuracy of such statement has come to my attention or the attention of those attorneys   currently employed by the Company who have rendered legal services in connection with the   representation of the Company. Moreover, when the phrase "to my knowledge" is used in   connection with certain of the opinions given herein, I have no reason to believe that the   opinions so qualified are incorrect or incomplete.   In formulating the opinions set forth below, I have (a) as to certain factual matters, relied   upon documents and representatives of the Company, and (b) made such investigations of law as   I have considered necessary or appropriate as the basis for such opinions.   Based upon and subject to the foregoing, and subject to the limitations and qualifications   expressed herein, I am of the opinion that:   1. The Company and its Subsidiaries are duly qualified to do business and   are in good standing in each jurisdiction in which the transaction of its business makes such   qualification necessary and where failure to so qualify would have a Material Adverse Effect.   2. To my knowledge, there are no actions, suits, proceedings or   investigations pending or threatened against the Company or its Subsidiaries which, individually   or in the aggregate, would have a Material Adverse Effect.     

 

The opinions expressed above are limited to the laws of the State of Minnesota. I assume   no responsibility as to the applicability to this transaction, or the effect thereon, of the laws of   any other jurisdiction. I express no opinion as to any matter other than as expressly set forth   above, and no other opinion is intended to be implied or inferred herefrom. The opinions   expressed herein are given as of the date hereof and I undertake no obligation hereby and   disclaim any obligation to advise you of any change in law, facts or circumstances occurring   after the date hereof pertaining to any matter referred to herein.   This opinion is provided to the Purchasers (and successors and assigns permitted under   the terms of the Note Purchase Agreement), and is provided only in connection with this   transaction and may not be relied upon in any respect by any other person or for any other   purpose; except that this opinion may be disclosed to, but not relied upon by, the National   Association of Insurance Commissioners.   Very truly yours,   James M. Zappa   Executive Vice President and General Counsel     

 

EXHIBIT 4.4(c)   FORM OF OPINION OF SPECIAL COUNSEL FOR THE PURCHASERS   See attached.   DB1/ 84912103.8     

 

January 25, 2016   To the Purchasers set forth   on Annex 1 hereto   Re: CHS Inc.   $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   Ladies and Gentlemen:   We have acted as special counsel for each of the Purchasers named on   Annex I hereto (the "Purchasers") in connection with that certain Master Note   Purchase Agreement dated as of January 14, 2016 (the "Note Purchase   Agreement") by and among the CHS Inc., a Minnesota nonstock agricultural   cooperative corporation (the "Company") and the Purchasers which provides,   among other things, for the issuance and sale by the Company of its (a) Series S   Senior Notes due January 25, 2023 in the aggregate principal amount of One   Hundred Fifty Two Million Dollars ($152,000,000); (b) Series T Senior Notes   due January 25, 2025 in the aggregate principal amount of One Hundred Fifty   Million Dollars ($150,000,000); (c) Series U Senior Notes due January 25, 2027   in the aggregate principal amount of Fifty Eight Million Dollars ($58,000,000);   (d) Series V Senior Notes due January 25, 2028 in the aggregate principal amount   of Ninety Five Million Dollars ($95,000,000); (e) Series W Senior Notes due   January 25, 2031 in the aggregate principal amount of One Hundred Million   Dollars ($100,000,000); and (f) Series X Senior Notes due January 25, 2036 in the   aggregate principal amount of One Hundred Twenty Five Million Dollars   ($125,000,000) (collectively, the "Notes").   Capitalized terms used herein, and not defined herein, have the respective   meanings ascribed to them pursuant to the terms of the Note Purchase Agreement.   This opinion is delivered to you pursuant to Section 4.4(c) of the Note   Purchase Agreement. Our representation of the Purchasers has been as special   counsel for the purposes stated above.   As to all matters of fact (including factual conclusions and   characterizations and descriptions of purpose, intention or other state of mind), we   have relied, with your permission, entirely upon:   DB1/ 86085640.1     

 

