2. Forward looking statement
The contents of this presentation contain statements that may constitute “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements may include financial and other projections, as well as statements regarding future plans, objectives or economic performance, or the assumptions underlying any of the foregoing. Forward-looking information involves significant risks, assumptions, uncertainties and other factors that may cause actual future results or anticipated events to differ materially from those expressed or implied in any forward-looking statements and accordingly, should not be read as guarantees of future performance or results.
Actual results, performance or achievement could differ materially from those expressed in, or implied by, any forward-looking statements made and, accordingly, investors should not place undue reliance on any such forward-looking statements. New factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on Migao’s business.

3. Corporate Overview
Developer, producer, marketer of specialty potash fertilizers
Founded - June 2003
Serving China’s high-value crops
Facilities across China
4 at full production = 320,000 tonnes of annual production
Several expansion and greenfield projects planned
Listed on TSX ‘MGO’
Raised $140 million since 2006 IPO

4. Migao Corporation
Migao’s mission is to become the leading supplier of specialty potash fertilizers to the Chinese market.
MIGAO CORPORATION PRESENTATION

5. Production Capacity 2005 2006 2007 2008 2009 TONNES ‘000s 5
MIGAO CORPORATION PRESENTATION 5

6. Operations Changchun Migao Liaoning Migao Shanghai Migao1 2
Liaoning Migao 3
Shanghai Migao 4
Sichuan Migao /
SQM JV 5
Guangdong Migao
MIGAO CORPORATION PRESENTATION

7. Fertilizer in China
China has 10% of the world’s arable land and 20% of the population
Central Government’s priority on agriculture drives demand
Growing demand for high quality food by Chinese consumers
Largest consumer of fertilizer in the world – 25% of world’s consumption
MIGAO CORPORATION PRESENTATION

8. Potash in China Potassium Chloride (K)
China’s ideal annual potash application million tonnes
2/3 of global potash supply in Canada and Russia
Few commercially developed potash reserves in China
3.5 million tonnes domestically produced
Soil is generally potassium deficient throughout China
MIGAO CORPORATION PRESENTATION

9. Migao Products - F2009 Revenue Mix
Potash-based specialty fertilizers 2% 5%
Potassium Nitrate
Potassium Sulphate
59%
34%
Co-products
Ammonium Chloride
Potassium sulphate
Hydrochloric Acid
Hydrochloric Acid
Potassium Nitrate
Ammonium Chloride
MIGAO CORPORATION PRESENTATION

10. Average Price/MT (RMB) F2006 to F2010

11. Average Price/MT (RMB) F2006 to F2010

12. Potassium Sulphate Production Costs2%
Potassium Chloride 83.04% 5%
Sulphuric Acid 5.34%
Heavy Oil 4.41%
Stone Dust 0.13%
59%
Wages 1.57%
34%
Packaging 0.83%
Other 4.68%
MIGAO CORPORATION PRESENTATION 12

13. Potassium Nitrate Production Costs2%
Potassium Chloride 61.92% 5%
Ammonium Nitrate 26.03%
Natural Gas 6.65%
Electricity 1.04%
59%
Wages 1.31%
34%
Packaging 0.75%
Other 2.30%
MIGAO CORPORATION PRESENTATION 13

14. Mannheim Chemical Process Double Decomposition Process
Production Process
Co-product
HCI
NH4CL
Hydrochloric acid
Ammonium chloride
Raw materials H2
SO4 K CI
NH4
NO3
Sulphuric acid
Potassium Chloride
Ammonium Nitrate
Specialty Fertilizers
Mannheim Chemical Process
Double Decomposition Process
K2SO4
KNO3
Potassium Sulphate
Potassium Nitrate
MIGAO CORPORATION PRESENTATION 14

15. Revenue Contribution 2007 2008 2009 30% 40% 50% 70% 60% 50%
fruits & vegetables
40%
fruits & vegetables
50%
fruits & vegetables
70%
tobacco
60%
tobacco
50%
tobacco
2007
2008
2009
MIGAO CORPORATION PRESENTATION

16. Sichuan Migao
MIGAO CORPORATION PRESENTATION 16

17. Sichuan Migao 80,000 tonne potassium nitrate capacity
44,000 tonnes ammonium chloride
100,000 tonnes compound fertilizer capacity
40,000 tonne potassium nitrate JV with SQM (Chile)
Yunnan Tobacco contract (40,000 tonnes per year)
Patented Double Decomposition Process
ISO 9001 and certified
Certified by gov’t for use on tobacco crops
MIGAO CORPORATION PRESENTATION 17

18. Yunnan Tobacco Crop
MIGAO CORPORATION PRESENTATION 18

19. Guangdong Migao Production began December 2004
160,000 tonne potassium sulphate capacity
190,000 tonnes hydrochloric acid
Fruit, vegetable and tobacco customers
ISO 9001
MIGAO CORPORATION PRESENTATION 19

20. Liaoning Migao Production began December 2005
40,000 tonne potassium sulphate capacity
50,000 tonnes hydrochloric acid
120,000 tonne sulphuric acid production plant
Granular potassium sulphate capability
ISO9001:2000 Certification
MIGAO CORPORATION PRESENTATION 20

21. Financial Highlights – 9 months 2010
December (9 months)
Revenue - $204.4 million
Gross Margin %
Gross Profit - $48.7 million
EBITDA - $37.2 million
Earnings - $31.6million
EPS - $0.73
Shares - 43,675,611
Working Cap. - $146.2 million
December (9 months)
Revenue - $193.6 million
Gross Margin %
Gross Profit - $44.5 million
EBITDA - $36.5 million
Earnings - $27.9 million
EPS - $0.60
Shares – 46,810,850
Working Cap. - $184.6 million

22. Gross Profit Margin 2005 2006 2007 2008 2009 2010 YTD PERCENT
Target profit range
2005
2006
2007
2008
2009
2010 YTD

23. Expansion Projects Completed
Sichuan Specialized compound fertilizer ($5 million)
Liaoning 120,000 tpy sulphuric acid ($8 million)
Current
Shanghai 40,000 tpy potassium sulphate ($10 million)
SQM 50/50 JV 40,000 tpy potassium nitrate ($10 million including working capital)
Future
Southeast Asia ($20 million including working capital)
Tianjin 40,000 tpy potassium sulphate ($10 million)
Zunyi 40,000 tpy potassium sulphate ($10 million)

24. Investing in Growth Established products and customers
Uniquely positioned
Proprietary production process
Strong fundamentals
6-year revenue and earnings growth
Well capitalized
Compelling growth profile
Preparing for international expansion
Experienced management team

25. Notes

26. 26