Sociedad Química y Minera de Chile S.A. (SQM, NYSE)
Industry: Basic Materials / Specialty Chemicals
Annual report, fiscal year 2021


## Sociedad Química y Minera de Chile S.A.
Annual Report 2021






## 1) INDEX

2) IDENTIFICATION OF THE ENTITY ..... 3
2) A) IDENTIFICATION OF THE ENTITY: BASIC IDENTIFICATION ..... 3
2) B) IDENTIFICATION OF THE ENTITY: LEGAL CONSTITUTION ..... 3
2) C) IDENTIFICATION OF THE ENTITY: CONTACT INFORMATION ..... 3
3) DESCRIPTION OF BUSINESS ENVIRONMENT ..... 4
3) A) DESCRIPTION OF BUSINESS ENVIRONMENT: HISTORICAL INFORMATION ..... 4
3) B) DESCRIPTION OF BUSINESS ENVIRONMENT: INDUSTRIAL SECTOR ..... 6
3) C) DESCRIPTION OF BUSINESS ENVIRONMENT: ACTIVITIES AND BUSINESSES ..... 10
3) D) DESCRIPTION OF BUSINESS ENVIRONMENT: PROPERTY AND FACILITIES ..... 36
3) E) DESCRIPTION OF BUSINESS ENVIRONMENT: RISK FACTORS ..... 60
3) F) DESCRIPTION OF BUSINESS ENVIRONMENT: CAPITAL EXPENDITURE ..... 78
4) OWNERSHIP AND SHARES ..... 80
4) A) OWNERSHIP AND SHARES: OWNERSHIP ..... 80
4) B) OWNERSHIP STRUCTURE AND SHARES: SHARES AND THEIR CHARACTERISTICS AND RIGHTS ..... 83
5) SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT ..... 88
5) A) SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT: DIVERSITY WITHIN THE BOARD OF DIRECTORS AS OF DECEMBER 31, 2020 ..... 88
5) B) SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT: DIVERSITY WITHIN EXECUTIVE MANAGEMENT AS OF DECEMBER 31, 2020 ..... 88
5) C) SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT: DIVERSITY WITHIN THE ORGANIZATION AT DECEMBER 31, 2020 ..... 89
5) D) SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT: SALARY GAP BY GENDER ..... 90
6) A) MANAGEMENT AND PERSONNEL: ORGANIZATIONAL CHART ..... 92
6) B) MANAGEMENT AND PERSONNEL: INFORMATION ABOUT THE BOARD OF DIRECTORS ..... 93
6) C) MANAGEMENT AND PERSONNEL: INFORMATION ABOUT THE DIRECTORS' COMMITTEE ..... 96
6) D) MANAGEMENT AND PERSONNEL: MAIN EXECUTIVES ..... 98
6) E) MANAGEMENT AND PERSONNEL: NUMBER OF EMPLOYEES ..... 99
6) F) MANAGEMENT AND PERSONNEL: SHARE OWNERSHIP OF EXECUTIVE OFFICERS AND BOARD MEMBERS ..... 99
7) INFORMATION ABOUT SUBSIDIARIES AND ASSOCIATES ..... 101
7) A) INFORMATION ABOUT SUBSIDIARIES AND ASSOCIATES: SUBSIDIARIES AND ASSOCIATES101
8) INFORMATION ABOUT RELEVANT OR ESSENTIAL FACTS ..... 112
9) SUMMARY OF COMMENTS AND PROPOSALS BY SHAREHOLDERS AND THE DIRECTORS' COMMITTEE ..... 115
10) FINANCIAL REPORTS ..... 116
10) A) FINANCIAL REPORTS OF THE REPORTING ENTITY ..... 116
10) B) SUMMARY FINANCIAL STATEMENTS ..... 335
11) RESPONSIBILITY STATEMENT ..... 370



## 2) IDENTIFICATION OF THE ENTITY

## 2) A) IDENTIFICATION OF THE ENTITY: BASIC IDENTIFICATION

Company Name: Sociedad Química y Minera de Chile S.A.

Abbreviated Company Name: SQM

Legal Address: El Trovador 4285, Las Condes, Santiago, Chile

Chilean Taxpayer ID: 93.007.000-9

Type of Entity: Open stock corporation

## 2) B) IDENTIFICATION OF THE ENTITY: LEGAL CONSTITUTION

SQM was founded under the laws of the Republic of Chile. The Company was constituted by public deed issued on June 17, 1968 by Mr. Sergio Rodríguez Garcés, Public Notary of Santiago. Its existence was approved by Decree No. 1,164 of June 22, 1968, of the Ministry of Finance, and it was registered on June 29, 1968, in the Business Registry of Santiago, on page 4,537 No. 1,992.

## 2) C) IDENTIFICATION OF THE ENTITY: CONTACT INFORMATION

Corporate Headquarters:

Address: El Trovador 4285, Las Condes, Santiago, Chile
Telephone: +56 2 24252000

Fax: +56 2 24252268

Website: www.sqm.com

To contact our investor relations team:

Gerardo Illanes

CFO and Vice President of Corporate Finance

gerardo.illanes@sqm.com

Telephone: +56 2 24252485

Kelly O'Brien

Head of Investor Relations

kelly.obrien@sqm.com

Telephone: +56 2 24252074

Irina Axenova

Investor Relations

irina.axenova@sqm.com

Telephone: +56 2 24252280



## 3) DESCRIPTION OF BUSINESS ENVIRONMENT

## 3) A) DESCRIPTION OF BUSINESS ENVIRONMENT: HISTORICAL INFORMATION

Commercial exploitation of the caliche ore deposits in northern Chile began in the 1830s, when sodium nitrate was extracted from the ore for use in the manufacturing of explosives and fertilizers. By the end of the nineteenth century, nitrate production had become the leading industry in Chile, and the country was the world’s leading supplier of nitrates. The accelerated commercial development of synthetic nitrates in the 1920s and the global economic depression in the 1930s caused a serious contraction of the Chilean nitrate business, which did not recover significantly until shortly before the Second World War. After the war, the widespread commercial production of synthetic nitrates resulted in a further contraction of the natural nitrate industry in Chile, which continued to operate at depressed levels into the 1960s.

We were formed in 1968 through a joint venture between Compañía Salitrera Anglo Lautaro S.A. (“Anglo Lautaro”) and the Production Development Corporation (Corporación de Fomento de la Producción or “Corfo”), a Chilean government entity. Three years after our formation, in 1971, Anglo Lautaro sold all of its shares to Corfo, and we were wholly owned by the Chilean Government until 1983. In 1983, Corfo began a process of privatization by selling our shares to the public and subsequently listing such shares on the Santiago Stock Exchange. By 1988, all of our shares were publicly owned. Our ADSs have traded on the NYSE under the ticker symbol “SQM” since 1993. Each ADS represents one Series B common share. We have from time to time accessed international capital markets for the issuance of additional ADSs in, including most recently the US$1.1 billion capital increase in 2021.

Since our inception, we have produced nitrates and iodine, which are obtained from the caliche ore deposits in northern Chile. In 1985, we began to use heap leaching processes to extract nitrates and iodine, and in 1986 we started to produce potassium nitrate at our Coya Sur facility. Between 1994 and 1999, we invested approximately US$300 million in the development of the Salar de Atacama project in northern Chile, which enabled us to produce potassium chloride, lithium carbonate, potassium sulfate and boric acid.

From 2000 through 2004, we principally consolidated the investments carried out in the preceding five years. We focused on reducing costs and improving efficiencies throughout the organization.

Starting in 2005, we began strengthening our leadership position in our core businesses through a combination of capital expenditures and advantageous acquisitions and divestitures.

The capital expenditure program has allowed us to add new products to our product lines and increase the production capacity of our existing products. In 2005, we started production of lithium hydroxide at our Carmen Lithium production facility, near the city of Antofagasta in the north of Chile. In 2007, we completed the construction of a new prilling and granulating plant. In 2011, we completed expansions of our lithium carbonate capacity, achieving 48,000 metric tons of capacity per year. Since 2010, we have continued to expand our production capacity of potassium products in our operations in the Salar de Atacama. In 2011, we completed the construction of a new potassium nitrate facility in Coya Sur, increasing our overall production capacity of potassium nitrate by 300,000 metric tons per year. In 2013, we completed expansions in the production capacity of our iodine plants in Nueva Victoria. Our capital expenditure program also includes exploration for metallic minerals. Our exploration efforts have led to discoveries that in some cases may result in sales of the discovery and the generation of royalty income in the future. Within this context, in 2013 we sold our royalty rights to the Antucoya mining project to Antofagasta Minerals. In 2013 we also opened a trading office in Thailand.

In 2014, we invested in the development of new extraction sectors and production increases in both nitrates and iodine at Nueva Victoria, reaching an approximate production capacity (including the Iris facility) of



8,500 metric tons per year of iodine at the facility. We also issued a bond in the international capital markets for US$250 million, primarily to refinance existing indebtedness.

In 2015, we focused on increasing the efficiency of our operations. Within this context, we announced a plan to restructure our iodine and nitrate operations. In an effort to take advantage of our highly efficient production facilities at our Nueva Victoria site, we decided to suspend the mining and nitrate operations and reduce iodine production at our Pedro de Valdivia site. During 2017, we increased our iodine production capacity at Nueva Victoria to approximately 10,000 metric tons per year. We continued expanding our iodine capacity in 2018, which, including Pedro de Valdivia and Nueva Victoria, reached approximately 14,000 metric tons per year.

In 2016, we entered into a 50/50 joint venture with Lithium Americas to develop the Minera Exar lithium project in Caucharí-Olaroz in the Jujuy province of Argentina. Our interest was sold to Ganfeng Lithium Netherlands Co., BV in 2018. Ganfeng is responsible for a US$50 million deferred payment to us if certain sales goals are met by the project. In 2016, we also made a capital contribution of US$20 million to Elemental Minerals Limited (“Elemental Minerals”), an Australian based company whose main assets are various potassium deposits in the Republic of Congo.

In 2017, we entered into a 50/50 joint venture with respect to the Mt. Holland lithium project to design, construct and operate a mine, concentrator and refinery for the production of lithium hydroxide.

On September 23, 2019, Wesfarmers Limited (“Wesfarmers”) acquired all the issued ordinary shares in our joint venture partner and became a 50% partner in the Mt. Holland lithium project in the joint venture with SQM Australia Pty.

In September 2020, in the Salar de Atacama, we began a self-assessment process, which is the first step in the Initiative for Responsible Mining Assurance’s (“IRMA”) rigorous responsible mining certification process.

In October 2020, we announced our Sustainable Development Plan, which includes voluntarily expanding our monitoring systems, promoting better and more meaningful conversations with neighboring communities, becoming carbon neutral and reducing water by 65% and brine extraction by 50%. As part of this plan, we also set a goal to obtain international certifications and participate in international sustainability indices.

In 2021, in the Salar de Atacama, we began preparing an external audit in IRMA’s rigorous responsible mining certification process.

On February 16, 2021, our Board approved the investment of approximately US700 million for our 50% share of the development costs of the Mt. Holland lithium hydroxide project in the joint venture with Wesfarmers. During 2021, our lithium carbonate production in Chile reached an effective capacity of 120,000 metric tons and we expect to increase this to 180,000 metric tons and our lithium hydroxide capacity to 30,000 metric tons during 2022.

In November 2021, we were included in the Dow Jones Sustainability Chile and the Dow Jones Sustainability MILA Pacific Alliance Indices for the second year in a row.



## 3) B) DESCRIPTION OF BUSINESS ENVIRONMENT: INDUSTRIAL SECTOR

## i) PRODUCTS AND SERVICES

SQM is an integrated producer and seller of specialty plant nutrients, iodine, lithium, potassium fertilizers, and industrial chemicals. Our products are based on the development of high quality natural resources that make us a cost leader, supported by an international trading network specialized in sales in approximately 110 countries. SQM’s development strategy aims to maintain and enhance our global leadership in all of our business lines.

For further information, see section 3) C) Description of Business Environment: Activities and Businesses.

## ii) COMPETITION AND MARKET SHARE

See section 3) C) Description of Business Environment: Activities and Businesses.

## iii) LEGAL FRAMEWORK

## Government Regulations

## Regulations in Chile Generally

We are subject to the full range of government regulations and supervision generally applicable to companies engaged in business in Chile, including labor laws, social security laws, public health laws, consumer protection laws, tax laws, environmental laws, free competition laws and securities laws. These include regulations to ensure sanitary and safety conditions in manufacturing plants.

We conduct our mining operations pursuant to judicial exploration concessions and exploitation concessions granted pursuant to applicable Chilean law. Exploitation concessions essentially grant a perpetual right (with the exception of the Salar de Atacama rights, which have been leased to us until 2030) to conduct mining operations in the areas covered by such concessions, provided that annual concession fees are paid. Exploration concessions permit us to explore for mineral resources on the land covered thereby for a specified period of time, and to subsequently request a corresponding exploitation concession.

Under Law No. 16,319 that created the Chilean Nuclear Energy Commission (Comisión Chilena de Energía Nuclear or “CCHEN”), we have an obligation to the CCHEN regarding the exploitation and sale of lithium from the Salar de Atacama, which prohibits the use of lithium for nuclear fusion. In addition, CCHEN has imposed annual quotas that limit the total tonnage of lithium authorized to be sold, along with other conditions.

We also hold water use rights granted by the respective administrative authorities and which enable us to have a supply of water from rivers or wells near our production facilities sufficient to meet our current operating requirements. See section 3) E) Description of Business Environment: Risk Factors. The Chilean Constitution, the Water Code and related regulations are subject to change, which could have a material adverse impact on our business, financial condition and results of operations. The Chilean Constitution, the Water Code and related regulations are subject to change, which could have a material adverse impact on our business, financial condition and results of operations.

We operate port facilities at Tocopilla, Chile for the shipment of products and the delivery of raw materials in conformity with maritime concessions, which have been granted by the respective administrative authority. These concessions are normally renewable on application, provided that such facilities are used as authorized and annual concession fees are paid.



In 2005, Law No. 20,026, known as the “Law to Establish a Specific Tax on Mining Activity” (Ley que Establece un Impuesto Específico a la Actividad Minera or the “Royalty Law”), established a royalty tax to be applied to mining activities developed in Chile. In 2010, modifications were made to the law and taxes were increased.

On February 24, 2020, Law No. 21,210, the “Law to Modernize the Tax Legislation” was published. As a result of these reforms, open stock corporations, such as SQM, are subject to the general rules. The corporate tax rate that applies to us increased to 27% in 2018.

The Chilean government may again decide to levy additional taxes on mining companies or other corporations in Chile, and such taxes could have a material adverse impact on our business, financial condition and results of operations.

We are also subject to the Chilean Labor Code and the Subcontracting Law, which are overseen by the Labor Authority (Dirección del Trabajo), the National Geology and Mining Service (Servicio Nacional de Geología y Minería or “Sernageomin”), and the National Health Service. Recent changes to these laws and their application may have a material adverse effect on our business, financial condition and results of operations. See “Section 3E. Description of Business Environment: Risk Factors – We are exposed to labor strikes and labor liabilities that could impact our production levels and costs”.

In addition, we are subject to Law No. 20,393, which establishes criminal liability for legal entities, for the crimes of (a) asset laundering, (b) financing terrorism and (c) bribery. Potential sanctions for violations under this law could include (i) fines, (ii) loss of certain governmental benefits during a given period, (iii) a temporary or permanent bar against the corporation executing contracts with governmental entities, and (iv) dissolution of corporation.

We are subject to the Securities Law and Law No. 18,046 on Corporations (Ley de Sociedades Anónimas or the “Chilean Corporations Act”), which regulates corporate governance of public companies. Specifically, the Chilean Corporations Act regulates, among other things, independent director requirements, disclosure obligations to the general public and to the CMF, as well as regulations relating to the use of inside information, the independence of external auditors, and procedures for the analysis of transactions with related parties.

On March 2, 2021, the Chilean Congress approved a bill to strengthen the financial market in Chile, which includes, among others, the following provisions: (a) Amends Law No. 18,045 (the Securities Market Law), mainly in the following matters: (i) a prohibition was established for directors, managers, administrators and principal executives of an issuer of publicly offered securities, as well as their relatives, to carry out transactions on securities issued by the issuer, within thirty days prior to the disclosure of the latter's quarterly or annual financial statements; (ii) increased certain penalties and modified, expanded and added criminalized conducts; and (iii) established that the information provided to investors or the general public containing recommendations to acquire, maintain or dispose of publicly offered securities, or that implies the definition of target prices, must comply with the requirements established by the CMF; (b) Amends the Chilean Corporations Act, mainly in the following matters: (i) it adds, as a presumption of guilt of directors, the approval of related party transactions in contravention of the applicable rules; (ii) it modifies rules applicable to independent directors and the directors' committee; and (iii) it modifies the rules for approval of related party transactions for open corporations; (c) Amends DL 3,538 (CMF), mainly in the following matters: (i) penalties for audited persons are increased, from a ceiling of UF 15,000 to UF 100,000, in both cases, with the possibility of increasing it five times in case of recidivism; and (ii) the figure of the “Anonymous Whistleblower” is created for collaboration with investigations; (e) Amends the Commercial Code, mainly in insurance matters; (f) Amends Law No. 18,010 (Money Lending Transactions), mainly in the following matters: (i) establishes that default interest may not be applied jointly or additionally, on the same amount, with any other interest and its capitalization is prohibited; and



(ii) establishes that the entities supervised by the CMF, including massive fund placement entities, may charge commissions with respect to money credit operations to the extent that such commissions comply with the requirements, rules and conditions established by the CMF through General Rule and, in any case, to the extent that they correspond to consideration for real and effectively rendered services.

There are currently no material legal or administrative proceedings pending against us except as discussed in Note 21 to our Consolidated Financial Statements and below under “Safety, Health and Environmental Regulations in Chile.”

## Safety, Health and Environmental Regulations in Chile

Our operations in Chile are subject to both national and local regulations related to safety, health and environmental protection. In Chile, the main regulations on these matters that are applicable to us are the Mine Health and Safety Act of 1989 (Reglamento de Seguridad Minera or the “Mine Health and Safety Act”), the Health Code (Código Sanitario), the Health and Basic Conditions Act of 1999 (Reglamento sobre Condiciones Sanitarias y Ambientales Básicas en los Lugares de Trabajo or the “Health and Basic Conditions Act”), the Subcontracting Law and the Environmental Law of 1994, amended in 2010 (Ley sobre Bases Generales del Medio Ambiente or the “Environmental Law”) and Law No.16,744 of the Labor Code relating to workplace accidents and occupational diseases (“Law No. 16,744”).

Health and safety at work are fundamental aspects in the management of mining operations, which is why we have made constant efforts to maintain good health and safety conditions for the people working at our mining sites and facilities. In addition to the role played by us in this important matter, the Chilean government has a regulatory role, enacting and enforcing regulations in order to protect and ensure the health and safety of workers. The Chilean government, acting through the Ministry of Labor and Social Security, Ministry of Health and the Sernageomin, performs health and safety inspections at the mining sites and oversees mining projects, among other tasks, and it has exclusive powers to enforce standards related to environmental conditions and the health and safety of the people performing activities related to mining.

The regulations set in Law No. 16744 and the Mine Health and Safety Act protect workers and nearby communities from health and safety hazards. The Health and Basic Conditions Act along with our Internal Mining Standards (Reglamentos Internos Mineros) establish guidelines to maintain a workplace where safety and health risks are managed appropriately. We are subject to the general provisions of the Health and Basic Conditions Act, our own internal standards and the provisions of the Mine Health and Safety Act. In the event of non-compliance, the Ministry of Health and particularly the Sernageomin are entitled to use their enforcement powers to ensure compliance with the law.

In November 2011, the Ministry of Mining enacted Law No. 20,551 that Regulates the Closure of Mining Sites and Facilities (Ley que Regula el Cierre de Faenas e Instalaciones Mineras). This statute entered in force in November 2012 and required all mining sites to present or update their closure plans as of November 2014. SQM has fulfilled this requirement for all of its mining sites and facilities. The main requirements of the law are related to disclosures to the Sernageomin regarding decommissioning plans for each mining site and its facilities, along with the estimated cost to implement such plans. The mining site closure plans are approved by Sernageomin and the corresponding financial assurances are subject to approval by the CMF. In both cases, SQM has received the requisite approvals. During 2020, any required closure plans were updated and presented to Sernageomin in accordance with required deadlines and in 2021, we continued this process as required by formal comments we have received.

We continuously monitor the impact of our operations on the environment and on the health of our employees and other persons who may be affected by such operations. We have made modifications to our facilities in an effort to eliminate any adverse impacts. Also, over time, new environmental standards and regulations have been enacted, which have required minor adjustments or modifications of our



operations. We anticipate that additional laws and regulations will be enacted over time with respect to environmental matters. There can be no assurance that future legislative or regulatory developments will not impose new restrictions on our operations. We are committed to continuously improving our environmental performance through our Environmental Management System (“EMS”). We strive to be leaders in sustainability at a national and international level. In 2020, we began the ISO 14.001 certification process for our operations in the Salar de Atacama and Carmen Lithium production facility. This certification is being overseen by TÜV-Rheinland.During 2021 we began the certification process at the Port of Tocopilla, which we successfully concluded at the end of that year. In addition, in 2021 we started this process in Coya Sur.

We participate in voluntary evaluations with companies such as Ecovadis and seek international certifications such as the Responsible Conduct certification from the Chilean Industrial Chemicals Association, which applies to our operations at Nueva Victoria and our port in Tocopilla, and the Protect & Sustain certification from the International Fertilizer Association, which applies to our operations at Coya Sur, the Salar de Atacama, Tocopilla, Antofagasta and Santiago. In 2021, in the Salar de Atacama, we began preparing an external audit with the Initiative for Responsible Mining Assurance (IRMA) for a mining certification process.

We have submitted and will continue to submit several environmental impact assessment studies related to our projects to the governmental authorities. We require the authorization of these submissions in order to maintain and to increase our production capacity.

## International Regulations

We are subject to complex regulatory requirements in the various jurisdictions in which we operate, including the following implemented during 2020:

In 2019, Regulation (EU) 2019/1009 was published, which establishes provisions regarding the market availability of fertilizer products and repeals Regulation (EC) No 2003/2003. During 2021, the annual contaminant evaluation program in fertilizer products was carried out. On the other hand, the updating of the arts of the products marketed in Europe and the evaluation of the raw materials used in this market began.

We continue our active participation as members of the Standing Committee on Precursors of the European Commission, which monitors and assists in the implementation of Regulation (EU) 2019/1148 on the marketing and use of explosive precursors. The invoices of our products covered by this Regulation inform of such a condition so that our users are informed and can take the pertinent measures.

On January 1, 2021, the so-called UK REACH came into force in the United Kingdom. Before October 27, SQM presented the Downstream User Import Notification (DUIN) for its products sold in this market using the figure of the Exclusive Representative.

In June 2021, Chile enacted Law No. 21,349, which establishes regulations on the composition, labeling and marketing of fertilizers and biostimulants. During that year, SQM actively participated through the Chilean Chemical Industry Association in the preparation of the Regulations and Resolutions that implement the Law.

Decree 57 of the Chilean Ministry of Health approving the Regulations for the classification, labeling and notification of hazardous chemicals and mixtures was published in the Official Gazette on February 9, 2021. SQM has actively participated in the public and private implementation committee of this Regulation and through the regulatory affairs committee of the Association of Industrial Chemicals of Chile. During that year, the hazard classification criteria of our products were contrasted so that the safety data sheets reflect the changes established in the regulation.



In 2021, in South Korea, the registration processes of two products under the K-REACH regulation were completed, using the Exclusive Representative model, to facilitate the regulatory compliance of our clients in this market. Additionally, at the SQM commercial office in Seoul, the Korean authority KCMA (Korean Chemical Management Association) was notified of all the products that are going to be imported from the lithium and iodine business lines. In 2021, the process of notifying the safety data sheets of the lithium and iodine business lines marketed in Korea under the K-OSHA regulations to different competent authorities in Korea, including the Ministry of Labor and Employment, also began.

On May 25, 2019, Japan updated its chemical classification and labeling standards (JIS Z 7252: 2019 and 7253: 2019) to align with the sixth version of the UN-GHS. This update has a three-year transition period that ends in May 2022. During 2021, the process of reviewing the Safety Data Sheets and updating the labeling of the products marketed by SQM in Japan was carried out, under the JIS Z 7252 standards: 2019 & 7253: 2019, from the lithium and iodine business lines.

## 3) C) DESCRIPTION OF BUSINESS ENVIRONMENT: ACTIVITIES AND BUSINESSES

## The Company

We believe that we are the world’s largest producer of potassium nitrate and iodine and one of the world’s largest lithium producers. We also produce specialty plant nutrients, iodine derivatives, lithium derivatives, potassium chloride, potassium sulfate and certain industrial chemicals (including industrial nitrates and solar salts). Our products are sold in approximately 110 countries through our worldwide distribution network, with 92% of our sales in 2021 derived from countries outside Chile.

Our products are mainly derived from mineral deposits found in northern Chile. We mine and process caliche ore and brine deposits. The caliche ore in northern Chile contains the only known nitrate and iodine deposits in the world and is the world’s largest commercially exploited source of natural nitrates. The brine deposits of the Salar de Atacama, a salt-encrusted depression in the Atacama Desert in northern Chile, contain high concentrations of lithium and potassium as well as significant concentrations of sulfate and boron.

From our caliche ore deposits, we produce a wide range of nitrate-based products used for specialty plant nutrients and industrial applications, as well as iodine and iodine derivatives. At the Salar de Atacama, we extract brines rich in potassium, lithium, sulfate and boron in order to produce potassium chloride, potassium sulfate, lithium solutions and bisphofite (magnesium chloride). We produce lithium carbonate and lithium hydroxide at our plant near the city of Antofagasta, Chile, from the solutions brought from the Salar de Atacama. We market all of these products through an established worldwide distribution network.

Our products are divided into six categories: specialty plant nutrients; iodine and its derivatives; lithium and its derivatives; potassium chloride and potassium sulfate; industrial chemicals and other commodity fertilizers. Specialty plant nutrients are premium fertilizers that enable farmers to improve yields and the quality of certain crops. Iodine and its derivatives are mainly used in the X-ray contrast media and biocides industries and in the production of polarizing film, which is an important component in LCD screens. Lithium and its derivatives are mainly used in batteries, greases and frits for production of ceramics. Potassium chloride is a commodity fertilizer that is produced and sold by us worldwide. Potassium sulfate is a specialty fertilizer used primarily in crops such as vegetables, fruits and industrial crops. Industrial chemicals have a wide range of applications in certain chemical processes such as the manufacturing of glass, explosives and ceramics, and, more recently, industrial nitrates are being used in concentrated solar power plants as a means for energy storage. In addition, we complement our portfolio of plant nutrients through the buying and selling of other commodity fertilizers for use mainly in Chile.



For the year ended December 31, 2021, we had revenues of US$2,862.3 million, gross profit of US$1,090.1 million and profit attributable to controlling interests of US$585.5 million. Our worldwide market capitalization as of December 31, 2021 was approximately US$15.5 billion.

Specialty Plant Nutrition: We produce four main types of specialty plant nutrients: potassium nitrate, sodium nitrate, sodium potassium nitrate and specialty blends. We also sell other specialty fertilizers including third party products. All of these specialty plant nutrients are used in either solid or liquid form mainly on high value crops such as vegetables, fruits and flowers. These fertilizers are widely used in crops that use modern agricultural techniques such as hydroponics, greenhouses and crops with foliar application and fertigation (in the latter case, the fertilizer is dissolved in water before irrigation).

Specialty plant nutrients have certain advantages over commodity fertilizers, such as rapid and effective absorption (without requiring nitrification), superior water solubility, increased soil pH (which reduces soil acidity) and low chloride content. One of the most important products in this business line is potassium nitrate, which is sold in crystalline or prill form, allowing for multiple application methods. Crystalline potassium nitrate products are ideal for application by fertigation and foliar sprays, and potassium nitrate prills are suitable for soil applications.

We have developed brands for marketing according to the different applications and uses of our products. Our main brands are: Ultrasol \( ^{R} \)  (fertigation), Qrop \( ^{R} \)  (soil application), Speedfol \( ^{R} \)  (foliar application) and Allganic \( ^{R} \)  (organic agriculture).

The new needs of more sophisticated customers demand that the industry provide integrated solutions rather than individual products. Our products, including customized specialty blends that meet specific needs along with the agronomic service provided, allow us to create plant nutrition solutions that add value to crops through higher yields and better-quality production. Because our products are derived from natural nitrate compounds or natural potassium brines, they have certain advantages over synthetically produced fertilizers. One of the advantages of our products is the presence of certain beneficial trace elements, which makes them more valuable for customers who prefer products of natural origin. As a result, specialty plant nutrients are sold at a premium price compared to commodity fertilizers.

Iodine and its Derivatives: We believe that we are the world’s leading producer of iodine and iodine derivatives, which are used in a wide range of medical, pharmaceutical, agricultural and industrial applications, including x-ray contrast media, polarizing films for LCD/LED, antiseptics, biocides and disinfectants, in the synthesis of pharmaceuticals, electronics, pigments and dye components.

Lithium and its Derivatives: We are a leading producer of lithium carbonate, which is used in a variety of applications, including electrochemical materials for batteries used in electric vehicles, portable computers, tablets, cellular telephones and electronic apparatus, frits for the ceramic and enamel industries, heat-resistant glass (ceramic glass), air conditioning chemicals, continuous casting powder for steel extrusion, pharmaceuticals and lithium derivatives. We are also a leading supplier of lithium hydroxide, which is primarily used as an input for the lubricating greases industry and for cathodes for high energy capacity batteries.

Potassium: We produce potassium chloride and potassium sulfate from brines extracted from the Salar de Atacama. Potassium chloride is a commodity fertilizer used to fertilize a variety of crops including corn, rice, sugar, soybean and wheat. Potassium sulfate is a specialty fertilizer used mainly in crops such as vegetables, fruits and industrial crops.

Industrial Chemicals: We produce and sell three industrial chemicals: sodium nitrate, potassium nitrate and potassium chloride. Sodium nitrate is used primarily in the production of glass, explosives, and metal treatment, metal recycling and the production of insulation materials, among other uses. Potassium nitrate is used in the manufacturing of specialty glass, and it is also an important raw material for the production



of frits for the ceramics, enamel industries, metal treatment and pyrotechnics. Solar salts, a combination of potassium nitrate and sodium nitrate, are used as a thermal storage medium in concentrated solar power plants. Potassium chloride is a basic chemical used to produce potassium hydroxide, and it is also used as an additive in oil drilling as well as in food processing, among other uses.

Other Products and Services: We also sell other fertilizers and blends, some of which we do not produce. We are the only company that produces and distributes the three main potassium sources: potassium nitrate, potassium sulfate and potassium chloride.

The following table shows the percentage breakdown of our revenues for 2021, 2020 and 2019 according to our product lines:

<table><tr><td></td><td>2021</td><td>2020</td><td>2019</td></tr><tr><td>Specialty Plant Nutrition</td><td>32%</td><td>39%</td><td>37%</td></tr><tr><td>Iodine and Derivatives</td><td>15%</td><td>18%</td><td>19%</td></tr><tr><td>Lithium and Derivatives</td><td>33%</td><td>21%</td><td>26%</td></tr><tr><td>Potassium</td><td>15%</td><td>12%</td><td>11%</td></tr><tr><td>Industrial Chemicals</td><td>5%</td><td>9%</td><td>5%</td></tr><tr><td>Other</td><td>1%</td><td>2%</td><td>2%</td></tr><tr><td>Total</td><td>100%</td><td>100%</td><td>100%</td></tr></table>

## Business Strategy

SQM is a global company that develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets by:

- Ensuring access to the best assets related to our current business lines by expanding our global presence;

- Actively searching for attractive minerals allowing us diversification opportunities to replicate and expand our existing mining capacities;

- Strengthening our operational, logistical and commercial excellence process from beginning to end, while looking to be a cost leader; and

- Maintaining a conservative financial policy which allows us to successfully endure economic cycles that could impact the markets in which we sell.

We are a dynamic company. In pursuit of our objectives, we expect to acquire and develop projects and interests that are consistent with our existing and new businesses, either alone or with joint venture partners. We may also divest or sell-down interests that we have acquired to deploy funds for other investments or other purposes in pursuit of our objectives or to adjust risk or diversify our asset base.

We are a company built and managed by a culture based on excellence, safety, sustainability and integrity. We work every day to expand this culture through the attraction, retention and development of talent as well encouraging an inclusive and diverse work environment ensuring the unique knowledge and innovation needed to sustain our business. We strive for safe and accident-free operations by promoting conduct that favors the physical safety and psychological well-being of everyone who works directly and indirectly with the Company.

We position ourselves as leaders in sustainability and commit to a sustainable future where we constantly work to responsibly manage natural resources, protect human rights, care for the environment, form close and trusting relationships with our neighboring communities and create value. Within these communities, we support projects and activities with a focus on education, business development, and protection of the



environment and historical heritage. We create value for our clients through established commercial models and the production and development of differentiated products that respond to their industry and market specific needs, constantly creating and providing a sustainable improvement in the quality of life. We will continue to create value for all of our stakeholders through responsible management of natural resources, sustainable expansion projects and improvement of our existing operations, with a focus on minimizing our environmental impacts by reducing our carbon, energy and water footprints and working together with our shareholders, employees, customers, suppliers and communities.

## Specialty Plant Nutrition

Our strategy in our specialty plant nutrition business is to: (i) leverage the advantages of our specialty products over commodity-type fertilizers; (ii) selectively expand our business by increasing our sales of higher margin specialty plant nutrients based on potassium and natural nitrates, particularly soluble potassium nitrate and specialty blends; (iii) pursue investment opportunities in complementary businesses to enhance our product portfolio, increase production, reduce costs, and add value to the marketing of our products; (iv) develop new specialty nutrient blends produced in our mixing plants that are strategically located in or near our principal markets in order to meet specific customer needs; (v) focus primarily on the markets where we can sell our plant nutrients in soluble and foliar applications in order to establish a leadership position; (vi) further develop our global distribution and marketing system directly and through strategic alliances with other producers and global or local distributors; (vii) reduce our production costs through improved processes and higher labor productivity so as to compete more effectively and (viii) supply a product with consistent quality according to the specific requirements of our customers.

## Iodine and its Derivatives

Our strategy in our iodine business is to: (i) reach and maintain a sufficient market share of the iodine market in order to optimize the use of our available production capacity; (ii) encourage demand growth and promote new iodine uses; (iii) participate in iodine recycling projects through the Ajay-SQM Group (“ASG”); (iv) reduce our production costs through improved processes and higher productivity in order to compete more effectively and (v) supply a product with consistent quality according to the requirements of our customers.

## Lithium and its Derivatives

Our strategy in our lithium business is to: (i) strategically allocate our sales of lithium carbonate and lithium hydroxide; (ii) encourage demand growth and promote new lithium uses; (iii) selectively pursue opportunities in the lithium derivatives business by creating new lithium compounds; (iv) reduce our production costs through improved processes and higher productivity in order to compete more effectively; (v) supply a product with consistent quality according to the requirements of our customers; (vi) diversify our operations geographically and jurisdictionally; and (vii) diversifying our asset base or adjusting risk by acquiring new projects and interests (either alone or with joint venture partners), divesting existing projects or selling down our interests in projects.

## Potassium

Our strategy in our potassium business is to: (i) offer a portfolio of potassium products, including potassium sulfate, potassium chloride and other fertilizers, to our traditional markets; (ii) have flexibility to offer crystalized (standard) or granular (compacted) form products according to market requirements; (iii) focus on markets where we have logistical advantages and synergies with our specialty plant nutrition business and (iv) supply a product with consistent quality according to the specific requirements of our customers.

## Industrial Chemicals

Our strategy in our industrial chemical business is to: (i) maintain our leadership position in the industrial nitrates market; (ii) encourage demand growth in different applications as well as exploring new potential ones; (iii) become a long-term, reliable supplier for the thermal storage industry, maintaining close relationships with R&D programs and industrial initiatives; (iv) reduce our production costs through



improved processes and higher productivity in order to compete more effectively and (v) supply a product with consistent quality according to the requirements of our customers.

## New Business Ventures

We constantly evaluate opportunities that are consistent with our existing and new businesses. We seek to acquire interests in projects both inside and outside of Chile where we believe we have sustainable competitive advantages, and we hope to continue doing so in the future.

In addition, we are actively conducting exploration for metallic minerals in the mining properties we own. If such minerals are found, we may decide to exploit, sell or enter into an association to extract these resources. Our exploration efforts are currently focused on the layer of bedrock that lies beneath the caliche ore that we use as the primary raw material in the production of iodine and nitrates. This bedrock has significant potential for metallic mineralization, particularly copper and gold. A significant portion of our mining properties are located in the Antofagasta region of Chile, where many large copper producers operate.

We have an in-house geological exploration team that explores the area directly, identifying drilling targets and assessing new prospects. In 2021, the team has confirmed the existence of high-grade copper and gold mineralization at the Bufalo project, located 120 kilometers east of the city of Antofagasta. The Bufalo project corresponds to a district that hosts several mineralized bodies of copper, copper-gold and copper-gold-silver in which SQM has already drilled nearly 99,000 meters of drilling, using our own diamond and RC drilling machines. We also have a metal business development team that works to engage partners interested in investing in metal exploration within our mining properties. As of February 2022, we had three option agreements in place with four mining companies and private equity firms. We participated in the formation of two joint ventures as a result of exercising an option agreement with a junior mining company.

## Main Business Lines

## Specialty Plant Nutrition

In 2021, specialty plant nutrients revenues increased to US$908.8 million, representing 31.8% of our total revenues for that year. We believe that we are the world’s largest producer of potassium nitrate. We estimate that our 2021 sales volume represented approximately 51% of the total global potassium nitrate used for all applications, remaining flat with our sales volume in 2020. We estimate that our sales accounted for approximately 51% of global potassium nitrate sales for all agricultural uses by volume in 2021. During 2021, the agricultural potassium nitrate market increased approximately 4% when compared to 2020. These estimates do not include potassium nitrate produced and sold locally in China, only Chinese net imports and exports.

In addition to potassium nitrate, we produce the following specialty plant nutrients: sodium nitrate, sodium potassium nitrate and specialty blends (containing various combinations of nitrogen, phosphate and potassium and generally known as “NPK blends”).

Our specialty plant nutrients have specific characteristics that increase productivity and enhance quality when used on certain crops and soils. Our specialty plant nutrients have significant advantages for certain applications over commodity fertilizers based on nitrogen and potassium, such as urea and potassium chloride.

Our specialty plant nutrients advantages include that they:



- are fully water soluble, allowing their more efficient use in hydroponics, fertigation, foliar applications and other advanced agricultural techniques thus improving the water use efficiency of crops to help conserve water;

- are chloride-free, which prevents chloride toxicity in certain crops associated with high levels of chlorine in plant nutrients;

- provide nitrogen in nitric form, thereby allowing crops to absorb nutrients faster than they absorb urea- or ammonium-based fertilizers;

- do not release hydrogen after application, thereby avoiding increased soil acidity;

• possess trace elements, which promote disease resistance in plants; and

- are more attractive to customers who prefer products of natural origin.

## Specialty Plant Nutrition: Market

The target market for our specialty plant nutrients includes producers of high-value crops such as vegetables, fruits, industrial crops, flowers, cotton and others. Furthermore, we sell specialty plant nutrients to producers of chloride-sensitive crops. Since 1990, the international market for specialty plant nutrients has grown at a faster rate than the international market for commodity-type fertilizers. This is mostly due to: (i) the application of new agricultural technologies such as fertigation and hydroponics, and the increasing use of greenhouses; (ii) the increase in the cost of land and the scarcity of water, which has forced farmers to improve their yields and reduce water use; and (iii) the increase in demand for higher quality crops, such as fruits and vegetables.

Over the last ten years, the compound annual growth rate for vegetable production per capita was 3% while the compound annual growth rate for the world population was closer to 1%.

Worldwide scarcity of water and arable land drives the development of new agricultural techniques to maximize the use of these resources. A good example of this is the more efficient use of water through irrigation, which has grown at an average annual rate of 1% during the last 20 years (a pace similar to population growth). Micro-irrigation, which results in even more efficient use of water, has grown at 10% per year over the same period. Micro-irrigation systems, which include drip irrigation and microsprinklers, are the most efficient forms of technical irrigation. These applications require fully water-soluble plant nutrients. Our nitrate-based specialty plant nutrients are fully soluble in water and provide nitrogen in nitric form, which helps crops absorb these nutrients faster than they absorb urea- or ammonium-based fertilizers, facilitating a more efficient application of nutrients to the plant and thereby increasing the crop’s yield and improving its quality.

The lowest global share of hectares under micro-irrigation over total irrigated hectares is in Asia, with a figure of approximately 3%. This represents a high potential for the introduction of micro-irrigation in that region, which is reflected in the high growth rates in Asia in recent years.

Potassium nitrate is an important market in China, although currently its demand is largely fulfilled by domestic producers. Total demand of potassium nitrate in Asian countries totals approximately 400,000 to 420,000 metric tons, of which approximately 130,000 metric tons is needed for the tobacco industry and approximately 120,000 metric tons is related to the horticulture business. Of the total, between 15,000 and 35,000 metric tons of potassium nitrate are imports.

## Specialty Plant Nutrition: Our Products

Potassium nitrate, sodium potassium nitrate, and specialty blends are higher margin products that use sodium nitrate as a feedstock. These products can be manufactured in crystallized or prilled form. Specialty blends are produced using our own specialty plant nutrients and other components at blending plants operated by us or our affiliates and related companies in Brazil, Chile, China, Italy, Mexico, the Netherlands, Peru, South Africa, Spain, and the United States.



The following table shows our sales volumes of and revenues from specialty plant nutrients for 2021, 2020 and 2019:

<table><tr><td></td><td>2021</td><td>2020</td><td>2019</td></tr><tr><td>Sales volumes (Th. MT)</td><td></td><td></td><td></td></tr><tr><td>Sodium nitrate</td><td>32.1</td><td>25.6</td><td>30.2</td></tr><tr><td>Potassium nitrate and sodium potassium nitrate</td><td>643.6</td><td></td><td>617.4</td></tr><tr><td>Specialty blends \( ^{(1)} \)</td><td>304.0</td><td>271.3</td><td>238.9</td></tr><tr><td>Other specialty plant nutrients \( ^{(2)} \)</td><td>174.9</td><td>164.4</td><td>155.3</td></tr><tr><td>Revenues (in US$ millions)</td><td>908.8</td><td>701.7</td><td>723.9</td></tr></table>

(1) Includes Yara’s products sold pursuant to our commercial agreement.

(2) Includes trading of other specialty fertilizers.

In 2021, our specialty plant nutrients revenues increased to US$908.8 million, representing 32% of our total revenues for that year and a 29.5% increase from US$701.7 million in specialty plant nutrients revenues in 2020. Prices increased approximately 16.3% in 2021.

Depending on the systems used to apply specialty nutrients, fertilizers can be classified as specialty field fertilizers or water-soluble fertilizers.

Specialty field fertilizers are applied directly to the soil, manually or in a mechanized fashion. Their high solubility levels, lack of chloride and absence of acidic reactions make them particularly advantageous for tobacco, potatoes, coffee, cotton, and certain fruits and vegetables.

Water-soluble fertilizers are specialty nutrients that are delivered to the crops using modern irrigation systems. As these systems feature refined technology, the products used in them must be highly soluble, rich in nutrients, free of impurities and insoluble substances, and with a low salinity index. The leading nutrient in this segment is potassium nitrate, whose optimal balance of nitric nitrogen and chloride-free potassium (the two macronutrients most needed by plants) make it an indispensable source of nutrition for crops that use modern irrigation systems.

Potassium nitrate is widely known to be a vital component in foliar feeding applications, where usage is recommended in order to stave off nutritional deficiencies before the first symptoms appear, correct any deficiencies that arise and prevent physiological stress. This nutrient also helps promote a suitable balance between fruit production and/or growth, and plant development, particularly in crops with physiological disorders.

Foliar feeding with potassium nitrate can have beneficial effects:

- when soil chemistry limits nutrient solubility and availability (pH, organic matter, type and percentage of clay);

- when nutrient absorption through the roots is limited as a result of conditions that hamper root growth (temperature, moisture, oxygen and loss of soil structure);

- when the plant’s local internal demand may surpass real internal nutrient redistribution capacity, leaving the demand unsatisfied;

- when nutrient mobility is limited, such as when plants flower before the leaf growth phase, imposing limiting factors on xylem nutrient transport;

- to achieve rapid recovery from leaf stress caused by climatic conditions, soil conditions and irrigation management.



We have restructured the Qrop products portfolio to include a chloride-free line for direct application to the soil with a variety of specialized formulas and unique mixtures, which make these products highly accurate and quickly available for the plant. Ultrasolution K \( ^{®} \)  addresses the need for potassium-free chloride and a nitrate safe for handling in the liquid fertilizer market, opening new opportunities for SQM in the cultivation of almonds and strawberries, in which water quality and efficiency are very important.

During 2021, through our research and development team, we continued the development of products such as Ultrasoline \( ^{®} \) , Ultrasol K Acid \( ^{®} \) , ProP \( ^{®} \)  and Prohydric \( ^{®} \) . Ultrasoline \( ^{®} \)  is a new product that, together with potassium nitrate, incorporates iodine, an essential element for plants, allowing better root growth, optimal photosynthesis and better tolerance to oxidative stress, among other advantages.

## Specialty Plant Nutrition: Marketing and Customers

In 2021, we sold our specialty plant nutrients in approximately 103 countries and to more than 1,200 customers. No customer represented more than 10% of our specialty plant nutrition revenues during 2021, and our ten largest customers accounted in the aggregate for approximately 28% of revenues during that period. No supplier accounted for more than 10% of the costs of sales for this business line.

The table below shows the geographical breakdown of our revenues:

<table><tr><td>Revenues breakdown</td><td>2021</td><td>2020</td><td>2019</td></tr><tr><td>North America</td><td>35%</td><td>35%</td><td>34%</td></tr><tr><td>Europe</td><td>20%</td><td>21%</td><td>21%</td></tr><tr><td>Chile</td><td>15%</td><td>14%</td><td>15%</td></tr><tr><td>Central and South America</td><td>10%</td><td>10%</td><td>11%</td></tr><tr><td>Asia and Others</td><td>21%</td><td>20%</td><td>20%</td></tr></table>

We sell our specialty plant nutrition products outside Chile mainly through our own worldwide network of representative offices and through our distribution affiliates.

We maintain inventory of our specialty plant nutrients in our commercial offices in the main markets in order to facilitate prompt deliveries to customers. Sales are made pursuant to spot purchase orders and short-term contracts.

As part of our marketing strategy, we provide technical and agronomical assistance and support to our clients. We have specific knowledge resulting from extensive research and numerous studies conducted by our agronomical teams in close contact with producers throughout the world. The solid agronomical knowledge is key for the development of specific formulas and hydroponic and fertirrigation nutritional plans, which allows us to provide expert advice for producing crops that meet high quality standards for the most efficient markets and in the most environmentally challenging conditions.

By working closely with our customers, we are able to identify their needs for new products and a possible existence of higher-value-added markets. Our specialty plant nutrients are used on a wide variety of crops, particularly value-added crops, where the use of our products enables our customers to increase yields and achieve a premium price for their own products.

Our customers are located in both the northern and southern hemispheres. Consequently, we do not believe there are any seasonal or cyclical factors that can materially affect the sales of our specialty plant nutrients.

## Specialty Plant Nutrition: Fertilizer Sales in Chile

We market specialty plant nutrients in Chile through our subsidiary Soquimich Comercial S.A. (“SQMC”).



SQMC is one of the main players in the Chilean market, offering a wide range of products developed specifically for the crops grown in the country which require specialty plant nutrients.

SQMC sells local products as well as products imported from different countries around the world.

All contracts and agreements between SQMC and its foreign suppliers of fertilizers contain standard and customary commercial terms and conditions. SQMC has been able to obtain adequate supplies of these products with good pricing conditions.

SQMC’s total sales reached US1519 million and US118 million in 2021 and 2020, respectively. During 2021, no client represented more than 10% of the sales of the Company. According to the customs information related to fertilizers, the market participation of fertilizers imported directly by SQMC during 2021 was approximately 24%.

## Specialty Plant Nutrition: Competition

The principal means of competition in the sale of potassium nitrate are product quality, customer service, location, logistics, agronomic expertise and price.

We believe that we are the world’s largest producer of sodium nitrate and potassium nitrate for agricultural use. Our sodium nitrate products compete indirectly with specialty and commodity substitutes, which may be used by some customers instead of sodium nitrate depending on the type of soil and crop to which the product will be applied. Such substitute products include calcium nitrate, ammonium nitrate and calcium ammonium nitrate.

In the potassium nitrate market, our largest competitor is Haifa Chemicals Ltd. (“Haifa”), in Israel, which is a subsidiary of Trans Resources International Inc. We estimate that sales of potassium nitrate by Haifa accounted for approximately 17% of total world sales during 2021 (excluding sales by Chinese producers to the domestic Chinese market). Our sales accounted for approximately 51% of global potassium nitrate sales by volume for the period.

ACF, another Chilean producer, mainly oriented to iodine production, has produced potassium nitrate from caliche ore and potassium chloride since 2005. Kemapco, a Jordanian producer owned by Arab Potash, produces potassium nitrate in a plant located close to the Port of Aqaba, Jordan. In addition, there are several potassium nitrate producers in China, the largest of which are Yuantong and Miga0. Most of the Chinese production is consumed by the Chinese domestic market.

In Chile, our products mainly compete with imported fertilizer blends that use calcium ammonium nitrate or potassium magnesium sulfate. Our specialty plant nutrients also compete indirectly with lower-priced synthetic commodity-type fertilizers such as ammonia and urea, which are produced by many producers in a highly price-competitive market. Our products compete on the basis of advantages that make them more suitable for certain applications as described above.

## Iodine and its Derivatives

We believe that we are the world’s largest producer of iodine. In 2021, our revenues from iodine and iodine derivatives amounted to US$437.9 million, representing 15.3% of our total revenues in that year. We estimate that our sales accounted for approximately 31% of global iodine sales by volume in 2021.

Iodine: Market



Iodine and iodine derivatives are used in a wide range of medical, agricultural and industrial applications as well as in human and animal nutrition products. Iodine and iodine derivatives are used as raw materials or catalysts in the formulation of products such as X-ray contrast media, biocides, antiseptics and disinfectants, pharmaceutical intermediates, polarizing films for LCD and LED screens, chemicals, organic compounds and pigments. Iodine is also added in the form of potassium iodate or potassium iodide to edible salt to prevent iodine deficiency disorders.

X-ray contrast media is the leading application of iodine, accounting for approximately 24% of demand. Iodine’s high atomic number and density make it ideally suited for this application, as its presence in the body can help to increase contrast between tissues, organs, and blood vessels with similar X-ray densities. Other applications include pharmaceuticals, which we believe account for 13% of demand; LCD and LED screens, 13%; iodophors and povidone-iodine, 8%; animal nutrition, 8%; fluoride derivatives, 7%; biocides, 6%; nylon, 4%; human nutrition, 4% and other applications, 14%.

During 2021, the demand for iodine had a significant recovery compared to 2020, and exceeded the demand levels of 2019. Main drivers of this increase were in the X-ray contrast media market, in which demand grew by 14-15% compared to 2020, mainly due to worldwide growth in the healthcare industry spending during the year and increased accessibility to these types of treatments in emerging economies, mainly China. Another application for which demand increased above the market average was polarizing films for screens, growing around 6% compared to 2020, due to the reduction in TV costs, increased screen sizes and home office and home school trends as a result of the pandemic.

## Iodine: Our Products

We produce iodine in our Nueva Victoria plant, near Iquique, and our Pedro de Valdivia plant, close to María Elena. We have a total production capacity of approximately 16,000 metric tons per year of iodine, including the Iris plant, which is located close to the Nueva Victoria plant.

Through ASG, we produce organic and inorganic iodine derivatives. ASG was established in the mid-1990s and has production plants in the United States, Chile and France. ASG is the world’s leading inorganic and organic iodine derivatives producer.

Consistent with our business strategy, we are constantly working on the development of new applications for our iodine-based products, pursuing a continuing expansion of our businesses and maintaining our market leadership.

We manufacture our iodine and iodine derivatives in accordance with international quality standards and have qualified our iodine facilities and production processes under the ISO-9001:2015 program, providing third party certification of the quality management system and international quality control standards that we have implemented.

The following table shows our total sales volumes and revenues from iodine and iodine derivatives for 2021, 2020 and 2019:

<table><tr><td></td><td>2021</td><td>2020</td><td>2019</td></tr><tr><td>Sales volumes (Th. MT)</td><td></td><td></td><td></td></tr><tr><td>Iodine and derivatives</td><td>12.3</td><td>9.7</td><td>12.7</td></tr><tr><td>Revenues (in US$ millions)</td><td>437.9</td><td>334.7</td><td>371.0</td></tr></table>

Our revenues increased to US$437.9 million in 2021 from US$334.7 million in 2020. This increase was primarily attributable to higher sales volumes and higher average prices during 2021. Average iodine prices were more than 2.8% higher in 2021 than in 2020. Our sales volumes increased 27.2% in 2021.



## Iodine: Marketing and Customers

In 2021, we sold our iodine products in approximately 52 countries to approximately 260 customers, and most of our sales were exports. Two customers each accounted for more than 10% of our iodine revenues in 2021. These two customers accounted for approximately 42% of revenues, and our ten largest customers accounted in the aggregate for approximately 77% of revenues. No supplier accounted for more than 10% of the cost of sales of this business line.

The following table shows the geographical breakdown of our revenues:

<table><tr><td>Revenues breakdown</td><td>2021</td><td>2020</td><td>2019</td></tr><tr><td>North America</td><td>23%</td><td>27%</td><td>24%</td></tr><tr><td>Europe</td><td>40%</td><td>42%</td><td>33%</td></tr><tr><td>Chile</td><td>0%</td><td>0%</td><td>0%</td></tr><tr><td>Central and South America</td><td>2%</td><td>3%</td><td>2%</td></tr><tr><td>Asia and Others</td><td>34%</td><td>27%</td><td>40%</td></tr></table>

We sell iodine through our own worldwide network of representative offices and through our sales, support and distribution affiliates. We maintain inventories of iodine at our facilities throughout the world to facilitate prompt delivery to customers. Iodine sales are made pursuant to spot purchase orders or within the framework of supply agreements. Supply agreements generally specify annual minimum and maximum purchase commitments, and prices are adjusted periodically, according to prevailing market prices.

## Iodine: Competition

The world’s main iodine producers are based in Chile, Japan and the United States. Iodine is also produced in Russia, Turkmenistan, Azerbaijan, Indonesia and China.

Iodine is produced in Chile using a unique mineral known as caliche ore, whereas in Japan, the United States, Russia, Turkmenistan, Azerbaijan, and Indonesia, producers extract iodine from underground brines that are mainly obtained together with the extraction of natural gas and petroleum. In China, iodine is extracted from seaweed.

Five Chilean companies accounted for approximately 58% of total global sales of iodine in 2021, including SQM, with approximately 31%, and four other producers accounting for the remaining 27%. The other Chilean producers are Atacama Chemical S.A. (Cosayach), controlled by the Chilean holding company Inverraz S.A.; ACF Minera S.A., owned by the Chilean Urruticoechea family; Algorta Norte S.A., a joint venture between ACF Minera S.A. and Toyota Tsusho; and Atacama Minerals, which is owned by Chinese company Tewoo.

We estimate that eight Japanese iodine producers accounted for approximately 27% of global iodine sales in 2021, including recycled iodine.

We estimate that iodine producers in the United States accounted for nearly 5% of world iodine sales in 2021.

Iodine recycling is a growing trend worldwide. Several producers have recycling facilities where they recover iodine and iodine derivatives from iodine waste streams.

We estimate the 17% of the iodine supply comes from iodine recycling. Through ASG or alone, we are also actively participating in the iodine recycling business using iodinated side-streams from a variety of chemical processes in Europe and the United States.



The prices of iodine and iodine derivative products are determined by market conditions. World iodine prices vary depending upon, among other things, the relationship between supply and demand at any given time. Iodine supply varies primarily as a result of the production levels of the iodine producers (including us) and their respective business strategies. Our annual average iodine sales prices increased to approximately US$36 per kilogram in 2021, from the average sales prices of approximately US$35 per kilogram observed in 2020. During the first half of 2021, the price remained similar to 2020. However, in the second half of the year, the growth in demand and the challenging international logistics situation led to a gradual increase in prices.

Demand for iodine varies depending upon overall levels of economic activity and the level of demand in the medical, pharmaceutical, industrial and other sectors that are the main users of iodine and iodine-derivative products. Certain substitutes for iodine are available for certain applications, such as antiseptics and disinfectants, which could represent a cost-effective alternative to iodine depending on prevailing prices.

The main factors of competition in the sale of iodine and iodine derivative products are reliability, price, quality, customer service and the price and availability of substitutes. We believe we have competitive advantages compared to other producers due to the size and quality of our mining reserves and the available production capacity. We believe our iodine is competitive with that produced by other manufacturers in certain advanced industrial processes. We also believe we benefit competitively from the long-term relationships we have established with our largest customers.

## Lithium and its Derivatives

In 2021, our revenues from lithium sales amounted to US$936.1 million, representing 32.7% of our total revenues. We believe we are one of the world’s largest producers of lithium carbonate and lithium hydroxide, and we estimate that our sales volumes accounted for approximately 19% of the global lithium chemicals sales volumes.

## Lithium: Market

The lithium market can be divided into (i) lithium minerals for direct use (in which market SQM does not participate directly), (ii) basic lithium chemicals, which include lithium carbonate and lithium hydroxide (as well as lithium chloride, from which lithium carbonate may be made), and (iii) inorganic and organic lithium derivatives, which include numerous compounds produced from basic lithium chemicals (in which market SQM does not participate directly).

Lithium carbonate and lithium hydroxide are principally used to produce the cathodes for rechargeable batteries, taking advantage of lithium’s extreme electrochemical potential and low density. Batteries are the leading application for lithium, accounting for approximately 84% of total lithium demand, including batteries for electric vehicles, which accounted for approximately 70% of total lithium demand.

There are many other applications both for basic lithium chemicals and lithium derivatives, such as lubricating greases (approximately 4% of total lithium demand), heat-resistant glass (ceramic glass) (approximately 2% of total lithium demand), chips for the ceramics and glaze industry (approximately 1% of total lithium demand), chemicals for air conditioning (approximately 1% of total lithium demand), and many others, including pharmaceutical synthesis and metal alloys.

Lithium’s main properties, which facilitate its use in this range of applications, are that it:

- is the lightest solid metal and element at room temperature;

• is low density;

• has a low coefficient of thermal expansion;



• has high electrochemical potential; and

• has a high specific heat capacity.

During 2021, lithium chemicals demand increased by approximately 55%, reaching approximately 528,000 metric tons. We expect applications related to energy storage to continue driving demand in the coming years.

## Lithium: Our Products

We produce lithium carbonate at our Carmen Lithium production facility, near Antofagasta, Chile, from highly concentrated lithium chloride produced in the Salar de Atacama as a by-product of the potassium chloride production. The annual production capacity of our lithium carbonate plant at the Carmen Lithium production facility is now 120,000 metric tons per year. We are in the process of increasing our production capacity to 180,000 metric tons per year. We believe that the technologies we use, together with the high concentrations of lithium and the characteristics of the Salar de Atacama, such as high evaporation rate and concentration of other minerals, allow us to be one of the lowest cost producers worldwide.

We also produce lithium hydroxide at the same plant at the Carmen Lithium production facility, next to the lithium carbonate operation. The lithium hydroxide facility has a production capacity of 21,500 metric tons per year and we are in the process of increasing this production capacity to 30,000 metric tons per year. In addition, in February 2021 our Board approved the investment for our 50% share of the development costs in the Mt. Holland lithium project in our joint venture with Wesfarmers, which we expect will have a total production capacity of 50,000 metric tons.

The following table shows our total sales volumes and revenues from lithium and its derivatives for 2021, 2020 and 2019:

<table><tr><td></td><td>2021</td><td>2020</td><td>2019</td></tr><tr><td>Sales volumes (Th. MT)</td><td></td><td></td><td></td></tr><tr><td>Lithium and derivatives</td><td>101.1</td><td>64.6</td><td>45.1</td></tr><tr><td>Revenues (in US$ millions)</td><td>936.1</td><td>383.4</td><td>505.7</td></tr></table>

Our revenues in 2021 were US$936.1 million, a 144.2% increase from US$383.4 million in 2020, due to higher average prices and higher sales volumes during the year. The average price for 2021 was approximately 56.1% higher than the average price in 2020.

## Lithium: Marketing and Customers

In 2021, we sold our lithium products in approximately 43 countries to approximately 244 customers, and most of our sales were to customers outside of Chile. No customer accounted for more than 10% of our lithium revenues in 2021. Our ten largest customers accounted in the aggregate for approximately 44% of revenues. One supplier accounted for 10% of the cost of sales of this business line. We make lease payments to Corfo which are associated with the sale of different products produced in the Salar de Atacama, including lithium carbonate, lithium hydroxide and potassium chloride. See Note 23.2 to our consolidated financial statements for the disclosure of lease payments made to Corfo for all periods presented.

The following table shows the geographical breakdown of our sales for 2021, 2020 and 2019:

<table><tr><td>Revenues breakdown</td><td>2021</td><td>2020</td><td>2019</td></tr></table>



<table><tr><td>North America</td><td>5%</td><td>7%</td><td>9%</td></tr><tr><td>Europe</td><td>8%</td><td>13%</td><td>15%</td></tr><tr><td>Chile</td><td>0%</td><td>0%</td><td>0%</td></tr><tr><td>Central and South America</td><td>1%</td><td>0%</td><td>1%</td></tr><tr><td>Asia and Others</td><td>86%</td><td>80%</td><td>75%</td></tr></table>

We sell lithium carbonate and lithium hydroxide through our own worldwide network of representative offices and through our sales, support and distribution affiliates. We maintain inventories of these products at our facilities throughout the world to facilitate prompt delivery to customers. Sales of lithium carbonate and lithium hydroxide are made pursuant to spot purchase orders or within the framework of supply agreements. Supply agreements generally specify annual minimum and maximum purchase commitments, and prices are adjusted periodically, according to prevailing market prices.

## Lithium: Competition

Lithium is produced mainly from two sources: (i) concentrated brines and (ii) minerals. During 2021, the main lithium brines producers were Chile, Argentina and China, while the main lithium mineral producers were Australia and China. With total sales of approximately 101,000 metric tons of lithium carbonate and lithium hydroxide, SQM’s market share of lithium chemicals was approximately 19% in 2021. One of our main competitors is Albemarle Corporation (“Albemarle”), which produces lithium carbonate and lithium chloride in Chile and the United States, along with lithium derivatives in the United States, Germany, Taiwan and China, with a market share of approximately 19%. Albemarle also owns 49% of Talison Lithium Pty Ltd. (“Talison”), an Australian company, that is the largest producer of concentrated lithium minerals in the world, based in Western Australia. The remaining 51% of Talison is owned by Tianqi Lithium Energy Australia Pty Ltd (“TLEA”), through a joint venture with the Chinese company Tianqi Lithium Corp. (“Tianqi”), producing basic lithium chemicals in China from concentrated lithium minerals. Talison sells a part of its concentrated lithium mineral production to the direct use market, but most of its production, representing approximately 14% of total lithium chemical demand, is converted into basic lithium chemicals in China by Tianqi and Albemarle. Currently, Tianqi and Albemarle are planning to begin production at their new lithium hydroxide plants in China and Australia, which are expected to be operational during 2022. Tianqi is also a significant shareholder of ours, holding approximately 23.75% of our shares as of December 31, 2021.

Another important competitor is Livent Corporation (“Livent”), with an estimated market share of approximately 4%. Livent has production facilities in Argentina through Minera del Altiplano S.A., where it produces lithium chloride and lithium carbonate. In addition, Livent produces lithium derivatives in the United States, the United Kingdom and China. Orocobre Ltd., based in Argentina, produces lithium carbonate, with a market share of approximately 2%.

Australia is an important source of concentrated lithium minerals. Since 2018, two producers have doubled their production of concentrated mineral, which is then converted into lithium chemicals in China. One of these producers is a joint venture between Ganfeng Lithium Co. (“Ganfeng”) and Mineral Resources Ltd in the Mt. Marion project. Galaxy Resources Ltd. is another important producer with operations in Mt. Cattlin. Additionally, Pilbara Minerals (which recently acquired Altura Mining), both produce from the Pilgangoora deposit. In addition, there were at least ten other companies producing lithium in China from brines or minerals in 2021.

We believe that lithium production will continue to increase in the near future, in response to an increase in demand growth. A number of new projects to develop lithium deposits has been announced recently. Some of these projects are already in the advanced stages of development and others could materialize in the medium term.

## Potassium



In 2021, our potassium chloride and potassium sulfate revenues amounted to US$416.6 million, representing 14.6% of our total revenues and a 99.0% increase compared to 2020, as a result of increased average prices and higher sales volumes. We estimate that we accounted for approximately 1% of global sales of potassium chloride in 2021.

We produce potassium chloride by extracting brines from the Salar de Atacama that are rich in potassium chloride and other salts.

Potassium is one of the three macronutrients that a plant needs to develop. Although potassium does not form part of a plant’s structure, it is essential to the development of its basic functions. Potassium chloride is the most commonly used potassium-based fertilizer. It is used to fertilize crops that can tolerate relatively high levels of chloride, and to fertilize crops that are grown under conditions with sufficient rainfall or irrigation practices that prevent chloride from accumulating to excess levels in the rooting systems of the plant.

Some benefits that may be obtained through the use of potassium are:

• increased yield and quality;

• increased production of proteins;

• increased photosynthesis;

• intensified transport and storage of assimilates;

• prolonged and more intense assimilation period;

• improved water efficiency;

• regulated opening and closure of stomata; and

• synthesis of lycopene.

Potassium chloride is also an important component for our specialty plant nutrition product line, where it is used as a raw material to produce potassium nitrate.

Since 2009, our effective end product capacity has increased to over 2 million metric tons per year, granting us improved flexibility and market coverage.

## Potassium: Market

During the last decade, growth in demand for potassium chloride, and for fertilizers in general, has been driven by several key factors, such as a growing world population, higher demand for protein-based diets and less arable land. All of these factors contribute to fertilizer demand growth as a result of efforts to maximize crop yields and use resources more efficiently. For the last ten years, the compound annual growth for the global potassium chloride market was approximately 2 to 3%. We estimate that demand in 2021 reached approximately 71 million metric tons.

According to studies prepared by the International Fertilizer Industry Association, cereals account for approximately 45% of world potassium consumption, including corn (14%), rice (13%) and wheat (3%). Oilseeds, predominantly soybeans and palm oil, represent approximately 16% of total potassium demand. Fruits and vegetables account for approximately 22% of world potassium demand, and sugar crops account for close to 7%.

## Potassium: Our Products

Potassium chloride differs from our specialty plant nutrition products because it is a commodity fertilizer and contains chloride. We offer potassium chloride in two grades: standard and compacted. Potassium sulfate is considered a specialty fertilizer and we offer this product in soluble grades.



The following table shows our sales volumes of and revenues from potassium chloride and potassium sulfate for 2021, 2020 and 2019:

<table><tr><td></td><td>2021</td><td>2020</td><td>2019</td></tr><tr><td>Sales volumes (Th. MT)</td><td></td><td></td><td></td></tr><tr><td>Potassium chloride and potassium sulfate</td><td>893.2</td><td>726.7</td><td>597.3</td></tr><tr><td>Revenues (in US$ millions)</td><td>416.6</td><td>209.3</td><td>212.2</td></tr></table>

Our revenues in 2021 were US$416.6 million, a 99.0% increase from US$209.3 million in 2020, due to significantly higher prices and higher sales volumes during the year. Our sales volumes in 2021 were approximately 22.9% higher than sales volumes reported during 2020.

## Potassium: Marketing and Customers

In 2021, we sold potassium chloride and potassium sulfate to approximately 543 customers in approximately 38 countries. One individual customer accounted for more than 10% of our revenues of potassium chloride and potassium sulfate in 2021, representing approximately 13% of our revenues in the business line. We estimate that our ten largest customers accounted in the aggregate for approximately 46% of such revenues. One supplier accounted for more than 10% of the cost of sales of this business line, accounting for approximately 11% of the cost of sales for the business line. We make lease payments to Corfo which are associated with the sale of different products produced in the Salar de Atacama, including lithium carbonate, lithium hydroxide and potassium chloride. See Note 23.2 to our consolidated financial statements for the disclosure of lease payments made to Corfo for all periods presented.

The following table shows the geographical breakdown of our sales for 2021, 2020 and 2019:

<table><tr><td>Revenues breakdown</td><td>2021</td><td>2020</td><td>2019</td></tr><tr><td>North America</td><td>14%</td><td>19%</td><td>20%</td></tr><tr><td>Europe</td><td>8%</td><td>14%</td><td>13%</td></tr><tr><td>Chile</td><td>12%</td><td>11%</td><td>13%</td></tr><tr><td>Central and South America</td><td>51%</td><td>35%</td><td>31%</td></tr><tr><td>Asia and Others</td><td>14%</td><td>21%</td><td>23%</td></tr></table>

## Potassium: Competition

We estimate that we accounted for approximately 1% of global sales of potassium chloride in 2021. Our main competitors are Nutrien, Uralkali, Belaruskali and Mosaic. We estimate that in 2021, Nutrien accounted for approximately 19%, Belaruskali accounted for approximately 18% of global sales, of global sales, Uralkali accounted for approximately 18% of global sales, and Mosaic accounted for approximately 13% of global sales.

## Industrial Chemicals

In 2021, our revenues from industrial chemicals were US$132.0 million, representing approximately 4.6% of our total revenues for that year.

In addition to producing sodium and potassium nitrate for agricultural applications, we produce different grades of these products, including prilled grades, for industrial applications. The grades differ mainly in their chemical purity. We enjoy certain operational flexibility producing industrial nitrates, because they are produced from the same process as their equivalent agricultural grades, needing only an additional step of purification. We may, with certain constraints, shift production from one grade to the other depending on market conditions. This flexibility allows us to maximize yields and to reduce commercial risk.



In addition to producing industrial nitrates, we produce, market and sell industrial-grade potassium chloride.

## Industrial Chemicals: Market

Industrial sodium and potassium nitrates are used in a wide range of industrial applications, including the production of glass, ceramics, explosives, metal recycling, insulation materials, and metal treatments together with various chemical processes.

In addition, this product line has also experienced growth from the use of industrial nitrates as thermal storage in concentrated solar power plants (commonly known as “CSP”). Solar salts for this specific application contain a blend of 60% sodium nitrate and 40% potassium nitrate by weight ratio and are used as a storage and heat transfer medium. Unlike traditional photovoltaic plants, these new plants use a “thermal battery” that contains molten sodium nitrate and potassium nitrate, which store the heat collected during the day. The salts are heated up during the day, while the plants are operating under direct sunlight, and at night they release the solar energy that they have captured, allowing the plants to operate even during hours of darkness. Depending on the power plant technology, solar salts are also used as a heat transfer fluid in the plant system and thereby make CSP plants even more efficient, increasing their output and reducing the Levelized Cost of Electricity (LCOE).

We see a growing trend for the CSP application as a result of its economic value in the need to develop long duration electricity storage worldwide. Thermal storage using solar salts are also being developed in “Carnot Batteries”. These batteries are charged with thermal energy recovered by other renewable sources like PV and wind, through electrical heaters. These systems represent an excellent solution for achieving global decarbonization targets defined around the world and can be deployed in locations where other technologies are not physically or economically viable, to provide long duration energy storage. The thermal storage of CSP plants helps to improve the stabilization of the electricity grid. Like all large power generation plants, such large CSP power plants are capital intensive and require a relatively long development period.

We supply solar salts to CSP projects around the world. In 2021, we sold approximately 100,000 metric tons of solar salts to supply a CSP project in the Middle East. We expect to supply over 400,000 metric tons to this project between 2020-2022. In addition, there are several major solar salt and Carnot Battery projects currently under development worldwide that we believe we could supply between 2022-2025.

We are also experiencing a growing interest in using solar salts in thermal storage solutions not related to CSP technology. Due to their proven performance, solar salts are being tested in industrial heat processes and heat waste solutions. These new applications may open new opportunities for solar salts uses in the near future, such as retrofitting coal plants.

## Industrial Chemicals: Our Products

The following table shows our sales volumes of industrial chemicals and total revenues for 2021, 2020 and 2019:

<table><tr><td></td><td>2021</td><td>2020</td><td>2019</td></tr><tr><td>Sales volumes (Th. MT)</td><td></td><td></td><td></td></tr><tr><td>Industrial chemicals</td><td>174.5</td><td>225.1</td><td>123.5</td></tr><tr><td>Revenues (in US$ millions)</td><td>132.0</td><td>160.6</td><td>94.9</td></tr></table>



Revenues for industrial chemicals decreased to US$132.0 million in 2021 from US$160.6 million in 2020, as a result of lower sales volumes in this business line. Sales volumes in 2021 decreased 22.5% compared to sales volumes reported last year.

## Industrial Chemicals: Marketing and Customers

We sold our industrial nitrate products in approximately 59 countries in 2021 to approximately 280 customers. One customer accounted for more than 10% of our revenues of industrial chemicals in 2021, accounting for approximately 51%, and our ten largest customers accounted in the aggregate for approximately 66% of such revenues. No supplier accounted for more than 10% of the cost of sales of this business line. We make lease payments to CORFO which are associated with the sale of different products produced in the Salar de Atacama, including lithium carbonate, lithium hydroxide and potassium chloride. See Note 23.2 to our consolidated financial statements for the disclosure of lease payments made to CORFO for all periods presented.

The following table shows the geographical breakdown of our sales for 2021, 2020 and 2019:

<table><tr><td>Revenues breakdown</td><td>2021</td><td>2020</td><td>2019</td></tr><tr><td>North America</td><td>23%</td><td>15%</td><td>29%</td></tr><tr><td>Europe</td><td>14%</td><td>7%</td><td>16%</td></tr><tr><td>Chile</td><td>3%</td><td>3%</td><td>42%</td></tr><tr><td>Central and South America</td><td>6%</td><td>3%</td><td>7%</td></tr><tr><td>Asia and Others</td><td>55%</td><td>72%</td><td>6%</td></tr></table>

Our industrial chemical products are marketed mainly through our own network of offices, representatives and distributors. We maintain updated inventories of our stocks of sodium nitrate and potassium nitrate, classified according to graduation, to facilitate prompt dispatch from our warehouses. We provide support to our customers and continuously work with them to develop new products and applications for our products.

## Industrial Chemicals: Competition

We believe that we are one of the world’s largest producers of industrial sodium nitrate and potassium nitrate. In 2021, our estimated market share by volume for industrial potassium nitrate was 71% and for industrial sodium nitrate was 43% (excluding domestic demand in China and India).

Our competitors are mainly based in Europe and Asia, producing sodium nitrate as a by-product of other production processes. In refined grade sodium nitrate, BASF AG, a German corporation, and several producers in China and Eastern Europe are highly competitive. They produce industrial sodium nitrate as a by-product of other production processes. Our industrial sodium nitrate products also compete indirectly with substitute chemicals, including sodium carbonate, sodium sulfate, calcium nitrate and ammonium nitrate, which may be used in certain applications instead of sodium nitrate and are available from a large number of producers worldwide.

Our main competitors in the industrial potassium nitrate business are Haifa Chemicals, Kemapco and some Chinese producers, which we estimate had a market share of 6%, 5% and 4%, respectively, in 2021. We estimate that our market share was approximately 71% for 2021.

Producers of industrial sodium nitrate and industrial potassium nitrate compete in the marketplace based on attributes such as product quality, delivery reliability, price, and customer service. Our operation offers both products at high quality and with low cost. In addition, our operation is flexible, allowing us to produce industrial or agricultural nitrates, maximizing our yields and reducing commercial risk. In



addition, with certain restrictions, we are able to adapt production from one grade to another depending on market needs.

In the potassium chloride market, we are a relatively small producer, mainly focused on supplying regional needs.

## Other Products

SQM also receives income from the commercialization of third-party fertilizers (specialty and commodity). These fertilizers are traded in large volumes worldwide and are used as raw material for our specialty mixes or to complement our product portfolio. We have developed commercial management, supply, flexibility and inventory management capabilities that allow us to adapt to the changing fertilizer market in which we operate and obtain profits from these transactions.

## Trend Information

Our revenues increased 57.5% to US$2,862.3 million in 2021 from US$1,817.2 million in 2020. Gross profit reached US$1,090.1 million (38.1% of revenues) in 2021, higher than US$482.9 million (26.6% of revenues) recorded in 2020. Profit attributable to controlling interests increased 255.9% to US$585.5 million in 2021 from US$164.5 million in 2020.

In January 2020, the World Health Organization deemed COVID-19 a global pandemic. In March 2020, the Chilean Ministry of Health (Ministerio de Salud) declared a nationwide State of Emergency. In response to the spread of COVID-19, the Chilean government has closed its borders for entry by non-resident foreigners for a specified period of time, prohibited the docking of cruise ships at Chilean ports, imposed quarantines on certain neighborhoods of the capital of Santiago and other cities and imposed a nationwide curfew. These measures have not impacted imports or exports to or from Chile.

As a precaution, our management has implemented several additional measures to help reduce the speed at which COVID-19 may spread in our Company, including measures to mitigate the spread in the workplace, significant reductions in employee travel and a mandatory quarantine for people who have arrived from high-risk destinations, in consultation with governmental and international health organization guidelines, and will continue to implement measures consistent with the evolving COVID-19 situation. However, we did not see a material impact on our operations related to COVID-19 during 2021. While the global impacts of the COVID-19 pandemic are constantly changing, international financial markets have reflected the uncertainty associated with the slowdown of the global economy and the potential impact if businesses, workers, customers and others are prevented or restricted from conducting business activities due to quarantines, business closures or other restrictions imposed by businesses or governmental authorities in response to the COVID-19 outbreak.

Revenues from lithium and derivatives totaled US$936.1 million during the twelve months ended December 31, 2021, an increase of 144.2% compared to the US$383.4 million for the twelve months ended December 31, 2020. During 2021, Our sales volumes in the lithium and derivatives business line surpassed 101,000 metric tons, an increase of approximately 57% when compared to the previous year. Additionally, our average prices in the lithium and derivatives business line reached approximately US$9,300, an increase of 56.1% when compared to 2020. We sold approximately 31,100 metric tons during the fourth quarter, with an average price of US$14,600. Accordingly, we believe that sales volumes and average prices in this business line could be materially higher in 2022 when compared to 2021, reaching close to 140,000 metric tons and that our average prices could be materially higher.

We remain particularly optimistic about the long-term growth of the lithium market. For this reason, we expect to increase our lithium carbonate and lithium hydroxide capacity significantly in the coming year. We expect our installed capacity of lithium carbonate and lithium hydroxide in Chile to reach



approximately 180,000 and 30,000 metric tons, respectively, during the first half of 2022. In addition, we recently announced that we will further increase our capacity to 210,000 and 40,000 metric tons of lithium carbonate and lithium hydroxide, respectively, in 2023.

Revenues from sales of iodine and derivatives during the twelve months ended December 31, 2021 were US$437.9 million, an increase of 30.9% compared to US$334.7 million generated for the twelve months ended December 31, 2020. During 2021, global demand for iodine had a significant recovery compared to 2020, even exceeding the demand levels seen before the COVID-19 pandemic. Main drivers of this increase were seen in the X-ray contrast media market, which demand grew by 14-15% compared to 2020, mainly due to worldwide growth in the healthcare industry spending during the year and increased accessibility to these types of treatments in emerging economies. This strong recovery led to a strong pricing environment during the year, with prices increasing over 11% in the fourth quarter 2021 when compared to the third quarter. As a result of tight supply/demand equilibrium, we are expecting the upward pricing trend to continue during 2022. We believe that demand growth in 2022 could be around 1%. We believe average prices in 2022 could be significantly higher.

Revenues from the SPN business line for the twelve months ended December 31, 2021 totaled US$908.8 million, an increase of 29.5% compared to $701.7 million reported for the twelve months ended December 31, 2020. The specialty plant nutrition business line remains an important segment within our diverse portfolio and we believe demand growth in the agricultural potassium nitrate market increased approximately 4% when compared to 2020. Our sales volumes during 2021 increased over 11% when compared to 2020, and average prices in this business lines increased over 16%. During the fourth quarter of 2021, prices surpassed US$940 per ton, related mostly to higher prices in the potassium nitrate markets, which have followed the positive trend observed in global potassium chloride prices and been impacted by lower production by some competitors. We saw our average prices increase approximately 40% when compared to prices reported during the same period of 2020. We believe that prices could remain at this level or higher during the first half of 2022.

Potassium chloride and potassium sulfate revenues for 2021 totaled US$416.6 million, a 99.0% increase compared to the US$209.3 million reported for the twelve months ended December 31, 2020. We estimate that demand in 2021 reached approximately 71 million metric tons. During the first months of 2022, we have seen strong demand growth, however due to current macroeconomic factors it is difficult to estimate the overall potassium market growth this year. Global prices in the potassium chloride market increased significantly and rapidly throughout 2021, especially in the fourth quarter 2021 when our average prices during the fourth quarter reached almost US$685 per metric ton. We believe that average prices during 2022 will be significantly higher than the average prices of US$466 per metric ton reported during 2021.

## Production Process

Our integrated production process can be classified according to our natural resources:

• caliche ore deposits, which contain nitrates, iodine and potassium; and

- brines from the Salar de Atacama, which contain potassium, lithium, sulfate, boron and magnesium.

## Caliche Ore Deposits

Caliche ore deposits are located in the First and Second Regions in northern Chile. During 2021, our mining operations concentrated in the First Region where we mainly worked in the mining sector Tente en el Aire and in the mining sectors Nueva Victoria Oeste, Norte and Torcaza. The Second Region mining operations at the Pampa Blanca site, the El Toco mine (which is part of the María Elena site) and the Pedro de Valdivia site were suspended in March 2010, November 2013 and November 2015, respectively, in an effort to optimize our production facilities with lower production costs.



Caliche ore is found under a layer of barren overburden in seams with variable thickness from twenty centimeters to four meters, and with the overburden varying in thickness between half a meter and two meters.

Before proper mining begins, the exploration stage is carried out, including complete geological reconnaissance, sampling and drilling caliche ore to determine the quality and characteristics of each deposit. Drill-hole samples are properly identified and tested at our chemical laboratories. With the exploration information on a closed grid pattern of drill holes, the ore evaluation stage provides information for mine planning purposes. Mine planning is done on a long-term basis (ten years), medium-term basis (three to five years) and short-term basis (one year). Once all of this information has been compiled, detailed planning for the exploitation of the mine takes place.

The mining process generally begins with bulldozers first removing the overburden in the mining area. This process is followed by an inspection and review of the drill holes before production drilling and blasting occurs to break the caliche seams. Front-end loaders and bulldozers load the ore onto off-road trucks, which take it to the leaching heaps to be processed.

During 2021, SQM continued working with mining equipment to replace the drilling and blasting process for mining some of the caliche ore and obtaining a smaller ore size (under 6  \( \frac{1}{2} \)  inches) that allows a better metallurgical recovery.

The run of mine ore is loaded in heaps and leached with water to produce concentrated solutions containing iodine, nitrate and potassium. These solutions are then sent to plants where iodine is extracted through both solvent-extraction and blow out processes. The remaining solutions are subsequently sent to solar evaporation ponds where the solutions are evaporated and salts rich in nitrate and potassium are produced. These concentrated salts are then sent to Coya Sur where they are used to produce potassium nitrate.

During 2021, the Pedro de Valdivia site generated solutions produced by leaching the mine tailings. These solutions are treated at the iodide plant at Pedro de Valdivia. After iodide is obtained, the remaining solutions, which are rich in nitrate and potassium, are sent to the solar evaporation ponds at Coya Sur in order to be used in the production of potassium nitrate.

## Caliche Ore-Derived Products

Caliche ore-derived products are sodium nitrate, potassium nitrate, sodium potassium nitrate and iodine.

## Sodium Nitrate

During 2021, sodium nitrate for both agricultural and industrial applications was produced from nitrate salts from our mining operations at Sur Viejo and fed to our new crystallization plant located in Coya Sur. Crystallized sodium nitrate is processed at the Coya Sur production plants to produce sodium nitrate and sodium potassium nitrate in different chemical and physical forms, including crystallized and prilled products. Finally, the products are transported by truck to our port facilities in Tocopilla for shipping to customers and distributors worldwide.

## Potassium Nitrate

Potassium nitrate is produced at our Coya Sur facility using a production process developed in-house. The brines generated by the leaching process at Pedro de Valdivia are pumped to Coya Sur’s solar evaporation ponds for a nitrate concentration process. After the nitrate concentration process, the brine is pumped to a conversion plant where potassium salts from the Salar de Atacama and nitrate and potassium salts produced at Nueva Victoria or Coya Sur are added. A chemical reaction begins, transforming sodium



nitrate into potassium nitrate and discarding formed sodium chloride. This brine is pumped to a crystallization plant, which crystallizes the potassium nitrate by cooling it at atmospheric pressure and separating it from the liquid by centrifuge.

Our current potassium nitrate production capacity at Coya Sur is approximately 1,300,000 metric tons per year. During 2021, we worked on several initiatives to improve productivity, including the commencement of the construction of a new magnesium abatement plant in Sur Viejo which will allow for high content potassium nitrate salt recovery from potassium salts from the Salar de Atacama. This plant will begin the commissioning process in the first half of 2022. We also began the removal of magnesium in nitrates from Pedro de Valdivia by using high sulfate salts from Pampa Blanca that allow for improved nitrate recovery during the evaporation ponds process.

The potassium nitrate produced at Coya Sur is transported to Tocopilla for shipping and delivery to customers and distributors. All potassium nitrate produced in crystallized or prilled form at Coya Sur has been certified by TÜV-Rheinland under the quality standard ISO 9001:2015.

## Sodium Potassium Nitrate

Sodium potassium nitrate is a mixture of approximately two parts sodium nitrate per one part potassium nitrate. We produce sodium potassium nitrate at our Coya Sur prilling facilities using standard, non-patented production methods we have developed. Crystallized sodium nitrate is supplied together with the crystallized potassium nitrate to the prilling plant where it is mixed producing sodium potassium nitrate, which is then melted and prilled. The prilled sodium potassium nitrate is transported to Tocopilla for bulk shipment to customers.

The production process for sodium potassium nitrate is basically the same as that for sodium nitrate and potassium nitrate. With certain production restraints and following market conditions, we may supply sodium nitrate, potassium nitrate or sodium potassium nitrate, either in prilled or crystallized form.

The sodium potassium nitrate produced at Coya Sur is transported to Tocopilla for shipping and delivery to customers and distributors.

## Iodine and Iodine Derivatives

During 2021, we produced iodine at our facilities at Nueva Victoria (including the Iris facility) and Pedro de Valdivia. Iodine is extracted from solutions produced by leaching caliche ore.

As in the case of nitrates, the process of extracting iodine from the caliche ore is well established, but variations in the iodine and other chemical contents of the treated ore and other operating parameters require a high level of know-how to manage the process effectively and efficiently.

The solutions resulting from the leaching of caliche ore carry iodine in iodate form. Part of the iodate solution is reduced to iodide using sulfur dioxide, which is produced by burning sulfur. The resulting iodide is combined with the rest of the untreated iodate solution to release elemental iodine in low concentrations. The iodine is then extracted from the aqueous solutions and concentrated in iodide form using a solvent extraction and stripping plant in the Pedro de Valdivia and Nueva Victoria facilities and using a blow out plant in the Iris facility. The concentrated iodide is oxidized to metallic iodine, which is then refined through a smelting process and prilled. We have obtained patents in the United States and Chile (Chilean patent number 47,080) for our iodine prilling process.

Prilled iodine is tested for quality control purposes, using international standard procedures that we have implemented. It is then packed in 20 to 50-kilogram drums or 350-to-700-kilogram maxi bags and transported by truck to Antofagasta, Mejillones, or Iquique for export. Our iodine and iodine derivatives



production facilities have qualified under the ISO 9001:2015 program, providing third-party certification—by TÜV-Rheinland—of the quality management system. The last recertification process was approved in November 2020, valid through 2023.

Our total iodine production in 2021 was 10,225 metric tons: 7,954 metric tons from Nueva Victoria, 795 metric tons from Iris, and 1,506 metric tons from Pedro de Valdivia. Nueva Victoria is also equipped to toll iodine from iodide delivered from our other facilities. We have the flexibility to adjust our production according to market conditions. Following the production facility restructuring at Pedro de Valdivia and Nueva Victoria, along with the ramp-up of our new iodide plant in Nueva Victoria, our total current production capacity at our iodine production plants is approximately 16,000 metric tons per year, this considers efficiency projects at the Nueva Victoria prilling plant, which now has a total capacity of 11,000 metric tons, and at our plant in Pedro de Valdivia, with a total capacity of 5,000 metric tons. Currently, all the finished iodine is produced in Nueva Victoria, since production at the Pedro de Valdivia plant has been suspended since November 2021 and will be restarted as more iodine production capacity is needed.

In November 2021, the Tarapacá Environmental Assessment Commission environmentally authorized the Tente en el Aire project, which allows the productive capacities of the Nueva Victoria Faena facility to be increased, incorporating seawater for its processes. This project expects to incorporate the use of 900 liters per second of seawater, increasing the mine area and allowing for increased production of iodine and nitrate salts.

In parallel, work is being done on the new Pampa Orcoma project in the Tarapacá Region. This has an approved RCA for 2,500 tons of iodine per year and 320,000 tons of nitrate-rich salts per year, in addition to the use of 200 l/s of seawater for the leaching operation. Currently, progress is being made with the processing of the necessary permits for its exploitation. Production operation is expected to start during 2024.

We use a portion of the iodine we produce to manufacture inorganic iodine derivatives, which are intermediate products used for manufacturing agricultural and nutritional applications, at facilities located near Santiago, Chile. We also produce inorganic and organic iodine derivative products together with Ajay, which purchases iodine from us. In the past, we have primarily sold our iodine derivative products in South America, Africa and Asia, while Ajay and its affiliates have primarily sold their iodine derivative products in North America and Europe.

## Salar de Atacama Brine Deposits

The Salar de Atacama, located approximately 210 kilometers east of Antofagasta, is a salt-encrusted depression in the Atacama Desert, within which lies an underground deposit of brines contained in porous sodium chloride rock fed by an underground inflow from the Andes mountains, which is the result of millions of years of climatic and tectonic impacts. Brines are pumped from depths of 15 to 150 meters below surface, through a field of wells that are located in the Salar de Atacama, distributed in areas authorized for exploitation, and which contain relatively high concentrations of potassium, lithium, sulfates, boron and other minerals.

The brines are estimated to cover a surface of approximately 2,800 square kilometers and contain commercially exploitable deposits of potassium, lithium, sulfates and boron. Concentrations vary at different locations throughout the Salar de Atacama. Our mining exploitation rights to the Salar de Atacama are pursuant to the Lease Agreement, which expires in 2030. The Lease Agreement, as amended in January 2018, permits the CCHEN to establish a total accumulated production and sales limit of up to 349,553 metric tons of lithium metallic equivalent (1,860,670 tons of lithium carbonate equivalent), which is in addition to the approximately 64,816 metric tons of lithium metallic equivalent (345,015 tons of lithium carbonate equivalent) remaining from the originally authorized amount.



For the year ended December 31, 2021, revenues related to products originating from the Salar de Atacama represented 47% of our consolidated revenues, consisting of revenues from our potassium business line and our lithium and derivatives business line for the period. All of our products originating from the Salar de Atacama are derived from our extraction operations under the Lease Agreement. As of December 31, 2021, only 9 years remain on the term of the Lease Agreement.

## Products Derived from the Salar de Atacama Brines

The products derived from the Salar de Atacama brines are potassium chloride, potassium salts, lithium chloride solutions, lithium carbonate, lithium hydroxide, lithium salts, potassium sulfate, boric acid, sodium chloride and bischofite (magnesium chloride).

## Potassium Chloride

We use potassium chloride in the production of potassium nitrate. Production of our own supplies of potassium chloride provides us with substantial raw material cost savings. We also sell potassium chloride to third parties, primarily as a commodity fertilizer.

In order to produce potassium chloride, brines from the Salar de Atacama are pumped to solar evaporation ponds. Evaporation of the water contained in the brine, results in a crystallized mixture of salts with various content levels of potassium, sodium and magnesium. In the first stage of the evaporation process, sodium chloride salts (halite) precipitate, they are then harvested are removed; these salts are not used in the production process of other products. In the second stage of the evaporation process, the remaining brine from the first stage is transferred to other evaporation ponds where potassium chloride salts together with sodium chloride (silvinite) precipitate, these salts are harvested and then sent for treatment at one of the wet potassium chloride plants where potassium chloride is separated by a grinding, flotation, and filtering process. In the final evaporation stage, salts containing magnesium are harvested and eventually can be treated at one of the cold leach plants where magnesium is removed. Part of the potassium chloride is transported approximately 300 kilometers to our Coya Sur facilities via a dedicated truck transport system, where it is used in the production of potassium nitrate. The use of potassium chloride salts as a raw material in Coya Sur allows us to capture significant savings, as it allows us to use potassium salts with different qualities and to avoid buying and importing potassium chloride from external sources.

The remainder of the potassium chloride produced at the Salar de Atacama is shipped to our port in Tocopilla in either crystalized (standard) or granular (compacted) form and then shipped and sold as a commodity fertilizer to third parties. All of our potassium-related plants in the Salar de Atacama currently have a nominal production capacity of up to 2.6 million metric tons per year. Actual production capacity depends on volume, metallurgical recovery rates quality of the salts used in the process and quality of the mining resources pumped from the Salar de Atacama.

The brine that remains in the evaporation pond system after removal of the sodium chloride and potassium chloride generates a concentrated lithium chloride solution, which is used to produce lithium carbonate (as described below) and generates salts rich in magnesium chloride (bischifite) as a by-product.

## Lithium Chloride Solution and Lithium Carbonate

After the production of potassium chloride, a portion of the solutions remaining is sent to additional solar concentration ponds adjacent to the potassium concentration ponds. At this stage, the solution is purified and concentrated by precipitation to remove impurities it may still contain, including calcium, sulfate, potassium, sodium and magnesium, reaching a lithium concentration level of approximately 5-6%. Next is the process of concentration and purification of the remaining concentrated solution of lithium chloride, which is transported by truck to the Carmen Lithium production facility production facility located near Antofagasta, approximately 190 kilometers southeast of the Salar de Atacama. At this plant, the solution



is further purified and treated with sodium carbonate to produce lithium carbonate, which is dried and then, if necessary, compacted and finally packaged for shipment to customers.

The production capacity of our lithium carbonate facility since the end of 2021 has been 120,000 metric tons per year. We are now expanding lithium carbonate capacity to reach 180,000 metric tons per year during 2022.

Future production will depend on the actual volumes and quality of the lithium solutions sent by the Salar de Atacama operations, as well as prevailing market conditions. Our future production will also be subject to the extraction limit described in the Lease Agreement mentioned above.

Our lithium carbonate production quality assurance program has been certified by TÜV-Rheinland under ISO 9001:2015 since September 2018.

## Lithium Hydroxide

Lithium carbonate is sold to customers, and we also use it as a raw material for our lithium hydroxide production, which started operations at the end of 2005. We currently have three lithium hydroxide plants, one of which will enter into operations at the end of March 2022, and have a total production capacity of 21,500 metric tons per year. These plants are located at the Carmen Lithium production facility, adjacent to our lithium carbonate operations.

In the production process, lithium carbonate is reacted with a lime solution to produce lithium hydroxide brine and calcium carbonate salt, which is filtered and piled in reservoirs. The lithium hydroxide solution is evaporated in a multi-effect evaporator and crystallized to produce the lithium hydroxide, which is filtered, dried and packaged for shipment to customers.

Our lithium hydroxide production quality assurance program has been certified by TÜV-Rheinland under ISO 9001:2015 since September 2018.

## Potassium Sulfate and Boric Acid

Approximately 12 kilometers northeast of the potassium chloride facilities at the Salar de Atacama, we use the brines from the Salar de Atacama to produce potassium sulfate, potassium chloride (as a by-product of the potassium sulfate process) and, depending on market conditions, boric acid. The plant is located in an area of the Salar de Atacama where high sulfate and potassium concentrations are found in the brines to produce potassium sulfate. The brine is pumped to solar evaporation ponds, where sodium chloride salts are precipitated, harvested and put into piles. After further evaporation, the sulfate and potassium salts precipitate in different concentrations and are harvested and sent for processing to the potassium sulfate plant. Potassium sulfate is produced using flotation, concentration and reaction processes, after which it is crystallized, filtered, dried, classified and packaged for shipment.

Production capacity for the potassium sulfate plant is approximately 340,000 metric tons per year, of which approximately 95,000 metric tons correspond to potassium chloride obtained as a byproduct of the potassium sulfate process. This capacity is part of the total nominal plant capacity of 2.6 million metric tons per year. In our dual plant complex, we may switch, to some extent, between potassium chloride and potassium sulfate production. Part of the pond system in this area is also used to process potassium chloride brines extracted from the low sulfate concentration areas found in the Salar de Atacama. Depending on the conditions for the optimization of the deposit operation and/or market conditions, potassium sulfate production can be modified to produce potassium chloride.

The principal by-products of the production of potassium sulfate are: (i) non-commercial sodium chloride, which is deposited at sites near the production facility and (ii) remaining solutions, which are re-injected



into the Salar de Atacama or returned to the evaporation ponds. The principal by-products of the boric acid production process are remaining solutions that are treated with sodium carbonate to neutralize acidity and then are reinjected into the Salar de Atacama.

## Raw Materials

The main raw material that we require in the production of nitrate and iodine is caliche ore, which is obtained from our surface mines. The main raw material in the production of potassium chloride, lithium carbonate and potassium sulfate is the brine extracted from our operations at the Salar de Atacama.

Other important raw materials are sodium carbonate (used for lithium carbonate production), calcium oxide, sulphuric acid, hydrochloric acid, kerosene, sulphur, anti-caking and anti-dust agents, calcium oxide, potassium carbonate, ammonium nitrate (used for the preparation of explosives in the mining operations), woven bags for packaging our final products, electricity acquired from electric utilities companies, and liquefied natural gas and fuel oil for heat generation. Our raw material costs (excluding caliche ore and salar brines and including energy) represented approximately 15% of our cost of sales in 2021.

Since 2017, we have been connected to the central grid, which supplies electricity to the majority of cities and industries in Chile. We have several electricity supply agreements signed with major producers in Chile, which are within the contract terms. Our electricity needs are primarily covered by the Electrical Energy Supply Agreement that we entered into with AES Gener S.A. on December 31, 2012.

For our supply of liquefied natural gas, we maintain a five-year contract with Engie, which was executed in 2019 and some annual contracts to supply possible increases in demand. In addition, we have a supply of liquefied petroleum gas (LPG) from Lipigas at the Carmen Lithium production facility and the Salar de Atacama.

We obtain ammonium nitrate, sulphuric acid, hydrochloric acid, kerosene, sulphur, calcium oxide and soda ash from several large suppliers, mainly in Chile, the United States and Europe, under long-term contracts or general agreements, some of which contain provisions for annual revisions of prices, quantities and deliveries. Diesel fuel is obtained under contracts that provide fuel at international market prices.

We believe that all of our contracts and agreements with third-party suppliers with respect to our main raw materials contain standard and customary commercial terms and conditions.

## Water Supply

We hold water rights for the supply of surface and subterranean water near our production facilities. The main sources of water for our nitrate and iodine facilities at Pedro de Valdivia, María Elena and Coya Sur are the Loa and San Salvador rivers, which run near our production facilities. Water for our Nueva Victoria and Salar de Atacama facilities is obtained from wells near the production facilities. In addition, we buy water from third parties for our lithium carbonate and lithium hydroxide production processes at the Carmen Lithium production facility, and we also purchase potable water from local utility companies. We have not experienced significant difficulties obtaining the necessary water to conduct our operations.

## Research and Development, Patents and Licenses, etc.

One of the main objectives of our research and development team is to develop new processes and products in order to maximize the returns obtained from the resources that we exploit. Our research is performed by three different units, whose research topics cover all of the processes involved in the production of our



products, including chemical process design, phase chemistry, chemical analysis methodologies and physical properties of finished products.

Our research and development policy emphasizes the following: (i) optimizing current processes in order to decrease costs and improve product quality through the implementation of new technology, (ii) developing higher-margin products from current products through vertical integration or different product specifications, (iii) adding value to inventories and (iv) using renewable energy in our processes.

Our research and development activities have been instrumental in improving our production processes and developing new value-added products. As a result, new methods of extraction, crystallization and finishing products have been developed. Technological advances in recent years have enabled us to improve process efficiency for the nitrate, potassium and lithium operations, improve the physical quality of our prilled products and reduce dust emissions and caking by applying specially designed additives to our products handled in bulk. Our research and development efforts have also resulted in new, value-added markets for our products. One example is the use of sodium nitrate and potassium nitrate as thermal storage in solar power plants.

We have patented several production processes for nitrate, iodine and lithium products. These patents have been filed mainly in the United States, Chile and in other countries when necessary. The patents used in our production processes include Chilean patent No. 47,080 for iodine (production of spherical granules of chemicals that sublime) and Japanese patent No. 4,889,848 for nitrates (granular fertilizers).

## Licenses, Franchises, and Royalties

We do not have contracts that give rise to an obligation for the Company to make payments for licenses, franchises or royalties in any of our business lines, other than payments provided for in the Royalty Law.

We have subscribed purchase option contracts for mining concessions such that, in the event that third parties exercise the respective option, we have the right to receive royalty payments as a result of the exploitation of such concessions.

See section 3) D) Description of Business Environment: Property and Facilities for information about our concessions.

## 3) D) DESCRIPTION OF BUSINESS ENVIRONMENT: PROPERTY AND FACILITIES

We carry out our operations through the use of mining rights, production facilities and transportation and storage facilities. Discussion of our mining rights is organized below according to the geographic location of our mining operations. Our caliche ore mining interests are located throughout the valley of the Tarapacá and Antofagasta regions of northern Chile (in a part of the country known as “el Norte Grande”). From caliche ore, we produce products based on nitrates and iodine, and caliche also contains concentrations of potassium. Our mining interests in the brine deposits of the Salar de Atacama are found within the Atacama Desert, in the eastern region of el Norte Grande. From these brines we produce products based on potassium, sulfate, lithium and boron.

The map below shows the location of our principal mining operations and the exploitation and exploration mining concessions that have been granted to us, as well as the mining properties that we lease from Corfo:







## Mining Concessions

## Mining Concessions for the Exploration and Exploitation of Caliche Ore Mining Resources

We hold our mining rights pursuant to mining concessions for exploration and exploitation of mining resources that have been granted pursuant to applicable law in Chile:

(1) “Mining Exploitation Concessions”: entitle us to use the land in order to exploit the mineral resources contained therein on a perpetual basis, subject to annual payments to the Chilean government.

(2) “Mining Exploration Concessions”: entitle us to use the land in order to explore for and verify the existence of mineral resources for a period of two years, at the expiration of which the concession may be extended one time only for two additional years, if the area covered by the concession is reduced by half. We may alternatively request an exploitation concession in respect of the area covered by the original exploration concession, which must be made within the timeframe established by the original exploration concession.

A Mining Exploration Concession is generally obtained for purposes of evaluating the mineral resources in a defined area. If the holder of the Mining Exploration Concession determines that the area does not contain commercially exploitable mineral resources, the Mining Exploration Concession is usually allowed to lapse. An application also can be made for a Mining Exploitation Concession without first having obtained a Mining Exploration Concession for the area involved.

As of December 31, 2021, the surface area covered by Mining Exploitation Concessions that have been granted in relation to the caliche resources of our mining sites is approximately 558,500 hectares. In addition, as of December 31, 2021, the surface area covered by Mining Exploration Concessions in relation to the caliche resources of our mining sites is approximately 700 hectares. We have not requested additional mining rights.

## Mining Concessions for the Exploitation of Brines at the Salar de Atacama

As of December 31, 2021, our subsidiary SQM Salar held exclusive rights to exploit the mineral resources in an area covering approximately 140,000 hectares of land in the Salar de Atacama in northern Chile, of which SQM Salar is only entitled to exploit the mineral resources in 81,920 hectares. These rights are owned by Corfo and leased to SQM Salar pursuant to the Lease Agreement. Corfo cannot unilaterally amend the Lease Agreement, and the rights to exploit the resources cannot be transferred. The Lease Agreement provides for SQM Salar to (i) make quarterly lease payments to Corfo based on product sales from leased mining properties and annual contributions to research and development, to local communities, to the Antofagasta Regional Government and to the municipalities of San Pedro de Atacama, María Elena and Antofagasta, (ii) maintain Corfo’s rights over the Mining Exploitation Concessions and (iii) make annual payments to the Chilean government for such concession rights. The Lease Agreement was entered into in 1993 and expires on December 31, 2030.

Under the terms of the Project Agreement, Corfo has agreed that it will not permit any other person to explore, exploit or mine any mineral resources in the approximately 140,000 hectares area of the Salar de Atacama mentioned above. The Project Agreement expires on December 31, 2030. The Project Agreement expires on December 31, 2030.

SQM Salar holds an additional 239,942 hectares of constituted Mining Exploitation Concessions in areas near the Salar de Atacama, which correspond to mining reserves that have not been exploited. SQM Salar



also holds Mining Exploitation Concessions that are in the process of being granted covering 6,536 hectares in areas near the Salar de Atacama.

In addition, as of December 31, 2021, SQM Salar held Mining Exploration Concessions covering approximately 9,100 hectares. Exploration rights are valid for a period of two years, after which we can (i) request a Mining Exploitation Concession for the land, (ii) request an extension of the Mining Exploration Concession for an additional two years (the extension only applies to a reduced surface area equal to 50% of the initial area) or (iii) allow the concession to expire.

According to the terms of the Lease Agreement, with respect to lithium production, the CCHEN established a total accumulated extraction limit set as amended by the Corfo Arbitration Agreement in January 2018, up to 349,553 metric tons of lithium metallic equivalent (1,860,670 tons of lithium carbonate equivalent), which is in addition to the approximately 64,816 metric tons of lithium metallic equivalent (345,015 tons of lithium carbonate equivalent) remaining from the originally authorized amount in the aggregate for all periods while the Lease Agreement is in force. As of December 31, 2021, only 9 years remain on the term of the Lease Agreement.

## Concessions Generally

As of December 31, 2021, approximately 99% of SQM’s mining interests were held pursuant to Mining Exploitation Concessions and 1% pursuant to Mining Exploration Concessions. Of the Mining Exploitation Concessions, approximately 97% already have been granted pursuant to applicable Chilean law, and approximately 3% are in the process of being granted. Of the Mining Exploration Concessions, approximately 96% already have been granted pursuant to applicable Chilean law, and approximately 4% are in the process of being granted.

In 2021, we made payments of US$7.6 million to the Chilean government for Mining Exploration and Exploitation Concessions, including the concessions we lease from Corfo. These payments do not include the payments we made directly to Corfo pursuant to the Lease Agreement, according to the percentages of the sales price of products produced using brines from the Salar de Atacama.

The following table shows the Mining Exploitation and Exploration Concessions held by SQM, including the mining properties we lease from Corfo, as of December 31, 2021:

<table><tr><td></td><td colspan="2">Exploitation Concessions</td><td colspan="2">Exploration Concessions</td><td colspan="2">Total</td></tr><tr><td>Region of Chile</td><td>Total Number</td><td>Hectares</td><td>Total Number</td><td>Hectares</td><td>Total Number</td><td>Hectares</td></tr><tr><td>Region I..............</td><td>2,870</td><td>539,840</td><td>6</td><td>1,900</td><td>2,876</td><td>541,740</td></tr><tr><td>Region II..............</td><td>8,938</td><td>2,343,701</td><td>57</td><td>22,500</td><td>8,995</td><td>2,366,201</td></tr><tr><td>Region III and others......</td><td>469</td><td>107,480</td><td>2</td><td>400</td><td>471</td><td>107,880</td></tr><tr><td>Total..............</td><td>12,277</td><td>2,991,021</td><td>65</td><td>24,800</td><td>12,342</td><td>3,015,821</td></tr></table>

The majority of the Mining Exploitation Concessions held by SQM were requested primarily for non-metallic mining purposes. However, a small percentage of our Mining Concessions were requested for metallic mining purposes. The annual payment to the Chilean government for this group of concessions is higher.

Geological studies over mining properties that were requested primarily for non-metallic mining purposes may show that the concession area is of interest for metallic mining purposes, in which case we must inform the Sernageomin, indicating that the type of substance contained by such Mining Concessions has changed, for purposes of the annual payment for these rights.



## Caliche: Facilities and Reserves

## Caliche: Facilities

During 2021, our mining operations concentrated in the First Region where we mainly worked in the mining sector Tente en el Aire and in the mining sectors Nueva Victoria Norte/Oeste and Torcaza. In November 2015, the mining and nitrate operations at Pedro de Valdivia were suspended, and iodine production was reduced at the Pedro de Valdivia site, in order to take advantage of the highly efficient production facilities at Nueva Victoria. Operations at the Pampa Blanca site were suspended in 2010, and heap leaching operations at the María Elena site were suspended in October 2013.

## Nueva Victoria

The Nueva Victoria mine and facilities are located 140 kilometers southeast of Iquique and are accessible by highway. Since 2007, the Nueva Victoria mine includes the mining properties Soronal, Mapocho and Iris. At this site, we use caliche to produce salts rich in nitrates and iodine, through heap leaching and the use of solar evaporation ponds. The main production facilities at this site include the operation centers for the heap leaching process, the iodide and iodine plants at Nueva Victoria and Iris and the evaporation ponds at the Sur Viejo sector of the site. The areas currently being mined are located approximately 20 kilometers northwest of Nueva Victoria. Solar energy and electricity are the primary sources of power for this operation.

