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Forward looking statement

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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

6 Operations Changchun Migao Liaoning Migao Shanghai Migao
1 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 Costs
2% 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 Costs
2% 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


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


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

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