Annual General Meeting

2

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 Migao’s business.

3

A Different Kind of Fertilizer Producer…

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

• Serving China’s High-value Crops– Fruits, Vegetables, Tobacco, Cotton, Flowers

4

OUR VALUE PROPOSITION

Migao Enables Improved Crop Yields and Quality

Three core products

• Potassium sulphate (SOP)

• Potassium nitrate (NOP)

• Specialty NPK

High-value crops including

• Tobacco

• Fruits

• Cotton

• Flowers

• Vegetables

• Increases yield

• Enhances quality

• Strengthens resistance to drought, disease

• Lowers water usage

• Higher returns for farmers

ProductsCustomer

ApplicationsAdvantages

Co-products

• Ammonium chloride

• Hydrochloric acid

• Electroplating

• Steel processing

• Water treatment

NOP Average Selling Price/MT (RMB)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

F2006 F2007 F2008 F2009 F2010 F2011 F2012 F2013F2014

NOP

Amm. Chlor. Average Selling Price/MT (RMB)

0

200

400

600

800

1,000

1,200

1,400

1,600

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

F2006 F2007 F2008 F2009 F2010 F2011 F2012 F2013F2014

Ammonium Chloride

SOP Average Selling Price/MT (RMB)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

F2006 F2007 F2008 F2009 F2010 F2011 F2012 F2013F2014

SOP

HCL Average Selling Price/MT (RMB)

0

100

200

300

400

500

600

700

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

F2006 F2007 F2008 F2009 F2010 F2011 F2012 F2013F2014

Hydrochloric Acid

Average Selling Price/MT (RMB)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

F2010 F2011 F2012 F2013 F2014

Compound

10

Impact of Hydrochloric Acid

Gross Profit(Percentage of Revenue)

11

REVENUE ($M)

12

1. MARKET LEADER

A Leading Player in Our Markets

Supplier of potassium

nitrate (NOP) in China

#1

Supplier of potassium

sulphate (SOP) in China

#2

Importer of potash

into China

#3

Financial Position ($M)

13

Balance Sheet (June 30, 2013)

Working Capital $184

Cash & Restricted Cash 102

Accounts Receivable 117

Short-term Obligations 208

Long-term Loan 5

Inventory 86

14

Facilities Serve Diverse Geographies / End Markets

Changchun Migao

Liaoning Migao

Shanghai MigaoSichuan Migao / SQM JV

Guangdong Migao

Zunyi Migao

Tianjin Migao

Yunnan Migao

15

Strategy

32

4

Continue to focus on core fertilizer business in China

– Increased sales and marketing1

Hydrochloric Acid– Explored applications, markets– Patience

Leverage customers and distribution channels

– new products

Manage balance sheet effectively

16

Yunnan Migao

17

Yunnan Migao

18

Yunnan Migai

www.migaocorp.com