## Pampa Blanca

The mining facilities at Pampa Blanca, which is located 100 kilometers northeast of Antofagasta, have been suspended since March 2010. At this site, we used caliche to produce nitrates and iodine through heap leaching and the use of solar evaporation ponds. The main production facilities at this site included the operation centers for the heap leaching system and the iodide plant. Electricity was the primary source of power for this operation.

## Pedro de Valdivia

The Pedro de Valdivia mine and facilities are located 170 kilometers northeast of Antofagasta and are accessible by highway. At this site, we used caliche to produce nitrates and iodine through vat leaching and solar evaporation ponds. The main production facilities at this site include the crushing, vat leaching, fines processing, nitrate crystallization plant, and iodide and iodine plants. In November 2015, the mining and nitrate operations at Pedro de Valdivia were suspended, and iodine production was reduced. Electricity, natural gas and fuel oil are the primary sources of power for this operation.

## María Elena

The María Elena mine and facilities, named El Toco, are located 220 kilometers northeast of Antofagasta and are accessible by highway. Until February 2010, caliche was used at this facility to produce nitrates and iodine through vat leaching. Subsequently, these facilities were equipped to produce nitrates and iodine through the use of heap leaching and solar evaporation ponds. Heap leaching operations at this site were suspended in October 2013. During 2017, we continued to produce solutions rich in iodine and nitrates by leaching the mine tailings. which were treated at the iodide plant at María Elena, and subsequently the prilled iodine is produced at Pedro de Valdivia. This process was discontinued at the end of 2017.

## Caliche: Reserves

Geologists and mining engineers who are Qualified Persons (QP) prepare our estimates of caliche ore reserves. The resources and reserves figures presented below are estimates and may be subject to modifications due to natural factors that affect the distribution of mineral grades, which would, in turn,



modify the recovery of nitrate and iodine. Therefore, no assurance can be given that the indicated levels of recovery of nitrates and iodine will be realized.

We estimate ore reserves based on evaluations, performed by engineers and geologists, of assay values derived from sampling of drill-holes and other openings. Drill-holes have been made at different space intervals in order to recognize mining resources. Normally, we start with 400x400 meters and then we reduce spacing to 200x200 meters, 100x100 meters and 50x50 meters. The geological occurrence of caliche ore is unique and different from other metallic and non-metallic minerals. Caliche ore is found in large horizontal layers at depths ranging from one to four meters and has an overburden between zero and two meters. This horizontal layering is a natural geological condition and allows the Company to estimate the continuity of the caliche bed based on surface geological reconnaissance and analysis of samples and trenches. Mineral resources can be calculated using the information from the drill-hole sampling.

A Mineral Resource is a concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the Earth’s crust in such form or quantity and of such grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological, metallurgical and technological evidence.

A Measured Resource is the part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. The estimate is based on detailed exploration, sampling and testing information gathered through appropriate sampling techniques from locations such as outcrops, trenches, and exploratory drill holes.

An Indicated Mineral Resource is the part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. The estimate is based on detailed exploration, sampling and testing information gathered through appropriate sampling techniques from locations such as outcrops, trenches and exploratory drill holes.

According to our experience in caliche ore, the grid pattern drill-holes with spacing equal to or less than 100 meters produce data on the caliche resources that is sufficiently defined to consider them Measured Resources and then, adjusting for technical, economic and legal aspects, as Proven Reserves. These reserves are obtained using the Kriging Method and the application of operating parameters to obtain economically profitable reserves.

Similarly, the information obtained from detailed geologic work and samples taken from grid pattern drill-holes with spacing between 100 and 200 meters can be used to determine Indicated Resources. By adjusting such Indicated Resources to account for technical, economic and legal factors, it is possible to calculate Probable Reserves. Probable Reserves are calculated by using a polygon-based methodology and have an uncertainty or margin of error greater than that of Proven Reserves. However, the degree of certainty of Probable Reserves is high enough to assume continuity between points of observation.

Proven Reserves are the economically mineable part of a Measured Resource. The calculation of the reserves includes the application of mining parameters including maximum overburden, minimum thickness of caliche ore, stripping ratio, cutoff grade and application of dilution factors to the grade values. Appropriate assessments, including pre-feasibility studies or feasibility studies, have been carried out and include consideration of metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction is reasonably justified.

Probable Reserves are the economically mineable part of an Indicated Resource and in some cases a Measured Resource. The calculation of the reserves includes the application of mining parameters including maximum overburden, minimum thickness of caliche ore, stripping ratio, cutoff grade and



application of dilution factors to the grade values. Appropriate assessments, including pre-feasibility studies, have been carried out or are in process and include consideration of metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction is reasonably justified.

The estimates of Proven Reserves of caliche ore at each of our mines as of December 31, 2021 are set forth below. The Company holds 100% of the concession rights for each of these mines.

<table><tr><td></td><td>Proven Reserves (1) (millions of metric tons)</td><td>Nitrate Average Grade (percentage by weight)</td><td>Iodine Average Grade (parts per million)</td><td>Cutoff Grade Average for Mine (2)</td></tr><tr><td>Mine</td><td></td><td></td><td></td><td></td></tr><tr><td>Pedro de Valdivia</td><td>99</td><td>9.1%</td><td>522</td><td>Nitrate 6.0 %</td></tr><tr><td>María Elena</td><td>94</td><td>8.1%</td><td>491</td><td>Iodine 300 ppm</td></tr><tr><td>Pampa Blanca</td><td>52</td><td>6.0%</td><td>555</td><td>Iodine 300 ppm</td></tr><tr><td>Nueva Victoria</td><td>268</td><td>5.2%</td><td>436</td><td>Iodine 300 ppm</td></tr><tr><td>Pampa Orcoma</td><td>0</td><td>-</td><td>-</td><td>Iodine 300 ppm</td></tr></table>

In addition, the estimates of our Probable Reserves of caliche ore at each of our principal mines as of December 31, 2021, are as follows:

<table><tr><td></td><td>Probable Reserves (3) (millions of metric tons)</td><td>Nitrate Average Grade (percentage by weight)</td><td>Iodine Average Grade (parts per million)</td><td>Cutoff Grade Average for Mine (2)</td></tr><tr><td>Mine</td><td></td><td></td><td></td><td></td></tr><tr><td>Pedro de Valdivia</td><td>112</td><td>5.8%</td><td>366</td><td>Nitrate 6.0 %</td></tr><tr><td>María Elena</td><td>10</td><td>6.9%</td><td>374</td><td>Iodine 300 ppm</td></tr><tr><td>Pampa Blanca</td><td>498</td><td>5.0%</td><td>514</td><td>Iodine 300 ppm</td></tr><tr><td>Nueva Victoria</td><td>649</td><td>4.8%</td><td>414</td><td>Iodine 300 ppm</td></tr><tr><td>Pampa Orcoma</td><td>309</td><td>6.9%</td><td>413</td><td>Iodine 300 ppm</td></tr></table>

Notes on reserves:

(1) The Proven Reserves set forth in the table above are shown before losses related to exploitation and mineral treatment. Proven Reserves are affected by mining exploitation methods, which result in differences between the estimated reserves that are available for exploitation in the mining plan and the recoverable material that is finally transferred to the leaching vats or heaps. The average mining exploitation factor for each of our different mines ranges between 80% and 90%, whereas the average global metallurgical recoveries of processes for nitrate and iodine contained in the recovered material vary between 60% and 70%.

(2) The cutoff grades for the Proven and Probable Reserves vary according to the objectives of each mine. These amounts correspond to the averages of the different areas.

(3) Probable Reserves can be expressed as Proven Reserves using a conversion factor, only for purposes of obtaining a projection to be used for long-term planning purposes. On average, this conversion factor is higher than 60%, depending on geological conditions and caliche ore continuity, which vary from mine to mine (Pedro de Valdivia 60%, María Elena 50%, Pampa Blanca 70% and Nueva Victoria 60%).

The information presented in the following table (Nueva Victoria, Coya Sur and Pampa Orcoma mines) has been validated by Qualified Persons:

Mr. Álvaro Henríquez is a Geologist with more than 19 years of experience in the field of hydrogeological mining. He is currently working for WSP as Project Manager, and previously worked for SQM as Superintendent of Hydrogeology at the Salar Hydrogeology Management. Mr. Henríquez is a Qualified Person registered under N°226 in the Public Registry of Qualified Persons in Mining Resources and Reserves, following Law N°20.235 that regulates the role of Qualified Persons and creates the Qualifying Commission of Competences in Mining Resources and Reserves ("Law for Qualified Persons") and its



current regulation in Chile. As a hydrogeologist, he has evaluated multiple brine projects in Chile and abroad and has demonstrable experience in resource and reserve evaluation.

Mr. Donald Hulse is a Mining Engineer with over 38 years of experience in the mining industry, including technical and general management, permitting coordination, short- and long-term operational planning, economic pit limit analysis, pit and phase design, cost estimation and analysis, resource estimation, geostatistics, feasibility studies, and reserve audits. Project experience includes involvement with gold, silver, base metals, and industrial metals in design, analysis, planning and operational control. He has been responsible for coordinating the efforts of a management team through permitting, construction, and initiation of mine operation. He is a Qualified Person and an active member of several professional associations related to the mining industry (Colorado State Board of Professional Engineers and Land Surveyors, Canadian National Instrument 43-101; Society of Mining, Metallurgy, and Exploration; AIMMGM; Co-Chairman, SME Committee for Resource and Reserve Reporting). He is currently vice-president and senior consultant at Gustavson Associates.

Mr. Gino Slanzi is a Civil Engineer. He is currently the General Manager for Inprotec SPA and Business Development and Innovation Manager for Empírica. Mr. Slanzi is a Qualified Person registered under N°441 in the Public Registry of Qualified Persons in Mining Resources and Reserves, following Law N°20.235 that regulates the role of Qualified Persons and creates the Qualifying Commission of Competences in Mining Resources and Reserves ("Law for Qualified Persons") and its current regulation in Chile. He has worked for more than 31 years in the development of metallurgical mining projects, the optimization of production plants, and on management models. He visited the site in 2021.

The information presented in the following table (Pampa Blanca, Maria Elena and Pedro Valdivia mines) has been validated by Qualified Persons:

Mrs. Marta Aguilera is a geologist with more than 36 years of field experience. She is currently working as Independent Senior Consultant. Mrs. Aguilera is a Qualified Person registered under N°163 in the Public Registry of Qualified Persons in Mining Resources and Reserves, following the Law for Qualified Persons and its current regulation in Chile. She has worked as a geologist in both metallic and non-metallic deposits, with broad experience in the latter.

Mr. Marco Lema is a Mining Engineer with more than 36 years of field experience. He is currently working for SQM as Superintendent of Engineering and Geology at the Mining Production Management. Mr. Lema is a Qualified person registered under N°375 in the Public Registry of Qualified Persons in Mining Resources and Reserves, following the Law for Qualified Persons and its current regulation in Chile. He has worked as a Mining Engineer both in metallic and non-metallic deposits, with broad experience in the latter.

Copies of the certificates of qualified competency issued by the Chilean Mining Commission are presented below:



## CERTIFICATE OF QUALIFIED COMPETENCY

The Chilean Comisión Calificadora de Competencias en Recursos y Reservas Minerías \( ^{1} \) , certifies \( ^{2} \)  that Mr. Donald Hulse, American, Passport N° 506019771, Mining Engineer, is recognized as a Competent Person in Mineral Resources and Reserves, in consideration of:

What is established in Law 20,235, which in its article 3 states... "In the case of Competent Persons in Mining Resources and Reserves registered in a Foreign Registry that has been recognized by the Mining Commission, so that they can validly subscribe or issue technical reports or reports public, it will suffice that such registration be accredited by means of a certificate duly issued by the foreign entity in charge of the corresponding Registry, without the need to proceed with its registration in the Registry referred to in this Title."

The Certificate with Registration Number N° 01533190RM dated March 1, 2012, from the Society for Mining, Metallurgy and Exploitation, Inc (SME), presented by Mr. Donald Hulse.

The letter from the SME of April 23, 2012, which recognizes the Mining Commission as a valid entity in the United States, thus establishing reciprocity between both countries

The Chilean Mining Commission issued this certificate at the request of Mr. Hulse to present:

“UNITED STATES - SECURITIES AND EXCHANGE COMMISSION FORM 20-F, Washington, D.C. 20549 – year 2021”



Gladys Hernandez S. Executive Secretary



Santiago, April 12, 2022 CM - 1204 - 04 2022

The Comisión Calificadora de Competencias en Recursos y Recursos Miners is a member of the Committee for Mineral Resources International Reporting Standards (CRIMSC) that groups the organizations: Australia (NORC), Brazil (CRMR), Canada (CRM), New Zealand (CRR), Chile (Comisión Minera CRDCR), EU (SME), Europa (FOR), Italia (NACRI), Indonesia (ICMI), Kazakhstan (KAZRC), Mongolia (MPKMG), Russia (FORN), Saudi Arabia (SAMCODES) and Togo (MOREG), which respond to a common international rating to achieve and report exploration prospects, mining resources and reserves.

The Certificate of Reserves/Resources certificate of the competence of a professional as a Competent Person in Chile, based on the reciprocity agreements signed with foreign entities. For all legal purposes, this Certificate will be validly for the required management.



Luis Thayer Ojeita 156 oficina 706, Providencia - Santiago de Chile - Teléfonos (56) 222 345 134 - 222 343 016



# CERTIFICATE OF QUALIFIED COMPETENCY

The Chilean Comisión Calificadora de Competencias en Recursos y Reservas Mineras \( ^{1} \) , certifies that Mr. Gino Slanzi Guerra, National Id. Nr 7.766.055-0, Chemical Engineer, is Registered Member in the Public Registry of Competent Persons in Mining Resources and Reserves, from June 2021, under Nr. 0441, with specialization in Extractive Metallurgy, and that her competencies and experience as a Competent Person allow her to inform and report on mineral resources and reserves.

The Chilean Mining Commission issued this certificate at the request of Mr. Slanzi to present:

“UNITED STATES - SECURITIES AND EXCHANGE COMMISSION FORM 20-F, Washington, D.C. 20549 – year 2021”



Gladys Hernández S.
Executive Secretary



Santiago, April 12, 2022
CM - 1342 - 04 2022

## Information

The Certificate of Qualified Competency proves the validity of the party's competence to inform or report about a specific matter or subject in the context of existing resources and reserves in accordance with the requirements and expertise of a Competent Person.

b. Low No. 28,238, Article 89: For the preparation of the technical and public reports, the Competent Person must obtain activity to the risks, regulations, criteria and procedures established in the Code, and limitations to all other data of technical character that the Mining Commission must sign their legal function.

Appropriate of CH 28.238 each and one of the criteria in the sole responsibility of the person concerned, according to the technical criteria and technical standards set forth in Law No. 28.238.

6. For all legal persons, the Certificate of Good Standing shall be valid only for the management requested

The Canadian Colliado de Competencias en Recursos y Recursos Mineros is a member of the Committee for Mineral Resources International Reporting Standards (CBROG) that gives the applications Actuaria (CB), Build (CBRA), Canada (CB), M-43-1011 (Vadacla (CBROG), Ciba (CBROG), M-43-1011 (Vadacla (CBROG), Ciba, (CBROG), M-43-1011 (Vadacla (CBRO



Luis Thayer Ojeida 1.66, Oeina 706, Providencia - Santiago de Chile - Teléfono (56) 222 345 134 - 222 343 016



## CERTIFICATE OF QUALIFIED COMPETENCY

The Chilean Comisión Calificadora de Competencias en Recursos y Reservas Minerías \( ^{1} \) , certificates that Mrs. Marta Aguilera Mercado, National Id. Nr 7.088.338-4, Geologist, is registered in the Public Registry of Competent Persons in Mining Resources and Reserves from March 2012, under Nr. 0163, with specialization in Geology, and that her competencies and experience as a Competent Person allow her to inform and report on mineral resources and reserves.

The Chilean Mining Commission issued this certificate at the request of Mrs. Aguilera to present:

“UNITED STATES - SECURITIES AND EXCHANGE COMMISSION FORM 20-F, Washington, D.C. 20549 – year 2021”



Gladys Hernández S. Executive Secretary



Santiago, April 12, 2022 CM - 1244 - 04 2022

## References:

The Certificate of Qualified Competency proves the validity of the party's competence to inform or report about a specific matter or subject in the course of mining concession and reserves in accordance with the competence and experience of a Competent Person.

b. Law No. 26.335, Article 89 \( ^{1} \) . For the preparation of the technical and public reports, the Competent Person must adhere strictly to the rules, regulations, criteria and procedures established in the Code, and it is necessary to adhere to the technical character that the Mining Commission must sign their legal fields.

Appropriation of CH 28.235 could not be of this certificate in the sole respectability of the given comment, according to the technical criteria and technical conditions set forth in Law No. 26.235.

6. For all legal purposes, the Cert Eficia of Good Standing shall be valid only for the management reported

The Conditions of the Conditions of the Conditions of the Conditions of the Conditions of the Conditions of the Conditions of the Conditions









Liu Thayer Odeo 166, Olmira 706, Providencia - Santiago de Chile - Telféfonso (56) 222 345 134 - 222 343 016



# CERTIFICATE OF QUALIFIED COMPETENCY

The Chilean Comisión Calificadora de Competencias en Recursos y Reservas Mineras \( ^{1} \) , certifies that Mr. Marco Lema Lema, National Id. Nr 9.026.574-1, Mining Engineer, is registered in the Public Registry of Competent Persons in Mining Resources and Reserves from January 2019, under Nr. 0375, with specialization in Mining, and that her competencies and experience as a Competent Person allow her to inform and report on mineral resources and reserves.

The Chilean Mining Commission issued this certificate at the request of Mr. Lema to present:

"UNITED STATES - SECURITIES AND EXCHANGE COMMISSION FORM 20-F, Washington, D.C. 20549 – year 2021"



Gladys Hernández S. Executive Secretary

Santiago, April 12, 2022 CH-128-04-2022



## Tolerances:

The Certificate of Qualified Competency proves the validity of the party's competencies to allow or report about specific qualities or subject to the content of existing resources and reserves in accordance with the requirements of a Competent Person.

1. Low No. 28,335, Article 18°: For the preparation of the technical and public reports, the Competent Person must adhere strictly to the rules, regulations, criteria and processes established in the Code, and likewise to all other rules of technical character that the Mining Commission must assign their legal facilities.

a. Application of CH 28.235 and the use of this certificate is the sole responsibility of the person concerned, according to the technical criteria and technical standards set forth in Law No. 28.235.

4. For all legal purposes, the Certificate of Good Standing shall be valid only for the management proposal

The "Certificates of Qualified Competency" are issued by the Ministry of the Republic of the Republic of the Republic of the Republic of the Republic of the Republic of the Republic of



Luis Thayer Ojeda 166, oficina 706, Providencia - Santiago de Chile - Telefónos (56) 222 345 134 - 222 343 016



The proven and probable reserves shown above are the result of the evaluation of approximately 18.5% of the total caliche-related mining property of our Company. However, we have explored more intensely the areas in which we believe there is a higher potential of finding high-grade caliche ore minerals. The remaining 81.5% of this area has not been explored or has had limited reconnaissance, which is not sufficient to determine the potential and hypothetical resources. In 2021, we did not carry out basic reconnaissance of new mining properties. With respect to detailed explorations during 2021, resources recategorized in detail were incorporated in Pampa Hermosa and Sector Iris Vigía, where measured and indicated resources were incorporated. For the year 2022, there is a detailed exploration program of 12,475 ha in the sectors of Tente en el Aire, Pampa Orcoma, Franja Oeste and Pampa Blanca sector V. The reserves shown in these tables are calculated based on properties mining companies that are not in any legal dispute between SQM and other parties.

Caliche ore is the key raw material used in the production of iodine, specialty plant nutrients and industrial chemicals. The following gross margins for the business lines specified were calculated on the same basis as cut off grades used to estimate our reserves. We expect costs to remain relatively stable in the near future.

<table><tr><td rowspan="3"></td><td colspan="2">2021</td><td colspan="2">2020</td><td colspan="2">2019</td></tr><tr><td>Gross</td><td>Price</td><td>Gross</td><td>Price</td><td>Gross</td><td>Price</td></tr><tr><td>Margin</td><td></td><td>Margin</td><td></td><td>Margin</td><td></td></tr><tr><td>Iodine and Derivatives.....</td><td>45%</td><td>US$36/kg</td><td>50%</td><td>US$35/kg</td><td>38%</td><td>US$29/kg</td></tr><tr><td>Specialty Plant Nutrition .</td><td>29%</td><td>US$787/ton</td><td>23%</td><td>US$677/ton</td><td>21%</td><td>US$695/ton</td></tr><tr><td>Industrial Chemicals......</td><td>17%</td><td>US$757/ton</td><td>26%</td><td>US$713/ton</td><td>33%</td><td>US$768/ton</td></tr></table>

We maintain an ongoing program of exploration and resource evaluation on the land surrounding our production mines, and other sites for which we have the appropriate concessions.

## Brines from the Salar de Atacama: Facilities and Reserves

## Salar de Atacama: Facilities

## Salar de Atacama

Our facilities at the Salar de Atacama are located 210 kilometers to the east of the city of Antofagasta and 190 kilometers to the southeast of the city of María Elena. At this site we use brines extracted from the salar to produce potassium chloride, potassium sulfate, boric acid, magnesium chloride salts and lithium solutions, which are subsequently sent to our lithium carbonate plant at the Carmen Lithium production facility for processing. The main production plants at this site include the potassium chloride flotation plants (MOP-H I and II), the potassium carnallite plants (PC I and extension), the potassium sulfate flotation plant (SOP-H), the boric acid plant (ABO), the potassium chloride drying plant (Dual Plant or MOP-S), the potassium chloride compacting plant (MOP-G), the potassium sulfate drying plant (SOP-S) and the potassium sulfate compacting plant (SOP-G). Solar energy is the primary energy source used for the Salar de Atacama operations.

## Salar de Atacama: Reserves

The mineral reserve of potassium and lithium in the brines of the Salar de Atacama was estimated considering modifying factors for the conversion of mineral resources to mineral reserves, including the design and efficiency of the production well field, pumping flows and lithium and potassium recovery factors. Projected future brine extraction was simulated using a groundwater flow and transport model.

Numerical modeling was supported by a detailed calibration process and hydrogeological, geological, and hydrochemical data within the exploitation concessions. Based on the current SQM production wellfield, which corresponds to the effective date of mineral resource and reserve declaration that is most



representative of 2021, we estimate that our proven and probable reserves of lithium and potassium are as follows:

<table><tr><td rowspan="2"></td><td>Proven Reserves (1)</td><td>Probable Reserves (1)</td><td>Total Reserves</td></tr><tr><td>(millions of metric tons)</td><td>(millions of metric tons)</td><td>(millions of metric tons)</td></tr><tr><td>Potassium (K+) (2)</td><td>3.91</td><td>2.12</td><td>6.03</td></tr><tr><td>Lithium (Li+) (2)</td><td>0.22</td><td>0.14</td><td>0.36</td></tr></table>

Notes on reserves:

(1) This reserve estimate differs from the in-situ base reserve previously reported by SQM in 2020 and considers the modifying factors of converting mineral resources to mineral reserves, including the production wellfield design and efficiency, as well as environmental and process recovery factors.

(2) The process efficiency is based on the type of extracted brine at each well over the course of the simulation, the average process efficiency over the entire LOM is approximately 51% for lithium and approximately 74% for potassium

The information presented in the tables above for Salar de Atacama were validated by:

Mr. Álvaro Henríquez is a Geologist with more than 19 years of experience in the field of hydrogeological mining. He is currently working for WSP as Project Manager, and previously worked for SQM as Superintendent of Hydrogeology at the Salar Hydrogeology Management. Mr. Henríquez is a Qualified Person registered under N°226 in the Public Registry of Qualified Persons in Mining Resources and Reserves, following Law N°20.235 that regulates the role of Qualified Persons and creates the Qualifying Commission of Competences in Mining Resources and Reserves ("Law for Qualified Persons") and its current regulation in Chile. As a hydrogeologist, he has evaluated multiple brine projects in Chile and abroad, and has demonstrable experience in resource and reserve evaluation.

Mr. Rodrigo Riquelme Tapia is a Mining Engineer. He is currently partner and General Manager of GeoInnovo, located at Antonio Bellet 444, Of. 1301, Providencia, Metropolitan Region, Chile. Mr. Riquelme is a Qualified Person registered under N°50 in the Public Registry of Qualified Persons in Mining Resources and Reserves, following the Law for Qualified Persons and its current regulation in Chile. He has worked as a mining engineer for more than 23 years after graduation, of which 16 have been focused on resource and reserve estimation topics. Mr. Riquelme has been an external consultant for SQM since 2018 and visited the site in 2019.

Mr. Gino Slanzi is a Civil Engineer. He is currently the General Manager for Inprotec SPA and Business Development and Innovation Manager for Empírica. Mr. Slanzi is a Qualified Person registered under N°441 in the Public Registry of Qualified Persons in Mining Resources and Reserves, following the Law for Qualified Persons and its current regulation in Chile. He has worked for more than 31 years in the development of metallurgical mining projects, the optimization of production plants, and on management models. He visited the site in 2021.

Copies of the certificates of qualified competency issued by the Chilean Mining Commission are presented below:



# CERTIFICATE OF QUALIFIED COMPETENCY

The Chilean Comisión Calificadora de Competencias en Recursos y Reservas Mineras \( ^{1} \) , certifies that Mr. Rodrigo Riquelme Tapia, National Id. Nr 13.027.390-4, Minirg Engineer, is registered in the Public Registry of Competent Persons in Mining Resources and Reserves from September 2009, under Nr. 0050, with specialization in Mining, and that her competencies and experience as a Competent Person allow her to inform and report on mineral resources and reserves.

The Chilean Mining Commission issued this certificate at the request of Mr. Riquelme to present:

“UNITED STATES - SECURITIES AND EXCHANGE COMMISSION FORM 20-F, Washington, D.C. 20549 – year 2021”



Gladys Hernández S. Executive Secretary



Santiago, April 12, 2022
CM-1241-08/2022

## Index action:

The Certificate of Qualified Competency proves the validity of the party's competence to inform or report about a specific nature or subject in the context of mining resources and reserves in accordance with the competencies and expertise of a Competent Person.

b. Law No. 29,228, Article 19º for the preparation of the technical and public reports, the Competent Person must adhere strictly to the rules, regulations, criteria and procedures established in the Code, and likewise to all other rules of technical character that the Mining Commission must be using their legal technical.

Application of CH 20,225 and an use of this certificate in the sole possibility of the person concerned, according to the technical criteria and official standards set forth in Law No. 29,225.

d. For all legal purposes, the Circulars of Good Standing shall be valid only for the non-agreement requested

The Committee of the Committee of the Committee of the Committee of the Committee of the Committee of the Committee of the Committee



Luis Thayer Ojeda 166, oficina 706, Providencia - Santiago de Chile - Teléfonos (56) 222 345 134 - 222 343 018



# CERTIFICATE OF QUALIFIED COMPETENCY

The Chilean Comisión Calificadora de Competencias en Recursos y Reservas Mineras \( ^{1} \) , certifies that Mr. Gino Slanzi Guerra, National Id. Nr 7.766.055-0, Chemical Engineer, is Registered Member in the Public Registry of Competent Persons in Mining Resources and Reserves, from June 2021, under Nr. 0441, with specialization in Extractive Metallurgy, and that her competencies and experience as a Competent Person allow her to inform and report on mineral resources and reserves.

The Chilean Mining Commission issued this certificate at the request of Mr. Slanzi to present:

“UNITED STATES - SECURITIES AND EXCHANGE COMMISSION FORM 20-F, Washington, D.C. 20549 – year 2021”



Gladys Hernández S.
Executive Secretary



Santiago, April 12, 2022
CM - 1342 - 04 2022

## Information

The Certificate of Qualified Competency proves the validity of the party's competence to inform or report about a specific matter or subject in the context of existing resources and reserves in accordance with the competencies and expertise of a Competent Person.

b. Low No. 28,238, Article 89: For the preparation of the technical and public reports, the Competent Person must obtain activity to the risks, regulations, criteria and procedures established in the Code, and limitations to all other data of technical character that the Mining Commission must sign their legal function.

Appropriate of CH 28.238 each and one of the certificates in the sole responsibility of the person concerned, according to the technical criteria and technical standards set forth in Law No. 28.238.

6. For all legal persons, the Certificate of Good Standing shall be valid only for the management requested

The Canadian Colliande de Compensations en Recursos y Bervers Miners is a member of the Committee for Mineral Resources International Reporting Standards (CBROG) that gives the applications Actuaria (CBRE), Build (CBRE), Canada (CB), M-43-1011 (Vancouver (CBRE), Canada (CBRE), Canada (CBRE), Canada (CBRE), Canada (CBRE),



The cutoff grade for lithium extraction is set at 0.05% Li. The cost of the process is competitive in the market despite a small cost increase due to the expansions in the evaporation area (to reach the required Li concentration) and to the use of additives to maintain the quality of the brine that is used to feed the plant. For the calculation of potassium reserves, a cutoff grade of 1% K is used.

The proven and probable reserves are based on production experience, drilling, brine sampling and geostatistic reservoir modeling in order to estimate brine volumes and their composition. We calculate the reserve base, which is the volume of brine effectively drainable or exploitable in each evaluation unit, by building a three-dimensional block model. The following variables are used to populate the model:

- Porosity: obtained from measurements of drainable porosity in core rocks, test pumping data, geophysical records and changes in the level of the brine. The volume of brine is estimated on the basis of the interpolation of the drainable porosity data.

- Grades: The brine chemistry is subjected to an exploratory data analysis and a variographic analysis, in order to determine the chemical populations in the Salar. Subsequently, the grades are interpolated using the Kriging method.

Based on the chemical characteristics, and the volume of brine, we determine the number of metric tons for each of the chemical ions being evaluated. Reserve classification is finally achieved by using geostatistical criteria and hydrogeological knowledge of the units that have been explored, as an indicator between proven and probable reserves. In order to carry out a quantitative evaluation of the lithium and potassium reserves, the Salar Hydrogeology Management used a tool, a numerical model of groundwater flow and transport, which allows evaluating the evolution of the reservoir over time when stressed with different mining extraction plans. This model is calibrated annually and is used for the projection and optimization of the brine supply at the end of the project.

Proven reserves are defined as hydrogeological units with proven historical brine yield production, and a quality and piezometric brine monitoring network to control brine evolution over time, and that they have a monitoring network to control the chemical and piezometric evolution of the brine over time. Probable reserves are concentrated in those hydrogeological units identified with exploration data that support the continuity of the resource and its extraction capacity by pumping, but without historical brine production.

Probable reserves and inferred resources are being continually explored in order to be able to reclassify them as proven reserves and indicated or measured resources, respectively. This exploration includes systematic packer testing, chemical brine sampling and long-term pilot production pumping tests.

We consider chemical parameters to determine the process to be applied to the brines. These parameters are used to estimate potential restrictions on production yields, and the economic feasibility of producing such commercial products as potassium chloride, potassium sulfate, lithium carbonate and boric acid is determined on the basis of the evaluation.

To complement the information on reserves, SQM has an environmental qualification resolution (RCA 226/06) that defines maximum brine extraction until the end of the concession (December 31, 2030). Considering the maximum authorized brine production rates (RCA 226/06) and a voluntary extraction reduction plan, in accordance with RCA 226/06, a total of 330 million cubic meters of brine is expected to be extracted from producing wells, which corresponds to 0.81 million metric tons of lithium.

Brines from the Salar de Atacama are the key raw material used in the production of potassium chloride and potassium sulfate, and lithium and its derivatives. The following gross margins for the business lines specified were calculated on the same basis as cut off grades used to estimate our reserves. We expect costs to remain relatively stable in the near future.



<table><tr><td rowspan="2"></td><td colspan="2">2021</td><td colspan="2">2020</td><td colspan="2">2019</td></tr><tr><td>Gross Margin</td><td>Price</td><td>Gross Margin</td><td>Price</td><td>Gross Margin</td><td>Price</td></tr><tr><td>Potassium Chloride and Potassium Sulfate. Lithium and Derivatives</td><td>39%</td><td>US$466/ton</td><td>11%</td><td>US$288/ton</td><td>17%</td><td>US$355/ton</td></tr><tr><td></td><td>47%</td><td>US$9,256/ton</td><td>23%</td><td>US$5,931/ton</td><td>39%</td><td>US$11,212/ton</td></tr></table>

## Other Production Facilities

## Coya Sur

The Coya Sur site is located approximately 15 kilometers south of María Elena, and production activities undertaken there are associated with the production of potassium nitrate and finished products. The main production plants at this site include four potassium nitrate plants with a total capacity of 1,300,000 metric tons per year. There are also five production lines for crystallized nitrates, with a total capacity of 1,200,000 metric tons per year, and a prilling plant with a capacity of 360,000 metric tons per year. The potassium nitrate produced at Coya Sur is an intermediate product that is used as a raw material for the production of finished products (crystallized nitrates and prilled nitrates). Therefore, the production capacities listed above are not independent of one another and cannot be added together to obtain an overall total capacity. Natural gas is the main source of energy for our Coya Sur operation.

## Carmen Lithium production facility

The Carmen Lithium facility site is located approximately 20 kilometers east of Antofagasta. The production plants at this facility include the lithium carbonate plant, with a production capacity of 120,000 tons per year, and the lithium hydroxide plant, with a production capacity of 21,500 tons per year. Electricity and natural gas are the main sources of energy for the operations of our Carmen Lithium facility.

The following table provides a summary of our production facilities as of December 31, 2021:

<table><tr><td>Facility</td><td>Type of Facility</td><td>Approximate Size (hectares) (1)</td><td>Nominal Production Capacity (thousands of metric tons/year)</td><td>Weighted Average Age (years) (2)</td><td>Gross Book Value (millions of US$) (2)</td></tr><tr><td>Coya Sur (3) (4) .........</td><td>Nitrates production</td><td>1.518</td><td>Potassium nitrate: 1,300Crystallized nitrates: 1,200Prilled nitrates: 360Nitrates: n/aIodine: 1.6Prilled nitrates: 300Iodine: 13.0</td><td>10.69</td><td>724.8</td></tr><tr><td>María Elena (5) (6)</td><td>Nitrates and iodine production</td><td>35.830</td><td>Nitrates: n/aIodine: 1.6Prilled nitrates: 300Iodine: 13.0</td><td>18.37</td><td>415.9</td></tr><tr><td>Nueva Victoria (5) (7)</td><td>Concentrated nitrate salts and iodine production</td><td>47.492</td><td>Nitrates: n/aIodine: n/a</td><td>7.25</td><td>595.1</td></tr><tr><td>Pampa Blanca (5) (7) (8)</td><td>Concentrated nitrate salts and iodine production</td><td>10.441</td><td>Nitrates: n/aIodine: n/a</td><td>17.95</td><td>12.6</td></tr><tr><td>Pedro de Valdivia (3) (9) ..............</td><td>Nitrates and iodine production</td><td>253.880</td><td>Nitrates: n/aIodine: 3.2</td><td>15.56</td><td>236.3</td></tr><tr><td>Salar de Atacama (3) (10) ..............</td><td>Potassium chloride, potassium sulfate, lithium chloride, and boric acid production</td><td>35.911</td><td>Potassium chloride: 2,680Potassium sulfate: 245Boric acid: 15</td><td>13.19</td><td>1,592.9</td></tr></table>



<table><tr><td>Carmen Lithium</td><td>Lithium carbonate and</td><td>126</td><td>Lithium carbonate: 70</td><td>7.31</td><td>504.9</td></tr><tr><td>production facility,</td><td>lithium hydroxide</td><td></td><td>Lithium hydroxide:</td><td></td><td></td></tr><tr><td>Antofagasta (3)</td><td>production</td><td></td><td>13.5</td><td></td><td></td></tr><tr><td>Tocopilla (11)</td><td>Port facilities</td><td>22</td><td>-</td><td>13.89</td><td>132.9</td></tr></table>

(1) Approximate size considers both the production facilities and the mine for María Elena, Nueva Victoria, Pampa Blanca, Pedro de Valdivia and the Salar de Atacama. Mining areas are those authorized for exploitation by the environmental authority and/or Sernageomin.

(2) Weighted average age and gross book value correspond to production facilities, excluding the mine, for María Elena, Nueva Victoria, Pampa Blanca, Pedro de Valdivia and the Salar de Atacama.

(3) Includes production facilities and solar evaporation ponds. During 2019, we began to work on the expansion of discard deposit area of the new lithium hydroxide plant and accumulation ponds.

(4) The potassium nitrate produced at Coya Sur is an intermediate product that is used as a raw material for the production of finished products (crystallized nitrates and prilled nitrates). Therefore, the production capacities listed above are not independent of one another and cannot be added together to obtain an overall total capacity.

(5) Includes production facilities, solar evaporation ponds and leaching heaps.

(6) Operations at the El Toco mine at María Elena were suspended in November 2013.

(7) The nominal production capacity for iodine considers the capacity of our plants. The effective capacity is 16,000 metric tons per year.

(8) Operations at Pampa Blanca were suspended in March 2010.

(9) In November 2015, the mining and nitrate operations at Pedro de Valdivia were suspended, and iodine production was reduced at the Pedro de Valdivia site, in order to take advantage of the highly efficient production facilities at Nueva Victoria.

(10) Potassium chloride and potassium sulfate are produced in a dual plant, and the production capacity for each of these products depends on the production mix. Therefore, the production capacities for these two products are not independent of one another and cannot be added together to obtain an overall total capacity.

(11) The Tocopilla port facilities were originally constructed in 1961 and have been refurbished and expanded since that time.

We directly or indirectly through subsidiaries own, lease or hold concessions over the facilities at which we carry out our operations. Such facilities are free of any material liens, pledges or encumbrances, and we believe they are suitable and adequate for the business we conduct in them.

## Extraction Yields

The following table shows certain operating data relating to each of our mines for 2021, 2020 and 2019:

<table><tr><td>(in thousands, unless otherwise stated)</td><td>2021</td><td>2020</td><td>2019</td></tr><tr><td>Pedro de Valdivia \( ^{(1)} \)</td><td></td><td></td><td></td></tr><tr><td>Metric tons of ore mined</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Average grade nitrate (% by weight)</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Iodine (parts per million (ppm))</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Metric tons of crystallized nitrate produced</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Metric tons of iodine produced</td><td>1.5</td><td>1.5</td><td>1.4</td></tr><tr><td>Maria Elena \( ^{(2)} \)</td><td></td><td></td><td></td></tr><tr><td>Metric tons of ore mined</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Average grade nitrate (% by weight)</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Iodine (ppm)</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Metric tons of crystallized nitrate produced</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Metric tons of iodine produced</td><td>-</td><td>-</td><td>-</td></tr></table>

Coya Sur \( ^{(3)} \)



<table><tr><td>Metric tons of crystallized nitrate produced</td><td>820</td><td>935</td><td>763</td></tr><tr><td>Pampa Blanca \( ^{(2)} \)</td><td></td><td></td><td></td></tr><tr><td>Metric tons of ore mined</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Iodine (ppm)</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Metric tons of iodine produced</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Nueva Victoria</td><td></td><td></td><td></td></tr><tr><td>Metric tons of ore mined</td><td>41,428</td><td>43,420</td><td>42,196</td></tr><tr><td>Iodine (ppm)</td><td>441</td><td>452</td><td>465</td></tr><tr><td>Metric tons of iodine produced</td><td>8.7</td><td>10.6</td><td>10.7</td></tr><tr><td>Salar de Atacama  \( ^{(4)} \)</td><td></td><td></td><td></td></tr><tr><td>Metric tons of lithium carbonate produced</td><td>108.4</td><td>72.2</td><td>62.3</td></tr><tr><td>Metric tons of potassium chloride and potassium sulfate and potassium salts produced</td><td>1,407</td><td>1,476</td><td>1,049</td></tr></table>

(1) In November 2015, mining and nitrate operations at Pedro de Valdivia were suspended, and iodine production was reduced at the Pedro de Valdivia site, in order to take advantage of the highly efficient production facilities at Nueva Victoria.

(2) Operations at the Pampa Blanca mine and Maria Elena were suspended in March 2010 and November 2013, respectively. In María Elena, production of nitrate and iodine solutions continued in subsequent years from caliche ore exploited in prior years.

(3) Includes production at Coya Sur from treatment of nitrates solutions from María Elena and Pedro de Valdivia, nitrate salts from pile treatment at Nueva Victoria, and net production from NPT, or technical grade potassium nitrate, plants.

(4) Lithium carbonate is extracted at the Salar de Atacama and processed at our facilities at the Carmen Lithium production facility. Potassium salts include synthetic sylvinite produced in the plant and other harvested potassium salts (natural sylvinite, carnalites and harvests from plant ponds) that are sent to Coya Sur for the production of crystallized nitrates.

## Transportation and Storage Facilities

The transportation of our products is carried out by trucks that are operated by dedicated third parties through long-term contracts. Furthermore, we own port and storage facilities for the transportation and management of finished products and consumable materials.

Our main centers for the production and storage of raw materials are the Nueva Victoria, Coya Sur and Salar de Atacama facilities. Other facilities include chemical plants for the finished products of lithium carbonate and lithium hydroxide at the Carmen Lithium production facility plant. The Port of Tocopilla terminal, which we own, has a surface area of approximately 22 hectares and is the principal facility for the storage and shipment of our bulk products and packaged potassium chloride (MOP), nitrates and lithium carbonate.

The nitrate finished products are produced at our Coya Sur facilities and then transported via trucks to the Port of Tocopilla terminal where they are stored and shipped in bulk or packaged in polypropylene bags, polyethylene or polypropylene FIBC big bags. The latter can also be transported and stored in an alternative port (Mejillones) for later shipment.

Potassium chloride is produced at our Salar de Atacama facilities and we transport it by truck, either to the port of Tocopilla, Coya Sur, or to an alternative port (Mejillones) for subsequent shipment. The product transported to Coya Sur is an intermediate product that is used as a raw material for the production of potassium nitrate. On the other hand, the product transported to the Port of Tocopilla and/or Mejillones is



a final product that will be shipped or transported to the client or affiliate. The raw material of nitrate for the production of potassium nitrate in Coya Sur is currently produced at Nueva Victoria.

The lithium chloride solution, which contains a high concentration of boron, produced at our Salar de Atacama facilities, is transported to the Carmen Lithium facility area where the finished lithium carbonate is produced. Part of the lithium carbonate is provided to the adjacent lithium hydroxide plant where the finished lithium hydroxide is produced. These two products are packed in packaging of distinct characteristics (polyethylene bags, multi-layer or polypropylene FIBC big bags), stored within the same facilities and secured in storerooms. Thereafter, they are consolidated into containers that are transported by trucks to a transit warehouse or directly to port terminals for their subsequent shipment. The port terminals used are currently suited to receive container ships and are situated in Antofagasta, Mejillones and Iquique. Lithium carbonate can also be transported in packaged format both to Tocopilla and to an alternative port (Mejillones) to be shipped in break bulk format.

Iodine obtained from the same caliche used for the production of nitrates, is processed, packaged and stored exclusively in the Pedro de Valdivia and Nueva Victoria facilities. The packaging used for iodine are drums and polypropylene FIBC big bags with an internal polyethylene bag and oxygen barrier, which at the time of transportation are consolidated into containers and sent by truck to port terminals suited for their management, principally located in Antofagasta, Mejillones and Iquique. Thereafter, they are sent to distinct markets by container ship or by truck to Santiago where iodine derivatives are produced in the Ajay-SQM Chile plants. Drums and maixbags can also be transported on flat ramps to an alternative port (Mejillones) to be shipped in break bulk format.

The Port of Tocopilla terminal facilities are located approximately 186 kilometers north of Antofagasta, approximately 124 kilometers west of María Elena and Coya Sur and 372 kilometers to the west of Salar de Atacama. Our affiliate, Servicios Integrales de Tránsitos y Transferencias S.A. (SIT), operates facilities for the shipment of products and the delivery of certain raw materials based on renewable concessions granted by Chilean regulatory authorities, provided that the facilities are used in accordance with the authorization granted and we pay an annual concession fee. The Port of Tocopilla terminal facilities include a truck weighing machine that confirms product entry into the port and transfers the product to distinct storage zones, a piezometer within the shipping system to carry out bulk product loaded onto ships, a crane with a 40 ton capacity for the loading of sealed product onto ships and a nitrate mixing facility.

The storage facilities consist of a system of six silos, with a total storage capacity of 55,000 metric tons, and a mixed storage area of open storehouses with a total storage capacity of approximately 250,000 metric tons. In addition, to fulfill future storage needs, we will continue to make investments in accordance with the investment plan outlined by management. The products are also put into bags at the Port of Tocopilla terminal facilities where the bagging capacity is established by two bag packaging machines, one for sacks and polypropylene FIBC big bags and one for FFS polyethylene. The products that are packaged in Tocopilla may be subsequently shipped at the same port or may also be consolidated into trucks or containers for its subsequent dispatch to clients by land or sea through containers from other ports, principally located in Antofagasta, Mejillones and Iquique.

For the transportation of bulk product, the transportation belt system extends across the coastline to deliver products directly to the hatches of bulk cargo ships. The nominal load capacity of this shipping system is 1,200 tons per hour. The transportation of packaged product is carried out utilizing the same bulk cargo ships using trailers without motors located in the dock and loaded by a crane with a 40 ton capacity from the Port of Tocopilla terminal. Thereafter, they are towed and unloaded using ship cranes to the respective warehouses.

We normally contract bulk cargo ships to transfer the product from the Port of Tocopilla terminal to our hubs around the world or to clients directly, who, in certain instances, use their own contracted vessels for delivery.



Tocopilla processes related to the reception, handling, storage and shipment of bulk/packaged nitrates produced at Coya Sur are certified by the third-party organization TÜV-Rheinland under the quality standard ISO 9001:2015.

## Computer System

We have information systems and a management information system (Enterprise resource planning or ERP) to support the administrative business processes or support of the company: Finance, Accounting, Human Resources and Logistics (IT), this does not include production systems, plant operation, extraction and maintenance (OT). The ERP and main system is located in Chile; although each commercial office has its own ERP that is later consolidated in the central system in Chile.

The computer and information system is used mainly for finance, accounting, human resources, monitoring of supplies and inventories, billing, quality control, research activities and production process and maintenance control. The mainframe computing system is located at our offices in Santiago and our Chilean and international subsidiaries are interconnected with each other, through data links.

In addition, we have cloud technologies, which allow us to support new business processes and respond quickly and at low cost to changing conditions of our business and of the market.

In relation to information security and cybersecurity, we are executing a plan in accordance with the strategic objectives of the business to safeguard the most important assets defined in the corporate risk meetings. This implies making our users aware of the best use of processes and computing (awareness) and working to comply with standards.



## 3) E) DESCRIPTION OF BUSINESS ENVIRONMENT: RISK FACTORS

## Risk Factors

Our operations are subject to certain risk factors that may affect SQM’s business financial condition or results of operations. In addition to other information contained in this Annual Report, you should carefully consider the risks described below. These risks are not the only ones we face. Additional risks not currently known to us or that are known but that we currently believe are not significant may also affect our business operations. Our business, financial condition, cash flows or results of operations could be materially affected by the occurrence any of these risks.

## Risks Relating to our Business

Our inability to extend or renew the mineral exploitation rights relating to the Salar de Atacama concession, upon which our business is substantially dependent, beyond their current expiration date in December 2030 could have a material adverse effect on our business, financial condition and results of operations.

Our subsidiary SQM Salar S.A. (“SQM Salar”), as leaseholder, holds exclusive and temporary rights to exploit mineral resources in the Salar de Atacama in northern Chile. These rights are owned by Corfo, a Chilean government entity, and leased to SQM Salar pursuant to (i) a 1993 lease agreement over mining exploitation concessions between SQM Salar and Corfo, as amended from time to time (the “Lease Agreement”), and (ii) the Salar de Atacama project agreement between Corfo and SQM Salar, as amended from time to time (the “Project Agreement”). The Lease Agreement provides for SQM Salar to (i) make quarterly lease payments to Corfo based on product sales from leased mining properties and annual contributions to research and development, to local communities, to the Antofagasta Regional Government and to the municipalities of San Pedro de Atacama, María Elena and Antofagasta, (ii) maintain Corfo’s rights over the mining exploitation concessions and (iii) make annual payments to the Chilean government for such concession rights. The Lease Agreement expires on December 31, 2030.

Our business is substantially dependent on the exploitation rights under the Lease Agreement and the Project Agreement, since all of our products originating from the Salar de Atacama are derived from our extraction operations under the Lease Agreement. For the year ended December 31, 2021, revenues related to products originating from the Salar de Atacama represented 47% of our consolidated revenues, consisting of revenues from our potassium business line and our lithium and derivatives business line for the period. As of December 31, 2021, only 9 years remain on the term of the Lease Agreement and we had extracted approximately 32% of the total permitted accumulated extraction and sales limit of lithium under the lithium extraction and sales limits.

Although we expect to begin the process of discussing the extension or renewal of the mineral exploitation rights in the Salar de Atacama under the Lease Agreement and Project Agreement with Corfo well in advance of the December 2030 expiration date, we cannot assure you that we will successfully reach an agreement with Corfo to extend or renew our mineral exploitation rights beyond 2030. Any negotiation with Corfo for an extension or renewal could involve renegotiation of any or all of the terms and conditions of the Lease Agreement and Project Agreement, including, among other things, the lithium and potassium extraction and sales limits, the lease payment rates and calculations, or other payments to Corfo.

In the event that we are not able to extend or renew the Lease Agreement beyond the current expiration date of the Lease Agreement in 2030, we would be unable to continue extraction of lithium and potassium under the Lease Agreement, which could have a material adverse effect on our business, financial condition and results of operations.



Volatility of world lithium, fertilizer and other chemical prices and changes in production capacities could affect our business, financial condition and results of operations.

The prices of our products are determined principally by world prices, which, in some cases, have been subject to substantial volatility in recent years. World lithium, fertilizer and other chemical prices constantly vary depending upon the relationship between supply and demand at any given time. Supply and demand dynamics for our products are tied to a certain extent to global economic cycles and have been impacted by circumstances related to such cycles. Furthermore, the supply of lithium, certain fertilizers, or other chemical products, including certain products that we provide, varies principally depending on the production of the major producers, (including us) and their respective business strategies.

We expect that prices for the products we manufacture will continue to be influenced, among other things, by worldwide supply and demand and the business strategies of major producers. Some of the major producers (including us) have increased or decreased production and have the ability to increase or decrease production.

As a result of the above, the prices of our products may be subject to substantial volatility. High volatility or a substantial decline in the prices or sales volumes of one or more of our products could have a material adverse effect on our business, financial condition and results of operations.

Our sales could be impacted by global shipping constraints.

We sell our products in more than 110 countries in the world. Our products are shipped in containers or break bulk format from the port terminals in Antofagasta, Tocopilla, Mejillones and Iquique in Chile. Current challenges in the global shipping industry have led to congestion in ports, a shortage in containers, and a lack of space on ships. Because of this situation, we face a risk of potential supply chain disruptions that may adversely affect our operations and ability to deliver our products to our customers. Depending on the terms of shipments to customers, the risk of loss related to these shipping issues could fall on us. Additionally, our revenues and collections may also be adversely affected by significant increases in the cost of transportation, as a result of increases in fuel or labor costs, higher demand for logistics services, or otherwise, and transportation delays that could have a negative impact on our sales agreements and customer relationships.

Our sales to emerging markets and expansion strategy expose us to risks related to economic conditions and trends in those countries.

We sell our products in more than 110 countries around the world. In 2021, approximately 53% of our sales were made in emerging market countries: 11% in Latin America (excluding Chile); 8% in Africa and the Middle East (excluding Israel); 8% in Chile and 26% in Asia and Oceania (excluding Australia, Japan, New Zealand, South Korea and Singapore). In Note 23.1 to our consolidated financial statements, we reported revenues from Chile; Latin America and the Caribbean and Asia and others of US$1.8 billion. We expect to expand our sales in these and other emerging markets in the future. In addition, we may carry out acquisitions or joint ventures in jurisdictions in which we currently do not operate, relating to any of our businesses or to new businesses in which we believe we may have sustainable competitive advantages. The results of our operations and our prospects in other countries in which we establish operations will depend, in part, on the general level of political stability, economic activity and policies in those countries as well as the duration of the COVID-19 or other pandemics. Future developments in the political systems or economies of these countries or the implementation of future governmental policies in those countries, including the imposition of withholding and other taxes, restrictions on the payment of dividends or repatriation of capital, the imposition of import duties or other restrictions, the imposition of new environmental regulations or price controls or changes in relevant laws or regulations,



could have a material adverse effect on our business, financial condition and results of operations in those countries.

## Our inventory levels may vary for economic or operational reasons.

In general, economic conditions or operational factors can affect our inventory levels. Higher inventories carry a financial risk due to increased need for cash to fund working capital and could imply an increased risk of loss of product. At the same time, lower levels of inventory can hinder the distribution network and process, thus impacting sales volumes. There can be no assurance that inventory levels will remain stable. These factors could have a material adverse effect on our business, financial condition and results of operations.

New production of iodine, potassium nitrate or lithium from current or new competitors in the markets in which we operate could adversely affect prices.

In recent years, new and existing competitors have increased the supply of iodine, potassium nitrate and lithium, which has affected prices for those products. Further production increases could negatively impact prices. There is limited information on the status of new iodine, potassium nitrate or lithium production capacity expansion projects being developed by current and potential competitors and, as such, we cannot make accurate projections regarding the capacities of possible new entrants into the market and the dates on which they could become operational. If these potential projects are completed in the short term, they could adversely affect market prices and our market share, which, in turn, could have a material adverse effect on our business, financial condition and results of operations.

## We have a capital expenditure program that is subject to significant risks and uncertainties.

Our business is capital intensive. Specifically, the exploration and exploitation of reserves, mining and processing costs, the maintenance of machinery and equipment and compliance with applicable laws and regulations require substantial capital expenditures. We must continue to invest capital to maintain or to increase our exploitation levels and the amount of finished products we produce. For example, we have a US$2.25 billion investment plan for the years 2021-2024. The plan will allow us to expand our operations of lithium, iodine and nitrate by accessing natural resources both in the Salar de Atacama and caliche ore deposits in Chile as well as through the 50,0000 metric ton Mt. Holland lithium hydroxide project in Western Australia (a joint venture that we are developing with our partner Wesfarmers). The plan also aims to increase our mining capacity while protecting the environment, reduce operational costs and increase our annual production capacity of nitrates and iodine to meet expected growth in those markets.

Mining industry development projects typically require a number of years and significant expenditures before production can begin. Such projects could experience unexpected problems and delays during development, construction and start-up.

Our decision to develop a project typically is based on the results of feasibility studies, which estimate the anticipated economic returns of a project. The actual project profitability or economic feasibility may differ from such estimates as a result of any of the following factors, among others: changes in tonnage, grades and metallurgical characteristics of ore or other raw materials to be mined and processed; estimated future prices of the relevant products; changes in customer demand; higher construction and infrastructure costs; the quality of the data on which engineering assumptions were made; higher production costs; adverse geotechnical conditions; availability of adequate labor force; availability and cost of water and energy; availability and cost of transportation; fluctuations in inflation and currency exchange rates; availability and terms of financing; and potential delays relating to social and community issues.



In addition, we require environmental permits for our new projects. Obtaining permits in certain cases may cause significant delays in the execution and implementation of new projects and, consequently, may require us to reassess the related risks and economic incentives.

This may require modifying our operations to incorporate the use of seawater and updating our mining equipment and operational centers.

We cannot assure you that we will be able to maintain our production levels or generate sufficient cash flow or that we will have access to sufficient investments, loans or other financing alternatives, to continue our activities at or above present levels, or that we will be able to implement our projects or receive the necessary permits required for them in time. Any or all of these factors may have a material adverse effect on our business, financial condition and results of operations.

High raw materials and energy prices could increase our production costs and cost of sales, and energy may become unavailable at any price.

We rely on certain raw materials and various energy sources (diesel, electricity, liquefied natural gas, fuel oil and others) to manufacture our products. Purchases of energy and raw materials we do not produce constitute an important part of our cost of sales, approximately 15% in 2021. In addition, we may not be able to obtain energy at any price if supplies are curtailed or otherwise become unavailable. To the extent we are unable to pass on increases in the prices of energy and raw materials to our customers or we are unable to obtain energy, our business, financial condition and results of operations could be materially adversely affected.

Our reserve estimates are internally prepared and not subject to review by external geologists or an external auditing firm and could be subject to significant changes, which may have a material adverse effect on our business, financial condition and results of operations.

Our caliche ore mining reserve estimates and our Salar de Atacama brine mining reserve estimates are prepared by our own geologists and hydrogeologists and are not subject to authentication by external geologists or an external auditing firm. However, our reserve estimates in the Salar de Atacama were reviewed by qualified persons and this information is presented to Corfo. In the past, our reserve estimates in the Salar de Atacama were also reviewed by the Superior Council for Scientific Investigations (Consejo Superior de Investigaciones Científicas) or CSIC, and this information was presented to CCHEN. Estimation methods involve numerous uncertainties as to the quantity and quality of the reserves, and reserve estimates could change upwards or downwards. A downward change in our estimates and/or quality of our reserves could affect future volumes and costs of production and therefore have a material adverse effect on our business, financial condition and results of operations.

Chemical and physical properties of our products could adversely affect their commercialization.

Since our products are derived from natural resources, they contain inorganic impurities that may not meet certain customer or government standards. As a result, we may not be able to sell our products if we cannot meet such requirements. In addition, our cost of production may increase in order to meet such standards. Failure to meet such standards could materially adversely affect our business, financial condition and results of operations if we are unable to sell our products in one or more markets or to important customers in such markets.

Changes in technology or other developments could result in preferences for substitute products.

Our products, particularly iodine, lithium and their derivatives, are preferred raw materials for certain industrial applications, such as rechargeable batteries and liquid-crystal displays (LCDs). Changes in technology, the development of substitute products or other developments could adversely affect demand



for these and other products which we produce. In addition, other alternatives to our products may become more economically attractive as global commodity prices shift. Any of these events could have a material adverse effect on our business, financial condition and results of operations.

We are exposed to labor strikes and labor liabilities that could impact our production levels and costs.

Over 93% of our employees are employed in Chile, of which approximately 66% were represented by 20 labor unions as of December 31, 2021. As of December 31, 2021, all collective bargaining agreements had been renegotiated. We are exposed to labor strikes and illegal work stoppages by both our own employees and our independent contractors' employees that could impact our production levels in both our own plants and our independent contractors' plants. If a strike or illegal work stoppage occurs and continues for a sustained period of time, we could be faced with increased costs and even disruption in our product flow that could have a material adverse effect on our business, financial condition and results of operations.

We are and might be subject to new and upcoming labor laws and regulations in Chile and may be exposed to liabilities and potential costs for non-compliance.

We are subject to recently enacted and might be subject to new local labor laws and regulations that govern, among other things, the relationship between us and our employees and will be subject to new labor bills currently under discussion in the national congress, mainly as a result of the impact of the global novel coronavirus (COVID-19) pandemic as well as to the economic and political volatility and civil unrest in Chile beginning in October and November 2019. There have been changes and proposed changes to various labor laws which include, but are not limited to, modifications related to teleworking, inclusion of workers with disabilities, minimum wage, unemployment insurance benefits, employee and employer relationships, pensions, profit sharing, regular work hours and other matters related to COVID-19.

Any changes to regulations to which we are subject could have a material adverse effect on our business, financial condition and results of operations.

## Lawsuits and arbitrations could adversely impact us.

We are party to a range of lawsuits and arbitrations involving different matters as described in Note 21 to our Consolidated Financial Statements. Although we intend to defend our positions vigorously, our defense of these actions may not be successful and responding to such lawsuits and arbitrations diverts our management’s attention from day-to-day operations. Adverse judgments or settlements in these lawsuits may have a material adverse effect on our business, financial condition and results of operations. In addition, our strategy of being a world leader includes entering into commercial and production alliances, joint ventures and acquisitions to improve our global competitive position. As these operations increase in complexity and are carried out in different jurisdictions, we may be subject to legal proceedings that, if settled against us, could have a material adverse effect on our business, financial condition and results of operations.

We have operations in multiple jurisdictions with differing regulatory, tax and other regimes.

We operate in multiple jurisdictions with complex regulatory environments that are subject to different interpretations by companies and respective governmental authorities. These jurisdictions may have different tax codes, environmental regulations, labor codes and legal framework, which adds complexity to our compliance with these regulations. Any failure to comply with such regulations could have a material adverse effect on our business, financial condition and results of operations.



Environmental laws and regulations could expose us to higher costs, liabilities, claims and failure to meet current and future production targets.

Our operations in Chile are subject to national and local regulations relating to environmental protection. In accordance with such regulations, we are required to conduct environmental impact studies or statements before we conduct any new projects or activities or significant modifications of existing projects that could impact the environment or the health of people in the surrounding areas. We are also required to obtain an environmental license for certain projects and activities. The Chilean Environmental Evaluation Service (Servicio de Evaluación Ambiental) evaluates environmental impact studies submitted for its approval. The public, government agencies or local authorities may review and challenge projects that may adversely affect the environment, either before these projects are executed or once they are operating, if they fail to comply with applicable regulations. In order to ensure compliance with environmental regulations, Chilean authorities may impose fines up to approximately US$9 million per infraction, revoke environmental permits or temporarily or permanently close facilities, among other enforcement measures.

Chilean environmental regulations have become increasingly stringent in recent years, both with respect to the approval of new projects and in connection with the implementation and development of projects already approved, and we believe that this trend is likely to continue. Given public interest in environmental enforcement matters, these regulations or their application may also be subject to political considerations that are beyond our control.

We regularly monitor the impact of our operations on the environment and on the health of people in the surrounding areas and have, from time to time, made modifications to our facilities to minimize any adverse impact. Future developments in the creation or implementation of environmental requirements or their interpretation could result in substantially increased capital, operation or compliance costs or otherwise adversely affect our business, financial condition and results of operations.

The success of our current investments at the Salar de Atacama and Nueva Victoria is dependent on the behavior of the ecosystem variables being monitored over time. If the behavior of these variables in future years does not meet environmental requirements, our operation may be subject to important restrictions by the authorities on the maximum allowable amounts of brine and water extraction. For example, on December 13, 2017, the First Environmental Court of Antofagasta ordered the temporary and partial closure of certain water extraction wells located in the Salar de Llamara. In October 2018, the First Environmental Court of Antofagasta accepted our claim, and dismissed the restrictions without prejudice. It is possible that third parties could seek to reinstate these restrictions in the future. On December 26, 2019, the First Environmental Court of Antofagasta ruled that the environmental compliance plan presented by SQM Salar S.A. with respect to the Salar de Atacama and approved by the Chilean Environmental Authority (Superintendencia del Medio Ambiente) or SMA in January 2019, did not comply with certain proposed measures of the completeness and efficiency requirements of the Chilean environmental legislation.

In September 2021, SQM Salar S.A. proposed to the SMA a new environmental compliance plan, which is currently subject to review. We believe that the new proposed environmental compliance plan, safeguards the protection of the environment and is evaluating all courses of action available under applicable law with respect to this ruling.

Our future development depends on our ability to sustain future production levels, which requires additional investments and the submission of the corresponding environmental impact studies or statements. If we fail to obtain approval or required environmental licenses, our ability to maintain production at specified levels will be seriously impaired, thus having a material adverse effect on our business, financial condition and results of operations.



In addition, our worldwide operations are subject to international and other local environmental regulations. Since environmental laws and regulations in the different jurisdictions in which we operate may change, we cannot guarantee that future environmental laws, or changes to existing environmental laws, will not materially adversely impact our business, financial condition and results of operations.

A significant percentage of our shares are held by two principal shareholder groups who may have interests that are different from that of other shareholders and of each other. Any change in such principal shareholder groups may result in a change of control of the Company or of its Board of Directors or its management, which may have a material adverse effect on our business, financial condition and results of operations.

As of December 31, 2021, two principal shareholder groups held in the aggregate 49.81% of our total outstanding shares, including 94.19% of our Series A common shares, and have the power to elect six of our eight directors. The interests of the two principal shareholder groups may in some cases differ from those of other shareholders and of each other.

As of December 31, 2021, one principal shareholder group is Sociedad de Inversiones Pampa Calichera S.A. and its related companies, Inversiones Global Mining Chile Limitada and Potasios de Chile S.A. (together, the “Pampa Group”), which owned approximately 26.07% of the total outstanding shares of SQM, as detailed in the Section 4) Ownership and Shares. Another principal shareholder is Tianqi Lithium Corporation (“Tianqi”), which as of December 31, 2021, directly and indirectly owned approximately 23.75% of the total outstanding shares of SQM.

The divestiture by the Pampa Group or Tianqi, or potential changes in the circumstances that have led to the determination of the CMF related to the controller status of the shareholders of the Company, or a combination thereof, may have a material adverse effect on our business, financial condition and results of operations.

Tianqi is a significant shareholder and a competitor of the Company, which could result in risks to free competition.

Tianqi is a competitor in the lithium business, and as a result of the number of SQM shares that it owns, it has the right to choose up to three Board members. Under Chilean law, we are restricted in our ability to decline to provide information about us, which may include competitively sensitive information, to a director of our company. On August 27, 2018, Tianqi and the Chilean antitrust regulator, the Chilean National Economic Prosecutor’s Office (Fiscalía Nacional Económica), or FNE, entered into an extrajudicial agreement, under which certain restrictive measures were implemented in order to (i) maintain the competitive conditions of the lithium market, (ii) mitigate the risks described in the agreement and (iii) limit Tianqi’s access to certain information of the Company and its subsidiaries, which is defined as “sensitive information” under the agreement.

During the approval process of the extrajudicial agreement before the FNE, we expressed our concerns regarding the measures contained in the extrajudicial agreement since, in the Company’s opinion, the measures (i) could not effectively resolve the risks that Tianqi and the FNE have sought to mitigate, (ii) are not sufficient to avoid access to our “sensitive information” that, in the possession of a competitor, could harm us and the proper functioning of the market and (iii) could contradict the Chilean Corporations Act.

The presence of a shareholder which is at the same time a competitor of ours and the right of this competitor to choose Board members could generate risks to free competition and/or increase the risks of an investigation of free competition against us, whether in Chile or in other countries, all of which could have a material adverse effect on our business, financial condition and results of operations.



Our information technology systems may be vulnerable to disruption which could place our systems at risk from data loss, operational failure, or compromise of confidential information.

We rely on various computer and information technology systems, and on third party developers and contractors, in connection with our operations, including two networks that link our principal subsidiaries to our operating and administrative facilities in Chile and other parts of the world and ERP software systems, which are used mainly for accounting, monitoring of supplies and inventories, billing, quality control, research activities, and production process and maintenance control. In addition, we use cloud technologies, which allows us to support new business processes and respond quickly and at low cost to changing conditions in our business and of the markets. Our information technology systems are susceptible to disruption, damage or failure from a variety of sources, including errors by employees or contractors, computer viruses, cyber-attacks, misappropriation of data by outside parties, and various other threats. We have taken measures to identify and mitigate these risks with the object of reducing operational risk and improving security and operational efficiency, which also includes modernization of existing information technology infrastructure and communications systems. However, we cannot guarantee that due to the increasing sophistication of cyber-attacks our systems will not be compromised and because we do not maintain specialized cybersecurity insurance, our insurance coverage for protection against cybersecurity risk may not be sufficient. Cybersecurity breaches could result in losses of assets or production, operational delays, equipment failure, inaccurate recordkeeping, or disclosure of confidential information, any of which could result in business interruption, reputational damage, lost revenue, litigation, penalties or additional expenses and could have a material adverse effect on our business, financial condition and results of operations.

## Recent international trade tensions could have a negative effect on our financial performance.

Economic conditions in China, an important market for the Company, are sensitive to global economic conditions. The global financial markets have experienced significant disruptions in the past, including the recent international trade disputes and tariff actions announced by the United States, China and certain other countries. The U.S. government has imposed significant tariffs on Chinese goods, and Chinese government has, in turn, imposed tariffs on certain goods manufactured in the United States. There is no assurance that the list of goods impacted by additional tariffs will not be expanded or the tariffs will not be increased materially. We are unable to predict how China or U.S. government policy, in particular, the outbreak of a trade war between China and the United States and additional tariffs on bilateral imports, may continue to impact global economic conditions. If the list of goods is further expanded or the tariff is further increased, global economic conditions of both countries could be impacted, and growth in demand for lithium or other commodities could decrease, which may have a material adverse effect on our business, financial condition and results of operations.

Outbreaks of communicable infections or diseases, or other public health pandemics, such as the outbreak of the novel coronavirus (COVID-19) currently being experienced around the world, have impacted and may further impact the markets in which we, our customers and our suppliers operate or market and sell products and could have a material adverse effect on our operations business, financial condition and results of operations.

Disease outbreaks and other public health conditions, such as the global outbreak of COVID-19 currently being experienced, in markets in which we, our customers and our suppliers operate, could have a significant negative impact on our revenues, profitability and business. The Chilean government has imposed several measures that may affect our operations, including mandatory quarantines for people who have been in contact with infected people, restrictions on the number of people that can be together, and lockdowns on specific communities that may suffer higher rates of infection or death, among others.

As a precaution, our management has voluntarily implemented several additional measures to help reduce the speed at which COVID-19 may spread in our company, including measures to mitigate the spread in



the workplace, significant reductions in employee travel and a mandatory quarantine for people who have arrived from high-risk destinations, in consultation with governmental and international health organization guidelines, and will continue to implement measures consistent with the evolving COVID-19 situation. While these measures have been implemented to reduce the risk of the spread of the virus in our facilities, there can be no assurance that these measures will reduce or limit the impact of COVID-19 on our operations, business, financial condition or results of operations. Our operations could be stopped as a result of, among other reasons, regulatory restrictions or a significant outbreak of the virus among our staff, which could prevent employees from reporting to shifts.

While the global impacts of the COVID-19 pandemic are constantly changing, international financial markets have reflected the uncertainty associated with the slowdown of the global economy and the potential impact if businesses, workers, customers and others are prevented or restricted from conducting business activities due to quarantines, business closures or other restrictions imposed by businesses or governmental authorities in response to the COVID-19 outbreak.

If our stakeholders and other constituencies believe we fail to appropriately address sustainability and other environmental, social and governance (ESG) concerns it may adversely affect our business.

In October 2020, we announced our sustainable development plan, which includes voluntarily expanding our monitoring systems, promoting better and more profound conversations with neighboring communities and becoming carbon neutral and reducing water by 65% and brine extraction by 50%. We also announced a goal of obtaining international certifications and participating in international sustainability indices which we consider essential for a sustainable future.

While we are dedicated to our efforts related to sustainability, if we fail to address appropriately all relevant stakeholders’ concerns in connection with ESG criteria, we may face opposition, which could negatively affect our reputation, delay operations, or lead to litigation threats or actions. If we do not maintain our reputation with key stakeholders and constituencies and effectively manage these sensitive issues, they could adversely affect our business, results of operations, and financial condition.

Climate change and a global transition to a low carbon economy can create physical risks and other risks that could adversely affect our business and operations and adverse weather conditions or significant changes in weather patterns could have a material adverse impact on our results of operations.

The impact of climate change and climate change-driven responses, such as a global transition to a low carbon economy on our operations and our customers' operations, remains uncertain, but the regulatory, market-risks associated with climate change as well as the physical effects of climate change could have an adverse effect on us and our customers as experts believe that climate change may be associated with more extreme weather conditions. These effects could include, but may not be limited to, changes in regional weather patterns, including drought and rainfall levels, water availability, sea levels, storm patterns and intensities and temperature levels, including increased volatility in seasonal temperatures via excessively hot or cold temperatures. These extreme weather conditions could vary by geographic location.

Climate-derived threats include, among others, changes in regional weather patterns, including changes in precipitation and evaporation parameters that, on the one hand, intensify drought phenomena, affecting the availability of water and, on the other hand, bring intense rains in short periods of time that generate other unwanted events that affect our operation and also our surrounding communities, such as road closures, infrastructure, landslides, among others. Additionally, rising sea levels and storm surges, increasing the days of port closures could impact the supply chain affecting our customers and suppliers. Other events such as storm patterns and intensities, increased wind speed, heat waves, cold waves, among other events considered as acute physical risks of climate change. Other effects are related to temperature



levels, including increased volatility in seasonal temperatures through excessively high or low temperatures. These extreme weather conditions may vary by geography and location. Weather conditions have historically caused volatility in the agricultural industry (and indirectly in our results of operations) by causing crop failures or significantly reduced harvests, which can adversely affect application rates, demand for our plant nutrition products and our customers' creditworthiness. Weather conditions can also lead to a reduction in farmable acres, flooding, drought or wildfires, which could also adversely impact growers' crop yields and the uptake of plant nutrients, reducing the need for application of plant nutrition products for the next planting season which could result in lower demand for our plant nutrition products and negatively impact the prices of our products.

Any prolonged change in weather patterns in our markets, as a result of climate change or otherwise, could have a material adverse impact on the results of our operations.

## Risks Relating to Financial Markets

## Currency fluctuations may have a negative effect on our financial performance.

We transact a significant portion of our business in U.S. dollars, and the U.S. dollar is the currency of the primary economic environment in which we operate. In addition, the U.S. dollar is our functional currency for financial statement reporting purposes. A significant portion of our costs, however, is related to the Chilean peso. Therefore, an increase or decrease in the exchange rate between the Chilean peso and the U.S. dollar would affect our costs of production. The Chilean peso has been subject to large devaluations and revaluations in the past and may be subject to significant fluctuations in the future. As of December 31, 2021, the Chilean peso exchange rate was Ch$844.69 per U.S. dollar, while as of December 31, 2020 the Chilean peso exchange rate was Ch$710.95 per U.S. dollar. The Chilean peso therefore depreciated against the U.S. dollar by 18.8% in 2021.

As an international company operating in several other countries, we also transact business and have assets and liabilities in other non-U.S. dollar currencies, such as, among others, the Euro, the South African rand, the Mexican peso, the Chinese yuan, the Thai baht and the Brazilian real.

As a result, fluctuations in the exchange rates of such foreign currencies to the U.S. dollar may have a material adverse effect on our business, financial condition and results of operations.

## We may be subject to risks associated with the discontinuation, reform or replacement of benchmark indices.

Interest rate, foreign exchange rate and other types of indices which are deemed to be “benchmarks” are the subject of increased regulatory scrutiny and may be discontinued, reformed or replaced. For example, in 2017, the U.K. Financial Conduct Authority announced that it will no longer persuade or compel banks to submit rates for the calculation of the London interbank offered rate (“LIBOR”) benchmark after 2021. This reform will, and other future reforms may, cause benchmarks to be different than they have been in the past, or to disappear entirely, or have other consequences which cannot be fully anticipated which introduces a number of risks for our business. These risks include (i) legal risks arising from potential changes required to document new and existing transactions; (ii) financial risks arising from any changes in the valuation of financial instruments linked to benchmark rates; (iii) pricing risks arising from how changes to benchmark indices could impact pricing mechanisms on some instruments; (iv) operational risks arising from the potential requirement to adapt IT systems, trade reporting infrastructure and operational processes; and (v) conduct risks arising from the potential impact of communication with customers and engagement during the transition period. Various replacement benchmarks, and the timing of and mechanisms for implementation are being considered. The transition away from LIBOR to risk-free reference rates (RFRs) requires financial firms to make a variety of internal changes, for example updating front-and back-office systems, retraining staff and redesigning processes, as well as potentially modifying or renegotiating potentially thousands of LIBOR-linked contracts. All banks and other financial



market participants must eliminate their dependence on LIBOR by this date if they are to avoid disruption when the publication of LIBOR ceases. Although as of December 31, 2021 we had approximately US$70 million short- and long-term debt that use a LIBOR benchmark, it is not currently possible to determine whether, or to what extent, any such changes would affect us. However, the discontinuation or reformation of existing benchmark rates or the implementation of alternative benchmark rates may have a material adverse effect on our business, financial condition and results of operations.

In addition to the financial benchmarks, there are also market benchmarks used for the pricing of our long-term supply contracts, which may also be subject to regulatory scrutiny, or which may be discontinued, reformed or replaced. For example, for some of our long-term supply contracts, prices reference to indices prepared by commodity reporting agencies such as the Shanghai Metals Market (SMM) and Fastmarkets.

## Risks Relating to Chile

## As we are a company based in Chile, we are exposed to political risks and civil unrest in Chile.

Our business, financial condition and results of operations could be affected by changes in policies of the Chilean government, other political developments in or affecting Chile, legal changes in the standards or administrative practices of Chilean authorities or the interpretation of such standards and practices, over which we have no control. The Chilean government has modified, and has the ability to modify, monetary, fiscal, tax, social and other policies in order to influence the Chilean economy or social conditions. We have no control over government policies and cannot predict how those policies or government intervention will affect the Chilean economy or social conditions, or, directly and indirectly, our business, financial condition and results of operations. Changes in policies involving exploitation of natural resources, taxation and other matters related to our industry may adversely affect our business, financial condition and results of operations.

We are exposed to economic and political volatility and civil unrest in Chile. Changes in social, political, regulatory and economic conditions or in laws and policies governing foreign trade, manufacturing, development and investment in Chile, as well as crises and political uncertainties in Chile, could adversely affect economic growth in Chile. In October and November 2019, Chile experienced riots and widespread mass demonstrations in Santiago and other major cities in Chile, triggered by an increase in public transportation fares in the city of Santiago, which involved violence and significant property damage and caused commercial disruptions throughout the country. As a result, on October 18, 2019 the Chilean government declared a 15-day period state of emergency and imposed a nighttime curfew in the greater Santiago region and other cities. The state of emergency has since been lifted and the Chilean government has introduced several social reforms. Also in 2019, then President Sebastián Piñera announced a pay cut for members of the Chilean Congress and the highest-paid civil servants and replaced eight ministers of his government. On November 15, 2019, representatives of Chile’s leading political parties agreed to hold a referendum, allowing Chileans to vote on whether to replace the Chilean Constitution. In a November 2020 referendum, Chilean citizens strongly supported convening a constitutional convention to draft a new Chilean Constitution. Any new Constitution could significantly alter the Chilean political situation, affect the Chilean economy, its business outlook, change existing rights, including rights to exploit natural resources, and water and property rights, any of which could adversely affect our business, results of operations, and financial condition.

The constitutional convention has already drafted proposals that may have a material impact on our business and operations. Although the final text of the Constitution is still being discussed and the voting of the proposals is still at an initial stage, the convention has accepted some proposals which seek to annul all of the existing mining and water rights and establish a whole new regime regarding mining and exploitation of natural resources. Also, the convention has approved certain proposals seeking to protect indigenous people and to recover indigenous land and territories. Part of our operations are located in areas that may be deemed to be indigenous land according to current and future legislation. Once the full text of



the new Chilean Constitution has been drafted, it will be submitted to a national referendum in which the Chilean citizens will decide to approve or reject this text by a simple majority vote. We cannot predict the outcome of such referendum. If the referendum rejects the text of the new Chilean Constitution, the existing Chilean Constitution would remain in effect.

We cannot give any assurance that these reforms and proposals or the constitutional reform process will resolve the social and economic concerns or that mass protests or civil unrest will not resume. The long-term effects of this social unrest are hard to predict but could include slower economic growth, which could adversely affect our business, results of operations, and financial condition.

In addition, in December 2021, Chile elected Gabriel Boric as the new president. President Boric took office on March 11, 2022 and his agenda is mainly focused on the elimination of private pension funds, social security programs, increases in the minimum wage and pensions, and increases in corporate taxes. President Boric is also a strong supporter of the constitutional reforms being considered by the constitutional convention drafting a new Chilean Constitution. While it is still very early in President Boric’s term and there is uncertainty regarding how President Boric’s reforms may affect the political and business climate in Chile in the future, it is possible that these reforms could lead to higher-than-expected inflation levels, unemployment, higher corporate taxes and financial constraints on small and medium-sized companies, any of which could have an adverse effect on our business, results of operations, and financial condition.

Future adverse developments in Chile, including political events, financial or other crises, changes to policies regarding foreign exchange controls, regulations, and taxation, may impair our ability to execute our business plan and could adversely affect our growth, results of operations, and financial condition. Inflation, devaluation, social instability, and other political, economic, or diplomatic developments could also reduce our profitability. Economic and market conditions in Chilean financial and capital markets may be affected by international events, which could unfavorably affect the value of our securities.

Changes to the Chilean Constitution could impact a wide range of rights, including mining rights, water rights and property rights generally, and could affect our business, financial condition and results of operations.

A new Chilean Constitution is in the process of being drafted by a constitutional convention, which was convened on July 4, 2021. The constitutional convention will have approximately one year to draft an entirely new Chilean Constitution. A wide range of rights could potentially be under consideration for reform under the new Chilean Constitution, including mining rights, water rights and property rights generally. If approved by the constitutional convention, the final draft of the new Chilean Constitution will be submitted for approval to a public referendum with mandatory participation and would require a simple majority vote for approval. If a new Constitution is not approved, the existing Chilean Constitution, which has been in place since 1980, would remain in effect. There can be no assurance that the constitutional convention will agree on a draft of a new Chilean Constitution or that the Chilean citizens will approve any draft Chilean Constitution approved by the constitutional convention. Any changes to rights under a new Chilean Constitution could change the political situation of Chile and affect the Chilean economy and the business outlook for the country generally and our business, results of operations, and financial condition.

Changes in regulations regarding, or any revocation or suspension of mining, port or other concessions could affect our business, financial condition and results of operations.

We conduct our mining operations, including brine extraction, under exploitation and exploration concessions granted in accordance with provisions of the Chilean Constitution and related laws and statutes. Our exploitation concessions essentially grant a perpetual right (with the exception of the rights granted to SQM Salar with respect to the Salar de Atacama concessions under the Lease Agreement



described above, which expires in 2030) to conduct mining operations in the areas covered by the concessions, provided that we pay annual concession fees. Our exploration concessions permit us to explore for mineral resources on the land covered thereby for a specified period of time and to subsequently request a corresponding exploitation concession. Any changes to the Chilean Constitution with respect to the exploitation and exploration of natural resources and concessions granted as a result of the proposed Constitutional referendum could materially adversely affect our existing exploitation and exploration concessions or our ability to obtain future concessions and could have a material adverse effect on our business, financial condition and results of operations.

We also operate port facilities at Tocopilla, Chile, for the shipment of products and the delivery of raw materials pursuant to maritime concessions, which have been granted under applicable Chilean laws and are normally renewable on application, provided that such facilities are used as authorized and annual concession fees are paid.

Any significant adverse changes to any of these concessions, any changes to regulations to which we are subject or adverse changes to our other concession rights, or a revocation or suspension of any of our concessions, could have a material adverse effect on our business, financial condition and results of operations.

Changes in water rights laws and other regulations could affect our business, financial condition and results of operations.

We hold water use rights that are key to our operations. These rights were obtained from the Chilean Water Authority (Dirección General de Aguas) for supply of water from rivers and wells near our production facilities, which we believe are sufficient to meet current operating requirements.

In January 2022, the Chilean Congress approved a bill that amends the Chilean Water Code (Código de Agua), which is only waiting for its promulgation and subsequent publication in order to become an applicable Chilean law. This modification introduces several changes to the Water Code. A significant amendment is the change in the time periods for which the water rights were granted. According to this new legislation, water rights: (1) will have a temporary nature being granted for a maximum of 30 years (the specific period will depend on the characteristic of the riverbed and its water availability); (2) will be subject, in whole or in part, to expiration for its non-use; (3) will have to give human consumption and sanitation priority in the use of water; and (4) will be subject to a minimum ecological flow to ensure nature conservation and environmental protection, as determined by the Water Authority. It shall be noted that the water regulation and its distribution is one of the most important focuses of the constitutional convention, and therefore, new changes may come into effect.

The Chilean National Congress is considering a draft bill that declares lithium mining to be in the national interest, which if passed in its current form, could enable the expropriation of our lithium assets.

The Chilean National Congress is currently processing a bill, bulletin 10,638-08, which “Declares the exploitation and commercialization of lithium and Sociedad Química y Minera de Chile S.A. to be of national interest.” The purpose of this bill is to enable the potential expropriation of our assets, or our lithium operations in general. The bill is subject to further discussion in the Chilean National Congress, which includes several possible changes to its current wording. We cannot guarantee that the bill will not eventually be approved by the Chilean National Congress, nor that its final wording will not refer to us or our lithium operations. If the bill is approved as currently drafted, it could have a material adverse effect on our business, financial condition and results of operations.

The Chilean government could levy additional taxes on mining companies operating in Chile.



In Chile, there is a royalty tax that is applied to mining activities developed in the country. The Chilean National Congress is currently processing a bill, bulletin 12,093-08, which proposes to institute a royalty fee of 3% on the value of extracted minerals. The bill is subject to further discussion in the Chilean National Congress, which includes several possible changes to its current wording. We cannot guarantee that the bill will not eventually be approved by the Chilean National Congress. If the bill is approved as currently drafted, it could have a material adverse effect on our business, financial condition and results of operations.

New legislation affecting mining licenses could materially adversely affect our mining licenses and mining concessions.

Law No. 21,420, published in the Official Gazette on February 4, 2022, reduces or eliminates certain tax exemptions in order to finance a new social security program called “Universal Guaranteed Pension”. Among others changes, this law contemplates amendments to the Chilean Mining Code, such as: (i) the increase in the value of the mining licenses related to the mining concessions (an increase of at least 4 times the previous value); (ii) the modification of the term on which the mining exploration concessions are granted and the prohibition on the holder to obtain a new mining exploration concession in the same area once the previous concession has expired; and (iii) amendments to the mining concessions award process.

Ratification of the International Labor Organization’s Convention 169 concerning indigenous and tribal peoples might affect our development plans.

Chile, a member of the International Labor Organization (“ILO”), has ratified the ILO’s Convention 169 (the “Indigenous Rights Convention”) concerning indigenous and tribal people. The Indigenous Rights Convention established several rights for indigenous people and communities. Among other rights, the Indigenous Rights Convention states that (i) indigenous groups should be notified and consulted prior to the development of any project on land deemed indigenous, although veto rights are not mentioned, and (ii) indigenous groups have, to the extent possible, a stake in benefits resulting from the exploitation of natural resources in indigenous land. The extent of these benefits has not been defined by the Chilean government. The Chilean government has addressed item (i) above through Supreme Decree No. 66, issued by the Social Development Ministry. This decree requires government entities to consult indigenous groups that may be directly affected by the adoption of legislative or administrative measures, and it also defines criteria for the projects or activities that must be reviewed through the environmental evaluation system that also require such consultation. To the extent that the new rights outlined in the Igndigenous Rights Convention become laws or regulations in Chile, judicial interpretations of the convention of those laws or regulations could affect the development of our investment projects in lands that have been defined as indigenous, which could have a material adverse effect on our business, financial condition and results of operations. The Chilean Supreme Court has consistently held that consultation processes must be carried out in the manner prescribed by Indigenous Rights Convention.

The consultation process may cause delays in obtaining regulatory approvals, including environmental permits, as well as public opposition by local and/or international political, environmental and ethnic groups, particularly in environmentally sensitive areas or in areas inhabited by indigenous populations. Furthermore, the omission of the consultation process when required by law may result in the revocation or annulment of regulatory approvals, including environmental permits already granted.

Consequently, operating projects may be affected since the omission of the consultation process, when required by law, could lead to public law annulment actions pursuing the annulment of the environmental permits granted.

However, this risk frequently arises during the environmental assessment phase when the environmental



permits are to be obtained. In such scenario, affected parties may take several legal actions to declare null or void the environmental permits that omitted the consultation process, and in some cases, courts have overturned environmental approvals in which consultation was not made as prescribed in the Indigenous Rights Convention.

If the Indigenous Rights Convention affects our development plans, it could have a material adverse effect on our business, financial condition and results of operations.

Chile has different corporate disclosure and accounting standards than those you may be familiar with in the United States.

Accounting, financial reporting and securities disclosure requirements in Chile differ in certain significant respects from those required in the United States. Accordingly, the information about us available to you will not be the same as the information available to holders of securities issued by a U.S. company. In addition, although Chilean law imposes restrictions on insider trading and price manipulation, applicable Chilean laws are different from those in the United States, and the Chilean securities markets are not as highly regulated and supervised as the U.S. securities markets.

## Chile is located in a seismically active region.

Chile is prone to earthquakes because it is located along major fault lines. During 2017-2021, Chile has experienced several earthquakes which had a magnitude of over 6.0 on the Richter scale. There were also earthquakes in the past decade that caused substantial damage to some areas of the country. Chile has also experienced volcanic activity. A major earthquake or a volcanic eruption could have significant negative consequences for our operations and for the general infrastructure, such as roads, rail, and access to goods, in Chile. Although we maintain industry standard insurance policies that include earthquake coverage, we cannot assure you that a future seismic or volcanic event will not have a material adverse effect on our business, financial condition and results of operations.

## Risks Relating to our Shares and to our ADSs

The price of our ADSs and the U.S. dollar value of any dividends will be affected by fluctuations in the U.S. dollar/Chilean peso exchange rate.

Chilean trading in the shares underlying our ADSs is conducted in Chilean pesos. The depositary for our ADSs will receive cash distributions that we make with respect to the shares in Chilean pesos. The depositary will convert such Chilean pesos to U.S. dollars at the then prevailing exchange rate to make dividend and other distribution payments in respect of ADSs. If the value of the Chilean peso falls relative to the U.S. dollar, the value of the ADSs and any distributions to be received from the depositary will decrease.

## Developments in other emerging markets could materially affect the value of our ADSs and our shares.

The Chilean financial and securities markets are, to varying degrees, influenced by economic and market conditions in other emerging market countries or regions of the world. Although economic conditions are different in each country or region, investor reaction to developments in one country or region can have significant effects on the securities of issuers in other countries and regions, including Chile and Latin America. Events in other parts of the world may have a material effect on Chilean financial and securities markets and on the value of our ADSs and our shares.

The prices of securities issued by Chilean companies, including banks, are influenced by varying degrees by economic and market considerations in other countries. We cannot assure you that future developments



in or affecting the Chilean economy, including consequences of economic difficulties in other markets, will not materially and adversely affect our business, financial condition or results of operations.

We are exposed to risks related to the weakness and volatility of the economic and political situation in Asia, the United States, Europe, other parts of Latin America and other nations. Although economic conditions in Europe and the United States may differ significantly from economic conditions in Chile, investors’ reactions to developments in these other countries may have an adverse effect on the market value of securities of Chilean issuers.

If these, or other nations’ economic conditions deteriorate, the economy in Chile, as both a neighboring country and a trading partner, could also be affected and could experience slower growth than in recent years, with possible adverse impact on our borrowers and counterparties.

The volatility and low liquidity of the Chilean securities markets could affect the ability of our shareholders to sell our ADSs.

The Chilean securities markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. The volatility and low liquidity of the Chilean markets could increase the price volatility of our ADSs and may impair the ability of a holder to sell our ADSs or to sell the shares underlying our ADSs into the Chilean market in the amount and at the price and time the holder wishes to do so.

Our share or ADS price may react negatively to future acquisitions, divestitures, capital increases and investments.

As world leaders in our core businesses, part of our strategy is to look for opportunities that will allow us to consolidate and strengthen our competitive position in jurisdictions in which we currently do not operate. Pursuant to this strategy, we may carry out acquisitions or joint ventures relating to any of our businesses or to new businesses in which we believe we may have sustainable competitive advantages. We may also seek to strengthen our leadership position in our core businesses through divestitures of certain assets or stakes in subsidiaries that we believe will allow us to concentrate our efforts on our core businesses. Depending on our capital structure at the time of any acquisitions or joint ventures, we may need to raise significant debt and/or equity which will affect our financial condition and future cash flows. We may also carry out capital increases, such as the one undertaken in 2021, in order to raise capital for our capital plan. In addition, any divestitures we effect may not result in strengthening our position in our core businesses as anticipated. Any change in our financial condition could affect our results of operations and negatively impact our share or ADS price.

ADS holders may be unable to enforce rights under U.S. securities laws.

Because we are a Chilean company subject to Chilean law, the rights of our shareholders may differ from the rights of shareholders in companies incorporated in the United States, and ADS holders may not be able to enforce or may have difficulty enforcing rights currently in effect under U.S. federal or state securities laws.

Our company is an open stock corporation incorporated under the laws of the Republic of Chile. Most of our directors and officers reside outside the United States, principally in Chile. All or a substantial portion of the assets of these persons are located outside the United States. As a result, if any of our shareholders, including holders of our ADSs, were to bring a lawsuit against our officers or directors in the United States, it may be difficult for them to effect service of legal process within the United States upon these persons. Likewise, it may be difficult for them to enforce judgments obtained in United States courts based upon the civil liability provisions of the federal securities laws in the United States against them in the United States.



In addition, there is no treaty between the United States and Chile providing for the reciprocal enforcement of foreign judgments. However, Chilean courts have enforced judgments rendered in the United States, provided that the Chilean court finds that the United States court respected basic principles of due process and public policy. Nevertheless, there is doubt as to whether an action could be brought successfully in Chile in the first instance on the basis of liability based solely upon the civil liability provisions of the United States federal securities laws.

As preemptive rights may be unavailable for our ADS holders, they have the risk of their holdings being diluted if we issue new stock.

Chilean laws require companies to offer their shareholders preemptive rights whenever issuing new shares of capital stock so shareholders can maintain their existing ownership percentage in a company. If we increase our capital by issuing new shares, a holder may subscribe for up to the number of shares that would prevent dilution of the holder’s ownership interest.

If we issue preemptive rights, United States holders of ADSs would not be able to exercise their rights unless a registration statement under the Securities Act were effective with respect to such rights and the shares issuable upon exercise of such rights or an exemption from registration were available. We cannot assure holders of ADSs that we will file a registration statement or that an exemption from registration will be available. Although in connection with the 2021 capital increase, we filed a registration statement that permitted holders of ADSs to exercise preemptive rights, we may, in our absolute discretion, decide not to prepare and file such a registration statement in a future capital increase. If our ADS holders were unable to exercise their preemptive rights in a future capital increase because we do not file a registration statement, the ADS depositary would attempt to sell their rights and distribute the net proceeds from the sale to them, after deducting the depositary’s fees and expenses. If the ADS depositary is not able sell the rights, the rights would expire and have no further value and holders of ADSs would not realize any value from them. In either case, ADS holders’ equity interests in us would be diluted in proportion to the increase in our capital stock.

If we were classified as a Passive Foreign Investment Company by the U.S. Internal Revenue Service, there could be adverse consequences for U.S. investors.

We believe that we were not classified as a Passive Foreign Investment Company (“PFIC”) for 2021. Characterization as a PFIC could result in adverse U.S. tax consequences to a U.S. investor in our shares or ADSs. For example, if we (or any of our subsidiaries) are a PFIC, our U.S. investors may become subject to increased tax liabilities under U.S. tax laws and regulations and will become subject to burdensome reporting requirements. The determination of whether or not we (or any of our subsidiaries or portfolio companies) are a PFIC is made on an annual basis and will depend on the composition of our (or their) income and assets from time to time.

Changes in Chilean tax regulations could have adverse consequences for U.S. investors.

Currently cash dividends paid by us to foreign shareholders are subject to a 35% Chilean withholding tax. When the Company pays a corporate income tax on the income from which the dividend is paid, known as a “First Category Tax”, a credit for all or a portion of the amount of the First Category Tax, depending on the jurisdiction of the foreign shareholder, effectively reduces the rate of Withholding Tax, which was equivalent of 23.90412% during 2021.

Changes in Chilean tax regulations could have adverse consequences for U.S. investors. For example, the changes introduced by Law No. 21,420 that will be effective on September 1, 2022, by which the highest value or gain obtained in the sale on the stock exchange or in a public offering process of shares of corporations with a high stock market presence will be affected by a single tax with a rate of 10%, except



for certain institutional investors, could have adverse tax consequences for investors resident in the United States.

## General Risk Factors

Our measures to minimize our exposure to bad debt may not be effective and a significant increase in our accounts receivable coupled with the financial condition of customers may result in losses that could have a material adverse effect on our business, financial condition and results of operations.

Potentially negative effects of global economic conditions on the financial condition of our customers may include the extension of the payment terms of our accounts receivable and may increase our exposure to bad debt. While we have implemented certain safeguards, such as using credit insurance, letters of credit and prepayment for a portion of sales, to minimize the risk, we cannot assure you that such safeguards will be effective and a significant increase in our accounts receivable coupled with the financial condition of customers may result in losses that could have a material adverse effect on our business, financial condition and results of operations.

## Quality standards in markets in which we sell our products could become stricter over time.

In the markets in which we do business, customers may impose quality standards on our products and/or governments may enact stricter regulations for the distribution and/or use of our products. As a result, if we cannot meet such new standards or regulations, we may not be able to sell our products. In addition, our cost of production may increase in order to meet any such newly imposed or enacted standards or regulations. Failure to sell our products in one or more markets or to important customers could materially adversely affect our business, financial condition and results of operations.

Our business is subject to many operating and other risks for which we may not be fully covered under our insurance policies.

Our facilities and business operations in Chile and abroad are insured against losses, damage or other risks by insurance policies that are standard for the industry and that would reasonably be expected to be sufficient by prudent and experienced persons engaged in businesses similar to ours.

We may be subject to certain events that may not be covered under our insurance policies, which could have a material adverse effect on our business, financial condition and results of operations. Additionally, as a result of major earthquakes and unexpected rains and flooding in Chile, as well as other natural disasters worldwide, conditions in the insurance market have changed and may continue to change in the future, and as a result, we may face higher premiums and reduced coverage, which could have a material adverse effect on our business, financial condition and results of operations.

## Our water supply could be affected by geological changes or climate change.

Our access to water may be impacted by changes in geology, climate change or other natural factors, such as wells drying up or reductions in the amount of water available in the wells or rivers from which we obtain water, that we cannot control. The use of seawater for future or current operations could increase our operating costs. Any such change may have a material adverse effect on our business, financial condition and results of operations.

## Any loss of key personnel may materially and adversely affect our business.

Our success depends in large part on the skills, experience and efforts of our senior management team and other key personnel. The loss of the services of key members of our senior management or employees with critical skills could have a negative effect on our business, financial condition and results of



operations. If we are not able to attract or retain highly skilled, talented and qualified senior managers or other key personnel, our ability to fully implement our business objectives may be materially and adversely affected.

We are subject to Chilean and international anti-corruption, anti-bribery, anti-money laundering and international trade laws. Failure to comply with these laws could adversely impact our business, financial condition and results of operations.

We are required to be in compliance with all applicable laws and regulations in Chile and internationally with respect to anti-corruption, anti-money laundering and other regulatory matters, including the FCPA. Although we and our subsidiaries maintain policies and processes intended to comply with these laws, we cannot ensure that these compliance policies and processes will prevent intentional, reckless or negligent acts committed by our officers or employees.

If we or our subsidiaries fail to comply with any applicable anti-corruption, anti-bribery, anti-money laundering or other similar laws, we and our officers and employees may be subject to criminal, administrative or civil penalties and other remedial measures, which could have material adverse effects on our and our subsidiaries' business, financial condition and results of operations. Any investigation of potential violations of anti-corruption, anti-bribery or anti-money laundering laws by governmental authorities in Chile or other jurisdictions could result in an inability to prepare our consolidated financial statements in a timely manner. This could adversely impact our reputation, ability to access the financial markets and ability to obtain contracts, assignments, permits and other government authorizations necessary to participate in our and our subsidiaries' industry, which, in turn, could have adverse effects on our and our subsidiaries' business, financial condition and results of operations.

We are subject to risks related to the ongoing military conflict between Ukraine and Russia and it may have a material adverse effect on our business, financial condition and results of operations

On February 24, 2022, Russia launched a military invasion of Ukraine. The ongoing military conflict between Russia and Ukraine has provoked strong reactions from the United States, the UK, the European Union and various other countries around the world, including the imposition of broad financial and economic sanctions against Russia. While the precise effects of the ongoing military conflict and these sanctions on the Russian and global economies remain uncertain, they have already resulted in significant volatility in financial markets as well as in an increase in energy and commodity prices globally. Should the conflict continue or escalate, markets may face various economic and security consequences including, but not limited to, supply shortages of different kinds, further increases in prices of commodities, including natural gas, oil, fertilizers and agricultural goods, significant disruptions in logistics infrastructure, telecommunications services, the risk of unavailability of information technology systems and infrastructure, among others, given that Russia and Ukraine are significant exporters of commodities. The resulting impacts on financial markets, inflation, interest rates, unemployment and other matters could disrupt the global economy. Other potential consequences include, but are not limited to, growth in the number of popular uprisings in the region, increased political discontent, especially in the regions most affected by the conflict or economic sanctions, increase in cyberterrorism activities and attacks, displacement of persons to regions close to the areas of conflict and an increase in the number of refugees fleeing across Europe, among other unforeseen social and humanitarian effects.

## 3) F) DESCRIPTION OF BUSINESS ENVIRONMENT: CAPITAL EXPENDITURE PROGRAM

We regularly review different opportunities to improve our production methods, reduce costs, increase production capacity of existing products and develop new products and markets. Additionally, significant capital expenditures are required every year in order to sustain our production capacity. We are focused on developing new products in response to identified customer demand, as well as new products that can



be derived as part of our existing production or other products that could fit our long-term development strategy.

Our capital expenditures in Chile have been mainly related to the organic growth and sustainability of our business, including the construction of new facilities and the renovation of plants and equipment. In 2021, we also worked on the expansion of our lithium carbonate and lithium hydroxide capacity in Chile, which reached 120,000 metric tons and 21,500 metric tons respectively by the end of 2021. We also began expansions related to the mining and production facilities of nitrates and iodine in Chile and lithium hydroxide in Western Australia.

Our capital expenditures for the years ended December 31, 2021, 2020 and 2019 were as follows:

<table><tr><td>(in millions of U.S. dollars)</td><td>2021</td><td>2020</td><td>2019</td></tr><tr><td>Capital Expenditures</td><td>471.5</td><td>322.2</td><td>321.3</td></tr></table>

During 2021, we had total capital expenditures of US$471.5 million. Our 2021 capital expenditure was primarily related to:

- Capacity expansion projects related to the completion of our increase of our lithium carbonate production in Chile from 70,000 metric tons per year to 120,000 metric tons per year and investment in our lithium carbonate production from 120,000 to 180,000 metric tons per year;

- Completion of capacity expansion of lithium hydroxide production in Chile from 13,500 metric tons per year to 21,500 metric tons per year and commencement of a further capacity expansion of lithium hydroxide production in Chile from 21,500 metric tons per year to 30,000 metric tons per year;

• Investment in our new 50,000 metric ton lithium hydroxide facility in Western Australia;

• Optimization projects related to iodine production plants in Nueva Victoria; and

- General maintenance of all production units in order to ensure the fulfillment of production and sales targets.

During 2020, we had total capital expenditures of US$322.2 million, a decrease compared to the US$450 million that was originally expected as a result in the delay of the purchasing of equipment. Our 2020 capital expenditure is primarily related to:

- Capacity expansion projects related to the increase of our lithium carbonate production from 70,000 metric tons per year to 120,000 metric tons per year in Chile;

- Capacity expansion of lithium hydroxide production from 13,500 metric tons per year to 21,500 metric tons per year in Chile;

• Optimization projects related to potassium nitrate production plants in Coya Sur; and

- General maintenance of all production units in order to ensure the fulfillment of production and sales targets.

During 2019, we had total capital expenditures of US$321.3 million, primarily related to:

- Capacity expansion projects related to the completion of the increase of our lithium carbonate production to 70,000 metric tons per year and the commencement of our lithium carbonate expansion project to reach 120,000 metric tons per year.

- Capacity expansion of lithium hydroxide production from 13,500 metric tons per year to 21,500 metric tons per year in Chile;

- Investments to increase iodine capacity to 14,800 metric tons per year in the Nueva Victoria mine; and



- Capacity expansion and optimization projects related to potassium nitrate production plants II, III and IV in Coya Sur.

We believe that our capital expenditures for 2022 could reach approximately US$900 million focused on the increase of our production capacity, primarily related to lithium carbonate and lithium hydroxide capacity expansions and nitrates and iodine capacity in Chile, and development of our lithium project in Australia, as well as the maintenance of our production facilities in order to strengthen our ability to meet our production goals. We expect our installed capacity of lithium carbonate and lithium hydroxide in Chile to reach approximately 180,000 and 30,000 metric tons, respectively, during the first half of 2022. We will also begin the investment in a new lithium expansion in Chile, increasing lithium carbonate and lithium hydroxide capacity to approximately 210,000 and 40,000 metric tons, respectively, by 2024. We will also invest heavily in our Mt. Holland lithium project in Western Australia through the purchase of necessary equipment and continuing the construction of the project.

In addition, we will begin investments in the Pampa Oromca project in the Tarapacá Region of Chile to increase effective iodine capacity by approximately 2,500 metric tons, and increase our nitrate salts production by 320,000 metric tons, including the use of 200 liters/second of seawater for the leaching operation. Production is expected to start during 2024.

## 4) OWNERSHIP AND SHARES

## 4) A) OWNERSHIP AND SHARES: OWNERSHIP

## i) OWNERSHIP CONTROL SITUATION

As of December 31, 2021, SQM does not have a “controlling group” as such term is defined in Title XV of Chilean Law No. 18,045.

## ii) IDENTIFICATION OF NON-CONTROLLING MAJORITY SHAREHOLDERS

SQM has been informed that, as of December 31, 2021, Mr. Julio Ponce Lerou (ID No. 4.250.719-9) and related persons control 100% of Inversiones SQYA Ltda. (“SQYA”) and 100% of Inversiones SQ Ltda. These two companies control indirectly 26.07% of all shares of SQM (consisting of 71,966,917 Series A shares and 2,490,965 Series B shares), as follows:

(i) Inversiones SQ Ltda. controls 0.026% of Norte Grande S.A. (“Norte Grande”) and SQYA controls 73.78% of Norte Grande, which controls 76.85% of Sociedad de Inversiones Oro Blanco S.A., which controls 88.82% of Sociedad de Inversiones Pampa Calichera S.A. (“Pampa Calichera”), which controls 16.62% of SQM, as of December 31, 2021. On the other hand, Inversiones SQYA Ltda. controls 3.89% of Sociedad de Inversiones Oro Blanco S.A. and 7.44% of Nitratos de Chile S.A.

(ii) Pampa Calichera controls 99.99% of Inversiones Global Mining Chile Limitada, which controls 3.08% of SQM, and

(iii) Norte Grande controls 80.01% of Nitratos de Chile S.A., which controls 99.02% of Potasios de Chile S.A., which controls 10.09% of Pampa Calichera and 6.36% of SQM.

Thus, Pampa Calichera and its related companies, Inversiones Global Mining Chile Limitada and Potasios de Chile S.A. (together, “Pampa Group”), control 26.07% of SQM.

As reported by Depósito Central de Valores S.A. (“DCV”), which keeps formal records of the shareholders of the Company, as of December 31, 2021, Inversiones TLC SpA, a subsidiary of Tianqi Lithium Corporation (“Tianqi”), is a direct owner of 62,556,568 of SQM’s shares, equivalent to 21.90% of SQM’s



total shares. In addition, as reported by Inversiones TLC SpA, Tianqi, through its subsidiaries, owns 5,275,318 Series B shares of SQM. Therefore, as of December 31, 2021, Tianqi beneficially owns 23.75%, of SQM’s total shares.

As of December 31, 2021, Kowa Company Ltd., Inversiones La Esperanza (Chile) Limitada, Kochi S.A., and Kowa Holding America Inc. (together, “Kowa Group”) are owners of 2.20% of all shares in SQM.

For the breakdown by series of share of the Pampa Group, Tianqi and Kowa Group ownership of shares in SQM, see Section 4) A) iii) Identification of 12 Largest Shareholders.

## iii) IDENTIFICATION OF 12 LARGEST SHAREHOLDERS

As informed by DCV, as of December 31, 2021, the 12 largest shareholders including both Series A and Series B shares were:

<table><tr><td>Series A + Series B</td><td>Taxpayer ID</td><td>Number of Shares</td><td>% Ownership</td></tr><tr><td>THE BANK OF NEW YORK MELLON ADRS \( ^{1} \)</td><td>59,030,820-K</td><td>67,603,420</td><td>23.67%</td></tr><tr><td>INVERSIONES TLC SPA</td><td>76,902,021-7</td><td>62,556,568</td><td>21.90%</td></tr><tr><td>SOCIEDAD DE INVERSIONES PAMPA CALICHERA SA \( ^{2} \)</td><td>96,511,530-7</td><td>44,989,231</td><td>15.75%</td></tr><tr><td>POTASIOS DE CHILE SA</td><td>76,165,311-3</td><td>18,179,147</td><td>6.36%</td></tr><tr><td>BANCO DE CHILE POR CUENTA DE STATE STREET</td><td>97,004,000-5</td><td>9,201,807</td><td>3.22%</td></tr><tr><td>BANCO SANTANDER POR CUENTA DE INV EXTRAJEROS</td><td>97,036,000-K</td><td>8,856,091</td><td>3.10%</td></tr><tr><td>INV GLOBAL MINING CHILE LTDA</td><td>96,863,960-9</td><td>8,798,539</td><td>3.08%</td></tr><tr><td>AFP HABITAT S.A.</td><td>98,000,100-8</td><td>8,445,258</td><td>2.96%</td></tr><tr><td>BANCO DE CHILE POR CUENTA DE TERCEROS NO RESIDENTES</td><td>97,004,000-5</td><td>7,940,310</td><td>2.78%</td></tr><tr><td>AFP CUPRUM S.A.</td><td>76,240,079-0</td><td>6,034,262</td><td>2.11%</td></tr><tr><td>AFP CAPITAL S.A.</td><td>98,000,000-1</td><td>5,227,471</td><td>1.83%</td></tr><tr><td>BANCO DE CHILE POR CUENTA DE CITI NA NEW YORK CLIE</td><td>97,004,000-5</td><td>4,862,773</td><td>1.70%</td></tr><tr><td>Subtotal 12 Largest Shareholders, Series A and B</td><td></td><td>252,694,877</td><td>88.47%</td></tr><tr><td>Total Shares, Series A and B</td><td></td><td>285,638,456</td><td>100.00%</td></tr></table>

 \( ^{1} \)  The Bank of New York Mellon is the depositary bank for the Company’s ADSs traded on the New York Stock Exchange. Information about ADS holders is provided at the end of this section.