To the Purchasers set forth on Annex 1 hereto   January 25, 2016   Page 2   (1) the representations and warranties of the Issuer Parties and the   Purchasers set forth in the Purchase Agreement, and the other   documents listed below;   (2) certificates of public officials and of certain officers of the Issuer   Parties delivered in connection with the Closing and the Offeree   Letter (defined below);   and have assumed, without independent inquiry, the accuracy of those   representations, warranties, certificates and the Offeree Letter.   In connection with this opinion, we have examined originals or copies of the   following documents:   (a) the Note Purchase Agreement;   (b) the Notes;   (c) a certificate of the Secretary of the Company, dated the date   hereof, delivered pursuant to Section 4.3(b) of the Note Purchase   Agreement, certifying that the copies attached thereto of the   Company's articles of incorporation and by-laws (the   "Company's Governing Documents") and those certain   resolutions passed by the Board of Directors of the Company   authorizing participation in the transactions contemplated by the   Notes and the Note Purchase Agreement are true, complete and   correct copies thereof and are in full force and effect, and as to the   incumbency and specimen signatures of certain officers of the   Company;   (d) an Officer's Certificate on behalf of the Company, dated the date   hereof and delivered pursuant to Section 4.3(a) of the Note   Purchase Agreement, with respect to the matters set forth therein;   (e) a cross receipt acknowledging payment and receipt of the purchase   price for the Notes (the "Cross Receipt");   (f) a letter from U.S. Bancorp Investments, Inc. and J.P. Morgan   Securities LLC, dated January 14, 2016, making certain   representations with respect to the manner in which the Notes were   offered (the "Offeree Letter");   (g) the opinion of Dorsey & Whitney LLP, counsel for the Company,   dated the date hereof and delivered to the Purchasers pursuant to   Section 4.4(a) of the Note Purchase Agreement; and   DB1/ 86085640.1     

 

To the Purchasers set forth on Annex 1 hereto   January 25, 2016   Page 3   (h) the opinion of James M. Zappa, General Counsel for the Company,   dated the date hereof and delivered to the Purchasers pursuant to   Section 4.4(b) of the Note Purchase Agreement.   The Note Purchase Agreement and the Notes are sometimes referred to   herein as the "Financing Documents." This opinion is based entirely on our   review of the documents listed in the preceding paragraph and we have made no   other documentary review or investigation for purposes of this opinion. Based on   such investigation as we have deemed appropriate, the opinions referred to in   clauses (g) and (h) above are satisfactory in form and scope to us, and we believe   you are justified in relying thereon.   We have assumed the genuineness of all signatures, the conformity to the   originals of all documents reviewed by us as copies, the authenticity and   completeness of all original documents reviewed by us in original or copy form,   the legal competence of each individual executing any document and that each   Person executing such documents (including, without limitations, the Financing   Documents) validly exists and is in good standing under the laws of the   jurisdiction in which it was organized, had and has the power and authority to   enter into and perform its obligations under the Financing Documents under its   governing organizational documents, applicable enterprise legislation and other   applicable law, and is qualified to do business and is in good standing under the   laws of each jurisdiction where such qualification is required generally or   necessary in order for such party to enforce its rights under such documents. We   have further assumed that such documents have been duly authorized, executed   and delivered by each Person executing such documents and, as to Persons other   than the Company, are binding upon and enforceable against, such Persons. In   addition, we have relied, to the extent we deem necessary and proper, on the   Offeree Letter without independent investigation.   For purposes of this opinion, we have made such examination of law as   we have deemed necessary. Except to the extent addressed in paragraph 5 below,   this opinion is limited solely to the internal substantive laws of the State of New   York as applied by courts located in the State of New York without regard to   choice of law, and the federal laws of the United States of America (except for   federal and state tax, energy, utilities, agriculture, national security, anti-money   laundering, or antitrust laws, as to which we express no opinion), and we express   no opinion as to the laws of any other jurisdiction. Our opinion in paragraph 2   below is based solely on a review of the Company's Governing Documents, and   we have not made any analysis of the internal substantive law of the jurisdiction   of organization of the Company, including statutes, rules or regulations or any   interpretations thereof by any court, administrative body, or other Governmental   Authority. We express no opinion in paragraph 2 below as to the internal   DB1/ 86085640.1     

 

To the Purchasers set forth on Annex 1 hereto   January 25, 2016   Page 4   substantive law of the Company's jurisdiction of organization. We note that the   Financing Documents contain provisions stating that they are to be governed by   the laws of the State of New York (each, a "Chosen-Law Provision"). Except to   the extent addressed below in paragraph 5, no opinion is given herein as to any   Chosen-Law Provision, or otherwise as to the choice of law or internal   substantive rules of law that any court or other tribunal may apply to the   transactions contemplated by the Financing Documents. Except as set forth in   paragraph 4 below, we express no opinions as to any securities or "blue sky" laws   of any jurisdiction.   Our opinion is further subject to the following exceptions, qualifications   and assumptions, all of which we understand to be acceptable to you:   (a) We have assumed without any independent investigation (i)   that the execution, delivery and performance by each of the parties thereto   of the Financing Documents do not and will not conflict with, or result in   a breach of, the terms, conditions or provisions of, or result in a violation   of, or constitute a default or require any consent (other than such consents   as have been duly obtained) under, any organizational document other   than the Governing Documents of the Company (including, without   limitation, applicable corporate charter documents and by-laws), any   order, judgment, arbitration award or stipulation, or any agreement, to   which any of such parties is a party or is subject or by which any of the   properties or assets of any of such parties is bound, (ii) that the statements   regarding delivery and receipt of documents and funds referred to in the   Cross Receipt between you and the Company are true and correct, and (iii)   that the Financing Documents are a valid and binding obligation of each   party thereto to the extent that laws other than those of the State of New   York are relevant thereto (other than the laws of the United States of   America, but only to the limited extent the same may be applicable to the   Company and relevant to our opinions expressed below).   (b) The enforcement of any obligations of any Person under   any Financing Document or otherwise may be limited by or subject to   bankruptcy, insolvency, reorganization, moratorium, marshaling or other   laws and rules of law affecting the enforcement generally of creditors'   rights and remedies (including such as may deny giving effect to waivers   of debtors' or guarantors' rights), and we express no opinion as to the   status under any fraudulent conveyance laws or fraudulent transfer laws of   any of the obligations of any Person under the Financing Documents or   otherwise.   (c) We express no opinion as to the availability of any specific   DBI/ 86085640.1     

