Investor Presentation

March 2012

Growth based on strong fundamentals

Forward-looking Statements
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 Migaos business.

A Different Kind of Fertilizer Producer

Specialty Fertilizer Production (low-chloride)
Potassium Sulphate (SOP) Potassium Nitrate (NOP) Specialty Compound NPK + micronutrients and minerals

Serving Chinas High-value Crops

Fruits, Vegetables, Tobacco, Cotton, Flowers

Strong growth profile

New production facilities near completion

Migao At a Glance

Operating facilities in China Employees Market cap (TSX: MGO) Funds raised since 2006 IPO Percent owned by management, directors

7 1,000 $200mm $140mm 35%

OUR VALUE PROPOSITION

Migao Enables Improved Crop Yields and Quality

Products
Two core products Customer Applications High-value crops including

Advantages

Potassium nitrate (NOP) Potassium sulphate (SOP)

Co-products

Increases yield Enhances quality Strengthens resistance to drought, disease Lowers water usage Higher returns for farmers

Tobacco Fruits Cotton

Flowers
Vegetables Electroplating Steel processing Water treatment

Ammonium chloride

Hydrochloric acid

Average Price per Tonne (Potassium Nitrate)

RMB 8,000

6,000
4,000 2,000 0 F2007 F2008 F2009 F2010 F2011

Average Price per Tonne (Potassium Sulphate)

RMB 7,000

5,500
3,500 1,500 0 F2007 F2008 F2009 F2010 F2011

Strong China Fundamentals Drive Industry Growth

Drivers Growing demand for higher quality food

150M Chinese moved to cities higher income middle class expanding

Long growth runway for Migao products

Central government promotes agriculture growth Increasing sophistication of farming practices

 Focusing on Higher Growth End Markets

Annual Domestic Consumption Growth in End-markets 15-17%

~3%

Tobacco

Fruit and vegetables

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1. MARKET LEADER

A Leading Player in Our Markets

Supplier of potassium nitrate (NOP) in China

Supplier of potassium sulphate (SOP) in China

Importer of potash into China

#1

#2

#3

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2: OPERATING FACILITIES

Facilities Serve Diverse Geographies / End Markets

Changchun Migao
Liaoning Migao Tianjin Migao Shanghai Migao Sichuan Migao / SQM JV Zunyi Migao Guangdong Migao

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4. CONSISTENT MARGINS

Business Model Delivers Consistent Margins

30
22-24% Target profit range

20

10

0 2005 2006 2007 2008 2009 2010 2011

Despite significant fluctuations in raw material costs
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 With an Impressive Performance Record

Last 5 fiscal years (Ferilizer Production)
Production (000s tonnes) Revenue ($M) Net Earnings ($M)

380

$317

$34.5

120
$58

$8.6

2006

2011

2006

2011

2006

2011

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5. FINANCIAL RESOURCES

Strong Financial Position

(Third Quarter Ended December 31, 2011)

Revenue Net Earnings

$97M $4M

Working capital
Cash Unused Credit lines Long term debt

$206M $10M
$70M Zero
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Clear Growth Strategy

1 2 3 4

Continue to grow core fertilizer business in China

target new end-markets

International expansion
cautious approach

Leverage customers and distribution channels

new products

Pursue vertical integration opportunities

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GROWTH: A CLOSER LOOK

95% Capacity Growth

Production 100 620

(000s tonnes)

40
40 100 320
Sichuan 100k tonnes compound fertilizer completed $8M

20
SQM jv
40k tonnes NOP completed $10M

Zunyi Shanghai
40k tonnes SOP completed $10M

Changchun
40k tonnes SOP construction $5M

100k tonnes Compound fertilizer construction $15M

Dec. 2010

Dec. 2011 Dec. 2012 All projects advancing on schedule

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Migao: Corporate Governance Vital for a China-based company in North America

Key financial executives in Toronto with extensive public company expertise
4 accountants and accounting student fluent in Mandarin and English in Toronto 2 assistants in Beijing fluent in English and Mandarin

Independent board with strong corporate governance experience Big-four accounting firm for internal audit and internal control reviews

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3: COMPETITIVE ADVANTAGES

A Different Kind of Fertilizer Producer

Niche market focus
develops and markets specialty, potash-based fertilizers to high value crops

Unique characteristics
proprietary production process, business model that delivers consistent margins

Secure supply of potash

10 year agreement for 500,000 tonnes per year

Strong growth profile

production set to increase >60% over next 2 years

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www.migaocorp.com

Growth based on strong fundamentals