 \( ^{2} \)  Total Sociedad de Inversiones Pampa Calichera S.A. 47,480,196 Series A and B shares; 2,490,965 Series B shares are in the custody of various brokers.

As informed by DCV, as of December 31, 2021, the 12 largest shareholders of Series A shares were:

<table><tr><td>Series A</td><td>Taxpayer ID</td><td>Number of Shares</td><td>% Ownership</td></tr><tr><td>INVERSIONES TLC SPA</td><td>76,902,021-7</td><td>62,556,568</td><td>43.80%</td></tr><tr><td>SOCIEDAD DE INVERSIONES PAMPA CALICHERA SA</td><td>96,511,530-7</td><td>44,989,231</td><td>31.50%</td></tr><tr><td>POTASIOS DE CHILE SA</td><td>76,165,311-3</td><td>18,179,147</td><td>12.73%</td></tr><tr><td>INV GLOBAL MINING CHILE LTDA</td><td>96,863,960-9</td><td>8,798,539</td><td>6.16%</td></tr><tr><td>INVERSIONES LA ESPERANZA CHILE LIMITADA</td><td>79,798,650-K</td><td>4,246,226</td><td>2.97%</td></tr><tr><td>KOCHI SA</td><td>96,518,570-4</td><td>1,014,860</td><td>0.71%</td></tr><tr><td>KOWA CO LTD</td><td>59,046,730-8</td><td>781,429</td><td>0.55%</td></tr><tr><td>KOWA HOLDINGS AMERICA INC</td><td>59,023,690-K</td><td>227,550</td><td>0.16%</td></tr></table>



<table><tr><td>BANCHILE CORREDORES DE BOLSA S A</td><td>96,571,220-8</td><td>194,795</td><td>0.14%</td></tr><tr><td>BCI C DE B S A</td><td>96,519,800-8</td><td>183,616</td><td>0.13%</td></tr><tr><td>INVERSIONES RENTAMAX LIMITADA</td><td>76,056,187-8</td><td>154,000</td><td>0.11%</td></tr><tr><td>TANNER C DE B S A</td><td>80,962,600-8</td><td>146,301</td><td>0.10%</td></tr><tr><td>Subtotal 12 Largest Shareholders, Series A</td><td></td><td>141,472,262</td><td>99.06%</td></tr><tr><td>Total Shares, Series A</td><td></td><td>142,819,552</td><td>100.00%</td></tr></table>

As informed by DCV, as of December 31, 2021, the 12 largest shareholders of Series B shares were:

<table><tr><td>Series B</td><td>Taxpayer ID</td><td>Number of Shares</td><td>% Ownership</td></tr><tr><td>THE BANK OF NEW YORK MELLON ADRS \( ^{1} \)</td><td>59,030,820-K</td><td>67,603,420</td><td>47.34%</td></tr><tr><td>BANCO DE CHILE POR CUENTA DE STATE STREET</td><td>97,004,000-5</td><td>9,178,379</td><td>6.43%</td></tr><tr><td>BANCO SANTANDER POR CUENTA DE INV EXTRANJEROS</td><td>97,036,000-K</td><td>8,856,091</td><td>6.20%</td></tr><tr><td>AFP HABITAT S.A.</td><td>98,000,100-8</td><td>8,445,258</td><td>5.91%</td></tr><tr><td>BANCO DE CHILE POR CUENTA DE TERCEROS NO RESIDENTES</td><td>97,004,000-5</td><td>7,939,865</td><td>5.56%</td></tr><tr><td>AFP CUPRUM S.A.</td><td>76,240,079-0</td><td>6,034,262</td><td>4.23%</td></tr><tr><td>AFP CAPITAL S.A.</td><td>98,000,000-1</td><td>5,227,471</td><td>3.66%</td></tr><tr><td>AFP PROVIDA S.A.</td><td>76,265,736-8</td><td>5,050,934</td><td>3.54%</td></tr><tr><td>BANCO DE CHILE POR CUENTA DE CITI NA NEW YORK CLIE</td><td>97,004,000-5</td><td>4,795,310</td><td>3.36%</td></tr><tr><td>LARRAIN VIAL S A CORREDORA DE BOLSA</td><td>80,537,000-9</td><td>3,653,614</td><td>2.56%</td></tr><tr><td>BANCHILE CORREDORES DE BOLSA S A</td><td>96,571,220-8</td><td>1,610,732</td><td>1.13%</td></tr><tr><td>AFP PLANVITAL S.A.</td><td>98,001,200-K</td><td>880,955</td><td>0.62%</td></tr><tr><td>Subtotal 12 Largest Shareholders, Series B \( ^{2} \)</td><td></td><td>129,276,291</td><td>90.52%</td></tr><tr><td>Total Shares, Series B</td><td></td><td>142,818,904</td><td>100.00%</td></tr></table>

 \( ^{1} \)  The Bank of New York Mellon is the depositary bank for the Company’s ADSs traded on the New York Stock Exchange. Information about ADS holders is provided at the end of this section.

 \( ^{2} \)  Not included the total of 2,490,965 of Series B shares owned by Sociedad de Inversiones Pampa Calichera S.A., which are held in the custody of various brokers.

As informed by The Bank of New York Mellon, the depositary bank for the Company’s ADSs traded on the New York Stock Exchange, and according to public 13F filings with the U.S. Securities and Exchange Commission, the 12 largest ADS holders as of December 31, 2021 were:

<table><tr><td>ADSs (Series B)</td><td>Taxpayer ID</td><td>Number of ADSs</td><td>% Ownership Series B</td><td>% Ownership Total Shares</td></tr><tr><td>Fidelity Management &amp; Research Company, LLC</td><td>N/A</td><td>4,775,799</td><td>3.34%</td><td>1.67%</td></tr><tr><td>Global X Management Company, LLC</td><td>N/A</td><td>3,608,674</td><td>2.53%</td><td>1.26%</td></tr><tr><td>RWC Asset Advisors (US), LLC</td><td>N/A</td><td>3,315,388</td><td>2.32%</td><td>1.16%</td></tr><tr><td>Robeco Switzerland AG</td><td>N/A</td><td>2,514,099</td><td>1.76%</td><td>0.88%</td></tr><tr><td>BlackRock Fund Advisors</td><td>N/A</td><td>1,685,266</td><td>1.18%</td><td>0.59%</td></tr></table>



<table><tr><td>BTG Pactual Asset Management S/A DTVM</td><td>N/A</td><td>1,503,369</td><td>1.05%</td><td>0.53%</td></tr><tr><td>EARNEST Partners, LLC</td><td>N/A</td><td>1,484,477</td><td>1.04%</td><td>0.52%</td></tr><tr><td>State Street Global Advisors (SSgA)</td><td>N/A</td><td>1,472,038</td><td>1.03%</td><td>0.52%</td></tr><tr><td>Macquarie Investment Management</td><td>N/A</td><td>1,394,349</td><td>0.98%</td><td>0.49%</td></tr><tr><td>BlackRock Advisors, LLC</td><td>N/A</td><td>1,348,702</td><td>0.94%</td><td>0.47%</td></tr><tr><td>Candriam Belgium S.A.</td><td>N/A</td><td>1,339,455</td><td>0.94%</td><td>0.47%</td></tr><tr><td>APG Asset Management N.V.</td><td>N/A</td><td>1,202,687</td><td>0.84%</td><td>0.42%</td></tr><tr><td colspan="2">Subtotal 12 Largest ADS Holders</td><td>25,644,303</td><td>17.96%</td><td>8.98%</td></tr><tr><td colspan="2">Total ADSs as of December 31, 2021</td><td>67,603,420</td><td>47.34%</td><td>23.67%</td></tr></table>

## iv) TOTAL NUMBER OF SHAREHOLDERS

The following table shows the total number of SQM’s shareholders as of December 31, 2021:

<table><tr><td></td><td>Shareholders Registry</td><td>ADS Holders Registry</td><td>Total Holders</td></tr><tr><td>Total Number of Shareholders, Series A and B</td><td>1,500</td><td>100</td><td>1,600</td></tr><tr><td>Total Number of Shareholders, Series A</td><td>393</td><td>-</td><td>393</td></tr><tr><td>Total Number of Shareholders, Series B</td><td>1,389</td><td>100</td><td>1,489</td></tr></table>

## v) SIGNIFICANT CHANGES IN SHARE OWNERSHIP

On April 28, 2021, the Company completed a US$1.1 billion capital stock increase. The capital stock increase was approved at an extraordinary shareholders' meeting held by the Company on January 22, 2021. It included a mandatory 30-day pre-emptive rights offering, under Chilean law, to existing holders of the Company's Series B common stock and a corresponding pre-emptive rights offering to existing holders of American Depositary Shares (ADSs). Existing shareholders received transferable share rights to subscribe for shares of Series B common stock at a subscription price of US$50 per share and the share rights were traded in Chile on the Santiago Stock Exchange and the Electronic Stock Exchange. Existing ADS holders received transferable ADS rights to subscribe for ADSs at a subscription price of US$50 per ADS and the ADS rights were traded in the U.S. on the New York Stock Exchange. The pre-emptive rights offerings ended on April 24, 2021 with respect to the share rights in Chile and on April 19, 2021 with respect to the ADS rights in the U.S. Of the 22,441,932 new Series B shares offered in the pre-emptive rights offerings, a total of 21,687,549 Series B shares (including shares in the form of ADSs), i.e. almost 97% of the Serie B shares offered, were subscribed in the preemptive rights offerings. The remaining 754,383 Series B shares that were not subscribed for in the pre-emptive rights offerings were offered and placed in auctions conducted through the Santiago Stock Exchange to investors in Chile and outside Chile (including in the United States) on April 28, 2021, at an average price of approximately US$54 per share.

## 4) B) OWNERSHIP STRUCTURE AND SHARES: SHARES AND THEIR CHARACTERISTICS AND RIGHTS

## i) DESCRIPTION OF SERIES OF SHARES

Dividends are annually distributed to the Series A and Series B shareholders of record on the fifth business day prior to the date for payment of the dividends. The By-laws do not specify a time limit after which dividend entitlement elapses but Chilean regulations establish that after 5 years, unclaimed dividends are to be donated to the Chilean Fire Department.



Article 5 of the Company’s By-laws establishes that Series B shares may in no case exceed fifty percent of the issued, outstanding and paid shares of SQM. Series B shares have a restricted right to vote as they can only elect one Director of the Company, regardless of their capital stock’s share. Series B shares have the right to call for an Ordinary or Extraordinary Shareholders’ Meeting when the shareholders of at least 5% of the Series B shares request so and to call for an Extraordinary Board of Directors Meeting without the Chairman’s authorization when it is requested by the Director elected by the shareholders of the Series B shares. Series A shares have the option to exclude the Director elected by Series B shareholders from the voting process in which the Chairman of the Board is to be elected, if there is a tie in the first voting process. The second transitory article and articles 31 and 31 bis of the Company’s By-laws establish that in General Shareholders’ Meetings each shareholder will have a right to one vote for each share he owns or represents and (a) that no shareholder will have the right to vote for himself or on behalf of other shareholders of the same Series A or Series B shares representing more than 37.5% of the total outstanding shares with right to vote of each Series and (b) that no shareholder will have the right to vote for himself or on behalf of other shareholders representing more than 32% of the total outstanding shares with a right to vote. In calculating a single shareholder’s ownership of Series A or B shares, the shareholder’s stock and those pertaining to third parties related to them are to be added.

The second transitory article provides as follows:

“Throughout the period running from the date of the extraordinary shareholders’ meeting at which this transitory article is incorporated, and December 31, 2030, the restriction against voting on behalf of more than 37.5% of any series of shares in the Company, established in Article 31 hereof, shall be subject to the following exception, applicable only to the election of board members by means of Series A shares in the Company: If two or more persons, regardless of whether or not they are related parties to each other (the incoming shareholders), act prior to December 31, 2030 such as to acquire a sufficient number of Series A shares to allow them to hold voting powers for the selection of directors of the Company amounting to more than 37.5% of that series, then any registered shareholder or group of shareholders holding more than 37.5% of all Series A shares in the Company shall be entitled to vote for the selection of directors of the Company amounting to whichever is less, between a number of the Series A shares that are held (i) by existing shareholders as of that date, and (ii) by the incoming shareholders with voting rights.

Similarly, if for any reason a registered shareholder in the Company as of the date hereof who holds more than 37.5% of Series A shares in the company between the date hereof and December 31, 2030, comes to hold more voting shares for the selection of directors of the Company than the votes allocated for holding 37.5% of said Series A shares, either through a joint action agreement with other shareholders, including existing shareholders, or by any other means, then any other shareholder or group of shareholders in the Company that is not a related party to the same and holds more than 37.5% of all voting Series A shares in the Company, including both existing and incoming shareholders, shall be entitled to vote for the selection of directors of the Company in accordance with whichever number of Series A shares in the Company is the lesser, between (i) the number held by this shareholder or group of shareholders, and (ii) the existing shareholder may have the capacity to vote in excess of the restriction amounting to 37.5% of said shares.”

Article 5 bis of the Company’s By-laws establishes that no person may directly or by means of related third persons concentrate more than 32% of the Company’s total shares with right to vote.

Each Series A share and Series B share is entitled to share equally in the Company’s profits, i.e., they have the same rights on any dividends declared on the outstanding shares of SQM.

The Company By-laws do not contain any provision relating to (a) redemption provisions (b) sinking funds or (c) liability to capital calls by the Company.



As established in article 103 of Law No. 18,046, a company subject to the supervision of the SVS may be liquidated in the following cases:

• Expiration of the duration term, if any, as established in its By-laws;

- All the shares end up in the possession of one individual for more than ten continuous days;

• By agreement of an Extraordinary Shareholders Meeting;

- By abolition, pursuant to applicable laws, of the decree that authorized its existence;

• Any other reason contemplated in its By-laws.

Article 40 of the Company’s By-laws states that in the event of liquidation, the Shareholders’ Meeting will appoint a three-member receiver committee that will have the authority to carry out the liquidation process. Any surplus will be distributed equally among the shareholders.

The only way to change the rights of the holders of the SQM shares, including holders of our ADSs, is by modifying its By-laws, which can only be carried out by an Extraordinary Shareholders' Meeting, as established in article 28 of the Company By-laws.

Total number of shares:

• Series A: 142,819,552

• Series B: 142,818,904

## ii) DIVIDEND POLICY

SQM's dividend policy for 2021, reported at the Shareholders' Meeting held on April 23, 2021 and modified as a result of the approval of the distribution and payment of a special dividend equivalent to US$1.40037 per share charged to the retained earnings of the Company (the "Special Dividend") by the Extraordinary Shareholders' Meeting held on December 22, 2021, included the following:

(a) Distribute and pay to the corresponding shareholders, a percentage of the net income that shall be determined per the following financial parameters as a final dividend (dividendo definitivo):

(i) 100% of the 2021 net income, when the following financial parameters are met: (a) that the total current assets, divided by the total current financial liabilities is equal to or greater than 2.5 times, and (b) the sum of the total current liabilities and total non-current liabilities, excluding both cash and cash equivalents and other current financial assets, divided by the total equity is equal to or less than 0.85 times.

(ii) 80% of the 2021 net income, when the following financial parameters are met: (a) that the total current assets, divided by the total sum of the total current financial liabilities is equal to or greater than 2.0 times, and (b) the total sum of the current liabilities and total non-current liabilities, excluding both cash and cash equivalents and other current financial assets divided by the total equity is equal to or less than 0.95 times.

(iii) 60% of the 2021 net income, when the following financial parameters are met: (a) that the total current assets, divided by the total sum of the total current financial liabilities is equal to or greater than 1.5 times, and (b) the total sum of the current liabilities and total non-current liabilities, excluding both cash and cash equivalents and other current financial assets divided by the total equity is equal to or less than 1.05 times.

(iv) If none of the foregoing financial parameters are met, the Company shall distribute and pay 50% of the 2021 net income in favor of the respective shareholders as a final dividend.

(b) Distribute and pay only two interim dividends during 2021, which will be charged against the aforementioned final dividend and that will be charged to the retained earnings reflected in the



consolidated financial statements as of March 31, 2021 and as of June 30, 2021, respectively, the percentage distributed shall be determined per the financial parameters expressed in letter a) above.

It is recorded that on May 19, 2021 and on August 18, 2021, the Company's Board of Directors agreed to distribute and pay an interim dividend equivalent to US$0.23797 per share and US$0.31439 per share, respectively, both charged to the Company's 2021 retained earnings. Said amount was paid in its equivalent in Chilean pesos according to the official exchange rate on May 28, 2021 and on September 1, 2021, respectively (the “Interim Dividends”).

(c) The Board of Directors will not approve the payment of other interim dividends charged against the 2021 net income.

(d) At the ordinary general shareholders’ meeting that will be held in 2022, the Board of Directors shall propose a final dividend pursuant to the percentages in financial parameters described in in letter a) above discounting the Special Dividend and Interim Dividends. If the amount is equal to or less than the amount of the sum of the Special Dividend and the Interim Dividends, then no additional amount will be distributed and the Interim Dividends will be understood to be paid as a definitive dividend. In any case, the final dividend may not be less than the mandatory minimum dividend that corresponds in accordance with Chilean law or the Company bylaws.

(e) If there is an excess of net income in 2021, this may be retained and assigned or allocated for financing its own operations, to one or more investment projects of the Company, notwithstanding a future distribution of special dividends (dividendos eventuales) charged to the retained earnings previously approved at the shareholders’ meeting, or the possible and future capitalization of all or part of the latter.

(f) The payment of additional dividends (dividendos adicionales) is not considered.

It is expressly stated that the dividend policy described above corresponds to the intention of the Board of Directors, and the compliance of it shall depend on the net income that the Company ultimately obtains, as well as the results of projections that could periodically impact the Company, or to the existence of determined conditions that may affect it, as applicable. If the dividend policy exposed by the Board of Directors suffers a substantial change, the Company must communicate it as an essential fact (hecho esencial).

On December 22, 2021, the Extraordinary Shareholders' Meeting approved the payment of a special dividend of US$400 million, equivalent to US$1.40037 per share, charged to the retained earnings of the Company. This amount was paid on December 30, 2021.

## iii) (1) STATISTICAL INFORMATION: DIVIDENDS

All series A and series B shares carry equal rights to share in any dividend declared on SQM’s shareholder capital in circulation. During the past three years, the Company has paid out the following dividends:

<table><tr><td>Payout Year</td><td>US$ Total (in millions)</td><td>US$/Share</td></tr><tr><td>2019</td><td>108.6</td><td>0.41274</td></tr><tr><td>2019 (Interim)</td><td>80.5</td><td>0.30598</td></tr><tr><td>2019 (Interim)</td><td>70.2</td><td>0.26669</td></tr><tr><td>2019 (Interim)</td><td>60.5</td><td>0.22987</td></tr><tr><td>2020</td><td>66.9</td><td>0.25414</td></tr><tr><td>2020 (Interim)</td><td>45.0</td><td>0.17092</td></tr></table>



<table><tr><td>2020 (Evenual)</td><td>100.0</td><td>0.37994</td></tr><tr><td>2021</td><td>4.4</td><td>0.01530</td></tr><tr><td>2021 (Interim)</td><td>68.0</td><td>0.23797</td></tr><tr><td>2021 (Interim)</td><td>89.8</td><td>0.31439</td></tr><tr><td>2021 (Eventual)</td><td>400.0</td><td>1.40037</td></tr></table>

## iii) (2) STATISTICAL INFORMATION: SHARE TRANSACTIONS

SQM’s Series A and Series B shares are traded on the Santiago Stock Exchange and the Santiago Electronic Stock Exchange. The Company’s Series B shares have been traded as ADSs on the New York Stock Exchange since September 20, 1993.

Information on SQM’s shares on Chilean stock exchanges:

<table><tr><td rowspan="2"></td><td colspan="2">Average Price (Ch\(/Share)</td><td colspan="2">Number of Shares Traded</td><td colspan="2">Amount Traded (Millions of Ch\))</td></tr><tr><td>SQM-A</td><td>SQM-B</td><td>SQM-A</td><td>SQM-B</td><td>SQM-A</td><td>SQM-B</td></tr><tr><td>2021</td><td>37,078</td><td>40,113</td><td>25,690,000</td><td>119,360,000</td><td>952,522</td><td>4,787,864</td></tr><tr><td>I Quarter</td><td>32,959</td><td>38,033</td><td>1,510,000</td><td>31,620,000</td><td>49,768</td><td>1,202,604</td></tr><tr><td>II Quarter</td><td>32,461</td><td>35,351</td><td>3,150,000</td><td>33,860,000</td><td>102,252</td><td>1,196,982</td></tr><tr><td>III Quarter</td><td>37,102</td><td>39,474</td><td>9,580,000</td><td>25,460,000</td><td>355,440</td><td>1,005,014</td></tr><tr><td>IV Quarter</td><td>45,705</td><td>47,494</td><td>11,450,000</td><td>28,420,000</td><td>523,320</td><td>1,349,767</td></tr></table>

Source: Bloomberg, Composite Exchange

Information on SQM’s shares on the New York Stock Exchange:

<table><tr><td rowspan="2"></td><td>Average Price (US$/ADS)</td><td>Number of Shares Traded</td><td>Amount Traded (Millions of US$)</td></tr><tr><td>SQM-B</td><td>SQM-B</td><td>SQM-B</td></tr><tr><td>2021</td><td>53.01</td><td>340,910,000</td><td>18,072</td></tr><tr><td>I Quarter</td><td>54.43</td><td>81,170,000</td><td>4,418</td></tr><tr><td>II Quarter</td><td>49.26</td><td>83,190,000</td><td>4,098</td></tr><tr><td>III Quarter</td><td>51.01</td><td>79,660,000</td><td>4,063</td></tr><tr><td>IV Quarter</td><td>57.34</td><td>96,860,000</td><td>5,554</td></tr></table>

Source: Bloomberg, Composite Exchange



## 5) SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT

## 5) A) SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT: DIVERSITY WITHIN THE BOARD OF DIRECTORS AS OF DECEMBER 31, 2021

## i) NUMBER OF PERSONS BY GENDER

<table><tr><td>Number of female directors</td><td>0</td></tr><tr><td>Number of male directors:</td><td>8</td></tr><tr><td>Female participation, %</td><td>0%</td></tr></table>

## ii) NUMBER OF PERSONS BY NATIONALITY

<table><tr><td>Number of Chilean directors:</td><td>6</td></tr><tr><td>Number of foreign directors:</td><td>2</td></tr><tr><td>Foreign directors, %</td><td>25%</td></tr></table>

## iii) NUMBER OF PERSONS BY AGE

Number of directors whose age is:

<table><tr><td>Under 30 years:</td><td>0</td></tr><tr><td>30 to 40 years:</td><td>1</td></tr><tr><td>41 to 50 years:</td><td>3</td></tr><tr><td>51 to 60 years:</td><td>2</td></tr><tr><td>61 to 70 years:</td><td>1</td></tr><tr><td>Over 70 years:</td><td>1</td></tr><tr><td>Average age, years</td><td>54</td></tr></table>

## iv) NUMBER OF PERSONS BY YEARS OF SERVICE

Number of directors who, as of December 31, 2021, have held the position of director of SQM for:

<table><tr><td>Less than 3 years:</td><td>1</td></tr><tr><td>Between 3 and 6 years:</td><td>7</td></tr><tr><td>More than 6 and less than 9 years:</td><td>0</td></tr><tr><td>Between 9 and 12 years:</td><td>0</td></tr><tr><td>More than 12 years:</td><td>0</td></tr><tr><td>Average tenure, years</td><td>4</td></tr></table>

## 5) B) SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT: DIVERSITY WITHIN EXECUTIVE MANAGEMENT AS OF DECEMBER 31, 2021

## i) NUMBER OF PERSONS BY GENDER

<table><tr><td>Number of female executive officers:</td><td>1</td></tr><tr><td>Number of male executive officers:</td><td>6</td></tr><tr><td>Female participation, %</td><td>14%</td></tr></table>

## ii) NUMBER OF PERSONS BY NATIONALITY



<table><tr><td>Number of Chilean executive officers:</td><td>7</td></tr><tr><td>Number of foreign executive officers:</td><td>0</td></tr><tr><td>Foreign executive officers, %</td><td>0%</td></tr></table>

## iii) NUMBER OF PERSONS BY AGE

Number of executive officers whose age is:

<table><tr><td>Under 30 years:</td><td>0</td></tr><tr><td>30 to 40 years:</td><td>0</td></tr><tr><td>41 to 50 years:</td><td>6</td></tr><tr><td>51 to 60 years:</td><td>1</td></tr><tr><td>61 to 70 years:</td><td>0</td></tr><tr><td>Over 70 years:</td><td>0</td></tr><tr><td>Average age, years</td><td>47</td></tr></table>

## iv) NUMBER OF PERSONS BY YEARS OF SERVICE

Number of executive officers who, as of December 31, 2021, have worked at SQM for:

<table><tr><td>Less than 3 years:</td><td>1</td></tr><tr><td>Between 3 and 6 years:</td><td>0</td></tr><tr><td>More than 6 and less than 9 years:</td><td>0</td></tr><tr><td>Between 9 and 12 years:</td><td>2</td></tr><tr><td>More than 12 years:</td><td>4</td></tr><tr><td>Average tenure, years</td><td>15</td></tr></table>

## 5) C) SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT: DIVERSITY WITHIN THE ORGANIZATION AS OF DECEMBER 31, 2021

## i) NUMBER OF PERSONS BY GENDER

<table><tr><td>Total number of female employees:</td><td>1,103</td></tr><tr><td>Total number of male employees:</td><td>4,978</td></tr></table>

## ii) NUMBER OF PERSONS BY NATIONALITY

<table><tr><td>Total number of Chilean employees:</td><td>5,495</td></tr><tr><td>Total number of foreign employees:</td><td>586</td></tr></table>

## iii) NUMBER OF PERSONS BY AGE

Total number of employees whose age is:

<table><tr><td>Under 30 years:</td><td>978</td></tr><tr><td>30 to 40 years:</td><td>2,448</td></tr><tr><td>41 to 50 years:</td><td>1,492</td></tr><tr><td>51 to 60 years:</td><td>938</td></tr><tr><td>61 to 70 years:</td><td>217</td></tr><tr><td>Over 70 years:</td><td>8</td></tr></table>

## iv) NUMBER OF PERSONS BY YEARS OF SERVICE



Total number of employees who, as of December 31, 2021, have worked at SQM for:

<table><tr><td>Less than 3 years:</td><td>1,926</td></tr><tr><td>Between 3 and 6 years:</td><td>1,988</td></tr><tr><td>More than 6 and less than 9 years:</td><td>514</td></tr><tr><td>Between 9 and 12 years:</td><td>804</td></tr><tr><td>More than 12 years:</td><td>849</td></tr></table>

## 5) D) SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT: SALARY GAP BY GENDER AS OF DECEMBER 31, 2021

Proportion of the average gross base salary represented by female employees compared to male employees, disclosed according to the type of position:

<table><tr><td>Position Type</td><td>Hay Methodology Group Level (1)</td><td>Female Employees (%)</td></tr><tr><td>Administrative</td><td>9 (2)</td><td></td></tr><tr><td></td><td>10</td><td>83%</td></tr><tr><td></td><td>11</td><td>110%</td></tr><tr><td></td><td>12</td><td>97%</td></tr><tr><td></td><td>13 (2)</td><td></td></tr><tr><td>Senior Manager</td><td>18 (3)</td><td></td></tr><tr><td></td><td>19</td><td>102%</td></tr><tr><td></td><td>20 (3)</td><td></td></tr><tr><td>Chief Executive Officer</td><td>26 (3)</td><td></td></tr><tr><td>Manager</td><td>14</td><td>99%</td></tr><tr><td></td><td>15</td><td>105%</td></tr><tr><td></td><td>16</td><td>108%</td></tr><tr><td></td><td>17 (3)</td><td></td></tr><tr><td>Operator</td><td>8</td><td>100%</td></tr><tr><td></td><td>9</td><td>103%</td></tr><tr><td></td><td>10</td><td>104%</td></tr><tr><td></td><td>11</td><td>88%</td></tr><tr><td></td><td>12</td><td>92%</td></tr><tr><td></td><td>13 (3)</td><td></td></tr><tr><td>Professional</td><td>12</td><td>104%</td></tr><tr><td></td><td>13</td><td>98%</td></tr><tr><td></td><td>14</td><td>89%</td></tr><tr><td></td><td>15</td><td>96%</td></tr><tr><td>Deputy Senior Manager</td><td>16</td><td>98%</td></tr></table>



<table><tr><td></td><td>17</td><td>101%</td></tr><tr><td></td><td>18</td><td>89%</td></tr><tr><td>Supervisor</td><td>12 (3)</td><td></td></tr><tr><td></td><td>13</td><td>92%</td></tr><tr><td></td><td>14</td><td>103%</td></tr><tr><td>Technical Operator</td><td>11 (3)</td><td></td></tr><tr><td></td><td>12</td><td>105%</td></tr><tr><td></td><td>13</td><td>106%</td></tr><tr><td>Vicepresident</td><td>19 (3)</td><td></td></tr><tr><td></td><td>20</td><td>72%</td></tr><tr><td></td><td>21 (3)</td><td></td></tr><tr><td></td><td>22 (3)</td><td></td></tr><tr><td></td><td>23 (3)</td><td></td></tr><tr><td></td><td>24 (3)</td><td></td></tr></table>

(1) The Hay Methodology is a system that is used at companies around the world in order to evaluate positions in such a way that they can be compared among companies of different sizes and industries. Group levels are determined on the basis of multiple variables, including company size and the level of responsibility assigned to the position (defined primarily as a function of knowledge, autonomy and responsibility for results).

(2) All employees at this position/group level are women.
(3) All employees at this position/group level are men.



## 6) MANAGEMENT AND PERSONNEL

## 6) A) MANAGEMENT AND PERSONNEL: ORGANIZATIONAL CHART

Organizational Chart






## 6) B) MANAGEMENT AND PERSONNEL: INFORMATION ABOUT THE BOARD OF DIRECTORS

## i) GENERAL INFORMATION ABOUT THE BOARD OF DIRECTORS

SQM’s Board of Directors comprises 8 members, none of which are alternate directors. The entire Board of Directors is regularly elected every three years at our ordinary shareholders’ meeting. The Board of Directors may appoint replacements to fill any vacancies that occur during periods between elections. If a vacancy occurs, the entire Board must be elected or re-elected at the next regularly scheduled meeting of shareholders. The last election of the Board of Directors took place at the ordinary shareholders’ meeting held on April 25, 2019. On December 21, 2021, the resignation of director Robert J. Zatta became effective, and he was replaced by Mr. Ashley Ozols, effective as of December 22, 2021.

## ii) IDENTIFICATION OF THE BOARD MEMBERS

Directors as of December 31, 2021:

<table><tr><td>Name</td><td>Title</td><td>Profession</td><td>Chilean Taxpayer ID</td><td>Date of Original Election</td><td>Date of Last Re-election</td><td>Board Tenure</td></tr><tr><td>Alberto Salas Muñoz</td><td>Chairman. Independent</td><td>Civil Engineer</td><td>6.616.233-0</td><td>Apr. 2018</td><td>Apr. 2019</td><td>4 years</td></tr><tr><td>Patricio Contesse Fica</td><td>Vice Chairman</td><td>Lawyer</td><td>15.315.085-0</td><td>Apr. 2018</td><td>Apr. 2019</td><td>4 years</td></tr><tr><td>Georges de Bourguignon Arndt</td><td>Director</td><td>Economist</td><td>7.269.147-4</td><td>Apr. 2019</td><td>N/A</td><td>3 years</td></tr><tr><td>Hernán Büchi Buc</td><td>Director</td><td>Civil Engineer</td><td>5.718.666-6</td><td>Apr. 2017</td><td>Apr. 2019</td><td>5 years</td></tr><tr><td>Laurence Golborne Riveros</td><td>Independent Director</td><td>Industrial Civil Engineer</td><td>8.170.562-3</td><td>Apr. 2018</td><td>Apr. 2019</td><td>4 years</td></tr><tr><td>Gonzalo Guerrero Yamamoto</td><td>Director</td><td>Lawyer</td><td>10.581.580-8</td><td>Apr. 2016</td><td>Apr. 2019</td><td>6 years</td></tr><tr><td>Francisco Ugarte Larrain</td><td>Director</td><td>Lawyer</td><td>10.325.736-0</td><td>Apr. 2019</td><td>N/A</td><td>3 years</td></tr><tr><td>Ashley Ozols</td><td>Director</td><td>Commerce</td><td>48.218.888-5</td><td>Dec. 2021</td><td>N/A</td><td>&lt;1 year</td></tr></table>

Average board tenure: 4 years. Percentage of independent directors: 88%. Percentage of non-executive directors: 100%.

Directors not on the Board as of December 31, 2021 but who were on the Board within the last two years:

<table><tr><td>Name</td><td>Title</td><td>Profession</td><td>Chilean Taxpayer ID</td><td>Date of Original Election</td><td>Date of Last Re-election</td><td>Date Left Board</td></tr><tr><td>Robert J. Zatta</td><td>Director</td><td>Business Administration</td><td>48.211.511-K</td><td>Apr. 2019</td><td>N/A</td><td>Dec. 2021</td></tr></table>



## iii) REMUNERATIONS OF THE DIRECTORS

Summary of remunerations paid to members of the Board of Directors between January and December 2021 (in Ch$):

<table><tr><td></td><td colspan="2">Board of Directors SQM S.A.</td><td colspan="2">Directors&#x27; Committee SQM S.A.</td><td>Corporate Governance Committee SQM S.A.</td><td>Safety, Health and Environment Committee SQM S.A.</td><td>Total</td></tr><tr><td>Directors</td><td>Fixed</td><td>Variable</td><td>Fixed</td><td>Variable</td><td>Fixed</td><td>Fixed</td><td></td></tr><tr><td>Alberto Salas Muñoz</td><td>286,831,416</td><td>104,447,237</td><td>71,707,854</td><td>17,408,108</td><td></td><td></td><td>480,394,615</td></tr><tr><td>Patricio Contesse Fica</td><td>250,977,489</td><td>104,447,237</td><td></td><td></td><td>35,853,927</td><td>35,853,927</td><td>427,132,580</td></tr><tr><td>Georges de Bourguignon Arndt</td><td>215,123,562</td><td>52,223,619</td><td>71,707,853</td><td>17,408,108</td><td></td><td></td><td>356,463,143</td></tr><tr><td>Hernán Büchi Buc</td><td>215,123,562</td><td>52,223,619</td><td></td><td></td><td>35,853,927</td><td></td><td>303,201,108</td></tr><tr><td>Laurence Golborne Riveros</td><td>215,123,562</td><td>52,223,619</td><td>71,707,853</td><td>17,408,108</td><td></td><td></td><td>356,463,142</td></tr><tr><td>Gonzalo Guerrero Yamamoto</td><td>215,123,562</td><td>52,223,619</td><td></td><td></td><td></td><td>35,853,927</td><td>303,201,108</td></tr><tr><td>Francisco Ugarte Larrain</td><td>215,123,562</td><td>52,223,619</td><td></td><td></td><td>35,853,927</td><td></td><td>303,201,108</td></tr><tr><td>Robert J. Zatta</td><td>213,970,716</td><td>52,223,619</td><td></td><td></td><td></td><td>35,661,786</td><td>301,856,121</td></tr><tr><td>TOTAL</td><td>1,827,397,431</td><td>522,236,188</td><td>215,123,561</td><td>52,224,324</td><td>107,561,781</td><td>107,369,640</td><td>2,831,912,925</td></tr></table>



Summary of remunerations paid to members of the Board of Directors between January and December 2020 (in Ch$):

<table><tr><td rowspan="2"></td><td colspan="2">Board of Directors SQM S.A.</td><td colspan="2">Directors&#x27; Committee SQM S.A.</td><td rowspan="2">Corporate Governance Committee SQM S.A.</td><td>Safety, Health and Environment Committee SQM S.A.</td><td rowspan="2">Total</td></tr><tr><td>Fixed</td><td>Variable</td><td>Fixed</td><td>Variable</td><td>Fixed</td></tr><tr><td>Directors</td><td>Fixed</td><td>Variable</td><td>Fixed</td><td>Variable</td><td>Fixed</td><td>Fixed</td><td>706,298,450</td></tr><tr><td>Alberto Salas Muñoz</td><td>298,245,488</td><td>285,849,934</td><td>74,561,372</td><td>47,641,656</td><td></td><td></td><td>621,376,108</td></tr><tr><td>Patricio Contesse Fica</td><td>260,964,802</td><td>285,849,934</td><td></td><td></td><td>37,280,686</td><td>37,280,686</td><td>466,164,159</td></tr><tr><td>Georges de Bourguignon Arndt</td><td>206,698,152</td><td>142,924,967</td><td>68,899,384</td><td>47,641,656</td><td></td><td></td><td>403,889,769</td></tr><tr><td>Hernán Büchi Buc</td><td>223,684,116</td><td>142,924,967</td><td></td><td></td><td>37,280,686</td><td></td><td>488,812,111</td></tr><tr><td>Laurence Golborne Riveros</td><td>223,684,116</td><td>142,924,967</td><td>74,561,372</td><td>47,641,656</td><td></td><td></td><td>384,072,811</td></tr><tr><td>Gonzalo Guerrero Yamamoto</td><td>206,698,152</td><td>142,924,967</td><td></td><td></td><td></td><td>34,449,692</td><td>384,072,811</td></tr><tr><td>Francisco Ugarte Larrain</td><td>206,698,152</td><td>142,924,967</td><td></td><td></td><td>34,449,692</td><td></td><td>384,072,811</td></tr><tr><td>Robert J. Zatta</td><td>206,241,918</td><td>142,924,967</td><td></td><td></td><td></td><td>34,373,653</td><td>383,540,538</td></tr><tr><td>TOTAL</td><td>1,832,914,896</td><td>1,429,249,670</td><td>218,022,128</td><td>142,924,968</td><td>109,011,064</td><td>106,104,031</td><td>3,838,226,757</td></tr></table>



## iv) ADVISORY SERVICES CONTRACTED BY THE BOARD OF DIRECTORS

During 2021, the Board of Directors contracted the following advisory services:

<table><tr><td>Entity</td><td>Type of Service</td><td>Amount (US$)</td></tr><tr><td>PriceWaterhouseCoopers</td><td>Financial statement audit</td><td>US$1.48 million</td></tr><tr><td>Others</td><td>Legal and other</td><td>US$0.12 million</td></tr><tr><td colspan="2">TOTAL</td><td>US$1.60 million</td></tr></table>

## v) BOARD OF DIRECTORS TRAINING

During 2021, the Board of Directors received the following training:

- U.S. Foreign Corrupt Practices Act (“FCPA”);

- criminal responsibility law 20,393 for entities;

- relevant cases of compliance and corporate governance, and board responsibility in Chile and in the U.S. (SEC, DOJ, FCPA);

- ethics, reputation and risk culture;

- corporate governance and best practices; and

- risk management.

## v) BOARD OF DIRECTORS ATTENDANCE

As discussed in article 15 of the Company’s By-laws, the Board will meet or be in session at least once a month. Directors are expected to attend Board meetings in person or via telephone or video conference, in which proper means are in place. Members of the Board and the Committees, upon which they serve, are expected to attend meetings fully prepared and to remain in attendance for the duration of the meeting. Board meeting attendance will be disclosed annually in the Board Report Card, which is published on the Company website.

According to article 13 of the Company By-laws, a Director who does not attend 3 consecutive meetings due to reasons not considered reasonable by the Board, will as a matter of fact stop performing his or her functions, and must be replaced without delay and formalities. In this case, and in the event of conflict of duties, resignation, dismissal, death, bankruptcy, or any other inability disabling a Director to perform his duties, the Board will proceed to appoint the replacement Director(s) pursuant to the Law who will stay in office and perform his or her duties until the next shareholder’s meeting to be held by the Company and at which all Directors are to be re-elected.

During 2021, the Company’s Board of Directors met 24 times through 12 ordinary meetings and 12 extraordinary meetings. No director attended less than 95% of the total ordinary board meetings. Average Board attendance was 96%.

## 6) C) MANAGEMENT AND PERSONNEL: INFORMATION ABOUT THE DIRECTORS' COMMITTEE

## i) DIRECTORS' COMMITTEE FORMED IN ACCORDANCE WITH ARTICLE 50 PART TWO OF LAW NO, 18,046

As of December 31, 2021, the Company had a Directors’ Committee to carry out the functions established under Article 50, part two, of Law No. 18,046.

## ii) IDENTIFICATION OF MEMBERS OF THE DIRECTORS' COMMITTEE



As of December 31, 2021, the Company’s Directors’ Committee was comprised of three Directors: Georges de Bourguignon A., Laurence Golborne R. and Alberto Salas M. Under the regulations in force as of December 31, 2021, Messrs. Golborne and Salas held and continue to hold the position of Independent Director. Mr. Salas held and continues to hold the position of Chairman of the Directors’ Committee.

The members of this Directors’ Committee were elected on April 25, 2019. On that date, the elected director Georges de Bourguignon A. became a new member of the Directors’ Committee, replacing Hernan Büchi B. The Directors’ Committee had previously remained unchanged since April 27, 2018.

## iii) REMUNERATIONS OF THE DIRECTORS' COMMITTEE

On April 23, 2021, it was agreed at the SQM Ordinary Shareholders’ Meeting that each Director sitting on the Directors’ Committee would receive monthly remunerations of UF 200, and annual remunerations equivalent to 0,02% of the Company’s liquid net earnings for the 2021 financial year. This compensation package is fixed regardless of the number of sessions held by the Committee during the period and separate to the remunerations received by the members in their capacity as members of the Company’s Board of Directors.

For further information about remunerations paid to the members of the Directors’ Committee during 2021 and 2020, see section 5) B) iii) Remunerations of the Directors.

## iv) ACTIVITIES OF THE DIRECTORS' COMMITTEE

During 2021, the Directors’ Committee of SQM (the “Committee”) analyzed (i) the Company’s Unaudited Financial Statements and Reports; (ii) the Company’s Audited Financial Statements and Reports; (iii) the Reports and proposals of external auditors, accounts inspectors and independent risk rating agencies for the Company; (iv) the proposal to SQM’s Board of Directors about the external auditors and independent rating agencies that the Board could recommend to the respective shareholders’ meeting for their subsequent appointment; (v) the tax and other services, other than audit services, provided by the Company’s external auditors and its subsidiaries in Chile and abroad; (vi) the remuneration and compensation plans for the Company’s main executives; (vii) the Company’s risk matrix; (viii) the activity related to the Company’s compliance program; (ix) the report on internal control of the Company and (x) the various matters referred to in the Chapter titled “Directors’ Committee” included in SQM’s Financial Statements at December 31, 2021.

Regarding the above, the Committee:

(a) Examined the information regarding the financial statements of SQM for the 2021 fiscal year and the report issued thereon by the external auditors of SQM, Similarly, it also examined the Company’s Interim Consolidated Financial Statements for the 2021 fiscal year.

(b) Proposed to the Company’s Board of Directors the names of the External Auditors and the Independent Credit Rating Agencies for SQM and the Company’s Board of Directors, in turn, suggested their appointment to the respective Annual Ordinary Shareholders Meeting of SQM. The Company’s Board of Directors approved said suggestions and the Shareholders’ Meeting also ratified them.

(c) Examined and approved the remuneration system and the compensation plans for the Company’s employees and senior executives.

The Committee also (i) authorized the contracting by the Company of various consulting services with PwC on non-audit related matters, (ii) reviewed the expenses of the Company's CEO, (iii) reviewed the reports from the Company's internal audit and risk and compliance areas; and (iv) examine the information presented by the External Auditors.



The Committee issued the Annual Management Report referred to in Law No. 18,046.

During 2021, the Company did not enter into related party transactions which require to follow the requirements and procedures established in title XVI of the Corporations Law.

On April 23, 2021, the Annual General Shareholders’ Meeting of SQM approved an operational budget for the Committee; the operational budget is equivalent to the sum of the annual remunerations of the members of the Committee and US$250,000. The activities carried out by the Committee, as well as the expenses incurred by it, are disclosed at the General Shareholders Meeting.

Article 50 bis of the Chilean Corporations Act states that the Committee should consist of three Directors, of which at least one member should preferably be independent from the controller (i.e., any person or entity who “controls” the company for Chilean law purposes), if any, and that their functions be remunerated.

## v) ADVISORY SERVICES CONTRACTED BY THE DIRECTORS' COMMITTEE

During 2021, the Committee incurred expenses of approximately US$445,600 related to the Internal Audit services.

## 6) D) MANAGEMENT AND PERSONNEL: MAIN EXECUTIVES

## i) IDENTIFICATION OF EXECUTIVE OFFICERS

As of December 31, 2021, the following executives served on the Company’s executive management team:

<table><tr><td>Name</td><td>Position</td><td>Profession</td><td>Chilean Taxpayer ID</td><td>In Position Since</td></tr><tr><td>Ricardo Ramos R.</td><td>Chief Executive Officer</td><td>Industrial Civil Engineer</td><td>8.037.690-1</td><td>Jan. 2019</td></tr><tr><td>Gerardo Illanes G.</td><td>Vice President of Corporate Finance and Chief Financial Officer</td><td>Industrial Civil Engineer</td><td>13.904.120-8</td><td>Oct. 2018</td></tr><tr><td>Gonzalo Aguirre T.</td><td>General Counsel</td><td>Lawyer</td><td>13.441.419-7</td><td>Sep. 2016</td></tr><tr><td>Pablo Altimiras C.</td><td>Executive Vice President of Nitrates and Iodine Business</td><td>Industrial Civil Engineer</td><td>13.657.862-6</td><td>Dec. 2021</td></tr><tr><td>Jose Miguel Berguño C.</td><td>Senior Vice President of Corporate Services</td><td>Industrial Civil Engineer</td><td>10.903.992-6</td><td>Dec. 2021</td></tr><tr><td>Carlos Díaz O.</td><td>Executive Vice President of Lithium Business</td><td>Industrial Civil Engineer</td><td>10.476.287-5</td><td>Dec. 2021</td></tr><tr><td>Ana Maria Muñoz B.</td><td>Risk, Compliance and Internal Audit Manager</td><td>Lawyer</td><td>12.866.387-8</td><td>Jul. 2021</td></tr></table>

## ii) REMUNERATIONS OF MAIN EXECUTIVES

Remunerations for the main executives for 2021 and 2020 were as follows:

<table><tr><td>Year</td><td>Number of Executives (1)</td><td>Fixed Salary (Millions of Ch$)</td><td>Variable Salary (Millions of Ch$)</td><td>Total Salary (Millions of Ch$)</td></tr><tr><td>2021</td><td>127</td><td>14,175</td><td>7,586</td><td>21,761</td></tr><tr><td>2020</td><td>126</td><td>13,694</td><td>3,036</td><td>16,730</td></tr></table>

(1) Considers the average number of executives during the period.

## iii) COMPENSATION PLANS



Executive incentive plans: the organization’s goal is to create value for its interest groups, and to this end SQM S.A. has developed a variable incentives system that recognizes people’s commitment to the organization and its operating results.

Directors: the only remunerations assigned to the Board of Directors are disclosed in section 5) B) iii) Remunerations of the Directors. The Company has not implemented any incentive plans for its Directors.

SQM Executive Officers: the Company provides executives with an annual and a long-term bonus plan. Their incentives are based on target achievement, individual contribution to the Company’s operating results, and the Company’s performance. These incentives are structured in a minimum and maximum gross remuneration and are paid once a year. SQM also operates a compensation plan designed to retain its executives by providing bonuses linked to the to the Company’s performance through the SQM Series B share price (Santiago Stock Exchange). A total of 29 Company executives are entitled to this compensation plan, as long as they remain a part of the Company until a given date. This includes a 2020 bonus equivalent to 177,905 shares, which is effective for those people still with the Company through the end of 2020, and a 2021 bonus for US$8.5 million, which will go into effect in equal parts for those who remain with the Company at the end of each of the four quarters in 2021. The payment dates, where relevant, will be during the quarter following the quarter when the benefit is made effective. The accrued installments corresponding to the years 2020 and 2021 have already been paid, leaving a balance of 42,032 shares that will become effective if the executives remain in the Company as of December 31, 2022.

## 6) E) MANAGEMENT AND PERSONNEL: NUMBER OF EMPLOYEES

As of December 31, 2021, SQM and its subsidiaries had 6,081 employees, detailed as follows:

<table><tr><td>Employee Type</td><td>Parent</td><td>Subsidiaries</td><td>Total</td></tr><tr><td>Executives</td><td>33</td><td>103</td><td>136</td></tr><tr><td>Professionals</td><td>117</td><td>1,639</td><td>1,756</td></tr><tr><td>Technicians and operators</td><td>275</td><td>3,914</td><td>4,189</td></tr><tr><td>Total</td><td>425</td><td>5,656</td><td>6,081</td></tr></table>

<table><tr><td>Place of work</td><td>Parent</td><td>Subsidiaries</td><td>Total</td></tr><tr><td>In Chile</td><td>425</td><td>5,246</td><td>5,671</td></tr><tr><td>Outside of Chile</td><td>-</td><td>410</td><td>410</td></tr><tr><td>Total</td><td>425</td><td>5,656</td><td>6,081</td></tr></table>

## 6) F) MANAGEMENT AND PERSONNEL: SHARE OWNERSHIP OF EXECUTIVE OFFICERS AND BOARD MEMBERS

We have been informed that the following Directors own shares of SQM as of December 31, 2021:

<table><tr><td>Name</td><td>Position</td><td>Percentage of Shares in SQM</td></tr><tr><td>Alberto Salas Muñoz</td><td>Chairman. Independent</td><td>0%</td></tr><tr><td>Patricio Contesse Fica</td><td>Vice Chairman</td><td>0%</td></tr><tr><td>Georges de Bourguignon Arndt</td><td>Director</td><td>&lt;1%</td></tr><tr><td>Hernán Büchi Buc</td><td>Director</td><td>0%</td></tr><tr><td>Laurence Golborne Riveros</td><td>Independent Director</td><td>0%</td></tr><tr><td>Gonzalo Guerrero Yamamoto</td><td>Director</td><td>0%</td></tr><tr><td>Ashley Ozols</td><td>Director</td><td>0%</td></tr><tr><td>Francisco Ugarte Larrain</td><td>Director</td><td>0%</td></tr></table>



We have been informed that the following executive officers own shares of SQM as of December 31, 2021:

<table><tr><td>Name</td><td>Position</td><td>Percentage of Shares in SQM</td></tr><tr><td>Ricardo Ramos R.</td><td>Chief Executive Officer</td><td>0%</td></tr><tr><td>Gerardo Illanes G.</td><td>Vice President of Corporate Finance and Chief Financial Officer</td><td>&lt;1%</td></tr><tr><td>Gonzalo Aguirre T.</td><td>General Counsel</td><td>0%</td></tr><tr><td>Pablo Altimiras C.</td><td>Vice President of Lithium and Iodine Business</td><td>0%</td></tr><tr><td>Jose Miguel Berguño C.</td><td>Vice President of Operations, Nitrates and Iodine</td><td>&lt;1%</td></tr><tr><td>Carlos Díaz O.</td><td>Vice President of Operations, Potassium and Lithium</td><td>0%</td></tr><tr><td>Ana Maria Muñoz B.</td><td>Risk, Compliance and Internal Audit Manager</td><td>0%</td></tr></table>



## 7) INFORMATION ABOUT SUBSIDIARIES AND ASSOCIATES

## 7) A) INFORMATION ABOUT SUBSIDIARIES AND ASSOCIATES: SUBSIDIARIES AND ASSOCIATES

## Subsidiaries in Chile

<table><tr><td>Name of Company</td><td>Type of Company</td><td>Capital</td><td>Ownership</td><td>Investment as % of SQM S.A.’s individual assets</td><td>Corporate Purpose</td><td>Board of Directors</td><td>CEO / Legal Representative</td><td>Relations / Contracts with parent company</td></tr><tr><td>AGRORAMA S.A.</td><td>Corporation</td><td>US$118,400</td><td>99.999% SQM C.S.A. 0.001% SQM Industrial S.A.</td><td>-0.07754%</td><td>Sales and distribution of fertilizers, pesticides and agricultural inputs</td><td>Rodrigo Millán Riffo Rodrigo Real Ibaceta Enrique Olivares Carlini</td><td>Rodrigo Real Ibaceta</td><td>Distribución</td></tr><tr><td>AJAY-SQM CHILE S.A.</td><td>Corporation</td><td>US$5,313,794</td><td>51% SQM S.A. 49% Otros no relacionados</td><td>1.14567%</td><td>Iodine derivatives production, sales and marketing</td><td>Pablo Altimiras C.* Andres Fontannaz Alec Poitevint Matt Web</td><td>Carlos Grez</td><td>Production and distribution / Commercial agreement</td></tr><tr><td>ALMACENES Y DEPOSITOS LTDA.</td><td>Limited liability corporation</td><td>US$919,796</td><td>99% SQM Potasio S.A. 1% SQM S.A.</td><td>0.00440%</td><td>General deposit activities</td><td>None</td><td>Ricardo Ramos R.*</td><td>Support</td></tr><tr><td>COMERCIAL AGRORAMA LTDA</td><td>Limited liability corporation</td><td>US$947,200</td><td>70% SQM C.S.A. 30% Otros no relacionados</td><td>-0.02322%</td><td>Sales and distribution of fertilizers, pesticides and agricultural inputs</td><td>Rodrigo Real Ibaceta Rodrigo Millán R. Enrique Olivares C. Tullio Callegari P.</td><td>Rodrigo Real Ibaceta</td><td>Distribution</td></tr><tr><td>COMERCIAL HYDRO S.A.</td><td>Corporation</td><td>US$4,818,186</td><td>99.9999% SQM C.S.A. 0.0001% Agrorama S.A.</td><td>0.08053%</td><td>Import and marketing of fertilizers</td><td>Carlos Ríos M. Roberto Campusano B. Rodrigo Real Ibaceta</td><td>Rodrigo Real Ibaceta</td><td>Support</td></tr><tr><td>EXPLORACIONES MINERAS S.A.</td><td>Corporation</td><td>US$30.100.000</td><td>0.269103% SQM S.A. 99.730897% SQM Potasio S.A.</td><td>0.50615%</td><td>Exploitation of other mines and quarries</td><td>José Miguel Berguño C.* Ricardo Ramos R.* Gerardo Illanes G. *</td><td>Ricardo Ramos R.*</td><td>Support</td></tr></table>



<table><tr><td>Name of Company</td><td>Type of Company</td><td>Capital</td><td>Ownership</td><td>Investment as % of SQM S.A.’s individual assets</td><td>Corporate Purpose</td><td>Board of Directors</td><td>CEO / Legal Representative</td><td>Relations / Contracts with parent company</td></tr><tr><td>INSTITUCION DE SALUD PREVISIONAL NORTE GRANDE LTDA.</td><td>Limited liability corporation</td><td>US$59,200</td><td>99% SQM Industrial S.A. 1% SQM S.A.</td><td>0.01154%</td><td>Administration of health matters for SQM S.A.</td><td>Not applicable</td><td>Humberto Riquelme</td><td>Support</td></tr><tr><td>ORCOMA ESTUDIOS SPA</td><td>Joint stock company</td><td>US$4,631,507</td><td>100% SQM S.A.</td><td>0.07687%</td><td>Exploration, measurement, prospection and research of mineral deposits for extraction, production and mineral processing</td><td>Pablo Almiras C.* Carlos Diaz O.* Hajime Kito Tamutsu Sasaki</td><td>Rodrigo Vera D.*</td><td>Not applicable / None</td></tr><tr><td>ORCOMA SPA</td><td>Joint stock company</td><td>US$2,357,731</td><td>100% SQM S.A.</td><td>0.03858%</td><td>Exploration, measurement, prospection, research, development and operation of mineral deposits for extraction, production and processing</td><td>None</td><td>Ricardo Ramos R.* José Miguel Berguño C.*</td><td>Not applicable / None</td></tr><tr><td>SERVICIOS INTEGRALES DE TRANSITOS Y TRANSFERENCIAS S.A.</td><td>Corporation</td><td>US$9,873,573</td><td>99.99966% SQM Industrial S.A. 0.00034% SQM S.A.</td><td>0.23737%</td><td>Transport and storage of merchandise</td><td>José Miguel Berguño B.* Ricardo Ramos R.* Pablo Almiras C.* Gerardo Illanes G.* Carlos Diaz O.*</td><td>Ricardo Ramos R.*</td><td>Distribution</td></tr><tr><td>SOCIEDAD PRESTADORA DE SERVICIOS DE SALUD CRUZ DEL NORTE S.A.</td><td>Corporation</td><td>US$59,200</td><td>99% SQM Industrial S.A. 1% SQM Potasio S.A.</td><td>0.00229%</td><td>Provision of health-related services</td><td>Mauricio Guerra Oliveros Sergio Figueroa Rodriguez Raquel Ahumada Cabrera</td><td>Sergio Figueroa Rodríguez</td><td>Support</td></tr><tr><td>SOQUIMICH COMERCIAL S.A.</td><td>Open Srock Corporation</td><td>US$61,745,898</td><td>60.6383212% SQM Industrial S.A. 0.0000004% SQM S.A. 39.3616784% Otros no relacionados</td><td>0.68593%</td><td>Production and marketing of fertilizers</td><td>Bogdan Borkowski S. Carlos Díaz O.* Alfredo Doberti D. Francisco Javier Fontaine S. Gerardo Illanes G.* Christian Lüders M. Eugenio Ponce L.</td><td>Rodrigo Real Ibaceta</td><td>Distribution / Supply</td></tr></table>



<table><tr><td>Name of Company</td><td>Type of Company</td><td>Capital</td><td>Ownership</td><td>Investment as % of SQM S.A.*s individual assets</td><td>Corporate Purpose</td><td>Board of Directors</td><td>CEO / Legal Representative</td><td>Relations / Contracts with parent company</td></tr><tr><td>SQM INDUSTRIAL S.A.</td><td>Corporation</td><td>US$715,066,287</td><td>99.047043% SQM S.A. 0.952957% SQM Potasio S.A.</td><td>18.11220%</td><td>Operation of extraction plants, holdings and transfer of mineral substances and raw materials</td><td>José Miguel Berguño C.* Carlos Diaz O.* Ricardo Ramos R.*</td><td>Ricardo Ramos R.*</td><td>Production</td></tr><tr><td>SQM MAG SPA</td><td>Joint stock company</td><td>US$10,000</td><td>100% SQM Potasio S.A.</td><td>0.01864%</td><td>Mining exploration and exploitation</td><td>None</td><td>Ricardo Ramos R.* José Miguel Berguño C.* Alfredo Doberti D. Acting any two of them together</td><td>Production</td></tr><tr><td>SQM NITRATOS S.A.</td><td>Corporation</td><td>US$30,349,981</td><td>99.99999782% SQM S.A. 0.00000218% SQM Potasio S.A.</td><td>1.55382%</td><td>Production and sale of fertilizers</td><td>Pablo Altimiras C.* José Miguel Berguño C.* Carlos Diaz O.* Gerardo Illanes G.* Ricardo Ramos R.*</td><td>Ricardo Ramos R.*</td><td>Production</td></tr><tr><td>SQM POTASIO S.A.</td><td>Corporation</td><td>US$257,010,492</td><td>99.999999% SQM S.A. 0.000001% Otros no relacionados</td><td>18.89462%</td><td>Extraction of minerals for fertilizer and chemical production</td><td>Pablo Altimiras C.* José Miguel Berguño C.* Carlos Diaz O.* Gerardo Illanes G.* Ricardo Ramos R.*</td><td>Ricardo Ramos R.*</td><td>Production</td></tr><tr><td>SQM SALAR S.A.</td><td>Corporation</td><td>US$38,000,000</td><td>81.82% SQM Potasio S.A. 18.18% SQM S.A.</td><td>14.83849%</td><td>Exploitation and marketing of potassium, lithium and other products</td><td>Patricio Contesse F.* Laurence Golborne R.* Gonzalo Guerrero Y.* Alberto Salas M.* Ricardo Ramos R.*</td><td>Alberto Salas M.*</td><td>Production</td></tr><tr><td>SOCIEDAD CONTRACTUAL MINERA BÚFALO</td><td>Sociedad Contractual Minera</td><td>US$22,949</td><td>99.9% SQM S.A. 0.1% SQM Potasio S.A.</td><td>0.00029%</td><td>Export recognize prosper investigate and explore deposits</td><td>None</td><td>Ricardo Ramos R.*</td><td>Production</td></tr></table>



## Filiales Internacionales

<table><tr><td>Name of Company</td><td>Type of Company</td><td>Capital</td><td>Ownership</td><td>Investment as % of SQM S.A.*s individual assets</td><td>Corporate Purpose</td><td>Board of Directors</td><td>CEO / Legal Representative</td><td>Relations / Contracts with parent company</td></tr><tr><td>ADMINISTRACION Y SERVICIOS SANTIAGO S.A. DE C.V.</td><td>Variable capital corporation</td><td>US$6,612</td><td>99.998% SQM Industrial S.A. 0.002% SQM North America Corporation</td><td>-0.00368%</td><td>Services</td><td>Christian Lüders M. Ricardo Ramos R.* Frank Biot* Gerardo Illanes G.* Gonzalo Aguirre T.* Alvaro Fernandez G. Patricio de Solminihac T. Ignacio Fernández G.</td><td>Christian Lüders M.</td><td>Support</td></tr><tr><td>COMERCIAL CAIMÁN INTERNACIONAL S.A.</td><td>Corporation</td><td>US$1,000</td><td>100% SQM Investment Corporation N.V.</td><td>-0.01447%</td><td>Marketing, importing and exporting</td><td>Christian Lüders M. Matías Murillo G. Andrés Yaksic B.</td><td>Christian Lüders M.</td><td>Support</td></tr><tr><td>NITRATOS NATURAIS DO CHILE SERVICIOS LTDA.</td><td>Limited liability corporation</td><td>US$774,294</td><td>29.18% SQM Industrial S.A. 70.82% SQM Brasil Ltda.</td><td>-0.04922%</td><td>Marketing advisory services, representation of other foreign and local companies, administrative support in general</td><td>None</td><td>Martin de Almeida Sampaio</td><td>Support</td></tr><tr><td>NORTH AMERICAN TRADING COMPANY</td><td>Corporation</td><td>US$338,124</td><td>100% SQM North America Corporation</td><td>0.68820%</td><td>Investment company</td><td>Pablo Altimiras C.* Gerardo Illanes G.*</td><td>Pablo Hernandez</td><td>Support</td></tr><tr><td>ROYAL SEED TRADING A.V.V.</td><td>Limited liability corporation</td><td>US$6,000</td><td>1.67% SQM S.A. 98.33% SQM Potasio S.A.</td><td>-0.31520%</td><td>Investment and marketing of moveable property and real estate</td><td>IMC International Management &amp; Trust Company N.V.</td><td>IMC International Management &amp; Trust Company N.V.</td><td>Support</td></tr><tr><td>RS AGRO CHEMICAL TRADING CORP. A.V.V.</td><td>Limited liability corporation</td><td>US$6,000</td><td>98.3333% SQM S.A. 1.6667% SQM Potasio S.A.</td><td>0.08415%</td><td>Investment and marketing of moveable property and real estate</td><td>IMC International Management &amp; Trust Company N.V.</td><td>IMC International Management &amp; Trust Company N.V.</td><td>Support</td></tr></table>



<table><tr><td>Name of Company</td><td>Type of Company</td><td>Capital</td><td>Ownership</td><td>Investment as % of SQM S.A.’s individual assets</td><td>Corporate Purpose</td><td>Board of Directors</td><td>CEO / Legal Representative</td><td>Relations / Contracts with parent company</td></tr><tr><td>SOQUIMICH EUROPEAN HOLDINGS B.V.</td><td>Limited liability corporation</td><td>US$49,265,296</td><td>25.23% SQM Corporation N.V. 74.77% SQM Investment Corporation N.V.</td><td>4.12493%</td><td>Investment company</td><td>Kris Van den Bruel Patrick Vanbeneden Paul van Duuren Paul Zwagerman</td><td>None</td><td>Investment</td></tr><tr><td>SQM AFRICA PTY LTD</td><td>Limited liability corporation</td><td>US$70,699</td><td>100% Soquimich European Holdings B.V.</td><td>0.21461%</td><td>Marketing of specialty plant nutrients and industrial products</td><td>Frank Biot* Patrick Vanbeneden Emmanuel de Marez</td><td>Ettienne Strydom</td><td>Distribution</td></tr><tr><td>SQM AUSTRALIA PTY LTD</td><td>Limited liability corporation</td><td>US$344,866,483</td><td>100% SQM Potasio S.A.</td><td>5.56543%</td><td>Mining - Specifically lithium</td><td>Jay Leary Pablo Altimiras C.* Gonzalo Aguirre T.*</td><td>Jay Leary</td><td>Investment and exploration activities</td></tr><tr><td>SQM (BEIJING) COMMERCIAL CO. LTD.A.</td><td>Limited liability corporation</td><td>US$1,600,000</td><td>100% SQM Industrial S.A.</td><td>0.03778%</td><td>Commission agent and marketing of chemical products</td><td>Patricio de Solminihac T.* Frank Biot* Ricardo Ramos R.*</td><td>Victor Larrondo G.</td><td>Distribution / Commercial agency agreement</td></tr><tr><td>SQM BRASIL LTD.A.</td><td>Limited liability corporation</td><td>US$3,040,000</td><td>99.29% SQM Industrial 0.71% SQM S.A.</td><td>-0.03916%</td><td>Marketing advisory services, representation of other foreign and domestic companies, administrative support in general</td><td>None</td><td>Martim de Almeida Sampaio</td><td>Support</td></tr><tr><td>SQM COLOMBIA LTD.A.</td><td>Join stock company</td><td>US$1,291,915</td><td>100% SQM Industrial S.A.</td><td>0.01188%</td><td>Manufacturing, import, sales and export of fertilizers</td><td>Christian Luders M. Matias Murillo G. Patricio de Solminihac T. Gonzalo Aguirre T.* Gerardo Illanes G.* Frank Biot* Sebastian Sanchez</td><td>Christian Luders M. Matias Murillo G.</td><td>Support</td></tr></table>



<table><tr><td>Name of Company</td><td>Type of Company</td><td>Capital</td><td>Ownership</td><td>Investment as % of SQM S.A.*s individual assets</td><td>Corporate Purpose</td><td>Board of Directors</td><td>CEO / Legal Representative</td><td>Relations / Contracts with parent company</td></tr><tr><td>SQM COMERCIAL DE MEXICO S.A. de C.V.</td><td>Variable capital corporation</td><td>US$22,044,533</td><td>99.94% SQM Industrial S.A. 0.05% SQM Potasio S.A. 0.01% SQM S.A.</td><td>2.76566%</td><td>Import, export and marketing of fertilizers</td><td>Christian Lúders M. Ricardo Ramos R.* Frank Biot* Gerardo Illanes G.* Gonzalo Aguirre T.* Alfredo Doberti D. Pablo Altimiras C.* Ignacio Fernández G.</td><td>Christian Luders M.</td><td>Distribution</td></tr><tr><td>SQM CORPORATION N.V.</td><td>Corporation</td><td>US$12,939,718</td><td>99.9998% SQM Industrial S.A. 0.0002% SQM S.A.</td><td>1.02648%</td><td>Investment in moveable goods and real estate</td><td>TMF Group</td><td>TMF Group</td><td>Support</td></tr><tr><td>SQM ECUADOR S.A.</td><td>Corporation</td><td>US$416,900</td><td>99.996% SQM Industrial S.A. 0.004% SQM S.A.</td><td>0.08360%</td><td>Wholesale fertilizer sales</td><td>None</td><td>Christian Luders M.</td><td>Distribution</td></tr><tr><td>SQM EUROPE N.V.</td><td>Corporation</td><td>US$18,656,745</td><td>99.42% Soquimich European Holdings B.V. 0.58% SQM S.A.</td><td>1.94350%</td><td>Distribution and marketing of specialty plant nutrients and industrial products in Europe, Northern Africa and the Middle and Far East</td><td>Ricardo Ramos R.* Gonzalo Aguirre T.* Pablo Altimiras C.* Gerardo Illanes G.* Erik Borghijs Kris Van den Bruel</td><td>Frank Biot*</td><td>Support and distribution</td></tr><tr><td>SQM FRANCE S.A.</td><td>Corporation</td><td>US$204,061</td><td>100% Soquimich European Holdings NV</td><td>0.00396%</td><td>Distribution</td><td>None</td><td>Oliver Lecaplain</td><td>Support</td></tr><tr><td>SQM HOLLAND B.V.</td><td>Corporation</td><td>US$19,550,205</td><td>100% Soquimich European Holdings NV</td><td>-0.00993%</td><td>Plant for the production and distribution of specialty plant nutrients soluble in water</td><td>Erik Borghijs Patrick Vanbeneden Kris Van den Bruel Marc Goetschalckx</td><td>None</td><td>Production and distribution</td></tr></table>



<table><tr><td>Name of Company</td><td>Type of Company</td><td>Capital</td><td>Ownership</td><td>Investment as % of SQM S.A.*s individual assets</td><td>Corporate Purpose</td><td>Board of Directors</td><td>CEO / Legal Representative</td><td>Relations / Contracts with parent company</td></tr><tr><td>SQM IBERIAN S.A.</td><td>Corporation</td><td>US$9,933,128</td><td>100% Soquimich European Holdings NV</td><td>0.50219%</td><td>Distribution and marketing of specialty plant nutrients and technical products in Spain</td><td>Frank Biot* Erik Borghys Gerardo Illanes G.*</td><td>José Andrés Cayuela Enrique Torras Erik Lütken R.</td><td>Distribution</td></tr><tr><td>SQM INDONESIA S.A.</td><td>Corporation</td><td>US$31,448</td><td>80% Soquimich European Holding B.V. 20% Interés Minoritario</td><td>0.00005%</td><td>Import trading and distribution services</td><td>Frank Biot* Patrick Vanbeneden Rudy Isnanto</td><td>Not applicable</td><td>Not applicable</td></tr><tr><td>SQM INTERNATIONAL N.V.</td><td>Corporation</td><td>US$3,079,827</td><td>99.42% Soquimich European Holdings B.V. 0.58% SQM S.A.</td><td>0.21696%</td><td>Distribution and sales of specialty plant nutrients and industrial products in Europe, North Africa and the Middle and Far East</td><td>Ricardo Ramos R.* Gonzalo Aguirre T.* Pablo Altimiras C.* Gerardo Illanes G.* Erik Borghijs Kris Van den Bruel</td><td>Frank Biot*</td><td>Support and distribution</td></tr><tr><td>SQM INVESTMENT CORPORATION N.V.</td><td>Corporation</td><td>US$50,000</td><td>99.00% SQM Potasio S.A. 1.00% SQM S.A.</td><td>3.20939%</td><td>Investment and marketing of moveable goods and real estate</td><td>TMF Group</td><td>TMF Group</td><td>Support</td></tr><tr><td>SQM JAPAN CO. LTD.</td><td>Limited liability corporation</td><td>US$87,413</td><td>15.8147% SQM Potasio S.A. 84.0256% Soquimich European Holdings B.V. 0.1597% SQM S.A.</td><td>0.05523%</td><td>Marketing of products in Asia/Oceania and marketing assistance</td><td>Pablo Altimiras C.* Gerardo Illanes Andrés Stocker</td><td>Andrés Stocker</td><td>Distribution and marketing / Commercial agency agreement</td></tr></table>



<table><tr><td>Name of Company</td><td>Type of Company</td><td>Capital</td><td>Ownership</td><td>Investment as % of SQM S.A.’s individual assets</td><td>Corporate Purpose</td><td>Board of Directors</td><td>CEO / Legal Representative</td><td>Relations / Contracts with parent company</td></tr><tr><td>SOQUIMICH LLC</td><td>Limited liability corporation</td><td>US$700,000</td><td>100% SQM Industrial S.A.</td><td>0.33737%</td><td>Sales, import and export of chemical products</td><td>Pablo Altimiras C. Gerardo Illanes G.</td><td>Pablo Altimiras</td><td>Distribution</td></tr><tr><td>SQM LITHIUM SPECIALTIES LIMITED PARTNERSHIP, L.L.P</td><td>Limited liability corporation</td><td>US$33,712,430</td><td>99% SQM Virginia LLC 1% North American Trading Co.</td><td>0.24186%</td><td>Production and marketing of lithium derivatives</td><td>None</td><td>Pablo Hernandez</td><td>Support</td></tr><tr><td>SQM NITRATOS MEXICO S.A. de C.V.</td><td>Variable capital corporation</td><td>US$5,636</td><td>99.998% SQM Industrial S.A. 0.002% SQM North America Corporation</td><td>0.00146%</td><td>Services</td><td>Christian Lüders M. Ricardo Ramos R.* Frank Biot* Gerardo Illanes G.* Gonzalo Aguirre T.* Alfredo Doberti D. Pablo Altimiras C. Ignacio Fernández G.</td><td>Christian Lüders M.</td><td>Not applicable</td></tr><tr><td>SQM NORTH AMERICA CORPORATION</td><td>Corporation</td><td>US$79,576,550</td><td>51% SQM Industrial S.A. 40% SQM S.A. 9% Soquimich European Holdings B.V.</td><td>0.68820%</td><td>Marketing of nitrates, fertilizers, iodine and lithium in North America</td><td>Gonzalo Aguirre T.* Pablo Altimiras C.* Beatriz Oelckers Gerardo Illanes G.* Ricardo Ramos R.*</td><td>Pablo Hernandez</td><td>Distribution</td></tr><tr><td>SQM OCEANIA PTY LIMITED</td><td>Limited liability corporation</td><td>US$1</td><td>100% SQM Soquimich European Holdings B.V.</td><td>0.03749%</td><td>Import, export and distribution of fertilizers and industrial products</td><td>Gerardo Illanes G.* Andrés Stocker Pablo Altimiras C.* Felipe Smith David Masters</td><td>None</td><td>Distribution</td></tr><tr><td>SQM PERÚ S.A.</td><td>Corporation</td><td>US$1,110,627</td><td>99.99093% SQM Industrial S.A. 0.00907% SQM S.A.</td><td>-0.00095%</td><td>Marketing of agricultural and industrial inputs</td><td>None</td><td>Abdon Jesus Rojas Lagos</td><td>Support</td></tr></table>



<table><tr><td>Name of Company</td><td>Type of Company</td><td>Capital</td><td>Ownership</td><td>Investment as % of SQM S.A.’s individual assets</td><td>Corporate Purpose</td><td>Board of Directors</td><td>CEO / Legal Representative</td><td>Relations / Contracts with parent company</td></tr><tr><td>SQM (THAILAND) LIMITED</td><td>Corporation</td><td>US$3,364,341</td><td>99.996% SQM European Holdings NV 0.004% Interés Minoritario</td><td>0.05316%</td><td>Marketing of fertilizers and industrial chemicals</td><td>Patrick Vanbeneden Andrés Stocker Pattamakan Suparp</td><td>None</td><td>Distribution</td></tr><tr><td>SQM SHANGHAI CHEMICALS CORPORATION</td><td>Corporation</td><td>US$2,499,995</td><td>100% SQM Industrial S.A.</td><td>0.85805%</td><td>Sales, import and export, marketing of chemical products</td><td>Gonzalo Aguirre T.* Gerardo Illanes G.* Pablo Altimiras C.*</td><td>Aaron Lee</td><td>Distribution</td></tr><tr><td>SQM VIRGINIA L.L.C.</td><td>Corporation</td><td>US$33,375,305</td><td>100% SQM North America Corporation</td><td>0.23944%</td><td>Investment company</td><td>Pablo Altimiras C.* Gerardo Illanes G.*</td><td>Pablo Hernandez</td><td>Support</td></tr><tr><td>SQMC HOLDING CORPORATION</td><td>Corporation</td><td>US$3,000,000</td><td>99.9% SQM Potasio S.A. 0.1% SQM S.A.</td><td>0.80875%</td><td>Investment company</td><td>Carlos Diaz O.* Felipe Smith de A.</td><td>Pablo Hernandez</td><td>Support</td></tr></table>

## International Associates

<table><tr><td>Name of Company</td><td>Type of Company</td><td>Capital</td><td>Ownership</td><td>Investment as % of SQM S.A.’s individual assets</td><td>Corporate Purpose</td><td>Board of Directors</td><td>CEO / Legal Representative</td><td>Relations / Contracts with parent company</td></tr><tr><td>AJAY EUROPE SARL</td><td>Corporation</td><td>US$4,065,738</td><td>50% Soquimich European Holdings B.V. 50% Otros no relacionados</td><td>0.13714%</td><td>Production and distribution of iodine derivatives</td><td>Pablo Altimiras* Andrés Fontannaz Alec Poitevint Matt Webb</td><td>Michel Pichon</td><td>Production and distribution / Commercial agreement</td></tr><tr><td>AJAY NORTH AMERICA L.L.C.</td><td>Corporation</td><td>US$10,383,786</td><td>49% SQMC Holding Corporation L.L.P. 51% Otros no relacionados</td><td>0.26548%</td><td>Production, sales and marketing of iodine derivatives</td><td>Pablo Altimiras* Andrés Fontannaz Alec Poitevint Matt Webb</td><td>Matt Webb</td><td>Production and distribution / Commercial agreement</td></tr></table>



## 7) B) INFORMATION ABOUT OTHER INVESTEES

## Joint Ventures or Joint Control

<table><tr><td>Name of Company</td><td>Type of Company</td><td>Capital</td><td>Ownership</td><td>Investment as % of SQM S.A.’s individual assets</td><td>Corporate Purpose</td><td>Board of Directors</td><td>CEO / Legal Representative</td><td>Relations / Contracts with parent company</td></tr><tr><td>COVALENT LITHIUM PTY LTD</td><td>Limited liability corporation</td><td>US$7</td><td>50% SQM Australia Pty Ltd 50% Otros no relacionados</td><td>-0.02043%</td><td>Administration, design, execution, construction and operation of projects</td><td>Ian Hansen Aaron Hood Pablo Altimiras C.* Eugenio Ponce L.</td><td>Ross Martelli</td><td>Administration, design, execution, construction and operation of projects services</td></tr><tr><td>PAVONI &amp; C. SPA</td><td>Limited liability corporation</td><td>US$1,478,946</td><td>50% Soquimich European Holdings B.V. 50% Otros no relacionados</td><td>0.06385%</td><td>Production, distribution, sales and marketing of specialty fertilizers</td><td>Patrick Vanbeneden Frank Biot* Giuseppe Casubolo Aldo Bonaccorsi Riccardo Carbone Sara Pavoni</td><td>Sara Pavoni</td><td>Production and distribution / Commercial agreement</td></tr><tr><td>SQM VITAS BRASIL</td><td>Limited liability corporation</td><td>US$2,556,211</td><td>99.99% SQM Vitas FZCO 0.01% Otros no relacionados</td><td>0.15950%</td><td>Production, distribution, sales and marketing of specialty fertilizers</td><td>Patrick Vanbeneden Karina Kuzmak-Bourdet Alfredo Doberti</td><td>Leandro Ries</td><td>Production and distribution / Commercial agreement</td></tr><tr><td>SQM VITAS FZCO</td><td>Sociedad de zona franca</td><td>US$1,413,043</td><td>48.0769231% SQM Industrial S.A. 1.92307692% SQM S.A.</td><td>0.24710%</td><td>Production, distribution, sales and marketing of specialty fertilizers</td><td>Patrick Vanbeneden Karina Kuzmak-Bourdet Frank Biot*</td><td>Patrick Vanbeneden</td><td>Production and distribution / Commercial agreement</td></tr><tr><td>SQM VITAS PERÚ S.A.C.</td><td>Sociedad anónima cerrada</td><td>US$5,162,956</td><td>99.99999% SQM Vitas FZCO 0.00001% SQM Industrial S.A.</td><td>0.17793%</td><td>Production, distribution, sales and marketing of specialty fertilizers</td><td>Patrick Vanbeneden Karina Kuzmak-Bourdet Alfredo Doberti</td><td>Diego Monteros</td><td>Production and distribution / Commercial agreement</td></tr></table>







## 8) INFORMATION ABOUT RELEVANT OR ESSENTIAL FACTS

## Relevant or Essential Facts Pertaining to SQM S.A.

The events indicated below occurred or were reported as essential or of interest to the CMF, to the stock exchanges and incorporated into the Company's website.

• On January 22, 2021, the Company announced that the Company's shareholders in the Extraordinary Shareholders' Meeting (the "Meeting") approved, among others, a capital increase for US$1,100,000,000 through the issuance of 22,442,580 Series B shares, to be subscribed and paid within the maximum term that expires on January 22, 2024, in the terms and conditions approved at the Meeting. A copy of the essential event can be found on the website at https://s25.q4cdn.com/757756353/files/doc_news/2021/JEA_22ene2021_eng_final.pdf

• On February 16, 2021, the Company informed that the board approved the investment in the Mt. Holland lithium project in Western Australia (the "Project"). The Project is a 50/50 joint venture with Wesfarmers Limited. SQM's share of investment in the Project is expected to reach approximately US$700 million between 2021-2025. A copy of the essential event can be found on the website at https://s25.q4cdn.com/757756353/files/doc_news/2021/Australia_17feb2021_eng_final.pdf

• On February 23, 2021, the Company informed that the public deed of declaration (the “Declarative Deed”) referred to the Company’s Extraordinary Shareholders' Meeting (“ESM”) held on January 22, 2021 has been granted at the Notary Office of Mr. Eduardo Javier Diez Morello in Santiago. The Declarative Deed (a) states that the Board of Directors of the Company waived the Resolutory Condition, in an extraordinary session held on February 20, 2021; (b) records that, given that the 30-day legal period to exercise the right to withdrawal as a result of the Capital Increase expired on February 21, 2021, and only one shareholder expressed their intention to exercise this right, for a total of 648 Series A shares, representing approximately 0.0004% of the total of Series A shares, even if the aforementioned Resolutory Condition had not been waived, it would not have been met and, therefore, would have been recognized as failed; (c) establishes that in accordance with the provisions of the Meeting: (i) the Capital Increase and related matters have taken effect as of February 1, 2021, date on which the minutes of the Meeting were entered into public deed; (ii) the Capital Increase and related matters have remained final, since the Resolutory Condition was waived by the Company’s board of directors and in any case, would have failed, due to the fact that the right to withdrawal was exercised by less than 0.5% of the total Series A shares within the legal period; and (iii) with the signing of the Declarative Deed, the requirements and formalities contemplated by the Meeting were fully complied with. A copy of the essential event can be found on the website at https://s25.q4cdn.com/757756353/files/doc_news/2021/JHE_Capital_23feb21_eng.pdf

• On March 3, 2021, the Company reported that the Board agreed to amend the general policy on customary transactions with related parties that was previously adopted at its meeting held on November 21, 2018 and approve an amended and restated version of the policy, which can be find on the website at https://s25.q4cdn.com/757756353/files/doc_news/2021/JHE_Policy-on-Customary-transactions_3Mar21_eng.pdf

• On March 15, 2021, the Company informed that it had filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2020, with the U.S. Securities and Exchange Commission (the “SEC”).

• On March 18, 2021, the Company reported that the capital increase agreed upon at the Meeting grants dissenting Series A shareholders the right to withdraw from the Company, upon payment by the latter the value of their shares.

• On April 19, 2021, the Company announced the end of the subscription period for the Company's ADS holders to exercise their preemptive ADS rights to subscribe for ADSs within the framework of the Company's ongoing capital increase. The Company was informed by The Bank of New York Mellon, the depository bank for its ADSs traded on the New York Stock Exchange, that preemptive rights for a total of 8,603,219 ADSs had been exercised, representing approximately 84.5% of the total number of new ADSs offered to ADS holders.



• On April 19, 2021, the Company informed that it had reached a long-term agreement to supply lithium hydroxide to Johnson Matthey (JM). The supply agreement which will run from 2021 to at least 2028, will support the production at JM’s planned CAM production facilities in Poland and Finland. The contract will provide enough lithium to power approximately 500,000 full electric vehicles.

• On April 23, 2021, the 45th ordinary general meeting of shareholders of the Company was held, in which the following matters were agreed, among others.

- To approve the Company’s Balance Sheet, the Annual Report, the Financial Statements and the External Auditors’ Report for the year ending on December 31, 2020.

- To appoint PricewaterhouseCoopers Consultores Auditores SpA as the Company’s External Auditors for the period January 1 through December 31, 2021.

- To approve the remuneration structure for the Board members.

- In addition, shareholders agreed to distribute and pay, as a final dividend, the total amount of US$49,355,654. However, the amount of US$44,986,592 that had been already paid as interim dividend during 2020 must be deducted from said final dividend.

• On April 27, 2021, the Company informed the CMF that after having concluded the pre-emptive rights offering period in relation to the capital increase approved at the Meeting, 22,441,932 new shares were offered to Series B shareholders or assignees of these shares at a preferred price of US$50 per share. Subsequently, on April 28, 2021, the Company announced the sale of 754,373 SQM-B shares at an average price of CLP37,885 per share (or approximately US$54 per share) through three public auctions held on the Santiago Stock Exchange. With this, the capital increase approved at the Meeting concluded, through which the company raised approximately US$1,100 million.

• On May 19, 2021, the Board of Directors agreed to pay an interim dividend equivalent to US$0.23797 per share, charged to the Company's 2021 net income.

• On July 16, 2021, the Company informed that Covalent Lithium Pty Ltd, the 50/50 joint venture company with its partner Wesfarmers Limited (ASX:WES), had received the Ministerial Statement under the Western Australian Environmental Protection Act 1986. With this approval, the project has now received all critical approvals.

• On July 20, 2021, the Company informed about a fire that affected two iodide storage ponds located in its Nueva Victoria production site in the Pozo Almonte district. Subsequently, on July 23, 2021, the Company informed that the repairs would involve an investment of approximately US$600,000 and that as a total net effect of this accident, iodine production during 2021 would be affected between 150 and 200 metric tons. It was also informed that according to Company’s estimates, the commercial commitments for 2021 would not be impacted.

• On August 18, 2021, the Board of Directors agreed to pay an interim dividend equivalent to US$0.31439 per share, charged to the Company's 2021 net income.

• On September 8, 2021, the Company announced that it intends, subject to market and other conditions, to offer senior unsecured notes to qualified institutional buyers in the United States in accordance with Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and to persons outside the United States in accordance with Regulation S under the Securities Act.

• On September 8, 2021, the Company informed that a jury in the United States District Court in Los Angeles returned a verdict against SQM North America, an SQM subsidiary (SQMNA), for US$48.1 million.

• On September 13, 2021, the Company informed that it agreed to issue and sell senior unsecured notes, for a principal amount of US$700 million due 2051. A copy of the essential event can be seen on the website at https://s25.q4cdn.com/757756353/files/doc_news/2021/9/PR_Green-Bond-Pricing_13Sep2021_eng.pdf



• On September 20, 2021, the Company informed that it had agreed to issue and sell US$700 million principal amount of its senior unsecured notes due 2051 at an annual interest rate of 3.500%, in accordance with Rule 144A and Regulation S under the Securities Act of the SEC. A copy of the essential event can be seen on the website at https://s25.q4cdn.com/757756353/files/doc_news/2021/9/HE-Colocaci%C3%B3n-Bono-US-2021_final.pdf

• On November 17, 2021, the Company informed that it agreed today to call an extraordinary shareholders' meeting to discuss the approval and distribution of a special dividend (“dividendo eventual”) for a total amount equivalent to US$400 million, considering Company’s financial situation and financial expectations for the rest of the year as well as the conditions of the markets in which the Company participates. Furthermore, and subject to the approval of the distribution and payment of the special dividend in the extraordinary shareholders meeting, the Board agreed to modify the 2021 dividend policy as described in the document available on the website at https://s25.q4cdn.com/757756353/files/doc_news/2021/11/PR_Meeting_Dividend_17Nov2021.pdf

• On December 12, 2021, the Company informed that it received a resignation letter from board member Robert J. Zatta, effective as of December 21, 2021.

• On December 22, 2021, the Company informed that the shareholders of the Company held an extraordinary shareholder meeting and approved the payment and distribution of a special dividend (“dividend eventual”) equal to US$1.40037 per share to be charged against SQM’s retained earnings. With this, the Company’s Dividend Policy will change as indicated in the essential fact dated November 17, 2021. On the same day, the Board of Directors of SQM agreed to appoint Mr. Ashley Ozols to replace Mr. Robert J. Zatta, effective the same date.

## Relevant or Essential Facts Pertaining to Soquimich Comercial S.A. (SQMC)

On March 29, 2021, it was reported that the board of directors of Soquimich Comercial S.A. agreed (1) to modify the “Dividend Policy for Business Year 2020” in order to incorporate into said Policy the payment of a special dividend (“dividend eventual”) for US$5,000,000. - equivalent to the amount of US$0.01837 per share, to be paid out of the accumulated earnings of SQMC; (2) propose to the next Ordinary Shareholders' Meeting of the Company to be held in April 2021, which approves the distribution and payment of definitive dividends for the business year 2020, 100% of the net profit for the year commercial of 2020, which reached the sum of US$7,560,217, which corresponds to a final dividend of US$0.02778 per share; (3) accordingly, propose to the Ordinary Shareholders' Meeting to be held next April, the payment of a special dividend of US$0.01837 per share, to be paid out of the retained earnings of SQMC, and a final dividend of US$0.02778 per share, corresponding to 100% of the net profits obtained by SQMC in the 2020 business year.

On November 16, 2021, it was reported that the board of directors of Soquimich Comercial S.A. agreed (1) to modify the “2021 Business Year Dividend Policy” in order to incorporate into said Policy the payment of a special dividend for US$10,000,000. - equivalent to the amount of US$0.03675 per share, to be paid out of the retained earnings of SQMC. Said payment will be submitted to the consideration of the next Extraordinary Shareholders' Meeting of the Company, which was called for December 10, 2021 at 10:00 a.m. at Los Militares 4290, 1st floor, Las Condes, Santiago, so that it resolves in this regard and, if applicable, such special dividend will be paid on December 20, 2021.

On December 10, 2021, it was reported that the shareholders of Soquimich Comercial S.A., met in an Extraordinary Shareholders' Meeting called for 10:00 am on Friday, December 10, 2021, unanimously agreed to approve the distribution of a special dividend, charged to the retained earnings of the Company, in the amount of $30.91851 (thirty point nine one eight five one) pesos per share. Said special dividend will be paid starting on December 20, 2021, in favor of those SQMC shareholders who are registered in the respective Registry on the fifth business day prior to that.



## 9) SUMMARY OF COMMENTS AND PROPOSALS BY SHAREHOLDERS AND THE DIRECTORS' COMMITTEE

According to Chilean Law No, 18,046, section 3, article 74, there have been no comments or proposals from SQM’s shareholders or Directors’ Committee regarding the Company’s business.



10) FINANCIAL REPORTS

10) A) FINANCIAL REPORTS OF THE REPORTING ENTITY

Report of Independent Auditors



INDEPENDENT AUDITOR'S REPORT

Santiago, March 2, 2022

To the Shareholders and Directors
Sociedad Química y Minera de Chile S.A.

We have audited the accompanying consolidated financial statements of Sociedad Química y Minera de Chile S.A. and subsidiaries, which comprise the consolidated statements of financial position as of December 31, 2021, and 2020 and the consolidated statements of income, comprehensive income, changes in equity and cash flows for the years then ended, and the related notes to the consolidated financial statements.

Management's Responsibility for the consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the International Financial Reporting Standards. This responsibility includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

## Auditor's Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audit in accordance with auditing standards generally accepted in Chile. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatements of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.



Santiago, March 2, 2022
Sociedad Química y Minera de Chile S.A.
2

## Opinion

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Sociedad Química y Minera de Chile S.A. and subsidiaries as of December 31, 2021 and 2020 and the results of its operations and cash flows for the years then ended in accordance with the International Financial Reporting Standards.



PaciCIVATENASSILLO PEA S

Digitally signed by Juan Augustin Aguayo Hernández RUT: 0a97c3b9-4. The digital certificate is embedded in the electronic version of this document.



# CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2021

# Sociedad Química y Minera de Chile S.A. and Subsidiaries

In Thousands of United States Dollars

This document includes:

- Report of Independent Register Public Accounting Firm

- Consolidated Statements of Financial Position

- Consolidated Statements of Income

- Consolidated Statements of Comprehensive Income

- Consolidated Statements of Cash Flows

- Consolidated Statements of Changes in Equity

- Notes to the Consolidated Financial Statements



## Table of Contents – Consolidated Financial Statements

CONSOLIDATED CLASSIFIED STATEMENTS OF FINANCIAL POSITION 124
CONSOLIDATED CLASSIFIED STATEMENTS OF FINANCIAL POSITION 125
CONSOLIDATED STATEMENTS OF INCOME 126
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 127
CONSOLIDATED STATEMENTS OF CASH FLOWS 128
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 130

NOTE 1 IDENTIFICATION AND ACTIVITIES OF THE COMPANY AND SUBSIDIARIES
133
1.1 HISTORICAL BACKGROUND ..... 133
1.2 MAIN DOMICILE WHERE THE COMPANY PERFORMS ITS PRODUCTION ACTIVITIES ..... 133
1.3 CODES OF MAIN ACTIVITIES ..... 133
1.4 DESCRIPTION OF THE NATURE OF OPERATIONS AND MAIN ACTIVITIES ..... 133
1.5 OTHER BACKGROUND ..... 135
1.6 COVID-19 ..... 136
1.7 CAPITAL STOCK INCREASE ..... 137
1.8 APPROVAL OF INVESTMENT IN MOUNT HOLLAND ..... 137
NOTE 2 BASIS OF PRESENTATION FOR THE CONSOLIDATED FINANCIAL STATEMENTS
138
2.1 ACCOUNTING PERIOD ..... 138
2.2 CONSOLIDATED FINANCIAL STATEMENTS ..... 138
2.3 BASIS OF MEASUREMENT ..... 139
2.4 ACCOUNTING PRONOUNCEMENTS ..... 139
2.5 BASIS OF CONSOLIDATION ..... 141
2.6 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES ..... 142
NOTE 3 SIGNIFICANT ACCOUNTING POLICIES 143
3.1 CLASSIFICATION OF BALANCES AS CURRENT AND NON-CURRENT ..... 143
3.2 FUNCTIONAL AND PRESENTATION CURRENCY ..... 143
3.3 ACCOUNTING POLICY FOR FOREIGN CURRENCY TRANSLATION ..... 143
3.4 CONSOLIDATED STATEMENT OF CASH FLOWS ..... 145
3.5 FINANCIAL ASSETS ACCOUNTING POLICY ..... 145
3.6 FINANCIAL ASSETS IMPAIRMENT ..... 146
3.7 FINANCIAL LIABILITIES ..... 146
3.8 RECLASSIFICATION OF FINANCIAL INSTRUMENTS ..... 146
3.9 FINANCIAL INSTRUMENTS DERECOGNITION ..... 146
3.10 DERIVATIVE AND HEDGING FINANCIAL INSTRUMENTS ..... 147
3.11 DERIVATIVE FINANCIAL INSTRUMENTS NOT CONSIDERED AS HEDGES ..... 148
3.12 DEFERRED ACQUISITION COSTS FROM INSURANCE CONTRACTS ..... 148
3.13 LEASES ..... 148
3.14 INVENTORY MEASUREMENT ..... 149
3.15 NON-CONTROLLING INTERESTS ..... 150
3.16 RELATED PARTY TRANSACTIONS ..... 150
3.17 PROPERTY, PLANT AND EQUIPMENT ..... 150
3.18 DEPRECIATION OF PROPERTY, PLANT AND EQUIPMENT ..... 151



3.19 GOODWILL ..... 151
3.20 INTANGIBLE ASSETS OTHER THAN GOODWILL ..... 151
3.21 RESEARCH AND DEVELOPMENT EXPENSES ..... 153
3.22 EXPLORATION AND EVALUATION EXPENSES ..... 153
3.23 IMPAIRMENT OF NON-FINANCIAL ASSETS ..... 154
3.24 MINIMUM DIVIDEND ..... 154
3.25 EARNINGS PER SHARE ..... 154
3.26 OTHER PROVISIONS ..... 155
3.27 OBLIGATIONS RELATED TO EMPLOYEE TERMINATION BENEFITS AND PENSION COMMITMENTS ..... 155
3.28 COMPENSATION PLANS ..... 155
3.29 REVENUE RECOGNITION ..... 156
3.30 FINANCE INCOME AND FINANCE COSTS ..... 156
3.31 CURRENT INCOME TAX AND DEFERRED ..... 156
3.32 OPERATING SEGMENT REPORTING ..... 158
3.33 PRIMARY ACCOUNTING CRITERIA, ESTIMATES AND ASSUMPTIONS ..... 158
3.34 ENVIRONMENT ..... 159

NOTE 4 FINANCIAL RISK MANAGEMENT 159
4.1 FINANCIAL RISK MANAGEMENT POLICY ..... 159
4.2 RISK FACTORS ..... 160
4.3 RISK MEASUREMENT ..... 164

NOTE 5 SEPARATE INFORMATION ON THE MAIN OFFICE, PARENT ENTITY AND JOINT ACTION AGREEMENTS 165
5.1 PARENT'S STAND-ALONE ASSETS AND LIABILITIES ..... 165
5.2 PARENT ENTITY ..... 165

NOTE 6 BOARD OF DIRECTORS, SENIOR MANAGEMENT AND KEY MANAGEMENT PERSONNEL 166
6.1 REMUNERATION OF THE BOARD OF DIRECTORS AND SENIOR MANAGEMENT ..... 166
6.2 KEY MANAGEMENT PERSONNEL COMPENSATION ..... 168

NOTE 7 BACKGROUND ON COMPANIES INCLUDED IN CONSOLIDATION AND NON-CONTROLLING INTERESTS 169
7.1 BACKGROUND ON COMPANIES INCLUDED IN CONSOLIDATION ..... 169
7.2 ASSETS, LIABILITIES, RESULTS OF CONSOLIDATED SUBSIDIARIES AS OF DECEMBER 31, 2021 ..... 171
7.3 BACKGROUND ON NON-CONTROLLING INTERESTS ..... 175

NOTE 8 EQUITY-ACCOUNTED INVESTEES 176
8.1 INVESTMENTS IN ASSOCIATES RECOGNIZED ACCORDING TO THE EQUITY METHOD OF ACCOUNTING ..... 176
8.2 ASSETS, LIABILITIES, REVENUE AND EXPENSES OF ASSOCIATES ..... 178
8.3 DISCLOSURES REGARDING INTERESTS IN ASSOCIATES ..... 179

NOTE 9 JOINT VENTURES 180
9.1 INVESTMENT IN JOINT VENTURES ACCOUNTED FOR UNDER THE EQUITY METHOD OF ACCOUNTING ..... 180
9.2 ASSETS, LIABILITIES, REVENUE AND EXPENSES FROM JOINT VENTURES ..... 183
9.3 OTHER JOINT VENTURE DISCLOSURES ..... 184
9.4 DISCLOSURE OF INTERESTS IN JOINT VENTURES ..... 185
9.5 JOINT VENTURES ..... 185

NOTE 10 CASH AND CASH EQUIVALENTS 186
10.1 TYPES OF CASH AND CASH EQUIVALENTS ..... 186



10.2 SHORT-TERM INVESTMENTS, CLASSIFIED AS CASH EQUIVALENTS ..... 186
10.3 INFORMATION ON CASH AND CASH EQUIVALENTS BY CURRENCY ..... 187
10.4 AMOUNT RESTRICTED CASH BALANCES ..... 187
10.5 SHORT-TERM DEPOSITS, CLASSIFIED AS CASH EQUIVALENTS ..... 188

NOTE 11 INVENTORIES 190

NOTE 12 RELATED PARTY DISCLOSURES 192
12.1 RELATED PARTY DISCLOSURES ..... 192
12.2 RELATIONSHIPS BETWEEN THE PARENT AND THE ENTITY ..... 192
12.3 DETAILED IDENTIFICATION OF RELATED PARTIES AND SUBSIDIARIES ..... 193
12.4 DETAIL OF RELATED PARTIES AND RELATED PARTY TRANSACTIONS ..... 196
12.5 TRADE RECEIVABLES DUE FROM RELATED PARTIES, CURRENT: ..... 197
12.6 TRADE PAYABLES DUE TO RELATED PARTIES, CURRENT: ..... 197
12.7 OTHER DISCLOSURES: ..... 197

NOTE 13 FINANCIAL INSTRUMENTS 198
13.1 TYPES OF OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS ..... 198
13.2 TRADE AND OTHER RECEIVABLES ..... 199
13.3 HEDGING ASSETS AND LIABILITIES ..... 202
13.4 FINANCIAL LIABILITIES ..... 203
13.5 TRADE AND OTHER PAYABLES ..... 214
13.6 FINANCIAL ASSET AND LIABILITY CATEGORIES ..... 216
13.7 FAIR VALUE MEASUREMENT OF FINANCE ASSETS AND LIABILITIES ..... 218
13.8 ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS ..... 221
13.9 NET DEBT RECONCILIATION ..... 222

NOTE 14 RIGHT-OF-USE ASSETS AND LEASE LIABILITIES 223
14.1 RIGHT-OF-USE ASSETS ..... 223
14.2 LEASE LIABILITIES ..... 224

NOTE 15 INTANGIBLE ASSETS AND GOODWILL 231
15.1 RECONCILIATION OF CHANGES IN INTANGIBLE ASSETS AND GOODWILL ..... 231

NOTE 16 PROPERTY, PLANT AND EQUIPMENT 238
16.1 TYPES OF PROPERTY, PLANT AND EQUIPMENT ..... 238
16.2 CONCLUSION OF CHANGES IN PROPERTY, PLANT AND EQUIPMENT BY TYPE: ..... 240
16.3 DETAIL OF PROPERTY, PLANT AND EQUIPMENT PLEDGED AS GUARANTEE ..... 244
16.4 COST OF CAPITALIZED INTEREST, PROPERTY, PLANT AND EQUIPMENT ..... 244

NOTE 17 OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS 245

NOTE 18 EMPLOYEE BENEFITS 248
18.1 PROVISIONS FOR EMPLOYEE BENEFITS ..... 248
18.2 POLICIES ON DEFINED BENEFIT PLAN ..... 248
18.3 OTHER LONG-TERM BENEFITS ..... 249
18.4 POST-EMPLOYMENT BENEFIT OBLIGATIONS ..... 249
18.5 STAFF SEVERANCE INDEMNITIES ..... 251
18.6 EXECUTIVE COMPENSATION PLAN ..... 252

NOTE 19 PROVISIONS AND OTHER NON-FINANCIAL LIABILITIES 253
19.1 TYPES OF PROVISIONS ..... 253



19.2 DESCRIPTION OF OTHER PROVISIONS ..... 254
19.3 OTHER NON-FINANCIAL LIABILITIES, CURRENT ..... 255
19.4 CHANGES IN PROVISIONS ..... 256
NOTE 20 DISCLOSURES ON EQUITY 257
20.1 CAPITAL MANAGEMENT ..... 257
20.2 OPERATIONAL RESTRICTIONS AND FINANCIAL LIMITS ..... 257
20.3 DISCLOSURES ON PREFERRED SHARE CAPITAL ..... 258
20.4 DISCLOSURES ON RESERVES IN EQUITY ..... 260
20.5 DIVIDEND POLICIES ..... 262
20.6 INTERIM AND PROVISIONAL DIVIDENDS ..... 263
20.7 POTENTIAL AND PROVISIONAL DIVIDENDS ..... 264
NOTE 21 CONTINGENCIES AND RESTRICTIONS 265
21.1 LAWSUITS AND OTHER RELEVANT EVENTS ..... 265
21.2 ENVIRONMENTAL CONTINGENCIES ..... 267
21.3 TAX CONTINGENCIES ..... 267
21.4 CONTINGENCIES REGARDING TO THE CONTRACTS WITH CORFO ..... 268
21.5 CONTINGENCIES ASSOCIATED WITH CONFLICTS BETWEEN SHAREHOLDERS OF THE ABU DHABI FERTILIZER INDUSTRIES COMPANY ..... 268
21.6 RESTRICTED OR PLEDGED CASH ..... 268
21.7 SECURITIES OBTAINED FROM THIRD PARTIES ..... 269
21.8 INDIRECT GUARANTEES ..... 269
NOTE 22 ENVIRONMENT 270
22.1 DISCLOSURES OF DISBURSEMENTS RELATED TO THE ENVIRONMENT ..... 270
22.2 DETAILED INFORMATION ON DISBURSEMENTS RELATED TO THE ENVIRONMENT ..... 271
22.3 DESCRIPTION OF EACH PROJECT, INDICATING WHETHER THESE ARE IN PROCESS OR HAVE BEEN FINISHED ..... 282
NOTE 23 GAINS (LOSSES) FROM OPERATING ACTIVITIES IN THE STATEMENT OF INCOME OF EXPENSES, INCLUDED ACCORDING TO THEIR NATURE 287
23.1 REVENUE FROM OPERATING ACTIVITIES CUSTOMER ACTIVITIES ..... 287
23.2 COST OF SALES ..... 289
23.3 OTHER INCOME ..... 290
23.4 ADMINISTRATIVE EXPENSES ..... 290
23.5 OTHER EXPENSES ..... 291
23.6 OTHER (LOSSES) INCOME ..... 291
23.7 (IMPAIRMENT) /REVERSAL OF VALUE OF FINANCIAL ASSETS IMPAIRMENT LOSSES ..... 292
23.8 SUMMARY OF EXPENSES BY NATURE ..... 292
23.9 FINANCE EXPENSES ..... 293
23.10 FINANCE INCOME ..... 293
NOTE 24 REPORTABLE SEGMENTS 294
24.1 REPORTABLE SEGMENTS ..... 294
24.2 REPORTABLE SEGMENT DISCLOSURES: ..... 296
24.3 STATEMENT OF COMPREHENSIVE INCOME CLASSIFIED BY REPORTABLE SEGMENTS BASED ON GROUPS OF PRODUCTS 298
24.4 DISCLOSURES ON GEOGRAPHICAL AREAS ..... 300
24.5 DISCLOSURES ON MAIN CUSTOMERS ..... 300
24.6 SEGMENTS BY GEOGRAPHICAL AREAS ..... 301
NOTE 25 EFFECT OF FLUCTUATIONS IN FOREIGN CURRENCY EXCHANGE RATES 302



## NOTE 26 DISCLOSURES ON THE EFFECTS OF FLUCTUATIONS IN FOREIGN CURRENCY EXCHANGE RATES 303

## NOTE 27 INCOME TAX AND DEFERRED TAXES 309

27.1 CURRENT AND NON-CURRENT TAX ASSETS ..... 309
27.2 CURRENT TAX LIABILITIES ..... 310
27.3 INCOME TAX AND DEFERRED TAXES ..... 311

## NOTE 28 EVENTS OCCURRED AFTER THE REPORTING DATE 318

28.1 AUTHORIZATION OF THE FINANCIAL STATEMENTS ..... 318
28.2 DISCLOSURES ON EVENTS OCCURRING AFTER THE REPORTING DATE ..... 318



## Consolidated Classified Statements of Financial Position

<table><tr><td rowspan="2">ASSETS</td><td rowspan="2">Note N°</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current Assets</td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>10.1</td><td>1,515,051</td><td>509,102</td></tr><tr><td>Other current financial assets</td><td>13.1</td><td>919,049</td><td>348,069</td></tr><tr><td>Other current non-financial assets</td><td>17</td><td>69,870</td><td>57,399</td></tr><tr><td>Trade and other receivables, current</td><td>13.2</td><td>654,073</td><td>365,206</td></tr><tr><td>Trade receivables due from related parties, current</td><td>12.5</td><td>86,152</td><td>62,601</td></tr><tr><td>Current inventories</td><td>11</td><td>1,183,776</td><td>1,093,028</td></tr><tr><td>Current tax assets</td><td>27.1</td><td>157,542</td><td>132,224</td></tr><tr><td>Total current assets other than those classified as held for sale or disposal</td><td></td><td>4,585,513</td><td>2,567,629</td></tr><tr><td>Non-current assets or groups of assets classified as held for sale</td><td></td><td>582</td><td>1,629</td></tr><tr><td>Total non-current assets held for sale</td><td></td><td>582</td><td>1,629</td></tr><tr><td>Total current assets</td><td></td><td>4,586,095</td><td>2,569,258</td></tr><tr><td>Non-current assets</td><td></td><td></td><td></td></tr><tr><td>Other non-current financial assets</td><td>13.1</td><td>9,268</td><td>51,925</td></tr><tr><td>Other non-current non-financial assets</td><td>17</td><td>33,487</td><td>22,042</td></tr><tr><td>Non-current trade receivables,</td><td>13.2</td><td>6,172</td><td>11,165</td></tr><tr><td>Investments classified using the equity method of accounting</td><td>8.1-9.1</td><td>39,824</td><td>85,993</td></tr><tr><td>Intangible assets other than goodwill</td><td>15.1</td><td>179,658</td><td>178,407</td></tr><tr><td>Goodwill</td><td>15.1</td><td>34,596</td><td>41,966</td></tr><tr><td>Property, plant and equipment net</td><td>16.1</td><td>2,012,225</td><td>1,737,319</td></tr><tr><td>Right-of-use assets</td><td>14.1</td><td>52,608</td><td>30,024</td></tr><tr><td>Non-current tax assets</td><td>27.1</td><td>90,364</td><td>90,364</td></tr><tr><td>Total non-current assets</td><td></td><td>2,458,202</td><td>2,249,205</td></tr><tr><td>Total assets</td><td></td><td>7,044,297</td><td>4,818,463</td></tr></table>

The accompanying notes form an integral part of these consolidated financial statements.