 

To the Purchasers set forth on Annex 1 hereto   January 25, 2016   Page 5   or equitable relief of any kind.   (d) The enforcement of any of the Purchasers' rights may in all   cases be subject to an implied duty of good faith and fair dealing and to   general principles of equity (regardless of whether such enforceability is   considered in a proceeding at law or in equity).   (e) We express no opinion as to the enforceability of any   particular provision of any of the Financing Documents relating to (i)   waivers of rights to object to jurisdiction or venue, or consents to   jurisdiction or venue, (ii) waivers of rights to (or methods of) service of   process, or rights to trial by jury, or other rights or benefits bestowed by   operation of law, (iii) waivers of any applicable defenses, setoffs,   recoupments, or counterclaims, (iv) exculpation or exoneration clauses,   clauses relating to rights of indemnity or contribution, and clauses relating   to releases or waivers of unmatured claims or rights or (v) waivers or   variations of legal provisions or rights which are not capable of waiver or   variation under applicable law.   (f) Our opinion in paragraph 3 below is based solely on a   review of generally applicable laws of the State of New York and the   United States of America and not on any search with respect to, or review   of, any orders, decrees, judgments or other determinations specifically   applicable to the Company.   (g) We express no opinion as to the effect of events occurring,   circumstances arising, or changes of law becoming effective or occurring   after the date hereof on the matters addressed in this opinion letter, and we   assume no responsibility to inform you of additional or changed facts, or   changes in law, of which we may become aware.   Based on the foregoing, we are of the opinion that:   1. Each of the Note Purchase Agreement and the Notes constitutes   the legal, valid and binding obligation of the Company, enforceable against the   Company in accordance with its respective terms.   2. The execution and delivery by the Company of the Note Purchase   Agreement and the Notes, the issuance and sale of the Notes and performance by   the Company of its obligations under the Financing Documents will not constitute   a violation of its Governing Documents.   3. No consents, approvals or authorizations of Governmental   DB1/ 86085640.1     

 

To the Purchasers set forth on Annex 1 hereto   January 25, 2016   Page 6   Authorities of the State of New York or the United States of America are required   under the laws of the State of New York or the United States of America on   behalf of the Company in connection with (a) the execution and delivery by the   Company of the Financing Documents or (b) the offer, issuance, sale and delivery   of the Notes by the Company, on the date hereof.   4. It is not necessary either to register the offer and sale of the Notes   to you under the circumstances contemplated by the Note Purchase Agreement   under the Securities Act of 1933, as amended, or to qualify an indenture in respect   of the issuance of the Notes to you under the Trust Indenture Act of 1939, as   amended.   5. Each Chosen-Law Provision is enforceable in accordance with   New York General Obligations Law section 5-1401, as applied by a New York   State court or a federal court sitting in New York and applying New York choice   of law principles. We note that New York General Obligations Law section 5-   1401 refers to former section 1-105 of the New York Uniform Commercial Code.   The New York Uniform Commercial Code has been amended, effective   December 17, 2014, and the substance of former Section 1-105 now appears in   Section 1-301.   This opinion is delivered solely to the Purchasers and for the benefit of the   Purchasers in connection with the Note Purchase Agreement and may not be   relied upon by the Purchasers for any other purpose or relied upon by any other   person or entity (other than future holders of Notes acquired in accordance with   the terms of the Financing Documents) for any reason without our prior written   consent.   Very truly yours,   Morgan, Lewis & Bockius LLP   DB1/ 86085640.1     

 

Annex 1   Purchasers   DB1/ 86085640.1   Annex 1-1

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