MIGAO CORPORATION PRESENTATION 1

MIGAO CORPORATION PRESENTATION 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.

MIGAO CORPORATION PRESENTATION 3

• 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

Corporate Overview

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Migao’s mission is to become the leading supplier of specialty potash fertilizers to the Chinese market.

Migao Corporation

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Production Capacity

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0

50

100

150

200

250

300

350

400

450

500

TO

NN

ES

‘00

0s

20092008200720062005

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Operations

Liaoning Migao

Sichuan Migao /

Guangdong Migao

Changchun Migao

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1

2

4

5

Shanghai Migao3

SQM JV

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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

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Potassium Chloride (K)

• China’s ideal annual potash application 10-12 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

Potash in China

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59%

34%

5%

2%

Potassium sulphate Hydrochloric Acid

Potassium Nitrate Ammonium Chloride

Migao Products - F2009 Revenue Mix

Potash-based specialty fertilizers

Co-products

Potassium Nitrate

Potassium Sulphate

Ammonium Chloride

Hydrochloric Acid

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Average Price/MT (RMB)F2006 to F2010

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Average Price/MT (RMB)F2006 to F2010

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59%

34%

5%

2%

Potassium Sulphate Production Costs

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Stone Dust 0.13%

Sulphuric Acid 5.34%

Heavy Oil 4.41%

Potassium Chloride 83.04%

Packaging 0.83%

Other 4.68%

Wages 1.57%

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59%

34%

5%

2%

Potassium Nitrate Production Costs

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Electricity 1.04%

Ammonium Nitrate 26.03%

Natural Gas 6.65%

Potassium Chloride 61.92%

Packaging 0.75%

Other 2.30%

Wages 1.31%

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Production Process

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Co-product

Raw materials

Specialty Fertilizers

K2SO4K2SO4 KNO3 KNO3

HCIHCI NH4CL NH4CL Hydrochloric acidHydrochloric acid Ammonium chlorideAmmonium chloride

Mannheim Chemical Process Double Decomposition Process

Potassium Sulphate Potassium Nitrate

H2H2 SO4SO4 KK CICI NH4NH4 NO3NO3

Potassium ChloridePotassium Chloride Ammonium NitrateAmmonium NitrateSulphuric acidSulphuric acid

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Revenue Contribution

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40%fruits & vegetables

60%tobacco

30%fruits & vegetables

70%tobacco

50%fruits & vegetables

50%tobacco

2007 2008 2009

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Sichuan Migao

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Sichuan Migao

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• 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 14001 certified

• Certified by gov’t for use on tobacco crops

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Yunnan Tobacco Crop

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Guangdong Migao

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• Production began December 2004

• 160,000 tonne potassium sulphate capacity

• 190,000 tonnes hydrochloric acid

• Fruit, vegetable and tobacco customers

• ISO 9001

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Liaoning Migao

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• 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

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Financial Highlights – 9 months 2010

December 31 2008 (9 months)• Revenue - $204.4 million• Gross Margin - 23.8%• 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 31 2009 (9 months)• Revenue - $193.6 million• Gross Margin - 23.0%• 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

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Gross Profit Margin

0

5

10

15

20

25

30

35

40

PE

RC

EN

T

20092008200720062005

Target profit range

2010YTD

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Expansion ProjectsCompleted

• 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)

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• 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

Investing in Growth

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Notes

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www.migaocorp.com