Consolidated Classified Statements of Financial Position

<table><tr><td rowspan="2">Liabilities and Equity</td><td rowspan="2">Note N°</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current liabilities</td><td></td><td></td><td></td></tr><tr><td>Other current financial liabilities</td><td>13.4</td><td>51,305</td><td>68,955</td></tr><tr><td>Lease liabilities, current</td><td>14.2</td><td>7,704</td><td>5,528</td></tr><tr><td>Trade and other payables, current</td><td>13.5</td><td>279,650</td><td>203,933</td></tr><tr><td>Trade payables due to related parties, current</td><td>12.6</td><td>-</td><td>606</td></tr><tr><td>Other current provisions</td><td>19.1</td><td>317,666</td><td>104,166</td></tr><tr><td>Current tax liabilities</td><td>27.2</td><td>166,935</td><td>22,643</td></tr><tr><td>Provisions for employee benefits, current</td><td>18.1</td><td>26,775</td><td>9,096</td></tr><tr><td>Other current non-financial liabilities</td><td>19.3</td><td>141,674</td><td>60,955</td></tr><tr><td>Total current liabilities</td><td></td><td>991,709</td><td>475,882</td></tr><tr><td>Non-current liabilities</td><td></td><td></td><td></td></tr><tr><td>Other non-current financial liabilities</td><td>13.4</td><td>2,587,732</td><td>1,899,513</td></tr><tr><td>Non-current lease liabilities</td><td>14.2</td><td>46,519</td><td>25,546</td></tr><tr><td>Non-current trade and other payables</td><td>13.5</td><td>3,813</td><td>4,027</td></tr><tr><td>Other non-current provisions</td><td>19.1</td><td>61,038</td><td>62,617</td></tr><tr><td>Deferred tax liabilities</td><td>27.3</td><td>110,416</td><td>156,101</td></tr><tr><td>Non-current provisions for employee benefits</td><td>18.1</td><td>27,099</td><td>32,199</td></tr><tr><td>Total non-current liabilities</td><td></td><td>2,836,617</td><td>2,180,003</td></tr><tr><td>Total liabilities</td><td></td><td>3,828,326</td><td>2,655,885</td></tr><tr><td>Equity</td><td></td><td></td><td></td></tr><tr><td>Equity attributable to owners of the Parent</td><td>20</td><td></td><td></td></tr><tr><td>Share capital</td><td></td><td>1,577,643</td><td>477,386</td></tr><tr><td>Retained earnings</td><td></td><td>1,648,032</td><td>1,638,267</td></tr><tr><td>Other reserves</td><td></td><td>(44,155)</td><td>7,432</td></tr><tr><td>Equity attributable to owners of the Parent</td><td></td><td>3,181,520</td><td>2,123,085</td></tr><tr><td>Non-controlling interests</td><td></td><td>34,451</td><td>39,493</td></tr><tr><td>Total equity</td><td></td><td>3,215,971</td><td>2,162,578</td></tr><tr><td>Total liabilities and equity</td><td></td><td>7,044,297</td><td>4,818,463</td></tr></table>



Consolidated Statements of Income

<table><tr><td rowspan="3">Consolidated Statements of Income</td><td rowspan="3">Note N°</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Revenue</td><td>23.1</td><td>2,862,315</td><td>1,817,191</td></tr><tr><td>Cost of sales</td><td>23.2</td><td>(1,772,208)</td><td>(1,334,321)</td></tr><tr><td>Gross profit</td><td></td><td>1,090,107</td><td>482,870</td></tr><tr><td>Other income</td><td>23.3</td><td>19,552</td><td>26,893</td></tr><tr><td>Administrative expenses</td><td>23.4</td><td>(118,893)</td><td>(107,017)</td></tr><tr><td>Other expenses</td><td>23.5</td><td>(60,605)</td><td>(99,612)</td></tr><tr><td>Impairment of financial assets and reversal of impairment losses</td><td>23.7</td><td>(235)</td><td>4,684</td></tr><tr><td>Other (losses) gains</td><td>23.6</td><td>(2,638)</td><td>(5,313)</td></tr><tr><td>Profit from operating activities</td><td></td><td>927,288</td><td>302,505</td></tr><tr><td>Finance income</td><td>23.10</td><td>4,668</td><td>13,715</td></tr><tr><td>Finance costs</td><td>16-23.9</td><td>(84,626)</td><td>(82,199)</td></tr><tr><td>Share of profit of associates and joint ventures accounted for using the equity method</td><td>8.1-9.3</td><td>11,132</td><td>8,940</td></tr><tr><td>Foreign currency translation differences</td><td>25</td><td>(17,241)</td><td>(4,423)</td></tr><tr><td>Profit before taxes</td><td></td><td>841,221</td><td>238,538</td></tr><tr><td>Income tax expense</td><td>27.3</td><td>(249,016)</td><td>(70,179)</td></tr><tr><td>Net profit</td><td></td><td>592,205</td><td>168,359</td></tr><tr><td>Profit attributable to:</td><td></td><td></td><td></td></tr><tr><td>Profit attributable to Owners of the Parent</td><td></td><td>585,454</td><td>164,518</td></tr><tr><td>Profit attributable to Non-controlling interests</td><td></td><td>6,751</td><td>3,841</td></tr><tr><td></td><td></td><td>592,205</td><td>168,359</td></tr></table>

<table><tr><td rowspan="3">Earnings per share</td><td rowspan="3">Note N°</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Common shares</td><td></td><td></td><td></td></tr><tr><td>Basic earnings per share (US$ per share)</td><td></td><td>2.0496</td><td>0.6251</td></tr><tr><td>Diluted common shares</td><td></td><td></td><td></td></tr><tr><td>Earnings per share (US$ per share)</td><td></td><td>2.0496</td><td>0.6251</td></tr></table>



Consolidated Statements of Comprehensive Income

<table><tr><td rowspan="3">Consolidated Statements of Comprehensive Income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Net profit</td><td>592,205</td><td>168,359</td></tr><tr><td>Items of other comprehensive income that will not be reclassified to profit for the year, before taxes</td><td></td><td></td></tr><tr><td>Gains from measurements of defined benefit plans</td><td>4,679</td><td>974</td></tr><tr><td>(Losses) gains from financial assets measured irrevocably at fair value through other comprehensive income</td><td>(12,072)</td><td>9,784</td></tr><tr><td>Total other comprehensive income that will not be reclassified to profit for the year, before taxes</td><td>(7,393)</td><td>10,758</td></tr><tr><td>Items of other comprehensive income that will be reclassified to profit for the year, before taxes</td><td></td><td></td></tr><tr><td>Foreign currency exchange gains</td><td>4,240</td><td>14,000</td></tr><tr><td>(Losses) from cash flow hedges</td><td>(52,762)</td><td>(3,706)</td></tr><tr><td>Total other comprehensive income that will be reclassified to profit for the year</td><td>(48,522)</td><td>10,294</td></tr><tr><td>Other items of other comprehensive income, before taxes</td><td>(55,915)</td><td>21,052</td></tr><tr><td>Income taxes related to items of other comprehensive income that will not be reclassified to profit for the year</td><td></td><td></td></tr><tr><td>Income (tax) benefit relating to measurement of defined benefit pension plans through other comprehensive income</td><td>(142)</td><td>(145)</td></tr><tr><td>Income benefit (tax) relating to (losses) gains on financial assets measured irrevocably at fair value through other comprehensive income</td><td>3,818</td><td>(2,642)</td></tr><tr><td>Total income tax relating to components of other comprehensive income that will be not reclassified to profit for the year</td><td>3,676</td><td>(2,787)</td></tr><tr><td>Income taxes relating to components of other comprehensive income that will be reclassified to profit for the year</td><td></td><td></td></tr><tr><td>Income (tax) benefit (expense) related to (losses) gains from cash flow hedges</td><td>14,246</td><td>1,001</td></tr><tr><td>Total income tax relating to components of other comprehensive income that will be reclassified to profit for the year</td><td>14,246</td><td>1,001</td></tr><tr><td>Total other comprehensive income</td><td>(37,993)</td><td>19,266</td></tr><tr><td>Total comprehensive income</td><td>554,212</td><td>187,625</td></tr><tr><td>Comprehensive income attributable to</td><td></td><td></td></tr><tr><td>Comprehensive income attributable to owners of the parent</td><td>546,846</td><td>183,941</td></tr><tr><td>Comprehensive income attributable to non-controlling interest</td><td>7,366</td><td>3,684</td></tr><tr><td></td><td>554,212</td><td>187,625</td></tr></table>

The accompanying notes form an integral part of these consolidated financial statements.



## Consolidated Statements of Cash Flows

<table><tr><td rowspan="3">Consolidated Statements of Cash Flows</td><td rowspan="3">Note N°</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Cash flows from (used in) operating activities</td><td></td><td></td><td></td></tr><tr><td>Classes of cash receipts from operating activities</td><td></td><td></td><td></td></tr><tr><td>Cash receipts from sales of goods and rendering of services</td><td></td><td>2,705,250</td><td>1,940,720</td></tr><tr><td>Cash receipts from premiums and benefits, annuities and other benefits from policies entered</td><td></td><td>1,902</td><td>14,763</td></tr><tr><td>Cash receipts derived from sub-leases</td><td></td><td>443</td><td>188</td></tr><tr><td>Classes of Payments</td><td></td><td></td><td></td></tr><tr><td>Cash payments to suppliers for the provision of goods and services</td><td></td><td>(1,713,922)</td><td>(1,520,209)</td></tr><tr><td>Cash payments relating to variable leases</td><td></td><td>(1,313)</td><td>(1,117)</td></tr><tr><td>Other payments related to operating activities</td><td></td><td>(16,726)</td><td>(87,278)</td></tr><tr><td>Net cash generated from operating activities</td><td></td><td>975,634</td><td>347,067</td></tr><tr><td>Dividends received</td><td></td><td>11,663</td><td>5,387</td></tr><tr><td>Interest paid</td><td></td><td>(82,816)</td><td>(81,567)</td></tr><tr><td>Interest paid on lease liabilities</td><td></td><td>(1,587)</td><td>(1,133)</td></tr><tr><td>Interest received</td><td></td><td>2,747</td><td>17,046</td></tr><tr><td>Income taxes paid</td><td></td><td>(142,730)</td><td>(200,624)</td></tr><tr><td>Other cash inflows (1)</td><td></td><td>59,609</td><td>96,058</td></tr><tr><td>Net cash generated from operating activities</td><td></td><td>822,520</td><td>182,234</td></tr></table>

<table><tr><td>Proceeds from the sale of equity instruments</td><td>16,413</td><td>-</td></tr><tr><td>Cash flows arising from the loss/gain of control of subsidiaries and other businesses</td><td>-</td><td>20,996</td></tr><tr><td>Proceeds from the sale of property, plant and equipment</td><td>672</td><td>1,680</td></tr><tr><td>Other payments to acquire interest in joint ventures</td><td>-</td><td>(16,949)</td></tr><tr><td>Proceeds from the sale of joint ventures</td><td>-</td><td>-</td></tr><tr><td>Acquisition of property, plant and equipment</td><td>(464,718)</td><td>(322,242)</td></tr><tr><td>Proceeds from sales of intangible assets</td><td>14,773</td><td>8,203</td></tr><tr><td>Proceeds related to futures, forward options and swap contracts</td><td>2,328</td><td>(6,902)</td></tr><tr><td>Purchases of intangible assets</td><td>-</td><td>(579)</td></tr><tr><td>Loans to related parties</td><td>13,086</td><td>(15,000)</td></tr><tr><td>Cash flows proceeds from the sale of interests in joint ventures</td><td>13,085</td><td>-</td></tr><tr><td>Purchase of other long-term assets</td><td>(8,071)</td><td>-</td></tr><tr><td>Other cash (outflows) inflows (2)</td><td>(594,511)</td><td>163,702</td></tr><tr><td>Cash flow used in investing activities</td><td>(1,006,943)</td><td>(167,091)</td></tr></table>

(1) Other inflows (outflows) of cash from operating activities include net increases (decreases) of value added tax, banking expenses, expenses associated with obtaining loans and taxes associated with interest payments.

(2) Other inflows (outflows) of cash include investments and redemptions of time deposits and other financial instruments that do not qualify as cash and cash equivalent in accordance with IAS 7, paragraph 7, since they mature in more than 90 days from the original investment date.

The accompanying notes form an integral part of these consolidated financial statements.



## Consolidated Statements of Cash Flows

<table><tr><td rowspan="3">Consolidated Statements of Cash Flows</td><td rowspan="3">Note N°</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Cash flows generated from (used in) financing activities</td><td></td><td></td><td></td></tr><tr><td>Repayment of lease liabilities</td><td></td><td>(7,960)</td><td>(8,015)</td></tr><tr><td>Proceeds from long-term loans</td><td></td><td>700,000</td><td>400,000</td></tr><tr><td>Payment of borrowings</td><td></td><td>(14,110)</td><td>(264,122)</td></tr><tr><td>Paid dividends</td><td></td><td>(571,702)</td><td>(221,995)</td></tr><tr><td>Capital stock increase</td><td></td><td>1,100,257</td><td>-</td></tr><tr><td>Net cash generated from financing activities</td><td></td><td>1,206,485</td><td>(94,132)</td></tr><tr><td>Net Increase in cash and cash equivalents before the effect of changes in the exchange rate</td><td></td><td>1,022,062</td><td>(78,989)</td></tr><tr><td>Effects of exchange rate fluctuations on cash and cash equivalents</td><td></td><td>(16,113)</td><td>(439)</td></tr><tr><td>Increase in cash and cash equivalents</td><td></td><td>1,005,949</td><td>(79,428)</td></tr><tr><td>Cash and cash equivalents at beginning of period</td><td></td><td>509,102</td><td>588,530</td></tr><tr><td>Cash and cash equivalents at end of period</td><td>10</td><td>1,515,051</td><td>509,102</td></tr></table>



## Consolidated Statements of Changes in Equity

<table><tr><td rowspan="2">Consolidated Statements of Changes in Equity</td><td rowspan="2">Share capital</td><td>Foreign currency translation reserves</td><td>Hedge reserves</td><td>Gains and losses from financial assets reserve</td><td>Actuarial gains and losses from defined benefit plans reserve</td><td>Other miscellaneous reserves</td><td>Total reserves</td><td>Retained earnings</td><td>Equity attributable to owners of the Parent</td><td>Non-controlling interests</td><td>Total Equity</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>THUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Equity at January 1, 2021</td><td>477,386</td><td>(11,569)</td><td>4,491</td><td>6,872</td><td>(8,680)</td><td>16,318</td><td>7,432</td><td>1,638,267</td><td>2,123,085</td><td>39,493</td><td>2,162,578</td></tr><tr><td>Net profit</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>585,454</td><td>585,454</td><td>6,751</td><td>592,205</td></tr><tr><td>Other comprehensive income</td><td>-</td><td>3,656</td><td>(38,516)</td><td>(8,254)</td><td>4,506</td><td>-</td><td>(38,608)</td><td>-</td><td>(38,608)</td><td>615</td><td>(37,993)</td></tr><tr><td>Comprehensive income</td><td>-</td><td>3,656</td><td>(38,516)</td><td>(8,254)</td><td>4,506</td><td>-</td><td>(38,608)</td><td>585,454</td><td>546,846</td><td>7,366</td><td>554,212</td></tr><tr><td>Sale of equity instruments irrevocably recognized in OCI</td><td>-</td><td>-</td><td>-</td><td>(9,764)</td><td>-</td><td>-</td><td>(9,764)</td><td>9,764</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends (1)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(585,453)</td><td>(585,453)</td><td>(12,408)</td><td>(597,861)</td></tr><tr><td>Capital stock increase (2)</td><td>1,100,257</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,100,257</td><td>-</td><td>1,100,257</td></tr><tr><td>Other decrease in equity</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(3,215)</td><td>(3,215)</td><td>-</td><td>(3,215)</td><td>-</td><td>(3,215)</td></tr><tr><td>Total changes in equity</td><td>1,100,257</td><td>3,656</td><td>(38,516)</td><td>(18,018)</td><td>4,506</td><td>(3,215)</td><td>(51,587)</td><td>9,765</td><td>1,058,435</td><td>(5,042)</td><td>1,053,393</td></tr><tr><td>Equity as of December 31, 2021</td><td>1,577,643</td><td>(7,913)</td><td>(34,025)</td><td>(11,146)</td><td>(4,174)</td><td>13,103</td><td>(44,155)</td><td>1,648,032</td><td>3,181,520</td><td>34,451</td><td>3,215,971</td></tr></table>

<table><tr><td rowspan="2">Consolidated Statements of Changes in Equity</td><td rowspan="2">Share capital</td><td>Foreign currency translation reserves</td><td>Hedge reserves</td><td>Gains and losses from financial assets reserve</td><td>Actuarial gains and losses from defined benefit plans reserve</td><td>Other miscellaneous reserves</td><td>Total reserves</td><td>Retained earnings</td><td>Equity attributable to owners of the Parent</td><td>Non-controlling interests</td><td>Total Equity</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>THUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Equity at January 1, 2020</td><td>477,386</td><td>(25,745)</td><td>7,196</td><td>(270)</td><td>(9,490)</td><td>14,086</td><td>(14,223)</td><td>1,623,104</td><td>2,086,267</td><td>48,205</td><td>2,134,472</td></tr><tr><td>Net Profit</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>164,518</td><td>164,518</td><td>3,841</td><td>168,359</td></tr><tr><td>Other comprehensive income</td><td>-</td><td>14,176</td><td>(2,705)</td><td>7,142</td><td>810</td><td>-</td><td>19,423</td><td>-</td><td>19,423</td><td>(157)</td><td>19,266</td></tr><tr><td>Comprehensive income</td><td>-</td><td>14,176</td><td>(2,705)</td><td>7,142</td><td>810</td><td>-</td><td>19,423</td><td>164,518</td><td>183,941</td><td>3,684</td><td>187,625</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(149,355)</td><td>(149,355)</td><td>(10,118)</td><td>(159,473)</td></tr><tr><td>Other increase (decrease) in equity</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,232</td><td>2,232</td><td>-</td><td>2,232</td><td>(2,278)</td><td>(46)</td></tr><tr><td>Total changes in equity</td><td>-</td><td>14,176</td><td>(2,705)</td><td>7,142</td><td>810</td><td>2,232</td><td>21,655</td><td>15,163</td><td>36,818</td><td>(8,712)</td><td>28,106</td></tr><tr><td>Equity as of December 31, 2020</td><td>477,386</td><td>(11,569)</td><td>4,491</td><td>6,872</td><td>(8,680)</td><td>16,318</td><td>7,432</td><td>1,638,267</td><td>2,123,085</td><td>39,493</td><td>2,162,578</td></tr></table>

(1) See Note 20.7

(2) See Note 1.7

The accompanying notes form an integral part of these consolidated financial statements.



## Glossary

The Following capitalized terms in these financial statements (including their notes) will have the following meaning:

“ADS” American Depositary Shares;

“CAM” Arbitration and Mediation Center of the Santiago Chamber of Commerce;

“CCHEN” Chilean Nuclear Energy Commission;

“CCS” cross currency swap;

“CINIII” International Financial Reporting Interpretations Committee;

“CMF” Financial Market Commission;

“Directors’ Committee” The Company’s Directors’ Committee;

“Corporate Governance Committee” The Company’s Corporate Governance Committee;

“Health, Safety and Environment Committee” The Company’s Health, Safety and Environment Committee;

“Lease Agreement” the mining concessions lease agreement signed by SQM Salar and Corfo in 1993, as subsequently amended;

“Project Contract” project contract for Salar de Atacama undersigned by Corfo and SQM Salar in 1993, as subsequently amended”;

“Corfo” Chilean Economic Development Agency;

“DCV” Central Securities Depository;

“DGA” General Directorate of Water Resources;

“Board” The Company’s Board of Directors;

“Dollar” o “US$” Dollars of the United States of America;

“DPA” Deferred Prosecution Agreement;

“EIEP” Passive foreign investment company;

“United States” United States of America;

“FNE” Chilean National Economic Prosecutor’s Office;

“Management” the Company’s management;

"SQL Group" The corporate group composed of the Company and its subsidiaries

“Pampa Group” Jointly the Sociedad de Inversiones Pampa Calichera S.A., Potasios de Chile S.A. and Inversiones Global Mining (Chile) Limitada;

“IASB” International Accounting Standards Board;

“SSI” Staff severance indemnities;



“IFRIC” International Financial Reporting Interpretations Committee;

“IPC” Consumer Price Index;

“IRS” interest rate swap;

“Securities Market Law” Securities Market Law No. 18,045;

“Corporate Law” Ley 18,046 on corporations;

“ThUS$” thousands of Dollars;

“MUS$” millions of Dollars;

“IAS” International Accounting Standard;

“IFRS” International Financial Reporting Standard;

“ILO” International Labour Organization;

“WHO” World Health Organization;

“Pesos” or “Ch$” Chilean pesos, legal tender in Chile;

“SEC” Securities and Exchange Commission;

“Sernageomin” National Geology and Mining Service;

“SIC” Standard Interpretations Committee;

“SII” Chilean Internal Revenue Service;

“SMA” Environmental Superintendent’s Office;

“Company” Sociedad Química y Minera de Chile S.A.;

“SQM Industrial” SQM Industrial S.A.;

“SQM NA” SQM North America Corporation;

“SQM Nitratos” SQM Nitratos S.A.;

“SQM Potasio” SQM Potasio S.A.;

“SQM Salar” SQM Salar S.A.;

“Tianqi” Tianqi Lithium Corporation; and

“UF” Unidad de Fomento (a Chilean Peso based inflation indexed currency unit);

“WACC” Weighted Average Cost of Capital.



## Note 1 Identification and Activities of the Company and Subsidiaries

## 1.1 Historical background

Sociedad Química y Minera de Chile S.A. is an open stock corporation founded under the laws of the Republic of Chile and its Chilean Tax Identification Number is 93.007.000-9.

The Company was incorporated through a public deed dated June 17, 1968 by the public notary of Santiago Mr. Sergio Rodríguez Garcés. Its existence was approved by Decree No. 1,164 of June 22, 1968 of the Ministry of Finance, and it was registered on June 29, 1968 in the Registry of Commerce of Santiago, on page 4,537 No. 1,992. SQM’s headquarters are located at El Trovador 4285, Floor 6, Las Condes, Santiago, Chile, The Company’s telephone number is +(56 2) 2425-2000.

The Company is registered in the CMF under number 184 of March 18, 1983 and is therefore subject to oversight by that entity.

## 1.2 Main domicile where the Company performs its production activities

The Company’s main domiciles are: Calle Dos Sur plot No. 5 - Antofagasta; Arturo Prat 1060 - Tocopilla; Administration Building w/n - Maria Elena; Administration Building w/n Pedro de Valdivia - María Elena, Anibal Pinto 3228 - Antofagasta, Kilometer 1378 Ruta 5 Norte Highway - Antofagasta, Coya Sur Plant w/n - Maria Elena, kilometer 1760 Ruta 5 Norte Highway - Pozo Almonte, Salar de Atacama (Atacama Saltpeter deposit) potassium chloride plant w/n - San Pedro de Atacama, potassium sulfate plant at Salar de Atacama w/n – San Pedro de Atacama, Minsal Mining Camp w/n CL Plant CL, Potassium– San Pedro de Atacama, formerly the Iris Saltpeter office w/n, Commune of Pozo Almonte, Iquique, Level 1, 225 Dt Georges Tce Perth WA 6000, Australia.

## 1.3 Codes of main activities

The codes of the main activities as established by the CMF, as follows:

• 1700 (Mining)

• 2200 (Chemical products)

• 1300 (Investment)

## 1.4 Description of the nature of operations and main activities

The products of the Company are mainly derived from mineral deposits found in northern Chile where mining takes place and caliche and brine deposits are processed.

(a) Specialty plant nutrition: Four main types of specialty plant nutrients are produced: potassium nitrate, sodium nitrate, sodium potassium nitrate and specialty blends. In addition, other specialty fertilizers are sold including third party products.

(b) Iodine: The Company produces iodine and iodine derivatives, which are used in a wide range of medical, pharmaceutical, agricultural and industrial applications, including x-ray contrast media, polarizing films for LCD and LED, antiseptics, biocides and disinfectants, in the synthesis of pharmaceuticals, electronics, pigments and dye components.

(c) Lithium: The Company produces lithium carbonate, which is used in a variety of applications, including electrochemical materials for batteries, frits for the ceramic and enamel industries, and it is an important ingredient in the manufacture of gunpowder, heat-resistant glass (ceramic glass), air conditioning chemicals, continuous casting powder for steel extrusion, primary aluminum smelting process, pharmaceuticals and lithium derivatives. We are also a leading supplier of lithium hydroxide, which is primarily used as an input for the lubricating greases industry and for certain cathodes for batteries.



(d) Industrial chemicals: The Company produces three industrial chemicals: sodium nitrate, potassium nitrate and potassium chloride. Sodium nitrate is used primarily in the production of glass, explosives, and metal treatment. Potassium nitrate is used in the manufacturing of specialty glass, and it is also an important raw material to produce of frits for the ceramics and enamel industries. Solar salts, a combination of potassium nitrate and sodium nitrate, are used as a thermal storage medium in concentrated solar power plants. Potassium chloride is a basic chemical used to produce potassium hydroxide, and it is also used oil drilling, and to produce carrageenan.

(e) Potassium: The Company produces potassium chloride and potassium sulfate from brines extracted from the Salar de Atacama. Potassium chloride is a commodity fertilizer used to fertilize a variety of crops including corn, rice, sugar, soybean and wheat. Potassium sulfate is a specialty fertilizer used mainly in crops such as vegetables, fruits and industrial crops.

(f) Other products and services: The Company also sells other fertilizers and blends, some of which we do not produce, mainly potassium nitrate, potassium sulfate and potassium chloride. This business line also includes revenue from commodities, services, interests, royalties and dividends.



## 1.5 Other background

## (a) Employees

As of December 31, 2021, and 2020, the workforce was as follows:

<table><tr><td rowspan="2">Employees</td><td colspan="3">As of December 31, 2021</td><td colspan="3">As of December 31, 2020</td></tr><tr><td>SQM S.A.</td><td>Other subsidiaries</td><td>Total</td><td>SQM S.A.</td><td>Other subsidiaries</td><td>Total</td></tr><tr><td>Executives</td><td>33</td><td>103</td><td>136</td><td>33</td><td>93</td><td>126</td></tr><tr><td>Professionals</td><td>117</td><td>1,639</td><td>1,756</td><td>108</td><td>1,696</td><td>1,804</td></tr><tr><td>Technicians and operators</td><td>275</td><td>3,914</td><td>4,189</td><td>267</td><td>3,310</td><td>3,577</td></tr><tr><td>Overall total</td><td>425</td><td>5,656</td><td>6,081</td><td>408</td><td>5,099</td><td>5,507</td></tr></table>

<table><tr><td rowspan="2">Place of work</td><td colspan="3">As of December 31, 2021</td><td colspan="3">As of December 31, 2020</td></tr><tr><td>SQM S.A.</td><td>Other subsidiaries</td><td>Total</td><td>SQM S.A.</td><td>Other subsidiaries</td><td>Total</td></tr><tr><td>In Chile</td><td>425</td><td>5,246</td><td>5,671</td><td>408</td><td>4,672</td><td>5,080</td></tr><tr><td>Outside Chile</td><td>-</td><td>410</td><td>410</td><td>-</td><td>427</td><td>427</td></tr><tr><td>Overall total</td><td>425</td><td>5,656</td><td>6,081</td><td>408</td><td>5,099</td><td>5,507</td></tr></table>

## (b) Main shareholders

As of December 31, 2021, there were 1,500 shareholders.

Following table shows information about the main shareholders of the Company’s Series A or Series B shares in circulation as of December 31, 2021 and 2020, in line with information provided by the DCV, with respect to each shareholder that, to our knowledge, owns more than 5% of the outstanding Series A or Series B shares. The following information is derived from our registry and reports managed by the DCV and informed to the CMF and the Chilean Stock Exchange:

<table><tr><td>Shareholders as of December 31, 2021</td><td>No. of Series A</td><td>% of Series A shares</td><td>No. of Series B</td><td>% of Series B shares</td><td>% of total shares</td></tr><tr><td>The Bank of New York Mellon, ADRs</td><td>-</td><td>-</td><td>67,603,420</td><td>47.34%</td><td>23.67%</td></tr><tr><td>Inversiones TLC SpA (1)</td><td>62,556,568</td><td>43.80%</td><td>-</td><td>-</td><td>21.90%</td></tr><tr><td>Sociedad de Inversiones Pampa Calichera S.A. (2)</td><td>44,989,231</td><td>31.50%</td><td>-</td><td>-</td><td>15.75%</td></tr><tr><td>Potasios de Chile S.A.</td><td>18,179,147</td><td>12.73%</td><td>-</td><td>-</td><td>6.36%</td></tr><tr><td>Banco de Chile via State Street</td><td>23,428</td><td>0.02%</td><td>9,178,379</td><td>6.43%</td><td>3.22%</td></tr><tr><td>Banco Santander via foreign investor accounts</td><td>-</td><td>-</td><td>8,856,091</td><td>6.20%</td><td>3.10%</td></tr><tr><td>Inv. Global Mining (Chile) Ltda.</td><td>8,798,539</td><td>6.16%</td><td>-</td><td>-</td><td>3.08%</td></tr><tr><td>Banco de Chile non-resident third party accounts</td><td>445</td><td>-</td><td>7,939,865</td><td>5.56%</td><td>2.78%</td></tr><tr><td>Banco de Chile via Citi NA New York Clients</td><td>67,463</td><td>0.05%</td><td>4,795,310</td><td>3.36%</td><td>1.70%</td></tr><tr><td>Inversiones la Esperanza de Chile Limitada</td><td>4,246,226</td><td>2.97%</td><td>-</td><td>-</td><td>1.49%</td></tr><tr><td>Larraín Vial S.A. Corredora de Bolsa</td><td>125,726</td><td>0.09%</td><td>3,653,614</td><td>2.56%</td><td>1.32%</td></tr><tr><td>AFP Habitat S.A. for Pension Fund C</td><td>-</td><td>-</td><td>2,914,292</td><td>2.04%</td><td>1.02%</td></tr></table>



<table><tr><td>Shareholders as of December 31, 2020</td><td>No. of Series A</td><td>% of Series A shares</td><td>No. of Series B</td><td>% of Series B shares</td><td>% of total shares</td></tr><tr><td>Inversiones TLC SpA (1)</td><td>62,556,568</td><td>43.80%</td><td>-</td><td>-</td><td>23.77%</td></tr><tr><td>The Bank of New York Mellon, ADRs</td><td>-</td><td>-</td><td>50,792,452</td><td>42.19%</td><td>19.30%</td></tr><tr><td>Sociedad de Inversiones Pampa Calichera S.A. (2)</td><td>44,894,152</td><td>31.43%</td><td>922,971</td><td>0.77%</td><td>17.41%</td></tr><tr><td>Potasios de Chile S.A.</td><td>18,179,147</td><td>12.73%</td><td>-</td><td>-</td><td>6.91%</td></tr><tr><td>Inversiones Global Mining (Chile) Limitada</td><td>8,798,539</td><td>6.16%</td><td>-</td><td>-</td><td>3.34%</td></tr><tr><td>Euroamerica C de B S. A.</td><td>1,418</td><td>-</td><td>8,788,517</td><td>7.30%</td><td>3.34%</td></tr><tr><td>Banco Santander via foreign investor accounts</td><td>-</td><td>-</td><td>7,294,827</td><td>6.06%</td><td>2.77%</td></tr><tr><td>Banco de Chile via State Street</td><td>-</td><td>-</td><td>6,971,782</td><td>5.79%</td><td>2.65%</td></tr><tr><td>Banco de Chile non-resident third party accounts</td><td>-</td><td>-</td><td>6,129,339</td><td>5.09%</td><td>2.33%</td></tr><tr><td>Inversiones la Esperanza de Chile Limitada</td><td>4,147,263</td><td>2.90%</td><td>46,500</td><td>0.04%</td><td>1.59%</td></tr><tr><td>Banchile Corredora de Bolsa S. A.</td><td>459,202</td><td>0.32%</td><td>2,426,758</td><td>2.02%</td><td>1.10%</td></tr><tr><td>Banco de Chile on behalf of Citibank NA New York customers</td><td>177,463</td><td>0.12%</td><td>1,732,249</td><td>1.44%</td><td>0.73%</td></tr></table>

(1) As reported by DCV, which records the Company's shareholders' register as of December 31, 2021 and 2020, Inversiones TLC SpA, a subsidiary wholly owned Tianqi Lithium Corporation, is the direct owner of 62,556,568 shares of The Company equivalent to 21.90% of SQM's shares. Tianqi Lithium Corporation it owns 5,275,318 Series B SQM shares as reported by Inversiones TLC Spa. So as of December 31, 2021, Tianqi Lithium Corporation owns 23.75% of SQM's total Series A shares and ADS holders of Series B shares. In other words, as of December 31, 2021, Tianqi Lithium Corporation directly and indirectly holds 23.75% of all SQM shares through Series A shares and ADS holders of Series B shares. As of December 31, 2020, Tianqi Lithium Corporation holds 25.86% of all SQM shares through Series A and B shares.

(2) As of December 31, 2021, Sociedad de Inversiones Pampa Calichera S.A. has 47,480,196 Series A and B shares; 2,490,965 Series B shares are held by different brokers. As of December 31, 2020, Sociedad de Inversiones Pampa Calichera S.A. has 57,235,201 Series A and B shares; 11,418,078 Series B shares are held by different brokers.

## 1.6 Covid-19

In January 2020, the WHO deemed COVID-19 a global pandemic. In March 2020, the Chilean Ministry of Health declared a nationwide State of Emergency. As a precaution, our management has implemented several measures to help reduce the speed at which the coronavirus spreads, including measures to mitigate the spread in the workplace, significant reductions in employee travel and a mandatory quarantine for people who have arrived from high risk destinations, in consultation with governmental and international health organization guidelines, and will continue to implement measures consistent with evolving coronavirus situation.

The Company reports on the following points in relation to the outbreak of the COVID-19 virus and its being declared to be a global pandemic by the WHO:

(1) Regarding the financial and operational effects that this situation could mean for the Company, it is worth noting that the Company sells its products worldwide, with Asia, Europe and North America being its main markets. Border closures, decrease in commercial activity and difficulties and disruptions in the supply chains in the markets in which we sell have impacted our ability to fulfill our previous sales volume estimates, the impact on our sales volumes and average prices will depend on the duration of the virus in different markets, the efficiency of the measures implemented to contain the spread of the virus in each country and fiscal incentives that may be implemented in different jurisdictions to promote economic recovery.

For now, our operations have not seen any material impacts related to the outbreak of COVID-19 virus.

We have taken measures to mitigate the impacts of this health emergency on our employees and limit the impact it could have on our operations (described below in point 2).



(2) Regarding the measures that management has adopted or intends to adopt to mitigate possible financial and/or operational effects, we inform that the Company has implemented a series of measures in its operations in Chile and abroad that seek to protect its workers and reduce the speed at which the virus spreads. The measures adopted by the Company are:

(a) The flexibility of the working day, arrival and departure times, together with the incentive to work from home in those cases where this is possible.

(b) Avoidance of crowds, seminars and large meetings in the Company’s offices and operating facilities.

(c) Strengthening personal hygiene protocols (use of alcohol-based gel, masks, etc.) and sanitation in plants, cafeterias and offices.

(d) Significant reduction in domestic and international travel, along with obligatory quarantine for people who have arrived from high risk destinations.

(e) The costs associated with the measures implemented by the company correspond primarily to increased expenses in transportation, supplies, room and board, among others.

(3) We hereby inform that we do not currently have any other information that management believes is relevant to provide.

## 1.7 Capital stock increase

On April 28, 2021, the Company completed a US$1.1 billion capital stock increase. The capital stock increase was approved at an extraordinary shareholders' meeting held by the Company on January 22, 2021. It included a mandatory 30-day pre-emptive rights offering, under Chilean law, to existing holders of the Company's Series B common stock and a corresponding pre-emptive rights offering to existing holders of American Depositary Shares (ADSs). Existing shareholders received transferable share rights to subscribe for shares of Series B common stock at a subscription price of US$50 per share and the share rights were traded in Chile on the Santiago Stock Exchange and the Electronic Stock Exchange. Existing ADS holders received transferable ADS rights to subscribe for ADSs at a subscription price of US$50 per ADS and the ADS rights were traded in the U.S. on the New York Stock Exchange. The pre-emptive rights offerings ended on April 24, 2021 with respect to the share rights in Chile and on April 19, 2021 with respect to the ADS rights in the U.S. Of the 22,441,932 new Series B shares offered in the pre-emptive rights offerings, a total of 21,687,549 Series B shares (including shares in the form of ADSs), i.e. almost 97% of the Serie B shares offered, were subscribed in the preemptive rights offerings. The remaining 754,383 Series B shares that were not subscribed for in the pre-emptive rights offerings were offered and placed in auctions conducted through the Santiago Stock Exchange to investors in Chile and outside Chile (including in the United States) on April 28, 2021, at an average price of approximately US$54 per share.

As of December 31, 2021, contributed capital is US$ 1.1 billion net of expenses and others for ThUS 24,503.

## 1.8 Approval of investment in Mount Holland

On February 17, 2021, the Board of Directors approved the investment in the Mount Holland lithium project in Western Australia. SQM's share of the project investment is expected to be approximately US$700 million, between 2021 and 2025. The feasibility study confirms an expected initial production capacity of 50,000 metric tons of lithium hydroxide during the second half of 2024. See Note 9.5.



## Note 2 Basis of presentation for the consolidated financial statements

## 2.1 Accounting period

These consolidated financial statements cover the following periods:

(a) Consolidated Statements of Financial Position as of December 31, 2021 and 2020.

(b) Consolidated Statements of Income for the periods from January 1 to December 31, 2021 and 2020.

(c) Consolidated Statements of Comprehensive Income from January 1 to December 31, 2021 and 2020.

(d) Consolidated Statements of Changes in Equity for the periods ended December 31, 2021 and 2020.

(e) Consolidated Statements of Cash Flows for the periods ended December 31, 2021 and 2020.

## 2.2 Consolidated financial statements

The consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with IFRS and represent the full, explicit and unreserved adoption of IFRS, issued by the International Accounting Standards Board.

These consolidated financial statements fairly reflect the Company’s financial position, as of December 31, 2021 and 2020, the comprehensive results of operations, changes in equity and cash flows occurring for the years then ended.

IFRS establish certain alternatives for their application, those applied by the Company are detailed in this Note and Note 3.

The accounting policies used in the preparation of these consolidated annual accounts comply with each IFRS in force at their date of presentation.



## 2.3 Basis of measurement

The consolidated financial statements have been prepared on the historical cost basis except for the following:

(a) Inventories are recorded at the lower of cost and net realizable value.

(b) Financial derivatives measured at fair value.

(c) Certain financial investments measured at fair value with an offsetting entry in other comprehensive income.

## 2.4 Accounting pronouncements

## New accounting pronouncements

(a) The following standards, interpretations and amendments are mandatory for the first time for annual periods beginning on January 1, 2021:

<table><tr><td>Amendments and improvements</td><td>Description</td><td>Mandatory for annual periods beginning on or after</td></tr><tr><td>Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 “Reform to the referential interest rate (IBOR)- Phase 2” Published in August 2020.</td><td>These amendments provide certain simplifications in relation to the reform to the referential interest rates, including the replacement of a reference rate by an alternative.</td><td>01-01-2021</td></tr><tr><td>Amendment to IFRS 16 “Lease Concessions” - Published in March 2021.</td><td>This amendment extends by one year the period of application of the practical case of IFRS 16 Leases contained in the amendment to that standard published in May 2020), with the purpose of assisting lessees in accounting for COVID-19 related rental concessions. The amendment is effective for annual periods beginning on or after April 1, 2021. However, early adoption is permitted even for financial statements not authorized for issue as of March 31, 2021.</td><td>01-01-2021</td></tr></table>

Management determined that the adoption of the aforementioned standards, amendments and interpretations did not significantly impact the company’s consolidated financial statements.



(b) Standards, interpretations and amendments issued that had not become effective for financial statements beginning on January 1, 2021 and which the Company has not adopted early are as follows:

<table><tr><td>Standards and Interpretations</td><td>Description</td><td>Mandatory for annual periods beginning on or after</td></tr><tr><td>Amendment to IAS 1 “Presentation of financial statements” on classification of liabilities.</td><td>These amendments clarify that the liabilities will be classified as current or non-current depending on the rights that exist at the close of the reporting period. The classification is not affected by the expectations of the entity or the events subsequent to the report date (for example, the receipt of a waiver or noncompliance with the pact). The amendment also clarifies what IAS 1 means when referring to “liquidation” of a liability. The amendment must be applied retroactively in accordance with IAS 8.</td><td>01-01-2024</td></tr><tr><td>Reference to the Conceptual Framework - Amendments to IFRS 3.</td><td>Minor modifications were made to IFRS 3 “Definition of a Business” to update references to the conceptual framework for financial reporting without changing the requirements of business combinations.</td><td>01-01-2022</td></tr><tr><td>Amendment to IAS 16 “Property, plant and equipment”.</td><td>This prohibits companies from deducting from the cost of the property any revenue received from the sale of articles produced while the company is preparing the asset for its anticipated use. The company must recognize this sales revenue and associated costs in the profit or loss for the fiscal year.</td><td>01-01-2022</td></tr><tr><td>Amendment to IAS 37, “Provisions, contingent liabilities and contingent assets”.</td><td>This clarifies for onerous contracts which inevitable costs a company must include to assess whether a contract will result in a loss.</td><td>01-01-2022</td></tr><tr><td>Annual improvements to IFRS standards, 2018-2020 cycle. The following improvements were finalized in May 2020:</td><td></td><td></td></tr><tr><td>IFRS 9 Financial Instruments.</td><td>This clarifies which fees must be included in the 10% test for the derecognition of financial liabilities.</td><td>01-01-2022</td></tr><tr><td>IFRS 16 Leases.</td><td>Modification of illustrative example 13 to eliminate the illustration of lessor payments in relation to improvements to rental properties, to eliminate any confusion as to the treatment of lease incentives.</td><td>01-01-2022</td></tr><tr><td>Amendments to IAS 1: “Presentation of the Financial Statements” and IAS 8 “Accounting policies, changes in accounting estimates and errors”.</td><td>The amendments are intended to improve disclosures of accounting policies and to help users of financial statements distinguish between changes in accounting estimates and changes in accounting policies.</td><td>01-01-2023</td></tr><tr><td>Amendment to IAS 12 - Deferred taxes related to assets and liabilities that arise from a single transaction.</td><td>These amendments require companies to recognize deferred taxes on transactions that result in equal amounts in taxable and deductible temporary differences in the initial recognition.</td><td>01-01-2023</td></tr><tr><td>Amendment to IFRS 10 “Consolidated Financial Statements” and IAS 28 “Investments in Associates and Joint Ventures”, Published in September 2014.</td><td>These amendments address an inconsistency between the requirements in IFRS 10 and those in IAS 28 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary.</td><td>undetermined</td></tr></table>

Management believes that the adoption of the above standards, amendments and interpretations will not have a significant impact on the Company’s financial statements.



## 2.5 Basis of consolidation

## (a) Subsidiaries

The Company established control as the basis of consolidation of its financial statements. The Company controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary.

The consolidation of a subsidiary starts when the SQM Group controls it and it is no longer included in the consolidation when this control is lost.

Subsidiaries are consolidated through a line by line method, adding items that represent assets, liabilities, income and expenses with a similar content, and eliminating operations between companies within the SQM Group.

Results for dependent companies acquired or disposed of during the period are included in the consolidated accounts from the date on which control is transferred to the SQM Group or until the date when this control ends, as relevant.

To account for an acquisition of a business, the Company uses the acquisition method. Under this method, the acquisition cost is the fair value of assets delivered, equity securities issued, and incurred or assumed liabilities at the date of exchange. Assets, liabilities and contingencies identifiable assumed in a business combination are measured initially at fair value at the acquisition date. For each business combination, the Company will measure the non-controlling interest of the acquiree either at fair value or as proportional share of net identifiable assets of the acquiree.

The details of the consolidated companies can be found in Note 7.



## 2.6 Investments in associates and joint ventures

Investments in joint arrangements are classified as joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement.

## (a) Joint operations

The Company recognizes its direct right to the assets, liabilities, income and expenses of the joint arrangement.

## (b) Joint ventures and investments in associates

Interests in companies over which joint control is exercised (joint ventures) or where an entity has significant influence (associates) are recognized using the equity accounting method. Significant influence is presumed when the investor owns over 20% of the investee's share capital. The investment is recognized using this method in the statement of financial position at cost plus changes subsequent to acquisition and includes the proportional share of the associate's equity. For these purposes, the percentage interest in the associate is used. The associated acquired goodwill is included in the investee's book value and is not amortized. The debit or credit to the income statement reflects the proportional share of the profit or loss of the associate.

Unrealized gains from transactions with joint ventures or associates are eliminated in accordance with the Company's percentage interest in such entities. Any unrealized losses are also eliminated, unless that transaction provides evidence that the transferred asset is impaired.

Changes in associate’s or joint ventures equity are recognized proportionally with a charge or credit to "Other Reserves" and are classified according to their origin. The reporting dates of the associate or joint ventures, the Company and related policies are similar for equivalent transactions and events in similar circumstances. In the event that significant influence is lost, or the investment is sold, or held for sale, the equity method is suspended, not recognizing the proportional share of the gain or loss. If the resulting value under the equity method is negative, the share of profit or loss is reflected as zero in the consolidated financial statements, unless there is a commitment by the Company to restore the capital position of the Company, in which case the related risk provision and expense are recorded.

Dividends received by these companies are recorded by reducing the value of the investment and are shown in cash flows from operating activities, and the proportional share of the gain or loss recognized in accordance with the equity method is included in the consolidated income statement under "Share of Gains (Losses) of Associates and Joint Ventures Accounted for Using the Equity Method".



## Note 3 Significant accounting policies

## 3.1 Classification of balances as current and non-current

In the consolidated statement of financial position, balances are classified in consideration of their recovery (maturity) dates; i.e., those maturing within a period equal to or less than 12 months are classified as current counted from the closing date of the consolidated financial statements and those with maturity dates exceeding the aforementioned period are classified as non-current.

The exception to the foregoing relates to deferred taxes, which are classified as non-current, regardless of the maturity they have.

## 3.2 Functional and presentation currency

The Company’s consolidated financial statements are presented in United States dollars, without decimal places, which is the Company’s functional and presentation currency and is the currency of the main economic environment in which it operates. Consequently, the term foreign currency is defined as any currency other than the U.S. dollar.

## 3.3 Accounting policy for foreign currency translation

## (a) SQM Group entities:

The revenue, expenses, assets and liabilities of all entities that have a functional currency other than the presentation currency are converted to the presentation currency as follows:

- Assets and liabilities are converted at the closing exchange rate prevailing on the reporting date.

- Revenues and expenses of each profit or loss account are converted at monthly average exchange rates.

- All resulting foreign currency translation gains and losses are recognized as a separate component in translation reserves.

In consolidation, foreign currency differences arising from the translation of a net investment in foreign entities are recorded in shareholder’s equity (“foreign currency translation reserve”). At the date of disposal, such foreign currency translation differences are recognized in the statement of income as part of the gain or loss from the sale.



The main exchange rates and UF used to translate monetary assets and liabilities, expressed in foreign currency at the end and average of each period in respect to U.S. dollars, are as follows:

<table><tr><td rowspan="2">Currencies</td><td colspan="2">Closing exchange rates</td><td colspan="2">Average exchange rates</td></tr><tr><td>As of December 31, 2021</td><td>As of December 31, 2020</td><td>As of December 31, 2021</td><td>As of December 31, 2019</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Brazilian real</td><td>5.57</td><td>5.18</td><td>5.66</td><td>5.14</td></tr><tr><td>New Peruvian sol</td><td>3.99</td><td>3.62</td><td>4.04</td><td>3.60</td></tr><tr><td>Japanese yen</td><td>115.18</td><td>103.30</td><td>113.87</td><td>103.81</td></tr><tr><td>Euro</td><td>0.88</td><td>0.81</td><td>0.88</td><td>0.82</td></tr><tr><td>Mexican peso</td><td>20.54</td><td>19.93</td><td>20.90</td><td>19.97</td></tr><tr><td>Australian dollar</td><td>1.38</td><td>1.30</td><td>1.40</td><td>1.33</td></tr><tr><td>Pound Sterling</td><td>0.74</td><td>0.74</td><td>0.75</td><td>0.74</td></tr><tr><td>South African rand</td><td>15.94</td><td>14.61</td><td>15.88</td><td>14.88</td></tr><tr><td>Chilean peso</td><td>844.69</td><td>710.95</td><td>849.46</td><td>731.92</td></tr><tr><td>Chinese yuan</td><td>6.38</td><td>6.51</td><td>6.37</td><td>6.53</td></tr><tr><td>Indian rupee</td><td>74.42</td><td>73.30</td><td>75.40</td><td>73.65</td></tr><tr><td>Thai Baht</td><td>33.32</td><td>29.94</td><td>33.55</td><td>30.08</td></tr><tr><td>Turkish lira</td><td>13.28</td><td>7.36</td><td>13.54</td><td>7.70</td></tr><tr><td>UF (*)</td><td>36.69</td><td>40.89</td><td>36.48</td><td>39.73</td></tr></table>

 \( ^{*} \)  US$ per UF

## (b) Transactions and balances

The Company’s non-monetary transactions in currencies other than the functional currency (Dollar) are translated to the respective functional currencies of SQM Group entities at the exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. All differences are recorded in the statement of income except for all monetary items that provide an effective hedge for a net investment in a foreign operation. These items are recognized in other comprehensive income until disposal of the investment, when they are recognized in the statement of income. Charges and credits attributable to foreign currency translation differences on those hedge monetary items are also recognized in other comprehensive income.

Non-monetary assets and liabilities that are measured at historical cost in a foreign currency are retranslated to the functional currency at the historical exchange rate of the transaction. Non-monetary items that are measured based on fair value in a foreign currency are translated using the exchange rate at the date on which the fair value is determined.



## 3.4 Consolidated statement of cash flows

Cash equivalents correspond to highly liquid short-term investments that are easily convertible into known amounts of cash and subject to insignificant risk of changes in their value and mature in less than three months from the date of acquisition of the instrument.

For the purposes of the statement of cash flows, cash and cash equivalents comprise cash and cash equivalents as defined above.

The statement of cash flows present cash transactions performed during the period, determined using the direct method.

## 3.5 Financial assets accounting policy

Management determines the classification of its financial assets at fair value (either through other comprehensive income, or through profit or loss), and at amortized cost. The classification depends on the business model of the entity to manage the financial assets and the contractual terms of the cash flows.

In the initial recognition, the Company measures its financial assets at fair value more or less, in the case of a financial asset that is not accounted for at fair value through profit or loss, the transaction costs that are directly attributable to the acquisition of the financial asset on the date when the Company commits to the purchase or sale of an asset. In the case of account receivables and other accounts receivables, the transaction price at the initial recognition is measured.

After initial recognition, the Company measures its financial assets according to the Company's business model for managing its financial assets and the contractual terms of its cash flows:

(a) Financial instruments measured at amortized cost. Financial assets that meet the following conditions are included in this category (i) the business model that supports it aims to maintain the financial assets to obtain the contractual cash flows and the contractual conditions of the financial asset give place, on specified dates, to cash flows that are only payments of the principal and interest on the outstanding principal amount. The Company’s financial assets that meet these conditions are: (ii) cash equivalents; (iii) related party receivables; (iv) trade debtors; (v) other receivables.

(b) Financial instruments at fair value. A financial asset should be measured at fair value through profit or loss or fair value through other comprehensive income, depending on the following:

(i) "Fair Value Through Other Comprehensive Income": Assets held to collect contractual cash flows and to be sold, where the asset cash flows are only capital and interest payments, are measured at fair value through other comprehensive income. Changes in book values are through other comprehensive income, except for the recognition of impairment losses, interest income and exchange gains and losses, which are recognized in the income statement. When a financial asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to the income statement. Interest income from these financial assets is included in financial income using the effective interest method.

(ii) "Fair Value Through Profit and Loss": Assets that do not meet the amortized cost or "Fair Value Through Other Comprehensive Income" criteria are valued at "Fair Value Through Profit and Loss".

(c) Financial equity assets at fair value through other comprehensive income. Equity instruments that are not classified as held for trading and which the SQM Group has irrevocably chosen to recognize in this category. Amounts presented in other comprehensive income will not be subsequently transferred to profit or loss.



## 3.6 Financial assets impairment

The Company evaluates expected credit losses associated with its debt instruments carried at amortized cost and fair value through other comprehensive income. The impairment method used depends on whether there has been a significant increase in credit risk.

The Company applies simplified approach to measure expected credit losses using the lifetime expected loss on all trade receivables. Expected credit losses are measured by grouping receivables by their shared credit risk characteristics and days overdue.

The Company has concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets. Expected loss rates are based on sales payment profiles and historical credit losses within this period. Historical loss rates are adjusted to reflect current expectations and information regarding macroeconomic factors that affect the ability of customers to meet their commitments.

Impairment losses from receivables and contract assets are shown as net impairment losses in the line “Impairment of financial assets and reversal of impairment losses,” see Note 23.7. The subsequent recovery of previously canceled amounts are credited to the same line.

## 3.7 Financial liabilities

Management determines the classification of its financial liabilities at fair value or at amortized cost. The classification depends on the business model of the entity to manage the financial liabilities and the contractual terms of the cash flows.

At the initial recognition, the Company measures its financial liabilities by their fair value more or less, in the case of a financial liability that is not accounted for at fair value through profit or loss, the transaction costs that are directly attributable to the acquisition of the financial liability. After initial recognition, the Company measures its financial liabilities at amortized cost unless the Company, at the initial moment, irrevocably designates the financial liability as measured at fair value through profit or loss.

Financial liabilities measured at amortized cost are commercial accounts payable and other accounts payable and other financial liabilities.

Amortized cost is based using the effective interest rate method. Amortized cost is calculated by considering any premium or discount on the acquisition and includes transaction costs that are an integral part of the effective interest rate.

Financial liabilities are recorded as not current when they mature in more than 12 months and as current when they mature in less than 12 months.

## 3.8 Reclassification of financial instruments

When the Company changes its business model for managing financial assets, it will reclassify all its financial assets affected by the new business model. Financial liabilities cannot be reclassified.

## 3.9 Financial instruments derecognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred; and the control of the financial assets has not been retained.

The Company derecognizes a financial liability when its contractual obligations or a part of these are discharged, paid to the creditor or legally extinguished from the principle responsibility contained in the liability.



## 3.10 Derivative and hedging financial instruments

Derivatives are recognized initially at fair value as of the date on which the derivatives contract is signed and, they are subsequently assessed at fair value. The method for recognizing the resulting gain or loss depends on whether the derivative has been designated as an accounting hedge instrument and, if so, it depends on the type of hedging, which may be as follows:

a) Fair value hedge of assets and liabilities recognized (fair value hedges);

b) Hedging of a single risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow hedge).

At the beginning of the transaction, the Company documents the relationship that exists between hedging instruments and those items hedged, as well as their objectives for risk management purposes and the strategy to conduct different hedging operations.

The Company also documents its evaluation both at the beginning and at the end of each period if the derivatives used in hedging transactions are highly effective to offset changes in the fair value or in cash flows of hedged items.

The fair value of derivative instruments used for hedging purposes is shown in Note 13.3. Changes in the cash flow hedge reserve are classified as a non-current asset or liability if the remaining expiration period of the hedged item is more than 12 months, and as a current asset or liability if the remaining expiration period of the hedged item is less than 12 months.

Derivatives that are not designated or do not qualify as hedging derivatives are classified as current assets or liabilities, and changes in the fair value are directly recognized through profit or loss.

## a) Fair value hedge

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in profit or loss, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating to the effective portion of interest rate swaps that hedge fixed rate borrowings is recognized in profit or loss within finance costs, together with changes in the fair value of the hedged fixed rate borrowings attributable to interest rate risk. The gain or loss relating to the ineffective portion is recognized in profit or loss within other income or other expenses. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortized to profit or loss over the period to maturity using a recalculated effective interest rate.

## b) Cash flow hedges

The effective portion of the gain or loss on the hedging instrument is initially recognized with a debit or credit to other comprehensive income, while any ineffective portion is immediately recognized with a debit or credit to income, as appropriate depending on the nature of the hedged risk. The amounts accumulated in net equity are carried over to results when the hedged items are settled or when these have an impact on results.

When a hedging instrument no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs.

When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in equity are immediately reclassified to profit or loss.



## 3.11 Derivative financial instruments not considered as hedges

Derivative financial instruments not considered as hedges are recognized at fair value with the effect in the results of the year. The Company has derivative financial instruments to hedge foreign currency risk exposure.

The Company continually evaluates the existence of embedded derivatives in both its contracts and in its financial instruments. As of December 31, 2021, and 2020, the Company does not have any embedded derivatives.

## 3.12 Deferred acquisition costs from insurance contracts

Acquisition costs from insurance contracts are classified as prepayments and correspond to insurance contracts in force, recognized using the straight-line method and on an accrual basis independent of payment date. These are recognized under other non-financial assets.

## 3.13 Leases

## (i) Right-of-use assets

The Company recognizes right-of-use assets on the initial lease date (i.e., the date on which the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, adjusted by any new measurement of the lease liability. The cost of right-of-use assets includes the amount of recognized lease liabilities, direct initial costs incurred and lease payments made on the start date or sooner, less the lease incentives received. Unless the Company is reasonably sure it will take ownership of the leased asset at the end of the lease period, the assets recognized through right-of-use are depreciated in a straight line during the shortest period of their estimated useful life and lease period. Right-of-use assets are subject to impairment.

## (ii) Lease liabilities

On the lease start date, the Company recognizes lease liabilities measured at present value of lease payments that will be made during the lease period. Lease payments include fixed payments (including payments that are essentially fixed), less incentives for lease receivables, variable lease payments that are dependent on an index or rate and amounts that are expected to be paid as guaranteed residual value. Lease payments also include the exercise price of a purchase option if the Company is reasonably sure it will exercise this and penalty payments for terminating a lease, if the lease period reflects that the Company will exercise the option to terminate. Variable lease payments that are not dependent on an index or rate are recognized as expenses in the period that produces the event or condition that triggers payment.

When calculating the present value of lease payments, the Company uses the incremental borrowing rate on the initial lease date if the interest rate implicit in the lease cannot be determined easily. After the start date, the lease liability balance will increase to reflect the accumulation of interest and will diminish as lease payments are made. Furthermore, the book value of lease liabilities is remeasured in the event of an amendment, a change in the lease period, a change in the fixed lease payments in substance or a change in the assessment to buy the underlying asset.

Payments made that affect lease liabilities are presented as part of the financing activities in the cash flow statement.



## (iii) Short-term leases and low-value asset leases

The Company applies the short-term lease recognition exemption to leases with a lease term of 12 months or less starting on the start date and that don’t have a purchase option. It also applies the low-value asset lease recognition exemptions to leases less than the limit specified in the respective accounting standard. Lease payments in short-term leases and low-value asset leases are recognized as lineal expenses during the lease term.

(d) Significant judgments in the determination of the lease term for contracts with renewal options.

The Company determines the lease term as the non-cancellable period of the lease, together with periods covered by an option to extend the lease if it is reasonably certain that this will be exercised, or any period covered by an option to terminate the lease, if it is reasonably certain that this will not be exercised.

The Company has the option, under some of its leases, to lease assets for additional terms. The Company applies its judgment when assessing whether it is reasonably certain that it will exercise the option to renovate. In other words, it considers all the relevant factors that create an economic incentive for it to exercise the option to renovate. After the start date, the Company reevaluates the lease term if there is a significant event or change in the circumstances that are under its control and affect its capacity to exercise (or not exercise) the option to renovate.

## 3.14 Inventory measurement

The method used to determine the cost of inventories is the weighted average monthly cost of warehouse storage. In determining production costs for own products, the company includes the costs of labor, raw materials, materials and supplies used in production, depreciation and maintenance of the goods that participate in the production process, the costs of product movement necessary to maintain stock on location and in the condition in which they are found, and also includes the indirect costs of each task such as laboratories, process and planning areas, and personnel expenses related to production, among others.

For finished and in-process products, the company has four types of provisions, which are reviewed quarterly:

1. Provision associated with the lower value of stock: The provision is directly identified with the product that generates it and involves three types: (i) provision of lower realizable value, which corresponds to the difference between the inventory cost of intermediary or finished products, and the sale price minus the necessary costs to bring them to the same conditions and location as the product with which they are compared; (ii) provision for future uncertain use that corresponds to the value of those products in process that are likely not going to be used in sales based on the company’s long-term plans; (iii) reprocessing costs of products that are unfeasible for sale due to current specifications.

2. Provision associated with physical differences in inventory: A provision is made for differences that exceed the tolerance considered in the respective inventory process (physical and annual inventories are taken for the productive units in Chile and the port of Tocopilla; the business subsidiaries depend on the last zero ground obtained, but in general it is at least once a year), these differences are recognized immediately.

3. Potential errors in the determination of stock: The company has an algorithm that is reviewed at least once a year and corresponds to diverse percentages assigned to each inventory based on the product, location, complexity involved in the associated measurement, rotation and control mechanisms.

4. Provisions undertaken by business subsidiaries: these are historical percentages that are adjusted as zero ground is attained based on normal inventory management.



Inventories of raw materials, materials and supplies for production are recorded at acquisition cost. Cyclical inventories are performed in warehouses, as well as general inventories every three years. Differences are recognized at the moment they are detected. The company has a provision that makes quarterly calculations from percentages associated with each type of material (classification by warehouse and rotation), these percentages use the lower value resulting from deterioration or obsolescence as well as potential losses. This provision is reviewed at least annually, and considers the historical profit and loss obtained in the inventory processes.

## 3.15 Non-controlling interests

Non-controlling interests are recorded in the consolidated statement of financial position within equity but separate from equity attributable to the owners of the Parent.

## 3.16 Related party transactions

Transactions between the Company and its subsidiaries are part of the Company’s normal operations within its scope of business activities. Conditions for such transactions are those normally effective for those types of operations with regard to terms and market prices. The maturity conditions vary according to the originating transaction.

## 3.17 Property, plant and equipment

Property, plant and equipment are stated at acquisition cost, net of the related accumulated depreciation, amortization and impairment losses that they might have experienced.

In addition to the price paid for the acquisition of tangible property, plant and equipment, the Company has considered the following concepts as part of the acquisition cost, as applicable:

(a) Accrued interest expenses during the construction period that are directly attributable to the acquisition, construction or production of qualifying assets, which are those that require a substantial period prior to being ready for use. The interest rate used is that related to the project’s specific financing or, should this not exist, the average financing rate of the investor company.

(b) The future costs that the Company will have to experience, related to the closure of its facilities at the end of their useful life, are included at the present value of disbursements expected to be required to settle the and its subsequent variation is recorded directly in results.

Having initially recognized provisions for closure and refurbishment, the corresponding cost is capitalized as an asset in “Property, plant and equipment” and amortized in line with the amortization criteria for the associated assets.

Construction-in-progress is transferred to property, plant and equipment in operation once the assets are available for use and the related depreciation and amortization begins on that date.

Extension, modernization or improvement costs that represent an increase in productivity, ability or efficiency or an extension of the useful lives of property, plant and equipment are capitalized as a higher cost of the related assets. All the remaining maintenance, preservation and repair expenses are charged to expense as they are incurred.

The replacement of assets, which increase the asset’s useful life or its economic capacity, are recorded as a higher value of property, plant and equipment with the related derecognition of replaced or renewed elements.

Gains or losses which are generated from the sale or disposal of property, plant and equipment are recognized as income (or loss) in the period and calculated as the difference between the asset’s sales value and its net carrying value.

Costs derived from the daily maintenance of property, plant and equipment are recognized when incurred.



## 3.18 Depreciation of property, plant and equipment

Property, plant and equipment are depreciated through the straight-line distribution of cost over the estimated technical useful life of the asset, which is the period in which the Company expects to use the asset. When components of one item of property, plant and equipment have different useful lives, they are recorded as separate assets and depreciated over their expected useful lives. Useful lives are reviewed on an annual basis.

Fixed assets located in the Salar de Atacama consider useful life to be the lesser value between the technical useful life and the years remaining until 2030.

In the case of certain mobile equipment, depreciation is performed depending on the hours of operation.

The useful lives used for the depreciation and amortization of assets included in property, plant and equipment in years are presented below:

<table><tr><td>Classes of property, plant and equipment</td><td>Minimum life or rate (years)</td><td>Maximum life or rate (years)</td><td>Life or average rate in years</td></tr><tr><td>Mining assets</td><td>3</td><td>10</td><td>7</td></tr><tr><td>Energy generating assets</td><td>3</td><td>16</td><td>9</td></tr><tr><td>Buildings</td><td>3</td><td>25</td><td>14</td></tr><tr><td>Supplies and accessories</td><td>2</td><td>10</td><td>7</td></tr><tr><td>Office equipment</td><td>5</td><td>10</td><td>9</td></tr><tr><td>Transport equipment</td><td>5</td><td>9</td><td>7</td></tr><tr><td>Network and communication equipment</td><td>4</td><td>10</td><td>5</td></tr><tr><td>IT equipment</td><td>4</td><td>11</td><td>7</td></tr><tr><td>Machinery, plant and equipment</td><td>2</td><td>25</td><td>13</td></tr><tr><td>Other fixed assets</td><td>3</td><td>20</td><td>10</td></tr></table>

## 3.19 Goodwill

Goodwill acquired represents the excess in acquisition cost on the fair value of the Company's ownership of the net identifiable assets of the subsidiary on the acquisition date. Goodwill acquired related to the acquisition of subsidiaries is included in the line item goodwill, which is subject to impairment tests annually or more frequently if events or changes in circumstances indicate that it might be impaired and is stated at cost less accumulated impairment losses. Gains and losses related to the sale of an entity include the carrying value of goodwill related to the entity sold.

This intangible asset is assigned to cash-generating units with the purpose of testing impairment losses. It is allocated based on cash-generating units expected to obtain benefits from the business combination from which the aforementioned goodwill acquired arose.

## 3.20 Intangible assets other than goodwill

Intangible assets other than goodwill mainly relate to water rights, emission rights, commercial brands, costs for rights of way for electricity lines, license costs and the development of computer software and mining property and concession rights, client portfolio and commercial agent.



## (a) Water rights

Water rights acquired by the Company relate to water from natural sources and are recorded at acquisition cost. The Company separates water rights into:

i) Finite rights with amortization using the straight-line method, and

ii) Indefinite rights, which are not amortized, given that these assets represent rights granted in perpetuity to the Company, which are subject to an annual impairment assessment.

## (b) Rights of way for electric lines

As required for the operation of industrial plants, the Company has paid rights of way in order to install wires for the different electric lines on third party land. These rights are presented under intangible asset. Amounts paid are capitalized at the date of the agreement and amortized in the statement of income, according to the life of the right of way.

## (c) Computer software

Licenses for IT programs acquired are capitalized based on their acquisition and customization costs. These costs are amortized over their estimated useful lives.

Expenses related to the development or maintenance of IT programs are recognized as an expense as and when incurred. Costs directly related to the production of unique and identifiable IT programs controlled by the SQM Group, and which will probably generate economic benefits that are higher than its costs during more than a year, are recognized as intangible assets. Direct costs include the expenses of employees who develop information technology software and general expenses in accordance with corporate charges received.

The costs of development for IT programs are recognized as assets are amortized over their estimated useful lives.

## (d) Mining property and concession rights

The Company holds mining property and concession rights from the Chilean and Western Australian Governments. Property rights from the State of Chile are usually obtained at no initial cost (other than the payment of mining patents and minor recording expenses) and once the rights on these concessions have been obtained, they are retained by the Company while annual patents are paid. Such patents, which are paid annually, are recorded as prepaid assets and amortized over the following twelve months. Amounts attributable to mining concessions acquired from third parties that are not from the Chilean Government are recorded at acquisition cost within intangible assets.

## (e) Estimated useful lives or amortization rates used for finite identifiable intangible assets

The finite useful life of mining properties is calculated using the productive unit method, except for the mining properties owned by Corfo, which have been leased to the Company and grant it the right to exclusively exploit them until December 31, 2030.

The estimated useful life for software which they are amortized corresponds to the periods defined by the contracts or rights from which they originate.



## a. Minimum and maximum amortization lives or rates of intangible assets:

<table><tr><td>Estimated useful life or amortization rate</td><td>Minimum Life or Rate</td><td>Maximum Life or Rate</td></tr><tr><td>Water rights</td><td>5 years</td><td>Indefinite</td></tr><tr><td>Rights of way</td><td>Indefinite</td><td>Indefinite</td></tr><tr><td>Corfo Mining properties (1)</td><td>9 years</td><td>9 years</td></tr><tr><td>Mining rights</td><td colspan="2">Unit-production method</td></tr><tr><td>Intellectual property</td><td>9 years</td><td>9 years</td></tr><tr><td>IT programs</td><td>2 years</td><td>8 years</td></tr></table>

(1) Mining properties owned by CORFO and leased to the Company, which grant it the exclusive right to exploit them until December 31, 2030.

## 3.21 Research and development expenses

Research and development expenses are charged to profit or loss in the period in which the expenditure was incurred.

## 3.22 Exploration and evaluation expenses

The Company holds mining concessions for exploration and exploitation of ore, the Company gives the following treatment to expenses associated with exploration and assessment of these resources:

Once the rights have been obtained, the Company records the disbursements directly associated with the exploration and evaluation of the deposit in execution as property, plant and equipment (construction in progress) at its cost. These disbursements include the following items: geological surveys, drilling, borehole extraction and sampling, activities related to the technical assessment and commercial viability of the extraction, and in general, any disbursement directly related to specific projects where the objective is to find ore resources. If the technical studies determine that the ore grade is not economically viable, the asset is directly charged to profit and loss. If determined otherwise, the asset described above is associated with the extractable ore tonnage which is amortized as it is used.

## (a) Limestone and metallic exploration

These assets are included in Other Non-Current Non-Financial Assets, and the portion related to the area to be exploited in the year are reclassified to Current Inventory, if applicable.

## (b) Exploration in Salar de Atacama

Exploration expenses in Salar de Atacama are included in non-current assets under Property, Plant and Equipment and are mainly bore holes that can also be used to exploit the deposit or monitoring, which are amortized over 9 years.

## (c) Exploration and evaluation at the Mt. Holland Project

Mount Holland exploration and evaluation expenditure is included in Property, plant and equipment, specifically in Construction in Progress. See Note 1. 8.



## 3.23 Impairment of non-financial assets

Assets subject to depreciation and amortization are also subject to impairment testing, provided that an event or change in the circumstances indicates that the amounts in the accounting records may not be recoverable, an impairment loss is recognized for the excess of the book value of the asset over its recoverable amount.

For assets other than goodwill, the SQM Group annually assesses whether there is any indication that a previously recognized impairment loss may no longer exist or may have decreased. Should such indications exist, the recoverable amount is estimated.

The recoverable amount of an asset is the higher between the fair value of an asset or cash generating unit less costs of sales and its value in use, and is determined for an individual asset unless the asset does not generate any cash inflows that are clearly independent from other assets or groups of assets.

In evaluating value in use, estimated future cash flows are discounted using a pre-tax discount rate that reflects current market assessment, the value of money over time and the specific asset risks.

Impairment losses from continuing operations are recognized with a debit to profit or loss in the categories of expenses associated with the impaired asset function.

For assets other than goodwill, a previously recognized impairment loss is only reversed if there have been changes in the estimates used to determine the asset’s recoverable amount since the last time an impairment loss was recognized. If this is the case, the carrying value of the asset is increased to its recoverable amount. This increased amount cannot exceed the carrying value that would have been determined, net of depreciation, if an asset impairment loss had not been recognized in prior years. This reversal is recognized with a credit to profit or loss.

Assets with indefinite lives are assessed for impairment annually.

The current value of future cash flows generated by these assets has been estimated given the variation in sales volumes, market prices and costs, discounted with a WACC rate. For December 31, 2021, the WACC rate was 9.90%.

## 3.24 Minimum dividend

As required by Chilean law and regulations, our dividend policy is decided upon from time to time by our Board of Directors and is announced at the Annual Ordinary Shareholders' Meeting, which is generally held in April of each year. Shareholder approval of the dividend policy is not required. However, each year the Board must submit the declaration of the final dividend or dividends in respect of the preceding year, consistent with the then-established dividend policy, to the Annual Ordinary Shareholders' Meeting for approval. As required by the Chilean Companies Act, unless otherwise decided by unanimous vote of the holders of issued shares, we must distribute a cash dividend in an amount equal to at least 30% of our consolidated net income for that year (determined in accordance with CMF regulations), unless and to the extent the Company has a deficit in retained earnings. (See Note 20.5).

## 3.25 Earnings per share

The basic earnings per share amounts are calculated by dividing the profit for the year attributable to the ordinary owners of the parent by the weighted average number of ordinary shares outstanding during the year.

The Company has not conducted any type of operation of potential dilutive effect that would entail the disclosure of diluted earnings per share.



## 3.26 Other provisions

Provisions are recognized when:

- The Company has a present, legal or constructive obligation as the result of a past event.

- It is more likely than not that certain resources must be used, to settle the obligation.

- A reliable estimate can be made of the amount of the obligation.

In the event that the provision or a portion of it is reimbursed, the reimbursement is recognized as a separate asset solely if there is certainty of income.

In the consolidated statement of income, the expense for any provision is presented net of any reimbursement.

Should the effect of the value of money over time be significant, provisions are discounted using a discount rate before tax that reflects the liability’s specific risks. When a discount rate is used, the increase in the provision over time is recognized as a finance cost.

The Company’s policy is to maintain provisions to cover risks and expenses based on a better estimate to deal with possible or certain and quantifiable responsibilities from current litigation, compensations or obligations, pending expenses for which the amount has not yet been determined, collaterals and other similar guarantees for which the Company is responsible. These are recorded at the time the responsibility or the obligation that determines the compensation or payment is generated.

## 3.27 Obligations related to employee termination benefits and pension commitments

Obligations towards the Company’s employees comply with the provisions of the collective bargaining agreements in force, which are formalized through collective employment agreements and individual employment contracts, except for the United States, which is regulated in accordance with employment plans in force up to 2002. (See more details in Note 18.4).

These obligations are valued using actuarial calculations, according to the projected unit credit method which considers such assumptions as the mortality rate, employee turnover, interest rates, retirement dates, effects related to increases in employees' salaries, as well as the effects on variations in services derived from variations in the inflation rate.

Actuarial gains and losses that may be generated by variations in defined, pre-established obligations are directly recorded in “Other Comprehensive Income”.

Actuarial losses and gains have their origin in deviations between the estimate and the actual behavior of actuarial assumptions or in the reformulation of established actuarial assumptions.

The Company’s subsidiary SQM North America has established pension plans for its retired employees that are calculated by measuring the projected obligation using a net salary progressive rate net of adjustments for inflation, mortality and turnover assumptions, deducting the resulting amounts at present value. The net balance of this obligation is presented under the “Non-Current Provisions for Employee Benefits” (refer to Note 18.4).

## 3.28 Compensation plans

Compensation plans implemented through benefits provided in share-based payments settled in cash are recognized in the financial statements at their fair value, in accordance with IFRS 2. Changes in the fair value of options granted are recognized with a charge to payroll in the results for the period (see Note 18.6).



## 3.29 Revenue recognition

Revenue includes the fair value of considerations received or receivable for the sale of goods and services during the performance of the Company's activities. Revenue is presented net of value added tax, estimated returns, rebates and discounts and after the elimination of sales among subsidiaries.

Revenues are recognized when the specific conditions for each income stream are met, as follows:

## (a) Sale of goods

The sale of goods is recognized when the Company has delivered products to the customer, and there is no obligation pending compliance that could affect the acceptance of products by the customer. The delivery does not occur until products have been shipped to the customer or confirmed as received by the customer, and the related risks of obsolescence and loss have been transferred to the customer and the customer has accepted the products in accordance with the conditions established in the sale, when the acceptance period has ended, or when there is objective evidence that those criteria required for acceptance have been met.

Sales are recognized in consideration of the price set in the sales agreement, net of volume discounts and estimated returns at the date of the sale. Volume discounts are evaluated in consideration of annual foreseen purchases and in accordance with the criteria defined in agreements.

## (b) Sale of services

Revenue associated with the rendering of services is recognized considering the degree of completion of the service as of the date of presentation of the consolidated classified statement of financial position, provided that the result from the transaction can be estimated reliably.

## (c) Income from dividends

Income from dividends is recognized when the right to receive the payment is established.

## 3.30 Finance income and finance costs

Finance income is mainly composed of interest income from financial instruments such as term deposits and mutual fund deposits. Interest income is recognized in profit or loss at amortized cost, using the effective interest rate method.

Finance costs are mainly composed of interest on bank borrowing expenses, interest on bonds issued and interest capitalized for borrowing costs for the acquisition, construction or production or qualifying assets. Borrowing costs and bonds issued are also recognized in profit or loss using the effective interest rate method.

## 3.31 Current income tax and deferred

Corporate income tax for the year is determined as the sum of current and deferred income taxes from the different consolidated companies.

Current taxes are based on the application of the various types of taxes attributable to taxable income for the period. The Company periodically assesses the positions taken in the determination of taxes with respect to situations in which the applicable tax regulation is subject to interpretation and considers whether it is probable that a tax authority will accept an uncertain tax treatment. The Company measures its tax balances based on the most probable amount or expected value, depending on which method provides a better prediction of the resolution of uncertainty.

Differences between the book value of assets and liabilities and their tax basis generate the balance of deferred tax assets or liabilities, which are calculated using the tax rates expected to be applicable when the assets and liabilities are realized.



In conformity with current tax regulations, the provision for corporate income tax and taxes on mining activity is recognized on an accrual basis, presenting the net balances of accumulated monthly tax provisional payments for the fiscal period and associated credits. The balances of these accounts are presented in current income taxes recoverable or current taxes payable, as applicable.

Income tax and variations in deferred tax assets or liabilities that are not the result of business combinations are recorded in income or equity, considering the origin of the gains or losses which have generated them.

At each reporting period, the carrying amount of deferred tax assets is reviewed and recognized only if it is probable that future taxable amounts will be available to allow the recovery of all or a portion of the deferred tax assets.

With respect to deductible temporary differences associated with investments in subsidiaries, associated companies and interest in joint ventures, deferred tax assets are recognized solely provided that it is more likely than not that the temporary differences will be reversed in the near future and that there will be taxable income with which they may be used. The deferred taxes related to items directly recognized in equity is registered with effect on other comprehensive income and not with effect on income.

Deferred tax assets and liabilities are offset if there is a legally receivable right of offsetting tax assets against tax liabilities and the deferred tax is related to the same tax entity and authority.

The recognized deferred tax assets refer to the amount of income tax to recover in future periods, related to:

a) deductible temporary differences;

b) compensation for losses obtained in prior periods, which have not yet been subject to tax deduction; and

c) compensation for unused credits from prior periods.

The Company recognizes deferred tax assets when it has the certainty that they can be offset with tax income from subsequent periods, unused tax losses or credits to date, but only when this availability of future tax income is probable and can be used for offsetting these unused tax losses or credits.

The recognized deferred tax liabilities refer to the amount of income tax to pay in a future period, related to taxable temporary differences.

The Company does not recognize deferred tax liabilities in all cases of taxable temporary differences associated with investments in subsidiaries, branches and associates, or with joint ventures, because based on the standard, the two following conditions both apply:

(i) the parent company, investor or shareholder is capable of controlling the moment of the reversal of temporary differences; and

(ii) it is probable that the temporary difference will not be reversed in the foreseeable future.

Moreover, the Company does not recognize deferred tax assets for all the deductible temporary differences that originate from investments in subsidiaries, branches and associates, or from joint ventures, because it is unlikely that they meet the following requirements:

(i) temporary differences are reversed in the foreseeable future; and

(ii) there is taxable profit available against which temporary differences can be used.



## 3.32 Operating segment reporting

IFRS 8 requires that companies adopt a management approach to disclose information on the operations generated by its operating segments. In general, this is the information that management uses internally for the evaluation of segment performance and making the decision on how to allocate resources for this purpose.

An operating segment is a group of assets and operations responsible for providing products or services subject to risks and performance that are different from those of other business segments. A geographical segment is responsible for providing products or services in a given economic environment subject to risks and performance that are different from those of other segments operating in other economic environments.

Allocation of assets and liabilities, to each segment is not possible given that these are associated with more than one segment, except for depreciation, amortization and impairment of assets, which are directly allocated in accordance with the criteria established in the costing process for product inventories to the corresponding segments.

## 3.33 Primary accounting criteria, estimates and assumptions

Management is responsible for the information contained in these consolidated annual accounts, which expressly indicate that all the principles and criteria included in IFRS, as issued by the IASB, have been applied in full.

In preparing the consolidated financial statements of the Company and its subsidiaries, management has made significant judgments and estimates to quantify certain assets, liabilities, revenues, expenses and commitments included therein. Basically, these estimates refer to:

- Estimated useful lives are determined based on current facts and past experience and take into consideration the expected physical life of the asset, the potential for technological obsolescence, and regulations. (See Notes 3.20, 15 and 16).

- Impairment losses of certain assets - Goodwill and intangible assets that have an indefinite useful life are not amortized and are assessed for impairment on an annual basis, or more frequently if the events or changes in circumstances indicate that these may have deteriorated. Other assets, including property, plant and equipment, exploration assets, goodwill and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts exceed their recoverable amounts. If an impairment assessment is required, the assessment of fair value or value in use often requires estimates and assumptions such as discount rates, exchange rates, commodity prices, future capital requirements and future operating performance. Changes in such estimates could impact the recoverable values of these assets. Estimates are reviewed regularly by management (See Notes 15 and 16).

- Assumptions used in calculating the actuarial amount of pension-related and severance indemnity payment benefit commitments (See Note 18).

Contingencies – The amount recognized as a provision, including legal, contractual, constructive and other exposures or obligations, is the best estimate of the consideration required to settle the related liability, including any related interest charges, considering the risks and uncertainties surrounding the obligation. In addition, contingencies will only be resolved when one or more future events occur or fail to occur. Therefore, the assessment of contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. The Company assesses its liabilities and contingencies based upon the best information available, relevant tax laws and other appropriate requirements (See Note 21). If the Company is unable to rationally estimate the obligation or concluded no loss is probable but it is reasonably possible that a loss may be incurred, no provision is recorded but disclosed in the notes to the consolidated financial statements.



- Volume determination for certain in-process and finished products is based on topographical measurements and technical studies that cover the different variables (density for bulk inventories and density and porosity for the remaining stock, among others), and related allowance.

- Estimates for obsolescence provisions to ensure that the carrying value of inventory is not in excess of the net realizable Inventory valuation. (See Note 11).

Even though these estimates have been made on the basis of the best information available on the date of preparation of these consolidated financial statements, certain events may occur in the future and oblige their amendment (upwards or downwards) over the next few years, which would be made prospectively.

## 3.34 Environment

In general, the Company follows the criteria of considering amounts used in environmental protection and improvement as environmental expenses. However, the cost of facilities, machinery and equipment used for the same purpose are considered property, plant and equipment, as the case may be.

## Note 4 Financial risk management

## 4.1 Financial risk management policy

The Company’s financial risk management policy is focused on safeguarding the stability and sustainability of the Company and its subsidiaries with regard to all such relevant financial uncertainty components.

The Company’s operations are subject to certain financial risk factors that may affect its financial position or results. The most significant risk exposures are market risk, liquidity risk, currency risk, credit risk, and interest rate risk, among others.

There could also be additional risks, which are either unknown or known but not currently deemed to be significant, which could also affect the Company’s business operations, its business, financial position, or profit or loss.

The financial risk management structure includes identifying, determining, analyzing, quantifying, measuring and controlling these events. Management and in particular, Finance Management, is responsible for constantly assessing the financial risk.



## 4.2 Risk Factors

## (a) Credit risk

A global economic contraction may have potentially negative effects on the financial assets of the Company, which are primarily made up of financial investments and trade receivables, and the impact on of our customers could extend the payment terms of the Company's receivables by increasing its exposure to credit risk. Although measures are taken to minimize the risk, this global economic situation could mean losses with adverse material effects on the business, financial position or profit and loss of the Company's operations.

Trade receivables: to mitigate credit risk, the Company maintains active control of collection and requires the use of credit insurance. Credit insurance covers the risk of insolvency and unpaid invoices corresponding to 80% of all receivables with third parties. The credit risk associated with receivables is analyzed in Note 13.2 b) and the related accounting policy can be found in Note 3.6.

Bank Notes: These are negotiable promissory notes issued by a bank payable at maturity. They are accepted based on the credit quality of the issuing banks.

No significant modifications have been made during the period to risk models or parameters used in comparison to December 31, 2020, and no modifications have been made to contractual cash flows that have been significant during this period.

Financial investments: correspond to time deposits whose maturity date is greater than 90 days and less than 360 days from the date of investment, so they are not exposed to excessive market risks. The counterparty risk in implementation of financial operations is assessed on an ongoing basis for all financial institutions in which the Company holds financial investments.

The credit quality of financial assets that are not past due or impaired can be evaluated by reference to external credit ratings (if they are available) or historical information on counterparty late payment rates:

<table><tr><td rowspan="2">Financial institution</td><td rowspan="2">Financial assets</td><td colspan="3">Rating</td><td>As of December 31, 2021</td></tr><tr><td>Moody&#x27;s</td><td>S&amp;P</td><td>Fitch</td><td>ThUS\(</td></tr><tr><td>Banco crédito e Inversiones</td><td>Time deposits</td><td>P-1</td><td>A-2</td><td>F2-</td><td>9,752</td></tr><tr><td>Banco Itaú Corpbanca</td><td>Time deposits</td><td>P-2</td><td>A-2</td><td>-</td><td>8,001</td></tr><tr><td>Banco Santander - Santiago</td><td>Time deposits</td><td>P-1</td><td>A-2</td><td>-</td><td>9,052</td></tr><tr><td>Scotiabank Sud Americano</td><td>Time deposits</td><td>P-1</td><td>A-1</td><td>F1+</td><td>10,750</td></tr><tr><td>Other banaanks</td><td>Time deposits</td><td>-</td><td>-</td><td>F1+</td><td>200,100</td></tr><tr><td>JP Morgan US dollar Liquidity Fund Institutional</td><td>Investment fund</td><td>Aaa-mf</td><td>AAAm</td><td>AAmmf</td><td>381,297</td></tr><tr><td>Legg Mason - Western Asset Institutional cash reserves</td><td>Investment fund</td><td>-</td><td>AAAm</td><td>AAmmf</td><td>233,648</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>852,600</td></tr></table>



<table><tr><td rowspan="2">Financial institution</td><td rowspan="2">Financial assets</td><td colspan="3">Rating</td><td>As of December 31, 2021</td></tr><tr><td>Moody&#x27;s</td><td>S&amp;P</td><td>Fitch</td><td>ThUS\(</td></tr><tr><td>Banco Crédito e Inversiones</td><td>Time deposits</td><td>P-1</td><td>A-2</td><td>-</td><td>34,325</td></tr><tr><td>Banco Itaú Corpbanca</td><td>Time deposits</td><td>P-2</td><td>A-2</td><td>-</td><td>195,471</td></tr><tr><td>Banco Santander - Santiago</td><td>Time deposits</td><td>P-1</td><td>A-2</td><td>-</td><td>65,899</td></tr><tr><td>Scotiabank Sud Americano</td><td>Time deposits</td><td>P-1</td><td>A-1</td><td>F1+</td><td>289,421</td></tr><tr><td>Sumitomo Mitsui Banking</td><td>Time deposits</td><td>P-1</td><td>-</td><td>F1</td><td>320,054</td></tr><tr><td colspan="5">Total</td><td>905,170</td></tr></table>

<table><tr><td rowspan="2">Financial institution</td><td rowspan="2">Financial assets</td><td colspan="3">Rating</td><td>As of December 31, 2020</td></tr><tr><td>Moody&#x27;s</td><td>S&amp;P</td><td>Fitch</td><td>ThUS\(</td></tr><tr><td>Banco de Crédito e Inversiones</td><td>Time deposits</td><td>P-1</td><td>A-1</td><td>-</td><td>9,002</td></tr><tr><td>Banco de Chile</td><td>Time deposits</td><td>P-1</td><td>A-1</td><td>-</td><td>10,503</td></tr><tr><td>Banco Estado</td><td>Time deposits</td><td>P-1</td><td>A-1</td><td>-</td><td>1,001</td></tr><tr><td>Banco Itaú Corpbanca</td><td>Time deposits</td><td>P-2</td><td>A-2</td><td>-</td><td>7,299</td></tr><tr><td>Banco Santander - Santiago</td><td>Time deposits</td><td>P-1</td><td>A-1</td><td>-</td><td>16,702</td></tr><tr><td>Scotiabank Sud Americano</td><td>Time deposits</td><td>-</td><td>-</td><td>F1+</td><td>7,002</td></tr><tr><td>JP Morgan US dollar Liquidity Fund Institutional</td><td>Investment fund</td><td>Aaa-mf</td><td>AAAm</td><td>AAAmmf</td><td>102,753</td></tr><tr><td>Legg Mason - Western Asset Institutional cash reserves</td><td>Investment fund</td><td>-</td><td>AAAm</td><td>AAAmmf</td><td>107,625</td></tr><tr><td>Other banks with lower balances</td><td>Time deposits</td><td>-</td><td>-</td><td>-</td><td>86</td></tr><tr><td colspan="5">Total</td><td>261,973</td></tr></table>

<table><tr><td rowspan="2">Financial institution</td><td rowspan="2">Financial assets</td><td colspan="3">Rating</td><td>As of December 31, 2020</td></tr><tr><td>Moody&#x27;s</td><td>S&amp;P</td><td>Fitch</td><td>ThUS\(</td></tr><tr><td>Banco de Crédito e Inversiones</td><td>Time deposits</td><td>P-1</td><td>A-1</td><td>-</td><td>185,589</td></tr><tr><td>Banco Itaú Corpbanca</td><td>Time deposits</td><td>P-2</td><td>A-2</td><td>-</td><td>49,006</td></tr><tr><td>Banco Santander - Santiago</td><td>Time deposits</td><td>P-1</td><td>A-1</td><td>-</td><td>45,168</td></tr><tr><td>Banco Scotiabank Sud Americano</td><td>Time deposits</td><td>-</td><td>-</td><td>F1+</td><td>31,668</td></tr><tr><td>JP Morgan Asset Management</td><td>Investment fund</td><td>P-1</td><td>A-1</td><td>N1+</td><td>34,028</td></tr><tr><td colspan="5">Total</td><td>345,459</td></tr></table>



<table><tr><td rowspan="2">Financial institution</td><td rowspan="2">Financial assets</td><td colspan="3">Rating</td><td rowspan="2">As of December 31, 2021</td></tr><tr><td>Moddy&#x27;s</td><td>S&amp;P</td><td>Fitch</td></tr><tr><td>Agricultural Bank of China</td><td>Bank notes</td><td>+</td><td>-</td><td>-</td><td>860</td></tr><tr><td>Bank of China Limited</td><td>Bank notes</td><td>+</td><td>-</td><td>-</td><td>4,167</td></tr><tr><td>Bank of Communications</td><td>Bank notes</td><td>+</td><td>-</td><td>-</td><td>7,422</td></tr><tr><td>China CITIC Bank Corp Ltd</td><td>Bank notes</td><td>++</td><td>-</td><td>-</td><td>2,623</td></tr><tr><td>China Construction Bank Corporation</td><td>Bank notes</td><td>+</td><td>-</td><td>-</td><td>7,122</td></tr><tr><td>China Everbright Bank Co. Ltd</td><td>Bank notes</td><td>++</td><td>-</td><td>-</td><td>6,569</td></tr><tr><td>China Merchants Bank</td><td>Bank notes</td><td>+</td><td>-</td><td>-</td><td>22,628</td></tr><tr><td>China Minsheng Bank Corporation</td><td>Bank notes</td><td>-</td><td>-</td><td>++</td><td>784</td></tr><tr><td>Industrial &amp; Commercial Bank of China Limited</td><td>Bank notes</td><td>+</td><td>-</td><td>-</td><td>353</td></tr><tr><td>Industrial Bank</td><td>Bank notes</td><td>+</td><td>-</td><td>-</td><td>6,615</td></tr><tr><td>Ping An Bank</td><td>Bank notes</td><td>++</td><td>-</td><td>-</td><td>8,391</td></tr><tr><td>Shanghai Pudong Development Bank Co. Ltd</td><td>Bank notes</td><td>++</td><td>-</td><td>-</td><td>7,905</td></tr><tr><td>China Development Bank</td><td>Bank notes</td><td>-</td><td>-</td><td>+</td><td>16,807</td></tr><tr><td>Postal Savings Bank of China</td><td>Bank notes</td><td>-</td><td>+</td><td>-</td><td>4,718</td></tr><tr><td>KEB Hana Bank (China)</td><td>Bank notes</td><td>+</td><td>-</td><td>-</td><td>1,121</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>98,085</td></tr></table>

(+) Good credit rating

(++) Satisfactory credit rating

## (b) Currency risk

The functional currency of the company is the US dollar, due to its influence on the determination of price levels, its relation to the cost of sales and considering that a significant part of the Company’s business is conducted in this currency. However, the global nature of the Company’s business generates an exposure to exchange rate variations of several currencies with the US dollar. Therefore, the Company maintains hedge contracts to mitigate the exposure generated by its main mismatches (net between assets and liabilities) in currencies other than the US dollar against the exchange rate variation, updating these contracts periodically depending on the amount of mismatching to be covered in these currencies. Occasionally, subject to the approval of the Board, the Company ensures short-term cash flows from certain specific line items in currencies other than the US dollar.

A significant portion of the Company’s costs, especially salary payments, is associated with the Peso. Therefore, an increase or decrease in its exchange rate with the US dollar will provoke a respective decrease or increase to these accounting costs, which would be reflected in the Company’s profit and loss. By the fourth quarter of 2021, approximately US$ 530 million accumulated in expenses are associated with the Peso.

As of December 31, 2021, the Company held derivative instruments classified as hedges of foreign exchange risks associated with 100% of all of the bond liabilities denominated in UF, for a liability at fair value of US$ 81.85 million, this significant variation is explained primarily by the USD/CLP exchange rate observed at the end of the period. As of December 31, 2020, an asset was recognized amounting to US$ 18.41 million.

Furthermore, on December 31, 2021, the Company held derivative instruments classified as hedges of foreign exchange risks associated with 100% of all nominative term deposits in UF and in pesos, at a fair value of US$ 12.61 million in assets. On December 31, 2020, a liability was recognized for an amount of US$ 21 million.

The Company had the following derivative contracts as of December 31, 2021 (at the absolute value of the sum of their notional values), to hedge the difference between its assets and liabilities: US$ 85.25 CLP/US dollar derivative contracts, US$ 60.98 Euro/US dollar derivative contracts, US$ 37.07 million in South African



rand/US dollar derivative contracts, US$ 207.64 million in Chinese renminbi/US dollar derivative contracts, US$ 57.51 million in Australian dollar/US dollar derivative contracts and US$ 11.95 million in other currencies. These derivative contracts are held with domestic and foreign banks, which have the following credit ratings.

<table><tr><td rowspan="2">Financial institution</td><td rowspan="2">Financial assets</td><td colspan="3">Rating</td></tr><tr><td>Moody&#x27;s</td><td>S&amp;P</td><td>Fitch</td></tr><tr><td>Banco Estado</td><td>Derivative</td><td>P-1</td><td>A-1</td><td>-</td></tr><tr><td>Merrill Lynch International</td><td>Derivative</td><td>-</td><td>A+</td><td>AA</td></tr><tr><td>Banco Itau-Corpbanca</td><td>Derivative</td><td>P-2</td><td>A-2</td><td>-</td></tr><tr><td>JP Morgan</td><td>Derivative</td><td>Aa2</td><td>A+</td><td>AA</td></tr><tr><td>Morgan Stanley</td><td>Derivative</td><td>A+</td><td>BBB+</td><td>A</td></tr><tr><td>The Bank of Nova Scotia</td><td>Derivative</td><td>A</td><td>A-</td><td>AA-</td></tr></table>

## (c) Interest rate risk

Interest rate fluctuations, primarily due to the uncertain future behavior of markets, may have a material impact on the financial results of the Company. Significant increases in the rate could make it difficult to access financing at attractive rates for the Company’s investment projects.

The Company maintains current and non-current financial debt at fixed rates and LIBOR rate plus spread.

As of December 31, 2021, the Company has 2.7% of its financial liabilities linked to variations in the LIBOR rate. 100% of these obligations are covered by derivative instruments classified as interest rate hedging; therefore, a significant rate increase would not impact our financial condition.

## (d) Liquidity risk

Liquidity risk relates to the funds needed to comply with payment obligations. The Company’s objective is to maintain financial flexibility through a comfortable balance between fund requirements and cash flows from regular business operations, bank borrowings, bonds, short term investments, and marketable securities, among others. For this purpose, the Company keeps a high liquidity ratio \( ^{1} \) , which enables it to cover current obligations with clearance. (As of December 31, 2021, this was 4.76 and 5.40 for December 31, 2020).

The Company has an important capital expense program which is subject to change over time.

On the other hand, world financial markets go through periods of contraction and expansion that are unforeseeable in the long-term and may affect The Company’s access to financial resources. Such factors may have a material adverse impact on the Company’s business, financial position and results of operations.

The Company constantly monitors the matching of its obligations with its investments, taking due care of maturities of both, from a conservative perspective, as part of this financial risk management strategy. As of December 31, 2021, the Company had unused, available revolving credit facilities with banks, for a total of US$ 489 million.

The position in other cash and cash equivalents are invested in highly liquid mutual funds with an AAA risk rating.



<table><tr><td rowspan="2">As of December 31, 2021
(Figures expressed in millions of US dollars)</td><td colspan="5">Nature of undiscounted cash flows</td></tr><tr><td>Carrying amount</td><td>Less than 1 year</td><td>1 to 5 years</td><td>Over 5 years</td><td>Total</td></tr><tr><td>Bank borrowings</td><td>70.08</td><td>1.05</td><td>70.64</td><td>-</td><td>71.69</td></tr><tr><td>Unsecured obligations</td><td>2,518.64</td><td>108.06</td><td>924.03</td><td>2,980.91</td><td>4,013.00</td></tr><tr><td>Sub total</td><td>2,588.72</td><td>109.11</td><td>994.67</td><td>2,980.91</td><td>4,084.69</td></tr><tr><td>Hedging liabilities</td><td>85.25</td><td>12.38</td><td>31.58</td><td>39.70</td><td>83.66</td></tr><tr><td>Derivative financial instruments</td><td>1.67</td><td>1.67</td><td>-</td><td>-</td><td>1.67</td></tr><tr><td>Sub total</td><td>86.92</td><td>14.05</td><td>31.58</td><td>39.70</td><td>85.33</td></tr><tr><td>Current and non-current lease liabilities</td><td>54.22</td><td>8.88</td><td>30.97</td><td>29.08</td><td>68.93</td></tr><tr><td>Trade accounts payable and other accounts payable</td><td>279.65</td><td>279.65</td><td>-</td><td>-</td><td>279.65</td></tr><tr><td>Total</td><td>3,009.51</td><td>411.69</td><td>1,057.22</td><td>3,049.69</td><td>4,518.6</td></tr></table>

<table><tr><td rowspan="2">As of December 31, 2020
(Figures expressed in millions of US dollars)</td><td colspan="5">Nature of undiscounted cash flows</td></tr><tr><td>Carrying amount</td><td>Less than 1 year</td><td>1 to 5 years</td><td>Over 5 years</td><td>Total</td></tr><tr><td>Bank borrowings</td><td>70.08</td><td>0.94</td><td>71.40</td><td>-</td><td>72.34</td></tr><tr><td>Unsecured obligations</td><td>1,872.09</td><td>88.22</td><td>927.17</td><td>1,727.14</td><td>2,742.53</td></tr><tr><td>Sub total</td><td>1,942.17</td><td>89.16</td><td>998.57</td><td>1,727.14</td><td>2,814.87</td></tr><tr><td>Hedging liabilities</td><td>40.21</td><td>6.06</td><td>12.34</td><td>11.07</td><td>29.47</td></tr><tr><td>Derivative financial instruments</td><td>5.39</td><td>5.39</td><td>-</td><td>-</td><td>5.39</td></tr><tr><td>Sub total</td><td>45.60</td><td>11.45</td><td>12.34</td><td>11.07</td><td>34.86</td></tr><tr><td>Current and non-current lease liabilities</td><td>31.07</td><td>6.40</td><td>21.04</td><td>7.17</td><td>34.61</td></tr><tr><td>Trade accounts payable and other accounts payable</td><td>203.93</td><td>203.93</td><td>-</td><td>-</td><td>203.93</td></tr><tr><td>Total</td><td>2,222.77</td><td>310.94</td><td>1,031.95</td><td>1,745.38</td><td>3,088.27</td></tr></table>

As of December 31, 2021, the nominal value of the agreed cash flows in US dollars of the CCS contracts were ThUS$ 549,239 (ThUS$ 565,295 as of December 31, 2020).

## 4.3 Risk measurement

The Company has methods to measure the effectiveness and efficiency of financial risk hedging strategies, both prospectively and retrospectively. These methods are consistent with the risk management profile of the SQM Group. See Note 13.8.



## Note 5 Separate information on the main office, parent entity and joint action agreements

## 5.1 Parent’s stand-alone assets and liabilities

<table><tr><td rowspan="2">Parent&#x27;s stand-alone assets and liabilities</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Assets</td><td>5,988,757</td><td>4,171,768</td></tr><tr><td>Liabilities</td><td>(2,807,237)</td><td>(2,048,683)</td></tr><tr><td>Equity</td><td>3,181,520</td><td>2,123,085</td></tr></table>

## 5.2 Parent entity

Pursuant to Article 99 of the Securities Market Law, the CMF may determine that a company does not have a controlling entity in accordance with the distribution and dispersion of its ownership. On November 30, 2018, the CMF issued the ordinary letter No. 32,131 whereby it determined that the Pampa Group do not exert decisive power over the management of the Company since it does not have a predominance in the ownership that allows it to make management decisions. Therefore, the CMF has determined not to consider Pampa Group the controlling entity of the Company and that the Company does not have a controlling entity given its current ownership structure.



## Note 6 Board of Directors, Senior Management and Key management personnel

## 6.1 Remuneration of the Board of Directors and Senior Management

## 1) Board of directors

SQM S.A. is managed by a Board of Directors which is composed of 8 directors, who are elected for a three-year period. The Board of Directors was elected during the ordinary shareholders' meeting held on April 25, 2019, which included the election of 2 independent directors.

As of December 31, 2021, the Company included the following committees and committee members:

- Directors’ Committee: This committee is comprised by Georges de Bourguignon, Laurence Golborne Riveros y Alberto Salas Muñoz, and fulfills the functions established in Article 50 bis of Chilean Law on publicly-held corporations. This committee takes on the role of the audit committee in accordance with the US-based Sarbanes Oxley law.

- The Company’s Health, Safety and Environment Committee: This committee is comprised of Gonzalo Guerrero Yamamoto, Patricio Contesse Fica y Ashley Ozols \( ^{1} \) .

- Corporate Governance Committee: This committee is comprised of Hernán Büchi Buc, Patricio Contesse Fica y Francisco Ugarte Larrain.

During the periods covered by these financial statements, there are no pending receivable and payable balances between the Company, its directors or members of Senior Management, other than those related to remuneration, fee allowances and profit-sharing. Except for a consulting contract between the Company and the Director Gonzalo Guerrero as disclosed in Note 12. There were no other transactions conducted between the Company, its directors or members of Senior Management.

## 2) Board of Directors’ Compensation

Directors’ compensation differs according to the period during the corresponding year. Thus, from April 22, 2020 to April 23, 2021 (Period 2020), Directors’ compensation was determined by the annual general shareholders’ meeting held on April 22, 2020. While for the following period (Period 2021), Directors’ compensation was determined by the annual general shareholders’ meeting held on April 23, 2021. For each of these periods, Directors’ compensation is detailed as follows:

## Period 2020:

a) The payment of a fixed, gross and monthly amount of UF 800 in favor of the Chairman of the Board of Directors, of UF 700 in favor of the vice-president of the board of directors and of UF 600 in favor of the remaining six directors and regardless of the number of Board of Directors’ Meetings held or not held during the related month.

b) A variable gross amount payable in national currency to the Chairman and Vice President of the Company equivalent to 0.09% of the net liquid income earned by the Company in 2020;

c) A variable gross amount payable in local currency to each Company director, excluding the Chairman and Vice President of the Company, equivalent to 0.045% of the net liquid income earned by the Company in 2020.

## Period 2021:

(i) The payment of a fixed, gross and monthly amount of UF 800 in favor of the Chairman of the Board of Directors, of UF 700 in favor of the vice-president of the board of directors and of UF 600 in favor of the remaining six directors and regardless of the number of Board of Directors’ Meetings held or not held during the related month.

(ii) A variable gross amount payable in national currency to the Chairman and Vice President of the Company equivalent to 0.12% of the net liquid income that the Company effectively obtains during the 2021;



(iii) A variable gross amount payable in local currency to each Company director, excluding the Chairman and Vice President of the Company, equivalent to 0.06% of the net liquid income that the Company effectively obtains during the 2021.

These fixed and variable amounts for both periods shall not be challenged and those expressed in percentage terms shall be paid immediately after the respective annual general shareholders meeting approves the financial statements, the annual report, the account inspectors report and the external auditors report for the respective year. All amounts expressed in UF shall be paid in Chilean pesos at its value on the last day of the respective calendar month, as determined by the CMF (formerly Superintendence of Banks and Financial Institutions) the Chilean Central Bank or any other relevant institution that replaces them.

Accordingly, the compensation and profit sharing paid to members of the Directors' Committee and the directors as of December 31, 2021 amounted to ThUS$ 3,749 and as of December 31, 2020 to ThUS$ 4,553.

## 3) Directors’ Committee compensation

Directors' Committee compensation differs according to the period during the corresponding year. Thus, for the Period 2020, Directors' Committee compensation was determined by the annual general shareholders' meeting held on April 22, 2020. While for the Period 2021, Directors' Committee compensation was determined by the annual general shareholders' meeting held on April 23, 2021. For each of these periods the compensation of the Directors' Committee comprises:

## Period 2020:

a) The payment of a fixed, gross and monthly amount of UF 200 in favor of each of the 3 directors who were members of the Directors’ Committee, regardless of the number of meetings of the Directors’ Committee that have or have not been held during the month concerned.

b) The payment in domestic currency and in favor of each of the 3 directors of a variable and gross amount equivalent to 0.015% of total net profit that the Company effectively obtains during the 2020 fiscal year.

## Period 2021:

(i) The payment of a fixed, gross and monthly amount of UF 200 in favor of each of the 3 directors who were members of the Directors’ Committee, regardless of the number of meetings of the Directors’ Committee that have or have not been held during the month concerned.

(ii) The payment in domestic currency and in favor of each of the 3 directors of a variable and gross amount equivalent to 0.02% of total net profit that the Company effectively obtains during the 2021 fiscal year.

These fixed and variable amounts for both periods shall not be challenged and those expressed in percentage terms shall be paid immediately after the respective annual general shareholders meeting approves the financial statements, the annual report, the account inspectors report and the external auditors report for the respective year. All amounts expressed in UF shall be paid in Chilean pesos at its value on the last day of the respective calendar month, as determined by the CMF (formerly Superintendence of Banks and Financial Institutions) the Chilean Central Bank or any other relevant institution that replaces them.

## 4) Health, Safety and Environmental Matters Committee:

The remuneration of this committee for the 2020 period was composed of the payment of a fixed, gross, monthly amount of UF 100 for each of the 3 directors on the committee regardless of the number of meetings it has held. For the 2021 period, this remuneration remains unchanged.

## 5) Corporate Governance Committee

The remuneration for this committee for the 2020 period was composed of the payment of a fixed, gross, monthly amount of UF 100 for each of the 3 directors on the committees regardless of the number of meetings it has held. For the 2021 period, this remuneration remains unchanged.

## 6) Guarantees constituted in favor of the directors



No guarantees have been constituted in favor of the directors.

7) Senior management compensation:

a) This includes monthly fixed salary and variable performance bonuses. (See Note 6.2)

b) The Company has an annual bonus plan based on goal achievement and individual contribution to the Company’s results. These incentives are structured as a minimum and maximum number of gross monthly salaries and are paid once a year.

c) In addition, there are retention bonuses for its executives (see Note 18.6)

8) Guarantees pledged in favor of the Company’s management

No guarantees have been pledged in favor of the Company’s management.

9) Pensions, life insurance, paid leave, shares in earnings, incentives, disability loans, other than those mentioned in the above points.

The Company’s Management and Directors do not receive or have not received any benefit during the ended December 31, 2021 and 2020 or compensation for the concept of pensions, life insurance, paid time off, profit sharing, incentives, or benefits due to disability other than those mentioned in the preceding points.

## 6.2 Key management personnel compensation

As of December 31, 2021 and 2020, the number of the key management personnel is 127 and 126, respectively.

<table><tr><td>Key management personnel compensation</td><td>For the year ended December 31, 2021</td><td>For the year ended December 31, 2020</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Key management personnel compensation</td><td>31,560</td><td>23,770</td></tr></table>

Please also see the description of the compensation plan for executives in Note 18.6.



## Note 7 Background on companies included in consolidation and non-controlling interests

## 7.1 Background on companies included in consolidation

The following tables detail general information as of December 31, 2021 on the companies in which the SQM Group exercises control and significant influence:

<table><tr><td rowspan="2">Subsidiaries</td><td rowspan="2">TAX ID No.</td><td rowspan="2">Address</td><td rowspan="2">Country of Incorporation</td><td rowspan="2">Functional Currency</td><td colspan="3">Ownership Interest</td></tr><tr><td>Direct</td><td>Indirect</td><td>Total</td></tr><tr><td>SQM Nitratos S.A.</td><td>96.592.190-7</td><td>El Trovador 4285, Las Condes</td><td>Chile</td><td>Dollar</td><td>99.9999</td><td>0.0001</td><td>100.0000</td></tr><tr><td>SQM Potasio S.A.</td><td>96.651.060-9</td><td>El Trovador 4285, Las Condes</td><td>Chile</td><td>Dollar</td><td>99.9999</td><td>-</td><td>100.0000</td></tr><tr><td>Serv. Integrales de Tránsito y Transf. S.A.</td><td>79.770.780-5</td><td>Arturo Prat 1060, Tocopilla</td><td>Chile</td><td>Dollar</td><td>0.0003</td><td>99.9997</td><td>100.0000</td></tr><tr><td>Isapre Norte Grande Ltda.</td><td>79.906.120-1</td><td>Anibal Pinto 3228, Antofagasta</td><td>Chile</td><td>Peso</td><td>1.0000</td><td>99.0000</td><td>100.0000</td></tr><tr><td>Ajay SQM Chile S.A.</td><td>96.592.180-K</td><td>Av. Pdte. Eduardo Frei 4900, Santiago</td><td>Chile</td><td>Dollar</td><td>51.0000</td><td>-</td><td>51.0000</td></tr><tr><td>Almacenes y Depósitos Ltda.</td><td>79.876.080-7</td><td>El Trovador 4285, Las Condes</td><td>Chile</td><td>Peso</td><td>1.0000</td><td>99.0000</td><td>100.0000</td></tr><tr><td>SQM Salar S.A.</td><td>79.626.800-K</td><td>El Trovador 4285, Las Condes</td><td>Chile</td><td>Dollar</td><td>18.1800</td><td>81.8200</td><td>100.0000</td></tr><tr><td>SQM Industrial S.A.</td><td>79.947.100-0</td><td>El Trovador 4285, Las Condes</td><td>Chile</td><td>Dollar</td><td>99.0470</td><td>0.9530</td><td>100.0000</td></tr><tr><td>Exploraciones Mineras S.A.</td><td>76.425.380-9</td><td>El Trovador 4285, Las Condes</td><td>Chile</td><td>Dollar</td><td>0.2691</td><td>99.7309</td><td>100.0000</td></tr><tr><td>Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.</td><td>76.534.490-5</td><td>Anibal Pinto 3228, Antofagasta</td><td>Chile</td><td>Peso</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>Soquimich Comercial S.A.</td><td>79.768.170-9</td><td>El Trovador 4285, Las Condes</td><td>Chile</td><td>Dollar</td><td>-</td><td>60.6383</td><td>60.6383</td></tr><tr><td>Comercial Agroaroma Ltda. (1)</td><td>76.064.419-6</td><td>El Trovador 4285, Las Condes</td><td>Chile</td><td>Peso</td><td>-</td><td>70.0000</td><td>70.0000</td></tr><tr><td>Comercial Hydro S.A.</td><td>96.801.610-5</td><td>El Trovador 4285, Las Condes</td><td>Chile</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>Agrorama S.A.</td><td>76.145.229-0</td><td>El Trovador 4285, Las Condes</td><td>Chile</td><td>Peso</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>Oromea Estudios SPA</td><td>76.359.919-1</td><td>Apoquindo 3721 OF 131, Las Condes</td><td>Chile</td><td>Dollar</td><td>100.0000</td><td>-</td><td>100.0000</td></tr><tr><td>Oromea SPA</td><td>76.360.575-2</td><td>Apoquindo 3721 OF 131, Las Condes</td><td>Chile</td><td>Dollar</td><td>100.0000</td><td>-</td><td>100.0000</td></tr><tr><td>SQM MaG SpA</td><td>76.686.311-9</td><td>Los Militares 4290, Las Condes</td><td>Chile</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>Sociedad Contractual Minera Búfalo</td><td>77.114.779-8</td><td>Los Militares 4290, Las Condes</td><td>Chile</td><td>Dollar</td><td>99.9000</td><td>0.1000</td><td>100.0000</td></tr><tr><td>SQM North America Corp.</td><td>Foreign</td><td>2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA</td><td>United States of America</td><td>Dollar</td><td>40.0000</td><td>60.0000</td><td>100.0000</td></tr><tr><td>RS Agro Chemical Trading</td><td>Foreign</td><td>Caya Ernesto O. Petronia 17, Orangestad</td><td>Aruba</td><td>Dollar</td><td>98.3333</td><td>1.6667</td><td>100.0000</td></tr><tr><td>Corporation A.V.V.</td><td>Foreign</td><td>Al. Tocantis 75, 6° Andar, Conunto 608 Edif. West Gate, Alphaville Barureri, CEP 06455-020, Sao Paulo</td><td>Brazil</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>Nitratos Naturais do Chile Ltda.</td><td>Foreign</td><td>Pietermaa 123, P.O. Box 897, Willemstad, Curacao</td><td>Curacao</td><td>Dollar</td><td>0.0002</td><td>99.9998</td><td>100.0000</td></tr><tr><td>SQM Corporation N.V.</td><td>Foreign</td><td>Avenida Camino Real N° 348 of. 702, San Isidro, Lima</td><td>Peru</td><td>Dollar</td><td>0.0091</td><td>99.9909</td><td>100.0000</td></tr><tr><td>SQM Perú S.A.</td><td>Foreign</td><td>Av. José Orantia y Av. Juan Tanca Marengo Edificio Executive</td><td>Ecuador</td><td>Dollar</td><td>0.00401</td><td>99.9960</td><td>100.0000</td></tr><tr><td>SQM Ecuador S.A.</td><td>Foreign</td><td>Center Piso 2 Oficina 211</td><td>Brazil</td><td>Dollar</td><td>0.7100</td><td>99.2900</td><td>100.0000</td></tr><tr><td>SQM Brasil Ltda.</td><td>Foreign</td><td>Al. Tocantis 75, 6° Andar, Conunto 608 Edif. West Gate, Alphaville Barureri, CEP 06455-020, Sao Paulo</td><td>United States of America</td><td>Dollar</td><td>0.1000</td><td>99.9000</td><td>100.0000</td></tr><tr><td>SQMC Holding Corporation.</td><td>Foreign</td><td>2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta</td><td>Japan</td><td>Dollar</td><td>0.1597</td><td>99.8403</td><td>100.0000</td></tr><tr><td>SQM Japan Co. Ltd.</td><td>Foreign</td><td>From 1st Bldg 207, 5-3-10 Minami- Aoyama, Minato-ku, Tokyo</td><td>Japan</td><td>Dollar</td><td>0.1597</td><td>99.8403</td><td>100.0000</td></tr></table>

(1) SQM controls Soquimich Comercial, which in turn controls Comercial Agroaroma Ltda, SQM has management control over Comercial Agroaroma Ltda.



<table><tr><td rowspan="2">Subsidiaries</td><td rowspan="2">TAX ID No.</td><td rowspan="2">Address</td><td rowspan="2">Country of Incorporation</td><td rowspan="2">Functional Currency</td><td colspan="3">Ownership Interest</td></tr><tr><td>Direct</td><td>Indirect</td><td>Total</td></tr><tr><td>SQM Europe N.V.</td><td>Foreign</td><td>Houtdok-Noordkaai 25a B-2030 Amberes</td><td>Belgium</td><td>Dollar</td><td>0.5800</td><td>99.4200</td><td>100.0000</td></tr><tr><td>SQM Indonesia S.A.</td><td>Foreign</td><td>Perumahan Bumi Dirgantara Permai, Jl Suryadarma Blok Aw No 15 Rt 01/09 17436 Jatisari Pondok Gede</td><td>Indonesia</td><td>Dollar</td><td>-</td><td>80.0000</td><td>80.0000</td></tr><tr><td>North American Trading Company</td><td>Foreign</td><td>2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA</td><td>United States of America</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>SQM Virginia LLC</td><td>Foreign</td><td>2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA</td><td>United States of America</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>SQM Comercial de México S.A. de C.V.</td><td>Foreign</td><td>Av. Moctezuma 144-4 Ciudad del Sol CP 45050, Zapopan, Jalisco México</td><td>Mexico</td><td>Dollar</td><td>0.0100</td><td>99.9900</td><td>100.0000</td></tr><tr><td>SQM Investment Corporation N.V.</td><td>Foreign</td><td>Pietermaa 123, P.O. Box 897, Willemstad, Curacao</td><td>Curacao</td><td>Dollar</td><td>1.0000</td><td>99.0000</td><td>100.0000</td></tr><tr><td>Royal Seed Trading Corporation A.V.V.</td><td>Foreign</td><td>Caya Ernesto O. Petronia 17, Orangestad</td><td>Aruba</td><td>Dollar</td><td>1.6700</td><td>98.3300</td><td>100.0000</td></tr><tr><td>SQM Lithium Specialties Limited Partnership</td><td>Foreign</td><td>2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA</td><td>United States of America</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>Comercial Caimán Internacional S.A.</td><td>Foreign</td><td>Edificio Plaza Bancomer</td><td>Panama</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>SQM France S.A.</td><td>Foreign</td><td>ZAC des Pommiers 27930, FAUVILLE</td><td>France</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>Administración y Servicios Santiago S.A. de C.V.</td><td>Foreign</td><td>Av. Moctezuma 144-4 Ciudad del Sol CP 45050, Zapopan, Jalisco México</td><td>Mexico</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>SQM Nitratos México S.A. de C.V.</td><td>Foreign</td><td>Av. Moctezuma 144-4 Ciudad del Sol CP 45050, Zapopan, Jalisco México</td><td>Mexico</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>Soquimich European Holding B.V.</td><td>Foreign</td><td>Loacalellikade 1 Parnassustoren 1076 AZ Amsterdam</td><td>Holland</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>SQM Iberian S.A.</td><td>Foreign</td><td>Provenza 251 Principal 1a CP 08008, Barcelona</td><td>Spain</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>SQM Africa Pty Ltd.</td><td>Foreign</td><td>Tramore House, 3 Waterford Office Park, Waterford Drive, 2191 Fourways, Johannesburg</td><td>South Africa</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>SQM Oceania Pty Ltd.</td><td>Foreign</td><td>Level 9, 50 Park Street, Sydney NSW 2000, Sydney</td><td>Australia</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>SQM Beijing Commercial Co. Ltd.</td><td>Foreign</td><td>Room 1001C, CBD International Mansion N 16 Yong An Dong Li, Jian Wai Ave Beijing 100022, P.R.</td><td>China</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>SQM Thailand Limited</td><td>Foreign</td><td>Unit 2962, Level 29, N° 388, Exchange Tower Sukhumvit Road, Klongtoey Bangkok</td><td>Thailand</td><td>Dollar</td><td>-</td><td>99.9960</td><td>99.9960</td></tr><tr><td>SQM Colombia SAS</td><td>Foreign</td><td>Cra 7 No 32 - 33 piso 29 Pbx: (571) 3384904 Fax: (571) 3384905 Bogotá D.C. - Colombia.</td><td>Colombia</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>SQM Australia PTY</td><td>Foreign</td><td>Level 16, 201 Elizabeth Street Sydney</td><td>Australia</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>SQM International N.V.</td><td>Foreign</td><td>Houtdok-Noordkaai 25a B-2030 Amberes</td><td>Belgium</td><td>Dollar</td><td>0.5800</td><td>99.4200</td><td>100.0000</td></tr><tr><td>SQM (Shanghai) Chemicals Co. Ltd.</td><td>Foreign</td><td>Room 4703-33, 47F, No.300 Middle Huaihai Road, Huangpu district, Shanghai</td><td>China</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>SQM Korea LLC</td><td>Foreign</td><td>Suite 22, Kyobo Building, 15th Floor, 1 Jongno Jongno-gu, Seoul, 03154 South Korea</td><td>Korea</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr><tr><td>SQM Holland B.V.</td><td>Foreign</td><td>Herikerbergweg 238, 1101 CM Amsterdam Zuidoost</td><td>Holland</td><td>Dollar</td><td>-</td><td>100.0000</td><td>100.0000</td></tr></table>



## 7.2 Assets, liabilities, results of consolidated subsidiaries as of December 31, 2021.

<table><tr><td rowspan="3">Subsidiaries</td><td colspan="2">Assets</td><td colspan="2">Liabilities</td><td rowspan="2">Revenue</td><td rowspan="2">Net profit (loss)</td><td rowspan="2">Comprehensive income (loss)</td></tr><tr><td>Currents</td><td>Non-currents</td><td>Currents</td><td>Non-currents</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>THUS\(</td></tr><tr><td>SQM Nitratos S.A.</td><td>331,753</td><td>56,707</td><td>286,526</td><td>8,879</td><td>167,681</td><td>35,691</td><td>35,816</td></tr><tr><td>SQM Potasio S.A.</td><td>131,046</td><td>1,370,728</td><td>347,292</td><td>22,929</td><td>5,256</td><td>431,920</td><td>432,314</td></tr><tr><td>Serv. Integrales de Tránsito y Transf. S.A.</td><td>9,536</td><td>34,535</td><td>22,643</td><td>7,213</td><td>31,859</td><td>5,061</td><td>5,116</td></tr><tr><td>Isapre Norte Grande Ltda.</td><td>875</td><td>711</td><td>740</td><td>156</td><td>3,956</td><td>114</td><td>90</td></tr><tr><td>Ajay SQM Chile S.A.</td><td>22,779</td><td>2,020</td><td>7,028</td><td>666</td><td>47,269</td><td>1,569</td><td>1,569</td></tr><tr><td>Almacenes y Depósitos Ltda.</td><td>215</td><td>48</td><td>-</td><td>-</td><td>-</td><td>(27)</td><td>(209)</td></tr><tr><td>SQM Salar S.A.</td><td>1,486,477</td><td>1,193,180</td><td>1,554,539</td><td>236,477</td><td>1,502,804</td><td>472,970</td><td>473,269</td></tr><tr><td>SQM Industrial S.A.</td><td>941,083</td><td>706,733</td><td>474,186</td><td>88,935</td><td>896,391</td><td>200,127</td><td>202,660</td></tr><tr><td>Exploraciones Mineras S.A.</td><td>14,402</td><td>22,710</td><td>6,799</td><td>-</td><td>374</td><td>457</td><td>457</td></tr><tr><td>Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.</td><td>217</td><td>404</td><td>270</td><td>214</td><td>3,151</td><td>3</td><td>14</td></tr><tr><td>Soquimich Comercial S.A.</td><td>129,905</td><td>13,364</td><td>64,720</td><td>10,806</td><td>158,917</td><td>15,056</td><td>15,134</td></tr><tr><td>Comercial Agrorama Ltda.</td><td>580</td><td>778</td><td>3,327</td><td>18</td><td>1,780</td><td>185</td><td>185</td></tr><tr><td>Comercial Hydro S.A.</td><td>4,829</td><td>9</td><td>13</td><td>2</td><td>28</td><td>(8)</td><td>(8)</td></tr><tr><td>Agrorama S.A.</td><td>42</td><td>-</td><td>4,684</td><td>2</td><td>166</td><td>52</td><td>53</td></tr><tr><td>Orcoma SpA</td><td>4</td><td>8,814</td><td>6,507</td><td>-</td><td>-</td><td>(23)</td><td>(23)</td></tr><tr><td>Orcoma Estudio SpA</td><td>6,481</td><td>166</td><td>1,965</td><td>78</td><td>-</td><td>451</td><td>451</td></tr><tr><td>SQM MaG SPA</td><td>1,457</td><td>482</td><td>818</td><td>4</td><td>3,705</td><td>239</td><td>240</td></tr><tr><td>Sociedad Contractual Minera Búfalo</td><td>114</td><td>1,040</td><td>1,137</td><td>-</td><td>-</td><td>(6)</td><td>(6)</td></tr><tr><td>SQM North America Corp.</td><td>155,670</td><td>21,524</td><td>134,033</td><td>1,947</td><td>299,953</td><td>3,158</td><td>4,889</td></tr><tr><td>RS Agro Chemical Trading Corporation A.V.V.</td><td>5,155</td><td>-</td><td>116</td><td>-</td><td>-</td><td>(28)</td><td>(28)</td></tr><tr><td>Nitratos Naturais do Chile Ltda.</td><td>-</td><td>127</td><td>3,075</td><td>-</td><td>-</td><td>36</td><td>36</td></tr><tr><td>SQM Corporation N.V.</td><td>2,767</td><td>62,326</td><td>3,621</td><td>-</td><td>-</td><td>17,715</td><td>17,754</td></tr><tr><td>SQM Perú S.A.</td><td>26</td><td>-</td><td>83</td><td>-</td><td>-</td><td>2</td><td>2</td></tr><tr><td>SQM Ecuador S.A.</td><td>34,778</td><td>895</td><td>30,594</td><td>72</td><td>52,302</td><td>685</td><td>685</td></tr><tr><td>SQM Brasil Ltda.</td><td>193</td><td>1</td><td>451</td><td>2,088</td><td>-</td><td>(96)</td><td>(96)</td></tr><tr><td>Subtotal</td><td>3,280,384</td><td>3,497,302</td><td>2,955,167</td><td>380,486</td><td>3,175,592</td><td>1,185,303</td><td>1,190,364</td></tr></table>



<table><tr><td rowspan="3">Subsidiaries</td><td colspan="2">Assets</td><td colspan="2">Liabilities</td><td rowspan="2">Revenue</td><td rowspan="2">Net profit (loss)</td><td rowspan="2">Comprehensive income (loss) Currents</td></tr><tr><td>Currents</td><td>Non-currents</td><td>Currents</td><td>Non-currents</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>$ThUS\)</td></tr><tr><td>SQMC Holding Corporation L.L.P.</td><td>32,157</td><td>17,984</td><td>1,707</td><td>-</td><td>-</td><td>2,929</td><td>2,929</td></tr><tr><td>SQM Japan Co. Ltd.</td><td>37,503</td><td>217</td><td>34,193</td><td>219</td><td>88,326</td><td>123</td><td>123</td></tr><tr><td>SQM Europe N.V.</td><td>474,845</td><td>2,947</td><td>359,325</td><td>2,076</td><td>904,652</td><td>58,531</td><td>58,531</td></tr><tr><td>SQM Indonesia S.A.</td><td>3</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>North American Trading Company</td><td>155</td><td>145</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>SQM Virginia LLC</td><td>14,798</td><td>14,340</td><td>14,798</td><td>-</td><td>-</td><td>(1)</td><td>(1)</td></tr><tr><td>SQM Comercial de México S.A. de C.V.</td><td>116,391</td><td>7,620</td><td>72,905</td><td>1,680</td><td>266,483</td><td>12,741</td><td>12,741</td></tr><tr><td>SQM Investment Corporation N.V.</td><td>13,959</td><td>184,791</td><td>5,682</td><td>866</td><td>-</td><td>52,196</td><td>52,313</td></tr><tr><td>Royal Seed Trading Corporation A.V.V.</td><td>34</td><td>-</td><td>18,911</td><td>-</td><td>-</td><td>(46)</td><td>(46)</td></tr><tr><td>SQM Lithium Specialties LLP</td><td>15,746</td><td>3</td><td>1,264</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Comercial Caimán Internacional S.A.</td><td>256</td><td>-</td><td>1,122</td><td>-</td><td>-</td><td>(2)</td><td>(2)</td></tr><tr><td>SQM France S.A.</td><td>345</td><td>6</td><td>114</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Administración y Servicios Santiago S.A. de C.V.</td><td>133</td><td>9</td><td>362</td><td>-</td><td>1,580</td><td>50</td><td>50</td></tr><tr><td>SQM Nitratos México S.A. de C.V.</td><td>102</td><td>2</td><td>16</td><td>-</td><td>713</td><td>31</td><td>31</td></tr><tr><td>Soquimich European Holding B.V.</td><td>10,552</td><td>236,960</td><td>480</td><td>-</td><td>-</td><td>70,150</td><td>70,306</td></tr><tr><td>SQM Iberian S.A.</td><td>81,122</td><td>2,657</td><td>53,155</td><td>549</td><td>132,690</td><td>6,353</td><td>6,353</td></tr><tr><td>SQM Africa Pty Ltd.</td><td>55,567</td><td>1,138</td><td>43,852</td><td>-</td><td>91,251</td><td>2,000</td><td>2,000</td></tr><tr><td>SQM Oceania Pty Ltd.</td><td>6,980</td><td>-</td><td>4,735</td><td>-</td><td>3,918</td><td>(3)</td><td>(3)</td></tr><tr><td>SQM Beijing Commercial Co. Ltd.</td><td>2,300</td><td>4</td><td>42</td><td>-</td><td>5,465</td><td>88</td><td>88</td></tr><tr><td>SQM Thailand Limited</td><td>3,191</td><td>-</td><td>8</td><td>-</td><td>-</td><td>(272)</td><td>(272)</td></tr><tr><td>SQM Colombia SAS</td><td>10,395</td><td>228</td><td>9,870</td><td>42</td><td>19,902</td><td>568</td><td>568</td></tr><tr><td>SQM International NV</td><td>30,021</td><td>698</td><td>13,912</td><td>3,813</td><td>99,399</td><td>1,473</td><td>1,473</td></tr><tr><td>SQM Shanghai Chemicals Co. Ltd.</td><td>473,004</td><td>176</td><td>421,794</td><td>-</td><td>488,971</td><td>46,172</td><td>46,172</td></tr><tr><td>SQM Australia Pty Ltd.</td><td>90,091</td><td>279,782</td><td>15,858</td><td>20,715</td><td>-</td><td>(5,776)</td><td>(5,776)</td></tr><tr><td>SQM Korea LLC</td><td>23,426</td><td>148</td><td>24,168</td><td>-</td><td>13,460</td><td>(1,262)</td><td>(1,262)</td></tr><tr><td>SQM Holland B.V.</td><td>8,889</td><td>14,411</td><td>3,095</td><td>-</td><td>24,546</td><td>654</td><td>654</td></tr><tr><td>Subtotal</td><td>1,501,965</td><td>764,266</td><td>1,101,369</td><td>29,960</td><td>2,141,356</td><td>246,697</td><td>246,970</td></tr><tr><td>Total</td><td>4,782,349</td><td>4,261,568</td><td>4,056,536</td><td>410,446</td><td>5,316,948</td><td>1,432,000</td><td>1,437,334</td></tr></table>



Assets, liabilities, results of consolidated subsidiaries as of December 31, 2020.

<table><tr><td rowspan="3">Subsidiary</td><td colspan="2">Assets</td><td colspan="2">Liabilities</td><td rowspan="2">Revenue</td><td rowspan="2">Net profit (loss)</td><td rowspan="2">Comprehensive income (loss)</td></tr><tr><td>Current</td><td>Non-current</td><td>Current</td><td>Non-current</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>$ ThUS\)</td></tr><tr><td>SQM Nitratos S.A.</td><td>475,132</td><td>63,848</td><td>395,914</td><td>5,047</td><td>188,973</td><td>40,570</td><td>40,489</td></tr><tr><td>SQM Potasio S.A.</td><td>16,680</td><td>1,108,579</td><td>155,379</td><td>23,323</td><td>2,465</td><td>29,791</td><td>29,722</td></tr><tr><td>Serv. Integrales de Tránsito y Transf. S.A.</td><td>55,142</td><td>36,291</td><td>75,848</td><td>6,485</td><td>36,383</td><td>6,067</td><td>6,060</td></tr><tr><td>Isapre Norte Grande Ltda.</td><td>812</td><td>839</td><td>795</td><td>181</td><td>3,224</td><td>71</td><td>79</td></tr><tr><td>Ajay SQM Chile S.A.</td><td>25,441</td><td>1,549</td><td>9,563</td><td>713</td><td>38,193</td><td>1,857</td><td>1,857</td></tr><tr><td>Almacenes y Depósitos Ltda.</td><td>256</td><td>51</td><td>-</td><td>-</td><td>-</td><td>(5)</td><td>50</td></tr><tr><td>SQM Salar S.A.</td><td>855,683</td><td>1,035,088</td><td>814,686</td><td>214,914</td><td>581,494</td><td>51,849</td><td>51,517</td></tr><tr><td>SQM Industrial S.A.</td><td>950,058</td><td>679,345</td><td>634,105</td><td>113,230</td><td>853,550</td><td>150,594</td><td>151,442</td></tr><tr><td>Exploraciones Mineras S.A.</td><td>16,572</td><td>22,293</td><td>9,010</td><td>-</td><td>13,513</td><td>1,972</td><td>1,972</td></tr><tr><td>Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.</td><td>279</td><td>571</td><td>305</td><td>396</td><td>2,390</td><td>55</td><td>32</td></tr><tr><td>Soquimich Comercial S.A.</td><td>136,623</td><td>13,796</td><td>56,293</td><td>12,630</td><td>117,982</td><td>7,560</td><td>7,606</td></tr><tr><td>Comercial Agrorama Ltda.</td><td>683</td><td>970</td><td>4,215</td><td>23</td><td>1,432</td><td>(149)</td><td>(148)</td></tr><tr><td>Comercial Hydro S.A.</td><td>4,834</td><td>15</td><td>14</td><td>4</td><td>28</td><td>12</td><td>12</td></tr><tr><td>Agrorama S.A.</td><td>55</td><td>-</td><td>5,631</td><td>10</td><td>244</td><td>175</td><td>179</td></tr><tr><td>Orcoma SpA</td><td>3</td><td>2,365</td><td>35</td><td>-</td><td>-</td><td>(13)</td><td>(13)</td></tr><tr><td>Orcoma Estudio SpA</td><td>4</td><td>4,559</td><td>411</td><td>-</td><td>-</td><td>(496)</td><td>(496)</td></tr><tr><td>SQM MaG SPA</td><td>1,491</td><td>521</td><td>1,129</td><td>6</td><td>2,559</td><td>197</td><td>197</td></tr><tr><td>Sociedad Contractual Minera Búfalo</td><td>50</td><td>323</td><td>350</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>SQM Holland B.V.</td><td>3,767</td><td>16,248</td><td>460</td><td>4</td><td>1,227</td><td>(505)</td><td>(505)</td></tr><tr><td>SQM North America Corp.</td><td>124,679</td><td>21,085</td><td>107,801</td><td>1,638</td><td>212,410</td><td>(1,059)</td><td>1,828</td></tr><tr><td>RS Agro Chemical Trading Corporation A.V.V.</td><td>5,155</td><td>-</td><td>88</td><td>-</td><td>-</td><td>(24)</td><td>(24)</td></tr><tr><td>Nitratos Naturais do Chile Ltda.</td><td>-</td><td>128</td><td>3,109</td><td>-</td><td>-</td><td>195</td><td>195</td></tr><tr><td>Nitrate Corporation of Chile Ltd.</td><td>5,076</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>SQM Corporation N.V.</td><td>7,696</td><td>56,356</td><td>3,607</td><td>-</td><td>-</td><td>(5,318)</td><td>(5,252)</td></tr><tr><td>SQM Perú S.A.</td><td>25</td><td>-</td><td>83</td><td>-</td><td>-</td><td>(8)</td><td>(8)</td></tr><tr><td>SQM Ecuador S.A.</td><td>26,490</td><td>918</td><td>23,074</td><td>59</td><td>33,730</td><td>471</td><td>471</td></tr><tr><td>SQM Brasil Ltda.</td><td>217</td><td>1</td><td>508</td><td>2,111</td><td>-</td><td>(16)</td><td>(16)</td></tr><tr><td>Subtotal</td><td>2,712,903</td><td>3,065,739</td><td>2,302,413</td><td>380,774</td><td>2,089,797</td><td>283,843</td><td>287,246</td></tr></table>



<table><tr><td rowspan="3">Subsidiaries</td><td colspan="2">Assets</td><td colspan="2">Liabilities</td><td rowspan="2">Revenue</td><td rowspan="2">Net profit (loss)</td><td rowspan="2">Comprehensive income (loss) Currents</td></tr><tr><td>Currents</td><td>Non-currents</td><td>Currents</td><td>Non-currents</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td></td></tr><tr><td>SQMC Holding Corporation L.L.P.</td><td>30,777</td><td>16,414</td><td>1,687</td><td>-</td><td>-</td><td>2,113</td><td>2,113</td></tr><tr><td>SQM Japan Co. Ltd.</td><td>25,122</td><td>243</td><td>21,926</td><td>255</td><td>66,685</td><td>367</td><td>367</td></tr><tr><td>SQM Europe N.V.</td><td>456,357</td><td>3,844</td><td>399,930</td><td>2,411</td><td>669,693</td><td>(12,791)</td><td>(12,791)</td></tr><tr><td>SQM Indonesia S.A.</td><td>3</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>North American Trading Company</td><td>156</td><td>145</td><td>-</td><td>-</td><td>-</td><td>38</td><td>38</td></tr><tr><td>SQM Virginia LLC</td><td>14,798</td><td>14,340</td><td>14,798</td><td>-</td><td>-</td><td>(5)</td><td>(5)</td></tr><tr><td>SQM Comercial de México S.A. de C.V.</td><td>107,803</td><td>7,574</td><td>76,721</td><td>1,972</td><td>213,154</td><td>1,429</td><td>1,429</td></tr><tr><td>SQM Investment Corporation N.V.</td><td>13,965</td><td>132,994</td><td>5,434</td><td>864</td><td>-</td><td>(12,265)</td><td>(12,071)</td></tr><tr><td>Royal Seed Trading Corporation A.V.V.</td><td>21</td><td>-</td><td>18,851</td><td>-</td><td>-</td><td>(40)</td><td>(40)</td></tr><tr><td>SQM Lithium Specialties LLP</td><td>15,746</td><td>3</td><td>1,264</td><td>-</td><td>-</td><td>(5)</td><td>(5)</td></tr><tr><td>Comercial Caimán Internacional S.A.</td><td>258</td><td>-</td><td>1,122</td><td>-</td><td>-</td><td>3</td><td>3</td></tr><tr><td>SQM France S.A.</td><td>345</td><td>6</td><td>114</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Administración y Servicios Santiago S.A. de C.V.</td><td>221</td><td>47</td><td>350</td><td>188</td><td>2,857</td><td>36</td><td>36</td></tr><tr><td>SQM Nitratos México S.A. de C.V.</td><td>141</td><td>13</td><td>77</td><td>20</td><td>993</td><td>12</td><td>12</td></tr><tr><td>Soquimich European Holding B.V.</td><td>5,046</td><td>172,956</td><td>245</td><td>-</td><td>-</td><td>(20,411)</td><td>(20,151)</td></tr><tr><td>SQM Iberian S.A.</td><td>41,485</td><td>2,359</td><td>20,118</td><td>4</td><td>108,156</td><td>504</td><td>504</td></tr><tr><td>SQM Africa Pty Ltd.</td><td>47,069</td><td>1,420</td><td>37,636</td><td>-</td><td>60,994</td><td>(920)</td><td>(920)</td></tr><tr><td>SQM Oceania Pty Ltd.</td><td>3,951</td><td>-</td><td>1,516</td><td>-</td><td>3,130</td><td>400</td><td>400</td></tr><tr><td>SQM Beijing Commercial Co. Ltd.</td><td>12,086</td><td>30</td><td>9,942</td><td>-</td><td>18,755</td><td>126</td><td>126</td></tr><tr><td>SQM Thailand Limited</td><td>3,539</td><td>-</td><td>83</td><td>-</td><td>3,033</td><td>(387)</td><td>(387)</td></tr><tr><td>SQM Colombia SAS</td><td>11,621</td><td>176</td><td>11,653</td><td>-</td><td>13,439</td><td>528</td><td>528</td></tr><tr><td>SQM International</td><td>31,998</td><td>923</td><td>17,374</td><td>4,027</td><td>135,386</td><td>2,587</td><td>2,587</td></tr><tr><td>SQM Shanghai Chemicals Co. Ltd.</td><td>84,318</td><td>379</td><td>79,482</td><td>-</td><td>82,398</td><td>3,195</td><td>3,195</td></tr><tr><td>SQM Australia Pty Ltd.</td><td>21,749</td><td>130,152</td><td>4,306</td><td>158</td><td>-</td><td>(2,641)</td><td>(2,641)</td></tr><tr><td>SQM Korea LLC</td><td>587</td><td>122</td><td>42</td><td>-</td><td>-</td><td>(33)</td><td>(33)</td></tr><tr><td>Subtotal</td><td>929,162</td><td>484,140</td><td>724,672</td><td>9,899</td><td>1,378,673</td><td>(38,160)</td><td>(37,706)</td></tr><tr><td>Total</td><td>3,642,065</td><td>3,549,879</td><td>3,027,085</td><td>390,673</td><td>3,468,470</td><td>245,683</td><td>249,540</td></tr></table>



## 7.3 Background on non-controlling interests

<table><tr><td rowspan="3">Subsidiary</td><td rowspan="3">% of interests in the ownership held by non-controlling interests</td><td colspan="2">Profit (loss) attributable to non-controlling interests for the year ended</td><td colspan="2">Equity, non-controlling interests for the year ended</td><td colspan="2">Dividends paid to non-controlling interests for the year ended</td></tr><tr><td>As of December 31, 2021</td><td>As of December 31, 2020</td><td>As of December 31, 2021</td><td>As of December 31, 2019</td><td>As of December 31, 2020</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>SQM Potasio S.A.</td><td>0.0000001%</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Ajay SQM Chile S.A.</td><td>49.00000%</td><td>769</td><td>910</td><td>8,382</td><td>8,189</td><td>577</td><td>1,238</td></tr><tr><td>Soquimich Comercial S.A.</td><td>39.36168%</td><td>5,926</td><td>2,976</td><td>26,665</td><td>32,078</td><td>11,831</td><td>8,880</td></tr><tr><td>Comercial Agrorama Ltda.</td><td>30.00000%</td><td>56</td><td>(45)</td><td>(596)</td><td>(775)</td><td>-</td><td>-</td></tr><tr><td>SQM Indonesia S.A.</td><td>20.00000%</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Agrorama S.A.</td><td>0.00000%</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>SQM Thailand Limited</td><td>0.00400%</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Total</td><td></td><td>6,751</td><td>3,841</td><td>34,451</td><td>39,493</td><td>12,408</td><td>10,118</td></tr></table>



## Note 8 Equity-accounted investees

## 8.1 Investments in associates recognized according to the equity method of accounting

As of December 31, 2021, and 2020, in accordance with criteria established in Note 2:

<table><tr><td rowspan="2">Associates</td><td colspan="2">Equity-accounted investees</td><td colspan="2">Share in profit (loss) of associates accounted for using the equity method</td><td colspan="2">Share in other comprehensive income of associates accounted for using the equity method</td><td colspan="2">Share in total other comprehensive income of associates accounted for using the equity method</td></tr><tr><td>As of December 31, 2021</td><td>As of December 31, 2020</td><td>for the year ended December 31, 2021</td><td>for the year ended December 31, 2020</td><td>for the year ended December 31, 2020</td><td>for the year ended Dec 31, 2021</td><td>for the year ended December 31, 2020</td><td>for the year ended December 31, 2020</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>Abu Dhabi Fertilizer Industries WWL (**)</td><td>-</td><td>11,505</td><td>-</td><td>(156)</td><td>-</td><td>-</td><td>-</td><td>(156)</td></tr><tr><td>Doktor Tarsa Tarim Sanayi AS (*)</td><td>-</td><td>-</td><td>-</td><td>4,031</td><td>-</td><td>-</td><td>-</td><td>4,031</td></tr><tr><td>Ajay North America</td><td>15,899</td><td>14,468</td><td>2,802</td><td>2,191</td><td>-</td><td>-</td><td>2,802</td><td>2,191</td></tr><tr><td>Ajay Europe SARL</td><td>8,213</td><td>7,875</td><td>1,852</td><td>1,029</td><td>360</td><td>756</td><td>2,212</td><td>1,785</td></tr><tr><td>SQM Eastmed Turkey (*)</td><td>-</td><td>-</td><td>-</td><td>247</td><td>-</td><td>-</td><td>-</td><td>247</td></tr><tr><td>Kore Potash PLC (**)</td><td>-</td><td>26,175</td><td>-</td><td>(224)</td><td>-</td><td>(374)</td><td>-</td><td>(598)</td></tr><tr><td>Total</td><td>24,112</td><td>60,023</td><td>4,654</td><td>7,118</td><td>360</td><td>382</td><td>5,014</td><td>7,500</td></tr></table>

 \( ^{*} \)  These investments were disposed of in 2020.

(**) For more details, see Note 8.3 (a).



<table><tr><td rowspan="3">Associate</td><td rowspan="3">Description of the nature of the relationship</td><td rowspan="3">Address</td><td rowspan="3">Country of incorporation</td><td rowspan="3">Share of ownership in associates</td><td colspan="2">Dividends received for the year ending</td></tr><tr><td>December 31, 2021</td><td>December 31, 2020</td></tr><tr><td>$ThUS\)</td><td>$ThUS\)</td></tr><tr><td>Abu Dhabi Fertilizer Industries WWL</td><td>Distribution and commercialization of specialty plant nutrients in the Middle East.</td><td>PO Box 71871, Abu Dhabi</td><td>United Arab Emirates</td><td>37%</td><td>9,438</td><td>-</td></tr><tr><td>Ajay North America</td><td>Production and distribution of iodine and iodine derivatives.</td><td>1400 Industry RD Power Springs GA 30129</td><td>United States of North America</td><td>49%</td><td>1,233</td><td>1,967</td></tr><tr><td>Ajay Europe SARL</td><td>Production and distribution of iodine and iodine derivatives.</td><td>Z.I. du Grand Verger BP 227 53602 Evron Cedex</td><td>France</td><td>50%</td><td>992</td><td>1,197</td></tr><tr><td>Kore Potash PLC</td><td>Prospecting, exploration and mining development.</td><td>L 3 88 William ST Perth, was 6000</td><td>United Kingdom</td><td>14.65%</td><td>-</td><td>-</td></tr><tr><td>Doktor Tarsa Tarim Sanayi AS</td><td>Distribution and commercialization of specialty plant nutrients in Turkey.</td><td>Organize Sanayi Boleşesi, İkinci Kısım, 22 cadde TR07100 Antalya</td><td>Turkey</td><td>50%</td><td>-</td><td>-</td></tr><tr><td>SQM Eastmed Turkey</td><td>Production and trading of specialty products.</td><td>Organize Sanayi Boleşesi, İkinci Kısım, 22 cadde TR07100 Antalya</td><td>Turkey</td><td>50%</td><td>-</td><td>-</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>11,663</td><td>3,164</td></tr></table>



## 8.2 Assets, liabilities, revenue and expenses of associates

<table><tr><td rowspan="4">Associate</td><td colspan="4">As of December 31, 2021</td><td colspan="4">For the year ended as of December 31, 2021</td></tr><tr><td colspan="2">Assets</td><td colspan="2">Liabilities</td><td rowspan="3">Revenue</td><td rowspan="3">Net gain (loss)</td><td rowspan="3">Other comprehensive income</td><td rowspan="3">Comprehensive income</td></tr><tr><td rowspan="2">Current</td><td rowspan="2">Non-current</td><td rowspan="2">Current</td><td rowspan="2">Non-current</td></tr><tr></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td></tr><tr><td>Ajay North America</td><td>21,771</td><td>15,096</td><td>4,421</td><td>-</td><td>47,375</td><td>5,718</td><td>-</td><td>5,718</td></tr><tr><td>Ajay Europe SARL</td><td>25,927</td><td>1,241</td><td>10,742</td><td>-</td><td>48,409</td><td>3,705</td><td>(34)</td><td>3,671</td></tr><tr><td>Total</td><td>47,698</td><td>16,337</td><td>15,163</td><td>-</td><td>95,784</td><td>9,423</td><td>(34)</td><td>9,389</td></tr></table>

<table><tr><td rowspan="4">Associate</td><td colspan="4">As of December 31, 2020</td><td colspan="4">For the year ended as of December 31, 2020</td></tr><tr><td colspan="2">Assets</td><td colspan="2">Liabilities</td><td rowspan="3">Revenue</td><td rowspan="3">Net gain (loss)</td><td rowspan="3">Other comprehensive income</td><td rowspan="3">Comprehensive income</td></tr><tr><td rowspan="2">Current</td><td rowspan="2">Non-current</td><td rowspan="2">Current</td><td rowspan="2">Non-current</td></tr><tr></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td></tr><tr><td>Abu Dhabi Fertilizer Industries WWL</td><td>29,313</td><td>8,586</td><td>6,706</td><td>101</td><td>6,641</td><td>(420)</td><td>-</td><td>(420)</td></tr><tr><td>Ajay North America</td><td>18,513</td><td>15,749</td><td>4,737</td><td>-</td><td>42,920</td><td>4,471</td><td>-</td><td>4,471</td></tr><tr><td>Ajay Europe SARL</td><td>22,032</td><td>1,493</td><td>7,773</td><td>-</td><td>41,950</td><td>2,058</td><td>1,736</td><td>3,794</td></tr><tr><td>Kore Potash PLC</td><td>5,691</td><td>124,112</td><td>786</td><td>-</td><td>-</td><td>(3,233)</td><td>486</td><td>(2,747)</td></tr><tr><td>Total</td><td>75,549</td><td>149,940</td><td>20,002</td><td>101</td><td>91,511</td><td>2,876</td><td>2,222</td><td>5,098</td></tr></table>



## 8.3 Disclosures regarding interests in associates

## (a) Transactions for the year ended December 31, 2021:

- During the first quarter 2021, Kore Potash PLC made a share payment to its non-executive board members (remuneration shares) plus certain employees and former employees (performance shares) which resulted in a 0.05% share reduction for the company, leaving it with 20.15%. During the second quarter of 2021, Kore Potash PLC approved a capital stock increase of ThUS$ 13,931 through the issuance of common shares, which resulted in a dilution of 5.5% of SQM shares in the company, with an impact of ThUS$ (5,778) on other losses. As a result of the dilution, the Company considers that there has been a loss of significant influence on the investment, discontinued the measurement through the equity method, and recognized an amount of ThUS$ 3,739 under other gains (losses) as items in other comprehensive income associated with this investment. See Note 13.1 for more details.

- As of December 31, 2021, the Company has received dividends from Abu Dhabi Fertilizer Industries WWL of ThUS$ 9,438 and dividends receivable of ThUS$ 2,099 have been recognized, leaving the value of the investment at zero.

## (b) Transactions for the year ended December 31, 2020:

- Kore Potash PLC made a share payment to its non-executive board members, which resulted in a 0.60% share reduction for the company, finalizing with a share percentage of 19.07% at the close of the second quarter of 2020. This resulted in a transfer in equity of non-controlling interest to other reserves in an amount of ThUS$ 754.

- In the third quarter of 2020 SQM S.A. increased its shares in Kore Potash PLC to 20.26% as a result of the acquisition of 260,598,591 shares out of 584,753,846 shares issued for a capital increase corresponding to ThUS$ 1,679.

- In the third quarter of 2020, shares held in Doktor Tarsa Tarim and its subsidiaries were sold through Soquimich European Holdings B.V. at a value of ThUS$ 33,066, which brought about a loss of ThUS$ 11,408.

- In the third quarter of 2020, SQM Holland B.V., prepaid Plantacote N.V. a value of ThUS$ 10,541, corresponding to the acquisition of Plantacote N.V. assets, which are presented in the line “Other non-current financial assets.”

- In the third quarter of 2020, shares held in SQM Eastmed Turkey were sold through Soquimich European Holdings B.V. at a value of ThUS$ 618, which brought about a loss of ThUS$ 408.

- During the fourth quarter of 2020, SQM Holland acquired the business of WSNPK from Plantacote for ThUS$ 16,757, which generated goodwill of ThUS$ 7,380.

- During the fourth quarter of 2020, Kore Potash PLC made a share-based payment to its non-executive board members, which resulted in a 0.06% share reduction for the company, finalizing with a share percentage of 20.20%. This resulted in a decrease in consolidated equity of non-controlling interests in other reserves of ThUS$ 79.



## Note 9 Joint Ventures

9.1 Investment in joint ventures accounted for under the equity method of accounting.

<table><tr><td rowspan="2">Joint Venture</td><td colspan="2">Equity-accounted investees</td><td colspan="2">Share in profit (loss) of associates and joint ventures accounted for using the equity method</td><td colspan="2">Share on other comprehensive income of associates and joint ventures accounted for using the equity method, net of taxes</td><td colspan="2">Share on total other comprehensive income of associates and joint ventures accounted for using the equity method</td></tr><tr><td>As of December 31, 2021</td><td>As of December 31, 2020</td><td>For the year ended December 31, 2021</td><td>For the year ended December 31, 2020</td><td>For the year ended December 31, 2020</td><td>For the year ended Dec 31, 2021</td><td>For the year ended Dec 31, 2020</td><td>For the year ended Dec 31, 2020</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td></tr><tr><td>SQM Vitas Fzco.</td><td>8,682</td><td>9,720</td><td>6,304</td><td>2,010</td><td>429</td><td>(1,469)</td><td>6,733</td><td>541</td></tr><tr><td>SQM Qingdao Star Corp Nutrition Co. Ltd. (*)</td><td>-</td><td>-</td><td>-</td><td>83</td><td>-</td><td>-</td><td>-</td><td>83</td></tr><tr><td>Pavoni &amp; C. Spa</td><td>7,030</td><td>7,222</td><td>174</td><td>9</td><td>(317)</td><td>349</td><td>(143)</td><td>358</td></tr><tr><td>Covalent Lithium Pty Ltd. (**)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>37</td><td>16</td><td>37</td><td>16</td></tr><tr><td>Sichuan SQM Miga Chemical Fertilizers Co Ltd.</td><td>-</td><td>9,028</td><td>-</td><td>(280)</td><td>-</td><td>-</td><td>-</td><td>(280)</td></tr><tr><td>Total</td><td>15,712</td><td>25,970</td><td>6,478</td><td>1,822</td><td>149</td><td>(1,104)</td><td>6,627</td><td>718</td></tr></table>

 \( ^{*} \)  These investments were disposed of in 2020

(**) See more details in Note 9.4 (a).



The amounts described in the following box represent numbers used in the consolidation of the company:

<table><tr><td rowspan="3">Joint Venture</td><td colspan="2">Equity-accounted investees</td><td colspan="2">Share in profit (loss) of associates and joint ventures accounted for using the equity method</td><td colspan="2">Share on other comprehensive income of associates and joint ventures accounted for using the equity method, for the period ended</td><td colspan="2">Share on total other comprehensive income of associates and joint ventures accounted for using the equity method for the period ended</td></tr><tr><td>As of December 31, 2021</td><td>As of December 31, 2020</td><td>For the year ended December 31, 2021</td><td>For the year ended December 31, 2020</td><td>For the year ended December 31, 2020</td><td>For the year ended 31, 2020</td><td>For the year ended December 31, 2021</td><td>For the year ended December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>THUS\(</td><td>ThUS\)</td></tr><tr><td>SQM Vitas Brasil Agroindustria (1)</td><td>-</td><td>3,511</td><td>4,582</td><td>1,018</td><td>(429)</td><td>(1,469)</td><td>4,153</td><td>(451)</td></tr><tr><td>SQM Vitas Perú S.A.C. (1)</td><td>4,681</td><td>1,659</td><td>1,645</td><td>660</td><td>-</td><td>-</td><td>1,645</td><td>660</td></tr><tr><td>Total</td><td>4,681</td><td>5,170</td><td>6,227</td><td>1,678</td><td>(429)</td><td>(1,469)</td><td>5,798</td><td>209</td></tr></table>

The companies are subsidiaries of:

SQM Vitas Fzco.

<table><tr><td rowspan="2">Joint venture</td><td rowspan="2">Description of the nature of the relationship</td><td rowspan="2">Domicile</td><td rowspan="2">Country of incorporation</td><td rowspan="2">Share of interest in ownership</td><td colspan="2">Dividends received for the year ending</td></tr><tr><td>December 31, 2021</td><td>December 31, 2020</td></tr><tr><td>Sichuan SQM Miga Chemical Fertilizers Co Ltd.</td><td>Production and distribution of soluble fertilizers.</td><td>Huangjing Road, Dawan Town, Qingbaijiang District, Chengdu Municipality, Sichuan Province 1-2-10, Sardar Patel Road, Secunderabad - 500003 Andhra Pradesh</td><td>China</td><td>50%</td><td>-</td><td>-</td></tr><tr><td>Coromandel SQM India</td><td>Production and distribution of potassium nitrate.</td><td>India</td><td>50%</td><td>-</td><td>-</td><td>-</td></tr><tr><td>SQM Vitas Fzco.</td><td>Production and commercialization of specialty plant, animal nutrition and industrial hygiene.</td><td>Jebel All Free Zone P.O. Box 18222, Dubai</td><td>United Arab Emirates</td><td>50%</td><td>-</td><td>-</td></tr><tr><td>SQM Qingdao Star Corp Nutrition Co. Ltd.</td><td>Production and distribution of nutrient plant solutions with specialties NPK soluble.</td><td>Longquan Town, Jimo City, Qingdao Municipality, Shangdong Province</td><td>China</td><td>50%</td><td>-</td><td>2,223</td></tr><tr><td>Pavoni &amp; C. Spa</td><td>Production of specialty fertilizers and others for distribution in Italy and other countries.</td><td>Corso Italia 172, 95129 Catania (CT), Sicilia</td><td>Italy</td><td>50%</td><td>-</td><td>-</td></tr><tr><td>Covalent Lithium Pty Ltd.</td><td>Development and operation of the Mt Holland Lithium project, which will include the construction of a lithium extraction and refining mine.</td><td>L18, 109 St Georges Tce Perth WA 6000 | PO Box Z5200 St Georges Tce Perth WA 6831</td><td>Australia</td><td>50%</td><td>-</td><td>-</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>-</td><td>2,223</td><td></td></tr></table>



The companies described in the following table are related to the following joint ventures:

(1) SQM Vitas Fzco.

(2) Pavoni & C. Spa.

<table><tr><td rowspan="3">Joint venture</td><td rowspan="3">Description of the nature of the relationship</td><td rowspan="3">Domicile</td><td rowspan="3">Country of incorporation</td><td rowspan="3">Share of interest in ownership (*)</td><td colspan="2">Dividends received for the year ending</td></tr><tr><td>December 31, 2021</td><td>December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>SQM Vitas Brasil Agroindustria (1)</td><td>Production and trading of specialty vegetable and animal nutrition and industrial hygiene.</td><td>Via Cndeias, Km. 01 Sem Numero, Lote 4, Bairro Cia Norte, Candeias, Bahia.</td><td>Brazil</td><td>49.99%</td><td>-</td><td>-</td></tr><tr><td>SQM Vitas Perú S.A.C. (1)</td><td>Production and trading of specialty vegetable and animal nutrition and industrial hygiene</td><td>Av. Juan de Arona 187, Torre B, Oficina 301-II, San Isidro, Lima</td><td>Peru</td><td>50%</td><td>-</td><td>-</td></tr><tr><td>Arpa Speciali S.R.L (2)</td><td>Production of specialty fertilizers and others for distribution in Italy and other countries.</td><td>Mantova (MN) Via Cremona 27 Int. 25</td><td>Italy</td><td>50.48%</td><td>-</td><td>-</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>-</td><td>-</td></tr></table>

(*) The percentages presented correspond to the ownership used in the consolidation of the company.



## 9.2 Assets, liabilities, revenue and expenses from joint ventures

<table><tr><td rowspan="4">Joint Venture</td><td colspan="4">As of December 31, 2021</td><td colspan="4">For the year ended December 31, 2021</td></tr><tr><td colspan="2">Assets</td><td colspan="2">Liabilities</td><td rowspan="3">Revenue</td><td rowspan="3">Net gain (loss)</td><td rowspan="3">Other comprehensive income</td><td rowspan="3">Comprehensive income</td></tr><tr><td>Current</td><td>Non-current</td><td>Current</td><td>Non-current</td></tr><tr><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td></tr><tr><td>SQM Vitas Fzco.</td><td>9,606</td><td>20,206</td><td>215</td><td>-</td><td>-</td><td>12,608</td><td>-</td><td>12,608</td></tr><tr><td>SQM Vitas Brasil Agroindustria</td><td>73,500</td><td>4,846</td><td>68,794</td><td>-</td><td>103,335</td><td>9,165</td><td>(858)</td><td>8,307</td></tr><tr><td>SQM Vitas Perú S.A.C.</td><td>28,610</td><td>7,347</td><td>24,473</td><td>828</td><td>48,128</td><td>3,289</td><td>-</td><td>3,289</td></tr><tr><td>Pavoni &amp; C. Spa</td><td>12,885</td><td>6,714</td><td>11,226</td><td>725</td><td>19,599</td><td>347</td><td>(634)</td><td>(287)</td></tr><tr><td>Covalent Lithium Pty Ltd.</td><td>3,904</td><td>2,636</td><td>7,498</td><td>1,489</td><td>-</td><td>(864)</td><td>74</td><td>(790)</td></tr><tr><td>Total</td><td>128,505</td><td>41,749</td><td>112,206</td><td>3,042</td><td>171,062</td><td>24,545</td><td>(1,418)</td><td>23,127</td></tr></table>

<table><tr><td rowspan="4">Joint Venture</td><td colspan="4">As of December 31, 2020</td><td colspan="4">For the year ended December 31, 2020</td></tr><tr><td colspan="2">Assets</td><td colspan="2">Liabilities</td><td rowspan="3">Revenue</td><td rowspan="3">Net gain (loss)</td><td rowspan="3">Other comprehensive income</td><td rowspan="3">Comprehensive income</td></tr><tr><td>Current</td><td>Non-current</td><td>Current</td><td>Non-current</td></tr><tr><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td></tr><tr><td>Sichuan SQM Miga Chemical Fertilizers Co Ltd.</td><td>29,507</td><td>4,412</td><td>14,156</td><td>-</td><td>9</td><td>(562)</td><td>-</td><td>(562)</td></tr><tr><td>SQM Vitas Fzco.</td><td>(496)</td><td>20,431</td><td>496</td><td>-</td><td>-</td><td>4,019</td><td>-</td><td>4,019</td></tr><tr><td>SQM Vitas Brasil Agroindustria</td><td>40,064</td><td>5,527</td><td>33,410</td><td>-</td><td>78,960</td><td>2,036</td><td>(2,938)</td><td>(902)</td></tr><tr><td>SQM Vitas Perú S.A.C.</td><td>34,548</td><td>7,928</td><td>33,145</td><td>1,080</td><td>37,591</td><td>1,319</td><td>-</td><td>1,319</td></tr><tr><td>Pavoni &amp; C. Spa</td><td>10,645</td><td>7,493</td><td>9,270</td><td>836</td><td>15,958</td><td>16</td><td>698</td><td>714</td></tr><tr><td>Covalent Lithium Pty Ltd.</td><td>1,418</td><td>2,131</td><td>2,823</td><td>910</td><td>-</td><td>(232)</td><td>33</td><td>(199)</td></tr><tr><td>Total</td><td>115,686</td><td>47,922</td><td>93,300</td><td>2,826</td><td>132,518</td><td>6,596</td><td>(2,207)</td><td>4,389</td></tr></table>



## 9.3 Other Joint Venture disclosures

<table><tr><td rowspan="2">Joint Venture</td><td colspan="2">Cash and cash equivalents</td><td colspan="2">Other current financial liabilities</td><td colspan="2">Other non-current financial liabilities</td></tr><tr><td>As of December 31, 2021</td><td>As of December 31, 2020</td><td>As of December 31, 2021</td><td>As of December 31, 2019</td><td>As of December 31, 2021</td><td>As of December 31,2020</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS$</td></tr><tr><td>Sichuan SQM Miga Chemical Fertilizers Co Ltd.</td><td>-</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>SQM Vitas Fzco.</td><td>4,115</td><td>4,251</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>SQM Vitas Brasil Agroindustria</td><td>4,132</td><td>4,065</td><td>10,416</td><td>6,820</td><td>-</td><td>-</td></tr><tr><td>SQM Vitas Perú S.A.C.</td><td>380</td><td>1,043</td><td>238</td><td>227</td><td>289</td><td>691</td></tr><tr><td>Pavoni &amp; C. Spa</td><td>787</td><td>767</td><td>7,561</td><td>5,573</td><td>-</td><td>-</td></tr><tr><td>Covalent Lithium Pty Ltd.</td><td>3,858</td><td>653</td><td>980</td><td>953</td><td>-</td><td>-</td></tr><tr><td>Total</td><td>13,272</td><td>10,809</td><td>19,195</td><td>13,573</td><td>289</td><td>691</td></tr></table>

<table><tr><td rowspan="2">Joint Venture</td><td colspan="2">Depreciation and amortization expense for the year ending</td><td colspan="2">Interest expense for the year ending</td><td colspan="2">Income tax benefit (expense) for the year ending</td></tr><tr><td>For the year ended December 31, 2021</td><td>For the year ended December 31, 2020</td><td>For the year ended December 31, 2021</td><td>For the year ended December31, 2020</td><td>For the year ended December 31, 2021</td><td></td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS$</td></tr><tr><td>Sichuan SQM Miga Chemical Fertilizers Co Ltd.</td><td>-</td><td>(394)</td><td>-</td><td>-</td><td>-</td><td>244</td></tr><tr><td>SQM Vitas Fzco.</td><td>-</td><td>(1)</td><td>(1)</td><td>(2)</td><td>-</td><td>-</td></tr><tr><td>SQM Vitas Brasil Agroindustria</td><td>(278)</td><td>(355)</td><td>(367)</td><td>(656)</td><td>(1,985)</td><td>(34)</td></tr><tr><td>SQM Vitas Perú S.A.C.</td><td>(354)</td><td>(257)</td><td>(311)</td><td>(326)</td><td>(1,692)</td><td>(197)</td></tr><tr><td>Pavoni &amp; C. Spa</td><td>(245)</td><td>(263)</td><td>(459)</td><td>(410)</td><td>(173)</td><td>(120)</td></tr><tr><td>Covalent Lithium Pty Ltd.</td><td>(167)</td><td>(213)</td><td>(55)</td><td>(18)</td><td>343</td><td>714</td></tr><tr><td>Total</td><td>(1,044)</td><td>(1,483)</td><td>(1,193)</td><td>(1,412)</td><td>(3,507)</td><td>607</td></tr></table>



## 9.4 Disclosure of interests in joint ventures

a) Transactions for the period year December 31, 2021

- On February 9, 2021, two of the Company’s subsidiaries signed an agreement to terminate a dispute related to sales contracts and interest in the joint venture of Sichuan SQM Migao Chemical Fertilizers Co Ltd. Consequently, the Company received US$ 11.5 million.

b) Transactions for the period year December 31, 2020

- SQM Vitas BV became a wholly owned subsidiary of the Company during the second quarter of 2020, through its subsidiary Soquimich European Holdings, at a cost of ThUS$ 1,276 and its name has been changed to SQM Holland. See Note 8.1.

- In the second quarter of 2020, shares held in Arpa Speciali S.R.L. were sold through SQM Pavoni & C., SpA. At a value of ThUS$ 56, which brought about a loss of ThUS$ 125. An initial installment of ThUS$ 17 was charged, leaving two pending installments of ThUS$ 20 maturing June 30, 2021 and June 30, 2022. The pending installments are classified as other accounts receivable.

- In the third quarter of 2020, shares held in Coromandel SQM India were sold through Soquimich European Holdings B.V. at a value of ThUS$ 1,604, which brought about a loss of ThUS$ 643.

- During fourth quarter of 2020, the shares in SQM Qingdao-Star Co, Ltd. were sold through SQM Industrial S.A. for ThUS$ 1,303, which brought about a gain of ThUS$ 62. As of December 31, 2020, the sale proceeds were recorded in other receivables.

- A subsequent event associated with the joint venture with Sichuan SQM Migao Chemical Fertilizers Co Ltd. is reported in Note 31.2. Accordingly, the effect on the statement of income for the fourth quarter of 2020 under "Other gains (losses)" is a gain of ThUS$7,036 on the reversal of the impairment associated with this investment.

## 9.5 Joint Ventures

In 2017, together with our subsidiary SQM Australia Pty, we entered into an agreement to acquire 50% of the assets of the Mt Holland lithium project in Western Australia. The Mt Holland Lithium Project consists of two distinct projects: the Mt Holland Lithium Project and the Mt Holland Lithium Project. The Mt Holland Lithium Project is located in the Mt Holland Lithium Project, which is located in the Mt Holland Lithium Project, and the Mt Holland Lithium Project is located in the Mt Holland Lithium Project.

As of December 31, 2020, the Company had made contributions in the amount of US$ 30 million, of which, US$ 15 million was paid in favor of the partner in the project and presented as other receivables. As of March 2021, this receivable was collected when it was contributed to Mt Holland in the Company’s name. The Company approved the investment decision referred to in Note 1.8.



## Note 10 Cash and cash equivalents

## 10.1 Types of cash and cash equivalents

As of December 31, 2021, and 2020, cash and cash equivalents are detailed as follows:

<table><tr><td rowspan="3">Cash</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>44</td><td>54</td></tr><tr><td>Cash on hand</td><td>662,407</td><td>244,548</td></tr><tr><td>Cash in banks</td><td>-</td><td>2,527</td></tr><tr><td>Other demand deposits</td><td></td><td></td></tr><tr><td>Total Cash</td><td>662,451</td><td>247,129</td></tr></table>

<table><tr><td rowspan="3">Cash equivalents</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Short-term deposits, classified as cash equivalents</td><td>237,655</td></tr><tr><td>Short-term investments, classified as cash equivalents</td><td>614,945</td><td>210,378</td></tr><tr><td>Total cash equivalents</td><td>852,600</td><td>261,973</td></tr><tr><td>Total cash and cash equivalents</td><td>1,515,051</td><td>509,102</td></tr></table>

## 10.2 Short-term investments, classified as cash equivalents

As of December 31, 2021, and 2020, the short-term investments classified as cash and cash equivalents relate to mutual funds (investment liquidity funds) for investments in:

<table><tr><td rowspan="3">Institution</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Legg Mason - Western Asset Institutional Cash Reserves</td><td>233,648</td></tr><tr><td>JP Morgan US dollar Liquidity Fund Institutional</td><td>381,297</td><td>102,753</td></tr><tr><td>Total</td><td>614,945</td><td>210,378</td></tr></table>

Short-term investments are highly liquid mutual funds that are basically invested in short-term fixed rate notes in the U.S. market.



## 10.3 Information on cash and cash equivalents by currency

As of December 31, 2021, and 2020, information on cash and cash equivalents by currency is detailed as follows:

<table><tr><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Peso (*)</td><td>4,416</td><td>7,190</td></tr><tr><td>Dollar</td><td>1,377,983</td><td>454,402</td></tr><tr><td>Euro</td><td>14,374</td><td>17,144</td></tr><tr><td>Mexican Peso</td><td>1,827</td><td>1,378</td></tr><tr><td>South African Rand</td><td>13,048</td><td>14,286</td></tr><tr><td>Japanese Yen</td><td>1,182</td><td>1,646</td></tr><tr><td>Peruvian Sol</td><td>6</td><td>3</td></tr><tr><td>Indian rupee</td><td>-</td><td>6</td></tr><tr><td>Chinese Yuan</td><td>30,102</td><td>11,597</td></tr><tr><td>Indonesian rupee</td><td>3</td><td>3</td></tr><tr><td>Pound Sterling</td><td>1</td><td>19</td></tr><tr><td>Australian Dollar</td><td>72,107</td><td>1,411</td></tr><tr><td>South Korean won</td><td>-</td><td>16</td></tr><tr><td>Dirham United Arab Emirates</td><td>1</td><td>-</td></tr><tr><td>Polish Zloty</td><td>1</td><td>1</td></tr><tr><td>Total</td><td>1,515,051</td><td>509,102</td></tr></table>

(*) The Company maintains financial derivative instruments policies which allow management to convert term deposits denominated in pesos and UF to Dollars.

## 10.4 Amount restricted cash balances

The Company has granted a guarantee consisting of financial instruments, specified in deposits, custody and administration to Banco de Chile, for its subsidiary Isapre Norte Grande Ltda., in compliance with the provisions of the Superintendence of Health, which regulates social security health institutions.

According to the regulations of the Superintendence of Health, this guarantee is for the total payable to its affiliates and medical providers. Banco de Chile reports the current value of the guarantee to the Superintendence of Health and Isapre Norte Grande Ltda. on a daily basis.

As of December 31, 2021, and 2020 pledged assets are as follows

<table><tr><td rowspan="2">Restricted cash balances</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Isapre Norte Grande Ltda.</td><td>622</td><td>731</td></tr><tr><td>Total</td><td>622</td><td>731</td></tr></table>



## 10.5 Short-term deposits, classified as cash equivalents

The detail at the end of each balance date is as follows:

<table><tr><td rowspan="2">Receiver of the deposit</td><td rowspan="2">Type of deposit</td><td rowspan="2">Original Currency</td><td rowspan="2">Interest Rate</td><td rowspan="2">Placement date</td><td rowspan="2">Expiration date</td><td rowspan="2">Principal</td><td>Interest accrued to-date</td><td rowspan="2">As of December 31, 2021</td></tr><tr><td>ThUS\(</td></tr><tr><td>Others Banks</td><td>Fixed term</td><td>Dollar</td><td>0.58%</td><td>11-30-2021</td><td>02-28-2022</td><td>200,000</td><td>100</td><td>200,100</td></tr><tr><td>Banco BCI</td><td>Fixed term</td><td>Dollar</td><td>0.31%</td><td>12-24-2021</td><td>02-28-2022</td><td>1,250</td><td>-</td><td>1,250</td></tr><tr><td>Banco BCI</td><td>Fixed term</td><td>Dollar</td><td>0.36%</td><td>12-07-2021</td><td>01-14-2022</td><td>8,000</td><td>2</td><td>8,002</td></tr><tr><td>Banco BCI</td><td>Fixed term</td><td>Dollar</td><td>0.28%</td><td>12-30-2021</td><td>01-14-2022</td><td>500</td><td>-</td><td>500</td></tr><tr><td>Banco Santander</td><td>Fixed term</td><td>Dollar</td><td>3.12%</td><td>12-30-2021</td><td>01-06-2022</td><td>3,550</td><td>2</td><td>3,552</td></tr><tr><td>Banco Santander</td><td>Fixed term</td><td>Dollar</td><td>0.26%</td><td>12-16-2021</td><td>01-31-2022</td><td>2,500</td><td>-</td><td>2,500</td></tr><tr><td>Banco Santander</td><td>Fixed term</td><td>Dollar</td><td>0.40%</td><td>12-27-2021</td><td>03-04-2022</td><td>1,500</td><td>-</td><td>1,500</td></tr><tr><td>Banco Santander</td><td>Fixed term</td><td>Dollar</td><td>0.40%</td><td>12-29-2021</td><td>01-27-2022</td><td>1,500</td><td>-</td><td>1,500</td></tr><tr><td>Banco Itaú Corpbanca</td><td>Fixed term</td><td>Dollar</td><td>0.30%</td><td>12-14-2021</td><td>01-07-2022</td><td>5,000</td><td>1</td><td>5,001</td></tr><tr><td>Banco Itaú Corpbanca</td><td>Fixed term</td><td>Dollar</td><td>0.37%</td><td>12-28-2021</td><td>01-24-2022</td><td>1,000</td><td>-</td><td>1,000</td></tr><tr><td>Banco Itaú Corpbanca</td><td>Fixed term</td><td>Dollar</td><td>0.34%</td><td>12-07-2021</td><td>01-28-2022</td><td>2,000</td><td>-</td><td>2,000</td></tr><tr><td>Scotiabank Sud Americano</td><td>Fixed term</td><td>Dollar</td><td>0.27%</td><td>12-24-2021</td><td>02-28-2022</td><td>2,750</td><td>-</td><td>2,750</td></tr><tr><td>Scotiabank Sud Americano</td><td>Fixed term</td><td>Dollar</td><td>0.06%</td><td>12-17-2021</td><td>01-31-2022</td><td>3,000</td><td>-</td><td>3,000</td></tr><tr><td>Scotiabank Sud Americano</td><td>Fixed term</td><td>Dollar</td><td>0.07%</td><td>12-03-2021</td><td>01-18-2022</td><td>5,000</td><td>-</td><td>5,000</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td></td><td>237,550</td><td>105</td><td>237,655</td></tr></table>



<table><tr><td rowspan="2">Receiver of the deposit</td><td rowspan="2">Type of deposit</td><td rowspan="2">Original Currency</td><td rowspan="2">Interest Rate</td><td rowspan="2">Placement date</td><td rowspan="2">Expiration date</td><td rowspan="2">Principal</td><td rowspan="2">Interest accrued to date</td><td rowspan="2">As of December 31, 2020</td></tr><tr></tr><tr><td>Banco Santander - Santiago</td><td>Fixed term</td><td>Dollar</td><td>0.35%</td><td>12-30-2020</td><td>03-30-2021</td><td>7,000</td><td>-</td><td>7,000</td></tr><tr><td>Scotiabank Sud Americano</td><td>Fixed term</td><td>Dollar</td><td>0.35%</td><td>11-30-2020</td><td>01-08-2021</td><td>1,500</td><td>1</td><td>1,501</td></tr><tr><td>Banco de Chile</td><td>Fixed term</td><td>Dollar</td><td>0.61%</td><td>11-30-2020</td><td>01-08-2021</td><td>2,000</td><td>1</td><td>2,001</td></tr><tr><td>Banco de Chile</td><td>Fixed term</td><td>Dollar</td><td>0.61%</td><td>11-30-2020</td><td>01-08-2021</td><td>3,500</td><td>1</td><td>3,501</td></tr><tr><td>Banco crédito e inversiones</td><td>Fixed term</td><td>Dollar</td><td>0.46%</td><td>12-01-2020</td><td>01-15-2021</td><td>500</td><td>-</td><td>500</td></tr><tr><td>Scotiabank Sud Americano</td><td>Fixed term</td><td>Dollar</td><td>0.40%</td><td>12-01-2020</td><td>01-15-2021</td><td>500</td><td>-</td><td>500</td></tr><tr><td>Scotiabank Sud Americano</td><td>Fixed term</td><td>Dollar</td><td>0.40%</td><td>12-02-2020</td><td>01-20-2021</td><td>2,500</td><td>1</td><td>2,501</td></tr><tr><td>Banco Santander - Santiago</td><td>Fixed term</td><td>Dollar</td><td>0.50%</td><td>12-09-2020</td><td>01-25-2021</td><td>500</td><td>-</td><td>500</td></tr><tr><td>Scotiabank Sud Americano</td><td>Fixed term</td><td>Dollar</td><td>0.50%</td><td>12-09-2020</td><td>01-25-2021</td><td>1,000</td><td>-</td><td>1,000</td></tr><tr><td>Banco Santander - Santiago</td><td>Fixed term</td><td>Dollar</td><td>0.50%</td><td>12-09-2020</td><td>01-25-2021</td><td>6,000</td><td>1</td><td>6,001</td></tr><tr><td>Banco crédito e inversiones</td><td>Fixed term</td><td>Dollar</td><td>0.51%</td><td>12-09-2020</td><td>01-25-2021</td><td>6,000</td><td>1</td><td>6,001</td></tr><tr><td>Banco crédito e inversiones</td><td>Fixed term</td><td>Dollar</td><td>0.26%</td><td>12-14-2020</td><td>01-29-2021</td><td>500</td><td>-</td><td>500</td></tr><tr><td>Banco Estado</td><td>Fixed term</td><td>Dollar</td><td>0.14%</td><td>12-14-2020</td><td>01-29-2021</td><td>1,000</td><td>1</td><td>1,001</td></tr><tr><td>Scotiabank Sud Americano</td><td>Fixed term</td><td>Dollar</td><td>0.40%</td><td>12-14-2020</td><td>01-29-2021</td><td>1,500</td><td>-</td><td>1,500</td></tr><tr><td>Banco de Chile</td><td>Fixed term</td><td>Dollar</td><td>0.56%</td><td>12-14-2020</td><td>01-29-2021</td><td>5,000</td><td>1</td><td>5,001</td></tr><tr><td>Banco Itaú Corpbanca</td><td>Fixed term</td><td>Dollar</td><td>0.68%</td><td>12-18-2020</td><td>02-01-2021</td><td>500</td><td>-</td><td>500</td></tr><tr><td>Banco Itaú Corpbanca</td><td>Fixed term</td><td>Dollar</td><td>0.68%</td><td>12-18-2020</td><td>02-01-2021</td><td>2,000</td><td>1</td><td>2,001</td></tr><tr><td>Banco crédito e inversiones</td><td>Fixed term</td><td>Dollar</td><td>0.20%</td><td>12-23-2020</td><td>02-05-2021</td><td>2,000</td><td>1</td><td>2,001</td></tr><tr><td>Banco Itaú Corpbanca</td><td>Fixed term</td><td>Dollar</td><td>0.40%</td><td>12-24-2020</td><td>02-08-2021</td><td>1,000</td><td>-</td><td>1,000</td></tr><tr><td>Banco Santander - Santiago</td><td>Fixed term</td><td>Dollar</td><td>0.26%</td><td>12-29-2020</td><td>01-08-2021</td><td>2,500</td><td>1</td><td>2,501</td></tr><tr><td>Banco Santander - Santiago</td><td>Fixed term</td><td>Dollar</td><td>0.15%</td><td>12-30-2020</td><td>02-12-2021</td><td>700</td><td>-</td><td>700</td></tr><tr><td>Banco Itaú Corpbanca</td><td>Fixed term</td><td>Peso</td><td>0.35%</td><td>12-29-2020</td><td>01-05-2021</td><td>3,798</td><td>-</td><td>3,798</td></tr><tr><td>BBVA Banco Francés</td><td>Fixed term</td><td>Dollar</td><td>1.80%</td><td>12-31-2020</td><td>03-06-2021</td><td>86</td><td>-</td><td>86</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td></td><td>51,584</td><td>11</td><td>51,595</td></tr></table>



## Note 11 Inventories

The composition of inventory at each period-end is as follows:

<table><tr><td rowspan="2">Type of inventory</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Raw material</td><td>12,508</td><td>10,694</td></tr><tr><td>Production supplies</td><td>41,114</td><td>31,007</td></tr><tr><td>Products-in-progress</td><td>527,118</td><td>487,830</td></tr><tr><td>Finished product</td><td>603,036</td><td>563,497</td></tr><tr><td>Total</td><td>1,183,776</td><td>1,093,028</td></tr></table>

As of December 31, 2021, the Company held caliche stockpiles, solutions in solar ponds and intermediary salts amounting ThUS$ 458,913 and as of December 31, 2020 was ThUS$ 422,535 (including products in progress).

As of December 31, 2021, bulk inventories recognized within work in progress and finished goods were ThUS$ 111,316 and ThUS$ 99,551 respectively. As of December 31, 2020, bulk inventories recognized within work in progress and finished goods were ThUS$ 108,909 and ThUS$ 176,561, respectively.

As of December 31, 2021, and 2020, inventory allowances recognized, amounted to ThUS$ 75,892 and ThUS$ 80,930, respectively. For finished and in-process products, recognized allowances include the provision associated with the lower value of stock (considers lower realizable value, uncertain future use, reprocessing costs of off-specification products, etc.), provision for inventory differences and the provision for potential errors in the determination of inventories (e.g., errors in topography, grade, moisture, etc.). (See Note 3.14).

For raw materials, supplies, materials and parts, the lower value provision was associated to the proportion of defective materials and potential differences.

The breakdown of inventory allowances is detailed as follows:

<table><tr><td rowspan="2">Type of inventory</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Raw material and supplies for production</td><td>1,865</td><td>1,934</td></tr><tr><td>Products-in-progress</td><td>59,858</td><td>66,122</td></tr><tr><td>Finished product</td><td>14,169</td><td>12,874</td></tr><tr><td>Total</td><td>75,892</td><td>80,930</td></tr></table>

The Company has not pledged inventory as collateral for the periods indicated above.



As of December 31, 2021, and 2020, movements in provisions are detailed as follows:

<table><tr><td rowspan="2">Conciliation</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>$ ThUS\)</td><td>$ ThUS\)</td></tr><tr><td>Beginning balance</td><td>80,930</td><td>88,174</td></tr><tr><td>Increase in Lower Value (1)</td><td>(3,650)</td><td>(5,404)</td></tr><tr><td>Additional Provision Differences of Inventory (2)</td><td>330</td><td>(704)</td></tr><tr><td>Increase / Decrease eventual differences and others (3)</td><td>-</td><td>1,244</td></tr><tr><td>Provision Used</td><td>(1,718)</td><td>(2,380)</td></tr><tr><td>Total changes</td><td>(5,038)</td><td>(7,244)</td></tr><tr><td>Final balance</td><td>75,892</td><td>80,930</td></tr></table>

(1) There are three types of Lower Value Provisions: (a) Economic Realizable Lower Value, (b) Potential Inventory with Uncertain Future Use and (c) Reprocessing Costs of Off-Specification Products.

(2) Provisions for Inventory Differences generated when physical differences are detected when taking inventory, which exceed the tolerance levels for this process.

(3) This algorithm corresponds to the provision of diverse percentages based on the complexity in the measurement and rotation of stock, as well as standard differences based on previous results, as is the case with provisions relating to Commercial Offices.



## Note 12 Related party disclosures

## 12.1 Related party disclosures

Balances pending at period-end are not guaranteed, accrue no interest and are settled in cash, no guarantees have been delivered or received for trade and other receivables due from related parties or trade and other payables due to related parties.

## 12.2 Relationships between the parent and the entity

Pursuant to Article 99 of Law of the Securities Market Law, the CMF may determine that a company does not have a controlling entity in accordance with the distribution and dispersion of its ownership. On November 30, 2018, the CMF issued the ordinary letter No. 32,131 whereby it determined that Pampa Group, do not exert decisive power over the management of the Company since it does not have a predominance in the ownership that allows it to make management decisions. Therefore, the CMF has determined not to consider Pampa Group as the controlling entity of the Company and that the Company does not have a controlling entity given its current ownership structure.



## 12.3 Detailed identification of related parties and subsidiaries

As of December 31, 2021 and 2020, the detail of entities that are identified as subsidiaries or related parties of the SQM Group is as follows:

<table><tr><td>Tax ID No</td><td>Name</td><td>Country of origin</td><td>Functional currency</td><td>Nature</td></tr><tr><td>Foreign</td><td>Nitratos Naturais Do Chile Ltda.</td><td>Brazil</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM North America Corp.</td><td>United States</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Europe N.V.</td><td>Belgium</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>Soquimich European Holding B.V.</td><td>Netherlands</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Corporation N.V.</td><td>Curacao</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Comercial De México S.A. de C.V.</td><td>Mexico</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>North American Trading Company</td><td>United States</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>Administración y Servicios Santiago S.A. de C.V.</td><td>Mexico</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Perú S.A.</td><td>Peru</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Ecuador S.A.</td><td>Ecuador</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Nitratos Mexico S.A. de C.V.</td><td>Mexico</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Holding Corporation L.L.P.</td><td>United States</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Investment Corporation N.V.</td><td>Curacao</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Brasil Limitada</td><td>Brazil</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM France S.A.</td><td>France</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Japan Co. Ltd.</td><td>Japan</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>Royal Seed Trading Corporation A.V.V.</td><td>Aruba</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Oceania Pty Limited</td><td>Australia</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>Rs Agro-Chemical Trading Corporation A.V.V.</td><td>Aruba</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Indonesia S.A.</td><td>Indonesia</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Virginia L.L.C.</td><td>United States</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>Comercial Caimán Internacional S.A.</td><td>Panama</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM África Pty. Ltd.</td><td>South Africa</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Colombia SAS</td><td>Colombia</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Internacional N.V.</td><td>Belgium</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM (Shanghai) Chemicals Co. Ltd.</td><td>China</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Lithium Specialties LLC</td><td>United States</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Iberian S.A.</td><td>Spain</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Beijing Commercial Co. Ltd.</td><td>China</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Thailand Limited</td><td>Thailand</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Australia PTY</td><td>Australia</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Holland B.V.</td><td>Netherlands</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>SQM Korea LLC</td><td>Korea</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>96.801.610-5</td><td>Comercial Hydro S.A.</td><td>Chile</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>96.651.060-9</td><td>SQM Potasio S.A.</td><td>Chile</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>96.592.190-7</td><td>SQM Nitratos S.A.</td><td>Chile</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>96.592.180-K</td><td>Ajay SQM Chile S.A.</td><td>Chile</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Chile</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>79.906.120-1</td><td>Isapre Norte Grande Ltda.</td><td>Chile</td><td>Peso</td><td>Subsidiary</td></tr><tr><td>79.876.080-7</td><td>Almacenes y Depósitos Ltda.</td><td>Chile</td><td>Peso</td><td>Subsidiary</td></tr></table>



<table><tr><td>Tax ID No</td><td>Name</td><td>Country of origin</td><td>Functional currency</td><td>Nature</td></tr><tr><td>79.770.780-5</td><td>Servicios Integrales de Tránsitos y Transferencias S.A.</td><td>Chile</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>79.768.170-9</td><td>Soquimich Comercial S.A.</td><td>Chile</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>79.626.800-K</td><td>SQM Salar S.A.</td><td>Chile</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>76.534.490-5</td><td>Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.</td><td>Chile</td><td>Peso</td><td>Subsidiary</td></tr><tr><td>76.425.380-9</td><td>Exploraciones Mineras S.A.</td><td>Chile</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>76.064.419-6</td><td>Comercial Agrorama Ltda.</td><td>Chile</td><td>Peso</td><td>Subsidiary</td></tr><tr><td>76.145.229-0</td><td>Agrorama S.A.</td><td>Chile</td><td>Peso</td><td>Subsidiary</td></tr><tr><td>76.359.919-1</td><td>Orcoma Estudios SPA</td><td>Chile</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>76.360.575-2</td><td>Orcoma SPA</td><td>Chile</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>76.686.311-9</td><td>SQM MaG SpA</td><td>Chile</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>77.114.779-8</td><td>Sociedad Contractual Minera Búfalo</td><td>Chile</td><td>Dollar</td><td>Subsidiary</td></tr><tr><td>Foreign</td><td>Abu Dhabi Fertilizer Industries WWL</td><td>Arab Emirates</td><td>Arab Emirates dirham</td><td>Associate</td></tr><tr><td>Foreign</td><td>Ajay North America</td><td>United States</td><td>Dollar</td><td>Associate</td></tr><tr><td>Foreign</td><td>Ajay Europe SARL</td><td>France</td><td>Euro</td><td>Associate</td></tr><tr><td>Foreign</td><td>Kore Potash PLC</td><td>United Kingdom</td><td>Dollar</td><td>Associate</td></tr><tr><td>Foreign</td><td>SQM Vitas Fzco.</td><td>Arab Emirates</td><td>Arab Emirates dirham</td><td>Joint venture</td></tr><tr><td>Foreign</td><td>Covalent Lithium Pty Ltd.</td><td>Australia</td><td>Dollar</td><td>Joint venture</td></tr><tr><td>Foreign</td><td>Pavoni &amp; C, SPA</td><td>Italy</td><td>Euro</td><td>Joint venture</td></tr><tr><td>96.511.530-7</td><td>Sociedad de Inversiones Pampa Calichera</td><td>Chile</td><td>Dollar</td><td>Other related parties</td></tr><tr><td>96.529.340-K</td><td>Norte Grande S.A.</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>79.049.778-9</td><td>Callegari Agrícola S.A.</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>Foreign</td><td>SQM Vitas Brasil Agroindustria (1)</td><td>Brazil</td><td>Brazilian real</td><td>Other related parties</td></tr><tr><td>Foreign</td><td>SQM Vitas Perú S.A.C. (1)</td><td>Peru</td><td>Dollar</td><td>Other related parties</td></tr><tr><td>Foreign</td><td>Abu Dhabi Fertilizer Industries WWL (2)</td><td>Oman</td><td>United Arab Emirates dirham</td><td>Other related parties</td></tr><tr><td>Foreign</td><td>International Technical and Trading Agencies CO WLL (2)</td><td>Jordan</td><td>United Arab Emirates dirham</td><td>Other related parties</td></tr></table>

(1) These Companies are subsidiaries of the joint venture SQM Vitas Fzco.

(2) These Companies are subsidiaries of the joint venture Abu Dhabi Fertilizer Industries WWL Ltda. and therefore it absorbs these and takes responsibility of all of their assets and liabilities.

The following entities were considered related parties as of December 31, 2020: Sichuan SQM Migao Chemical Fertilizers Co Ltd.



The following other related parties correspond to mining contractual corporations.

<table><tr><td>Tax ID No.</td><td>Name</td><td>Country of origin</td><td>Functional currency</td><td>Relationship</td></tr><tr><td>N/A</td><td>Ara Dos Primera del Salar de Pampa Blanca, Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Ara Tres Primera del Salar de Pampa Blanca, Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Ara Cuatro Primera del Salar de Pampa Blanca, Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Ara Cinco Primera del Salar de Pampa Blanca, Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Curicó Dos Primera del Salar de Pampa Alta, Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Curicó Tres Primera del Sector de Pampa Alta, Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Evelyn Veinticuatro Primera de Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Filomena Tres Primera de Oficina Filomena, Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Filomena Cuatro Primera de Oficina Filomena, Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Francis Cuatro Primera de Pampa Blanca, Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Francis Cuatro Segunda del Salar de Pampa Blanca, Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Francis Cuatro Tercera de Pampa Blanca, Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Francis Cuatro Cuarta de Pampa Blanca, Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Francis Cuatro Quinta de Pampa Blanca, Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Francis Primera del Salar de Pampa Blanca de Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Francis Segunda del Salar de Pampa Blanca de Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Francis Tercera del Salar de Pampa Blanca de Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr><tr><td>N/A</td><td>Ivon Primera de Sierra Gorda</td><td>Chile</td><td>Peso</td><td>Other related parties</td></tr></table>

Below is a list of transactions with clients and suppliers with whom a relationship with key Company personnel was identified:

<table><tr><td>Tax ID No</td><td>Name</td><td>Country of origin</td><td>Nature</td></tr><tr><td>76.389.727-3</td><td>Sociedad Periodística El Libero</td><td>Chile</td><td>Other related parties</td></tr><tr><td>90.193.000-7</td><td>El Mercurio S.A.P.</td><td>Chile</td><td>Other related parties</td></tr><tr><td>92.580.000-7</td><td>Empresa Nacional de Telecomunicaciones S.A.</td><td>Chile</td><td>Other related parties</td></tr><tr><td>96.806.980-2</td><td>Entel PCS Telecomunicaciones S.A.</td><td>Chile</td><td>Other related parties</td></tr><tr><td>97.004.000-5</td><td>Banco de Chile</td><td>Chile</td><td>Other related parties</td></tr><tr><td>99.012.000-5</td><td>Compañía de Seguros de Vida Consorcio Nacional</td><td>Chile</td><td>Other related parties</td></tr><tr><td>10.581.580-8</td><td>Gonzalo Guerrero Yamamoto</td><td>Chile</td><td>Other related parties</td></tr><tr><td>71.644.300-0</td><td>Universidad del Desarrollo</td><td>Chile</td><td>Other related parties</td></tr><tr><td>96.529.340-K</td><td>Norte Grande S.A.</td><td>Chile</td><td>Other related parties</td></tr></table>



## 12.4 Detail of related parties and related party transactions

Transactions between the Company and its subsidiaries, associated businesses, joint ventures and other related parties are part of the Company's common transactions. Their conditions are those customary for this type of transactions in respect of terms and market prices. Maturity terms for each case vary by virtue of the transaction giving rise to them.

For the year ended December 31, 2021 and 2020, the detail of significant transactions with related parties is as follows

<table><tr><td rowspan="2">Tax ID No</td><td rowspan="2">Name</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Transaction</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Foreign</td><td>Doktor Tarsa Tarim Sanayi AS</td><td>Associate</td><td>Turkey</td><td>Sale of products</td><td>-</td><td>1,053</td></tr><tr><td>Foreign</td><td>Ajay Europe S.A.R.L.</td><td>Associate</td><td>France</td><td>Sale of products</td><td>39,760</td><td>23,162</td></tr><tr><td>Foreign</td><td>Ajay Europe S.A.R.L.</td><td>Associate</td><td>France</td><td>Dividends</td><td>992</td><td>1,197</td></tr><tr><td>Foreign</td><td>Ajay North America LLC.</td><td>Associate</td><td>USA</td><td>Sale of products</td><td>27,763</td><td>20,259</td></tr><tr><td>Foreign</td><td>Ajay North America LLC.</td><td>Associate</td><td>USA</td><td>Dividends</td><td>1,233</td><td>1,967</td></tr><tr><td>Foreign</td><td>Abu Dhabi Fertilizer Industries WWL</td><td>Associate</td><td>United Arab Emirates</td><td>Dividends</td><td>9,438</td><td>-</td></tr><tr><td>Foreign</td><td>SQM Vitas Brasil Agroindustria</td><td>Other related parties</td><td>Brazil</td><td>Sale of products</td><td>79,086</td><td>41,341</td></tr><tr><td>Foreign</td><td>SQM Vitas Perú S.A.C.</td><td>Other related parties</td><td>Peru</td><td>Sale of products</td><td>17,016</td><td>17,723</td></tr><tr><td>Foreign</td><td>Coromandel SQM India</td><td>Joint venture</td><td>India</td><td>Sale of products</td><td>2,060</td><td>1,510</td></tr><tr><td>Foreign</td><td>SQM Star Qingdao Corp Nutrition Co., Ltd.</td><td>Joint venture</td><td>China</td><td>Dividends</td><td>-</td><td>2,223</td></tr><tr><td>Foreign</td><td>Terra Tarsa Ukraine LLC</td><td>Other related parties</td><td>Ukraine</td><td>Sale of products</td><td>-</td><td>737</td></tr><tr><td>Foreign</td><td>Pavoni &amp; CPA</td><td>Joint venture</td><td>Italy</td><td>Sale of products</td><td>961</td><td>1,125</td></tr><tr><td>Chile</td><td>Banco de Chile</td><td>Other related parties</td><td>Chile</td><td>Service Provider</td><td>(20,904)</td><td>-</td></tr><tr><td>Chile</td><td>Norte Grande S.A.</td><td>Other related parties</td><td>Chile</td><td>Client</td><td>146</td><td>-</td></tr><tr><td>Chile</td><td>El Mercurio S.A.P.</td><td>Other related parties</td><td>Chile</td><td>Service Provider</td><td>(131)</td><td>-</td></tr><tr><td>Chile</td><td>Compañía de Seguros de Vida Consorcio Nacional</td><td>Other related parties</td><td>Chile</td><td>Service Provider</td><td>(134)</td><td>-</td></tr><tr><td>Chile</td><td>Entel PCS Telecomunicaciones S.A.</td><td>Other related parties</td><td>Chile</td><td>Service Provider</td><td>(157)</td><td>-</td></tr><tr><td>Chile</td><td>Empresa Nacional de Telecomunicaciones</td><td>Other related parties</td><td>Chile</td><td>Service Provider</td><td>(2,393)</td><td>-</td></tr></table>



## 12.5 Trade receivables due from related parties, current:

<table><tr><td rowspan="2">Tax ID No</td><td rowspan="2">Name</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Foreign</td><td>Ajay Europe S.A. R.L.</td><td>Associate</td><td>France</td><td>Euro</td><td>7,567</td><td>4,625</td></tr><tr><td>Foreign</td><td>Ajay North America LLC.</td><td>Associate</td><td>United States of America</td><td>Dollar</td><td>3,350</td><td>2,956</td></tr><tr><td>Foreign</td><td>Abu Dhabi Fertilizer Industries</td><td></td><td></td><td></td><td>2,477</td><td>595</td></tr><tr><td>Foreign</td><td>WWL</td><td>Associate</td><td>United Arab Emirates</td><td>United Arab Emirates Dirham</td><td></td><td></td></tr><tr><td></td><td>Soc. de Inversiones Pampa</td><td></td><td></td><td></td><td>5</td><td>6</td></tr><tr><td>96.511.530-7</td><td>Calichera</td><td>Other related parties</td><td>Chile</td><td>Dollar</td><td></td><td></td></tr><tr><td>Foreign</td><td>SQM Vitas Brasil Agroindustria</td><td>Other related parties</td><td>Brazil</td><td>Dollar</td><td>55,119</td><td>24,335</td></tr><tr><td>Foreign</td><td>SQM Vitas Perú S.A.C.</td><td>Other related parties</td><td>Peru</td><td>Dollar</td><td>14,684</td><td>24,205</td></tr><tr><td>Foreign</td><td>SQM Vitas Fzco.</td><td>Joint venture</td><td>United Arab Emirates</td><td>United Arab Emirates Dirham</td><td>232</td><td>236</td></tr><tr><td>Foreign</td><td>Pavoni &amp; C SpA</td><td>Joint venture</td><td>Italy</td><td>Euro</td><td>804</td><td>1,095</td></tr><tr><td>Foreign</td><td>Covalent Lithium Pty Ltd.</td><td>Joint venture</td><td>Australia</td><td>Australian dollar</td><td>1,914</td><td>84</td></tr><tr><td>Foreign</td><td>Sichuan SQM MigaO Chemical</td><td></td><td></td><td></td><td>-</td><td>4,464</td></tr><tr><td>Foreign</td><td>Fertilizers Co Ltd.</td><td>Joint venture</td><td>China</td><td>Dollar</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>86,152</td><td>62,601</td></tr></table>

As of December 31, 2021 and 2020, receivables are net of provision for ThUS$ 717 and ThUS$ 7,545, respectively. As of December 31, 2020, the most significant balance corresponds to Sichuan SQM MigaO Fertilizer Co Ltd. presented net of provision of doubtful receivables amounting ThUS$ 6,502.

## 12.6 Trade payables due to related parties, current:

<table><tr><td rowspan="2">Tax ID No</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Foreign</td><td>Ajay Europe S.A.R.L.</td><td>Associate</td><td>France</td><td>Euro</td><td>-</td><td>50</td></tr><tr><td>Foreign</td><td>Ajay North America LLC.</td><td>Associate</td><td>United States of America</td><td>Dollar</td><td>-</td><td>232</td></tr><tr><td>Foreign</td><td>Covalent Lithium Pty Ltd</td><td>Joint venture</td><td>Australia</td><td>Australian dollar</td><td>-</td><td>324</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>-</td><td>606</td></tr></table>

## 12.7 Other disclosures:

Note 6 describes the remuneration of the board of directors, administration and key management personnel.



## Note 13 Financial instruments

## 13.1 Types of other current and non-current financial assets

<table><tr><td rowspan="2">Description of other financial assets</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Financial assets at amortized cost (1)</td><td>905,170</td><td>345,459</td></tr><tr><td>Derivative financial instruments</td><td></td><td></td></tr><tr><td>- For hedging</td><td>12,625</td><td>-</td></tr><tr><td>- Non-hedging (2)</td><td>1,254</td><td>2,610</td></tr><tr><td>Total other current financial assets</td><td>919,049</td><td>348,069</td></tr><tr><td>Financial assets at fair value through other comprehensive income (4) (5)</td><td>8,932</td><td>14,569</td></tr><tr><td>Derivative financial instruments</td><td></td><td></td></tr><tr><td>- For hedging</td><td>245</td><td>37,276</td></tr><tr><td>Other financial assets at amortized cost</td><td>91</td><td>80</td></tr><tr><td>Total other non-current financial assets</td><td>9,268</td><td>51,925</td></tr></table>

<table><tr><td rowspan="2">Institution</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Banco de Crédito e Inversiones</td><td>34,325</td><td>185,589</td></tr><tr><td>Banco Santander (3)</td><td>65,899</td><td>45,168</td></tr><tr><td>Banco Itaú CorpBanca</td><td>195,471</td><td>49,006</td></tr><tr><td>Banco de Chile</td><td>-</td><td>-</td></tr><tr><td>Scotiabank Sud Americano</td><td>289,421</td><td>31,668</td></tr><tr><td>Sumitomo Mitsui Banking</td><td>320,054</td><td>-</td></tr><tr><td>JP Morgan Asset Management</td><td>-</td><td>34,028</td></tr><tr><td>Total</td><td>905,170</td><td>345,459</td></tr></table>

(1) Corresponds to term deposits whose maturity date is greater than 90 days and less than 360 days from the investment date constituted in the aforementioned financial institutions.

(2) Correspond to forwards and options that were not classified as hedging instruments (See detail in Note 13.3).

(3) As of December 31, 2021, margin calls were recorded for US$ 31,430. As of December 31, 2020, no margin calls were recorded.

(4) During the first quarter of 2021, equity instruments classified at fair value irrevocably through other comprehensive income were sold for US$ 16,413. The cumulative amount of the movements in other comprehensive income from the date of acquisition to the date of sale was transferred to retained earnings.

(5) During the second quarter of 2021, as a result of the loss of significant influence over the investment of Kore Potash (for more details, see note 8.3 letter a), the investment, which was previous recognized as an investment in associates, was reclassified as other non-current financial assets as it was classified as financial equity instrument at fair value through other comprehensive income irrevocably.



## 13.2 Trade and other receivables

<table><tr><td rowspan="3">Trade and other receivables</td><td colspan="4">As of December 31, 2021</td><td colspan="4">As of December 31, 2020</td></tr><tr><td>Current</td><td>Non-current</td><td>Total</td><td>Current</td><td>Non-current</td><td>Total</td><td></td><td></td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td></td><td></td></tr><tr><td>Trade receivables, current</td><td>590,312</td><td>-</td><td>590,312</td><td>313,265</td><td>-</td><td>313,265</td><td></td><td></td></tr><tr><td>Prepayments, current</td><td>49,168</td><td>-</td><td>49,168</td><td>19,900</td><td>-</td><td>19,900</td><td></td><td></td></tr><tr><td>Other receivables, current</td><td>14,593</td><td>6,172</td><td>20,765</td><td>32,041</td><td>11,165</td><td>43,206</td><td></td><td></td></tr><tr><td>Total trade and other receivables</td><td>654,073</td><td>6,172</td><td>660,245</td><td>365,206</td><td>11,165</td><td>376,371</td><td></td><td></td></tr></table>

See discussion about credit risk in Note 4.2.

<table><tr><td rowspan="2">Trade and other receivables</td><td colspan="4">As of December 31, 2021</td><td colspan="4">As of December 31, 2020</td></tr><tr><td>Gross receivables</td><td>Impairment provision for doubtful receivables</td><td>Trade receivables, net</td><td>Gross receivables</td><td>Impairment provision for doubtful receivables</td><td>Trade receivables,
net</td><td></td><td></td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td><td></td><td></td></tr><tr><td>Receivables related to credit operations, current</td><td>600,664</td><td>(10,352)</td><td>590,312</td><td>327,586</td><td>(14,321)</td><td>313,265</td><td></td><td></td></tr><tr><td>Prepayments, current</td><td>49,952</td><td>(784)</td><td>49,168</td><td>20,684</td><td>(784)</td><td>19,900</td><td></td><td></td></tr><tr><td>Other receivables, current</td><td>17,456</td><td>(2,863)</td><td>14,593</td><td>36,664</td><td>(4,623)</td><td>32,041</td><td></td><td></td></tr><tr><td>Other receivables, non-current</td><td>6,172</td><td>-</td><td>6,172</td><td>11,165</td><td>-</td><td>11,165</td><td></td><td></td></tr><tr><td>Total trade and other receivables</td><td>674,244</td><td>(13,999)</td><td>660,245</td><td>396,099</td><td>(19,728)</td><td>376,371</td><td></td><td></td></tr></table>



## (a) Renegotiated portfolio

As of December 31, 2021, and 2020 the detail of the renegotiated portfolio is as follows:

<table><tr><td colspan="5">As of December 31, 2021</td></tr><tr><td colspan="5">Portfolio analysis</td></tr><tr><td>Past due segments</td><td>Number of customers with non-renegotiated portfolio</td><td>Gross non-renegotiated portfolio THUS\(</td><td>Number of customers with renegotiated portfolio</td><td>Gross renegotiated portfolio THUS\)</td></tr><tr><td>Current</td><td>1,279</td><td>570,899</td><td>7</td><td>130</td></tr><tr><td>1 - 30 days</td><td>112</td><td>22,632</td><td>-</td><td>-</td></tr><tr><td>31 - 60 days</td><td>18</td><td>2,114</td><td>-</td><td>-</td></tr><tr><td>61 - 90 days</td><td>11</td><td>1,015</td><td>-</td><td>-</td></tr><tr><td>91 - 120 days</td><td>7</td><td>202</td><td>-</td><td>-</td></tr><tr><td>121 - 150 days</td><td>3</td><td>43</td><td>-</td><td>-</td></tr><tr><td>151 - 180 days</td><td>3</td><td>4</td><td>-</td><td>-</td></tr><tr><td>181 - 210 days</td><td>3</td><td>130</td><td>-</td><td>-</td></tr><tr><td>211 - 250 days</td><td>1</td><td>1</td><td>2</td><td>4</td></tr><tr><td>&gt;250 days</td><td>80</td><td>2,597</td><td>117</td><td>893</td></tr><tr><td>Total</td><td>1,517</td><td>599,637</td><td>126</td><td>1,027</td></tr></table>

<table><tr><td colspan="5">As of December 31, 2020</td></tr><tr><td colspan="5">Portfolio analysis</td></tr><tr><td>Past due segments</td><td>Number of customers with non-renegotiated portfolio</td><td>Gross non-renegotiated portfolio THUS\(</td><td>Number of customers with renegotiated portfolio</td><td>Gross renegotiated portfolio THUS\)</td></tr><tr><td>Current</td><td>1,281</td><td>301,939</td><td>23</td><td>179</td></tr><tr><td>1 - 30 days</td><td>119</td><td>12,140</td><td>8</td><td>60</td></tr><tr><td>31 - 60 days</td><td>12</td><td>1,226</td><td>-</td><td>-</td></tr><tr><td>61 - 90 days</td><td>5</td><td>159</td><td>-</td><td>-</td></tr><tr><td>91 - 120 days</td><td>5</td><td>1,448</td><td>1</td><td>41</td></tr><tr><td>121 - 150 days</td><td>2</td><td>2,384</td><td>2</td><td>2</td></tr><tr><td>151 - 180 days</td><td>3</td><td>1,398</td><td>4</td><td>12</td></tr><tr><td>181 - 210 days</td><td>1</td><td>-</td><td>2</td><td>5</td></tr><tr><td>211 - 250 days</td><td>3</td><td>2</td><td>6</td><td>114</td></tr><tr><td>&gt;250 days</td><td>156</td><td>5,030</td><td>64</td><td>1,447</td></tr><tr><td>Total</td><td>1,587</td><td>325,726</td><td>110</td><td>1,860</td></tr></table>



## (b) Impairment provision for doubtful receivables

<table><tr><td colspan="8">As of December 31, 2021</td></tr><tr><td rowspan="2">Trade and other receivables</td><td colspan="5">Trade accounts receivable days past due</td><td rowspan="2">Trade</td><td rowspan="2">Trade receivables due from related parties</td></tr><tr><td>Current</td><td>1 to 30 days</td><td>31 to 60 days</td><td>61 to 90 days</td><td>Over 90 days</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Expected Loss Rate on</td><td>1%</td><td>8%</td><td>32%</td><td>34%</td><td>71%</td><td>-</td><td>-</td></tr><tr><td>Total Gross Book Value</td><td>571,029</td><td>22,633</td><td>2,113</td><td>1,015</td><td>3,874</td><td>600,664</td><td>86,869</td></tr><tr><td>Impairment Estimate</td><td>4,724</td><td>1,856</td><td>673</td><td>346</td><td>2,753</td><td>10,352</td><td>717</td></tr></table>

<table><tr><td colspan="8">As of December 31, 2020</td></tr><tr><td rowspan="2">Trade and other receivables</td><td colspan="5">Trade accounts receivable days past due</td><td rowspan="2">Trade</td><td rowspan="2">Trade receivables due from related parties</td></tr><tr><td>Current</td><td>1 to 30 days</td><td>31 to 60 days</td><td>61 to 90 days</td><td>Over 90 days</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Expected Loss Rate on</td><td>1%</td><td>10%</td><td>39%</td><td>52%</td><td>79%</td><td>-</td><td>-</td></tr><tr><td>Total Gross Book Value</td><td>302,118</td><td>12,200</td><td>1,226</td><td>159</td><td>11,883</td><td>327,586</td><td>70,146</td></tr><tr><td>Impairment Estimate</td><td>3,187</td><td>1,207</td><td>477</td><td>83</td><td>9,367</td><td>14,321</td><td>7,545</td></tr></table>

As of December 31, 2021, and 2020, movements in provisions are as follows:

<table><tr><td rowspan="2">Provisions</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Impairment provision of Accounts receivable at the beginning of the year</td><td>27,273</td><td>32,707</td></tr><tr><td>Increase (decrease) impairment of accounts receivable</td><td>235</td><td>(4,684)</td></tr><tr><td>Write-off of receivables</td><td>(11,091)</td><td>(750)</td></tr><tr><td>Difference in exchange rate</td><td>(1,701)</td><td>-</td></tr><tr><td>Impairment provision of Accounts Receivable Provision at the end of the year</td><td>14,716</td><td>27,273</td></tr><tr><td>(1) Trade and other Receivables Provision</td><td>10,352</td><td>14,321</td></tr><tr><td>(2) Current Other Receivables Provision</td><td>3,647</td><td>5,407</td></tr><tr><td>(3) Trade receivables with related parties, current Provision</td><td>717</td><td>7,545</td></tr><tr><td>Recovery of Insurance</td><td>210</td><td>347</td></tr><tr><td></td><td></td><td></td></tr><tr><td>Impairment provision of Accounts Receivable Provision</td><td>14,716</td><td>27,273</td></tr><tr><td>Renegotiated receivables</td><td>910</td><td>1,728</td></tr><tr><td>Non-renegotiated receivables</td><td>13,806</td><td>25,545</td></tr></table>



## 13.3 Hedging assets and liabilities

The balance represents derivative financial instruments measured at fair value which have been classified as hedges for exchange and interest rate risks relating to the total obligations with the public associated with bonds in UF and investments in Chilean pesos. (See more detail in Note 4.2 b).

<table><tr><td>As of December 31, 2021</td><td>Assets</td><td>Liabilities</td><td>Total Realized</td><td>Hedging Reserve in Gross Equity (1)</td></tr><tr><td>Type of Instrument: Cross currency interest rate swaps UF/CLP</td><td></td><td></td><td></td><td></td></tr><tr><td>Cash flow hedge derivatives</td><td></td><td></td><td></td><td></td></tr><tr><td>Short term</td><td>12,625</td><td>8,954</td><td></td><td></td></tr><tr><td>Long term</td><td>245</td><td>72,900</td><td></td><td></td></tr><tr><td>Underlying Debt Hedge</td><td>12,870</td><td>81,854</td><td>(22,455)</td><td>(46,529)</td></tr><tr><td>Type of Instrument: Forwards/Options</td><td></td><td></td><td></td><td></td></tr><tr><td>Non-hedge derivatives with effect on income</td><td></td><td></td><td></td><td></td></tr><tr><td>Short term</td><td>1,254</td><td>1,672</td><td></td><td></td></tr><tr><td>Underlying Investments Hedge</td><td>1,254</td><td>1,672</td><td>4,694</td><td>-</td></tr><tr><td>Total Instruments</td><td>14,124</td><td>83,526</td><td>(17,761)</td><td>(46,529)</td></tr></table>

<table><tr><td>As of December 31, 2020</td><td>Assets</td><td>Liabilities</td><td>Total Realized</td><td>Hedging Reserve in Gross Equity (1)</td></tr><tr><td>Type of Instrument: Cross currency interest rate swaps UF/CLP</td><td></td><td></td><td></td><td></td></tr><tr><td>Cash flow hedge derivatives</td><td></td><td></td><td></td><td></td></tr><tr><td>Short term</td><td>-</td><td>26,699</td><td></td><td></td></tr><tr><td>Long term</td><td>37,276</td><td>13,511</td><td></td><td></td></tr><tr><td>Underlying Debt Hedge</td><td>37,276</td><td>40,210</td><td>(9,167)</td><td>(6,233)</td></tr><tr><td>Type of Instrument: Forwards/Options</td><td></td><td></td><td></td><td></td></tr><tr><td>Non-hedge derivatives with effect on income</td><td></td><td></td><td></td><td></td></tr><tr><td>Short term</td><td>2,610</td><td>5,393</td><td></td><td></td></tr><tr><td>Underlying Investments Hedge</td><td>2,610</td><td>5,393</td><td>(9,049)</td><td>-</td></tr><tr><td>Total Instruments</td><td>39,886</td><td>45,603</td><td>(18,216)</td><td>6,233</td></tr></table>

(1) See underlying hedges in Note 4.2 letters b) and d) and movement of cash flow hedge reserve in Note 20.4.

The balances in the column “Total Realized” consider the intermediate effects of the contracts that were in place between January 1 and December 31, 2021 and January 1 and December 31, 2020.

<table><tr><td>Hedging Effect in Profit and Equity for the year as of December 31, 2021</td><td>Variation Total</td><td>Effect on Profit or Loss</td><td>Hedge Reserves from Variation in Gross Hedges</td></tr><tr><td>Analysis Effect by Type of Coverage</td><td></td><td></td><td></td></tr><tr><td>Hedging in Current and Non-Current Assets</td><td>(24,406)</td><td></td><td></td></tr><tr><td>Hedging in Current and Non-Current Liabilities</td><td>41,644</td><td></td><td></td></tr><tr><td>Total Hedge Effect in Profit or Loss and Equity for the period</td><td>17,238</td><td>(13,288)</td><td>30,526</td></tr></table>

Derivative contract maturities are detailed as follows:



<table><tr><td rowspan="2">Series</td><td>Contract amount</td><td rowspan="2">Currency</td><td rowspan="2">Maturity date</td></tr><tr><td>ThUS\(</td></tr><tr><td>H</td><td>119,938</td><td>UF</td><td>01/04/2023</td></tr><tr><td>O</td><td>58,748</td><td>UF</td><td>02/01/2022</td></tr><tr><td>P</td><td>134,228</td><td>UF</td><td>01/15/2028</td></tr><tr><td>Q</td><td>106,933</td><td>UF</td><td>06/01/2030</td></tr></table>

## Effectiveness

The Company uses cross currency swap derivative instruments to hedge the possible financial risk associated with the volatility of the exchange rate associated with Chilean pesos and UF. The objective is to hedge the exchange rate and inflation financial risks associated with bonds payable. Hedges are documented and tested to measure their effectiveness.

Based on a comparison of critical terms, hedging is highly effective, given that the hedged amount is consistent with obligations maintained for bonds denominated in Pesos and UF. Likewise, hedging contracts are denominated in the same currencies and have the same maturity dates of bond principal and interest payments.

## 13.4 Financial liabilities

## Other current and non-current financial liabilities

As of December 31, 2021 and 2020, the detail is as follows:

<table><tr><td rowspan="3">Other current and non-current financial liabilities</td><td colspan="3">As of December 31, 2021</td><td colspan="3">As of December 31, 2020</td></tr><tr><td>Currents</td><td>Non-Current</td><td>Total</td><td>Currents</td><td>Non-Current</td><td>Total</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Liabilities at amortized cost</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank borrowings</td><td>85</td><td>69,613</td><td>69,698</td><td>82</td><td>69,376</td><td>69,458</td></tr><tr><td>Obligations with the public</td><td>40,594</td><td>2,445,219</td><td>2,485,813</td><td>36,781</td><td>1,816,626</td><td>1,853,407</td></tr><tr><td>Derivative financial instruments</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>For hedging</td><td>8,954</td><td>72,900</td><td>81,854</td><td>26,699</td><td>13,511</td><td>40,210</td></tr><tr><td>Non-Hedging</td><td>1,672</td><td>-</td><td>1,672</td><td>5,393</td><td>-</td><td>5,393</td></tr><tr><td>Total</td><td>51,305</td><td>2,587,732</td><td>2,639,037</td><td>68,955</td><td>1,899,513</td><td>1,968,468</td></tr></table>

## Current and non-current bank borrowings

As of December 31, 2021 and 2020, the detail is as follows:

<table><tr><td rowspan="2">Current and non-current bank borrowings</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current borrowings</td><td>85</td><td>82</td></tr><tr><td>Non-current borrowings</td><td>69,613</td><td>69,376</td></tr><tr><td>Current and non-current bank borrowings</td><td>69,698</td><td>69,458</td></tr></table>



## a) Bank borrowings, current:

As of December 31, 2021, and 2020, the detail of this caption is as follows:

<table><tr><td colspan="3">Debtor</td><td colspan="3">Creditor</td><td rowspan="2">Currency or adjustment index</td><td rowspan="2">Payment of interest</td><td rowspan="2">Repayment</td><td rowspan="2">Effective rate</td><td rowspan="2">Nominal rate</td></tr><tr><td>Tax ID No.</td><td>Company</td><td>Country</td><td>Tax ID No.</td><td>Financial institution</td><td>Country</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>O-E</td><td>Scotiabank Cayman</td><td>USA</td><td>USD</td><td>Upon maturity</td><td>05/31/2022</td><td>0.82%</td><td>1.36%</td></tr></table>

<table><tr><td>Debtor</td><td colspan="2">Creditor</td><td colspan="3">Nominal amounts as of December 31, 2021</td><td colspan="5">Current amounts as of December 31, 2021</td></tr><tr><td rowspan="2">Company</td><td rowspan="2" colspan="2">Financial institution</td><td>Up to 90 days</td><td>90 days to 1 year</td><td>Total</td><td>Up to 90 days</td><td>90 days to 1 year</td><td>Subtotal</td><td>Borrowing costs</td><td>Total</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>85</td><td>-</td><td>85</td></tr><tr><td>SQM S.A.</td><td colspan="2">Scotiabank Cayman</td><td>-</td><td>-</td><td>-</td><td>85</td><td>-</td><td>85</td><td>-</td><td>85</td></tr><tr><td>Total</td><td colspan="2"></td><td>-</td><td>-</td><td>-</td><td>85</td><td>-</td><td>85</td><td>-</td><td>85</td></tr></table>

<table><tr><td colspan="3">Debtor</td><td colspan="3">Creditor</td><td rowspan="2">Currency or adjustment index</td><td rowspan="2">Repayment</td><td rowspan="2">maturity</td><td rowspan="2">Effective rate</td><td rowspan="2">Nominal rate</td></tr><tr><td>Tax ID No</td><td>Company</td><td>Country</td><td>Tax ID No</td><td>Financial institution</td><td>Country</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>Foreign</td><td>Scotiabank Cayman</td><td>USA</td><td>US$</td><td>Upon maturity</td><td>05/31/2022</td><td>1.00%</td><td>1.36%</td></tr></table>

<table><tr><td colspan="2">Debtor</td><td colspan="2">Creditor</td><td colspan="3">Nominal amounts as of December 31, 2020</td><td colspan="5">Current amounts as of December 31, 2020</td></tr><tr><td rowspan="2">Company</td><td rowspan="2">Financial institution</td><td>Up to 90 days</td><td>90 days to 1 year</td><td>Total</td><td>Up to 90 days</td><td>90 days to 1 year</td><td>Subtotal</td><td>Borrowing costs</td><td>Total</td><td></td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>82</td><td>82</td><td>-</td><td>82</td></tr><tr><td>SQM S.A.</td><td colspan="2">Scotiabank Cayman</td><td>-</td><td>-</td><td>-</td><td>-</td><td>82</td><td>82</td><td>-</td><td>82</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>82</td><td>82</td><td>-</td><td>82</td><td></td></tr></table>



## b) Unsecured obligations, current:

As of December 31, 2021, and 2020, the detail of current unsecured interest-bearing obligations is composed of promissory notes and bonds, as follows:

<table><tr><td colspan="3">Debtor</td><td rowspan="2">Number of registration or ID of the instrument</td><td rowspan="2">Series</td><td rowspan="2">Maturity date</td><td rowspan="2">Currency or adjustment index</td><td colspan="2">Periodicity</td><td rowspan="2">Effective rate</td><td rowspan="2">Nominal rate</td></tr><tr><td>Tax ID No.</td><td>Company</td><td>Country</td><td>Payment of interest</td><td>Repayment</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$250</td><td>01/28/2022</td><td>US\)</td><td>Semiannual</td><td>Upon maturity</td><td>1.56%</td><td>4.38%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$300</td><td>04/03/2022</td><td>US\(</td><td>Semiannual</td><td>Upon maturity</td><td>0.74%</td><td>3.63%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$450</td><td>05/07/2022</td><td>US\(</td><td>Semiannual</td><td>Upon maturity</td><td>3.23%</td><td>4.25%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$400</td><td>01/22/2022</td><td>US\(</td><td>Semiannual</td><td>Upon maturity</td><td>4.00%</td><td>4.25%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$700</td><td>03/10/2022</td><td>US\(</td><td>Semiannual</td><td>Upon maturity</td><td>3.62%</td><td>3.50%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>564</td><td>H</td><td>01/05/2022</td><td>UF</td><td>Semiannual</td><td>Semiannual</td><td>1.75%</td><td>4.90%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>699</td><td>O</td><td>02/01/2022</td><td>UF</td><td>Semiannual</td><td>Upon maturity</td><td>2.06%</td><td>3.80%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>563</td><td>P</td><td>01/15/2022</td><td>UF</td><td>Semiannual</td><td>Upon maturity</td><td>2.04%</td><td>3.25%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>700</td><td>Q</td><td>06/01/2022</td><td>UF</td><td>Semiannual</td><td>Upon maturity</td><td>2.72%</td><td>3.45%</td></tr></table>

Effective rates of bonds in Pesos and UF are expressed and calculated in Dollars based on the flows agreed in Cross Currency Swap Agreements.

<table><tr><td rowspan="2">Company</td><td rowspan="2">Country</td><td rowspan="2">Series</td><td colspan="3">Nominal amounts as of December 31, 2021</td><td colspan="5">Carrying amounts of maturities as of December 31, 2021</td></tr><tr><td>Up to 90 days</td><td>90 days to 1 year</td><td>Total</td><td>Up to 90 days</td><td>90 days to 1 year</td><td>Subtotal</td><td>Borrowing costs</td><td>Total</td></tr><tr><td></td><td></td><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>MUS$250</td><td>4,648</td><td>-</td><td>4,648</td><td>4,648</td><td>-</td><td>4,648</td><td>(433)</td><td>4,215</td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>MUS$300</td><td>-</td><td>2,658</td><td>2,658</td><td>-</td><td>2,658</td><td>2,658</td><td>(614)</td><td>2,044</td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>MUS$450</td><td>-</td><td>2,869</td><td>2,869</td><td>-</td><td>2,869</td><td>2,869</td><td>(679)</td><td>2,190</td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>MUS$400</td><td>7,508</td><td>-</td><td>7,508</td><td>7,508</td><td>-</td><td>7,508</td><td>(237)</td><td>7,271</td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>MUS$700</td><td>6,874</td><td>-</td><td>6,874</td><td>6,874</td><td>-</td><td>6,874</td><td>(552)</td><td>6,322</td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>H</td><td>16,026</td><td>-</td><td>16,026</td><td>16,026</td><td>-</td><td>16,026</td><td>(172)</td><td>15,854</td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>O</td><td>863</td><td>-</td><td>863</td><td>863</td><td>-</td><td>863</td><td>(82)</td><td>781</td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>P</td><td>1,636</td><td>-</td><td>1,636</td><td>1,636</td><td>-</td><td>1,636</td><td>(12)</td><td>1,624</td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>Q</td><td>-</td><td>314</td><td>314</td><td>-</td><td>314</td><td>314</td><td>(21)</td><td>293</td></tr><tr><td>Total</td><td></td><td></td><td>37,555</td><td>5,841</td><td>43,396</td><td>37,555</td><td>5,841</td><td>43,396</td><td>(2,802)</td><td>40,594</td></tr></table>



<table><tr><td colspan="3">Debtor</td><td rowspan="2">Number of registration or ID of the instrument</td><td rowspan="2">Series</td><td rowspan="2">Maturity date</td><td rowspan="2">Currency or adjustment index</td><td colspan="2">Periodicity</td><td rowspan="2">Effective rate</td><td rowspan="2">Nominal rate</td></tr><tr><td>Tax I No.</td><td>Company</td><td>Country</td><td>Payment of interest</td><td>Repayment</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$250</td><td>01/28/2021</td><td>US\)</td><td>Semiannual</td><td>Upon maturity</td><td>1.95%</td><td>4.38%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$300</td><td>04/03/2021</td><td>US\(</td><td>Semiannual</td><td>Upon maturity</td><td>1.08%</td><td>3.63%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$450</td><td>05/07/2021</td><td>US\(</td><td>Semiannual</td><td>Upon maturity</td><td>3.59%</td><td>4.25%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$400</td><td>01/22/2021</td><td>US\(</td><td>Semiannual</td><td>Upon maturity</td><td>4.17%</td><td>4.25%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>564</td><td>H</td><td>01/05/2021</td><td>UF</td><td>Semiannual</td><td>Semiannual</td><td>0.58%</td><td>4.90%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>699</td><td>O</td><td>02/01/2021</td><td>UF</td><td>Semiannual</td><td>Upon maturity</td><td>2.24%</td><td>3.80%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>563</td><td>P</td><td>01/15/2021</td><td>UF</td><td>Semiannual</td><td>Upon maturity</td><td>2.37%</td><td>3.25%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>700</td><td>Q</td><td>06/01/2021</td><td>UF</td><td>Semiannual</td><td>Upon maturity</td><td>2.92%</td><td>3.45%</td></tr></table>

Effective rates of bonds in Pesos and UF are expressed and calculated in Dollars based on the flows agreed in Cross Currency Swap Agreements.

<table><tr><td rowspan="2">Company</td><td rowspan="2">Country</td><td rowspan="2">Series</td><td colspan="3">Nominal amounts as of December 31, 2020</td><td colspan="6">Carrying amounts of maturities as of December 31, 2020</td></tr><tr><td>Up to 90 days</td><td>90 days to 1 year</td><td>Total</td><td>Up to 90 days</td><td>90 days to 1 year</td><td>Subtotal</td><td>Borrowing costs</td><td>Total</td><td></td></tr><tr><td></td><td></td><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td><td>ThUS\)</td><td></td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>MUS$250</td><td>4,648</td><td>-</td><td>4,648</td><td>4,648</td><td>-</td><td>4,648</td><td>(433)</td><td>4,215</td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>MUS$300</td><td>-</td><td>2,658</td><td>2,658</td><td>-</td><td>2,658</td><td>2,658</td><td>(614)</td><td>2,044</td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>MUS$450</td><td>7,508</td><td>-</td><td>7,508</td><td>7,508</td><td>-</td><td>7,508</td><td>(679)</td><td>6,829</td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>MUS$400</td><td>-</td><td>2,869</td><td>2,869</td><td>-</td><td>2,869</td><td>2,869</td><td>(237)</td><td>2,632</td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>H</td><td>18,212</td><td>-</td><td>18,212</td><td>18,212</td><td>-</td><td>18,212</td><td>(172)</td><td>18,040</td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>O</td><td>962</td><td>-</td><td>962</td><td>962</td><td>-</td><td>962</td><td>(82)</td><td>880</td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>P</td><td>1,824</td><td>-</td><td>1,824</td><td>1,824</td><td>-</td><td>1,824</td><td>(12)</td><td>1,812</td></tr><tr><td>SQM S.A.</td><td>Chile</td><td>Q</td><td>-</td><td>350</td><td>350</td><td>-</td><td>350</td><td>350</td><td>(21)</td><td>329</td></tr><tr><td>Total</td><td></td><td></td><td>33,154</td><td>5,877</td><td>39,031</td><td>33,154</td><td>5,877</td><td>39,031</td><td>(2,250)</td><td>36,781</td></tr></table>



## c) Classes of interest-bearing loans, non-current

The following table shows the details of bank loans as of December 31, 2021 and 2020:

<table><tr><td colspan="3">Debtor</td><td colspan="3">Creditor</td><td rowspan="2">Currency or adjustment index</td><td rowspan="2">Type of amortization</td><td rowspan="2">Effective rate</td><td rowspan="2">Nominal rate</td></tr><tr><td>Tax ID No.</td><td>Company</td><td>Country</td><td>Tax ID No.</td><td>Financial institution</td><td>Country</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>O-E</td><td>Scotiabank Cayman</td><td>USA</td><td>USD</td><td>Maturity</td><td>2.05%</td><td>1.36%</td></tr></table>

<table><tr><td>Debtor</td><td colspan="3">Creditor</td><td colspan="3">Nominal non-current maturities as of December 31, 2021</td><td colspan="6">Carrying amounts of maturities as of December 31, 2021</td></tr><tr><td rowspan="2">Company</td><td rowspan="2">Financial institution</td><td>Between 1 and 2</td><td>Between 2 and 3</td><td>Between 3 and 4</td><td>Total</td><td>Between 1 and 2</td><td>Between 2 and 3</td><td>Between3 and 4</td><td>Subtotal</td><td>Costs of obtaining loans</td><td>Total</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>THUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>SQM S.A.</td><td colspan="2">Scotiabank Cayman</td><td>70,000</td><td>-</td><td>-</td><td>70,000</td><td>70,000</td><td>-</td><td>-</td><td>70,000</td><td>(387)</td><td>69,613</td></tr><tr><td>Total</td><td></td><td></td><td>70,000</td><td>-</td><td>-</td><td>70,000</td><td>70,000</td><td>-</td><td>-</td><td>70,000</td><td>(387)</td><td>69,613</td></tr></table>

<table><tr><td colspan="3">Debtor</td><td colspan="3">Creditor</td><td rowspan="2">Currency or adjustment index</td><td rowspan="2">Type of amortization</td><td rowspan="2">Effective rate</td><td rowspan="2">Nominal rate</td></tr><tr><td>Tax ID No.</td><td>Company</td><td>Country</td><td>Tax ID No.</td><td>Financial institution</td><td>Country</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>O-E</td><td>Scotiabank Cayman</td><td>USA</td><td>USD</td><td>Maturity</td><td>1.98%</td><td>1.36%</td></tr></table>

<table><tr><td colspan="3">Debtor</td><td colspan="3">Nominal non-current maturities as of December 31, 2020</td><td colspan="6">Carrying amounts of maturities as of December 31, 2020</td></tr><tr><td rowspan="2">Company</td><td rowspan="2">Financial institution</td><td>Between 1 and 2</td><td>Between 2 and 3</td><td>Between 3 and 4</td><td>Total</td><td>Between 1 and 2</td><td>Between 2 and 3</td><td>Between3 and 4</td><td>Subtotal</td><td>Costs of obtaining loans</td><td>Total</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>THUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>SQM S.A.</td><td colspan="2">Scotiabank Cayman</td><td>-</td><td>70,000</td><td>-</td><td>70,000</td><td>-</td><td>70,000</td><td>-</td><td>-</td><td>70,000</td><td>(624)</td></tr><tr><td>Total</td><td></td><td></td><td>-</td><td>70,000</td><td>-</td><td>70,000</td><td>-</td><td>70,000</td><td>-</td><td>-</td><td>70,000</td><td>(624)</td></tr></table>



## d) Non-current unsecured interest-bearing bonds

The following table shows the details of “unsecured debentures that accrue non-current interest” as of December 31, 2021, and 2020:

<table><tr><td colspan="3">Debtor</td><td rowspan="2">Number of registration or ID of the instrument</td><td rowspan="2">Series</td><td rowspan="2">Maturity date</td><td rowspan="2">Currency or adjustment index</td><td colspan="2">Periodicity</td><td rowspan="2">Effective rate</td><td rowspan="2">Nominal rate</td></tr><tr><td>Tax ID No.</td><td>Company</td><td>Country</td><td>Payment of interest</td><td>Repayment</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$250</td><td>01/28/2025</td><td>US\)</td><td>Semiannual</td><td>Upon maturity</td><td>4.08%</td><td>4.38%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$300</td><td>04/03/2023</td><td>US\(</td><td>Semiannual</td><td>Upon maturity</td><td>3.42%</td><td>3.63%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$450</td><td>05/07/2029</td><td>US\(</td><td>Semiannual</td><td>Upon maturity</td><td>4.10%</td><td>4.25%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$400</td><td>01/22/2050</td><td>US\(</td><td>Semiannual</td><td>Upon maturity</td><td>4.19%</td><td>4.25%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$700</td><td>09/10/2051</td><td>US\(</td><td>Semiannual</td><td>Upon maturity</td><td>3.43%</td><td>3.50%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>564</td><td>H</td><td>01/05/2030</td><td>UF</td><td>Semiannual</td><td>Semiannual</td><td>4.76%</td><td>4.90%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>699</td><td>O</td><td>02/01/2033</td><td>UF</td><td>Semiannual</td><td>Upon maturity</td><td>3.69%</td><td>3.80%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>563</td><td>P</td><td>01/15/2028</td><td>UF</td><td>Semiannual</td><td>Upon maturity</td><td>3.24%</td><td>3.25%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>700</td><td>Q</td><td>06/01/2038</td><td>UF</td><td>Semiannual</td><td>Upon maturity</td><td>3.43%</td><td>3.45%</td></tr></table>

<table><tr><td rowspan="2">Series</td><td colspan="5">Nominal non-current maturities as of December 31, 2021</td><td colspan="8">Carrying amounts of maturities as of December 31, 2021</td></tr><tr><td>Over 1 year to 2</td><td>Over 2 years to 3</td><td>Over 3 Years to 4</td><td>Over 4 Years to 5</td><td>Over 5 years</td><td>Total</td><td>Over 1 year to 2</td><td>Over 2 years to 3</td><td>Over 3 Years to 4</td><td>Over 4 Years to 5</td><td>Over 5 years</td><td>Subtotal</td><td>Bond issuance costs</td><td>Total</td></tr><tr><td>MUS$250</td><td>-</td><td>-</td><td>250,000</td><td>-</td><td>-</td><td>250,000</td><td>-</td><td>-</td><td>-</td><td>250,000</td><td>-</td><td>-</td><td>25,000</td><td>(903)</td><td>249,097</td></tr><tr><td>MUS$300</td><td>300,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>300,000</td><td>300,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>300,000</td><td>(168)</td><td>299,832</td></tr><tr><td>MUS$450</td><td>-</td><td>-</td><td>-</td><td>-</td><td>450,000</td><td>450,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>450,000</td><td>(4,343)</td><td>445,657</td><td></td></tr><tr><td>MUS$400</td><td>-</td><td>-</td><td>-</td><td>-</td><td>400,000</td><td>400,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>400,000</td><td>(6,347)</td><td>393,653</td><td></td></tr><tr><td>MUS$700</td><td>-</td><td>-</td><td>-</td><td>-</td><td>700,000</td><td>700,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>700,000</td><td>(15,836)</td><td>684,164</td><td></td></tr><tr><td>H</td><td>-</td><td>-</td><td>-</td><td>-</td><td>100,064</td><td>100,064</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>100,064</td><td>(1,206)</td><td>98,858</td><td></td></tr><tr><td>O</td><td>-</td><td>-</td><td>-</td><td>-</td><td>55,035</td><td>55,035</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>55,035</td><td>(822)</td><td>54,213</td><td></td></tr><tr><td>P</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110,070</td><td>110,070</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110,070</td><td>(65)</td><td>110,005</td><td></td></tr><tr><td>Q</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110,070</td><td>110,070</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110,070</td><td>(330)</td><td>109,740</td><td></td></tr><tr><td>Total</td><td>300,000</td><td>-</td><td>250,000</td><td>-</td><td>1,925,239</td><td>2,475,239</td><td>300,000</td><td>-</td><td>250,000</td><td>-</td><td>1.925,239</td><td>2,475,239</td><td>(30,020)</td><td>2,445,219</td><td></td></tr></table>



<table><tr><td colspan="3">Debtor</td><td rowspan="2">Number of registration or ID of the instrument</td><td rowspan="2">Series</td><td rowspan="2">Maturity date</td><td rowspan="2">Currency or adjustment index</td><td colspan="2">Periodicity</td><td rowspan="2">Effective rate</td><td rowspan="2">Nominal rate</td></tr><tr><td>Tax ID No.</td><td>Company</td><td>Country</td><td>Payment of interest</td><td>Repayment</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$250</td><td>01/28/2025</td><td>US\)</td><td>Semiannual</td><td>Upon maturity</td><td>4.08%</td><td>4.38%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$300</td><td>04/03/2023</td><td>US\(</td><td>Semiannual</td><td>Upon maturity</td><td>3.43%</td><td>3.63%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$450</td><td>05/07/2029</td><td>US\(</td><td>Semiannual</td><td>Upon maturity</td><td>4.18%</td><td>4.25%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>-</td><td>MUS$400</td><td>01/22/2050</td><td>US\(</td><td>Semiannual</td><td>Upon maturity</td><td>4.22%</td><td>4.25%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>564</td><td>H</td><td>01/05/2030</td><td>UF</td><td>Semiannual</td><td>Semiannual</td><td>4.76%</td><td>4.90%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>699</td><td>O</td><td>02/01/2033</td><td>UF</td><td>Semiannual</td><td>Upon maturity</td><td>3.68%</td><td>3.80%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>563</td><td>P</td><td>01/15/2028</td><td>UF</td><td>Semiannual</td><td>Upon maturity</td><td>3.24%</td><td>3.25%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>700</td><td>Q</td><td>06/01/2038</td><td>UF</td><td>Semiannual</td><td>Upon maturity</td><td>3.43%</td><td>3.45%</td></tr></table>

<table><tr><td rowspan="3">Series</td><td colspan="6">Nominal non-current maturities as of December 31, 2020</td><td colspan="8">Carrying amounts of maturities as of December 31, 2020</td></tr><tr><td>Over 1 year to 2</td><td>Over 2 years to 3</td><td>Over 3 Years to 4</td><td>Over 4 Years to 5</td><td>Over 5 years</td><td>Total</td><td>Over 1 year to 2</td><td>Over 2 years to 3</td><td>Over 3 Years to 4</td><td>Over 4 Years to 5</td><td>Over 5 years</td><td>Subtotal</td><td>Bond issuance costs</td><td>Total</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>THUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>$ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td></tr><tr><td>MUS$250</td><td>-</td><td>-</td><td>-</td><td>250,000</td><td>-</td><td>250,000</td><td>-</td><td>-</td><td>-</td><td>250,000</td><td>-</td><td>-</td><td>250,000</td><td>(1,336)</td><td>248,664</td></tr><tr><td>MUS$300</td><td>-</td><td>300,000</td><td>-</td><td>-</td><td>-</td><td>300,000</td><td>-</td><td>300,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>300,000</td><td>(781)</td><td>299,219</td></tr><tr><td>MUS$450</td><td>-</td><td>-</td><td>-</td><td>450,000</td><td>450,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>450,000</td><td>450,000</td><td>(5,020)</td><td>444,980</td><td></td></tr><tr><td>MUS$400</td><td>-</td><td>-</td><td>-</td><td>400,000</td><td>400,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>400,000</td><td>400,000</td><td>(6,582)</td><td>393,418</td><td></td></tr><tr><td>H</td><td>-</td><td>-</td><td>-</td><td>126,386</td><td>126,386</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>126,386</td><td>126,386</td><td>(1,378)</td><td>125,008</td><td></td></tr><tr><td>C</td><td>-</td><td>-</td><td>-</td><td>61,334</td><td>61,334</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>61,334</td><td>61,334</td><td>(904)</td><td>60,430</td><td></td></tr><tr><td>P</td><td>-</td><td>-</td><td>-</td><td>122,668</td><td>122,668</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>122,668</td><td>122,668</td><td>(77)</td><td>122,591</td><td></td></tr><tr><td>Q</td><td>-</td><td>-</td><td>-</td><td>122,668</td><td>122,668</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>122,668</td><td>122,668</td><td>(352)</td><td>122,316</td><td></td></tr><tr><td>Total</td><td>-</td><td>300,000</td><td>-</td><td>250,000</td><td>1,283,056</td><td>1,833,056</td><td>-</td><td>300,000</td><td>-</td><td>250,000</td><td>1.283,056</td><td>1,833,056</td><td>(16,430)</td><td>1,816,626</td><td></td></tr></table>



## e) Additional information

## Bonds

The details of each issuance are as follows:

## (i) Series “H” bonds

On January 13, 2009, the Company placed the Series H bond for UF 4,000,000 equivalent to ThUS$ 139,216 at an annual interest rate of 4.9%, with a term of 21 years and amortizations of principal beginning in July, 2019.

2020

During 2020, the amortization of principal amounted to UF 363,636.36, equivalent to ThUS$ 13,296 with an associated cross currency swap hedge income of ThUS$ 814.

2021

During 2021, amortization of principal amounted to UF 363,636.36, equivalent to ThUS$ 14,870 with an associated cross currency swap hedge loss of ThUS$ 760.

For more details on restrictions. See Note 20.1.

For the periods ended December 31, 2021, and 2020, the Company has made the following payments with a charge to the Series H bonds and their associated CCS hedging:

<table><tr><td rowspan="2">Payments made</td><td>December 31, 2021</td><td>December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Payments of interest, Series H bonds</td><td>6,661</td><td>6,601</td></tr><tr><td>CCS Coverage</td><td>1,598</td><td>2,575</td></tr></table>

## (ii) Single series bonds, second issue MUS$ 250

On April 21, 2010, the Company informed the CMF of its placement in international markets of an unsecured bond of ThUS$ 250,000, pursuant to Rule 144 -A and Regulation S of the Securities and Exchange Commission with a maturity of 10 years with an annual interest rate of 5.5%.

The Company paid the principal on April 21, 2020.

For the periods ended December 31, 2021 and 2020, the detail of payments charged to the line of single series bonds, second issue is as follows.

<table><tr><td rowspan="2">Payments made</td><td>December 31, 2021</td><td>December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Interest payment</td><td>-</td><td>6,875</td></tr></table>



## (iii) Series “O” bonds

On April 4, 2012, the Company issued “Series O” for UF 1,500,000 (ThUS$ 69,901) at a term of 21 years with a single payment at the maturity of the term and an annual interest rate of 3.80%.

See more details with respect a restriction in Note 20.1.

For the periods ended December 31, 2021, and 2020, the Company has made the following payments with a charge to Series O bonds and their associated CCS hedging:

<table><tr><td rowspan="2">Payments made</td><td>December 31, 2021</td><td>December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Payment of interest, Series O bonds</td><td>2,225</td><td>2,070</td></tr><tr><td>CCS Coverage</td><td>438</td><td>599</td></tr></table>

## (iv) Single series bonds, third issue MUS$ 300

On April 3, 2013, the Company issued a non-secured bond in the United States with a value of US$ 300 million. pursuant to Rule 144-A and Regulation S of the SEC. The bond is for a 10-year term with an annual coupon rate of 3.625%.

For the periods ended December 31, 2021, and 2020, the following payments have been made with a debit to the line of single-series bonds, third issue:

<table><tr><td rowspan="2">Payments made</td><td>December 31, 2021</td><td>December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Payment of interest</td><td>10,875</td><td>10,875</td></tr></table>



## (v) Single series bonds, fourth issuance MUS $250

On October 23, 2014, the Company issued unsecured bonds amounting ThUS$ 250,000 in international markets, pursuant to Rule 144-A and Regulation S of the Securities and Exchange Commission. These bonds mature in 2025 and have annual interest rate of 4.375%.

For the periods ended on December 31, 2021 and 2020, the following payments have been made.

<table><tr><td rowspan="2">Payments made</td><td>December 31, 2021</td><td>December 31, 2020</td></tr><tr><td>ThUS</td><td>ThUS</td></tr><tr><td>Payment of interest</td><td>10,938</td><td>10,938</td></tr></table>

## (vi) Series “P” bonds

The Company on March 31, 2008 issued the placement on the stock market of the Series “P” bond (the "Bonds" Series P) with a value of UF 3,000,000, with a charge to the 10 year Bonds Line registered in the CMF Securities Registry under number 563.

The bonds Series P (i) mature on January 15, 2028; (ii) will accrue on the unpaid principal, expressed in UF, at an annual interest rate of 3.25% from January 15, 2018; and (iii) can be early redeemed by the Company starting from the date of placement, that was, as of April 5, 2018.

For the periods ended on December 31, 2021 and 2020, the following payments and their associated CCS have been made:

<table><tr><td rowspan="2">Payments made</td><td>December 31, 2021</td><td>December 31, 2020</td></tr><tr><td>ThUS</td><td>ThUS</td></tr><tr><td>Payment of interest series P</td><td>3,835</td><td>3,534</td></tr><tr><td>CCS Coverage</td><td>3,119</td><td>3,439</td></tr></table>



## (vii) Series Q bonds

On October 31, 2018, the issuance of Series Q bonds was authorized in the general stock market for the amount of UF 3,000,000, which were registered in the Securities Registry of your Commission on February 14, 2012 under number 700.

The bonds Series Q (i) mature on the first day of June 2038; (ii) will earn an interest rate of 3.45% per annum on the outstanding capital, expressed in UF, from June 1, 2018 thereon; and (iii) may be early redeemed by the Company starting from the placement date, that was, as of November 8, 2018.

On November 8, 2018, all the Series Q Bonds have been placed and sold to Euroamerica S.A. for a total amount of $ 83,567,623,842, which was paid in full and in cash by Euroamerica S.A. to the Company.

See more details in Note 20.1

For the periods ended December 31, 2021 and 2020, the following payments have been made:

<table><tr><td rowspan="2">Payments made</td><td>December 31, 2021</td><td>December 31, 2020</td></tr><tr><td>ThUSS</td><td>ThUSS</td></tr><tr><td>Payment of interest series Q</td><td>3,990</td><td>3,769</td></tr><tr><td>CCS Coverage</td><td>1,919</td><td>1,021</td></tr></table>

## (viii) Single series fifth issue bonds ThUS$ 450

On May 7, 2019, the CMF was informed that the Company issued and placed unsecured bonds for ThUS$ 450,000 pursuant to Rule 144-A and Regulation S of the Securities and Exchange Commission on international markets. These bonds will mature in 2029 and carry an interest rate of 4.25% per annum.

For the periods ended on December 31, 2021 and 2020, the following payments have been made:

<table><tr><td rowspan="2">Payments made</td><td>December 31, 2021</td><td>December 31, 2020</td></tr><tr><td>ThUSS</td><td>ThUSS</td></tr><tr><td>Payment of interest</td><td>19,125</td><td>19,125</td></tr></table>

## (ix) Single series sixth issue bonds MUS$ 400

On January 22, 2020, the Company has placed unsecured bonds in international markets for US$ 400 million, pursuant to Rule 144-A and Regulation S of the Securities and Exchange Commission, at an annual interest rate of 4.250% and a maturity in the year 2050.

For the periods ended on December 31, 2021 and 2020, the following payments have been made:

<table><tr><td rowspan="2">Payments made</td><td>December 31, 2021</td><td>December 31, 2020</td></tr><tr><td>ThUSS</td><td>ThUSS</td></tr><tr><td>Payment of interest</td><td>17,000</td><td>8,500</td></tr></table>



## (x) Single series seventh issue bonds MUS$ 700

On September 10, 2021, the Company has placed unsecured bonds in international markets for US$ 700 million, pursuant to Rule 144-A and Regulation S of the Securities and Exchange Commission, at an annual interest rate of 3.50 % and a maturity in the year 2051.

For the periods ended on December 31, 2021 and 2020, no payments have been made.

## 13.5 Trade and other payables

## a) Details trade and other payables

<table><tr><td rowspan="2">Details trade and other payables</td><td colspan="3">As of December 31, 2021</td><td colspan="3">As of December 31, 2020</td></tr><tr><td>Current</td><td>Non-current</td><td>Current</td><td>Current</td><td>Non-current</td><td>Total</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td></tr><tr><td>Accounts payable</td><td>279,092</td><td>-</td><td>279,092</td><td>203,346</td><td>-</td><td>203,346</td></tr><tr><td>Other accounts payable</td><td>558</td><td>-</td><td>558</td><td>587</td><td>-</td><td>587</td></tr><tr><td>Prepayments from customers</td><td>-</td><td>3,813</td><td>3,813</td><td>-</td><td>4,027</td><td>4,027</td></tr><tr><td>Total</td><td>279,650</td><td>3,813</td><td>283,463</td><td>203,933</td><td>4,027</td><td>207,960</td></tr></table>

As of December 31, 2021, and 2020, the balance of current and past due accounts payable is made up as follows:

## Suppliers current on all payments

<table><tr><td rowspan="2">Type of Supplier</td><td colspan="7">Amounts according to payment periods as of December 31, 2021</td></tr><tr><td>Up to 30 Days</td><td>31 - 60 days</td><td>61 - 90 Days</td><td>91 - 120 days</td><td>121 - 365 days</td><td>366 and more days</td><td>Total</td></tr><tr><td>Goods</td><td>148,045</td><td>1,799</td><td>1,425</td><td>-</td><td>120</td><td>3,813</td><td>155,202</td></tr><tr><td>Services</td><td>80,089</td><td>335</td><td>109</td><td>2</td><td>78</td><td>-</td><td>80,613</td></tr><tr><td>Others</td><td>31,949</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31,949</td></tr><tr><td>Total</td><td>260,083</td><td>2,134</td><td>1,534</td><td>2</td><td>198</td><td>3,813</td><td>267,764</td></tr></table>

<table><tr><td rowspan="2">Type of Supplier</td><td colspan="7">Amounts according to payment periods as of December 31, 2020</td></tr><tr><td>Up to 30 Days</td><td>31 - 60 days</td><td>61 - 90 Days</td><td>91 - 120 days</td><td>121 - 365 days</td><td>366 and more days</td><td>Total</td></tr><tr><td>Goods</td><td>111,323</td><td>1,947</td><td>123</td><td>31</td><td>5</td><td>4,027</td><td>117,456</td></tr><tr><td>Services</td><td>46,187</td><td>1,380</td><td>16</td><td>757</td><td>86</td><td>-</td><td>48,426</td></tr><tr><td>Others</td><td>29,325</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29,332</td></tr><tr><td>Total</td><td>186,835</td><td>3,334</td><td>139</td><td>788</td><td>91</td><td>4,027</td><td>195,214</td></tr></table>



## Suppliers past due on payments

<table><tr><td rowspan="2">Type of Supplier</td><td colspan="7">Amounts according to payment periods as of December 31, 2021</td></tr><tr><td>Up to 30 Days</td><td>31 - 60 days</td><td>61 - 90 Days</td><td>91 - 120 days</td><td>121 - 365 days</td><td>366 and more days</td><td>Total</td></tr><tr><td>Goods</td><td>7,688</td><td>30</td><td>5</td><td>1</td><td>37</td><td>-</td><td>7,761</td></tr><tr><td>Services</td><td>4,055</td><td>108</td><td>533</td><td>34</td><td>181</td><td>-</td><td>4,911</td></tr><tr><td>Others</td><td>2,340</td><td>16</td><td>73</td><td>35</td><td>5</td><td>-</td><td>2,469</td></tr><tr><td>Total</td><td>14,083</td><td>154</td><td>611</td><td>70</td><td>223</td><td>-</td><td>15,141</td></tr></table>

<table><tr><td rowspan="2">Type of Supplier</td><td colspan="7">Amounts according to payment periods as of December 31, 2020</td></tr><tr><td>Up to 30 Days</td><td>31 - 60 days</td><td>61 - 90 Days</td><td>91 - 120 days</td><td>121 - 365 days</td><td>366 and more days</td><td>Total</td></tr><tr><td>Goods</td><td>1,305</td><td>59</td><td>47</td><td>39</td><td>517</td><td>-</td><td>1,967</td></tr><tr><td>Services</td><td>2,298</td><td>764</td><td>-</td><td>453</td><td>505</td><td>-</td><td>4,020</td></tr><tr><td>Others</td><td>3,258</td><td>150</td><td>371</td><td>118</td><td>2,275</td><td>-</td><td>6,172</td></tr><tr><td>Total</td><td>6,861</td><td>973</td><td>418</td><td>610</td><td>3,297</td><td>-</td><td>12,159</td></tr></table>

Purchase commitments held by the Company are recognized as liabilities when the goods and services are received by the Company. As of December 31, 2021, the Company has purchase orders amounting to ThUS$ 166,209 and ThUS$ 55,516 as of December 31, 2020.



## 13.6 Financial asset and liability categories

## a) Financial Assets

<table><tr><td rowspan="3">Description of financial assets</td><td colspan="4">As of December 31, 2021</td><td colspan="4">As of December 31, 2020</td></tr><tr><td>Current</td><td>Non-current</td><td>Total</td><td>Current</td><td>Non-current</td><td>Total</td><td></td><td></td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td></td><td></td></tr><tr><td>Cash and cash equivalent</td><td>1,515,051</td><td>-</td><td>1,515,051</td><td>509,102</td><td>-</td><td>509,102</td><td></td><td></td></tr><tr><td>Trade receivables due from related parties at amortized cost</td><td>86,152</td><td>-</td><td>86,152</td><td>62,601</td><td>-</td><td>62,601</td><td></td><td></td></tr><tr><td>Financial assets measured at amortized cost</td><td>905,170</td><td>91</td><td>905,261</td><td>345,459</td><td>80</td><td>345,539</td><td></td><td></td></tr><tr><td>Trade and other receivables</td><td>654,073</td><td>6,172</td><td>660,245</td><td>365,206</td><td>11,165</td><td>376,371</td><td></td><td></td></tr><tr><td>Total financial assets measured at amortized cost</td><td>3,160,446</td><td>6,263</td><td>3,166,709</td><td>1,282,368</td><td>11,245</td><td>1,293,613</td><td></td><td></td></tr><tr><td>Financial instruments for hedging purposes</td><td>12,625</td><td>245</td><td>12,870</td><td>-</td><td>37,276</td><td>37,276</td><td></td><td></td></tr><tr><td>Financial instruments held for trading</td><td>1,254</td><td>-</td><td>1,254</td><td>2,610</td><td>-</td><td>2,610</td><td></td><td></td></tr><tr><td>Financial assets classified as available for sale at fair value through equity</td><td>-</td><td>8,932</td><td>8,932</td><td>-</td><td>14,569</td><td>14,569</td><td></td><td></td></tr><tr><td>Total financial assets at fair value</td><td>13,879</td><td>9,177</td><td>23,056</td><td>2,610</td><td>51,845</td><td>54,455</td><td></td><td></td></tr><tr><td>Total financial assets</td><td>3,174,325</td><td>15,440</td><td>3,189,765</td><td>1,284,978</td><td>63,090</td><td>1,348,068</td><td></td><td></td></tr></table>



## b) Financial Liabilities

<table><tr><td rowspan="3">Description of financial liabilities</td><td colspan="3">As of December 31, 2021</td><td colspan="3">As of December 31, 2020</td></tr><tr><td>Current</td><td>Non-current</td><td>Total</td><td>Current</td><td>Non-current</td><td>Total</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>For hedging purposes through equity</td><td>8,954</td><td>72,900</td><td>81,854</td><td>26,699</td><td>13,511</td><td>40,210</td></tr><tr><td>Held for trading at fair value through profit or loss</td><td>1,672</td><td>-</td><td>1,672</td><td>5,393</td><td>-</td><td>5,393</td></tr><tr><td>Financial liabilities at fair value</td><td>10,626</td><td>72,900</td><td>83,526</td><td>32,092</td><td>13,511</td><td>45,603</td></tr><tr><td>Bank loans</td><td>85</td><td>69,613</td><td>69,698</td><td>82</td><td>69,376</td><td>69,458</td></tr><tr><td>Obligations to the public</td><td>40,594</td><td>2,445,219</td><td>2,485,813</td><td>36,781</td><td>1,816,626</td><td>1,853,407</td></tr><tr><td>Lease Liabilities</td><td>7,704</td><td>46,519</td><td>54,223</td><td>5,528</td><td>25,546</td><td>31,074</td></tr><tr><td>Trade and other payables</td><td>279,650</td><td>3,813</td><td>283,463</td><td>203,933</td><td>4,027</td><td>207,960</td></tr><tr><td>Trade payables due to related parties</td><td>-</td><td>-</td><td>-</td><td>606</td><td>-</td><td>606</td></tr><tr><td>Total financial liabilities at amortized cost</td><td>328,033</td><td>2,565,164</td><td>2,893,197</td><td>246,930</td><td>1,915,575</td><td>2,162,505</td></tr><tr><td>Total financial liabilities</td><td>338,659</td><td>2,638,064</td><td>2,976,723</td><td>279,022</td><td>1,929,086</td><td>2,208,108</td></tr></table>



## 13.7 Fair value measurement of finance assets and liabilities

The fair value hierarchy is detailed as follows:

a) Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Company is the current bid price. These instruments are included in level 1.

b) Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

c) Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.



<table><tr><td rowspan="3">Fair value measurement of assets and liabilities</td><td colspan="3">As of December 31, 2021</td><td colspan="3">Measurement Methodology</td></tr><tr><td>Carrying Amount at Amortized Cost</td><td>Fair value (reporting purposes)</td><td>Book value</td><td>Level 1</td><td>Level 2</td><td>Level 3</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Financial Assets</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>1,515,051</td><td>1,515,051</td><td>-</td><td>-</td><td>1,515,051</td><td>-</td></tr><tr><td>Other current financial assets</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>- Time deposits</td><td>905,170</td><td>905,170</td><td>-</td><td>-</td><td>905,170</td><td>-</td></tr><tr><td>- Derivative financial instruments</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>- Forwards</td><td>-</td><td>-</td><td>1,031</td><td>-</td><td>1,031</td><td>-</td></tr><tr><td>- Options</td><td>-</td><td>-</td><td>223</td><td>-</td><td>223</td><td>-</td></tr><tr><td>- Hedging assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>- Swaps</td><td>-</td><td>-</td><td>12,613</td><td>-</td><td>12,613</td><td>-</td></tr><tr><td>Non-current accounts receivable</td><td>6,172</td><td>6,172</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other non-current financial assets:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>- Other</td><td>91</td><td>91</td><td>-</td><td>-</td><td>91</td><td>-</td></tr><tr><td>- Equity instruments</td><td>-</td><td>-</td><td>8,932</td><td>8,932</td><td>-</td><td>-</td></tr><tr><td>- Hedging assets - Swaps</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other current financial liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>- Bank borrowings</td><td>85</td><td>85</td><td>-</td><td>-</td><td>85</td><td>-</td></tr><tr><td>- Derivative instruments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>- Forwards</td><td>-</td><td>-</td><td>1,270</td><td>-</td><td>1,270</td><td>-</td></tr><tr><td>- Options</td><td>-</td><td>-</td><td>402</td><td>-</td><td>402</td><td>-</td></tr><tr><td>- Hedging liabilities - Swaps</td><td>-</td><td>-</td><td>8,954</td><td>-</td><td>8,954</td><td>-</td></tr><tr><td>- Swaps hedges, investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>- Unsecured obligations</td><td>40,594</td><td>40,594</td><td>-</td><td>-</td><td>40,594</td><td>-</td></tr><tr><td>- Current lease liabilities</td><td>7,704</td><td>7,704</td><td>-</td><td>-</td><td>7,704</td><td>-</td></tr><tr><td>Other non-current financial liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>- Bank borrowings</td><td>69,613</td><td>70,497</td><td>-</td><td>-</td><td>70,497</td><td>-</td></tr><tr><td>- Unsecured obligations</td><td>2,445,219</td><td>2,871,005</td><td>-</td><td>-</td><td>2,871,005</td><td>-</td></tr><tr><td>- Non-current hedging liabilities</td><td>-</td><td>-</td><td>72,900</td><td>-</td><td>72,900</td><td>-</td></tr><tr><td>- Non-current lease liabilities</td><td>46,519</td><td>34,521</td><td>-</td><td>-</td><td>34,521</td><td>-</td></tr></table>



<table><tr><td rowspan="3">Fair value measurement of assets and liabilities</td><td colspan="3">As of December 31, 2020</td><td colspan="3">Measurement Methodology</td></tr><tr><td>Carrying Amount at Amortized Cost</td><td>Fair value (reporting purposes)</td><td>Book Value</td><td>Level 1</td><td>Level 2</td><td>Level 3</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Financial Assets</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>509,102</td><td>509,102</td><td>-</td><td>-</td><td>509,102</td><td>-</td></tr><tr><td>Other current financial assets</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>- Time deposits</td><td>345,459</td><td>345,459</td><td>-</td><td>-</td><td>345,459</td><td>-</td></tr><tr><td>- Derivative financial instruments</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>- Forwards</td><td>-</td><td>-</td><td>2,263</td><td>-</td><td>2,263</td><td>-</td></tr><tr><td>- Options</td><td>-</td><td>-</td><td>347</td><td>-</td><td>347</td><td>-</td></tr><tr><td>Non-current accounts receivable</td><td>11,165</td><td>11,165</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other non-current financial assets:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>- Other</td><td>80</td><td>80</td><td>-</td><td>-</td><td>80</td><td>-</td></tr><tr><td>- Equity instruments</td><td>-</td><td>-</td><td>14,569</td><td>14,569</td><td>-</td><td>-</td></tr><tr><td>- Hedging assets - Swaps</td><td>-</td><td>-</td><td>37,276</td><td>-</td><td>37,276</td><td>-</td></tr><tr><td>Other current financial liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>- Bank borrowings</td><td>82</td><td>82</td><td>-</td><td>-</td><td>82</td><td>-</td></tr><tr><td>- Derivative instruments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>- Forwards</td><td>-</td><td>-</td><td>4,614</td><td>-</td><td>4,614</td><td>-</td></tr><tr><td>- Options</td><td>-</td><td>-</td><td>780</td><td>-</td><td>780</td><td>-</td></tr><tr><td>- Hedging liabilities - Swaps</td><td>-</td><td>-</td><td>5,695</td><td>-</td><td>5,695</td><td>-</td></tr><tr><td>- Swaps</td><td>-</td><td>-</td><td>21,004</td><td>-</td><td>21,004</td><td>-</td></tr><tr><td>- Unsecured obligations</td><td>36,781</td><td>36,781</td><td>-</td><td>-</td><td>36,781</td><td>-</td></tr><tr><td>- Current lease liabilities</td><td>5,528</td><td>5,528</td><td>-</td><td>-</td><td>5,528</td><td>-</td></tr><tr><td>Other non-current financial liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>- Bank borrowings</td><td>69,376</td><td>71,029</td><td>-</td><td>-</td><td>71,029</td><td>-</td></tr><tr><td>- Unsecured obligations</td><td>1,816,626</td><td>2,355,943</td><td>-</td><td>-</td><td>2,355,943</td><td>-</td></tr><tr><td>- Non-current hedging liabilities</td><td>-</td><td>-</td><td>13,511</td><td>-</td><td>13,511</td><td>-</td></tr><tr><td>- Non-current lease liabilities</td><td>25,546</td><td>26,027</td><td>-</td><td>-</td><td>26,027</td><td>-</td></tr></table>



## 13.8 Estimated fair value of financial instruments

The fair value of financial assets and liabilities is estimated using the following information. Although the data represent Management’s best estimates, it is subjective and involves significant estimates regarding current economic conditions, market conditions and risk characteristics.

Methodologies and assumptions used depend on the risk terms and characteristics of instruments and include the following as a summary:

## Fair value estimation for book value

Financial assets and liabilities measured at fair value consist of forwards hedging the mismatch in the balance sheet and cash flows, options hedging the mismatch in the balance sheet and cross currency swaps to hedge bonds issued in local currency (Peso/UF).

The fair value of the Company’s assets and liabilities recognized by cross currency swaps contracts is calculated as the difference between the present value of discounted cash flows of the asset (Peso/UF) and liability (Dollar) parts of the derivative. In the case of the IRS, the asset value recognized is calculated as the difference between the discounted cash flows of the asset (variable rate) and liability (fixed rate) parts of the derivative. Forwards are calculated as the difference between the strike price of the contract and the spot price plus the forwards points at the date of the contract. Financial options: the value recognized is calculated using the Black-Scholes method.

In the case of CCS, the entry data used for the valuation models are UF, Peso, Dollar and basis swap rates. In the case of fair value calculations for interest rate swaps, the Forward Rate Agreement rate and ICVS 23 Curve (Bloomberg: cash/deposits rates, futures, swaps). In the case of forwards, the forwards curve for the currency in question is used. Finally, for options, the spot price, risk-free rate and volatility of exchange rate are used, all in accordance with the currencies used in each valuation. The financial information used as entry data for the Company’s valuation models is obtained from Bloomberg, the well-known financial software company. Conversely, the fair value provided by the counterparties of derivatives contracts is used only as a control and not for valuation.

The effects on profit or loss of movements in these amounts is recognized in the caption finance costs, foreign currency translation gain (loss) or cash flow hedge reserve in the statement of comprehensive income, depending on each particular case.

## Estimate of fair value for reporting purposes

- Cash equivalent approximates fair value due to the short-term maturities of these instruments.

- The fair value of current trade receivables is considered to be equal to the carrying amount due to the maturity of such accounts at short-term.

- Payables, current lease liabilities and other current financial liabilities are considered fair value equal to book value due to the short-term maturity of these accounts.

- The fair value of the debt (long-term secured and unsecured debentures; bonds denominated in local currency (Peso/UF) and foreign currency (Dollar), borrowings denominated in foreign currency (Dollar) and lease liabilities of the Company are calculated at current value of cash flows subtracted from market rates upon valuation, considering the terms of maturity and exchange rates. The UF and Peso rate curves are used as inputs for the valuation model. This information is obtained through from the renowned financial software company, Bloomberg, and the Chilean Association of Banks and Financial Institutions.



## 13.9 Net Debt reconciliation

This section presents an analysis of net debt plus lease liabilities and their movements for each of the reported periods. The definition of the net debt is described in Note 20.1. and includes current and non-current lease liabilities to complete its analysis.

<table><tr><td rowspan="2">Net debt</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Cash and cash equivalents</td><td>1,515,051</td><td>509,102</td></tr><tr><td>Other current financial assets</td><td>919,049</td><td>348,069</td></tr><tr><td>Other non-current financial hedge assets</td><td>245</td><td>37,276</td></tr><tr><td>Other current financial liabilities</td><td>(51,305)</td><td>(68,955)</td></tr><tr><td>Lease liabilities, current</td><td>(7,704)</td><td>(5,528)</td></tr><tr><td>Other non-current financial liabilities</td><td>(2,587,732)</td><td>(1,899,513)</td></tr><tr><td>Non-current Lease liabilities</td><td>(46,519)</td><td>(25,546)</td></tr><tr><td>Total</td><td>(258,915)</td><td>(1,105,095)</td></tr></table>

<table><tr><td rowspan="2">Net debt</td><td>As of December 31, 2020</td><td>Amounts from loans</td><td>Amounts from interests</td><td>Other cash income/expenses</td><td>Hedging and non-hedging instruments</td><td>Exchange rate differences</td><td>Others</td><td>As of December 31, 2021</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>THUS\(</td><td>ThUS\)</td></tr><tr><td>Obligations with the public and bank loans</td><td>(1,922,864)</td><td>(685,130)</td><td>75,578</td><td>16,570</td><td>-</td><td>44,473</td><td>(84,138)</td><td>(2,555,511)</td></tr><tr><td>Current and non-current lease liabilities</td><td>(31,074)</td><td>7,960</td><td>1,587</td><td>-</td><td>-</td><td>181</td><td>(32,877)</td><td>(54,223)</td></tr><tr><td>Financial instruments derived from hedging</td><td>18,070</td><td>(760)</td><td>7,238</td><td>-</td><td>(45,017)</td><td>-</td><td>(61,128)</td><td>(81,597)</td></tr><tr><td>Assets and liabilities associated to obligations with the public and bank loans</td><td>(1,935,868)</td><td>(677,930)</td><td>84,403</td><td>16,570</td><td>(45,017)</td><td>44,654</td><td>(178,143)</td><td>(2,691,331)</td></tr><tr><td>Cash and cash equivalents</td><td>509,102</td><td>-</td><td>-</td><td>1,022,061</td><td>-</td><td>(16,112)</td><td>-</td><td>1,515,051</td></tr><tr><td>Deposits that do not qualify as cash and cash equivalents</td><td>345,459</td><td>-</td><td>(2,747)</td><td>585,106</td><td>-</td><td>(27,315)</td><td>4,667</td><td>905,170</td></tr><tr><td>Derivatives from hedge assets</td><td>(21,004)</td><td>-</td><td>-</td><td>9,405</td><td>23,082</td><td>-</td><td>1,130</td><td>12,613</td></tr><tr><td>Derivatives from other financial non-hedge assets</td><td>(2,784)</td><td>-</td><td>-</td><td>(2,327)</td><td>4,693</td><td>-</td><td>-</td><td>(418)</td></tr><tr><td>Total</td><td>(1,105,095)</td><td>(677,930)</td><td>81,656</td><td>1,630,815</td><td>(17,242)</td><td>1,227</td><td>(172,346)</td><td>(258,915)</td></tr></table>



## Note 14 Right-of-use assets and Lease liabilities

14.1 Right-of-use assets

<table><tr><td>Reconciliation of changes in right-of-use assets as of December 31, 2021, net value</td><td>Land</td><td>Buildings</td><td>Other property, plant and equipment</td><td>Transport equipment</td><td>Supplies and accessories</td><td>Office equipment</td><td>Network and communication equipment</td><td>Mining assets</td><td>IT equipment</td><td>Energy generating assets</td><td>Constructions in progress</td><td>Machinery, plant and equipment</td><td>Total</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS$</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>Opening Balance</td><td>-</td><td>23,377</td><td>-</td><td>2,479</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,168</td><td>30,024</td></tr><tr><td>Additions</td><td>17,552</td><td>1,209</td><td>-</td><td>862</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,203</td><td>31,826</td></tr><tr><td>Depreciation expenses</td><td>(199)</td><td>(3,635)</td><td>-</td><td>(763)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(4,109)</td><td>(8,706)</td></tr><tr><td>Other increases / decreases</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td><td></td><td></td><td>(536)</td><td>(536)</td></tr><tr><td>Total changes</td><td>17,353</td><td>(2,426)</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7,558</td><td>22,584</td></tr><tr><td>Closing balance</td><td>17,353</td><td>20,951</td><td>-</td><td>2,578</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11,726</td><td>52,608</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconciliation of changes in right-of-use assets as of December 31, 2020, net value</td><td>Land</td><td>Buildings</td><td>Other property, plant and equipment</td><td>Transport equipment</td><td>Supplies and accessories</td><td>Office equipment</td><td>Network and communication equipment</td><td>Mining assets</td><td>IT equipment</td><td>Energy generating assets</td><td>Constructions in progress</td><td>Machinery, plant and equipment</td><td>Total</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS$</td><td>ThUS$</td><td>ThUS$</td><td>ThUS$</td><td>ThUS\(</td></tr><tr><td>Opening Balance</td><td>-</td><td>25,742</td><td>-</td><td>3,356</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,066</td><td>37,164</td></tr><tr><td>Additions</td><td>-</td><td>1,782</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>121</td><td>1,903</td></tr><tr><td>Depreciation expenses</td><td>-</td><td>(3,535)</td><td>-</td><td>(877)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(4,019)</td><td>(8,431)</td></tr><tr><td>Other increases / decreases</td><td>-</td><td>(612)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>-</td><td>(612)</td></tr><tr><td>Total changes</td><td>-</td><td>(2,365)</td><td>-</td><td>(877)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(3,898)</td><td>(7,140)</td></tr><tr><td>Closing balance</td><td>-</td><td>23,377</td><td>-</td><td>2,479</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,168</td><td>30,024</td></tr></table>

The Company’s lease activities included the following aspects:

(a) The nature of the Company’s lease activities is related to contracts focused primarily on business operations, mainly rights-of-use to equipment and real estate,

(b) The Company does not estimate any significant future cash outflows that would potentially expose the Company, and these are likewise not reflected in the measurement of lease liabilities, related to concepts such as: (i) Variable lease payments, (ii) Expansion options and termination options, (iii) Guaranteed residual value and (iv) Leases not yet undertaken but committed by the Company.

(c) These are not subject to restrictions or agreements imposed by contracts.

There were no sales transactions with leases later in the period.



## 14.2 Lease liabilities

<table><tr><td rowspan="3">Lease liabilities</td><td colspan="2">As of December 31, 2021</td><td colspan="2">As of December 31, 2020</td></tr><tr><td>Current</td><td>Non-Current</td><td>Current</td><td>Non-Current</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Lease liabilities</td><td>7,704</td><td>46,519</td><td>5,528</td><td>25,546</td></tr><tr><td>Total</td><td>7,704</td><td>46,519</td><td>5,528</td><td>25,54</td></tr></table>

## i) Current and non-current lease liabilities

<table><tr><td colspan="3">Debtor</td><td colspan="3">Creditor</td><td rowspan="2">Contract indexation unit</td><td rowspan="2">Type of amortization</td><td rowspan="2">Maturity date</td><td rowspan="2">Effective rate</td></tr><tr><td>Tax ID No.</td><td>Company</td><td>Country</td><td>TAX ID No.</td><td>Supplier</td><td>Country</td></tr><tr><td>79.626.800-K</td><td>SQM Salar S.A.</td><td>Chile</td><td>83.776.000-3</td><td>Empresa Constructora Contex Ltda</td><td>Chile</td><td>UF</td><td>Monthly</td><td>03-31-2025</td><td>5.39%</td></tr><tr><td>79.626.800-K</td><td>SQM Salar S.A.</td><td>Chile</td><td>76.327.820-4</td><td>Maquinaria Astudillo y Hermanos Limitada</td><td>Chile</td><td>UF</td><td>Monthly</td><td>01-08-2026</td><td>2.89%</td></tr><tr><td>79.626.800-K</td><td>SQM Salar S.A.</td><td>Chile</td><td>76.146.110-9</td><td>Transportes, Construcción y Servicios Cribach Ltda</td><td>Chile</td><td>Peso</td><td>Monthly</td><td>09-01-2020</td><td>8.93%</td></tr><tr><td>79.626.800-K</td><td>SQM Salar S.A.</td><td>Chile</td><td>76.065.017-K</td><td>SKM Industrial Ltda.</td><td>Chile</td><td>Peso</td><td>Monthly</td><td>06-01-2022</td><td>8.93%</td></tr><tr><td>79.626.800-K</td><td>SQM Salar S.A.</td><td>Chile</td><td>96.862.140-8</td><td>Ameco Chile S.A.</td><td>Chile</td><td>Peso</td><td>Monthly</td><td>04-24-2021</td><td>4.07%</td></tr><tr><td>79.626.800-K</td><td>SQM Salar S.A.</td><td>Chile</td><td>76.327.820-4</td><td>Maquinaria Astudillo y Hermanos Limitada</td><td>Chile</td><td>Peso</td><td>Monthly</td><td>11-24-2025</td><td>2.89%</td></tr><tr><td>79.626.800-K</td><td>SQM Salar S.A.</td><td>Chile</td><td>76.158.471-5</td><td>Sociedad Inmobiliaria Amaru SpA</td><td>Chile</td><td>UF</td><td>Monthly</td><td>07-11-2023</td><td>2.00%</td></tr><tr><td>79.626.800-K</td><td>SQM Salar S.A.</td><td>Chile</td><td>76.327.820-4</td><td>Maquinaria Astudillo y Hermanos Ltda.</td><td>Chile</td><td>UF</td><td>Monthly</td><td>06-01-2026</td><td>3.26%</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Chile</td><td>96.856.400-5</td><td>El Trovador S.A.</td><td>Chile</td><td>UF</td><td>Monthly</td><td>02-08-2030</td><td>3.10%</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Chile</td><td>76.976.580-8</td><td>Sociedad Comercial Grandleasing Chile Ltda</td><td>Chile</td><td>UF</td><td>Monthly</td><td>08-26-2024</td><td>2.72%</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Chile</td><td>76.536.499-K</td><td>Jungheinrich Rentalif SPA</td><td>Chile</td><td>UF</td><td>Monthly</td><td>10-07-2024</td><td>3.49%</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Chile</td><td>76.320.186-4</td><td>Tecno Fast S.A.</td><td>Chile</td><td>UF</td><td>Monthly</td><td>12-31-2022</td><td>1.44%</td></tr><tr><td>96.592.190-7</td><td>SQM Nitratos S.A.</td><td>Chile</td><td>76.536.499-K</td><td>Jungheinrich Rentalif SPA</td><td>Chile</td><td>UF</td><td>Monthly</td><td>10-07-2024</td><td>3.49%</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Chile</td><td>76.536.499-K</td><td>Jungheinrich Rentalif SPA</td><td>Chile</td><td>UF</td><td>Monthly</td><td>10-07-2024</td><td>3.49%</td></tr><tr><td>79.768.170-9</td><td>Soquimich Comercial S.A.</td><td>Chile</td><td>96.662.540-6</td><td>Containers Operators S.A.</td><td>Chile</td><td>UF</td><td>Monthly</td><td>12-31-2022</td><td>0.81%</td></tr><tr><td>79.768.170-9</td><td>Soquimich Comercial S.A.</td><td>Chile</td><td>76.729.932-K</td><td>SAAM Logistics S.A.</td><td>Chile</td><td>UF</td><td>Monthly</td><td>08-01-2022</td><td>0.81%</td></tr></table>



<table><tr><td colspan="3">Debtor</td><td colspan="3">Creditor</td><td rowspan="2">Contract indexation unit</td><td rowspan="2">Type of amortization</td><td rowspan="2">Maturity date</td><td rowspan="2">Effective rate</td></tr><tr><td>Tax ID No.</td><td>Company</td><td>Country</td><td>TAX ID No.</td><td>Supplier</td><td>Country</td></tr><tr><td>79.768.170-9</td><td>Soquimich Comercial S.A.</td><td>Chile</td><td>91.577.000-2</td><td>Muelles de Penco S.A.</td><td>Chile</td><td>UF</td><td>Monthly</td><td>07-06-2023</td><td>1.30%</td></tr><tr><td>79.768.170-9</td><td>Soquimich Comercial S.A.</td><td>Chile</td><td>91.577.000-2</td><td>Muelles de Penco S.A.</td><td>Chile</td><td>UF</td><td>Monthly</td><td>07-06-2023</td><td>1.30%</td></tr><tr><td>79.768.170-9</td><td>Soquimich Comercial S.A.</td><td>Chile</td><td>76.722.280-7</td><td>Inmobiliaria Chincui SPA</td><td>Chile</td><td>UF</td><td>Monthly</td><td>05-01-2028</td><td>3.38%</td></tr><tr><td>79.768.170-9</td><td>Soquimich Comercial S.A.</td><td>Chile</td><td>96.565.580-8</td><td>Compañía de Leasing Tattersall S.A.</td><td>Chile</td><td>UF</td><td>Monthly</td><td>07-05-2025</td><td>2.97%</td></tr><tr><td>76.359.919-1</td><td>Orcoma Estudios SpA</td><td>Chile</td><td>70.017.320-8</td><td>Obispado de Iquique</td><td>Chile</td><td>CLP</td><td>Monthly</td><td>07-12-2036</td><td>6.16%</td></tr><tr><td>76.359.919-1</td><td>Orcoma Estudios SpA</td><td>Chile</td><td>73.190.800-1</td><td>Comunidad Indígena Aymara Pueblo de Pisiga Choque</td><td>Chile</td><td>UF</td><td>Monthly</td><td>07-12-2024</td><td>2.53%</td></tr><tr><td>76.359.919-1</td><td>Orcoma Estudios SpA</td><td>Chile</td><td>6.848.218-6</td><td>Ruth del Carmen Cortez Maturana</td><td>Chile</td><td>Peso</td><td>Monthly</td><td>07-12-2031</td><td>7.44%</td></tr><tr><td>Foreign</td><td>SQM North America Corp.</td><td>USA</td><td>Foreign</td><td>Paces West LL.</td><td>USA</td><td>Dollar</td><td>Monthly</td><td>12-31-2027</td><td>3.36%</td></tr><tr><td>Foreign</td><td>SQM North America Corp.</td><td>USA</td><td>Foreign</td><td>Hawkins Nunmber One, LLC</td><td>USA</td><td>Dollar</td><td>Monthly</td><td>08-31-2024</td><td>3.33%</td></tr><tr><td>Foreign</td><td>SQM North America Corp.</td><td>USA</td><td>Foreign</td><td>Deep South Equipment Company</td><td>USA</td><td>Dollar</td><td>Monthly</td><td>03-24-2024</td><td>1.33%</td></tr><tr><td>Foreign</td><td>SQM North America Corp.</td><td>USA</td><td>Foreign</td><td>Tennant-South</td><td>USA</td><td>Dollar</td><td>Monthly</td><td>07-02-2023</td><td>1.00%</td></tr><tr><td>Foreign</td><td>SQM Comercial de México S.A. de C.V.</td><td>Mexico</td><td>Foreign</td><td>Onni Ensenada S.A. de C.V.</td><td>Mexico</td><td>Dollar</td><td>Monthly</td><td>12-03-2026</td><td>3.45%</td></tr><tr><td>Foreign</td><td>SQM Comercial de México S.A. de C.V.</td><td>Mexico</td><td>Foreign</td><td>Madol Inmobiliaria S.A. de C.V.</td><td>Mexico</td><td>Mexican Peso</td><td>Monthly</td><td>10-31-2023</td><td>7.84%</td></tr><tr><td>Foreign</td><td>SQM Comercial de México S.A. de C.V.</td><td>Mexico</td><td>Foreign</td><td>Madol Inmobiliaria S.A. de C.V.</td><td>Mexico</td><td>Mexican Peso</td><td>Monthly</td><td>10-31-2023</td><td>7.84%</td></tr><tr><td>Foreign</td><td>SQM Europe N.V.</td><td>Belgium</td><td>Foreign</td><td>Straatsburgdok N.V.</td><td>Belgium</td><td>Euro</td><td>Monthly</td><td>03-31-2027</td><td>1.30%</td></tr><tr><td>Foreign</td><td>SQM Australia PTY</td><td>Australia</td><td>Foreign</td><td>Eagle Petroleum (WA) Pty Ltd</td><td>Australia</td><td>Australian dollar</td><td>Monthly</td><td>06-21-2022</td><td>5.00%</td></tr><tr><td>Foreign</td><td>SQM Australia PTY</td><td>Australia</td><td>Foreign</td><td>The trust Company (Australia) Pty Ltd</td><td>Australia</td><td>Australian dollar</td><td>Monthly</td><td>01-31-2021</td><td>3.60%</td></tr><tr><td>Foreign</td><td>SQM Australia PTY</td><td>Australia</td><td>Foreign</td><td>Ausco Modular Pty Limited</td><td>Australia</td><td>Australian dollar</td><td>Monthly</td><td>01-31-2023</td><td>5.00%</td></tr><tr><td>Foreign</td><td>SQM Australia PTY</td><td>Australia</td><td>Foreign</td><td>Western Australian Land Authority</td><td>Australia</td><td>Australian dollar</td><td>Monthly</td><td>08-31-2051</td><td>3.55%</td></tr><tr><td>Foreign</td><td>SQM Colombia S.A.S.</td><td>Colombia</td><td>Foreign</td><td>Mareauto Colombia S.A.S.</td><td>Colombia</td><td>COP</td><td>Monthly</td><td>12-18-2023</td><td>2.01%</td></tr><tr><td>Foreign</td><td>SQM Colombia S.A.S.</td><td>Colombia</td><td>Foreign</td><td>Renting Colombia S.A.</td><td>Colombia</td><td>COP</td><td>Monthly</td><td>10-16-2024</td><td>2.72%</td></tr><tr><td>Foreign</td><td>SQM Colombia S.A.S.</td><td>Colombia</td><td>Foreign</td><td>Renting Colombia S.A.</td><td>Colombia</td><td>COP</td><td>Monthly</td><td>12-27-2024</td><td>2.17%</td></tr></table>



(a) As of December 31, 2021, and 2020, current lease liabilities are analyzed as follows:

<table><tr><td rowspan="2">Debtor</td><td rowspan="2">Creditor</td><td colspan="4">Nominal amounts as of December 31,2021</td><td colspan="4">Amounts at amortized cost as of December 31, 2021</td></tr><tr><td>Up to 90 days</td><td>90 days to 1 year</td><td>Total</td><td>Up to 90 days</td><td>90 days to 1 year</td><td>Total</td><td></td><td></td></tr><tr><td>Company</td><td>Supplier</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td><td>ThUS\)</td><td></td></tr><tr><td>SQM Salar S.A.</td><td>Empresa Constructora Contex Ltda</td><td>540</td><td>1,618</td><td>2,158</td><td>457</td><td>1,407</td><td>1,864</td><td></td><td></td></tr><tr><td>SQM Salar S.A.</td><td>Maquinarias Industriales Astudillo Hermanos Ltda.</td><td>100</td><td>300</td><td>400</td><td>89</td><td>272</td><td>361</td><td></td><td></td></tr><tr><td>SQM Salar S.A.</td><td>SKM Industrial Ltda.</td><td>202</td><td>135</td><td>337</td><td>197</td><td>133</td><td>330</td><td></td><td></td></tr><tr><td>SQM Salar S.A.</td><td>Maquinarias Industriales Astudillo Hermanos Ltda.</td><td>48</td><td>145</td><td>193</td><td>43</td><td>132</td><td>175</td><td></td><td></td></tr><tr><td>SQM Salar S.A.</td><td>Sociedad Inmobiliaria Amaru SpA</td><td>49</td><td>146</td><td>195</td><td>47</td><td>144</td><td>191</td><td></td><td></td></tr><tr><td>SQM Salar S.A.</td><td>Maquinarias Industriales Astudillo Hermanos Ltda.</td><td>8</td><td>23</td><td>31</td><td>7</td><td>20</td><td>27</td><td></td><td></td></tr><tr><td>SQM Industrial S.A.</td><td>El Trovador S.A.</td><td>466</td><td>1,399</td><td>1,865</td><td>364</td><td>1,110</td><td>1,474</td><td></td><td></td></tr><tr><td>SQM Industrial S.A.</td><td>Sociedad Comercial Grandleasing Chile Ltda</td><td>180</td><td>541</td><td>721</td><td>168</td><td>512</td><td>680</td><td></td><td></td></tr><tr><td>SQM Industrial S.A.</td><td>Jungheinrich Rentallift SpA</td><td>30</td><td>88</td><td>118</td><td>27</td><td>82</td><td>109</td><td></td><td></td></tr><tr><td>SQM Industrial S.A.</td><td>Tecnofast</td><td>18</td><td>56</td><td>74</td><td>18</td><td>55</td><td>73</td><td></td><td></td></tr><tr><td>SQM Nitratos S.A.</td><td>Jungheinrich Rentallift SpA</td><td>18</td><td>55</td><td>73</td><td>17</td><td>50</td><td>67</td><td></td><td></td></tr><tr><td>SQM S.A.</td><td>Jungheinrich Rentallift SpA</td><td>20</td><td>59</td><td>79</td><td>18</td><td>55</td><td>73</td><td></td><td></td></tr><tr><td>Orcoma Estudios SpA</td><td>Obispado de Iquique</td><td>1</td><td>4</td><td>5</td><td>1</td><td>1</td><td>2</td><td></td><td></td></tr><tr><td>Orcoma Estudios SpA</td><td>Comunidad Indígena Aymara Pueblo de Pisiga Choque</td><td>1</td><td>5</td><td>6</td><td>1</td><td>4</td><td>5</td><td></td><td></td></tr><tr><td>Orcoma Estudios SpA</td><td>Ruth del Carmen Cortez Maturana</td><td>1</td><td>3</td><td>4</td><td>1</td><td>1</td><td>2</td><td></td><td></td></tr><tr><td>Soquimich Comercial S.A.</td><td>Container Operators S.A.</td><td>86</td><td>257</td><td>343</td><td>85</td><td>257</td><td>342</td><td></td><td></td></tr><tr><td>Soquimich Comercial S.A.</td><td>Muelles de Penco S.A.</td><td>41</td><td>124</td><td>165</td><td>41</td><td>122</td><td>163</td><td></td><td></td></tr><tr><td>Soquimich Comercial S.A.</td><td>Muelles de Penco S.A.</td><td>44</td><td>134</td><td>178</td><td>44</td><td>131</td><td>175</td><td></td><td></td></tr><tr><td>Soquimich Comercial S.A.</td><td>Inmobiliaria Chinciu SPATtersall S.A.</td><td>157</td><td>471</td><td>628</td><td>127</td><td>388</td><td>515</td><td></td><td></td></tr><tr><td>Soquimich Comercial S.A.</td><td>Compañía de Leasing Tattersall S.A.</td><td>58</td><td>174</td><td>232</td><td>52</td><td>161</td><td>213</td><td></td><td></td></tr><tr><td>SQM North America Corp.</td><td>Paces West LL.</td><td>55</td><td>168</td><td>223</td><td>44</td><td>138</td><td>182</td><td></td><td></td></tr><tr><td>SQM North America Corp.</td><td>Hawkins Nunmber One, LLC</td><td>32</td><td>98</td><td>130</td><td>30</td><td>91</td><td>121</td><td></td><td></td></tr><tr><td>SQM North America Corp.</td><td>Deep South Equipment Company</td><td>1</td><td>4</td><td>5</td><td>1</td><td>4</td><td>5</td><td></td><td></td></tr><tr><td>SQM North America Corp.</td><td>Tennant- South</td><td>2</td><td>4</td><td>6</td><td>1</td><td>5</td><td>6</td><td></td><td></td></tr><tr><td>SQM Comercial de México S.A. de C.V.</td><td>Onni Ensenada S.A. de C.V.</td><td>99</td><td>296</td><td>395</td><td>84</td><td>254</td><td>338</td><td></td><td></td></tr><tr><td>SQM Comercial de México S.A. de C.V.</td><td>Madol Inmobiliaria S.A. de C.V.</td><td>20</td><td>58</td><td>78</td><td>17</td><td>53</td><td>70</td><td></td><td></td></tr><tr><td>SQM Comercial de México S.A. de C.V.</td><td>Madol Inmobiliaria S.A. de C.V.</td><td>7</td><td>21</td><td>28</td><td>6</td><td>19</td><td>25</td><td></td><td></td></tr><tr><td>SQM Europe N.V.</td><td>Straatsburgdok N.V.</td><td>102</td><td>306</td><td>408</td><td>95</td><td>288</td><td>383</td><td></td><td></td></tr><tr><td>SQM Australia PTY</td><td>Ausco Modular Pty Limited</td><td>9</td><td>25</td><td>34</td><td>8</td><td>24</td><td>32</td><td></td><td></td></tr><tr><td>SQM Australia PTY</td><td>Western Australian Land Authority</td><td>(52)</td><td>(227)</td><td>(279)</td><td>(103)</td><td>(244)</td><td>(347)</td><td></td><td></td></tr><tr><td>SQM Australia PTY</td><td>Eagle Petroleum (WA) Pty Ltd</td><td>5</td><td>6</td><td>11</td><td>3</td><td>8</td><td>11</td><td></td><td></td></tr><tr><td>SQM Australia PTY</td><td>Knight Frank</td><td>12</td><td>-</td><td>12</td><td>12</td><td>-</td><td>12</td><td></td><td></td></tr><tr><td>SQM Colombia S.A.S.</td><td>Mareauto Colombia S.A.S.</td><td>2</td><td>4</td><td>6</td><td>2</td><td>4</td><td>6</td><td></td><td></td></tr><tr><td>SQM Colombia S.A.S.</td><td>Renting Colombia S.A.</td><td>2</td><td>7</td><td>9</td><td>2</td><td>7</td><td>9</td><td></td><td></td></tr><tr><td>SQM Colombia S.A.S.</td><td>Renting Colombia S.A.</td><td>3</td><td>7</td><td>10</td><td>3</td><td>7</td><td>10</td><td></td><td></td></tr><tr><td>Total</td><td></td><td>2,367</td><td>6,514</td><td>8,881</td><td>2,009</td><td>5,695</td><td>7,704</td><td></td><td></td></tr></table>



<table><tr><td rowspan="2">Debtor</td><td rowspan="2">Creditor</td><td colspan="3">Nominal amounts as of December 31, 2020</td><td colspan="3">Amounts at amortized cost as of December 31, 2020</td></tr><tr><td>Up to 90 days</td><td>90 days to 1 year</td><td>Total</td><td>Up to 90 days</td><td>90 days to 1 year</td><td>Total</td></tr><tr><td>Company</td><td>Supplier</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td></tr><tr><td>SQM Salar S.A.</td><td>Empresa Constructora Contex Ltda</td><td>536</td><td>-</td><td>536</td><td>536</td><td>-</td><td>536</td></tr><tr><td>SQM Salar S.A.</td><td>Transportes, Construcción y Servicios Cribach Ltda</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>SQM Salar S.A.</td><td>SKM Industrial Ltda.</td><td>202</td><td>607</td><td>809</td><td>181</td><td>566</td><td>747</td></tr><tr><td>SQM Salar S.A.</td><td>Ameco Chile S.A.</td><td>135</td><td>-</td><td>135</td><td>134</td><td>-</td><td>134</td></tr><tr><td>SQM Industrial S.A.</td><td>El Trovador S.A.</td><td>466</td><td>1,399</td><td>1,865</td><td>353</td><td>1,076</td><td>1,429</td></tr><tr><td>SQM Industrial S.A.</td><td>Sociedad Comercial Grandleasing Chile Ltda</td><td>180</td><td>540</td><td>720</td><td>164</td><td>498</td><td>662</td></tr><tr><td>Soquimich Comercial S.A.</td><td>SAAM Logistics S.A.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Soquimich Comercial S.A.</td><td>Muelles de Penco S.A.</td><td>41</td><td>124</td><td>165</td><td>54</td><td>107</td><td>161</td></tr><tr><td>Soquimich Comercial S.A.</td><td>Muelles de Penco S.A.</td><td>44</td><td>133</td><td>177</td><td>57</td><td>115</td><td>172</td></tr><tr><td>Soquimich Comercial S.A.</td><td>Inmobiliaria Chinciu SPA</td><td>157</td><td>471</td><td>628</td><td>123</td><td>376</td><td>499</td></tr><tr><td>Soquimich Comercial S.A.</td><td>Compañía de Leasing Tattersall S.A.</td><td>55</td><td>18</td><td>73</td><td>54</td><td>18</td><td>72</td></tr><tr><td>SQM North America Corp.</td><td>Paces West LL.</td><td>53</td><td>163</td><td>216</td><td>41</td><td>128</td><td>169</td></tr><tr><td>SQM North America Corp.</td><td>Hawkins N number One, LLC</td><td>31</td><td>96</td><td>127</td><td>28</td><td>85</td><td>113</td></tr><tr><td>SQM Comercial de México S.A. de C.V.</td><td>Onni Ensenada S.A. de C.V.</td><td>99</td><td>296</td><td>395</td><td>81</td><td>246</td><td>327</td></tr><tr><td>SQM Comercial de México S.A. de C.V.</td><td>Madol Inmobiliaria S.A. de C.V.</td><td>20</td><td>59</td><td>79</td><td>16</td><td>49</td><td>65</td></tr><tr><td>SQM Comercial de México S.A. de C.V.</td><td>Madol Inmobiliaria S.A. de C.V.</td><td>7</td><td>21</td><td>28</td><td>6</td><td>18</td><td>24</td></tr><tr><td>SQM Europe N.V.</td><td>Straatsburgdok N.V.</td><td>91</td><td>302</td><td>393</td><td>83</td><td>279</td><td>362</td></tr><tr><td>SQM Australia PTY</td><td>The trust Company (Australia) Pty Ltd</td><td>14</td><td>42</td><td>56</td><td>14</td><td>42</td><td>56</td></tr><tr><td>Total</td><td></td><td>2,131</td><td>4,271</td><td>6,402</td><td>1,925</td><td>3,603</td><td>5,528</td></tr></table>



(b) As of December 31, 2021 and 2020, the non-current lease liabilities are analyzed as follows:

<table><tr><td>Debtor</td><td>Creditor</td><td colspan="4">Nominal amounts as of December 31,2021</td><td colspan="4">Actual amounts as of December 31,2021</td></tr><tr><td rowspan="2">Company</td><td rowspan="2">Supplier</td><td>1-2 Years</td><td>2-3 Years</td><td>3-4 Years</td><td>Total</td><td>1-2 Years</td><td>2-3 Years</td><td>3-4 Years</td><td>1-2 Years</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>THUS\(</td><td>ThUS\)</td></tr><tr><td>SQM Salar S.A.</td><td>Empresa Constructora Contex Ltda</td><td>4,317</td><td>540</td><td>-</td><td>4,857</td><td>4,036</td><td>535</td><td>-</td><td>4,571</td></tr><tr><td>SQM Salar S.A.</td><td>Maquinarias Industriales Astudillo Hermanos Ltda.</td><td>800</td><td>434</td><td>-</td><td>1,234</td><td>754</td><td>426</td><td>-</td><td>1,180</td></tr><tr><td>SQM Salar S.A.</td><td>SKM Industrial Ltda.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>SQM Salar S.A.</td><td>Maquinarias Industriales Astudillo Hermanos Ltda.</td><td>386</td><td>177</td><td>-</td><td>563</td><td>365</td><td>174</td><td>-</td><td>539</td></tr><tr><td>SQM Salar S.A.</td><td>Sociedad Inmobiliaria Amaru SpA</td><td>98</td><td>-</td><td>-</td><td>98</td><td>97</td><td>-</td><td>-</td><td>97</td></tr><tr><td>SQM Salar S.A.</td><td>Maquinarias Industriales Astudillo Hermanos Ltda.</td><td>62</td><td>44</td><td>-</td><td>106</td><td>57</td><td>43</td><td>-</td><td>100</td></tr><tr><td>SQM Industrial S.A.</td><td>El Trovador S.A.</td><td>3,730</td><td>5,594</td><td>4,040</td><td>13,364</td><td>3,086</td><td>4,997</td><td>3,905</td><td>11,988</td></tr><tr><td>SQM Industrial S.A.</td><td>Sociedad Comercial Grandleasing Chile Ltda</td><td>1,141</td><td>-</td><td>-</td><td>1,141</td><td>1,115</td><td>-</td><td>-</td><td>1,115</td></tr><tr><td>SQM Industrial S.A.</td><td>Jungehineich Rentalift SpA</td><td>216</td><td>-</td><td>-</td><td>216</td><td>209</td><td>-</td><td>-</td><td>209</td></tr><tr><td>SQM Industrial S.A.</td><td>Tecnofast</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>SQM Nitratos S.A.</td><td>Jungehineich Rentalift SpA</td><td>134</td><td>-</td><td>-</td><td>134</td><td>129</td><td>-</td><td>-</td><td>129</td></tr><tr><td>SQM S.A.</td><td>Jungehineich Rentalift SpA</td><td>145</td><td>-</td><td>-</td><td>145</td><td>141</td><td>-</td><td>-</td><td>141</td></tr><tr><td>Orcoma Estudios SpA</td><td>Obispado de Iquique</td><td>10</td><td>14</td><td>41</td><td>65</td><td>5</td><td>8</td><td>32</td><td>45</td></tr><tr><td>Orcoma Estudios SpA</td><td>Comunidad Indígena Ayamara Pueblo de Pisiga Choque</td><td>8</td><td>-</td><td>-</td><td>8</td><td>8</td><td>-</td><td>-</td><td>8</td></tr><tr><td>Orcoma Estudios SpA</td><td>Ruth del Carmen Cortez Maturana</td><td>8</td><td>12</td><td>14</td><td>34</td><td>5</td><td>8</td><td>12</td><td>25</td></tr><tr><td>Soquimich Comercial S.A.</td><td>Container Operators S.A.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>Soquimich Comercial S.A.</td><td>Muelles de Penco S.A.</td><td>96</td><td>-</td><td>-</td><td>96</td><td>96</td><td>-</td><td>-</td><td>96</td></tr><tr><td>Soquimich Comercial S.A.</td><td>Muelles de Penco S.A.</td><td>104</td><td>-</td><td>-</td><td>104</td><td>103</td><td>-</td><td>-</td><td>103</td></tr><tr><td>Soquimich Comercial S.A.</td><td>Inmobiliaria Chinciu SPA</td><td>1,255</td><td>1,883</td><td>261</td><td>3,399</td><td>1,082</td><td>1,766</td><td>259</td><td>3,107</td></tr><tr><td>Soquimich Comercial S.A.</td><td>Compañía de Leasing Tattersall S.A.</td><td>465</td><td>116</td><td>-</td><td>581</td><td>444</td><td>115</td><td>-</td><td>559</td></tr><tr><td>SQM North America Corp.</td><td>Paces West LL.</td><td>465</td><td>752</td><td>-</td><td>1,217</td><td>403</td><td>714</td><td>-</td><td>1,117</td></tr><tr><td>SQM North America Corp.</td><td>Hawkins Number One, LLC</td><td>224</td><td>-</td><td>-</td><td>224</td><td>217</td><td>-</td><td>-</td><td>217</td></tr><tr><td>SQM North America Corp.</td><td>Deep South Equipment Company</td><td>6</td><td>-</td><td>-</td><td>6</td><td>6</td><td>-</td><td>-</td><td>6</td></tr><tr><td>SQM North America Corp.</td><td>Tennant- South</td><td>3</td><td>-</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td><td>3</td></tr><tr><td>SQM Comercial de México S.A. de C.V.</td><td>Onni Ensenada S.A. de C.V.</td><td>789</td><td>756</td><td>-</td><td>1,545</td><td>713</td><td>731</td><td>-</td><td>1,444</td></tr><tr><td>SQM Comercial de México S.A. de C.V.</td><td>Madol Inmobiliaria S.A. de C.V.</td><td>65</td><td>-</td><td>-</td><td>65</td><td>63</td><td>-</td><td>-</td><td>63</td></tr><tr><td>SQM Comercial de México S.A. de C.V.</td><td>Madol Inmobiliaria S.A. de C.V.</td><td>24</td><td>-</td><td>-</td><td>24</td><td>23</td><td>-</td><td>-</td><td>23</td></tr><tr><td>SQM Europe N.V.</td><td>Straatsburgdok N.V.</td><td>844</td><td>1,015</td><td>-</td><td>1,859</td><td>807</td><td>1,000</td><td>-</td><td>1,807</td></tr><tr><td>SQM Australia PTY</td><td>Ausco Modular Pty Limited</td><td>15</td><td>-</td><td>-</td><td>15</td><td>15</td><td>-</td><td>-</td><td>15</td></tr><tr><td>SQM Australia PTY</td><td>Western Australian Land Authority</td><td>1,184</td><td>2,995</td><td>24,724</td><td>28,903</td><td>(86)</td><td>1,146</td><td>16,710</td><td>17,770</td></tr><tr><td>SQM Colombia S.A.S.</td><td>Mareauto Colombia S.A.S.</td><td>6</td><td>-</td><td>-</td><td>6</td><td>6</td><td>-</td><td>-</td><td>6</td></tr><tr><td>SQM Colombia S.A.S.</td><td>Renting Colombia S.A.</td><td>15</td><td>-</td><td>-</td><td>15</td><td>15</td><td>-</td><td>-</td><td>15</td></tr><tr><td>SQM Colombia S.A.S.</td><td>Renting Colombia S.A.</td><td>21</td><td>-</td><td>-</td><td>21</td><td>21</td><td>-</td><td>-</td><td>21</td></tr><tr><td>Total</td><td></td><td>16,636</td><td>14,332</td><td>29,080</td><td>60,048</td><td>13,938</td><td>11,663</td><td>20,918</td><td>46,519</td></tr></table>



<table><tr><td rowspan="2">Debtor</td><td rowspan="2">Creditor</td><td colspan="6">Nominal amounts as of December 31,2020</td><td colspan="5">Actual amounts as of December 31,2021</td></tr><tr><td>1-2 Years</td><td>2-3 Years</td><td>3-4 Years</td><td>Total</td><td>1-2 Years</td><td>2-3 Years</td><td>3-4 Years</td><td></td><td>Total</td><td></td><td></td></tr><tr><td>Company</td><td>Supplier</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS$</td><td></td><td></td></tr><tr><td>SQM Salar S.A.</td><td>Empresa Constructorca Contex Ltda</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>-</td><td>-</td></tr><tr><td>SQM Salar S.A.</td><td>Transportes, Construcción y Servicios Cribach Ltda</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>-</td><td>-</td></tr><tr><td>SQM Salar S.A.</td><td>SKM Industrial Ltda.</td><td>337</td><td>-</td><td>-</td><td>337</td><td>330</td><td>-</td><td>-</td><td></td><td>330</td><td></td><td></td></tr><tr><td>SQM Salar S.A.</td><td>Ameco Chile S.A.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>-</td><td>-</td></tr><tr><td>SQM Industrial S.A.</td><td>El Trovador S.A.</td><td>3,730</td><td>5,594</td><td>5,905</td><td>15,229</td><td>2,993</td><td>4,847</td><td>5,622</td><td>13,462</td><td></td><td></td><td></td></tr><tr><td>SQM Industrial S.A.</td><td>Sociedad Comercial Grandleasing Chile Ltda</td><td>1,441</td><td>420</td><td>-</td><td>1,861</td><td>1,379</td><td>417</td><td>-</td><td>1,796</td><td></td><td></td><td></td></tr><tr><td>Soquimich Comercial S.A.</td><td>SAAM Logistics S.A.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td></td><td></td></tr><tr><td>Soquimich Comercial S.A.</td><td>Muelles de Penco S.A.</td><td>262</td><td>-</td><td>-</td><td>262</td><td>163</td><td>96</td><td>-</td><td>259</td><td></td><td></td><td></td></tr><tr><td>Soquimich Comercial S.A.</td><td>Muelles de Penco S.A.</td><td>281</td><td>-</td><td>-</td><td>281</td><td>175</td><td>103</td><td>-</td><td>278</td><td></td><td></td><td></td></tr><tr><td>Soquimich Comercial S.A.</td><td>Inmobiliaria Chinciu SPA</td><td>1,255</td><td>1,883</td><td>889</td><td>4,027</td><td>1,047</td><td>1,707</td><td>867</td><td>3,621</td><td></td><td></td><td></td></tr><tr><td>Soquimich Comercial S.A.</td><td>Compañía de Leasing Tattersall S.A.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td></td><td></td></tr><tr><td>SQM North America Corp.</td><td>Paces West LL.</td><td>452</td><td>730</td><td>258</td><td>1,440</td><td>377</td><td>668</td><td>253</td><td>1,298</td><td></td><td></td><td></td></tr><tr><td>SQM North America Corp.</td><td>Hawkins Number One, LLC</td><td>263</td><td>90</td><td>-</td><td>353</td><td>249</td><td>89</td><td>-</td><td>338</td><td></td><td></td><td></td></tr><tr><td>SQM Comercial de México S.A. de C.V.</td><td>Onni Ensenada S.A. de C.V.</td><td>789</td><td>1,151</td><td>-</td><td>1,940</td><td>689</td><td>1,094</td><td>-</td><td>1,783</td><td></td><td></td><td></td></tr><tr><td>SQM Comercial de México S.A. de C.V.</td><td>Madol Inmobiliaria S.A. de C.V.</td><td>144</td><td>-</td><td>-</td><td>144</td><td>133</td><td>-</td><td>-</td><td>133</td><td></td><td></td><td></td></tr><tr><td>SQM Comercial de México S.A. de C.V.</td><td>Madol Inmobiliaria S.A. de C.V.</td><td>52</td><td>-</td><td>-</td><td>52</td><td>48</td><td>-</td><td>-</td><td>48</td><td></td><td></td><td></td></tr><tr><td>SQM Europe N.V.</td><td>Straatsburgdok N.V.</td><td>816</td><td>1,339</td><td>113</td><td>2,268</td><td>768</td><td>1,308</td><td>113</td><td>2,189</td><td></td><td></td><td></td></tr><tr><td>SQM Australia PTY</td><td>The trust Company (Australia) Pty Ltd</td><td>11</td><td>-</td><td>-</td><td>11</td><td>11</td><td>-</td><td>-</td><td>11</td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>9,833</td><td>11,207</td><td>7,165</td><td>28,205</td><td>8,362</td><td>10,329</td><td>6,855</td><td>25,546</td><td></td><td></td><td></td></tr></table>



## Other lease disclosures

Total lease expenses related to lease payments that did not qualify under the scope of IFRS 16 were ThUS$ 71,897 and ThUS$ 61,689 for the periods ended December 31, 2021 and 2020. See Note 23.8.

Expenses related to variable payments not included in lease liabilities were MUSS 1,313 and MUSS 1,117 for the periods ending December 31, 2021 and 2020.

Income from subleases on right-of-use assets were ThUS$ 146 and ThUS$ 176 as of December 31, 2021 and 2020, respectively.

Payments for contractual operating leases are disclosed in Note 4.2 Liquidity Risk.



## Note 15 Intangible assets and goodwill

## 15.1 Reconciliation of changes in intangible assets and goodwill

<table><tr><td colspan="3">As of December 31, 2021</td></tr><tr><td rowspan="2">Intangible assets and goodwill</td><td rowspan="2">Useful life</td><td>Net Value</td></tr><tr><td>ThUS\(</td></tr><tr><td>IT programs</td><td>Finite</td><td>3,447</td></tr><tr><td>Mining rights</td><td>Finite</td><td>149,532</td></tr><tr><td>Water rights and rights of way</td><td>Indefinite</td><td>4,909</td></tr><tr><td>Water rights</td><td>Finite</td><td>15,158</td></tr><tr><td>Customer-related intangible</td><td>Finite</td><td>-</td></tr><tr><td>Intellectual property</td><td>Finite</td><td>6,481</td></tr><tr><td>Other intangible assets</td><td>Finite</td><td>131</td></tr><tr><td>Intangible assets other than goodwill</td><td></td><td>179,658</td></tr><tr><td>Goodwill</td><td>Indefinite</td><td>34,596</td></tr><tr><td>Total Intangible Asset</td><td></td><td>214,254</td></tr></table>

<table><tr><td colspan="3">As of December 31, 2020</td></tr><tr><td rowspan="2">Intangible assets and goodwill</td><td rowspan="2">Useful life</td><td>Net Value</td></tr><tr><td>ThUS\(</td></tr><tr><td>IT programs</td><td>Finite</td><td>4,826</td></tr><tr><td>Mining rights</td><td>Finite</td><td>150,046</td></tr><tr><td>Water rights and rights of way</td><td>Indefinite</td><td>23,343</td></tr><tr><td>Customer-related intangible</td><td>Finite</td><td>-</td></tr><tr><td>Other intangible assets</td><td>Finite</td><td>192</td></tr><tr><td>Intangible assets other than goodwill</td><td></td><td>178,407</td></tr><tr><td>Goodwill</td><td>Indefinite</td><td>41,966</td></tr><tr><td>Total Intangible Asset</td><td></td><td>220,373</td></tr></table>



a) Movements in identifiable intangible assets as of December 31, 2021: 

<table><tr><td rowspan="2">Gross Value<br/>Movements in identifiable intangible assets</td><td>IT programs</td><td>Mining rights,<br/>Finite</td><td>Water rights,<br/>and rights of<br/>way, Indefinite</td><td>Water rights<br/>Finite</td><td>Customer-<br/>related<br/>intangible<br/>assets</td><td>Intellectual<br/>property</td><td>Other intangible<br/>assets</td><td>Goodwill</td><td>Identifiable<br/>intangible<br/>assets</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>THUS\(</td><td>ThUS\)</td><td>ThUS\(</td></tr><tr><td>Opening Balance</td><td>35,281</td><td>160,496</td><td>7,424</td><td>18,000</td><td>1,778</td><td>-</td><td>2,274</td><td>45,500</td><td>270,753</td></tr><tr><td>Additions</td><td>296</td><td>344</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>-</td><td>649</td></tr><tr><td>Other increases / decreases for foreign currency<br/>exchange rates</td><td>(19)</td><td>2,283</td><td>(4)</td><td>-</td><td>-</td><td>-</td><td>(6)</td><td>-</td><td>2,254</td></tr><tr><td>Impairment losses recognized in profit or loss for<br/>the year</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(1)</td><td>-</td></tr><tr><td>Decrease for classification as held for sale</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(1)</td><td>-</td></tr><tr><td>Transferred from available for sale</td><td>-</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(1)</td></tr><tr><td>Other increases (decreases)</td><td>58</td><td>(246)</td><td>-</td><td>-</td><td>-</td><td>7,370</td><td>-</td><td>(7,370)</td><td>(188)</td></tr><tr><td>Total increases (decreases)</td><td>335</td><td>2,397</td><td>(4)</td><td>-</td><td>-</td><td>7,370</td><td>3</td><td>(7,370)</td><td>2,731</td></tr><tr><td>Closing balance</td><td>35,616</td><td>162,893</td><td>7,420</td><td>18,000</td><td>1,778</td><td>7,370</td><td>2,277</td><td>38,130</td><td>273,484</td></tr></table>

<table><tr><td rowspan="2">Accumulated amortization and impairment<br/>Movements in identifiable intangible assets</td><td>IT programs</td><td>Mining rights,<br/>Finite</td><td>Water rights,<br/>and rights of<br/>way, Indefinite</td><td>Water rights<br/>Finite</td><td>Customer-<br/>related<br/>intangible<br/>assets</td><td>Intellectual<br/>property</td><td>Other intangible<br/>assets</td><td>Goodwill</td><td>Identifiable<br/>intangible<br/>assets</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>THUS\(</td><td>ThUS\)</td><td>ThUS\(</td></tr><tr><td>Opening Balance</td><td>(30,455)</td><td>(10,450)</td><td>(2,081)</td><td>-</td><td>(1,778)</td><td>-</td><td>(2,082)</td><td>(3,534)</td><td>(50,380)</td></tr><tr><td>Other increases / decreases for foreign currency<br/>exchange rates</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Other increases (decreases)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(478)</td><td>-</td></tr><tr><td>Impairment losses recognized in profit for the year<br/>(1)</td><td>-</td><td>(48)</td><td>(430)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(478)</td><td>-</td></tr><tr><td>Amortization</td><td>(1,716)</td><td>(2,863)</td><td>-</td><td>(2,842)</td><td>-</td><td>(889)</td><td>(64)</td><td>-</td><td>(8,374)</td></tr><tr><td>Total increases (decreases)</td><td>(1,714)</td><td>(2,911)</td><td>(430)</td><td>(2,842)</td><td>-</td><td>(889)</td><td>(64)</td><td>-</td><td>(8,850)</td></tr><tr><td>Closing balance</td><td>(32,169)</td><td>(13,361)</td><td>(2,511)</td><td>(2,842)</td><td>(1,778)</td><td>(889)</td><td>(2,146)</td><td>(3,534)</td><td>(59,230)</td></tr></table>

(1) See Note 23.5



<table><tr><td rowspan="2">Net value
Movements in Identifiable intangible assets</td><td>IT programs</td><td>Mining rights, Finite</td><td>Water rights, and rights of way, Indefinite</td><td>Water rights
Finite</td><td>Customer-related intangible assets</td><td>Intellectual property</td><td>Other intangible assets</td><td>Goodwill</td><td>Identifiable intangible assets</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>THUS\(</td><td>ThUS\)</td><td>ThUS\(</td></tr><tr><td>Opening Balance</td><td>4,826</td><td>150,046</td><td>5,343</td><td>18,000</td><td>-</td><td>-</td><td>-</td><td>192</td><td>41,966</td></tr><tr><td>Additions</td><td>296</td><td>344</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>-</td><td>649</td></tr><tr><td>Amortization</td><td>(1,716)</td><td>(2,863)</td><td>-</td><td>(2,842)</td><td>-</td><td>(889)</td><td>(64)</td><td>-</td><td>(8,374)</td></tr><tr><td>Impairment losses recognized in profit for the year</td><td>-</td><td>(48)</td><td>(430)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(478)</td></tr><tr><td>Other increases / decreases for foreign currency exchange rates</td><td>(17)</td><td>2,283</td><td>(4)</td><td>-</td><td>-</td><td>-</td><td>(6)</td><td>-</td><td>2,256</td></tr><tr><td>Decreases through sale</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td></tr><tr><td>Transferred from available for sale</td><td>-</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16</td></tr><tr><td>Other increases (decreases)</td><td>58</td><td>(246)</td><td>-</td><td>-</td><td>-</td><td>7,370</td><td>-</td><td>(7,370)</td><td>(188)</td></tr><tr><td>Total increases (decreases)</td><td>(1,379)</td><td>(514)</td><td>(434)</td><td>(2,842)</td><td>-</td><td>6,481</td><td>(61)</td><td>(7,370)</td><td>(6,119)</td></tr><tr><td>Closing balance</td><td>3,447</td><td>149,532</td><td>4,909</td><td>15,158</td><td>-</td><td>6,481</td><td>131</td><td>34,596</td><td>214,254</td></tr></table>

Movements in identifiable intangible assets as of December 31, 2020:

<table><tr><td rowspan="2">Gross Value
Movements in identifiable intangible assets</td><td>IT programs</td><td>Mining rights, Finite</td><td>Water rights, and rights of way, Indefinite</td><td>Customer-related intangible assets</td><td>Other intangible assets</td><td>Goodwill</td><td>Identifiable intangible assets</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>THUS\(</td></tr><tr><td>Opening Balance</td><td>34,471</td><td>158,337</td><td>25,423</td><td>1,778</td><td>2,188</td><td>38,120</td><td>260,317</td></tr><tr><td>Additions</td><td>508</td><td>2,295</td><td>-</td><td>-</td><td>72</td><td>7,380</td><td>10,255</td></tr><tr><td>Other increases / decreases for foreign currency exchange rates</td><td>5</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>6</td></tr><tr><td>Decreases through sale</td><td>-</td><td>(136)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(136)</td></tr><tr><td>Other increases (decreases)</td><td>297</td><td>-</td><td>-</td><td>-</td><td>14</td><td>-</td><td>311</td></tr><tr><td>Total increases (decreases)</td><td>810</td><td>2,159</td><td>1</td><td>-</td><td>86</td><td>7,380</td><td>10,436</td></tr><tr><td>Closing balance</td><td>35,281</td><td>160,496</td><td>25,424</td><td>1,778</td><td>2,274</td><td>45,500</td><td>270,753</td></tr></table>



<table><tr><td>Accumulated amortization and impairment Movements in identifiable intangible assets</td><td>IT programs</td><td>Mining rights, Finite</td><td>Water rights, and rights of way, Indefinite</td><td>Customer-related intangible assets</td><td>Other intangible assets</td><td>Goodwill</td><td>Identifiable intangible assets</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Opening Balance</td><td>(28,460)</td><td>(767)</td><td>(2,081)</td><td>(505)</td><td>(2,026)</td><td>(3,394)</td><td>(37,233)</td></tr><tr><td>Other increases / decreases for foreign currency exchange rates</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other increases (decreases)</td><td>-</td><td>(2)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(2)</td></tr><tr><td>Impairment losses recognized in profit for the year</td><td>(14)</td><td>(654)</td><td>-</td><td>(990)</td><td>-</td><td>(140)</td><td>(1,798)</td></tr><tr><td>Amortization</td><td>(1,981)</td><td>(9,027)</td><td>-</td><td>(283)</td><td>(56)</td><td>-</td><td>(11,347)</td></tr><tr><td>Total increases (decreases)</td><td>(1,995)</td><td>(9,683)</td><td>-</td><td>(1,273)</td><td>(56)</td><td>(140)</td><td>(13,147)</td></tr><tr><td>Closing balance</td><td>(30,455)</td><td>(10,450)</td><td>(2,081)</td><td>(1,778)</td><td>(2,082)</td><td>(3,534)</td><td>(50,380)</td></tr></table>

<table><tr><td>Net value
Movements in Identifiable intangible assets</td><td>IT programs</td><td>Mining rights, Finite</td><td>Water rights, and rights of way, Indefinite</td><td>Customer-related intangible assets</td><td>Other intangible assets</td><td>Goodwill</td><td>Identifiable intangible assets</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Opening Balance</td><td>6,011</td><td>157,570</td><td>23,342</td><td>1,273</td><td>162</td><td>34,726</td><td>223,084</td></tr><tr><td>Additions</td><td>508</td><td>2,295</td><td>-</td><td>-</td><td>72</td><td>7,380</td><td>10,255</td></tr><tr><td>Amortization</td><td>(1,981)</td><td>(9,027)</td><td>-</td><td>(283)</td><td>(56)</td><td>-</td><td>(11,347)</td></tr><tr><td>Impairment losses recognized in profit for the year</td><td>(14)</td><td>(654)</td><td>-</td><td>(990)</td><td>-</td><td>(140)</td><td>(1,798)</td></tr><tr><td>Other increases / decreases for foreign currency exchange rates</td><td>5</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>6</td></tr><tr><td>Decreases through sale</td><td>-</td><td>(136)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(136)</td></tr><tr><td>Other increases (decreases)</td><td>297</td><td>(2)</td><td>-</td><td>-</td><td>14</td><td>-</td><td>309</td></tr><tr><td>Total increases (decreases)</td><td>(1,185)</td><td>(7,524)</td><td>1</td><td>(1,273)</td><td>30</td><td>7,240</td><td>(2,711)</td></tr><tr><td>Closing balance</td><td>4,826</td><td>150,046</td><td>23,343</td><td>-</td><td>192</td><td>41,966</td><td>220,373</td></tr></table>



(b) Movements in identifiable goodwill as of December 31, 2021:

<table><tr><td rowspan="2">Gross Value
Movements in identifiable goodwill</td><td>Opening balance</td><td>Additional recognition</td><td>Impairment losses recognized in profit or loss for the year (-)</td><td>Total increase (decrease)</td><td>Goodwill at end of period</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td></tr><tr><td>SQM Industrial S.A.</td><td>3,214</td><td>-</td><td>-</td><td>-</td><td>3,214</td></tr><tr><td>SQM S.A.</td><td>22,255</td><td>-</td><td>-</td><td>-</td><td>22,255</td></tr><tr><td>SQM Iberian S.A.</td><td>148</td><td>-</td><td>-</td><td>-</td><td>148</td></tr><tr><td>SQM Investment Corporation</td><td>86</td><td>-</td><td>-</td><td>-</td><td>86</td></tr><tr><td>Soquimich Commercial S.A.</td><td>320</td><td>-</td><td>-</td><td>-</td><td>320</td></tr><tr><td>Soquimich European Holding B.V.</td><td>11,383</td><td>-</td><td>-</td><td>-</td><td>11,383</td></tr><tr><td>SQM Holland B.V.</td><td>7,370</td><td>-</td><td>-</td><td>(7,370)</td><td>-</td></tr><tr><td>SQM Potasio S.A.</td><td>724</td><td>-</td><td>-</td><td>-</td><td>724</td></tr><tr><td>Total increases (decreases)</td><td>45,500</td><td>-</td><td>-</td><td>(7,370)</td><td>38,130</td></tr><tr><td>Closing balance</td><td>45,500</td><td>-</td><td>-</td><td>(7,370)</td><td>39,130</td></tr></table>

<table><tr><td rowspan="2">Accumulated impairment
Movements in identifiable goodwill</td><td>Opening balance</td><td>Additional recognition</td><td>Impairment losses recognized in profit or loss for the year (-)</td><td>Total increase (decrease)</td><td>Goodwill at end of period</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td></tr><tr><td>SQM Industrial S.A.</td><td>(3,214)</td><td>-</td><td>-</td><td>-</td><td>(3,214)</td></tr><tr><td>SQM S.A.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>SQM Iberian S.A.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>SQM Investment Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Soquimich Commercial S.A.</td><td>(320)</td><td>-</td><td>-</td><td>-</td><td>(320)</td></tr><tr><td>Soquimich European Holding B.V.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>SQM Holland B.V.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>SQM Potasio S.A.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total increases (decreases)</td><td>(3,534)</td><td>-</td><td>-</td><td>-</td><td>(3,534)</td></tr><tr><td>Closing balance</td><td>(3,534)</td><td>-</td><td>-</td><td>-</td><td>(2,534)</td></tr></table>



<table><tr><td>Net Value
Movements in identifiable goodwill</td><td>Opening balance</td><td>Additional recognition</td><td>Impairment losses recognized in profit or loss for the year (-)</td><td>Total increase (decrease)</td><td>Goodwill at end of period</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>SQM Industrial S.A.</td><td>-</td><td></td><td></td><td></td><td>-</td></tr><tr><td>SQM S.A.</td><td>22,255</td><td>-</td><td>-</td><td>-</td><td>22,255</td></tr><tr><td>SQM Iberian S.A.</td><td>148</td><td>-</td><td>-</td><td>-</td><td>148</td></tr><tr><td>SQM Investment Corporation</td><td>86</td><td>-</td><td>-</td><td>-</td><td>86</td></tr><tr><td>Soquimich Commercial S.A.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Soquimich European Holding B.V.</td><td>11,383</td><td>-</td><td>-</td><td>-</td><td>11,383</td></tr><tr><td>SQM Holland B.V.</td><td>7,370</td><td>-</td><td>-</td><td>(7,370)</td><td>-</td></tr><tr><td>SQM Potasio S.A.</td><td>724</td><td>-</td><td>-</td><td>-</td><td>724</td></tr><tr><td>Total increases (decreases)</td><td>41,966</td><td>-</td><td>-</td><td>(7,370)</td><td>34,596</td></tr><tr><td>Closing balance</td><td>41,966</td><td>-</td><td>-</td><td>(7,370)</td><td></td></tr></table>

Movements in identifiable goodwill as of December 31, 2020

<table><tr><td>Gross Value
Movements in identifiable goodwill</td><td>Opening balance</td><td>Additional recognition</td><td>Impairment losses recognized in profit or loss for the year (-)</td><td>Total increase (decrease)</td><td>Goodwill at end of period</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>SQM Industrial S.A.</td><td>3,214</td><td>-</td><td>-</td><td>-</td><td>3,214</td></tr><tr><td>SQM S.A.</td><td>22,255</td><td>-</td><td>-</td><td>-</td><td>22,255</td></tr><tr><td>SQM Iberian S.A.</td><td>148</td><td>-</td><td>-</td><td>-</td><td>148</td></tr><tr><td>SQM Investment Corporation</td><td>86</td><td>-</td><td>-</td><td>-</td><td>86</td></tr><tr><td>Soquimich Commercial S.A.</td><td>320</td><td>-</td><td>-</td><td>-</td><td>320</td></tr><tr><td>Soquimich European Holding B.V.</td><td>11,373</td><td>10</td><td>-</td><td>10</td><td>11,383</td></tr><tr><td>SQM Holland B.V.</td><td>-</td><td>7,370</td><td>-</td><td>7,370</td><td>7,370</td></tr><tr><td>SQM Potasio S.A.</td><td>724</td><td>-</td><td>-</td><td>-</td><td>724</td></tr><tr><td>Total increases (decreases)</td><td>38,120</td><td>7,380</td><td>-</td><td>7,380</td><td>45,500</td></tr><tr><td>Closing balance</td><td>38,120</td><td>7,380</td><td>-</td><td>7,380</td><td></td></tr></table>



<table><tr><td>Accumulated impairment
Movements in identifiable goodwill</td><td>Opening balance</td><td>Additional
recognition</td><td>Impairment losses recognized
in profit or loss for the year (-)</td><td>Total increase
(decrease)</td><td>Goodwill at
end of period</td></tr><tr><td></td><td>THUS\(</td><td>THUS\)</td><td>THUS\(</td><td>THUS\)</td><td>THUS\(</td></tr><tr><td>SQM Industrial S.A.</td><td>(3,214)</td><td>-</td><td>-</td><td>-</td><td>(3,214)</td></tr><tr><td>SQM S.A.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>SQM Iberian S.A.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>SQM Investment Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Soquimich Comercial S.A.</td><td>(180)</td><td>-</td><td>(140)</td><td>(140)</td><td>(320)</td></tr><tr><td>Soquimich European Holding B.V.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>SQM Holland B.V.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>SQM Potasio S.A.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total increases (decreases)</td><td>(3,394)</td><td>-</td><td>(140)</td><td>(140)</td><td>(3,534)</td></tr><tr><td>Closing balance</td><td>(3,394)</td><td>-</td><td>(140)</td><td>(140)</td><td>(3,534)</td></tr></table>

<table><tr><td>Net Value
Movements in identifiable goodwill</td><td>Opening balance</td><td>Additional
recognition</td><td>Impairment losses recognized
in profit or loss for the year (-)</td><td>Total increase
(decrease)</td><td>Goodwill at
end of period</td></tr><tr><td></td><td>THUS\(</td><td>THUS\)</td><td>THUS\(</td><td>THUS\)</td><td>THUS\(</td></tr><tr><td>SQM Industrial S.A.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>SQM S.A.</td><td>22,255</td><td>-</td><td>-</td><td>-</td><td>22,255</td></tr><tr><td>SQM Iberian S.A.</td><td>148</td><td>-</td><td>-</td><td>-</td><td>148</td></tr><tr><td>SQM Investment Corporation</td><td>86</td><td>-</td><td>-</td><td>-</td><td>86</td></tr><tr><td>Soquimich Comercial S.A.</td><td>140</td><td>-</td><td>(140)</td><td>(140)</td><td>-</td></tr><tr><td>Soquimich European Holding B.V.</td><td>11,373</td><td>10</td><td>-</td><td>10</td><td>11,383</td></tr><tr><td>SQM Holland B.V.</td><td>-</td><td>7,370</td><td>-</td><td>7,370</td><td>7,370</td></tr><tr><td>SQM Potasio S.A.</td><td>724</td><td>-</td><td>-</td><td>-</td><td>724</td></tr><tr><td>Total increases (decreases)</td><td>34,726</td><td>7,380</td><td>(140)</td><td>7,240</td><td>41,966</td></tr><tr><td>Closing balance</td><td>34,726</td><td>7,380</td><td>(140)</td><td>7,24</td><td>41,966</td></tr></table>



## Note 16 Property, plant and equipment

As of December 31, 2021, and 2020, the detail of property, plant and equipment is as follows:

## 16.1 Types of property, plant and equipment

<table><tr><td rowspan="2">Description of types of property, plant and equipment</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Property, plant and equipment, net</td><td></td><td></td></tr><tr><td>Land</td><td>23,507</td><td>23,579</td></tr><tr><td>Buildings</td><td>270,563</td><td>239,666</td></tr><tr><td>Other property, plant and equipment</td><td>32,846</td><td>35,418</td></tr><tr><td>Transport equipment</td><td>2,463</td><td>2,880</td></tr><tr><td>Supplies and accessories</td><td>5,556</td><td>4,183</td></tr><tr><td>Office equipment</td><td>1,386</td><td>459</td></tr><tr><td>Network and communication equipment</td><td>1,359</td><td>1,272</td></tr><tr><td>Mining assets</td><td>38,241</td><td>47,052</td></tr><tr><td>IT equipment</td><td>3,570</td><td>4,083</td></tr><tr><td>Energy generating assets</td><td>3,970</td><td>4,878</td></tr><tr><td>Constructions in progress</td><td>731,787</td><td>486,345</td></tr><tr><td>Machinery, plant and equipment</td><td>896,997</td><td>887,504</td></tr><tr><td>Total</td><td>2,012,225</td><td>1,737,319</td></tr><tr><td>Property, plant and equipment, gross</td><td></td><td></td></tr><tr><td>Land</td><td>23,507</td><td>23,579</td></tr><tr><td>Buildings</td><td>767,096</td><td>705,089</td></tr><tr><td>Other property, plant and equipment</td><td>239,582</td><td>234,238</td></tr><tr><td>Transport equipment</td><td>13,357</td><td>13,030</td></tr><tr><td>Supplies and accessories</td><td>28,786</td><td>26,101</td></tr><tr><td>Office equipment</td><td>12,943</td><td>11,607</td></tr><tr><td>Network and communication equipment</td><td>9,577</td><td>8,951</td></tr><tr><td>Mining assets</td><td>195,889</td><td>194,562</td></tr><tr><td>IT equipment</td><td>30,456</td><td>29,629</td></tr><tr><td>Energy generating assets</td><td>38,540</td><td>38,540</td></tr><tr><td>Constructions in progress</td><td>731,787</td><td>486,345</td></tr><tr><td>Machinery, plant and equipment</td><td>3,464,881</td><td>3,304,061</td></tr><tr><td>Total</td><td>5,556,401</td><td>5,075,732</td></tr><tr><td>Accumulated depreciation and value impairment of property, plant and equipment, total</td><td></td><td></td></tr><tr><td>Accumulated depreciation and impairment of buildings</td><td>(496,533)</td><td>(465,423)</td></tr><tr><td>Accumulated depreciation and impairment of other property, plant and equipment</td><td>(206,736)</td><td>(198,820)</td></tr><tr><td>Accumulated depreciation and impairment of transport equipment</td><td>(10,894)</td><td>(10,150)</td></tr><tr><td>Accumulated depreciation and impairment of supplies and accessories</td><td>(23,230)</td><td>(21,918)</td></tr><tr><td>Accumulated depreciation and impairment of office equipment</td><td>(11,557)</td><td>(11,148)</td></tr><tr><td>Accumulated depreciation and impairment of network and communication equipment</td><td>(8,218)</td><td>(7,679)</td></tr><tr><td>Accumulated depreciation and impairment of mining assets</td><td>(157,648)</td><td>(147,510)</td></tr><tr><td>Accumulated depreciation and impairment of IT equipment</td><td>(26,886)</td><td>(25,546)</td></tr><tr><td>Accumulated depreciation and impairment of energy generating assets</td><td>(34,570)</td><td>(33,662)</td></tr><tr><td>Accumulated depreciation and impairment of machinery, plant and equipment</td><td>(2,567,904)</td><td>(2,416,557)</td></tr><tr><td>Total</td><td>(3,544,176)</td><td>(3,338,413)</td></tr></table>



<table><tr><td rowspan="2">Description of classes of property, plant and equipment</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Property, plant and equipment, net</td><td></td><td></td></tr><tr><td>Pumps</td><td>28,889</td><td>28,184</td></tr><tr><td>Conveyor Belt</td><td>18,294</td><td>20,117</td></tr><tr><td>Crystallizer</td><td>20,189</td><td>22,145</td></tr><tr><td>Plant Equipment</td><td>168,370</td><td>173,335</td></tr><tr><td>Tanks</td><td>22,358</td><td>15,367</td></tr><tr><td>Filter</td><td>41,438</td><td>35,553</td></tr><tr><td>Electrical equipment/facilities</td><td>97,594</td><td>93,937</td></tr><tr><td>Other Property, Plant &amp; Equipment</td><td>71,150</td><td>49,930</td></tr><tr><td>Site Closure</td><td>34,248</td><td>36,828</td></tr><tr><td>Piping</td><td>106,317</td><td>102,578</td></tr><tr><td>Well</td><td>202,982</td><td>226,347</td></tr><tr><td>Pond</td><td>42,547</td><td>41,906</td></tr><tr><td>Spare Parts (1)</td><td>42,601</td><td>41,277</td></tr><tr><td>Total</td><td>896,977</td><td>887,504</td></tr></table>

(1) The reconciliation of the spare parts provision as of December 31, 2021 and 2020 is as follows:

<table><tr><td rowspan="2">Conciliation</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Opening balance</td><td>42,881</td><td>39,265</td></tr><tr><td>Increase in provision</td><td>5,381</td><td>3,616</td></tr><tr><td>Closing balance</td><td>48,262</td><td>42,881</td></tr></table>



## 16.2 Conciliation of changes in property, plant and equipment by type:

Reconciliation of changes in property, plant and equipment by class as of December 31, 2021 and 2020:

<table><tr><td rowspan="2">Reconciliation of changes in property, plant and equipment by class as of December 31, 2021, gross amount</td><td>Land</td><td>Buildings</td><td>Other property, plant and equipment</td><td>Transport equipment</td><td>Supplies and accessories</td><td>Equipment office</td><td>Network and communication equipment</td><td>Mining assets</td><td>IT equipment</td><td>Energy generating assets</td><td>Assets under construction</td><td>Machinery, plant and equipment</td><td>Property, plant and equipment</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>THUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>$ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Opening balance</td><td>23,579</td><td>705,089</td><td>234,238</td><td>13,030</td><td>26,101</td><td>11,607</td><td>8,951</td><td>194,562</td><td>29,629</td><td>38,540</td><td>486,345</td><td>3,304,061</td><td>5,075,732</td></tr><tr><td>Additions</td><td>-</td><td>-</td><td>346</td><td>-</td><td>-</td><td>29</td><td>58</td><td>-</td><td>232</td><td>-</td><td>470,112</td><td>756</td><td>471,533</td></tr><tr><td>Disposals</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Increase (decrease) in foreign currency translation difference</td><td>(72)</td><td>(152)</td><td>(8)</td><td>(3)</td><td>(14)</td><td>(3)</td><td>-</td><td>-</td><td>(9)</td><td>-</td><td>-</td><td>(166)</td><td>(427)</td></tr><tr><td>Reclassifications</td><td>-</td><td>62,185</td><td>5,009</td><td>342</td><td>2,699</td><td>1,310</td><td>553</td><td>1,327</td><td>510</td><td>-</td><td>(224,945)</td><td>155,900</td><td>4,890</td></tr><tr><td>Other increases (decreases)</td><td>-</td><td>(26)</td><td>(3)</td><td>(12)</td><td>-</td><td>-</td><td>15</td><td>-</td><td>94</td><td>-</td><td>275</td><td>4,330</td><td>4,673</td></tr><tr><td>Decreases for classification as held for sale</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total changes</td><td>(72)</td><td>62,007</td><td>5,344</td><td>327</td><td>2,685</td><td>1,336</td><td>626</td><td>1,327</td><td>827</td><td>-</td><td>245,442</td><td>160,820</td><td>480,669</td></tr><tr><td>Closing balance</td><td>23,507</td><td>767,096</td><td>239,582</td><td>13,357</td><td>28,786</td><td>12,943</td><td>9,577</td><td>195,889</td><td>30,456</td><td>38,540</td><td>731,787</td><td>3,464,881</td><td>5,556,401</td></tr></table>

<table><tr><td rowspan="2">Reconciliation of changes in property, plant and equipment by class as of December 31, 2021, accumulated depreciation</td><td>Land</td><td>Buildings</td><td>Other property, plant and equipment</td><td>Transport equipment</td><td>Supplies and accessories</td><td>Equipment office</td><td>Network and communication equipment</td><td>Mining assets</td><td>IT equipment</td><td>Energy generating assets</td><td>Assets under construction</td><td>Machinery, plant and equipment</td><td>Property, plant and equipment</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>THUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>$ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Opening balance</td><td>-</td><td>(465,423)</td><td>(198,820)</td><td>(10,150)</td><td>(21,918)</td><td>(11,148)</td><td>(7,679)</td><td>(147,510)</td><td>(25,546)</td><td>(33,662)</td><td>-</td><td>(2,416,557)</td><td>(3,338,413)</td></tr><tr><td>Changes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Disposals</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Depreciation expense</td><td>-</td><td>(30,872)</td><td>(7,848)</td><td>(759)</td><td>(1,384)</td><td>(383)</td><td>(539)</td><td>(10,138)</td><td>(1,387)</td><td>(908)</td><td>-</td><td>(141,460)</td><td>(195,678)</td></tr><tr><td>Impairment (3)</td><td>-</td><td>(456)</td><td>(75)</td><td>-</td><td>(16)</td><td>(8)</td><td>-</td><td>-</td><td>(8)</td><td>-</td><td>-</td><td>(5,019)</td><td>(5,582)</td></tr><tr><td>Increase (decrease) in foreign currency translation difference</td><td>-</td><td>72</td><td>7</td><td>3</td><td>14</td><td>2</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td><td>97</td><td>204</td></tr><tr><td>Reclassifications</td><td>-</td><td>106</td><td>(1)</td><td>12</td><td>74</td><td>(20)</td><td>-</td><td>-</td><td>47</td><td>-</td><td>-</td><td>(5,108)</td><td>(4,890)</td></tr><tr><td>Other increases (decreases) (1)</td><td>-</td><td>40</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(1)</td><td>-</td><td>-</td><td>143</td><td>183</td></tr><tr><td>Decreases for classification as held for sale</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total changes</td><td>-</td><td>(31,110)</td><td>(7,916)</td><td>(744)</td><td>(1,312)</td><td>(409)</td><td>(539)</td><td>(10,138)</td><td>(1,340)</td><td>(908)</td><td>-</td><td>(151,347)</td><td>(205,763)</td></tr><tr><td>Closing balance</td><td>-</td><td>(496,533)</td><td>(206,736)</td><td>(10,894)</td><td>(23,230)</td><td>(11,557)</td><td>(8,218)</td><td>(157,648)</td><td>(26,886)</td><td>(34,570)</td><td>-</td><td>(2,567,904)</td><td>(3,544,176)</td></tr></table>



<table><tr><td rowspan="2">Reconciliation of changes in property, plant and equipment by class as of December 31, 2021, net amount</td><td>Land</td><td>Buildings</td><td>Other property, plant and equipment</td><td>Transport equipment</td><td>Supplies and accessories</td><td>Equipment office</td><td>Network and communication equipment</td><td>Mining assets</td><td>IT equipment</td><td>Energy generating assets</td><td>Assets under construction</td><td>Machinery, plant and equipment</td><td>Property, plant and equipment</td></tr><tr><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>THUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>thUSS</td><td>ThUSS</td></tr><tr><td>Opening balance</td><td>23,579</td><td>239,666</td><td>35,418</td><td>2,880</td><td>4,183</td><td>459</td><td>1,272</td><td>47,052</td><td>4,083</td><td>4,878</td><td>486,345</td><td>887,504</td><td>1,737,319</td></tr><tr><td>Additions</td><td>-</td><td>-</td><td>346</td><td>-</td><td>-</td><td>29</td><td>58</td><td>-</td><td>232</td><td>-</td><td>470,112</td><td>756</td><td>471,533</td></tr><tr><td>Disposals</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Depreciation expense</td><td>-</td><td>(30,872)</td><td>(7,848)</td><td>(759)</td><td>(1,384)</td><td>(383)</td><td>(539)</td><td>(10,138)</td><td>(1,387)</td><td>(908)</td><td>-</td><td>(141,460)</td><td>(195,678)</td></tr><tr><td>Impairment (3)</td><td>-</td><td>(456)</td><td>(75)</td><td>-</td><td>(16)</td><td>(8)</td><td>-</td><td>-</td><td>(8)</td><td>-</td><td>-</td><td>(5,019)</td><td>(5,582)</td></tr><tr><td>Increase (decrease) in foreign currency translation difference</td><td>(72)</td><td>(80)</td><td>(1)</td><td>-</td><td>-</td><td>(1)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(69)</td><td>(223)</td></tr><tr><td>Reclassifications</td><td>-</td><td>62,291</td><td>5,008</td><td>354</td><td>2,773</td><td>1,290</td><td>553</td><td>1,327</td><td>557</td><td>-</td><td>(224,945)</td><td>150,792</td><td>-</td></tr><tr><td>Other increases (decreases) (1)</td><td>-</td><td>14</td><td>(2)</td><td>(12)</td><td>-</td><td>-</td><td>15</td><td>-</td><td>93</td><td>-</td><td>275</td><td>4,473</td><td>4,856</td></tr><tr><td>Decreases for classification as held for sale (2)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total changes</td><td>(72)</td><td>30,897</td><td>(2,572)</td><td>(417)</td><td>1,373</td><td>927</td><td>87</td><td>(8,811)</td><td>(513)</td><td>(908)</td><td>245,442</td><td>9,473</td><td>274,906</td></tr><tr><td>Closing balance</td><td>23,507</td><td>270,563</td><td>32,846</td><td>2,463</td><td>5,556</td><td>1,386</td><td>1,359</td><td>38,241</td><td>3,570</td><td>3,970</td><td>731,787</td><td>896,977</td><td>2,012,225</td></tr></table>

(1) The net balance of “Other Increases (Decreases)” corresponds to all those items that are reclassified to or from “Property, Plant and Equipment”, They can have the following origin: (i) work in progress which is expensed to profit or loss, forming part of operating costs or other expenses per function, as appropriate; (ii) the variation representing the purchase and use of materials and spare parts; (iii) projects corresponding mainly to exploration expenditures and ground studies that are reclassified to the item other non-current financial assets; (iv) software that is reclassified to “Intangibles (v) Provisions related to the investment plan and assets related to closing the site.

(2) The Company classifies as non-current held for sale property, plant and equipment (disposal group) that, at the closing date of the financial statements, is subject to a commitment for sale or where the sales process has been initiated and where the sale is expected to occur within twelve months of that date.

These assets or disposal groups are valued at the lower of carrying amount or the estimated sales value less the costs to sell and stop being amortized from the moment they are classified as non-current assets held for sale.

(3) See note 23.5.



<table><tr><td rowspan="2">Reconciliation of changes in property, plant and equipment by class as of December 31, 2020, gross amount</td><td>Land</td><td>Buildings</td><td>Other property, plant and equipment</td><td>Transport equipment</td><td>Supplies and accessories</td><td>Equipment office</td><td>Network and communication equipment</td><td>Mining assets</td><td>IT equipment</td><td>Energy generating assets</td><td>Assets under construction</td><td>Machinery, plant and equipment</td><td>Property, plant and equipment</td></tr><tr><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>THUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td></td><td></td></tr><tr><td>Opening balance</td><td>23,620</td><td>666,027</td><td>257,247</td><td>12,143</td><td>25,531</td><td>11,441</td><td>8,009</td><td>161,619</td><td>28,693</td><td>38,495</td><td>375,316</td><td>3,142,461</td><td>4,750,602</td></tr><tr><td>Additions</td><td>-</td><td>838</td><td>278</td><td>-</td><td>82</td><td>33</td><td>386</td><td>-</td><td>429</td><td>-</td><td>319,192</td><td>987</td><td>322,225</td></tr><tr><td>Disposals</td><td>-</td><td>-</td><td>(33,048)</td><td>-</td><td>(1)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(149)</td><td>(33,198)</td></tr><tr><td>Increase (decrease) in foreign currency translation difference</td><td>22</td><td>49</td><td>2</td><td>1</td><td>5</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td><td>-</td><td>53</td><td>144</td></tr><tr><td>Reclassifications</td><td>-</td><td>32,179</td><td>9,940</td><td>886</td><td>488</td><td>133</td><td>558</td><td>32,943</td><td>548</td><td>45</td><td>(203,412)</td><td>125,692</td><td>-</td></tr><tr><td>Other increases (decreases)</td><td>(27)</td><td>5,996</td><td>(181)</td><td>-</td><td>(4)</td><td>-</td><td>(2)</td><td>-</td><td>(53)</td><td>-</td><td>(4,751)</td><td>35,017</td><td>35,995</td></tr><tr><td>Decreases for classification as held for sale</td><td>(36)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>-</td><td>-</td><td>(36)</td></tr><tr><td>Total changes</td><td>(41)</td><td>39,062</td><td>(23,009)</td><td>887</td><td>570</td><td>166</td><td>942</td><td>32,943</td><td>936</td><td>45</td><td>111,029</td><td>161,600</td><td>325,130</td></tr><tr><td>Closing balance</td><td>23,579</td><td>705,089</td><td>234,238</td><td>13,030</td><td>26,101</td><td>11,607</td><td>8,951</td><td>194,562</td><td>29,629</td><td>38,540</td><td>486,345</td><td>3,304,061</td><td>5,075,732</td></tr></table>

<table><tr><td rowspan="2">Reconciliation of changes in property, plant and equipment by class as of December 31, 2020, accumulated depreciation</td><td>Land</td><td>Buildings</td><td>Other property, plant and equipment</td><td>Transport equipment</td><td>Supplies and accessories</td><td>Equipment office</td><td>Network and communication equipment</td><td>Mining assets</td><td>IT equipment</td><td>Energy generating assets</td><td>Assets under construction</td><td>Machinery, plant and equipment</td><td>Property, plant and equipment</td></tr><tr><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>THUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td></td><td></td></tr><tr><td>Opening balance</td><td>-</td><td>(438,854)</td><td>(224,602)</td><td>(9,457)</td><td>(20,952)</td><td>(11,021)</td><td>(7,346)</td><td>(138,445)</td><td>(24,334)</td><td>(32,497)</td><td>-</td><td>(2,273,188)</td><td>(3,180,696)</td></tr><tr><td>Changes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Disposals</td><td>-</td><td>-</td><td>33,048</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>148</td><td>33,197</td></tr><tr><td>Depreciation expense</td><td>-</td><td>(26,779)</td><td>(7,284)</td><td>(692)</td><td>(966)</td><td>(126)</td><td>(335)</td><td>(9,065)</td><td>(1,242)</td><td>(1,165)</td><td>-</td><td>(134,230)</td><td>(181,884)</td></tr><tr><td>Impairment</td><td>-</td><td>(23)</td><td>(21)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(12)</td><td>-</td><td>-</td><td>(9,507)</td><td>(9,563)</td></tr><tr><td>Increase (decrease) in foreign currency translation difference</td><td>-</td><td>(20)</td><td>(2)</td><td>(1)</td><td>(4)</td><td>(1)</td><td>-</td><td>-</td><td>(10)</td><td>-</td><td>-</td><td>(28)</td><td>(66)</td></tr><tr><td>Reclassifications</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other increases (decreases) (1)</td><td>-</td><td>253</td><td>41</td><td>-</td><td>3</td><td>-</td><td>-</td><td>2</td><td>-</td><td>52</td><td>-</td><td>248</td><td>599</td></tr><tr><td>Decreases for classification as held for sale</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total changes</td><td>-</td><td>(26,569)</td><td>25,782</td><td>(693)</td><td>(966)</td><td>(127)</td><td>(333)</td><td>(9,065)</td><td>(1,212)</td><td>(1,165)</td><td>-</td><td>(143,369)</td><td>(157,717)</td></tr><tr><td>Closing balance</td><td>-</td><td>(465,423)</td><td>(198,820)</td><td>(10,150)</td><td>(21,918)</td><td>(11,148)</td><td>(7,679)</td><td>(147,510)</td><td>(25,546)</td><td>(33,662)</td><td>-</td><td>(2,416,557)</td><td>(3,338,413)</td></tr></table>



<table><tr><td rowspan="2">Reconciliation of changes in property, plant and equipment by class as of December 31, 2020, net amount</td><td>Land</td><td>Buildings</td><td>Other property, plant and equipment</td><td>Transport equipment</td><td>Supplies and accessories</td><td>Equipment office</td><td>Network and communication equipment</td><td>Mining assets</td><td>IT equipment</td><td>Energy generating assets</td><td>Assets under construction</td><td>Machinery, plant and equipment</td><td>Property, plant and equipment</td></tr><tr><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>THUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>thUSS</td><td>ThUSS</td></tr><tr><td>Opening balance</td><td>23,620</td><td>227,173</td><td>32,645</td><td>2,686</td><td>4,579</td><td>420</td><td>663</td><td>23,174</td><td>4,359</td><td>5,998</td><td>375,316</td><td>869,273</td><td>1,569,906</td></tr><tr><td>Additions</td><td>-</td><td>838</td><td>278</td><td>-</td><td>82</td><td>33</td><td>386</td><td>-</td><td>429</td><td>-</td><td>319,192</td><td>987</td><td>322,225</td></tr><tr><td>Disposals</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>-</td><td>-</td><td>(1)</td><td>(1)</td></tr><tr><td>Depreciation expense</td><td>-</td><td>(26,779)</td><td>(7,284)</td><td>(692)</td><td>(966)</td><td>(126)</td><td>(335)</td><td>(9,065)</td><td>(1,242)</td><td>(1,165)</td><td>-</td><td>(134,230)</td><td>(181,884)</td></tr><tr><td>Deterioration</td><td>-</td><td>(23)</td><td>(21)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(12)</td><td>-</td><td>-</td><td>(9,507)</td><td>(9,563)</td></tr><tr><td>Increase (decrease) in foreign currency translation difference</td><td>22</td><td>29</td><td>-</td><td>-</td><td>1</td><td>(1)</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>25</td><td>78</td></tr><tr><td>Reclassifications</td><td>-</td><td>32,179</td><td>9,940</td><td>886</td><td>488</td><td>133</td><td>558</td><td>32,943</td><td>548</td><td>45</td><td>(203,412)</td><td>125,692</td><td>-</td></tr><tr><td>Other increases (decreases) (1)</td><td>(27)</td><td>6,249</td><td>(140)</td><td>-</td><td>(1)</td><td>-</td><td>-</td><td>-</td><td>(1)</td><td>-</td><td>(4,751)</td><td>35,265</td><td>36,594</td></tr><tr><td>Decreases for classification as held for sale (2)</td><td>(36)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>-</td><td>-</td><td>(36)</td></tr><tr><td>Total changes</td><td>(41)</td><td>12,493</td><td>2,773</td><td>194</td><td>(396)</td><td>39</td><td>609</td><td>23,878</td><td>(276)</td><td>(1,120)</td><td>111,029</td><td>18,231</td><td>167,413</td></tr><tr><td>Closing balance</td><td>23,579</td><td>239,666</td><td>35,418</td><td>2,880</td><td>4,183</td><td>459</td><td>1,272</td><td>47,052</td><td>4,083</td><td>4,878</td><td>486,345</td><td>887,504</td><td>1,737,319</td></tr></table>

(1) The net balance of “Other increases (Decreases)” corresponds to all those items that are reclassified to or from property, plant and equipment, They can have the following origin: (i) work in progress which is expensed to profit or loss, forming part of operating costs or other expenses per function, as appropriate; (ii) the variation representing the purchase and use of materials and spare parts; (iii) projects corresponding mainly to exploration expenditures and ground studies that are reclassified to the item other non-current financial assets; (iv) software that is reclassified to “Intangibles”, (v) Provisions related to the investment plan and assets associated to closing the site.

(2) The Company classifies as non-current held for sale property, plant and equipment (disposal group) that, at the closing date of the financial statements, is subject to a commitment for sale or where the sales process has been initiated and where the sale is expected to occur within twelve months of that date.

These assets or disposal groups are valued at the lower of carrying amount or the estimated sales value less the costs to sell and stop being amortized from the moment they are classified as non-current assets held for sale.



## 16.3 Detail of property, plant and equipment pledged as guarantee

There are no restrictions in title or guarantees for compliance with obligations that affect property, plant and equipment.

## 16.4 Cost of capitalized interest, property, plant and equipment

The cost of interest is recognized by applying an average or average weighted interest rate for all financing costs incurred by the Company to the final monthly balances for works underway and complies with the requirements of IAS 23.

Financing costs are not activated for periods that exceed the normal term for acquisition, construction or installation of the property; such is the case for delays, interruptions or temporary suspension of the project due to technical, financial or other problems that make it impossible to leave the property in usable conditions.

The rates and costs for capitalized interest of property, plant and equipment are detailed as follows:

<table><tr><td rowspan="3">Costs of capitalized interest</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>4%</td><td>4%</td></tr><tr><td>Capitalized interest rate</td><td>14,206</td><td>8,462</td></tr><tr><td>Amount of interest cost capitalized</td><td></td><td></td></tr></table>



## Note 17 Other current and non-current non-financial assets

As of December 31, 2021, and 2020, the detail of “Other Current and Non-current Assets” is as follows:

<table><tr><td rowspan="2">Other non-financial assets, current</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Domestic Value Added Tax</td><td>26,356</td><td>18,107</td></tr><tr><td>Foreign Value Added Tax</td><td>14,395</td><td>7,785</td></tr><tr><td>Prepaid mining licenses</td><td>1,233</td><td>1,025</td></tr><tr><td>Prepaid insurance</td><td>20,443</td><td>10,307</td></tr><tr><td>Other prepayments</td><td>659</td><td>946</td></tr><tr><td>Refund of Value Added Tax to exporters</td><td>-</td><td>14,316</td></tr><tr><td>Other taxes</td><td>6,030</td><td>4,499</td></tr><tr><td>Other assets</td><td>754</td><td>414</td></tr><tr><td>Total</td><td>69,870</td><td>57,399</td></tr></table>

<table><tr><td rowspan="2">Other non-financial assets, non-current</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Exploration and evaluation expenses (1)</td><td>26,752</td><td>17,883</td></tr><tr><td>Guarantee deposits</td><td>622</td><td>731</td></tr><tr><td>Other assets</td><td>6,113</td><td>3,428</td></tr><tr><td>Total</td><td>33,487</td><td>22,042</td></tr></table>

(1) Reconciliation of changes in assets for exploration and mineral resource evaluation, by type

Movements in assets for the exploration and evaluation of mineral resources as of December 31, 2021, and 2020:

<table><tr><td rowspan="2">Conciliation</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Opening balance</td><td>17,883</td><td>18,654</td></tr><tr><td>Change in assets for exploration and evaluation of mineral resources</td><td></td><td></td></tr><tr><td>Additions</td><td>8,071</td><td>-</td></tr><tr><td>Short term reclassifications</td><td>83</td><td>(526)</td></tr><tr><td>Increase (decrease) due to transfers and other charges</td><td>715</td><td>(245)</td></tr><tr><td>Total changes</td><td>8,869</td><td>(771)</td></tr><tr><td>Total</td><td>26,752</td><td>17,883</td></tr></table>

As of the presentation date, no reevaluations of assets for exploration and assessment of mineral resources have been conducted.



## Mineral resource exploration and evaluation expenditure

Given the nature of operations of the Company and the type of exploration it undertakes, disbursements for exploration can be found in 4 stages: Execution, economically feasible, not economically feasible and in exploitation:

(a) Not economically feasible: Exploration and evaluation disbursements, once finalized and concluded to be not economically feasible, will be charged to profit and loss. As of December 31, 2021, and 2020 there were no disbursements for this concept.

(b) Execution: Disbursements for exploration and evaluation under implementation and therefore prior to determination of economic feasibility, are presented as part of property, plant and equipment as constructions in progress.

<table><tr><td rowspan="2">Explorations in execution</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Chile</td><td>12,915</td><td>14,265</td></tr><tr><td>Total</td><td>12,915</td><td>14,265</td></tr></table>

<table><tr><td rowspan="2">Conciliation of explorations in execution</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Opening balance</td><td>14,265</td><td>18,654</td></tr><tr><td>Disbursements</td><td>11,964</td><td>-</td></tr><tr><td>Reclassifications</td><td>(13,314)</td><td>(4,389)</td></tr><tr><td>Total changes</td><td>(1,350)</td><td>(4,389)</td></tr><tr><td>Total</td><td>12,915</td><td>14,265</td></tr></table>

(c) Economically feasible: Reimbursements for exploration and evaluation whose study concluded that its economic viability is viable are classified in “Other non-financial assets, non-current.”

<table><tr><td rowspan="2">Prospecting</td><td rowspan="2">Type of Exploration</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Chile (1)</td><td>Metallic/Non-Metallic</td><td>18,154</td><td>10,872</td></tr><tr><td>Total</td><td></td><td>18,154</td><td>10,872</td></tr></table>

(1) The value presented for Chile is as of December 2021 for ThUS 5,622, corresponding to non-metallic exploration and evaluation and ThUS$ 12,367 associated with metallic exploration. In December 2020, the amounts of non-metallic exploration were ThUS$ 6,576 and metallic exploration were ThUS$ 4,296 Economically feasible metallic exploration is classified as advanced exploration.



Economically feasible metallic explorations are those classified as advanced exploration.

<table><tr><td rowspan="2">Prospecting conciliation</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUSS</td><td>ThUSS</td></tr><tr><td>Opening balance</td><td>10,872</td><td>10,009</td></tr><tr><td>Additions</td><td>8,071</td><td>-</td></tr><tr><td>Reclassifications from Exploration in execution - Chile</td><td>1,906</td><td>863</td></tr><tr><td>Reclassifications to Exploration in Exploitation-Chile</td><td>(2,695)</td><td>-</td></tr><tr><td>Total changes</td><td>7,282</td><td>863</td></tr><tr><td>Total</td><td>18,154</td><td>10,872</td></tr></table>

(d) In Exploitation: Caliche exploration disbursements that are found in this area are amortized based on the material exploited, the portion that is expected to be exploited in the following 12 months is presented as “Current Assets” in the “Inventories in process” and the remaining portion is classified as “Other Non-current Non-Financial Assets”.

<table><tr><td rowspan="2">Short-Term Exploitation Conciliation</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUSS</td><td>ThUSS</td></tr><tr><td>Opening balance</td><td>1,318</td><td>1,367</td></tr><tr><td>Amortization</td><td>(1,359)</td><td>(1,683)</td></tr><tr><td>Reclassifications</td><td>1,276</td><td>1,634</td></tr><tr><td>Total changes</td><td>(83)</td><td>(49)</td></tr><tr><td>Total</td><td>1,235</td><td>1,318</td></tr></table>

<table><tr><td rowspan="2">Long-Term Exploitation Conciliation</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUSS</td><td>ThUSS</td></tr><tr><td>Opening balance</td><td>7,011</td><td>8,645</td></tr><tr><td>Amortization</td><td>-</td><td>-</td></tr><tr><td>Reclassifications</td><td>1,587</td><td>(1,634)</td></tr><tr><td>Total changes</td><td>1,587</td><td>(1,634)</td></tr><tr><td>Total</td><td>8,598</td><td>7,011</td></tr></table>



## Note 18 Employee benefits

## 18.1 Provisions for employee benefits

<table><tr><td rowspan="2">Classes of benefits and expenses by employee</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current</td><td></td><td></td></tr><tr><td>Profit sharing and bonuses</td><td>1,383</td><td>7,770</td></tr><tr><td>Performance bonds and operational targets</td><td>25,392</td><td>1,326</td></tr><tr><td>Total</td><td>26,775</td><td>9,096</td></tr><tr><td>Non-current</td><td></td><td></td></tr><tr><td>Profit sharing and bonuses</td><td>-</td><td>-</td></tr><tr><td>Severance indemnity payments</td><td>27,099</td><td>32,199</td></tr><tr><td>Total</td><td>27,099</td><td>32,199</td></tr></table>

## 18.2 Policies on defined benefit plan

This policy is applied to all benefits received for services provided by the Company's employees. This is divided as follows:

a) Short-term benefits for active employees are represented by salaries, social welfare benefits, paid time off, sickness and other types of leave, profit sharing and incentives and non-monetary benefits; e.g., healthcare service, housing, subsidized or free goods or services. These will be paid in a term which does not exceed twelve months. The Company maintains incentive programs for its employees, which are calculated based on the net result at the close of each period by applying a factor obtained from an evaluation based on their personal performance, the Company’s performance and other short-term and long-term indicators.

b) Staff severance indemnities are agreed and payable based on the final salary, calculated in accordance with each year of service to the Company, with certain maximum limits in respect of either the number of years or in monetary terms. In general, this benefit is payable when the employee or worker ceases to provide his/her services to the Company and there are a number of different circumstances through which a person can be eligible for it, as indicated in the respective agreements; e.g. retirement, dismissal, voluntary retirement, incapacity or disability, death, etc. See Note 18.3.

c) Obligations after employee retirement, described in Note 18.4.

d) Retention bonuses for a group of Company executives, described in Note 18.6.



## 18.3 Other long-term benefits

The actuarial assessment method has been used to calculate the Company’s obligations with respect to staff severance indemnities, which relate to defined benefit plans consisting of days of remuneration per year served at the time of retirement under conditions agreed in the respective agreements established between the Company and its employees.

Under this benefit plan, the Company retains the obligation to pay staff severance indemnities related to retirement, without establishing a separate fund with specific assets, which is referred to as not funded.

## Benefit payment conditions

The staff severance indemnity benefit relates to remuneration days for years worked for the Company without a limit being imposed in regard of amount of salary or years of service. It applies when employees cease to work for the Company because they are made redundant or in the event of their death. This benefit is applicable up to a maximum age of 65 for men and 60 for women, which are the usual retirement ages according to the Chilean pensions system as established in Decree Law 3,500 of 1980.

## Methodology

The determination of the defined benefit obligation is made under the requirements of IAS 19 “Employee benefits”.

## 18.4 Post-employment benefit obligations

Our subsidiary SQM NA, together with its employees established a pension plan until 2002 called the “SQM North America Retirement Income Plan”. This obligation is calculated measuring the expected future forecast staff severance indemnity obligation using a net salary gradual rate of restatements for inflation, mortality and turnover assumptions, discounting the resulting amounts at present value using the interest rate defined by the authorities.

Since 2003, SQM NA offers benefits related to pension plans based on the 401-K system to its employees, which do not generate obligations for the Company.

<table><tr><td rowspan="3">Reconciliation Changes in the benefit obligation</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>$ ThUS \)</td><td>$ ThUS \)</td></tr><tr><td>9,864</td><td>9,586</td></tr><tr><td>Opening balance</td><td></td><td></td></tr><tr><td>Cost of service</td><td>-</td><td>-</td></tr><tr><td>Interest cost</td><td>240</td><td>280</td></tr><tr><td>Actuarial loss</td><td>(135)</td><td>506</td></tr><tr><td>Benefits paid</td><td>(419)</td><td>(508)</td></tr><tr><td>Closing balance</td><td>9,550</td><td>9,864</td></tr></table>



<table><tr><td rowspan="2">ReconciliationChanges in plan assets</td><td>As ofDecember 31,2021</td><td>As ofDecember 31,2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Fair value of plan assets at the start of the year</td><td>12,888</td><td>8,754</td></tr><tr><td>Actual gain on plan assets</td><td>1,028</td><td>4,642</td></tr><tr><td>Benefits paid</td><td>(419)</td><td>(508)</td></tr><tr><td>Fair value of plan assets as of the year-end</td><td>13,497</td><td>12,888</td></tr><tr><td>Financial statements</td><td>3,947</td><td>3,025</td></tr><tr><td>Items not yet recognized as components of net periodic pension costs:</td><td></td><td></td></tr><tr><td>Net actuarial loss at the beginning of the year</td><td>192</td><td>(3,634)</td></tr><tr><td>Amortization during the year</td><td>-</td><td>326</td></tr><tr><td>Estimated net gain for the year</td><td>847</td><td>3,500</td></tr><tr><td>Movement to recognize minimum pension obligations</td><td>1,039</td><td>192</td></tr></table>

<table><tr><td rowspan="2">Cost of service or benefits received during the year</td><td>As ofDecember 31,2021</td><td>As ofDecember 31,2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Cost of service or benefits received during the year</td><td>-</td><td>-</td></tr><tr><td>Interest cost of benefit obligation</td><td>240</td><td>280</td></tr><tr><td>Actual gain on plan assets</td><td>1,028</td><td>4,642</td></tr><tr><td>Amortization of prior year losses</td><td>-</td><td>326</td></tr><tr><td>Net gains during the year</td><td>847</td><td>3,500</td></tr><tr><td>Net periodic pension costs</td><td>(76)</td><td>(31)</td></tr></table>



## 18.5 Staff severance indemnities

As of December 31, 2021, and 2020, severance indemnities calculated at the actuarial value are as follows:

<table><tr><td rowspan="3">Staff severance indemnities</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUSS</td><td>ThUSS</td></tr><tr><td>(32,199)</td><td>(27,814)</td></tr><tr><td>Opening balance</td><td>(4,978)</td><td>(3,804)</td></tr><tr><td>Current cost of service</td><td>(1,303)</td><td>(1,486)</td></tr><tr><td>Interest cost</td><td>3,999</td><td>(2,826)</td></tr><tr><td>Actuarial gain loss</td><td>4,971</td><td>(1,513)</td></tr><tr><td>Exchange rate difference</td><td>2,411</td><td>5,244</td></tr><tr><td>Benefits paid during the year</td><td></td><td></td></tr><tr><td>Total</td><td>(27,099)</td><td>(32,199)</td></tr></table>

## (a) Actuarial assumptions

The liability recorded for staff severance indemnity is valued at the actuarial value method, using the following actuarial assumptions:

<table><tr><td>Actuarial assumptions</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td><td>Annual/Years</td></tr><tr><td>Mortality rate</td><td>RV - 2014</td><td>RV - 2014</td><td></td></tr><tr><td>Actual annual interest rate</td><td>5.67%</td><td>3.65%</td><td></td></tr><tr><td>Voluntary retirement rate:</td><td></td><td></td><td></td></tr><tr><td>Men</td><td>6.49%</td><td>6.49%</td><td>Annual</td></tr><tr><td>Women</td><td>6.49%</td><td>6.49%</td><td>Annual</td></tr><tr><td>Salary increase</td><td>3.00%</td><td>3.00%</td><td>Annual</td></tr><tr><td>Retirement age:</td><td></td><td></td><td></td></tr><tr><td>Men</td><td>65</td><td>65</td><td>Years</td></tr><tr><td>Women</td><td>60</td><td>60</td><td>Years</td></tr></table>

## (b) Sensitivity analysis of assumptions

As of December 31, 2021, and 2020, the Company has conducted a sensitivity analysis of the main assumptions of the actuarial calculation, determining the following:

<table><tr><td rowspan="2">Sensitivity analysis as of December 31, 2021</td><td>Effect + 100 basis points</td><td>Effect - 100 basis points</td></tr><tr><td>ThUSS</td><td>ThUSS</td></tr><tr><td>Discount rate</td><td>(1,614)</td><td>1,817</td></tr><tr><td>Employee turnover rate</td><td>(212)</td><td>237</td></tr></table>

<table><tr><td rowspan="2">Sensitivity analysis as of December 31, 2020</td><td>Effect + 100 basis points</td><td>Effect - 100 basis points</td></tr><tr><td>ThUSS</td><td>ThUSS</td></tr><tr><td>Discount rate</td><td>(1,985)</td><td>2,234</td></tr><tr><td>Employee turnover rate</td><td>(261)</td><td>291</td></tr></table>

Sensitivity relates to an increase/decrease of 100 basis points.



## 18.6 Executive compensation plan

The Company currently has a compensation plan with the purpose of motivating the Company’s executives and encouraging them to remain with the Company, by granting payments based on the change in the price of SQM’s shares. There is a partial payment of the share benefit program in the event of termination of the contract for causes other than the resignation and application of Article 160 of the Labor Code.

## (a) Plan characteristics

This compensation plan is related to the Company’s performance through the SQM Series B share price (Santiago Stock Exchange).

## (b) Plan participants

The compensation plan considers 29 Company executives, who are entitled to this benefit, provided that they stay with the Company until a given date, recognizing on an accrual basis: a) a 2021 bonus, which will be made effective by paying 146,708 shares distributed between the four quarters of 2021, and b) a 2022 bonus for 42,032 shares, which will be made effective the first quarter of 2023.

## Compensation

The compensation payable to each executive is calculated by multiplying:

a) the average price of the series B shares on the Santiago Stock Exchange during the fourth quarter of 2020, in its US dollar equivalent (with a value of US$ 41.93 per share).

b) the average price of SQM’s series B shares during the final quarter of 2022, subject to a limit of US$ 54 per share.

c) by a number equal to the quantity of shares that have been individually assigned to each executive included in the plan.

This compensation plan was approved by the Company’s Board of Directors and its application started on September 30, 2020.

The plan that was in place on December 31, 2020 considered 177,905 and 188,740 shares, for 2021. The effects on the income statement are equivalent to an expense of THUS$ 5,979 and THUS$ 875 in the income statement for the periods ending December 30, 2021 and 2020.

Shares exercised up to December 31, 2021 were 146,708.



## Note 19 Provisions and other non-financial liabilities

## 19.1 Types of provisions

<table><tr><td rowspan="3">Types of provisions</td><td colspan="3">As of December 31, 2021</td><td colspan="3">As of December 31, 2020</td></tr><tr><td>Current</td><td>Non-current</td><td>Total</td><td>Current</td><td>Non-current</td><td>Total</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Provision for legal complaints (1)</td><td>48,518</td><td>1,223</td><td>49,741</td><td>8,905</td><td>1,260</td><td>10,165</td></tr><tr><td>Provision for dismantling, restoration and rehabilitation cost (2)</td><td>-</td><td>58,592</td><td>58,592</td><td>-</td><td>61,265</td><td>61,265</td></tr><tr><td>Other provisions (3)</td><td>269,148</td><td>1,223</td><td>270,371</td><td>95,261</td><td>92</td><td>95,353</td></tr><tr><td>Total</td><td>317,666</td><td>61,038</td><td>378,704</td><td>104,166</td><td>62,617</td><td>166,783</td></tr></table>

(1) These provisions correspond to legal processes that are pending resolution or that have not yet been disbursed, these provisions are mainly related to litigation involving the subsidiaries located in Chile, Brazil and the United States (see note 21.1).

(2) The commitments related to Sernageomin have been incorporated through the issuance of the guarantee for the restoration of the place where the production sites are located.
(3) See Note 19.2.



19.2 Description of other provisions

<table><tr><td rowspan="2">Current provisions, other short-term provisions</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>$ ThUS \)</td><td>$ ThUS \)</td></tr><tr><td>Rent under Lease contract (1)</td><td>260,889</td><td>85,167</td></tr><tr><td>Provision for additional tax related to foreign loans</td><td>1,027</td><td>740</td></tr><tr><td>End of agreement bonus</td><td>2,792</td><td>8,159</td></tr><tr><td>Directors&#x27; per diem allowance</td><td>3,938</td><td>698</td></tr><tr><td>Miscellaneous provisions</td><td>502</td><td>497</td></tr><tr><td>Total</td><td>269,148</td><td>95,261</td></tr></table>

(1) Payment Obligations for the lease contract with CORFO: These correspond to obligations assumed in the Lease Agreement. Our subsidiary SQM Salar holds exclusive rights to exploit the mineral resources in an area covering approximately 140,000 hectares of land in the Salar de Atacama in northern Chile, of which SQM Salar is only entitled to exploit the mineral resources in 81,920 hectares. These rights are owned by Corfo and leased to SQM Salar pursuant to the Lease Agreement. Corfo cannot unilaterally amend the Lease Agreement and the Project Agreement, and the rights to exploit the resources cannot be transferred. The Lease Agreement establishes that SQM Salar is responsible for making quarterly lease payments to Corfo according to specified percentages of the value of production of minerals extracted from the Salar de Atacama brines, maintaining Corfo’s rights over the Mining Exploitation Concessions and making annual payments to the Chilean government for such concession rights. The Lease Agreement was entered into in 1993 and expires on December 31, 2030. On January 17, 2018, SQM and CORFO reached an agreement to end an arbitration process directed by the arbitrator, Mr. Héctor Humeres Noguer, in case 1954-2014 of the Arbitration and Mediation Center of Santiago Chamber of Commerce and other cases related to it.

The agreement signed in January 2018, includes important amendments to the lease agreement and project agreement signed between CORFO and SQM in 1993. The main modifications became effective on April 10, 2018 and requires an increase in the lease payments by increasing the lease rates associated with the sale of the different products produced in the Salar de Atacama, including lithium carbonate, lithium hydroxide and potassium chloride. This agreement has been amended since it was signed, and it is reasonable to expect that it will continue to be amended as mutually agreed by the parties.

Additionally, SQM Salar commits to contribute to research and development efforts, as well as to the communities in close proximity to the Salar de Atacama and provide a percentage of total annual sales of SQM Salar to regional development.

SQM Salar commits to contribute between US$10.8 million and US$18.9 million per year to research and development efforts, between US$10 to US$15 million per year to the communities in close proximity to the Salar de Atacama, and 1.7% of total annual sales of SQM Salar to regional development.



## 19.3 Other non-financial liabilities, Current

<table><tr><td rowspan="2">Description of other liabilities</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Tax withholdings</td><td>21,546</td><td>1,208</td></tr><tr><td>VAT payable</td><td>26,111</td><td>1,642</td></tr><tr><td>Guarantees received</td><td>746</td><td>2,636</td></tr><tr><td>Accrual for dividend</td><td>34,184</td><td>8,027</td></tr><tr><td>Monthly tax provisional payments</td><td>23,319</td><td>8,407</td></tr><tr><td>Deferred income</td><td>5,605</td><td>6,435</td></tr><tr><td>Withholdings from employees and salaries payable</td><td>5,587</td><td>5,017</td></tr><tr><td>Accrued vacations (1)</td><td>23,467</td><td>24,003</td></tr><tr><td>Other current liabilities</td><td>1,288</td><td>3,580</td></tr><tr><td>Total</td><td>141,674</td><td>60,955</td></tr></table>

(1) Vacation benefit (short-term benefits to employees, current) is in line with the provisions established in Chile’s Labor Code, which indicates that employees with more than a year of service will be entitled to annual vacation for a period of at least fifteen paid business days. The Company provides the benefit of two additional vacation days.



19.4 Changes in provisions

<table><tr><td rowspan="2">Description of items that gave rise to variations as of December 31, 2021</td><td>Legal complaints</td><td>Provision for dismantling, restoration and rehabilitation cost</td><td>Other provisions</td><td>Total</td></tr><tr><td>THUS\(</td><td>THUS\)</td><td>THUS\(</td><td>THUS\)</td></tr><tr><td>Total provisions, initial balance</td><td>10,165</td><td>61,265</td><td>95,353</td><td>166,783</td></tr><tr><td>Changes</td><td></td><td></td><td></td><td></td></tr><tr><td>Additional provisions</td><td>48,012</td><td>7,302</td><td>232,254</td><td>287,568</td></tr><tr><td>Provision used</td><td>(8,399)</td><td>-</td><td>(56,959)</td><td>(65,358)</td></tr><tr><td>Increase(decrease) in foreign currency exchange</td><td>(37)</td><td>-</td><td>(35)</td><td>(72)</td></tr><tr><td>Others</td><td>-</td><td>(9,975)</td><td>(242)</td><td>(10,217)</td></tr><tr><td>Total Increase (decreases)</td><td>39,576</td><td>(2,673)</td><td>175,018</td><td>211,921</td></tr><tr><td>Total</td><td>49,741</td><td>58,592</td><td>270,371</td><td>378,704</td></tr></table>

<table><tr><td rowspan="2">Description of items that gave rise to variations as of December 31, 2020</td><td>Legal complaints</td><td>Provision for dismantling, restoration and rehabilitation cost</td><td>Other provisions</td><td>Total</td></tr><tr><td>THUS\(</td><td>THUS\)</td><td>THUS\(</td><td>THUS\)</td></tr><tr><td>Total provisions, initial balance</td><td>14,924</td><td>33,238</td><td>97,093</td><td>145,255</td></tr><tr><td>Changes</td><td></td><td></td><td></td><td></td></tr><tr><td>Additional provisions</td><td>62,922</td><td>30,974</td><td>60,685</td><td>154,581</td></tr><tr><td>Provision used</td><td>(67,685)</td><td>-</td><td>(59,939)</td><td>(127,624)</td></tr><tr><td>Increase(decrease) in foreign currency exchange</td><td>4</td><td>-</td><td>(2,486)</td><td>(2,482)</td></tr><tr><td>Others</td><td>-</td><td>(2,947)</td><td>-</td><td>(2,947)</td></tr><tr><td>Total Increase (decreases)</td><td>(4,759)</td><td>28,027</td><td>(1,740)</td><td>21,528</td></tr><tr><td>Total</td><td>10,165</td><td>61,265</td><td>95,353</td><td>166,783</td></tr></table>



## Note 20 Disclosures on equity

The detail and movements in the funds of equity accounts are shown in the consolidated statement of changes in equity.

## 20.1 Capital management

The main object of capital management relative to the administration of the Company’s financial debt and equity is to ensure the regular conduct of operations and business continuity in the long term, with the constant intention of maintaining an adequate level of liquidity and in compliance with the financial safeguards established in the debt contracts in force. Within this framework, decisions are made in order to maximize the value of the company.

Capital management must comply with, among others, the limits contemplated in the Financing Policy approved by the Shareholders’ Meeting, which establish a maximum consolidated indebtedness level of 1.5 times the debt to equity ratio. This limit can be exceeded only if the Company’s management has first obtained express approval at an Extraordinary Shareholders’ Meeting.

The Company’s management controls capital management based on the following ratios:

<table><tr><td>Capital Management</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td><td>Description (1)</td><td>Calculation (1)</td></tr><tr><td>Net Financial Debt (ThUS$)</td><td>204,692</td><td>1,074,020</td><td>Financial Debt - Financial Resources</td><td>Other current Financial Liabilities + Other Non-Current Financial Liabilities - Cash and Cash Equivalents - Other Current Financial Assets - Hedging Assets, non-current</td></tr><tr><td>Liquidity</td><td>4.62</td><td>5.40</td><td>Current Assets divided by Current Liabilities</td><td>Total Current Assets / Total Current Liabilities</td></tr><tr><td>ROE</td><td>18.41%</td><td>7.79%</td><td>Profit for the year divided by Total Equity</td><td>Profit for the year / Equity</td></tr><tr><td>Adjusted EBITDA (ThUS$)</td><td>1,185,453</td><td>579,765</td><td>Adjusted EBITDA</td><td>Profit (loss) + Depreciation and Amortization Expenses adjustments + Finance Costs + Income Tax - Other income and Share of profit of associates and joint ventures + Other expenses by function - Finance income - Currency differences</td></tr><tr><td>EBITDA (ThUS$)</td><td>1,140,086</td><td>524,650</td><td>EBITDA</td><td>Profit (loss) + Depreciation and Amortization Expense adjustments + Finance Costs + Income Tax</td></tr><tr><td>ROA</td><td>21.29%</td><td>9.83%</td><td>Adjusted EBITDA - Depreciation divided by Total Assets net of financial resources less related parties&#x27; investments</td><td>(Gross Profit - Administrative Expenses)/ (Total Assets - Cash and Cash Equivalents - Other Current Financial Assets - Other Non-Current Financial Assets - Equity accounted Investments) (LTM)</td></tr><tr><td>Indebtedness</td><td>0.06</td><td>0.50</td><td>Net Financial Debt on Equity</td><td>Net Financial Debt / Total Equity</td></tr></table>

The Company’s capital requirements change according to variables such as: working capital needs, new investment financing and dividends, among others. The SQM Group manages its capital structure and makes adjustments based on the predominant economic conditions so as to mitigate the risks associated with adverse market conditions and take advantage of the opportunities there may be to improve the liquidity position of the SQM Group.

There have been no changes in the capital management objectives or policy within the years reported in this document, no breaches of external requirements of capital imposed have been recorded. There are no contractual capital investment commitments.

## 20.2 Operational restrictions and financial limits

Bond issuance contracts in the local market require the Company to maintain a Total Borrowing Ratio no higher than 1 for Series H, Series O and Series Q bonds, calculated over the last consecutive 12 months.

Capital management must ensure that the Borrowing Ratio remains below 1.0, with respect to the Series H, Series O and Series Q bonds. This ratio was redefined at the Bondholders' Meeting held in September 2020, as the result of dividing Net Financial Debt by the company's Total Equity. Previously it had been defined as Total Liabilities divided



by Equity, and the limit for this ratio was 1.44, with a prepayment option for bondholders if this ratio rose above 1.2. As of December 31, this ratio was 0.06.

The financial restrictions with respect to the bonds issued by the Company for the periods ended December 31, 2021 and 2020 are as follows.

<table><tr><td rowspan="2">As of December 31, 2021</td><td colspan="4">Financial restrictions (member)</td></tr><tr><td>Financial restrictions (member)</td><td>Financial restrictions (member)</td><td>Financial restrictions (member)</td><td>Financial restrictions (member</td></tr><tr><td>Instrument with restriction</td><td>Bonds</td><td>Bonds</td><td>Bonds</td><td>Bank loans</td></tr><tr><td colspan="5">Reporting party or subsidiary restriction</td></tr><tr><td>Creditor</td><td>Bondholders</td><td>Bondholders</td><td>Bondholders</td><td>Scotiabank</td></tr><tr><td>Registration number</td><td>H</td><td>Q</td><td>O</td><td>PB 70M</td></tr><tr><td>Name of financial indicator or ratio (See definition in Note 20.1)</td><td>NFD/Equity</td><td>NFD/Equity</td><td>NFD/Equity</td><td>NFD/equity</td></tr><tr><td>Measurement frequency</td><td>Quarterly</td><td>Quarterly</td><td>Quarterly</td><td>Quarterly</td></tr><tr><td>Restriction (Range, value and unit of measure)</td><td>Must be less than 1.00</td><td>Must be less than 1.00</td><td>Must be less than 1.0</td><td>Must be less than 1.00</td></tr><tr><td>Indicator or ratio determined by the company</td><td>0.06</td><td>0.06</td><td>0.06</td><td>0.06</td></tr><tr><td>Fulfilled YES/NO</td><td>yes</td><td>yes</td><td>yes</td><td>yes</td></tr></table>

<table><tr><td rowspan="2">As of December 31, 2020</td><td colspan="4">Financial restrictions (member)</td></tr><tr><td>Financial restrictions (member)</td><td>Financial restrictions (member)</td><td>Financial restrictions (member)</td><td>Financial restrictions (member</td></tr><tr><td>Instrument with restriction</td><td>Bonds</td><td>Bonds</td><td>Bonds</td><td>Bank loans</td></tr><tr><td colspan="5">Reporting party or subsidiary restriction</td></tr><tr><td>Creditor</td><td>Bondholders</td><td>Bondholders</td><td>Bondholders</td><td>Scotiabank</td></tr><tr><td>Registration number</td><td>H</td><td>Q</td><td>O</td><td>PB 70M</td></tr><tr><td>Name of financial indicator or ratio (See definition in Note 20.1)</td><td>NFD/Equity</td><td>NFD/Equity</td><td>NFD/Equity</td><td>Debt/Equity</td></tr><tr><td>Measurement frequency</td><td>Quarterly</td><td>Quarterly</td><td>Quarterly</td><td>Quarterly</td></tr><tr><td>Restriction (Range, value and unit of measure)</td><td>Must be less than 1.00</td><td>Must be less than 1.00</td><td>Must be less than 1.0</td><td>Must be less than 1.44</td></tr><tr><td>Indicator or ratio determined by the company</td><td>0.5</td><td>0.5</td><td>0.5</td><td>1.23</td></tr><tr><td>Fulfilled YES/NO</td><td>yes</td><td>yes</td><td>yes</td><td>yes</td></tr></table>

Bond issuance contracts in foreign markets require that the Company does not merge, or dispose of, or encumber all or a significant portion of its assets, unless all of the following conditions are met: (i) the legal successor is an entity constituted under the laws of Chile or the United States, which assumes all the obligations of the Company in a supplemental indenture, (ii) immediately after the merger or disposal or encumbrance there is no default by the issuer, and (iii) the issuer has provided a legal opinion indicating that the merger or disposal or encumbrance and the supplemental indenture comply with the requirements of the original indenture.

The Company is also committed to provide quarterly financial information.

The Company and its subsidiaries are complying with all the aforementioned limitations, restrictions and obligations.

## 20.3 Disclosures on preferred share capital

Issued share capital is divided into Series A shares and Series B shares. All such shares are nominative, have no par value and are fully issued, subscribed and paid.

Series B shares may not exceed 50% of the total issued, subscribed and paid-in shares of the Company and have a limited voting right, in that all of them can only elect one director of the Company, regardless of their equity interest and preferences:

(a) require the calling of an Ordinary or Extraordinary Shareholders' Meeting when so requested by Series B shareholders representing at least 5% of the issued shares thereof; and



(b) require the calling of an extraordinary meeting of the board of directors, without the president being able to qualify the need for such a request, when so requested by the director who has been elected by the shareholders of said Series B.

The limitation and preferences of Series B shares have a duration of 50 consecutive and continuous years as of June 3, 1993.

The Series A shares have the preference of being able to exclude the director elected by the Series B shareholders in the voting process in which the president of the board of directors and of the Company must be elected and which follows the one in which the tie that allows such exclusion resulted.

The preference of the Series A shares will have a term of 50 consecutive and continuous years as of June 3, 1993. The form of the titles of the shares, their issuance, exchange, disablement, loss, replacement, assignment and other circumstances thereof shall be governed by the provisions of Law No, 18,046 and its regulations.

As of December 31, 2021, the SQM Group hold 648 Series A shares treasury shares.

Detail of capital classes in shares:

As of December 31, 2021, the Company has placed share issues in the market as described in note 1.7:

<table><tr><td rowspan="2">Type of capital in preferred shares</td><td colspan="2">As of December 31, 2021</td><td colspan="2">As of December 31, 2020</td></tr><tr><td>Series A</td><td>Series B</td><td>Series A</td><td>Series B</td></tr><tr><td>Description of type of capital in shares</td><td></td><td></td><td></td><td></td></tr><tr><td>Number of authorized shares</td><td>142,819,552</td><td>142,818,904</td><td>142,819,552</td><td>120,376,972</td></tr><tr><td>Number of fully subscribed and paid shares</td><td>142,819,552</td><td>142,818,904</td><td>142,819,552</td><td>120,376,972</td></tr><tr><td>Number of subscribed, partially paid shares</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Increase (decrease) in the number of current shares</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Number of outstanding shares</td><td>142,818,904</td><td>142,818,904</td><td>142,819,552</td><td>120,376,972</td></tr><tr><td>Number of shares owned by the Company or its subsidiaries or associates</td><td>648</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Number of shares whose issuance is reserved due to the existence of options or agreements to dispose shares</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital amount in shares ThUSS</td><td>134,750</td><td>1,442,893</td><td>134,750</td><td>342,636</td></tr><tr><td>Total number of subscribed shares</td><td>142,819,552</td><td>142,818,904</td><td>142,819,552</td><td>120,376,972</td></tr></table>



## 20.4 Disclosures on reserves in Equity

As of December 31, 2021, and 2020, this caption comprises the following:

<table><tr><td rowspan="3">Disclosures on reserves in equity</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>(7,913)</td><td>(11,569)</td></tr><tr><td>Reserve for currency exchange conversion (1)</td><td>(34,025)</td><td>4,491</td></tr><tr><td>Reserve for cash flow hedges (2)</td><td>(11,146)</td><td>6,872</td></tr><tr><td>Reserve for gains and losses from financial assets measured at fair value through other comprehensive income (3)</td><td>(4,174)</td><td>(8,680)</td></tr><tr><td>Reserve for actuarial gains or losses in defined benefit plans (4)</td><td>13,103</td><td>16,318</td></tr><tr><td>Other reserves</td><td>(44,155)</td><td>7,432</td></tr><tr><td>Total</td><td>(44,155)</td><td>7,432</td></tr></table>

(1) This balance reflects retained earnings for changes in the exchange rate when converting the financial statements of subsidiaries whose functional currency is different from the US dollar.

(2) The Company maintains, as hedge instruments, financial derivatives related to obligations with the public issued in UF and Chilean pesos, Changes from the fair value of derivatives designated and classified as hedges are recognized under this classification.

(3) This caption includes the fair value of equity investments that are not held for trading and that the group has irrevocably opted to recognize in this category upon initial recognition. In the event that such equity instruments are fully or partially disposed of, the proportional accumulated effect of accumulated fair value will be transferred to retained earnings.

(4) This caption reflects the effects of changes in actuarial assumptions, mainly changes in the discount rate.



Movements in other reserves and changes in interest were as follows:

<table><tr><td rowspan="2">Movements</td><td rowspan="2">Foreign currency translation difference (1)</td><td colspan="2">Reserve for cash flow hedges</td><td colspan="2">Reserve for actuarial gains and losses from defined benefit plans</td><td colspan="2">Reserve for gains (losses) from financial assets measured at fair value through other comprehensive income</td><td rowspan="2">Other reserves</td><td rowspan="2">Total reserves</td></tr><tr><td>Before taxes</td><td>Before taxes</td><td>Tax</td><td>Before taxes</td><td>Deferred taxes</td><td>Before taxes</td><td>Deferred taxes</td></tr><tr><td></td><td>ThUS</td><td>ThUS</td><td>ThUS</td><td>ThUS</td><td>ThUS</td><td>ThU</td><td>ThUS</td><td>ThUS</td><td>ThUS</td></tr><tr><td>Balances as of January 1, 2020</td><td>(25,745)</td><td>9,879</td><td>(2,683)</td><td>(11,482)</td><td>1,992</td><td>392</td><td>(662)</td><td>14,086</td><td>(12,870)</td></tr><tr><td>Movement of reserves</td><td>(404)</td><td>(3,706)</td><td>1,001</td><td>955</td><td>(145)</td><td>9,784</td><td>(2,642)</td><td>2,537</td><td>9,166</td></tr><tr><td>Effect on profit and loss</td><td>14,580</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(305)</td><td>14,275</td></tr><tr><td>As of December 31, 2020</td><td>(11,569)</td><td>6,173</td><td>(1,682)</td><td>(10,527)</td><td>1,847</td><td>10,176</td><td>(3,304)</td><td>16,318</td><td>10,571</td></tr><tr><td>Movement of reserves</td><td>4,046</td><td>(52,762)</td><td>14,246</td><td>4,648</td><td>(142)</td><td>(12,072)</td><td>3,818</td><td>134</td><td>(56,006)</td></tr><tr><td>Effect on profit and loss</td><td>(390)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(3,349)</td><td>(3,739)</td></tr><tr><td>Reclassification to retained earnings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(13,375)</td><td>3,611</td><td>-</td><td>(13,375)</td></tr><tr><td>Balances as of December 31, 2021</td><td>(7,913)</td><td>(46,589)</td><td>12,564</td><td>(5,879)</td><td>1,705</td><td>(15,271)</td><td>4,125</td><td>13,103</td><td>(62,549)</td></tr></table>

(1) See details on reserves for foreign currency translation differences on conversion in Note 25, letter b).



## Other reserves

This caption corresponds to the legal reserves reported in the stand-alone financial statements of the subsidiaries and associates that are mentioned below and that have been recognized in SQM’s equity through the application of the equity method.

<table><tr><td rowspan="3">Subsidiary - Associate</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>9,464</td><td>9,464</td></tr><tr><td>SQM Iberian S.A.</td><td>1,957</td><td>1,957</td></tr><tr><td>SQM Europe NV</td><td>828</td><td>828</td></tr><tr><td>Soquimich European holding B.V.</td><td>455</td><td>455</td></tr><tr><td>Abu Dhabi Fertilizer Industries WWL</td><td>-</td><td>3,414</td></tr><tr><td>Kore Potash PLC</td><td>(38)</td><td>(244)</td></tr><tr><td>Vitas Fzco.</td><td>7</td><td>-</td></tr><tr><td>Pavoni &amp; C. Spa</td><td>(14)</td><td>-</td></tr><tr><td>Others</td><td>12,659</td><td>15,874</td></tr><tr><td>Total</td><td></td><td></td></tr><tr><td colspan="3">Other derivative reserves of the acquisition of subsidiaries, which was already under Company ownership at the acquisition date (IAS 27R)</td></tr><tr><td>SQM Iberian S.A.</td><td>(1,677)</td><td>(1,677)</td></tr><tr><td>Oromca Estudios SPA</td><td>2,121</td><td>2,121</td></tr><tr><td>Total Other reserves</td><td>13,103</td><td>16,318</td></tr></table>

## 20.5 Dividend policies

As required by Article 79 of the Chilean Companies Act, unless otherwise decided by unanimous vote of the holders of issued and subscribed shares, a publicly traded corporation must annually distribute a cash dividend to its shareholders, prorated based on their shares or the proportion established in the company’s bylaws if there are preferred shares, with at least 30% of our consolidated profit for each year.

## Dividend policy for commercial year 2021

Company’s dividend policy for the 2021 business year was agreed upon by the Board of Directors on April 23, 2021. This dividend policy was amended on November 17, 2021, and establishes the following:

(a) Distribute and pay to the corresponding shareholders, a percentage of the net income that shall be determined per the following financial parameters as a final dividend:

(I) 100% of the profit for 2021 if all the following financial parameters are met: (a) “all current assets” divided by “all current liabilities” is equal to or greater than 2.5 times, and (b) the sum of “all current liabilities” and “all non-current liabilities”, less “cash equivalents”, less “other current financial assets”, all of the above divided by “total equity” in equal or less than 0.85 times.

(II) 80% of the profit for 2021 if all the following financial parameters are met: (a) “all current assets” divided by “all current liabilities” is equal to or greater than 2.0 times, and (b) the sum of “all current liabilities” and “all non-current liabilities”, less “cash equivalents”, less “other current financial assets”, all of the above divided by “total equity” in equal or less than 0.95 times.

(III) 60% of the profit for 2021 if all the following financial parameters are met: (a) “all current assets” divided by “all current liabilities” is equal to or greater than 1.5 times, and (b) the sum of “all current liabilities” and “all non-current liabilities”, less “cash equivalents”, less “other current financial assets”, all of the above divided by “total equity” in equal or less than 1.05 times.

(IV) If none of the foregoing financial parameters are met, the Company shall distribute and pay, as a final dividend, and in favor of the respective shareholders, 50% of the 2021 net income.



(b) Distribute and pay two interim dividends during 2021, which will be charged to the final dividend indicated above against retained earnings reflected in the financial statements as of March 31, 2021 and June 30, 2021, by the percentage that corresponds according to the financial parameters expressed in (a) above.

On May 19, 2021 and August 18, 2021, the Board of Directors agreed to distribute and pay an interim dividend equivalent to US$ 0.23797 per share and US$ 0.31439 per share, respectively, out of the Company's earnings for 2021. These amounts were paid in Chilean peso equivalents at the official US dollar exchange rate on May 28, 2021 and September 1, 2021, respectively (the "Interim Dividends").

(c) The Board of Directors will not distribute any other interim dividends out of 2021 earnings.

(d) At the ordinary meeting to be held in 2022, the Company's Board of Directors will propose a final dividend in line with the percentage corresponding to the financial parameters outlined in (a) above, discounting the provisional dividends and the Interim Dividends. In the event that the amount equivalent to the percentage of the 2021 distributable earnings as described in (a) above is equal to or less than the sum of the Potential Dividend and the Interim Dividends, then no additional amount will be distributed and the Interim Dividends will be deemed to be paid as a final dividend. In any case, the final dividend may not be less than the minimum legal dividend required by law or the bylaws.

(e) Any remaining amount from the net profits from 2021 can be retained and used to finance the Company’s own operations or one or more of its investment projects, notwithstanding a possible distribution of dividends charged to accumulated profit that might be approved by the shareholders’ meeting or the possible future capitalization of all or part of it.

(f) The payment of additional dividends is not being considered.

It must be expressly stated that this dividends policy details the intention of the Company’s Board of Directors and its fulfillment depends on the actual profits obtained, as well as on the results indicated by the projections the Company makes from time to time or on the existence of particular conditions, as appropriate. In any case, if the dividend policy set forth by the Board of Directors should undergo any substantial change, the Company must communicate it as a material event.

## 20.6 Interim and provisional dividends

On May 19, 2021, the Board of Directors agreed to pay a provisional dividend equivalent to US$ 0.23797 per share with a charge to Company earnings for 2021. Payment began on this provisional dividend on June 10, 2021.

On August 18, 2021, the Board of Directors agreed to pay a provisional dividend equivalent to US$ 0.31439 per share with a charge to Company earnings for 2021. Payment began on this provisional dividend on September 9, 2021.

On December 22, 2021, the Board of Directors agreed to pay an interim dividend equivalent to US$1.40037 per share out of the Company's retained earnings. This interim dividend was paid on December 30, 2021.



## 20.7 Potential and provisional dividends

Dividends discounted from equity from January to December 2021 and 2020 were the following:

<table><tr><td rowspan="2">Dividends</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>$ ThUSS</td><td>$ ThUSS</td></tr><tr><td>Ajay SQM Chile S.A. Dividends</td><td>-</td><td>556</td></tr><tr><td>Ajay SQM Chile S.A Payable Dividend</td><td>577</td><td>682</td></tr><tr><td>Soquimich Comercial S.A. Special Dividend</td><td>5,904</td><td>5,904</td></tr><tr><td>Soquimich Comercial S.A. Payable Dividend</td><td>5,927</td><td>2,976</td></tr><tr><td>Non-controlling interests</td><td>12,408</td><td>10,118</td></tr><tr><td>Interim dividend</td><td>157,774</td><td>44,986</td></tr><tr><td>Special dividend</td><td>399,998</td><td>100,000</td></tr><tr><td>Dividends payable</td><td>27,681</td><td>4,369</td></tr><tr><td>Owners of the Parent</td><td>585,453</td><td>149,355</td></tr><tr><td>Dividends discounted from equity for the period</td><td>597,861</td><td>159,473</td></tr></table>



## Note 21 Contingencies and restrictions

In accordance with note 19.1, the Company recognizes a provision for those lawsuits in which there is a probability that the judgments will be unfavorable to the Company. The Company is party to the following lawsuits and other relevant legal actions:

## 21.1 Lawsuits and other relevant events

(a) In August 1996, Nitratos Naturais do Chile Ltda. was fined by Fazenda do Estado de Sao Paulo for concluding activities without attaching the necessary documentation for submission to the competent authorities. The treasury of the State of Sao Paulo initiated legal actions to collect close to ThUS$ 492. Nitratos Naturais do Chile has presented a case to the federal court of Brazil to request a reduction in the fine, which is currently pending.

(b) In August 2004, Nitratos Naturais do Chile Ltda. was fined by Fazenda do Estado de Sao Paulo for failing to report trade activities. The treasury of the State of Sao Paulo initiated legal actions to collect close to ThUS$ 265. In 2018, the Court of Appeals agreed to a reduction in the fine and the Fazenda do Estado de Sao Paulo appealed to the Court of Brazil, and this appeal is still pending.

(c) In December 2010, the city of Pomona in the state of California, United States, filed a claim against SQM NA, which was heard before the US District Court for the Central District of California. The plaintiff requested the payment of expenses and other values related to treatment of groundwater to make it apt for consumption, which involved the extraction of perchlorate in this water, which allegedly came from Chilean fertilizers, for an approximate amount of US$ 30 million. On January 27, 2022, a judgment was issued against SQM NA for MUSS 48.1, which has been appealed. The Company has recorded a charge of MUSS 48.1 before taxes to the income statement for the year ended December 30, 2021.

(d) In December 2010, the city of Lindsay in California, United States, filed a claim against SQM NA, which was heard before the US District Court for the Central District of California. The plaintiff requested the payment of expenses and other values related to treatment of groundwater to make it apt for consumption, which involved the extraction of perchlorate in this water, which allegedly came from Chilean fertilizers, the trial is currently suspended.

(e) In May 2014, a claim of compensation for damages was filed against SQM Nitratos for its alleged extracontractual liability derived from an explosion occurring in 2010 in the vicinity of the town of Baquedano, which caused the death of six workers. The portion of the claim that has not been settled in court is approximately MUSS 1.2. On May 7, 2019, the 18th Civil Court of Santiago dismissed the claim. The case currently is in the Santiago Court of Appeals, which will make a determination on the motion for appeal and cassation brought about on behalf of the plaintiff.

(f) In January 2018, the company Transportes Buen Destino S.A. filed an arbitration claim under CAM rules against SQM Salar for controversies resulting from the execution of transport contracts for lithium brine and transport of salts. The amount of the claim is close to MUSS 3. The arbitration is currently in the evidence stage.

(g) In September 2018, representatives Claudia Nathalie Mix Jiménez, Gael Fernanda Yeomans Araya, Camila Ruzlay Rojas Valderrama filed a public right annulment suit against Corfo regarding the Salar de Atacama Project Contract signed between Corfo and SQM Salar. The Company has intervened as an independent third party. This discussion stage has concluded. For more information, see Note 21.4.



(h) The Company and FPC Ingeniería y Construcción SpA were sued in May 2019 for compensation for damages resulting from alleged extracontractual liability derived from the traffic accident occurring on March 5, 2018, involving the overturn of a truck owned by FPC and the subsequent death of its two occupants, both employees of FPC. The four children of one of the deceased workers are the plaintiffs in this case and are seeking compensation for moral damages. The case is in the 19th Civil Court of Santiago and is in the evidence stage. The amount of the claim is close to MUSS 1.2.

(i) The company Arrigoni Ingeniería y Construcción S.A. filed a claim in November 2019 against SQM Salar in arbitration court under CAM rules, requesting the conclusion of the Works Contract known as “Expansion of Lithium Carbonate Plant Phase II.” The trial is currently in the evidence stage. The amount of the claim is close to MUSS 14.6.

(j) The Company has initiated an arbitration process against the company Sierra Gorda S.C.M. due to controversies originating from the Mining, Royalties and Other Sales Contract dated December 16, 2011. Sierra Gorda S.C.M. has filed counterclaims against the Company. The process is in its evidence stage. The counterclaims filed against the Company amount to MUSS 46.

(k) Through resolution dated April 14, 2020, the General Water Bureau (DGA) fined SQM Salar S.A. an amount of 4,180 UTM for the alleged violation of article 294 of the Water Code. This resolution was appealed for reconsideration as established in article 136 of the Water Code, and its resolution is currently pending.

(l) On January 7, 2021, the Company Ocaña y Vega Limited has requested arbitration against the Company to claim compensation for damages associated with the early termination of two construction contracts. The case has reached the evidence gathering stage. The cost of arbitration is valued at approximately ThUS$ 377.

(m) On April 6, 2021, Empresa Eléctrica Cochrane SpA requested the constitution of arbitration to resolve a dispute in relation to electricity supply contracts signed on March 30, 2012, and February 1, 2013. The trial is currently in the discussion stage. On January 17, 2022, the Company filed a claim for early termination of the electricity supply contracts against Empresa Eléctrica Cochrane SpA. at the same arbitration tribunal.

(n) In October 2021, the Company requested the constitution of an arbitration against Chilena Consolidada Seguros Generales S.A. to resolve differences in relation to the interpretation and execution of the directors' and officers' liability insurance policy. The lawsuit has been notified to the arbitrator.

(o) In February 2022, the company Montajes Eléctricos y Construcciones RER Limitada filed a claim for damages before the 21st Civil Court of Santiago against SQM Industrial S.A. for its alleged liability derived from the breach of an electrical installation contract. The case is still in the discussion stage. The amount of the lawsuit is approximately ThUS$542.

The Company and its subsidiaries have been involved and will probably continue to be involved either as plaintiffs or defendants in certain judicial proceedings that have been and will be heard by the arbitration or ordinary courts of justice that will make the final decision. Those proceedings that are regulated by the appropriate legal regulations are intended to exercise or oppose certain actions or exceptions related to certain mining claims either granted or to be granted and that do not or will not affect in an essential manner the development of the Company and its subsidiaries.

Soquimich Commercial S.A. has been involved and will probably continue being involved either as plaintiff or defendant in certain judicial proceedings through which it intends to collect and receive the amounts owed, the total nominal value of which is approximately MUSS 1.05.



The Company and its subsidiaries have made efforts and continues making efforts to obtain payment of certain amounts that are still owed to the Company due to its activities. Such amounts will continue to be required using judicial or non-judicial means by the plaintiffs, and the actions and exercise related to these are currently in full force and effect.

## 21.2 Environmental contingencies

The SMA issued a resolution dated November 28, 2016, rectified by a resolution dated December 23, 2016, which filed charges against SQM Salar for brine extraction in excess of authorized amounts, progressive impairment of the vitality of carob trees, providing incomplete information modification of follow-up plan variables, and other charges. SQM Salar S.A. presented a compliance program that was accepted by the SMA. On December 2019, the Environmental Court of Antofagasta rendered the accepted compliance program null. In October 2020, the SMA formulated new observations for the compliance program, which will enable the incorporation of improvements in line with the ruling of the Environmental Court of Antofagasta, to then make a determination regarding approval or rejection. If a new compliance program is not approved by the SMA, or if approved and legally challenged and rendered null and void by the Chilean courts, the sanction process against SQM Salar could be resumed. This latter event may consider the application of fines up to MUSS 9, temporary or permanent closure of facilities and in extreme circumstances, revocation of the respective environmental permit.

## 21.3 Tax Contingencies

SQM Salar has filed three tax claims against the SII for taxes levied between tax years 2012 and 2018 (business years 2011 to 2017). The SII has sought to broaden the application of the specific tax on mining activities to the extraction of lithium, a substance that is not concessionable by law. The amount associated with these processes totals US$ 90.4 million, which has been paid by SQM Salar. This amount is recorded under “Non-current tax assets” in the Consolidated State of the Company as of December 30, 2021 and 2020.

The non-current tax assets presented in the Company’s Financial Statements as of December 31, 2021 of US$ 90.4 million, correspond to the three claims in the recently mentioned dispute. This amount can be broken down as follows: overcharged amount of US$ 18.9 million; potential specific tax for lithium amounting to US$ 48.6 million (minus effect on first category income tax) and interests associated with this tax for US$ 22.8 million.

The details of the claims can be found below:

(a) On August 26, 2016, a tax claim was filed with the Third Tax and Customs Court of the Metropolitan Region against tax assessments No. 169, 170, 171 and 172 for tax years 2012 to 2014. The amount in dispute is US$ 17.8 million, of which (i) US$ 11.5 million correspond to the contested tax (minus effect on first category income tax), and (ii) US$ 6.3 million correspond to interest and associated fines. On November 28, 2018, the Third Tax and Customs Court rejected the claim, and the case is currently in the Santiago Court of Appeals.

(b) On March 24, 2017, a tax claim was filed with the Third Tax and Customs Court of the Metropolitan Region against tax assessment No. 207 and resolution No. 156, both issued by the SII, for tax years 2015 to 2016. The amount in dispute is US$ 8.6 million, of which (i) US$ 1.3 million correspond to amounts assessed in excess, (ii) US$ 6.9 million correspond to the contested tax (minus effect on first category income tax), and (iii) US$ 0.5 million correspond to interest and fines. On November 28, 2018, the Third Tax and Customs Court rejected the corresponding claim, and the case is currently in the Santiago Court of Appeals.



(c) On July 15, 2021, SQM Salar filed a public right annulment suit and tax claim with the First Tax and Customs Court of the Metropolitan Region against tax assessments No. 65 and 66 for the 2017 and 2018 tax years. The amount in dispute is US$ 63.9 million, of which (i) US$ 17.7 million correspond to overcharged amounts, (ii) US$ 30.2 million correspond to the contested tax (minus effect on first category income tax), and (iii) US$ 16.1 million correspond to interest and fines. This case is under deliberation.

The SII has not issued an assessment claiming differences in the specific tax on mining activities filed for tax years 2019 onward. If the SII uses criteria similar to that used in previous years, it may issue an assessment in the future for this period. The Company estimates a potential assessment of US$ 79.8 million (minus effect on first category income tax) by the SII, without considering interests and fines.

To date, the Company has recorded no effect corresponding to this tax on its profit and loss.

## 21.4 Contingencies regarding to the Contracts with Corfo

On September 6, 2018, representatives Claudia Nathalie Mix Jiménez, Gael Fernanda Yeomans Araya and Camila Ruzlay Rojas Valderrama and the Poder Ciudadano political party filed an ammunet suit against Corfo, which requested that the Salar de Atacama Project Agreement between Corfo and the Company, SQM Potasio and SQM Salar be annulled. The Companies have taken part of the process as interested third parties.

In the event that the annulment claim is approved for the Salar de Atacama Project Agreement, SQM Salar may be prevented from the exploitation of the mining assets in the Salar de Atacama that it has leased from Corfo.

## 21.5 Contingencies associated with conflicts between shareholders of the Abu Dhabi Fertilizer Industries Company

Due to differences between shareholders of the company Abu Dhabi Fertilizer Industries Company, diverse lawsuits have arisen that may result in claims against SQM Corporation N.V. and by this company against the other shareholders. These disputes may materially affect the value of the investment of the Company in Abu Dhabi Fertilizer Industries Company. At this time, it is not possible to quantify the amounts of these claims.

## 21.6 Restricted or pledged cash

The subsidiary Isapre Norte Grande Ltda., in compliance with the provisions established by the Chilean Superintendence of Healthcare, which regulates the running of pension-related health institutions, maintains a guarantee in financial instruments delivered in deposits, custody and administration to Banco de Chile.

This guarantee, according to the regulations issued by the Chilean Superintendence of Healthcare is equivalent to the total amount owed to its members and medical providers, Banco de Chile reports the present value of the guarantee to the Chilean Superintendence of Healthcare and Isapre Norte Grande Ltda on a daily basis. As of December 31, 2021, the guarantee amounts to ThUS$ 622.



## 21.7 Securities obtained from third parties

The main security received (exceeding ThUS$ 100) from third parties to guarantee Soquimich Commercial S.A. their compliance with obligations in contracts of commercial mandates for the distribution and sale of fertilizers amounted to ThUS$ 8,866 and ThUS$ 10,114 on December 31, 2021 and 2020 respectively; which is detailed as follows:

<table><tr><td rowspan="2">Grantor</td><td rowspan="2">Relationship</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Ferosor Agrícola S.A.</td><td>Unrelated Third party</td><td>4,735</td><td>5,626</td></tr><tr><td>Tattersall Agroinsumos S.A.</td><td>Unrelated Third party</td><td>2,000</td><td>2,000</td></tr><tr><td>Covepa SPA</td><td>Unrelated Third party</td><td>592</td><td>703</td></tr><tr><td>Johannes Epple Davanzo</td><td>Unrelated Third party</td><td>264</td><td>314</td></tr><tr><td>Hortofrutícola La Serena</td><td>Unrelated Third party</td><td>272</td><td>303</td></tr><tr><td>Com. Serv Johannes Epple Davanz</td><td>Unrelated Third party</td><td>343</td><td>408</td></tr><tr><td>Juan Luis Gaete Chesta</td><td>Unrelated Third party</td><td>160</td><td>190</td></tr><tr><td>Arena Fertilizantes y Semillas</td><td>Unrelated Third party</td><td>178</td><td>211</td></tr><tr><td>Vicente Oyarce Castro</td><td>Unrelated Third party</td><td>205</td><td>229</td></tr><tr><td>Bernardo Guzmán Schmidt</td><td>Unrelated Third party</td><td>117</td><td>130</td></tr><tr><td>Total</td><td></td><td>8,866</td><td>10,114</td></tr></table>

## 21.8 Indirect guarantees

As of December 31, 2021, there are no indirect guarantees.



## Note 22 Environment

## 22.1 Disclosures of disbursements related to the environment

Environmental protection, respect for human rights and overall impact on sustainability are ongoing concerns of the Company, both in its productive processes and throughout the supply chain. This commitment is supported by the principles indicated in the Company’s Sustainable Development Policy and human rights policy. The Company is currently operating under an Environmental Management System (EMS) that has allowed it to strengthen its environmental performance through the effective application of the Company’s Sustainable Development Policy. In 2020, the company announced an ambitious Sustainable Development Plan, which establishes specific measurable goals that seek to make SQM a leader in sustainability around the world. The main goals proposed are:

i) A 65% reduction in the use of fresh water by the year 2040 and 40% by 2030, with respect to BAU (Bussiness as usual).

ii) A 50% reduction in brine extraction from the Salar de Atacama by 2030, starting with 20% by November 2020, compared to the environmental permit.

iii) Ensure that all our products are carbon neutral by 2040 and in the case of lithium, iodine and potassium chloride, this goal is for 2030.

iv) Stimulate more and better instances for dialog with the communities near the operations.

During the year 2021 we have been making progress with each of these goals, starting with quarterly management of sustainability indicators and monitoring them on a quarterly basis. This has helped us to identify initiatives that help us to achieve these goals.

Operations that use caliche as a raw material are carried out in desert areas with climatic conditions that are favorable for drying solids and evaporating liquids using solar energy. Operations involving the open-pit extraction of minerals.

Many of the Company’s products are shipped in bulk at the Port of Tocopilla. In 2007, the city of Tocopilla was declared a “zone saturated with MP10 Particles” mainly due to the emissions from the electric power plants that operate in that city. In October 2010, the “Decontamination Plan for Tocopilla” was put in place. Accordingly, the Company has committed to taking several measures to mitigate the effects derived from bulk product movements in the port, these measures have been timely implemented since 2007.

The Company carries out environmental follow-up and monitoring plans based on specialized scientific studies. Follow-up on relevant variables defined for each project enables the Company to verify the status, for example, of vegetation, flora, fauna and aquatic life in the ecosystems to protect. Follow-up plans are supported by a broad control network that includes monitoring points such as meteorological stations and wells, satellite images, plots for recording the status of vegetation and fauna, etc. The activities comprised in these plans are reported regularly to authorities based on the Company’s commitments made through resolutions that approve different SQM projects. For the specific case of the Salar de Atacama, the Company has implemented an online platform (www.sqmsenlinea.com), which enables any person to access all the environmental information compiled by the Company in keeping with its commitments.

In this context, the Company maintains environmental monitoring across the systems where it operates, which is supported by numerous studies that integrate diverse scientific efforts from prestigious research centers on a national and international level, such as the Spanish National Research Council (CSIC) and the Universidad Católica del Norte.

Furthermore, within the framework of the environmental studies which the Company is conducting, the Company performs significant activities in relation to the recording of Pre-Columbian and historical cultural heritage, as well as the protection of heritage sites, in accordance with current Chilean laws. These activities have been especially performed in the areas surrounding Maria Elena (ME) and the Nueva Victoria plant (NV). This effort is being accompanied by outreach activities for the community and development of sites of interest.



As emphasized in its Sustainable Development Policy, the Company strives to maintain positive relationships with the communities surrounding the locations in which it carries out its operations, as well as to participate in communities' development by supporting joint projects and activities which help to improve the quality of life for residents. For this purpose, the Company has focused its efforts on activities involving the rescue of historical heritage, education and culture, as well as development. In order to do so, it acts both individually and in conjunction with private and public entities.

## 22.2 Detailed information on disbursements related to the environment

The cumulative disbursements which the Company had incurred as of December 31, 2021 for the concept of investments in production processes, verification and control of compliance with ordinances and laws related to industrial processes and facilities amounted to ThUS$ 31,128 and are detailed as follows:



Accumulated expenses as of December 31, 2021

<table><tr><td rowspan="2">Parent Company or Subsidiary</td><td rowspan="2">Project Name Associated with Disbursement</td><td rowspan="2">Reason for Disbursement</td><td rowspan="2">Asset / Expense</td><td>Disbursement</td><td rowspan="2">Exact or Estimated Date of Disbursement</td></tr><tr><td>ThUS\(</td></tr><tr><td>Miscellaneous</td><td>Environment - Operating Area</td><td>Not classified</td><td>Expense</td><td>13,799</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-017200 - CEDAM at Puquios at Llama</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>1,065</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-019400 - EIA Expansion of TEA and Sewater Impulsion</td><td>Environmental processing</td><td>Assets</td><td>2,201</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-017600 - Regularization of Hazardous Substances Decree</td><td>Environmental processing</td><td>Expense</td><td>13</td><td>01-06-2021</td></tr><tr><td>SQM S.A.</td><td>01-028200 - EIA Llama</td><td>Environmental processing</td><td>Expense</td><td>874</td><td>12-30-2021</td></tr><tr><td>SQM S.A.</td><td>01-028300 - Implementation PDC 2019 - Llamaar sanction process</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>443</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-030700 - Sectorial Permits EIA Project TEA</td><td>Environmental processing</td><td>Expense</td><td>78</td><td>12-06-2021</td></tr><tr><td>SQM S.A.</td><td>01-035800 - Sustainability DS43 Phase 2</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>19</td><td>07-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-S015900 - SQM Sustainability</td><td>Environmental processing</td><td>Expense</td><td>120</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-S014200 - Projections</td><td>Environmental processing</td><td>Expense</td><td>7</td><td>05-19-2021</td></tr><tr><td>SQM S.A.</td><td>01-039600 - New Warehouse Iodine Stock NV</td><td>Environmental processing</td><td>Assets</td><td>472</td><td>10-27-2021</td></tr><tr><td>SQM S.A.</td><td>01-039700 - Adapting tanks for hazardous substances NV</td><td>Environmental processing</td><td>Assets</td><td>300</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-P010300 - Adapting tanks for hazardous substances PV</td><td>Environmental processing</td><td>Assets</td><td>17</td><td>03-16-2021</td></tr><tr><td>SQM S.A.</td><td>01-P010400 - Adaptation of dispatch warehouse PV</td><td>Environmental processing</td><td>Assets</td><td>245</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-038400 - Update APT conceptual and numerical hydrogeological model</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>83</td><td>12-28-2021</td></tr><tr><td>SQM S.A.</td><td>01-014400 - IEA New ponds and stockpiles at Sur Viejo</td><td>Environmental processing</td><td>Expense</td><td>85</td><td>11-19-2021</td></tr><tr><td>SQM S.A.</td><td>01-044400 - Improve NV proprietary warehouse and offices</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>6</td><td>08-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-F000100 - EIA Pampa Blanca Maritime Project</td><td>Environmental processing</td><td>Expense</td><td>1</td><td>11-29-2021</td></tr><tr><td>SQM S.A.</td><td>01-050900 - Responsible Conduct</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>29</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-S022000 - Sustainability projects SQM-Sustainable luminaires iris-NV</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>15</td><td>10-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J015700 - Update of Closure Plans</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>59</td><td>12-24-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J017200 - Guarantee availability Pampas Industrial Water System</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>29</td><td>07-07-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-I032600 - Well Water Efficiency - Water Rec. Nueva Victoria. Stage I (1)</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>6</td><td>07-09-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J022700 - DIA integration of Coya Sur site</td><td>Environmental processing</td><td>Expense</td><td>85</td><td>12-29-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J022800 - Adaptation light pollution</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>75</td><td>05-13-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-M004300 - Reduction of Industrial Waste</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>161</td><td>12-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-I038200 - Well water efficiency - Water Rec. Nueva Victoria. Stage II</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>628</td><td>09-30-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-I038600 - Monitoring extractions NV</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>392</td><td>12-07-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J023700 - Regularization Hazardous Substances Decree SQM Industrial</td><td>Environmental processing</td><td>Assets</td><td>459</td><td>10-04-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-I046900 - Pilot Floating Photovoltaic Solar Plant (FPV-SV) - Conceptual Engineering</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>26</td><td>09-27-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-M005400 - Rio Loa preventive monitoring (water and aquatic biota quality)</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>92</td><td>12-30-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-M004600 - Degreasing chamber TAS ME Plant</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>5</td><td>12-27-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J013500 Handling Equipment Associated with PCBs</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>41</td><td>11-29-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J015800 - Other Sector Regulatory 2019</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>9</td><td>08-27-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-M005600 - Improve N&amp;Y warehouse</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>11</td><td>12-24-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-I050100 - Engineering for Orcoma seawater impulsion system</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>141</td><td>12-29-2021</td></tr><tr><td>Subtotal</td><td></td><td></td><td></td><td>22,091</td><td></td></tr></table>



Accumulated expenses as of December 31, 2021

<table><tr><td rowspan="2">Parent Company or Subsidiary</td><td rowspan="2">Project Name Associated with Disbursement</td><td rowspan="2">Reason for Disbursement</td><td rowspan="2">Asset / Expense</td><td>Disbursement</td><td rowspan="2">Exact or Estimated Date of Disbursement</td></tr><tr><td>ThUS\(</td></tr><tr><td>SQM Industrial S.A.</td><td>04-F000200 - Reopening of Pampa Blanca Project - Mine Operations Center / Conveyors</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>3</td><td>12-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J029000 - Assembly of pilot solar thermal power plant</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>8</td><td>12-31-2021</td></tr><tr><td>SIT S.A.</td><td>03-T009900 - Air quality monitoring system at Tocopilla</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>50</td><td>11-18-2021</td></tr><tr><td>SIT S.A.</td><td>03-T010500 - Hydrocarbon detection system at Tocopilla port</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>54</td><td>02-15-2021</td></tr><tr><td>SIT S.A.</td><td>03-T011800 - Mechanized Plant Automation</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>2</td><td>12-30-2021</td></tr><tr><td>SIT S.A.</td><td>03-T011400 - Purchase of spill control materials</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>39</td><td>12-09-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L014700 - Industrial Waste Management</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>65</td><td>10-29-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L018800 - UPC Consulting for NW and Others</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>12</td><td>02-12-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L018900 - Evaporation 2018-2019</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>7</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L021700 - Upgrade RH y MA 2019</td><td>Environmental processing</td><td>Expense</td><td>60</td><td>08-27-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-S013400- Online Monitoring</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>66</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016200 - Acquisition of Hardware - Software 2020</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>12</td><td>11-26-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016300 - Consulting 2020</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>3</td><td>02-25-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016400 - Implementation Acquire Environmental DB</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>3</td><td>03-11-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016700 - Improvements understanding reload</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>65</td><td>03-25-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L025600 - Purchase of Generators, Variators, trafos. 2020</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>47</td><td>08-01-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L025800 - Normalization of Administration System</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>6</td><td>04-09-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-C008600 - Aspirating plants Salar del Calim</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>607</td><td>12-20-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L026900 - Cameras and lighting at finished product plants</td><td>Environmental processing</td><td>Assets</td><td>19</td><td>03-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L024200 - Environmental and Operational Risk Analysis Study of Salar de Atacama</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>21</td><td>12-21-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016500 - Incorporation of test models for artificial intelligence</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>5</td><td>10-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L025300 - Compliance with sanitary water resolution</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>45</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L026800 - Removal of old dryers MOP GI Ill plant</td><td>Environmental processing</td><td>Assets</td><td>21</td><td>10-21-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L030200 - Removal and disposal of non-hazardous waste at Salar de Atacama landfill site</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>183</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L030700 - Electrification of wells, second stage</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>73</td><td>07-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L028200 - Environmental Monitoring 2020</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>425</td><td>09-30-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L029800 - Adaptation DS43</td><td>Environmental processing</td><td>Assets</td><td>141</td><td>12-12-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L030100 - Standardization of Sectorial Environmental Permit 136 for Salar de Atacama Works</td><td>Environmental processing</td><td>Expense</td><td>52</td><td>06-30-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L031300 - Global FM Compliance for Maintenance Area</td><td>Environmental processing</td><td>Expense</td><td>26</td><td>12-14-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L031700 - Regulation of Emissions Sources of Light DS N°43</td><td>Environmental processing</td><td>Assets</td><td>663</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L032300 - Hydrogeology EIA 2021</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>421</td><td>12-30-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L019800 - Salar de Atacama paleoclimatic study</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>10</td><td>11-22-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L032000 - Salar Sustainability Project</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>51</td><td>08-11-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-C012400 - New Disposal Salt Deposits</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>2,158</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L020000 - PSAH Continuous Network Improvement and PC Rhyma</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>93</td><td>10-26-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L034000 - Environmental Projects EIA + EIS 2021, 2022</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>1,944</td><td>12-31-2021</td></tr><tr><td>Subtotal</td><td></td><td></td><td></td><td></td><td>7,460</td></tr></table>



Accumulated expenses as of December 31, 2021

<table><tr><td rowspan="2">Parent Company or Subsidiary</td><td rowspan="2">Project Name Associated with Disbursement</td><td rowspan="2">Reason for Disbursement</td><td rowspan="2">Asset / Expense</td><td>Disbursement</td><td rowspan="2">Exact or Estimated Date of Disbursement</td></tr><tr><td>ThUS\(</td></tr><tr><td>SQM Nitratos S.A.</td><td>12-1039000 - Adapting warehouse for hazardous substances at Mina Oeste</td><td>Environmental processing</td><td>Assets</td><td>71</td><td>12-29-2021</td></tr><tr><td>Minera Búfalo</td><td>20-A008200 - Búfalo project stage 1</td><td>Environmental processing</td><td>Expense</td><td>68</td><td>09-07-2021</td></tr><tr><td>Orcoma Estudios Spa</td><td>15-1039100 - Sectorial permits and compliance with environmental commitments EIA Orcoma Proyect</td><td>Environmental processing</td><td>Expense</td><td>1,127</td><td>09-30-2021</td></tr><tr><td>SQM Potasio S.A.</td><td>14-1039400 - Adapting tank at Iris</td><td>Environmental processing</td><td>Assets</td><td>89</td><td>12-31-2021</td></tr><tr><td>SQM Potasio S.A.</td><td>14-1039800 - Adequacy of the IRIS hazardous substances warehouse</td><td>Environmental processing</td><td>Assets</td><td>222</td><td>12-16-2021</td></tr><tr><td>Subtotal</td><td></td><td></td><td></td><td>1,577</td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>31,128</td><td></td></tr></table>



## Committed expenses for future periods as of December 31, 2021 

<table><tr><td>Parent Company or Subsidiary</td><td>Project Name Associated with Disbursement</td><td>Reason for Disbursement</td><td>Asset / Expense</td><td>Disbursement</td><td>Exact or Estimated Date of Disbursement</td></tr><tr><td>Miscellaneous</td><td>Environment - Operating Area</td><td>Not classified</td><td>Expense</td><td>15,391</td><td>12-31-2022</td></tr><tr><td>SQM S.A.</td><td>01-1017200 - CEDAM at Puquio's at Llamara</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>25</td><td>12-31-2022</td></tr><tr><td>SQM S.A.</td><td>01-1017400 - Development of Pintados and Deposit Humberstone</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>25</td><td>12-31-2022</td></tr><tr><td>SQM S.A.</td><td>01-1028200 - EIA Llamara</td><td>Environmental processing</td><td>Expense</td><td>28</td><td>12-31-2022</td></tr><tr><td>SQM S.A.</td><td>01-1028300 - Implementation PDC 2019 - Llamara sanction process</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>301</td><td>12-31-2022</td></tr><tr><td>SQM S.A.</td><td>01-1039600 - New Warehouse Iodine Stock NV</td><td>Environmental processing</td><td>Assets</td><td>739</td><td>12-31-2022</td></tr><tr><td>SQM S.A.</td><td>01-1039700 - Adapting Pond Substances NV</td><td>Environmental processing</td><td>Assets</td><td>351</td><td>12-31-2022</td></tr><tr><td>SQM S.A.</td><td>01-P010300 - Adapting pond substances PV</td><td>Environmental processing</td><td>Assets</td><td>435</td><td>12-31-2022</td></tr><tr><td>SQM S.A.</td><td>01-P010400 - Adapting dispatch warehouse PV</td><td>Environmental processing</td><td>Assets</td><td>199</td><td>12-31-2022</td></tr><tr><td>SQM S.A.</td><td>01-1041400 - DIA New pits and stockpiles in Sur Viejo</td><td>Environmental processing</td><td>Expense</td><td>315</td><td>12-31-2022</td></tr><tr><td>SQM S.A.</td><td>01-1044400 - Improve NV proprietary warehouse and offices</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>4</td><td>12-31-2022</td></tr><tr><td>SQM S.A.</td><td>01-1050900 - Responsible Conduct</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>1</td><td>12-31-2022</td></tr><tr><td>SQM S.A.</td><td>01-S0202000 - Sustainability projects SQM-Sustainable luminaries iris-NV</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>25</td><td>12-31-2022</td></tr><tr><td>SQM S.A.</td><td>01-F000100 - Pampa Blanca EIA - Sea water Project</td><td>Environmental processing</td><td>Expense</td><td>449</td><td>12-31-2022</td></tr><tr><td>SQM S.A.</td><td>01-F000300 - Pampa Blanca Project Reopening - Iodine Plant</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>1,417</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-1017700 - Basic Engineering and EIA for Tanda and several impulsion N.V</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>59</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J013500 - Handling equipment associated with PCBs</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>263</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J015200 - Implementation Economizers</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>23</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J015700 - Update of Closure Plans</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>49</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J015800 - Other Sector Regulatory Measures</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>42</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J017200 - Assurance Availability Sistema Agua Industrial Pampas</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>3</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-M003900 - Revocation PDME</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>47</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J022700 - DIA Integración Faena Coya Sur</td><td>Environmental processing</td><td>Expense</td><td>166</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J022800 - Adaptation light pollution</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>246</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-M004300 - Reduction of Industrial Waste</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>12</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-1038200 - Well Water Efficiency N.V. II</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>25</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-1038600 - Extraction monitoring N.V.</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>308</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J023700 - Regularization Hazardous Substances Decree SQM Industrial</td><td>Environmental processing</td><td>Assets</td><td>156</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-1046900 - Pilot Floating Photovoltaic Solar Plant (FPV-SV) - Conceptual Engineering</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>14</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J025000 - Boiler Scrubber NPT3</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>200</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-M005400 - Rio Loa Preventive Monitoring (Water and Aquatic Biota Quality)</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>114</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-1050100 - Engineering Seawater impulsion system</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>174</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-M005600 - Improve N&amp;Y warehouse</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>19</td><td>12-31-2022</td></tr><tr><td>Subtotal</td><td></td><td></td><td></td><td></td><td>21,625</td></tr></table>



Committed expenses for future periods as of December 31, 2021

<table><tr><td rowspan="2">Parent Company or Subsidiary</td><td rowspan="2">Project Name Associated with Disbursement</td><td rowspan="2">Reason for Disbursement</td><td rowspan="2">Asset / Expense</td><td>Disbursement</td><td rowspan="2">Exact or Estimated Date of Disbursement</td></tr><tr><td>ThUS\(</td></tr><tr><td>SQM Industrial S.A.</td><td>04-SO22100 - Recovery of prilled heat in CS/Electric Buses</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>345</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-FO00200 - Pampa Blanca Project Reopening - Mining/Conveyors Operations Center</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>893</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J028700 - Electromobility pilot for passenger transportation</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>95</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J028800 - NPT2 economizers and structural improvements</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>182</td><td>12-31-2022</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J029000 - Assembly of pilot solar thermal power plant</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>1,392</td><td>12-31-2022</td></tr><tr><td>SIT S.A.</td><td>03-T009900 - Air quality monitoring system Tocopilla</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>32</td><td>12-31-2022</td></tr><tr><td>SIT S.A.</td><td>03-T010500 - Hydrocarbon Detection System Tocopilla Port</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>21</td><td>12-31-2022</td></tr><tr><td>SIT S.A.</td><td>03-T011400 - Purchase of spill control materials</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>1</td><td>12-31-2022</td></tr><tr><td>SIT S.A.</td><td>03-T011800 - Mechanized Plant Automation</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>18</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L014700 - Industrial Waste Management</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>24</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L018800 - UPC Consulting for NW and Others</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>34</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L018900 - Evaporation 2018-2019</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>35</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L019800 - Paleoclimate Study Salar de Atacama</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>25</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L020000 - Improvement of Operational Monitoring Network</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>2</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L021400 - Environmental monitoring 2019 PSA</td><td>Environmental processing</td><td>Expense</td><td>21</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L021700 - Update RH y MA 2019</td><td>Environmental processing</td><td>Expense</td><td>32</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-S013400 - Online monitoring</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>390</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-C006800 - Renovation lighting towers - Salar del Carmen plant</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>2</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L024200 - Environmental Risk Analysis Study Salar de Atacama</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>37</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016200 - Acquisition of Hardware Software</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>4</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016300 - Consulting 2020</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>36</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016400 - Implementation Acquiere BD Amb</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>1</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016500 - Incorporation of IA prediction test models</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>7</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016700 - Improvements to recharge understanding in SdA</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>16</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016900 - Monitoring water-vegetation dynamics in the Aguas de Quelana sector</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>35</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L025300 - Compliance with Sanitary Resolution</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>116</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L025800 - Normalization of Admin. System</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>2</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L028200 - Environmental Monitoring 2020</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>34</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L029800 - Adapting to DS43</td><td>Environmental processing</td><td>Assets</td><td>34</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L030100 - Compliance with Sectoral Environmental Permit 136 at Salar de Atacama site</td><td>Environmental processing</td><td>Expense</td><td>18</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L030200 - Removal and final disposal of non-hazardous waste at Salar de Atacama landfill site</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>7</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L031300 - Global FM Compliance Maintenance Area</td><td>Environmental processing</td><td>Expense</td><td>143</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L031700 - Regulation of Emissions Sources of Light DS N°43</td><td>Environmental processing</td><td>Assets</td><td>737</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-L032300 - Hydrogeology EIA 2021</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>479</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-C012400 - New Disposal Salt Deposits</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>4,342</td><td>12-31-2022</td></tr><tr><td>SQM Salar S.A.</td><td>19-S021500 - SK Improvements - 1300 2021</td><td>Environmental processing</td><td>Expense</td><td>14</td><td>12-31-2022</td></tr><tr><td>Subtotal</td><td></td><td></td><td></td><td>9,606</td><td></td></tr></table>



## Committed expenses for future periods as of December 31, 2021

<table><tr><td rowspan="2">Parent Company or Subsidiary</td><td rowspan="2">Project Name Associated with Disbursement</td><td rowspan="2">Reason for Disbursement</td><td rowspan="2">Asset / Expense</td><td>Disbursement</td><td rowspan="2">Exact or Estimated Date of Disbursement</td></tr><tr><td>ThUS\(</td></tr><tr><td>SQM Nitratos S.A.</td><td>12-1039000 - Adaptation of hazardous waste warehouse</td><td>Environmental processing</td><td>Assets</td><td>9</td><td>12-31-2022</td></tr><tr><td>SQM Nitratos S.A.</td><td>12-F000400 - Pampa Blanca Project Reopening - Mining Workshop</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>187</td><td>12-31-2022</td></tr><tr><td>Minera Búfalo</td><td>20-A008200 - Metallic Project Buffalo Stage 1</td><td>Environmental processing</td><td>Expense</td><td>21</td><td>12-31-2022</td></tr><tr><td>Orcoma Estudios Spa</td><td>15-1039100 - Sectoral Permits and compliance EIA Orcoma Proyect</td><td>Environmental processing</td><td>Expense</td><td>339</td><td>12-31-2022</td></tr><tr><td>SQM Potasio S.A.</td><td>14-1039400 - Adapting Pond Iris</td><td>Environmental processing</td><td>Assets</td><td>381</td><td>12-31-2022</td></tr><tr><td>SQM Potasio S.A.</td><td>14-1039800 - Adapting hazardous substances warehouse IRIS</td><td>Environmental processing</td><td>Assets</td><td>212</td><td>12-31-2022</td></tr><tr><td>Subtotal</td><td></td><td></td><td></td><td></td><td>1,149</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>32,380</td></tr></table>



Accumulated expenses as of December 31, 2020

<table><tr><td rowspan="2">Parent Company or Subsidiary</td><td rowspan="2">Project Name</td><td rowspan="2">Reason for Disbursement</td><td rowspan="2">Asset / Expense</td><td>Disbursement</td><td rowspan="2">Exact or Estimated Date of Disbursement</td></tr><tr><td>ThUS\(</td></tr><tr><td>Miscellaneous</td><td>Environment - Operating Area</td><td>Not classified</td><td>Expense</td><td>10,376</td><td>06-30-2020</td></tr><tr><td>SQM S.A.</td><td>01-017200 - CEDAM at Puquios (ponds) at Llamara</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>4</td><td>11-12-2020</td></tr><tr><td>SQM S.A.</td><td>01-017600 - Regularization of Substances Decree</td><td>Environmental processing</td><td>Expense</td><td>121</td><td>10-22-2020</td></tr><tr><td>SQM S.A.</td><td>01-018700 - Penalization Process for Salar de Llamara</td><td>Environmental processing</td><td>Assets</td><td>-</td><td>03-31-2020</td></tr><tr><td>SQM S.A.</td><td>01-019400 - EIA Expansion of TEA and Seawater Impulsion</td><td>Environmental processing</td><td>Assets</td><td>791</td><td>12-31-2020</td></tr><tr><td>SQM S.A.</td><td>01-028200 - EIA Llamara</td><td>Environmental processing</td><td>Expense</td><td>722</td><td>12-30-2020</td></tr><tr><td>SQM S.A.</td><td>01-028300 - Implementation of PDC 2019</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>593</td><td>12-31-2020</td></tr><tr><td>SQM S.A.</td><td>01-030700 - Sector Permits EIA Project</td><td>Environmental processing</td><td>Expense</td><td>280</td><td>11-20-2020</td></tr><tr><td>SQM S.A.</td><td>01-035800 - Sustainability DS43 Phase 2</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>20</td><td>11-03-2020</td></tr><tr><td>SQM S.A.</td><td>01-038400 - Update hydrogeological model</td><td>Sustainability: Environment and Risk Prevention</td><td>Gasto</td><td>76</td><td>12-31-2020</td></tr><tr><td>SQM S.A.</td><td>01-039600 - New warehouse iodine stock NV</td><td>Environmental processing</td><td>Assets</td><td>54</td><td>12-31-2020</td></tr><tr><td>SQM S.A.</td><td>01-P010400 - Adequacy of office cellar PV</td><td>Environmental processing</td><td>Assets</td><td>16</td><td>12-06-2020</td></tr><tr><td>SQM S.A.</td><td>01-S014200 - Proyect</td><td>Environmental processing</td><td>Gasto</td><td>63</td><td>10-01-2020</td></tr><tr><td>SQM S.A.</td><td>01-S015900 - Sustainability SQM</td><td>Environmental processing</td><td>Gasto</td><td>975</td><td>10-26-2020</td></tr><tr><td>SQM Industrial S.A.</td><td>04-017700 - Basic Engineering and EIA for TEA industrial area and seawater impulsion N.V.</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>133</td><td>07-10-2020</td></tr><tr><td>SQM Industrial S.A.</td><td>04-102500 - Re-drilling Well 2PL-2</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>1</td><td>02-29-2020</td></tr><tr><td>SQM Industrial S.A.</td><td>04-1032600 - Well Water Efficiency - Rec</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>123</td><td>07-30-2020</td></tr><tr><td>SQM Industrial S.A.</td><td>04-1038200 - Well Water Efficiency 2</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>79</td><td>12-31-2020</td></tr><tr><td>SQM Industrial S.A.</td><td>04-1038600 - Monitoring Extractions NV</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>15</td><td>12-24-2020</td></tr><tr><td>SQM Industrial S.A.</td><td>04-1031200 - DIA and Regularization of Wells CS</td><td>Environmental processing</td><td>Assets</td><td>-</td><td>02-23-2020</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J015200 - Implement Economizers</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>-</td><td>09-25-2020</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J015700 - Update closure plans</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>83</td><td>12-31-2020</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J015800 - Other sectoral regularizations</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>42</td><td>09-24-2020</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J017200 - Guarantee availability S</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>109</td><td>07-02-2020</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J022700 - DIA Integración Faena Coya Sur</td><td>Environmental processing</td><td>Expense</td><td>87</td><td>12-31-2020</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J022800 - Adequacy of light pollution</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>48</td><td>11-30-2020</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J023700 - Regularization Decree Hazardo Substances</td><td>Environmental processing</td><td>Assets</td><td>35</td><td>11-20-2020</td></tr><tr><td>SQM Industrial S.A.</td><td>04-M004300 - Industrial Waste Reduction</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>77</td><td>12-31-2020</td></tr><tr><td>SQM Industrial S.A.</td><td>04-P010200 - PV Piles Project (DIA)+ Study</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>57</td><td>11-24-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-C006800 - Renovation of lighting towers</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>19</td><td>09-07-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-C008600 - Asphalting plants Salar del Carmen</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>432</td><td>12-30-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-L014700 - Industrial Waste Handling</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>45</td><td>09-30-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-L018800 - UPC Consulting for NW and others</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>26</td><td>11-13-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-L018900 - Evaporation 2018-2019</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>1</td><td>12-31-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-L019800 - Paleoclimate Study (Iberian)</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>14</td><td>07-16-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-L021400 - Environmental Monitoring 2019</td><td>Environmental processing</td><td>Expense</td><td>11</td><td>12-31-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-L021700 - Improvement of RH and MA 2019</td><td>Environmental processing</td><td>Expense</td><td>40</td><td>12-30-2020</td></tr><tr><td>Total</td><td></td><td></td><td></td><td>15,568</td><td></td></tr></table>



Accumulated expenses as of December 31, 2020

<table><tr><td rowspan="2">Parent Company or Subsidiary</td><td rowspan="2">Project Name</td><td rowspan="2">Reason for Disbursement</td><td rowspan="2">Asset / Expense</td><td>Disbursement</td><td rowspan="2">Exact or Estimated Date of Disbursement</td></tr><tr><td>ThUS\(</td></tr><tr><td>SQM Salar S.A.</td><td>19-L023200 - Surveying equipment 2019</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>3</td><td>03-18-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-L025300 - Compliance with Sanitary Resolution</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>51</td><td>12-13-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-L025600 - Purchase of Generators, Miscellaneous</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>62</td><td>12-31-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-L025800 - Standardization of Admin. System</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>14</td><td>12-31-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-L026800 - Removal of old Dryers in MOP G III Plant</td><td>Environmental processing</td><td>Assets</td><td>20</td><td>12-22-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-S013400 - On-Line Monitoring</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>363</td><td>12-15-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016200 - Acquisition of Hardware - Software</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>8</td><td>11-30-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016300 - 2020 Consultancy</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>33</td><td>11-30-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016400 - Implementation Acquisition of BD Amb.</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>4</td><td>12-31-2020</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016700 - Improved understanding of reloading</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>49</td><td>12-31-2020</td></tr><tr><td>Orcoma Estudios Spa</td><td>15-1039100 - Sectoral Permitting and Compliance Amb.</td><td>Environmental processing</td><td>Expense</td><td>252</td><td>12-31-2020</td></tr><tr><td>Minera Búfalo</td><td>20-A008200 - Buffalo Project</td><td>Environmental processing</td><td>Expense</td><td>61</td><td>11-19-2020</td></tr><tr><td>SQM Potasio S.A.</td><td>14-1039800 - Adequacy of IRIS Hazardous Substances Warehouse</td><td>Environmental processing</td><td>Assets</td><td>9</td><td>12-06-2020</td></tr><tr><td>Subtotal</td><td></td><td></td><td></td><td>929</td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>16,497</td><td></td></tr></table>



Future expenses as of December 31, 2020

<table><tr><td rowspan="2">Parent Company or Subsidiary</td><td rowspan="2">Project Name</td><td rowspan="2">Reason for Disbursement</td><td rowspan="2">Asset / Expense</td><td>Disbursement</td><td rowspan="2">Exact or Estimated Date of Disbursement</td></tr><tr><td>ThUSS</td></tr><tr><td>Miscellaneous</td><td>Environment - Operating Area</td><td>Not classified</td><td>Expense</td><td>12,276</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-017200 - CEDAM at Puquios (ponds) at Llamara</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>42</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-017400 - Development of Pintados and surrounding area.</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>108</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-018700 - Salar de Llamara Sanction Process</td><td>Environmental processing</td><td>Assets</td><td>-</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-019400 - EIA Expansion of TEA and Seawater Impulsion</td><td>Environmental processing</td><td>Assets</td><td>5</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-028300 - Implementation of PDC 2019</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>332</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-030700 - Sectorial Permits EIA Project Tente en el Aire</td><td>Environmental processing</td><td>Expense</td><td>66</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-031300 - DIA Actualization RCA TEA</td><td>Environmental processing</td><td>Expense</td><td>369</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-035800 - Substantiation DS43 Phase 2</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>39</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-038400 - Hydrogeological model update</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>124</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-039600 - New Warehouse Stock iodine NV</td><td>Environmental processing</td><td>Assets</td><td>606</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-039700 - Substance Pond Adaptation</td><td>Environmental processing</td><td>Assets</td><td>380</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-P010300 - Adequacy of substance tanks</td><td>Environmental processing</td><td>Assets</td><td>355</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-P010400 - Adaptation of PV dispatch warehouse</td><td>Environmental processing</td><td>Assets</td><td>294</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-S014200 - Proyecta</td><td>Environmental processing</td><td>Expense</td><td>7</td><td>12-31-2021</td></tr><tr><td>SQM S.A.</td><td>01-S015900 - SQM Sustainability</td><td>Environmental processing</td><td>Expense</td><td>155</td><td>12-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-1025000 - Re-drilling Well 2PL-2</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>127</td><td>12-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-1032600 - Well Water Efficiency - Rec.</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>27</td><td>12-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-1038200 - Well Water Efficiency 2</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>551</td><td>12-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-1038600 - Monitoring Extractions NV</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>240</td><td>12-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J015200 - Implementation Economizers</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>30</td><td>12-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J015700 - Update of Closure Plans</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>17</td><td>12-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J015800 - Other Sector Regulatory Measures</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>120</td><td>12-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J017200 - Guarantee availability S</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>32</td><td>12-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J019900 - Provisional Access to Cerro Domina</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>4</td><td>12-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J022700 - DIA Integration of the Coya Sur mine site</td><td>Environmental processing</td><td>Expense</td><td>296</td><td>12-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J022800 - Adjustment of Light Pollution</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>321</td><td>12-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-J023700 - Regularization of SQM Industrial Hazardous Substances Decree</td><td>Environmental processing</td><td>Assets</td><td>615</td><td>12-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-M004300 - Reducción de Residuos Industriales</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>173</td><td>12-31-2021</td></tr><tr><td>SQM Industrial S.A.</td><td>04-P010200 - PV Piles Project (EIS)+ Study</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>275</td><td>12-31-2021</td></tr><tr><td>SIT S.A.</td><td>03-T009900 - Air Quality Monitoring System Tocopilla</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>82</td><td>12-31-2021</td></tr><tr><td>SIT S.A.</td><td>03-T010500 - Hydrocarbon Detection System Tocopilla Port</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>75</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-C006800 - Renovation of lighting tower park</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>2</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L014700 - Industrial Waste Management</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>89</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L018800 - UPC Consulting for NW and others</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>46</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L018900 - Evaporation 2018-2019</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>41</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L019800 - Paleoclimate Study (Iberian)</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>35</td><td>12-31-2021</td></tr><tr><td>Total</td><td></td><td></td><td></td><td>18,356</td><td></td></tr></table>



Future expenses as of December 31, 2020

<table><tr><td rowspan="2">Parent Company or Subsidiary</td><td rowspan="2">Project Name</td><td rowspan="2">Reason for Disbursement</td><td rowspan="2">Asset / Expense</td><td>Disbursement</td><td rowspan="2">Exact or Estimated Date of Disbursement</td></tr><tr><td>ThUSS</td></tr><tr><td>SQM Salar S.A.</td><td>19-L020000 - Improvement of Operations Monitoring Network</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>95</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L021400 - Environmental Monitoring 2019</td><td>Environmental processing</td><td>Expense</td><td>21</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L021700 - Update RH y MA 2019</td><td>Environmental processing</td><td>Expense</td><td>92</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L024200 - Environmental Risk Analysis Study</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>58</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L025300 - Compliance with Sanitary Resolution</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>161</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L025600 - Purchase of Generators, Variators</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>46</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L025800 - Normalization of Admin. System</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>8</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L026800 - Removal of old dryers at Plant MOP G III</td><td>Environmental processing</td><td>Assets</td><td>20</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-L026900 - Cameras and Lighting Products</td><td>Environmental processing</td><td>Assets</td><td>17</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-S013400- Online Monitoring</td><td>Sustainability: Environment and Risk Prevention</td><td>Expense</td><td>187</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016200 - Acquisition of Hardware- Software</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>14</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016300 - Consulting 2020</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>39</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016400 - Implementation Acquiree BD Amb</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>4</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016500 - Incorporation of test models</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>12</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016700 - Improvements to recharge understanding</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>81</td><td>12-31-2021</td></tr><tr><td>SQM Salar S.A.</td><td>19-S016900 - Water dynamics monitoring</td><td>Sustainability: Environment and Risk Prevention</td><td>Assets</td><td>35</td><td>12-31-2021</td></tr><tr><td>SQM Nitratos S.A.</td><td>12-1039000 - Adaptation of hazardous waste warehouse</td><td>Environmental processing</td><td>Assets</td><td>80</td><td>12-31-2021</td></tr><tr><td>Orcoma Estudios Spa</td><td>15-1039100 - Sectoral Permits and compliance</td><td>Environmental processing</td><td>Expense</td><td>235</td><td>12-31-2021</td></tr><tr><td>Minera Búfalo</td><td>20-A008200 - Búfalo Project</td><td>Environmental processing</td><td>Expense</td><td>189</td><td>12-31-2021</td></tr><tr><td>SQM Potasio S.A.</td><td>14-1039400 - Adapting Pond Irls</td><td>Environmental processing</td><td>Assets</td><td>370</td><td>12-31-2021</td></tr><tr><td>SQM Potasio S.A.</td><td>14-1039800 - Adapting hazardous substances warehouse IRIS</td><td>Environmental processing</td><td>Assets</td><td>261</td><td>12-31-2021</td></tr><tr><td>Subtotal</td><td></td><td></td><td></td><td>2,025</td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>20,381</td><td></td></tr></table>



## 22.3 Description of each project, indicating whether these are in process or have been finished

Sociedad Quimica y Minera de Chile S.A.

## Environmental Commitments Implementation Projects

I0172: The project includes the commitments the Tamarugos Environmental Management Plan, which contemplates an Environmental Education Program that includes the design, construction and start-up of an Environmental Education Center (CEDAM) at Puquios de Llamara.

I0283: The project involves the implementation of actions committed in the PDC. The implementation considers consulting with consultants (legal, hydrogeological and in processing with PDC), studies and additional follow-up.

I0307: The project involves the preparation and processing of sectoral and environmental permits with the DGA and SERNAGEOMIN for the “Tente en el Aire” Project.

I0384: The project contemplates updating the Conceptual and Numerical Hydrogeological Model for the Pampa del Tamarugal Aquifer.

## Environmental Improvement Initiatives and Projects

I0176: The project involves diagnosis of works for their adaptation to the recently enacted Regulation of Hazardous Substances.

I0396: The project involves improving NV's hazardous substances pond facilities, in accordance with the Adaptation Plan for Hazardous Substances Regulation DS 43.

I0397: The project involves constructing a new NV warehouse, in accordance with the Hazardous Substances Regulation DS 43.

I0444: The project considers improving the proprietary warehouse and environmental offices in Nueva Victoria.

P0103: The project involves improving the hazardous substances pond facilities at PV, in accordance with the Adaptation Plan for Hazardous Substances Regulation DS 43.

P0104: The project involves adapting the PV warehouse, in accordance with the Hazardous Substances Regulation DS 43.

I0509: The project involves improving the NV Iodine plant sectors aligned with the CR principles in each of the principles that this requires (safety, environment, waste).

S0220: The goal of the project is to finance the change in lighting with less energy consumption in the Iris Camp, aligned with the goals of the company’s sustainable development plan.

## Projects for the Studies and Presentations to the Environmental Assessment System

I0194: The project consists of the preparation and processing of the Environmental Impact Study for Expansion of TEA and Impulsion.

I0282: The project consists of the preparation and processing of the Environmental Impact Study for Llamara.

I0358: The project contemplates standardizing facilities in accordance with standard DS43, Hazardous Substances regulation.

I0414: The project includes the preparation and processing of an Environmental Impact Statement (EIS) required to obtain environmental authorization for additional surface ponds, new scrap storage areas, increased transport of nitrate-rich salts to Coya Sur and increased BF portage (AFA) from Nueva Victoria to Sur Viejo.



S0142: The project considers SQM baseline survey in terms of ESG, we will compare ourselves to the industry and best practices to later plan how to reduce the gaps in the future with concrete initiatives.

S0159: The project considers surveying all the company’s sustainability initiatives, integrating the different practices in the areas of the company, identifying its strengths and opportunities to strengthen the management of its sustainability, aligning the strategy with the SDGs for all SQM operations in Chile. Support in completing the DJSI survey.

F0001: The project will develop the engineering and studies required to prepare the EIA, sectorial and territorial permits to operate the Pampa Blanca Mine.

## SQM Industrial S.A.

## Environmental Commitments Implementation Projects

J0158: The project will prepare and process sectorial permits for favorable reports to construct in Coya Sur (CS) and permits for hydraulic works defined in Article 294 of the Water Code (evaporation wells) at CS and NV.

## Environmental Improvement Initiatives and Projects

I0326: The project considers installation of floating covers to reduce evaporation in water collection wells in NV.

I0382: The project consists of acquisition of floating covers to decrease evaporation, reducing the loss of water resources for the productive phase of iodine.

I0386 The project considers a monitoring and transmission system for effective extractions and dynamic levels in extraction wells owned by SQM, which supply the Nueva Victoria site.

I0469: The project considers the development of conceptual engineering studies for assessment of technical-economic feasibility for the implementation of a pilot floating photovoltaic solar plant in the Sur Viejo water ponds (FPV-SV).

J0135: This project consists of dealing with all the oils and components that contain 50ppm or more of Policlorobife (PCB) by 2025 at the latest.

J0157: The project will update the closure plans in accordance with the normal regime established by current legislation. These requirements include an initial external audit, detailed risks analysis and their control, and other requirements.

J0172: The project will ensure the availability of water resources in "CS, ME, VE and CV" adductions.

J0228: The project considers the installation and normalization of lighting in Coya Sur and María Elena.

J0237: The project involves improving the hazardous substance pond facilities at CS and improvements to the hazardous substance storage facilities at CS and ME, in accordance with the Adaptation Plan for Hazardous Substances Regulation DS 43.

M0043: The project considers the removal of industrial waste to free up the sites defined for this purpose.

M0046: The project involves controlling and eliminating the passage of grease from the TAS plant into the CS plants.

M0056: The project involves improving electrical facilities in the storage warehouses, repairing structures and roofs, improving patio floors, reducing waste generation, reducing the risk of fatigue among warehouse staff and increasing productivity, including equipment with electrical traction and mechanical support for storage and dispatch.

I0501: The project involves constructing a 400 l/s seawater collection and impulsion system for watering the leach heap, iodide plant and evaporation pond.



J0290 The project will implement a solar pilot plant to generate thermal energy for heating solutions in NPT3. This first stage will draw O&M conclusions as well as yields for a potential industrial plant.

## Projects for the Studies and Presentations to the Environmental Assessment System

J0227: The project consists of the preparation and processing of an Environmental Impact Declaration (DIA) to extend the useful life of the NPT2 plant and incorporate fuel with KNO3. Prepare and process a DIA for the expansion and updating of Coya Sur.

M0054: The project involves developing the preliminary identification studies of the mine and PV heap area, identification of intake points and layouts for the sea water impulsion line.

F0002: The project includes the reconstruction and repair of the Mine Operations Centers that treat the leaching process solutions, install the conveyor solutions at the Pampa Blanca site.

## SIT S.A.

## Environmental Improvement Initiatives and Projects

T0099: The project involves preparing a detailed emissions inventory, particulate matter dispersion model and protocol development. Measurement of fugitive emissions from Tocopilla Port operations and Air Quality Monitoring.

T0105: The purpose of the project is to install a system that detects and issues early warnings of hydrocarbons in the sea near the facilities at Tocopilla Port.

T0114: The goal of the project is to have a containment system to protect against water contamination from hydrocarbons or other contaminant liquid substances.

T0118: The objective of the project is to review and engineer all the equipment comprising this shipping circuit, conveyor belts, feeders and control system of the mechanized arm, in order to achieve automation.

## SQM Salar S.A.

## Environmental Commitments Implementation Projects

L0198: The project will date sediment in the depositional environments of the last 50,000 years to complement the facies sedimentological model provided by the consultant. The project will try to reconstruct the variability history of the lagoon system with absolute ages.

L0200: The project will identify an appropriate device. Field testing of sensors. Purchase of sensors for all points. Installation of sensors. Analyze remote data transmission (future project).

L0217: The project involves quoting new equipment. Purchase of new equipment. Reparation of old equipment for use as backup in the event of unexpected failure of new equipment.

L0301: The project will identify the requirements to request landfill permits and ensure their physical and chemical stability. It will include the safety measures that apply to construction and any future growth, in order to protect the environment and the life and welfare of people.

L0323: This considers undertaking hydrogeological and hydroecological studies, improvements in hydrogeological numerical modeling, instrumentation in environmentally sensitive areas and topographical surveys, to improve the hydrogeological-environmental understanding of the Salar de Atacama, to better respond to questions from environmental officials.



S0134: The project involves showing information online regarding extractions and reinjections from the Salar. Additionally, it includes biotic and hydrogeological information to show authorities and the community the actions implemented by SQM for the environmental variable it has committed to.

C0124: The project involves the construction of discarded salt deposits, required by the increase in production in the lithium hydroxide and lithium carbonate plant.

## Environmental Improvement Initiatives and Projects

C0086: The project involves asphalting the Salar de Carmen plants to reduce the dust particles in suspension raised during the movement of trucks.

L0147: This project contemplates the reduction of these industrial waste storage points and packaging of different industrial waste according to the RCA and legislation in force.

L0188: The project involves the participation of an external consulting team to narrow down the sources of the risks identified, propose operational optimization plans, improvements to control systems (monitoring networks) and support in modeling this deposit with a view to a better evolution of short- and medium-term projections (5 years).

L0189: It includes improving the current lysimeter stations and implementing new stations in important sectors that are not currently measured, with the ability to remotely transmit information. This will improve the spatial coverage of the stations that measure evaporation within the basin. This considers consulting with an expert to propose methodological improvements.

L0242: This contemplates consulting to study the large-scale behavior of lagoon systems through the development of analytic or semi-analytic solutions.

L0253: This considers the regularization of the potable water system and the disposal of sewage waters from management.

L0256: This contemplates the renovation of generators in SQM Salar to extend their useful life and purchase variators and transformers in different strengths to have stock in the event of failures and thereby ensure ongoing operations.

L0258: This considers the normalization of the Electricity System for maintaining and operating the transformer substations.

L0268: This considers the removal of old dryers and their final disposal at authorized facilities.

L0269: This considers improving controls over plant equipment and feed mixtures to keep products within specifications, to comply with current regulations regarding lighting and mitigate substandard conditions at the plant.

L0282: It will consider an ecological assessment plan and environmental variables, a monitoring and early warning plan, a contingency plan and a vegetation response model. Hydro-geological modeling and early warning well modeling.

L0298: It will consider adapting civil works to store hazardous substances, according to DS43.

L0302: It will consider removing non-hazardous industrial waste stored on site and reduce the amount of waste in authorized landfills.

L0307: It will consider electrifying 21 wells, which represent almost 27% of wells, from the Salar de Atacama generator, to optimize the use of the fuel supply truck, reduce the carbon footprint, and the losses associated with fuel distribution.

L0313: This considers generating protection and backup systems to ensure reliable operation of medium voltage equipment, which may provoke harm to people or damages to facilities.



L0317: This considers standardizing all external sources of lighting that do not have DS 43 certification for light pollution. The main activity involves regulating or changing all sources of emission that do not meet standards, considering the scopes and procedures established in this decree.

S0162: This contemplates the acquisition of technology for optimization and traceability of GHS data.

S0163: The project contains measurement methodology for different terrain parameters and subsequent conceptual modeling.

S0164: This contemplates the unification of proprietary and third-party databases.

S0165: This project takes responsibility for an opportunity to improve the speed of data analysis and efficiency in decision-making.

S0167: This contemplates a series of measures in the conceptualization of the Salar de Atacama basin, as well as updating data sets, which must be implemented to strengthen the model and which will be the management tool model for the basin.

L0320: The project aims to finance waste separation and recycling initiatives in the Salar de Atacama.

L0340: Elaboración EIA “Plan de Desarrollo Sustentable Salar de Atacama” y Elaboración DIA “Aumento Capacidad y Optimización Producción Planta de Litio Carmen”.

## SQM Nitratos S.A.

## Environmental Improvement Initiatives and Projects

I0390: The project contemplates making improvements to the common warehouse in Mina Oeste based on the commitments defined in the adaptation plan presented to the Health SEREMI, thereby complying with DS43.

## Sociedad Contractual Minera Búfalo

## Environmental Improvement Initiatives and Projects

A0082: The project contemplates the characterization of a potential copper deposit, through the execution of a 3D geophysics program, drilling and sample studies, decreasing the uncertainty of the geological model, as well as processing environmental and sectoral permits that enable the development of activities in the area.

## Orcoma Estudios Spa

## Environmental Commitments Implementation Projects

I0391: The project consists of obtaining sectoral and environmental sectoral permits for the Orcoma Project.

## SQM Potasio S.A.

## Environmental Improvement Initiatives and Projects

I0394: The project involves improving Iris's hazardous substances pond facilities, in accordance with the Adaptation Plan for Hazardous Substances Regulation DS 43.

I0398: The project involves adapting the hazardous substances warehouse at the NV Iodine Plant, in accordance with Hazardous Substances Regulation DS 43.



## Note 23 Gains (losses) from operating activities in the statement of income of expenses, included according to their nature

## 23.1 Revenue from operating activities customer activities

The SQM Group derives revenues from the sale of goods (which are recognized at one point in time) and from the provision of services (which are recognized over time) and are distributed among the following geographical areas and main product and service lines:

## (a) Geographic areas:

<table><tr><td colspan="8">For the year ended December 31, 2021</td></tr><tr><td>Geographic areas</td><td>Specialty plant nutrition</td><td>Iodine and derivatives</td><td>Lithium and derivatives</td><td>Potassium</td><td>Industrial chemicals</td><td>Other</td><td>Total THUS\(</td></tr><tr><td>Chile</td><td>136,523</td><td>1,538</td><td>901</td><td>50,573</td><td>4,125</td><td>25,988</td><td>219,648</td></tr><tr><td>Latin America and the Caribbean</td><td>88,990</td><td>10,198</td><td>4,905</td><td>214,304</td><td>7,367</td><td>523</td><td>326,287</td></tr><tr><td>Europe</td><td>179,744</td><td>173,329</td><td>75,674</td><td>33,948</td><td>18,662</td><td>1,408</td><td>482,765</td></tr><tr><td>North America</td><td>314,895</td><td>102,746</td><td>50,349</td><td>57,682</td><td>29,860</td><td>2,470</td><td>558,002</td></tr><tr><td>Asia and Others</td><td>188,663</td><td>150,120</td><td>804,292</td><td>60,085</td><td>71,997</td><td>456</td><td>1,275,613</td></tr><tr><td>Total</td><td>908,815</td><td>437,931</td><td>936,121</td><td>416,592</td><td>132,011</td><td>30,845</td><td>2,862,315</td></tr></table>

<table><tr><td colspan="8">For the year ended as of December 31, 2020</td></tr><tr><td>Geographic areas</td><td>Specialty plant nutrition</td><td>Iodine and derivatives</td><td>Lithium and derivatives</td><td>Potassium</td><td>Industrial chemicals</td><td>Other</td><td>Total THUS\(</td></tr><tr><td>Chile</td><td>100,353</td><td>1,234</td><td>399</td><td>23,963</td><td>4,059</td><td>23,737</td><td>153,745</td></tr><tr><td>Latin America and the Caribbean</td><td>69,535</td><td>10,843</td><td>1,597</td><td>72,697</td><td>4,951</td><td>367</td><td>159,990</td></tr><tr><td>Europa</td><td>145,896</td><td>142,161</td><td>49,719</td><td>30,029</td><td>11,585</td><td>735</td><td>380,125</td></tr><tr><td>North America</td><td>246,737</td><td>90,292</td><td>25,558</td><td>39,432</td><td>23,963</td><td>1,588</td><td>427,570</td></tr><tr><td>Asia and Others</td><td>139,167</td><td>90,127</td><td>306,100</td><td>43,173</td><td>116,050</td><td>1,144</td><td>695,761</td></tr><tr><td>Total</td><td>701,688</td><td>334,657</td><td>383,373</td><td>209,294</td><td>160,608</td><td>27,571</td><td>1,817,191</td></tr></table>



(b) Main product and service lines:

<table><tr><td rowspan="3">Products and Services</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Specialty plant nutrition</td><td>908,815</td><td>701,688</td></tr><tr><td>- Sodium Nitrates</td><td>24,829</td><td>18,291</td></tr><tr><td>- Potassium nitrate and sodium potassium nitrate</td><td>539,336</td><td>424,041</td></tr><tr><td>- Specialty Blends</td><td>234,369</td><td>163,033</td></tr><tr><td>- Other specialty fertilizers</td><td>110,281</td><td>96,323</td></tr><tr><td>Iodine and derivatives</td><td>437,931</td><td>334,657</td></tr><tr><td>Lithium and derivatives</td><td>936,121</td><td>383,373</td></tr><tr><td>Potassium</td><td>416,592</td><td>209,294</td></tr><tr><td>Industrial chemicals</td><td>132,011</td><td>160,608</td></tr><tr><td>Other</td><td>30,845</td><td>27,571</td></tr><tr><td>- Services</td><td>3,428</td><td>3,241</td></tr><tr><td>- Income from property leases</td><td>1,531</td><td>1,457</td></tr><tr><td>- Income from subleases on right-of-use assets</td><td>146</td><td>176</td></tr><tr><td>- Commodities</td><td>12,468</td><td>11,938</td></tr><tr><td>- Other ordinary income of Commercial Offices</td><td>13,272</td><td>10,759</td></tr><tr><td>Total</td><td>2,862,315</td><td>1,817,191</td></tr></table>



## 23.2 Cost of sales

Cost of sales broken down by nature of expense:

<table><tr><td rowspan="3">Nature of expense</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Raw materials and consumables used</td><td>(345,356)</td><td>(287,877)</td></tr><tr><td>Classes of employee benefit expenses</td><td>(211,771)</td><td>(178,956)</td></tr><tr><td>Depreciation expense</td><td>(195,678)</td><td>(182,314)</td></tr><tr><td>Depreciation of Right-of-use Assets (contracts under IFRS 16)</td><td>(5,963)</td><td>(5,814)</td></tr><tr><td>Amortization expense</td><td>(9,737)</td><td>(12,938)</td></tr><tr><td>Investment plan expenses</td><td>(15,059)</td><td>(14,286)</td></tr><tr><td>Provision for materials, spare parts and supplies</td><td>(505)</td><td>640</td></tr><tr><td>Contractors</td><td>(157,571)</td><td>(142,017)</td></tr><tr><td>Operating leases</td><td>(67,106)</td><td>(57,461)</td></tr><tr><td>Mining concessions</td><td>(7,325)</td><td>(6,645)</td></tr><tr><td>Operational transportation</td><td>(76,003)</td><td>(68,730)</td></tr><tr><td>Freight / product transportation costs</td><td>(77,353)</td><td>(52,156)</td></tr><tr><td>Purchase of products from third parties</td><td>(329,464)</td><td>(260,089)</td></tr><tr><td>Insurance</td><td>(21,869)</td><td>(17,657)</td></tr><tr><td>CORFO rights and other agreements</td><td>(247,604)</td><td>(74,418)</td></tr><tr><td>Export costs</td><td>(99,212)</td><td>(88,176)</td></tr><tr><td>Expenses related to variable lease payments (contracts under IFRS 16)</td><td>(1,313)</td><td>(1,117)</td></tr><tr><td>Variation in gross inventory</td><td>85,709</td><td>102,446</td></tr><tr><td>Variation in inventory provision</td><td>5,038</td><td>7,244</td></tr><tr><td>Other</td><td>5,934</td><td>6,000</td></tr><tr><td>Total</td><td>(1,772,208)</td><td>(1,334,321)</td></tr></table>



## 23.3 Other income

<table><tr><td rowspan="3">Other income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Discounts obtained from suppliers</td><td>896</td><td>665</td></tr><tr><td>Fines charged to suppliers</td><td>83</td><td>267</td></tr><tr><td>Taxes recovered</td><td>287</td><td>1,487</td></tr><tr><td>Amounts recovered from insurance</td><td>1,811</td><td>14,861</td></tr><tr><td>Overestimate of provisions for third-party obligations</td><td>293</td><td>118</td></tr><tr><td>Sale of assets classified as properties, plant and equipment</td><td>1,923</td><td>1,626</td></tr><tr><td>Sale of mining rights</td><td>8,796</td><td>5,852</td></tr><tr><td>Easements, pipelines and roads</td><td>4,949</td><td>1,619</td></tr><tr><td>Refunds for mining patents and notarial expenses</td><td>198</td><td>85</td></tr><tr><td>Others</td><td>316</td><td>313</td></tr><tr><td>Total</td><td>19,552</td><td>26,893</td></tr></table>

## 23.4 Administrative expenses

<table><tr><td rowspan="3">Administrative expenses</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Employee benefit expenses</td><td>(60,552)</td><td>(55,152)</td></tr><tr><td>Marketing costs</td><td>(2,415)</td><td>(2,377)</td></tr><tr><td>Amortization expenses</td><td>(118)</td><td>(91)</td></tr><tr><td>Entertainment expenses</td><td>(4,906)</td><td>(4,858)</td></tr><tr><td>Advisory services</td><td>(17,332)</td><td>(13,880)</td></tr><tr><td>Lease of buildings and facilities</td><td>(3,478)</td><td>(3,111)</td></tr><tr><td>Insurance</td><td>(3,901)</td><td>(3,478)</td></tr><tr><td>Office expenses</td><td>(6,363)</td><td>(6,204)</td></tr><tr><td>Contractors</td><td>(5,106)</td><td>(5,079)</td></tr><tr><td>Depreciation of Right-of-use Assets (contracts under IFRS 16)</td><td>(2,743)</td><td>(2,617)</td></tr><tr><td>Other expenses</td><td>(11,979)</td><td>(10,170)</td></tr><tr><td>Total</td><td>(118,893)</td><td>(107,017)</td></tr></table>



## 23.5 Other expenses

<table><tr><td rowspan="3">Other expenses</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Depreciation and amortization expense</td><td></td><td></td></tr><tr><td>Depreciation of assets not in use</td><td>-</td><td>(138)</td></tr><tr><td>Subtotal</td><td>-</td><td>(138)</td></tr><tr><td>Impairment losses / reversals of impairment losses recognized in profit for the year</td><td></td><td></td></tr><tr><td>Properties, plant and equipment</td><td>(5,582)</td><td>(9,563)</td></tr><tr><td>Intangible assets other than goodwill</td><td>(478)</td><td>(1,941)</td></tr><tr><td>Goodwill</td><td>-</td><td>(140)</td></tr><tr><td>Non-current assets and disposal groups held for sale</td><td>-</td><td>-</td></tr><tr><td>Subtotal</td><td>(6,060)</td><td>(11,644)</td></tr><tr><td>Other expenses, by nature</td><td></td><td></td></tr><tr><td>Legal expenses</td><td>(42,253)</td><td>(69,965)</td></tr><tr><td>VAT and other unrecoverable taxes</td><td>(1,015)</td><td>(626)</td></tr><tr><td>Fines paid</td><td>(882)</td><td>(314)</td></tr><tr><td>Investment plan expenses</td><td>1</td><td>(768)</td></tr><tr><td>Exploration expenses</td><td>-</td><td>(5,262)</td></tr><tr><td>Contributions and donations</td><td>(9,321)</td><td>(8,793)</td></tr><tr><td>Other operating expenses</td><td>(1,075)</td><td>(2,102)</td></tr><tr><td>Subtotal</td><td>(54,545)</td><td>(87,830)</td></tr><tr><td>Total</td><td>(60,605)</td><td>(99,612)</td></tr></table>

## 23.6 Other (losses) income

<table><tr><td rowspan="3">Other (losses) income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Adjustment to prior periods due to applying the equity method</td><td>(198)</td><td>(48)</td></tr><tr><td>Sale of investments in associates</td><td>-</td><td>(11,830)</td></tr><tr><td>Impairment of interests in associates</td><td>(2,009)</td><td>7,235</td></tr><tr><td>Sale of investments in joint ventures</td><td>-</td><td>(481)</td></tr><tr><td>Others</td><td>(431)</td><td>(189)</td></tr><tr><td>Total</td><td>(2,638)</td><td>(5,313)</td></tr></table>



## 23.7 (Impairment) /reversal of value of financial assets impairment losses

<table><tr><td rowspan="2">Description</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>(Impairment) /reversal of value of financial assets impairment losses (See Note 13.2)</td><td>(235)</td><td>4,684</td></tr><tr><td>Totals</td><td>(235)</td><td>4,684</td></tr></table>

## 23.8 Summary of expenses by nature

The following summary considers notes 23.2, 23.4 and 23.5

<table><tr><td rowspan="2">Expenses by nature</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Raw materials and consumables</td><td>(345,356)</td><td>(287,877)</td></tr><tr><td>Employee Benefit Expenses</td><td>(272,323)</td><td>(234,108)</td></tr><tr><td>Depreciation expense</td><td>(195,678)</td><td>(182,452)</td></tr><tr><td>Depreciation of right-of-use Assets</td><td>(8,706)</td><td>(8,431)</td></tr><tr><td>Impairment of properties, plant and equipment, intangible and Goodwill</td><td>(6,060)</td><td>(11,644)</td></tr><tr><td>Amortization expense</td><td>(9,855)</td><td>(13,029)</td></tr><tr><td>Legal expenses</td><td>(42,253)</td><td>(69,965)</td></tr><tr><td>Investment plan expenses</td><td>(15,058)</td><td>(15,054)</td></tr><tr><td>Exploration expenses</td><td>-</td><td>(5,262)</td></tr><tr><td>Provision for materials, spare parts and supplies</td><td>(505)</td><td>640</td></tr><tr><td>Contractors</td><td>(162,677)</td><td>(147,096)</td></tr><tr><td>Operational leases</td><td>(70,584)</td><td>(60,572)</td></tr><tr><td>Mining concessions</td><td>(7,325)</td><td>(6,645)</td></tr><tr><td>Operational transportation</td><td>(76,003)</td><td>(68,730)</td></tr><tr><td>Freight and product transportation costs</td><td>(77,353)</td><td>(52,156)</td></tr><tr><td>Purchase of products from third parties</td><td>(329,464)</td><td>(260,089)</td></tr><tr><td>CORFO rights y other agreements</td><td>(247,604)</td><td>(74,418)</td></tr><tr><td>Export costs</td><td>(99,212)</td><td>(88,176)</td></tr><tr><td>Expenses related to variable lease payments (contracts under IFRS 16)</td><td>(1,313)</td><td>(1,117)</td></tr><tr><td>Insurance</td><td>(25,770)</td><td>(21,135)</td></tr><tr><td>Consultant and advisor services</td><td>(17,332)</td><td>(13,880)</td></tr><tr><td>Variation in gross inventory</td><td>85,709</td><td>102,446</td></tr><tr><td>Variation in inventory provision</td><td>5,038</td><td>7,244</td></tr><tr><td>Other expenses</td><td>(32,022)</td><td>(29,444)</td></tr><tr><td>Total expenses by nature</td><td>(1,951,706)</td><td>(1,540,950)</td></tr></table>



## 23.9 Finance expenses

<table><tr><td rowspan="2">Finance expenses</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td></td><td>$ ThUS\)</td><td>$ ThUS\)</td></tr><tr><td>Interest expense from bank borrowings and overdrafts</td><td>(2,664)</td><td>(2,797)</td></tr><tr><td>Interest expense from bonds</td><td>(90,859)</td><td>(87,030)</td></tr><tr><td>Interest expense from loans</td><td>(1,135)</td><td>(1,598)</td></tr><tr><td>Reversal of capitalized interest expenses</td><td>14,206</td><td>8,462</td></tr><tr><td>Financial expenses for restoration and rehabilitation provisions</td><td>(1,259)</td><td>2,947</td></tr><tr><td>Interest on lease agreement</td><td>(1,587)</td><td>(1,133)</td></tr><tr><td>Interest and bank charges</td><td>(1,328)</td><td>(1,050)</td></tr><tr><td>Total</td><td>(84,626)</td><td>(82,199)</td></tr></table>

## 23.10 Finance income

<table><tr><td rowspan="3">Finance income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>$ ThUS \)</td><td>$ ThUS \)</td></tr><tr><td>Interest from term deposits</td><td>3,635</td><td>10,260</td></tr><tr><td>Interest from marketable securities</td><td>68</td><td>2,147</td></tr><tr><td>Interest from maintenance of minimum bank balance in current account</td><td>2</td><td>18</td></tr><tr><td>Other finance income</td><td>107</td><td>259</td></tr><tr><td>Other finance interests</td><td>856</td><td>1,031</td></tr><tr><td>Total</td><td>4,668</td><td>13,715</td></tr></table>



## Note 24 Reportable segments

## 24.1 Reportable segments

## (a) General information:

The amount of each item presented in each operating segment is equal to that reported to the highest authority that makes decisions regarding the operation, in order to decide on the allocation of resources to the defined segments and to assess its performance.

These operating segments mentioned are consistent with the way the Company is managed and how results will be reported by the Company. These segments reflect separate operating results that are regularly reviewed by the executive responsible for operational decisions in order to make decisions about the resources to be allocated to the segment and assess its performance (See Note 24.2).

The performance of each segment is measured based on net income and revenues. Inter-segment sales are made using terms and conditions at current market rates.

## (b) Factors used to identify segments on which a report should be presented:

The segments covered in the report are strategic business units that offer different products and services. These are managed separately because each business requires different technology and marketing strategies.

## (c) Description of the types of products and services from which each reportable segment obtains its income from ordinary activities

The operating segments, which obtain income from ordinary activities, generate expenses and have its operating results reviewed on a regular basis by the highest authority who makes decisions regarding operations, relate to the following groups of products:

1. Specialty plant nutrients

2. Iodine and its derivatives

3. Lithium and its derivatives

4. Industrial chemicals

5. Potassium

6. Other products and services

## (d) Description of income sources for all the other segments

Information regarding assets, liabilities, profits and expenses that cannot be assigned to the segments indicated above, due to the nature of production processes, is included under the "Unallocated amounts" category of the disclosed information.



(e) Description of the nature of the differences between measurements of results of reportable segments and the result of the entity before the expense or income tax expense of incomes and discontinued operations

The information reported in the segments is extracted from the Company’s consolidated financial statements and therefore there is no need to prepare reconciliations between the data mentioned above and those reported in the respective segments, according to what is stated in paragraph 28 of IFRS 8, "Operating Segments".

For the allocation of inventory valuation costs, we identify the direct expenses (can be directly allocated to products) and the common expenses (belong to coproduction processes, for example common leaching expenses for production of Iodine and Nitrates), Direct costs are directly allocated to the product and the common costs are distributed according to percentages that consider different variables in their determination, such as margins, rotation of inventories, revenue, production etc.

The allocation of other common costs that are not included in the inventory valuation process, but go straight to the cost of sales, use similar criteria: the costs associated with a product or sales in particular are assigned to that particular product or sales, and the common costs associated with different products or business lines are allocated according to the sales.

## (f) Description of the nature of the differences between measurements of assets of reportable segments and the Company’s assets

Assets are not shown classified by segments, as this information is not readily available, some of these assets are not separable by the type of activity by which they are affected since this information is not used by management in decision-making with respect to resources to be allocated to each defined segment. All assets are disclosed in the "unallocated amounts" category.

## (g) Description of the nature of the differences between measurements of liabilities of reportable segments and the Company’s liabilities

Liabilities are not shown classified by segments, as this information is not readily available, some of these liabilities are not separable by the type of activity by which they are affected, since this information is not used by management in decision-making regarding resources to be allocated to each defined segment. All liabilities are disclosed in the "unallocated amounts" category.



## 24.2 Reportable segment disclosures:

<table><tr><td rowspan="2">Operating segment items as of December 31, 2021</td><td>Specialty plant nutrients</td><td>Iodine and its derivatives</td><td>Lithium and its derivatives</td><td>Industrial chemicals</td><td>Potassium</td><td>Other products and services</td><td>Reportable segments</td><td>Operating segments</td><td>Unallocated amounts</td><td>Total as of December 31, 2021</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>THUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Revenue</td><td>908,815</td><td>437,931</td><td>936,121</td><td>132,011</td><td>416,592</td><td>30,845</td><td>2,862,315</td><td>2,862,315</td><td>-</td><td>2,862,315</td></tr><tr><td>Revenues from transactions with other operating segments of the same entity</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>&lt;ecel&gt;</td><td></td><td></td></tr></table>



<table><tr><td rowspan="2">Operating segment items as of December 31, 2020</td><td>Specialty plant nutrients</td><td>Iodine and its derivatives</td><td>Lithium and its derivatives</td><td>Industrial chemicals</td><td>Potassium</td><td>Other products and services</td><td>Reportable segments</td><td>Operating segments</td><td>Unallocated amounts</td><td>Total as of December 31, 2020</td></tr><tr><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>THUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td></tr><tr><td>Revenue</td><td>701,688</td><td>334,657</td><td>383,373</td><td>160,608</td><td>209,294</td><td>27,571</td><td>1,817,191</td><td>1,817,191</td><td>-</td><td>1,817,191</td></tr><tr><td>Revenues from transactions with other operating segments of the same entity</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>&lt;ecel&gt;</td><td></td><td></td></tr></table>



## 24.3 Statement of comprehensive income classified by reportable segments based on groups of products

<table><tr><td>Items in the statement of comprehensive income as of December 31, 2021</td><td>Specialty plant nutrients</td><td>Iodine and its derivatives</td><td>Lithium and its derivatives</td><td>Industrial chemicals</td><td>Potassium</td><td>Other products and services</td><td>Corporate Unit</td><td>Total segments and corporate unit</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td></tr><tr><td>Revenue</td><td>908,815</td><td>437,931</td><td>936,121</td><td>132,011</td><td>416,592</td><td>30,845</td><td>-</td><td>2,862,315</td></tr><tr><td>Costs of sales</td><td>(646,930)</td><td>(240,341)</td><td>(494,794)</td><td>(109,067)</td><td>(253,125)</td><td>(27,951)</td><td>-</td><td>(1,772,208)</td></tr><tr><td>Gross profit</td><td>261,885</td><td>197,590</td><td>441,327</td><td>22,944</td><td>163,467</td><td>2,894</td><td>-</td><td>1,090,107</td></tr><tr><td>Other incomes by function</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19,552</td><td>19,552</td></tr><tr><td>Administrative expenses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(118,893)</td><td>(118,893)</td></tr><tr><td>Other expenses by function</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(60,605)</td><td>(60,605)</td></tr><tr><td>Impairment of gains and review of impairment losses (impairment losses) determined in accordance with IFRS 9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(235)</td><td>(235)</td></tr><tr><td>Other losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(2,638)</td><td>(2,638)</td></tr><tr><td>Financial income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,668</td><td>4,668</td></tr><tr><td>Financial costs</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(84,626)</td><td>(84,626)</td></tr><tr><td>Interest in the profit (loss) of associates and joint ventures accounted for by the equity method</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11,132</td><td>11,132</td></tr><tr><td>Exchange differences</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(17,241)</td><td>(17,241)</td></tr><tr><td>Profit (loss) before taxes</td><td>261,885</td><td>197,590</td><td>441,327</td><td>22,944</td><td>163,467</td><td>2,894</td><td>(248,886)</td><td>841,221</td></tr><tr><td>Income tax expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(249,016)</td><td>(249,016)</td></tr><tr><td>Profit (loss) net</td><td>261,885</td><td>197,590</td><td>441,327</td><td>22,944</td><td>163,467</td><td>2,894</td><td>(497,902)</td><td>592,205</td></tr></table>



<table><tr><td>Items in the statement of comprehensive income as of December 31, 2020</td><td>Specialty plant nutrients</td><td>Iodine and its derivatives</td><td>Lithium and its derivatives</td><td>Industrial chemicals</td><td>Potassium</td><td>Other products and services</td><td>Corporate Unit</td><td>Total segments and corporate unit</td></tr><tr><td></td><td>THUS\(</td><td>THUS\)</td><td>THUS\(</td><td>THUS\)</td><td>THUS\(</td><td>THUS\(</td><td>THUS\)</td><td>THUS\(</td></tr><tr><td>Revenue</td><td>701,688</td><td>334,657</td><td>383,373</td><td>160,608</td><td>209,294</td><td>27,571</td><td>-</td><td>1,817,191</td></tr><tr><td>Cost of sales</td><td>(537,801)</td><td>(168,499)</td><td>(297,048)</td><td>(119,092)</td><td>(187,019)</td><td>(24,862)</td><td>-</td><td>(1,334,321)</td></tr><tr><td>Gross profit</td><td>163,887</td><td>166,158</td><td>86,325</td><td>41,516</td><td>22,275</td><td>2,709</td><td>-</td><td>482,870</td></tr><tr><td>Other incomes by function</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26,893</td><td>26,893</td></tr><tr><td>Administrative expenses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(107,017)</td><td>(107,017)</td></tr><tr><td>Other expenses by function</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(99,612)</td><td>(99,612)</td></tr><tr><td>Impairment of gains and review of impairment losses (impairment losses) determined in accordance with IFRS 9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,684</td><td>4,684</td></tr><tr><td>Other losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(5,313)</td><td>(5,313)</td></tr><tr><td>Financial income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13,715</td><td>13,715</td></tr><tr><td>Financial costs</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(82,199)</td><td>(82,199)</td></tr><tr><td>Interest in the profit or loss of associates and joint ventures accounted for by the equity method</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,940</td><td>8,940</td></tr><tr><td>Exchange differences</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(4,423)</td><td>(4,423)</td></tr><tr><td>Profit (loss) before taxes</td><td>163,887</td><td>166,158</td><td>86,325</td><td>41,516</td><td>22,275</td><td>2,709</td><td>(244,332)</td><td>238,538</td></tr><tr><td>Income tax expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(70,179)</td><td>(70,179)</td></tr><tr><td>Profit (loss) from continuing operations</td><td>163,887</td><td>166,158</td><td>86,325</td><td>41,516</td><td>22,275</td><td>2,709</td><td>(314,511)</td><td>168,359</td></tr></table>



## 24.4 Disclosures on geographical areas

As indicated in paragraph 33 of IFRS 8, the entity discloses geographical information on its revenue from operating activities with external customers and from non-current assets that are not financial instruments, deferred income tax assets, assets related to post-employment benefits or rights derived from insurance contracts.

## 24.5 Disclosures on main customers

With respect to the degree of dependency of the Company on its customers, in accordance with paragraph 34 of IFRS 8, the Company has no external customers who individually represent 10% or more of its revenue.



24.6 Segments by geographical areas

<table><tr><td rowspan="2">Items as of December 31, 2021</td><td>Chile</td><td>Latin America and the Caribbean</td><td>Europe</td><td>North America</td><td>Asia and others</td><td>Total</td></tr><tr><td>$ ThUS</td><td>ThUS</td><td>ThUS</td><td>ThUS</td><td>ThUS</td><td>ThUS</td></tr><tr><td>Revenue</td><td>219,648</td><td>326,287</td><td>482,765</td><td>558,002</td><td>1,275,613</td><td>2,862,315</td></tr><tr><td>Investment accounted for under the equity method</td><td>-</td><td>-</td><td>15,242</td><td>15,899</td><td>8,683</td><td>39,824</td></tr><tr><td>Intangible assets other than goodwill</td><td>89,019</td><td>496</td><td>6,996</td><td>1,809</td><td>81,338</td><td>179,658</td></tr><tr><td>Goodwill</td><td>22,979</td><td>86</td><td>11,531</td><td>-</td><td>-</td><td>34,596</td></tr><tr><td>Property, plant and equipment, net</td><td>1,815,997</td><td>671</td><td>11,380</td><td>3,704</td><td>180,473</td><td>2,012,225</td></tr><tr><td>Right-of-use assets</td><td>29,803</td><td>68</td><td>2,040</td><td>3,351</td><td>17,346</td><td>52,608</td></tr><tr><td>Other non-current assets</td><td>27,626</td><td>16</td><td>6</td><td>3,950</td><td>1,889</td><td>33,487</td></tr><tr><td>Non-current assets</td><td>1,985,424</td><td>1,337</td><td>47,195</td><td>28,713</td><td>289,729</td><td>2,352,398</td></tr></table>

<table><tr><td rowspan="2">Items as of December 31, 2020</td><td>Chile</td><td>Latin America and the Caribbean</td><td>Europe</td><td>North America</td><td>Asia and others</td><td>Total</td></tr><tr><td>$ ThUS</td><td>ThUS</td><td>ThUS</td><td>ThUS</td><td>ThUS</td><td>ThUS</td></tr><tr><td>Revenue</td><td>153,745</td><td>159,990</td><td>380,126</td><td>427,572</td><td>695,758</td><td>1,817,191</td></tr><tr><td>Investment accounted for under the equity method</td><td>-</td><td>-</td><td>41,273</td><td>14,468</td><td>30,252</td><td>85,993</td></tr><tr><td>Intangible assets other than goodwill</td><td>95,934</td><td>565</td><td>825</td><td>2,274</td><td>78,809</td><td>178,407</td></tr><tr><td>Goodwill</td><td>23,065</td><td>-</td><td>18,901</td><td>-</td><td>-</td><td>41,966</td></tr><tr><td>Property, plant and equipment, net</td><td>1,667,824</td><td>642</td><td>12,592</td><td>3,494</td><td>52,767</td><td>1,737,319</td></tr><tr><td>Right-of-use assets</td><td>23,461</td><td>2,298</td><td>2,428</td><td>1,776</td><td>61</td><td>30,024</td></tr><tr><td>Other non-current assets</td><td>19,377</td><td>17</td><td>7</td><td>2,641</td><td>-</td><td>22,042</td></tr><tr><td>Non-current assets</td><td>1,829,661</td><td>3,522</td><td>76,026</td><td>24,653</td><td>161,889</td><td>2,095,751</td></tr></table>



## Note 25 Effect of fluctuations in foreign currency exchange rates

## a) Foreign currency exchange differences recognized in profit or loss and other comprehensive income:

<table><tr><td rowspan="2">Foreign currency exchange differences recognized in profit or loss and other comprehensive income</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Conversion foreign exchange gains (losses) recognized in the result of the year</td><td>(17,241)</td><td>(4,423)</td></tr><tr><td>Conversion foreign exchange reserves</td><td></td><td></td></tr><tr><td>Conversion foreign exchange reserves attributable to the owners of the controlling entity</td><td>3,656</td><td>14,176</td></tr><tr><td>Conversion foreign exchange reserves attributable to the non-controlling entity</td><td>584</td><td>(176)</td></tr><tr><td>Total</td><td>4,240</td><td>14,000</td></tr></table>

## b) Reserves for foreign currency exchange differences:

As of December 31, 2021, and 2020, are detailed as follows:

<table><tr><td rowspan="2">Details</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Changes in equity generated by the equity method value through conversion:</td><td></td><td></td></tr><tr><td>Comercial Hydro S.A.</td><td>1,004</td><td>1,004</td></tr><tr><td>SQMC Internacional Ltda.</td><td>(9)</td><td>(9)</td></tr><tr><td>Proinsa Ltda.</td><td>(10)</td><td>(10)</td></tr><tr><td>Comercial Agrorama Ltda.</td><td>155</td><td>(19)</td></tr><tr><td>Isapre Norte Grande Ltda.</td><td>(121)</td><td>(14)</td></tr><tr><td>Almacenes y Depósitos Ltda.</td><td>305</td><td>211</td></tr><tr><td>Sacal S.A.</td><td>(3)</td><td>(3)</td></tr><tr><td>Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.</td><td>(36)</td><td>(13)</td></tr><tr><td>Agrorama S.A.</td><td>628</td><td>92</td></tr><tr><td>SQM Vitas Fzco</td><td>(4,165)</td><td>(3,736)</td></tr><tr><td>Ajay Europe</td><td>(1,413)</td><td>(693)</td></tr><tr><td>SQM Oceania Pty Ltd.</td><td>(579)</td><td>(579)</td></tr><tr><td>SQM Indonesia S.A.</td><td>(124)</td><td>(124)</td></tr><tr><td>Abu Dhabi Fertilizers Industries WWL</td><td>372</td><td>372</td></tr><tr><td>SQM Holland B.V.</td><td>99</td><td>99</td></tr><tr><td>SQM Thailand Limited</td><td>(68)</td><td>(68)</td></tr><tr><td>SQM Europe</td><td>(1,983)</td><td>(1,983)</td></tr><tr><td>SQM Australia Pty Ltd.</td><td>(1,732)</td><td>(4,052)</td></tr><tr><td>Pavoni &amp; C. Spa</td><td>(153)</td><td>164</td></tr><tr><td>Kore Potash PLC (a)</td><td>-</td><td>(2,128)</td></tr><tr><td>SQM Colombia SAS</td><td>(80)</td><td>(80)</td></tr><tr><td>Total</td><td>(7,913)</td><td>(11,569)</td></tr></table>

## c) Functional and presentation currency

The functional currency of these companies corresponds to the currency of the country of origin of each entity, and its presentation currency is the dollar.

## d) Reasons to use one presentation currency and a different functional currency

- A relevant portion of the revenues of these subsidiaries are associated with the local currency.

- The cost structure of these companies is affected by the local currency.



## Note 26 Disclosures on the effects of fluctuations in foreign currency exchange rates

a) Assets held in foreign currency subject to fluctuations in exchange rates are detailed as follows:

<table><tr><td rowspan="2">Class of Asset</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUSS</td><td>ThUSS</td></tr><tr><td>Cash and cash equivalents</td><td>USD</td><td>1,377,983</td><td>454,402</td></tr><tr><td>Cash and cash equivalents</td><td>CLP</td><td>4,416</td><td>7,190</td></tr><tr><td>Cash and cash equivalents</td><td>CNY</td><td>30,102</td><td>11,597</td></tr><tr><td>Cash and cash equivalents</td><td>EUR</td><td>14,374</td><td>17,144</td></tr><tr><td>Cash and cash equivalents</td><td>GBP</td><td>1</td><td>19</td></tr><tr><td>Cash and cash equivalents</td><td>AUD</td><td>72,107</td><td>1,411</td></tr><tr><td>Cash and cash equivalents</td><td>INR</td><td>-</td><td>6</td></tr><tr><td>Cash and cash equivalents</td><td>MXN</td><td>1,827</td><td>1,378</td></tr><tr><td>Cash and cash equivalents</td><td>PEN</td><td>6</td><td>3</td></tr><tr><td>Cash and cash equivalents</td><td>AED</td><td>1</td><td>-</td></tr><tr><td>Cash and cash equivalents</td><td>JPY</td><td>1,182</td><td>1,646</td></tr><tr><td>Cash and cash equivalents</td><td>ZAR</td><td>13,048</td><td>14,286</td></tr><tr><td>Cash and cash equivalents</td><td>KRW</td><td>-</td><td>16</td></tr><tr><td>Cash and cash equivalents</td><td>IDR</td><td>3</td><td>3</td></tr><tr><td>Cash and cash equivalents</td><td>PLN</td><td>1</td><td>1</td></tr><tr><td>Subtotal cash and cash equivalents</td><td></td><td>1,515,051</td><td>509,102</td></tr><tr><td>Other current financial assets</td><td>USD</td><td>668,360</td><td>145,893</td></tr><tr><td>Other current financial assets</td><td>BRL</td><td>48</td><td>-</td></tr><tr><td>Other current financial assets</td><td>CLP</td><td>250,641</td><td>202,176</td></tr><tr><td>Subtotal other current financial assets</td><td></td><td>919,049</td><td>348,069</td></tr><tr><td>Other current non-financial assets</td><td>USD</td><td>18,486</td><td>20,645</td></tr><tr><td>Other current non-financial assets</td><td>AUD</td><td>11,066</td><td>224</td></tr><tr><td>Other current non-financial assets</td><td>CLF</td><td>150</td><td>53</td></tr><tr><td>Other current non-financial assets</td><td>CLP</td><td>27,536</td><td>27,837</td></tr><tr><td>Other current non-financial assets</td><td>CNY</td><td>5,213</td><td>1,661</td></tr><tr><td>Other current non-financial assets</td><td>EUR</td><td>1,050</td><td>1,531</td></tr><tr><td>Other current non-financial assets</td><td>COP</td><td>153</td><td>70</td></tr><tr><td>Other current non-financial assets</td><td>MXN</td><td>6,092</td><td>4,488</td></tr><tr><td>Other current non-financial assets</td><td>THB</td><td>8</td><td>70</td></tr><tr><td>Other current non-financial assets</td><td>JPY</td><td>73</td><td>157</td></tr><tr><td>Other current non-financial assets</td><td>ZAR</td><td>42</td><td>646</td></tr><tr><td>Other current non-financial assets</td><td>SEK</td><td>1</td><td>17</td></tr><tr><td>Subtotal other non-financial current assets</td><td></td><td>69,870</td><td>57,399</td></tr><tr><td>Trade and other receivables</td><td>USD</td><td>400,753</td><td>230,214</td></tr><tr><td>Trade and other receivables</td><td>PEN</td><td>-</td><td>1</td></tr><tr><td>Trade and other receivables</td><td>BRL</td><td>21</td><td>23</td></tr><tr><td>Trade and other receivables</td><td>CLF</td><td>459</td><td>545</td></tr><tr><td>Trade and other receivables</td><td>CLP</td><td>43,496</td><td>47,133</td></tr><tr><td>Trade and other receivables</td><td>CNY</td><td>108,822</td><td>22,882</td></tr><tr><td>Trade and other receivables</td><td>EUR</td><td>35,514</td><td>22,868</td></tr><tr><td>Trade and other receivables</td><td>GBP</td><td>46</td><td>682</td></tr><tr><td>Trade and other receivables</td><td>MXN</td><td>237</td><td>355</td></tr><tr><td>Trade and other receivables</td><td>AED</td><td>1,888</td><td>533</td></tr><tr><td>Trade and other receivables</td><td>THB</td><td>-</td><td>1,167</td></tr><tr><td>Trade and other receivables</td><td>JPY</td><td>36,000</td><td>23,010</td></tr><tr><td>Trade and other receivables</td><td>AUD</td><td>1,214</td><td>589</td></tr><tr><td>Trade and other receivables</td><td>ZAR</td><td>23,568</td><td>12,504</td></tr><tr><td>Trade and other receivables</td><td>COP</td><td>2,055</td><td>2,675</td></tr><tr><td>Trade and other receivables</td><td>SEK</td><td>-</td><td>25</td></tr><tr><td>Subtotal trade and other receivables</td><td></td><td>654,073</td><td>365,206</td></tr><tr><td>Receivables from related parties</td><td>USD</td><td>83,088</td><td>61,379</td></tr><tr><td>Receivables from related parties</td><td>EUR</td><td>1,150</td><td>1,222</td></tr><tr><td>Receivables from related parties</td><td>AUD</td><td>1,914</td><td>-</td></tr><tr><td>Subtotal receivables from related parties</td><td></td><td>86,152</td><td>62,601</td></tr></table>



<table><tr><td rowspan="2">Class of assets</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUSS</td><td>ThUSS</td></tr><tr><td>Current inventories</td><td>USD</td><td>1,183,776</td><td>1,093,028</td></tr><tr><td>Subtotal Current Inventories</td><td></td><td>1,183,776</td><td>1,093,028</td></tr><tr><td>Current tax assets</td><td>USD</td><td>154,709</td><td>128,529</td></tr><tr><td>Current tax assets</td><td>BRL</td><td>1</td><td>-</td></tr><tr><td>Current tax assets</td><td>CLP</td><td>1,727</td><td>3,015</td></tr><tr><td>Current tax assets</td><td>EUR</td><td>171</td><td>218</td></tr><tr><td>Current tax assets</td><td>MXN</td><td>31</td><td>-</td></tr><tr><td>Current tax assets</td><td>PEN</td><td>3</td><td>4</td></tr><tr><td>Current tax assets</td><td>ZAR</td><td>13</td><td>26</td></tr><tr><td>Current tax assets</td><td>COP</td><td>887</td><td>417</td></tr><tr><td>Current tax assets</td><td>THB</td><td>-</td><td>15</td></tr><tr><td>Subtotal current tax assets</td><td></td><td>157,542</td><td>132,224</td></tr><tr><td>Non-current assets or groups of assets classified as held for sale</td><td>USD</td><td>582</td><td>1,629</td></tr><tr><td>Subtotal Non-current assets or groups of assets classified as held for sale</td><td></td><td>582</td><td>1,629</td></tr><tr><td>Total current assets</td><td></td><td>4,586,095</td><td>2,569,258</td></tr><tr><td>Other non-current financial assets</td><td>USD</td><td>9,180</td><td>51,828</td></tr><tr><td>Other non-current financial assets</td><td>CLP</td><td>20</td><td>20</td></tr><tr><td>Other non-current financial assets</td><td>JPY</td><td>68</td><td>77</td></tr><tr><td>Subtotal Other non-current financial assets</td><td></td><td>9,268</td><td>51,925</td></tr><tr><td>Other non-current non-financial assets</td><td>USD</td><td>30,906</td><td>21,236</td></tr><tr><td>Other non-current non-financial assets</td><td>BRL</td><td>16</td><td>17</td></tr><tr><td>Other non-current non-financial assets</td><td>KRW</td><td>12</td><td>-</td></tr><tr><td>Other non-current non-financial assets</td><td>EUR</td><td>6</td><td>7</td></tr><tr><td>Other non-current non-financial assets</td><td>CLP</td><td>670</td><td>782</td></tr><tr><td>Other non-current non-financial assets</td><td>AUD</td><td>1,877</td><td>-</td></tr><tr><td>Subtotal Other non-current non-financial assets</td><td></td><td>33,487</td><td>22,042</td></tr><tr><td>Other receivables, non-current</td><td>USD</td><td>5,239</td><td>10,061</td></tr><tr><td>Other receivables, non-current</td><td>CLF</td><td>86</td><td>152</td></tr><tr><td>Other receivables, non-current</td><td>MXN</td><td>26</td><td>102</td></tr><tr><td>Other receivables, non-current</td><td>CLP</td><td>821</td><td>850</td></tr><tr><td>Subtotal Other receivables, non-current</td><td></td><td>6,172</td><td>11,165</td></tr><tr><td>Investments classified using the equity method of accounting</td><td>USD</td><td>20,526</td><td>23,417</td></tr><tr><td>Investments classified using the equity method of accounting</td><td>TRY</td><td>-</td><td>792</td></tr><tr><td>Investments classified using the equity method of accounting</td><td>AED</td><td>7,879</td><td>47,774</td></tr><tr><td>Investments classified using the equity method of accounting</td><td>EUR</td><td>11,419</td><td>11,082</td></tr><tr><td>Investments classified using the equity method of accounting</td><td>INR</td><td>-</td><td>1,304</td></tr><tr><td>Investments classified using the equity method of accounting</td><td>THB</td><td>-</td><td>1,624</td></tr><tr><td>Subtotal Investments classified using the equity method of accounting</td><td></td><td>39,824</td><td>85,993</td></tr><tr><td>Intangible assets other than goodwill</td><td>USD</td><td>172,399</td><td>176,282</td></tr><tr><td>Intangible assets other than goodwill</td><td>MXN</td><td>-</td><td>1,025</td></tr><tr><td>Intangible assets other than goodwill</td><td>CLP</td><td>124</td><td>182</td></tr><tr><td>Intangible assets other than goodwill</td><td>EUR</td><td>6,963</td><td>696</td></tr><tr><td>Intangible assets other than goodwill</td><td>CNY</td><td>145</td><td>222</td></tr><tr><td>Intangible assets other than goodwill</td><td>KRW</td><td>27</td><td>-</td></tr><tr><td>Subtotal intangible assets other than goodwill</td><td></td><td>179,658</td><td>178,407</td></tr><tr><td>Purchases goodwill, gross</td><td>USD</td><td>34,438</td><td>34,438</td></tr><tr><td>Purchases goodwill, gross</td><td>EUR</td><td>158</td><td>7,528</td></tr><tr><td>Subtotal Purchases goodwill, gross</td><td></td><td>34,596</td><td>41,966</td></tr><tr><td>Property, plant and equipment</td><td>USD</td><td>1,990,120</td><td>1,719,358</td></tr><tr><td>Property, plant and equipment</td><td>CLP</td><td>3,180</td><td>3,237</td></tr><tr><td>Property, plant and equipment</td><td>EUR</td><td>9,972</td><td>10,954</td></tr><tr><td>Property, plant and equipment</td><td>AED</td><td>6,008</td><td>923</td></tr><tr><td>Property, plant and equipment</td><td>BRL</td><td>111</td><td>111</td></tr><tr><td>Property, plant and equipment</td><td>MXN</td><td>2,620</td><td>2,494</td></tr><tr><td>Property, plant and equipment</td><td>COP</td><td>105</td><td>120</td></tr><tr><td>Property, plant and equipment</td><td>KRW</td><td>109</td><td>122</td></tr><tr><td>Subtotal property, plant and equipment</td><td></td><td>2,012,225</td><td>1,737,319</td></tr><tr><td>Right-of-use assets</td><td>USD</td><td>31,360</td><td>25,238</td></tr><tr><td>Right-of-use assets</td><td>EUR</td><td>2,040</td><td>2,428</td></tr><tr><td>Right-of-use assets</td><td>AED</td><td>17,346</td><td>60</td></tr><tr><td>Right-of-use assets</td><td>MXN</td><td>1,862</td><td>2,298</td></tr><tr><td>Subtotal Right-of-use assets</td><td></td><td>52,608</td><td>30,024</td></tr><tr><td>Non-current tax assets</td><td>USD</td><td>90,364</td><td>90,364</td></tr><tr><td>Subtotal non-current tax assets</td><td></td><td>90,364</td><td>90,364</td></tr><tr><td>Total non-current assets</td><td></td><td>2,458,202</td><td>2,249,205</td></tr><tr><td>Total assets</td><td></td><td>7,044,297</td><td>4,818,463</td></tr></table>



<table><tr><td rowspan="2">Class of liability</td><td rowspan="2">Currency</td><td colspan="3">As of December 31, 2021</td><td colspan="3">As of December 31, 2020</td></tr><tr><td>Up to 90 days</td><td>More than 90 days to 1 year</td><td>Total</td><td>Up to 90 days</td><td>More than 90 days to 1 year</td><td>Totals</td></tr><tr><td></td><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td></tr><tr><td>Current liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other current financial liabilities</td><td>USD</td><td>28,519</td><td>4,234</td><td>32,753</td><td>43,218</td><td>4,676</td><td>47,894</td></tr><tr><td>Other current financial liabilities</td><td>CLF</td><td>18,259</td><td>293</td><td>18,552</td><td>20,732</td><td>329</td><td>21,061</td></tr><tr><td></td><td></td><td>46,778</td><td>4,527</td><td>51,305</td><td>63,950</td><td>5,005</td><td>68,955</td></tr><tr><td>Subtotal other current financial liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lease liabilities, current</td><td>USD</td><td>-</td><td>4,625</td><td>4,625</td><td>-</td><td>4,750</td><td>4,750</td></tr><tr><td>Lease liabilities, current</td><td>CLF</td><td>-</td><td>2,263</td><td>2,263</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Lease liabilities, current</td><td>MXN</td><td>-</td><td>434</td><td>434</td><td>-</td><td>416</td><td>416</td></tr><tr><td>Lease liabilities, current</td><td>EUR</td><td>-</td><td>382</td><td>382</td><td>-</td><td>362</td><td>362</td></tr><tr><td></td><td></td><td>-</td><td>7,704</td><td>7,704</td><td>-</td><td>5,528</td><td>5,528</td></tr><tr><td>Subtotal Lease liabilities, current</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trade and other payables</td><td>USD</td><td>98,918</td><td>76</td><td>98,994</td><td>83,425</td><td>-</td><td>83,425</td></tr><tr><td>Trade and other payables</td><td>CLF</td><td>1,330</td><td>-</td><td>1,330</td><td>123</td><td>-</td><td>123</td></tr><tr><td>Trade and other payables</td><td>BRL</td><td>5</td><td>-</td><td>5</td><td>9</td><td>-</td><td>9</td></tr><tr><td>Trade and other payables</td><td>THB</td><td>2</td><td>-</td><td>2</td><td>30</td><td>-</td><td>30</td></tr><tr><td>Trade and other payables</td><td>CLP</td><td>115,504</td><td>-</td><td>115,504</td><td>73,857</td><td>-</td><td>73,857</td></tr><tr><td>Trade and other payables</td><td>CNY</td><td>3,198</td><td>-</td><td>3,198</td><td>1,323</td><td>-</td><td>1,323</td></tr><tr><td>Trade and other payables</td><td>EUR</td><td>41,242</td><td>984</td><td>42,226</td><td>40,280</td><td>-</td><td>40,280</td></tr><tr><td>Trade and other payables</td><td>GBP</td><td>18</td><td>-</td><td>18</td><td>18</td><td>-</td><td>18</td></tr><tr><td>Trade and other payables</td><td>INR</td><td>1</td><td>-</td><td>1</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Trade and other payables</td><td>MXN</td><td>881</td><td>-</td><td>881</td><td>584</td><td>-</td><td>584</td></tr><tr><td>Trade and other payables</td><td>PEN</td><td>1</td><td>-</td><td>1</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Trade and other payables</td><td>AUD</td><td>15,876</td><td>-</td><td>15,876</td><td>2,935</td><td>-</td><td>2,935</td></tr><tr><td>Trade and other payables</td><td>ZAR</td><td>1,288</td><td>-</td><td>1,288</td><td>1,168</td><td>-</td><td>1,168</td></tr><tr><td>Trade and other payables</td><td>JPY</td><td>99</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Trade and other payables</td><td>COP</td><td>227</td><td>-</td><td>227</td><td>175</td><td>-</td><td>175</td></tr><tr><td></td><td></td><td>278,590</td><td>1,060</td><td>279,650</td><td>203,933</td><td>-</td><td>203,933</td></tr><tr><td>Subtotal trade and other payables</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trade payables due to related parties, current</td><td>USD</td><td>-</td><td>-</td><td>-</td><td>-</td><td>282</td><td>282</td></tr><tr><td>Trade payables due to related parties, current</td><td>AUD</td><td>-</td><td>-</td><td>-</td><td>324</td><td>-</td><td>324</td></tr><tr><td>Subtotal Trade payables due to related parties, current</td><td></td><td>-</td><td>-</td><td>-</td><td>324</td><td>282</td><td>606</td></tr><tr><td>Other current provisions</td><td>USD</td><td>54,134</td><td>263,332</td><td>317,466</td><td>103,252</td><td>698</td><td>103,950</td></tr><tr><td>Other current provisions</td><td>CLP</td><td>200</td><td>-</td><td>200</td><td>216</td><td>-</td><td>216</td></tr><tr><td>Subtotal other current provisions</td><td></td><td>54,334</td><td>263,332</td><td>317,666</td><td>103,468</td><td>698</td><td>104,166</td></tr></table>



<table><tr><td rowspan="3">Class of liability</td><td rowspan="3">Currency</td><td colspan="3">As of December 31, 2021</td><td colspan="3">As of December 31, 2020</td></tr><tr><td>Up to 90 days</td><td>91 days to 1 year</td><td>Total</td><td>Up to 90 days</td><td>91 days to 1 year</td><td>Total</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current tax liabilities</td><td>USD</td><td>-</td><td>159,535</td><td>159,535</td><td>-</td><td>20,981</td><td>20,981</td></tr><tr><td>Current tax liabilities</td><td>CLP</td><td>-</td><td>12</td><td>12</td><td>-</td><td>61</td><td>61</td></tr><tr><td>Current tax liabilities</td><td>EUR</td><td>-</td><td>5,547</td><td>5,547</td><td>-</td><td>642</td><td>642</td></tr><tr><td>Current tax liabilities</td><td>MXN</td><td>-</td><td>1,841</td><td>1,841</td><td>-</td><td>959</td><td>959</td></tr><tr><td>Subtotal current tax liabilities</td><td></td><td>-</td><td>166,935</td><td>166,935</td><td>-</td><td>22,643</td><td>22,643</td></tr><tr><td>Provisions for employee benefits, current</td><td>USD</td><td>14,341</td><td>11,776</td><td>26,117</td><td>2,981</td><td>6,011</td><td>8,992</td></tr><tr><td>Provisions for employee benefits, current</td><td>AUD</td><td>-</td><td>272</td><td>272</td><td>58</td><td>-</td><td>58</td></tr><tr><td>Provisions for employee benefits, current</td><td>CLP</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Provisions for employee benefits, current</td><td>EUR</td><td>214</td><td>-</td><td>214</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Provisions for employee benefits, current</td><td>MXN</td><td>172</td><td>-</td><td>172</td><td>43</td><td>-</td><td>43</td></tr><tr><td>Subtotal Provisions for employee benefits, current</td><td></td><td>14,727</td><td>12,048</td><td>26,775</td><td>3,085</td><td>6,011</td><td>9,096</td></tr><tr><td>Other current non-financial liabilities</td><td>USD</td><td>99,643</td><td>8,593</td><td>108,236</td><td>51,995</td><td>397</td><td>52,392</td></tr><tr><td>Other current non-financial liabilities</td><td>BRL</td><td>1</td><td>-</td><td>1</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Other current non-financial liabilities</td><td>CLP</td><td>6,342</td><td>2,941</td><td>9,283</td><td>6,264</td><td>792</td><td>7,056</td></tr><tr><td>Other current non-financial liabilities</td><td>CNY</td><td>20,736</td><td>-</td><td>20,736</td><td>60</td><td>-</td><td>60</td></tr><tr><td>Other current non-financial liabilities</td><td>EUR</td><td>1,281</td><td>423</td><td>1,704</td><td>913</td><td>119</td><td>1,032</td></tr><tr><td>Other current non-financial liabilities</td><td>MXN</td><td>562</td><td>-</td><td>562</td><td>121</td><td>53</td><td>174</td></tr><tr><td>Other current non-financial liabilities</td><td>JPY</td><td>32</td><td>-</td><td>32</td><td>52</td><td>-</td><td>52</td></tr><tr><td>Other current non-financial liabilities</td><td>PEN</td><td>70</td><td>-</td><td>70</td><td>70</td><td>-</td><td>70</td></tr><tr><td>Other current non-financial liabilities</td><td>COP</td><td>-</td><td>157</td><td>157</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other current non-financial liabilities</td><td>ARS</td><td>47</td><td>-</td><td>47</td><td>-</td><td>117</td><td>117</td></tr><tr><td>Other current non-financial liabilities</td><td>ZAR</td><td>846</td><td>-</td><td>846</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Subtotal other current non-financial liabilities</td><td></td><td>129,560</td><td>12,114</td><td>141,674</td><td>59,477</td><td>1,478</td><td>60,955</td></tr><tr><td>Total current liabilities</td><td></td><td>523,989</td><td>467,720</td><td>991,709</td><td>434,237</td><td>41,645</td><td>475,882</td></tr></table>



<table><tr><td rowspan="3">Class of liability</td><td rowspan="3">Currency</td><td colspan="6">As of December 31, 2021</td></tr><tr><td>Over 1 year to 2 years</td><td>Over 2 years to 3 years</td><td>Over 3 years to 4 years</td><td>Over 4 years to 5 years</td><td>Over 5 years</td><td>Total</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Non-current liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other non-current financial liabilities</td><td>USD</td><td>369,446</td><td>72,900</td><td>249,097</td><td>-</td><td>1,523,473</td><td>2,214,916</td></tr><tr><td>Other non-current financial liabilities</td><td>CLF</td><td>-</td><td>-</td><td>-</td><td>-</td><td>372,816</td><td>372,816</td></tr><tr><td>Subtotal Other non-current financial liabilities</td><td></td><td>369,446</td><td>72,900</td><td>249,097</td><td>-</td><td>1,896,289</td><td>2,587,732</td></tr><tr><td>Non-current lease liabilities</td><td>USD</td><td>-</td><td>6,695</td><td>-</td><td>23,174</td><td>-</td><td>29,869</td></tr><tr><td>Non-current lease liabilities</td><td>UF</td><td>-</td><td>-</td><td>-</td><td>13,313</td><td>-</td><td>13,313</td></tr><tr><td>Non-current lease liabilities</td><td>MXN</td><td>-</td><td>-</td><td>-</td><td>1,530</td><td>-</td><td>1,530</td></tr><tr><td>Non-current lease liabilities</td><td>JPY</td><td>-</td><td>-</td><td>-</td><td>1,807</td><td>-</td><td>1,807</td></tr><tr><td>Subtotal non-current lease liabilities</td><td></td><td>-</td><td>6,695</td><td>-</td><td>39,265</td><td>-</td><td>45,960</td></tr><tr><td>Non-current Trade and other payables</td><td>USD</td><td>-</td><td>3,813</td><td>-</td><td>-</td><td>-</td><td>3,813</td></tr><tr><td>Subtotal Non-current Trade and other payables</td><td></td><td>-</td><td>3,813</td><td>-</td><td>-</td><td>-</td><td>3,813</td></tr><tr><td>Other non-current provisions</td><td>USD</td><td>-</td><td>4,257</td><td>-</td><td>31,017</td><td>25,764</td><td>61,038</td></tr><tr><td>Subtotal Other non-current provisions</td><td></td><td>-</td><td>4,257</td><td>-</td><td>31,017</td><td>25,764</td><td>61,038</td></tr><tr><td>Deferred tax liabilities</td><td>USD</td><td>-</td><td>919</td><td>-</td><td>-</td><td>109,497</td><td>110,416</td></tr><tr><td>Subtotal Deferred tax liabilities</td><td></td><td>-</td><td>919</td><td>-</td><td>-</td><td>109,497</td><td>110,416</td></tr><tr><td>Provisions for employee benefits, non-current</td><td>USD</td><td>26,710</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26,710</td></tr><tr><td>Provisions for employee benefits, non-current</td><td>CLP</td><td>389</td><td>-</td><td>-</td><td>-</td><td>-</td><td>389</td></tr><tr><td>Subtotal Provisions for employee benefits, non-current</td><td></td><td>27,099</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27,099</td></tr><tr><td>Total non-current liabilities</td><td></td><td>396,545</td><td>88,584</td><td>249,097</td><td>70,841</td><td>2,031,550</td><td>2,836,617</td></tr><tr><td>Total liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td>3,828,326</td></tr></table>



<table><tr><td rowspan="2">Class of liability</td><td rowspan="2">Currency</td><td colspan="6">As of December 31, 2020</td></tr><tr><td>Over 1 year to 2 years</td><td>Over 2 years to 3 years</td><td>Over 3 years to 4 years</td><td>Over 4 years to 5 years</td><td>Over 5 years</td><td>Total</td></tr><tr><td></td><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\(</td></tr><tr><td>Non-current liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other non-current financial liabilities</td><td>USD</td><td>-</td><td>312,730</td><td>69,376</td><td>248,664</td><td>838,399</td><td>1,469,169</td></tr><tr><td>Other non-current financial liabilities</td><td>CLF</td><td>-</td><td>-</td><td>-</td><td>-</td><td>430,344</td><td>430,344</td></tr><tr><td></td><td></td><td>-</td><td>312,730</td><td>69,376</td><td>248,664</td><td>1,268,743</td><td>1,899,513</td></tr><tr><td>Subtotal Other non-current financial liabilities</td><td></td><td>-</td><td>312,730</td><td>69,376</td><td>248,664</td><td>1,268,743</td><td>1,899,513</td></tr><tr><td>Non-current lease liabilities</td><td>USD</td><td>1,977</td><td>-</td><td>-</td><td>-</td><td>4,158</td><td>6,135</td></tr><tr><td>Non-current lease liabilities</td><td>UF</td><td>15,258</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15,258</td></tr><tr><td>Non-current lease liabilities</td><td>MXN</td><td>2,189</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,189</td></tr><tr><td>Non-current lease liabilities</td><td>JPY</td><td>1,964</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,964</td></tr><tr><td>Subtotal non-current lease liabilities</td><td></td><td>21,388</td><td>-</td><td>-</td><td>-</td><td>4,158</td><td>25,546</td></tr><tr><td>Non-current Trade and other payables</td><td>USD</td><td>-</td><td>4,027</td><td>-</td><td>-</td><td>-</td><td>4,027</td></tr><tr><td>Subtotal Non-current Trade and other payables</td><td></td><td>-</td><td>4,027</td><td>-</td><td>-</td><td>-</td><td>4,027</td></tr><tr><td>Other non-current provisions</td><td>USD</td><td>-</td><td>36,391</td><td>-</td><td>-</td><td>26,226</td><td>62,617</td></tr><tr><td>Subtotal Other non-current provisions</td><td></td><td>-</td><td>36,391</td><td>-</td><td>-</td><td>26,226</td><td>62,617</td></tr><tr><td>Deferred tax liabilities</td><td>USD</td><td>-</td><td>919</td><td>-</td><td>-</td><td>155,182</td><td>156,101</td></tr><tr><td></td><td></td><td>-</td><td>919</td><td>-</td><td>-</td><td>155,182</td><td>155,101</td></tr><tr><td>Subtotal Deferred tax liabilities</td><td></td><td>-</td><td>919</td><td>-</td><td>-</td><td>-</td><td>31,585</td></tr><tr><td>Provisions for employee benefits, non-current</td><td>USD</td><td>31,585</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31,585</td></tr><tr><td>Provisions for employee benefits, non-current</td><td>CLP</td><td>610</td><td>-</td><td>-</td><td>-</td><td>-</td><td>610</td></tr><tr><td>Provisions for employee benefits, non-current</td><td>JPY</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td></tr><tr><td>Subtotal Provisions for employee benefits, non-current</td><td></td><td>32,199</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32,199</td></tr><tr><td>Total non-current liabilities</td><td></td><td>53,587</td><td>354,067</td><td>69,376</td><td>248,664</td><td>1,454,309</td><td>2,180,003</td></tr><tr><td>Total liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td>2,655,885</td></tr></table>

Effects of changes in foreign currency exchange rates on the statement of net income and other comprehensive income.

<table><tr><td rowspan="3">Foreign currency exchange rate changes</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Profit (loss) in foreign currency</td><td>(17,241)</td><td>(4,423)</td></tr><tr><td>Foreign currency translation reserve</td><td>4,240</td><td>14,000</td></tr><tr><td>Total</td><td>(13,001)</td><td>9,577</td></tr></table>

The average and closing exchange rate for foreign currency is disclosed in Note 3.3



## Note 27 Income tax and deferred taxes

Tax receivables as of December 31, 2021 and 2020, are as follows:

## 27.1 Current and non-current tax assets

(a) Current

<table><tr><td rowspan="2">Current tax assets</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Monthly provisional income tax payments, Chilean companies</td><td>435</td><td>37,123</td></tr><tr><td>Monthly provisional income tax payments, foreign companies</td><td>62</td><td>1,265</td></tr><tr><td>Corporate tax credits (1)</td><td>674</td><td>1,566</td></tr><tr><td>1st category tax absorbed by tax losses (2)</td><td>26,848</td><td>2,322</td></tr><tr><td>Taxes in recovery process</td><td>129,523</td><td>89,948</td></tr><tr><td>Total</td><td>157,542</td><td>132,224</td></tr></table>

(b) Non-current

<table><tr><td rowspan="2">Non-current tax assets</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Monthly provisional income tax payments, Chilean companies compensated by the specific tax on mining activity (Lithium)</td><td>6,398</td><td>6,398</td></tr><tr><td>Specific tax on mining activities (IEAM) paid by Lithium (on consignment)</td><td>83,966</td><td>83,966</td></tr><tr><td>Total</td><td>90,364</td><td>90,364</td></tr></table>

(1) These credits are available for companies and are related to corporate tax payments in April of the following year. These credits include, among others, credits for training expenses (SENCE), credits for acquisition of fixed assets, donations and credits in Chile for taxes paid abroad.

(2) This concept corresponds to the tax loss absorption determined by the company at the end of the year, which must be attributed to the dividends received during the year.



## 27.2 Current tax liabilities

<table><tr><td rowspan="2">Current tax liabilities</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>1st Category income tax</td><td>139,842</td><td>14,736</td></tr><tr><td>Foreign company income tax</td><td>27,055</td><td>7,838</td></tr><tr><td>Article 21 single tax</td><td>38</td><td>69</td></tr><tr><td>Total</td><td>166,935</td><td>22,643</td></tr></table>

Income tax is calculated based on the profit or loss for tax purposes that is applied to the effective tax rate applicable in Chile. As established by Law No. 20,780 is 27%.

The royalty is determined by applying the taxable rate to the net operating income obtained, according to the chart in force. The Company currently provisioned 6.51% for mining royalties that involve operations in the Salar de Atacama and 5.22% for caliche extraction operations.

The income tax rate for the main countries where the Company operates is presented below:

<table><tr><td rowspan="2">Country</td><td>Income tax</td><td>Income tax</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>Spain</td><td>25%</td><td>25%</td></tr><tr><td>Belgium</td><td>25%</td><td>25%</td></tr><tr><td>Mexico</td><td>30%</td><td>30%</td></tr><tr><td>United States</td><td>21% + 3.51%</td><td>21% + 3.36%</td></tr><tr><td>South Africa</td><td>28%</td><td>28%</td></tr><tr><td>China</td><td>25%+12% (1)</td><td>25%</td></tr></table>

(1) Additional 12% tax over the VAT calculation.



## 27.3 Income tax and deferred taxes

(a) Deferred tax assets and liabilities as of December 31, 2021

<table><tr><td rowspan="3">Description of deferred tax assets and liabilities as of December 31, 2021</td><td colspan="2">Net liability position</td></tr><tr><td>Assets</td><td>Liabilities</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Unrealized loss</td><td>144,181</td><td>-</td></tr><tr><td>Property, plant and equipment and capitalized interest</td><td>-</td><td>(189,073)</td></tr><tr><td>Restoration and rehabilitation provision</td><td>6,567</td><td>-</td></tr><tr><td>Manufacturing expenses</td><td>-</td><td>(108,181)</td></tr><tr><td>Employee benefits and unemployment insurance</td><td>-</td><td>(7,485)</td></tr><tr><td>Vacation accrual</td><td>6,039</td><td>-</td></tr><tr><td>Inventory provision</td><td>20,557</td><td>-</td></tr><tr><td>Materials provision</td><td>10,554</td><td>-</td></tr><tr><td>Others employee benefits</td><td>929</td><td>-</td></tr><tr><td>Research and development expenses</td><td>-</td><td>(5,387)</td></tr><tr><td>Bad debt provision</td><td>2,708</td><td>-</td></tr><tr><td>Provision for legal complaints and expenses</td><td>334</td><td>-</td></tr><tr><td>Loan acquisition expenses</td><td>-</td><td>(8,967)</td></tr><tr><td>Financial instruments recorded at market value</td><td>5,242</td><td>-</td></tr><tr><td>Specific tax on mining activity</td><td>-</td><td>(4,545)</td></tr><tr><td>Tax loss benefit</td><td>7,113</td><td>-</td></tr><tr><td>Other</td><td>8,862</td><td>-</td></tr><tr><td>Foreign items (other)</td><td>136</td><td>-</td></tr><tr><td>Balances to date</td><td>213,222</td><td>(323,638)</td></tr><tr><td>Net balance</td><td></td><td>(110,416)</td></tr></table>



## (b) Deferred tax assets and liabilities as of December 31, 2020

<table><tr><td rowspan="3">Description of deferred tax assets and liabilities as of December 31, 2020</td><td colspan="2">Net liability position</td></tr><tr><td>Assets</td><td>Liabilities</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Unrealized loss</td><td>90,585</td><td>-</td></tr><tr><td>Property, plant and equipment and capitalized interest</td><td>-</td><td>(187,168)</td></tr><tr><td>Restoration and rehabilitation provision</td><td>6,598</td><td>-</td></tr><tr><td>Manufacturing expenses</td><td>-</td><td>(107,215)</td></tr><tr><td>Employee benefits and unemployment insurance</td><td>-</td><td>(6,669)</td></tr><tr><td>Vacation accrual</td><td>6,138</td><td>-</td></tr><tr><td>Inventory provision</td><td>22,200</td><td>-</td></tr><tr><td>Materials provision</td><td>8,812</td><td>-</td></tr><tr><td>Research and development expenses</td><td>-</td><td>(3,580)</td></tr><tr><td>Bad debt provision</td><td>5,072</td><td>-</td></tr><tr><td>Provision for legal complaints and expenses</td><td>19,637</td><td>-</td></tr><tr><td>Loan acquisition expenses</td><td>-</td><td>(5,212)</td></tr><tr><td>Financial instruments recorded at market value</td><td>-</td><td>(3,929)</td></tr><tr><td>Specific tax on mining activity</td><td>-</td><td>(3,014)</td></tr><tr><td>Tax loss benefit</td><td>844</td><td>-</td></tr><tr><td>Other</td><td>1,454</td><td>-</td></tr><tr><td>Foreign items (other)</td><td>-</td><td>(654)</td></tr><tr><td>Balances to date</td><td>161,340</td><td>(317,441)</td></tr><tr><td>Net balance</td><td></td><td>(156,101)</td></tr></table>



(c) Reconciliation of changes in deferred tax liabilities (assets) as of December 31, 2021

<table><tr><td rowspan="2">Reconciliation of changes in deferred tax liabilities (assets)</td><td>Deferred tax liability (asset) at beginning of period</td><td>Deferred tax (expense) benefit recognized in profit (loss) for the year</td><td>Deferred taxes related to items credited (charged) directly to equity</td><td>Total increases (decreases) in deferred tax liabilities (assets)</td><td>Deferred tax liability (asset) at end of period</td></tr><tr><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td></tr><tr><td>Unrealized loss</td><td>(90,585)</td><td>(53,596)</td><td>-</td><td>(53,596)</td><td>(144,181)</td></tr><tr><td>Property, plant and equipment and capitalized interest</td><td>187,168</td><td>1,905</td><td>-</td><td>1,905</td><td>189,073</td></tr><tr><td>Restoration and rehabilitation provision</td><td>(6,597)</td><td>30</td><td>-</td><td>30</td><td>(6,567)</td></tr><tr><td>Manufacturing expenses</td><td>107,215</td><td>966</td><td>-</td><td>966</td><td>108,181</td></tr><tr><td>Employee benefits and unemployment insurance</td><td>6,669</td><td>687</td><td>130</td><td>817</td><td>7,486</td></tr><tr><td>Vacation accrual</td><td>(6,138)</td><td>99</td><td>-</td><td>99</td><td>(6,039)</td></tr><tr><td>Inventory provision</td><td>(22,200)</td><td>1,643</td><td>-</td><td>1,643</td><td>(20,557)</td></tr><tr><td>Materials provision</td><td>(8,812)</td><td>(1,742)</td><td>-</td><td>(1,742)</td><td>(10,554)</td></tr><tr><td>Derivative financial instruments</td><td>-</td><td>14,246</td><td>(14,246)</td><td>-</td><td>-</td></tr><tr><td>Others employee benefits</td><td>-</td><td>(929)</td><td>-</td><td>(929)</td><td>(929)</td></tr><tr><td>Research and development expenses</td><td>3,581</td><td>1,806</td><td>-</td><td>1,806</td><td>5,387</td></tr><tr><td>Bad debt provision</td><td>(5,072)</td><td>2,364</td><td>-</td><td>2,364</td><td>(2,708)</td></tr><tr><td>Provision for legal complaints and expenses</td><td>(19,637)</td><td>19,303</td><td>-</td><td>19,303</td><td>(334)</td></tr><tr><td>Loan approval expenses</td><td>5,212</td><td>3,755</td><td>-</td><td>3,755</td><td>8,967</td></tr><tr><td>Financial instruments recorded at market value</td><td>3,929</td><td>(5,354)</td><td>(3,818)</td><td>(9,172)</td><td>(5,243)</td></tr><tr><td>Specific tax on mining activity</td><td>3,012</td><td>1,521</td><td>12</td><td>1,533</td><td>4,545</td></tr><tr><td>Tax loss benefit</td><td>(844)</td><td>(6,269)</td><td>-</td><td>(6,269)</td><td>(7,113)</td></tr><tr><td>Others</td><td>(1,454)</td><td>(7,408)</td><td>-</td><td>(7,408)</td><td>(8,862)</td></tr><tr><td>Foreign items (other)</td><td>654</td><td>(790)</td><td>-</td><td>(790)</td><td>(136)</td></tr><tr><td>Total temporary differences, unused losses and unused tax credits</td><td>156,101</td><td>(27,763)</td><td>(17,922)</td><td>(45,685)</td><td>110,416</td></tr></table>



(d) Reconciliation of changes in deferred tax liabilities (assets) as of December 31, 2020

<table><tr><td rowspan="2">Reconciliation of changes in deferred tax liabilities (assets)</td><td>Deferred tax liability (asset) at beginning of period</td><td>Deferred tax (expense) benefit recognized in profit (loss) for the year</td><td>Deferred taxes related to items credited (charged) directly to equity</td><td>Total increases (decreases) in deferred tax liabilities (assets)</td><td>Deferred tax liability (asset) at end of period</td></tr><tr><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td><td>ThUSS</td></tr><tr><td>Unrealized loss</td><td>(82,076)</td><td>(8,509)</td><td>-</td><td>(8,509)</td><td>(90,585)</td></tr><tr><td>Property, plant and equipment and capitalized interest</td><td>197,167</td><td>(9,999)</td><td>-</td><td>(9,999)</td><td>187,168</td></tr><tr><td>Facility closure provision</td><td>(7,312)</td><td>714</td><td>-</td><td>714</td><td>(6,598)</td></tr><tr><td>Manufacturing expenses</td><td>106,420</td><td>795</td><td>-</td><td>795</td><td>107,215</td></tr><tr><td>Employee benefits and unemployment insurance</td><td>6,000</td><td>514</td><td>155</td><td>669</td><td>6,669</td></tr><tr><td>Vacation accrual</td><td>(5,591)</td><td>(547)</td><td>-</td><td>(547)</td><td>(6,138)</td></tr><tr><td>Inventory provision</td><td>(23,885)</td><td>1,685</td><td>-</td><td>1,685</td><td>(22,200)</td></tr><tr><td>Materials provision</td><td>(7,982)</td><td>(830)</td><td>-</td><td>(830)</td><td>(8,812)</td></tr><tr><td>Derivative financial instruments</td><td>-</td><td>1,001</td><td>(1,001)</td><td>-</td><td>-</td></tr><tr><td>Others employee benefits</td><td>(2,689)</td><td>2,689</td><td>-</td><td>2,689</td><td>-</td></tr><tr><td>Research and development expenses</td><td>3,534</td><td>46</td><td>-</td><td>46</td><td>3,580</td></tr><tr><td>bad debt provision</td><td>(3,542)</td><td>(1,530)</td><td>-</td><td>(1,530)</td><td>(5,072)</td></tr><tr><td>Provision for legal complaints and expenses</td><td>(2,546)</td><td>(17,091)</td><td>-</td><td>(17,091)</td><td>(19,637)</td></tr><tr><td>Loan approval expenses</td><td>3,856</td><td>1,356</td><td>-</td><td>1,356</td><td>5,212</td></tr><tr><td>Financial instruments recorded at market value</td><td>1,287</td><td>-</td><td>2,642</td><td>2,642</td><td>3,929</td></tr><tr><td>specific tax on mining activity</td><td>1,356</td><td>1,668</td><td>(10)</td><td>1,658</td><td>3,014</td></tr><tr><td>Tax loss benefit</td><td>(2,296)</td><td>1,452</td><td>-</td><td>1,452</td><td>(844)</td></tr><tr><td>Others</td><td>2,021</td><td>(3,475)</td><td>-</td><td>(3,475)</td><td>(1,454)</td></tr><tr><td>Foreign items (other)</td><td>(311)</td><td>965</td><td>-</td><td>965</td><td>654</td></tr><tr><td>Total temporary differences, unused losses and unused tax credits</td><td>183,411</td><td>(29,096)</td><td>1,786</td><td>(27,310)</td><td>156,101</td></tr></table>

## (e) Deferred taxes related to benefits for tax losses

The Company’s tax loss carryforwards were mainly generated by losses in Chile, which in accordance with current Chilean tax regulations have no expiration date.

As of December 31, 2021, and 2020, tax loss carryforwards are detailed as follows:

<table><tr><td rowspan="2">Deferred taxes related to benefits for tax losses</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUSS</td><td>ThUSS</td></tr><tr><td>Chile</td><td>7,113</td><td>818</td></tr><tr><td>Foreign</td><td>-</td><td>26</td></tr><tr><td>Total</td><td>7,113</td><td>844</td></tr></table>

The tax losses as of December 31, 2021, which are the basis for these deferred taxes correspond mainly to SQM S.A., SQM Potasio S.A., Comercial Hydro S.A., Orcoma SpA., Orcoma Estudio SpA y SCM Bufalo.



## (f) Movements in deferred tax assets and liabilities

Movements in deferred tax assets and liabilities as of December 31, 2021 and 2020 are detailed as follows:

<table><tr><td rowspan="3">Movements in deferred tax assets and liabilities</td><td colspan="2">Assets (liabilities)</td></tr><tr><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Deferred tax assets and liabilities, net opening balance</td><td>(156,101)</td><td>(183,411)</td></tr><tr><td>Increase (decrease) in deferred taxes in profit or loss</td><td>27,763</td><td>29,096</td></tr><tr><td>Increase (decrease) deferred taxes in equity</td><td>17,922</td><td>(1,786)</td></tr><tr><td>Total</td><td>(110,416)</td><td>(156,101)</td></tr></table>

## (g) Disclosures on income tax (expenses) benefit

Current and deferred tax (expenses) benefit are detailed as follows:

<table><tr><td rowspan="3">Disclosures on income tax (expense) benefit</td><td colspan="2">(Expense) Income</td></tr><tr><td>As of</td><td>As of</td></tr><tr><td>December 31, 2021</td><td>December 31, 2020</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current income tax (expense) benefit</td><td></td><td></td></tr><tr><td>Current tax (expense)</td><td>(279,105)</td><td>(97,374)</td></tr><tr><td>Adjustments to prior year current income tax (expense) benefit</td><td>2,326</td><td>(1,901)</td></tr><tr><td>Current income tax expense, net, total</td><td>(276,779)</td><td>(99,275)</td></tr><tr><td>Deferred tax (expense) benefit</td><td></td><td></td></tr><tr><td>Deferred tax benefits relating to the creation and reversal of temporary differences</td><td>28,445</td><td>26,219</td></tr><tr><td>Tax adjustments related to the creation and reversal of temporary differences from the previous year</td><td>(682)</td><td>2,877</td></tr><tr><td>Total deferred tax benefits, net</td><td>27,763</td><td>29,096</td></tr><tr><td>Income tax expense</td><td>(249,016)</td><td>(70,179)</td></tr></table>

Tax (expenses) benefits for foreign and domestic parties are detailed as follows:

<table><tr><td rowspan="3">Income tax (expense) benefit</td><td colspan="2">(Expense) Income</td></tr><tr><td>As of</td><td>As of</td></tr><tr><td>December 31, 2021</td><td>December 31, 2020</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current income tax benefit (expense) by foreign and domestic parties, net</td><td></td><td></td></tr><tr><td>Current income tax (expenses), foreign parties, net</td><td>(46,748)</td><td>(9,782)</td></tr><tr><td>Current income tax (expenses), domestic, net</td><td>(230,031)</td><td>(89,493)</td></tr><tr><td></td><td>(276,779)</td><td>(99,275)</td></tr><tr><td>Deferred tax benefit (expense) by foreign and domestic parties, net</td><td></td><td></td></tr><tr><td>Current income tax benefit (expense) benefit, foreign parties, net</td><td>(6,679)</td><td>10,284</td></tr><tr><td>Current income tax benefits, domestic, net</td><td>34,442</td><td>18,812</td></tr><tr><td>Deferred tax expense, net, total</td><td>27,763</td><td>29,096</td></tr><tr><td>Income tax expense</td><td>(249,016)</td><td>(70,179)</td></tr></table>



(h) Disclosures on the tax effects of other comprehensive income components:

<table><tr><td rowspan="3">Income tax related to other income and expense components with a charge or credit to net equity</td><td colspan="3">As of December 31, 2021</td></tr><tr><td>Amount before taxes (expense) gain</td><td>(Expense) income for income taxes</td><td>Amount after taxes</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>Gain (losses) from defined benefit plans</td><td>4,679</td><td>(142)</td><td>4,537</td></tr><tr><td>Cash flow hedge</td><td>(52,762)</td><td>14,246</td><td>(38,516)</td></tr><tr><td>Reserve for gains (losses) gains from financial assets measured at fair value through other comprehensive income</td><td>(12,072)</td><td>3,818</td><td>(8,254)</td></tr><tr><td>Total</td><td>(60,155)</td><td>17,922</td><td>(42,233)</td></tr></table>

<table><tr><td rowspan="3">Income tax related to other income and expense components with a charge or credit to net equity</td><td colspan="3">As of December 31, 2020</td></tr><tr><td>Amount before taxes (expense) gain</td><td>(Expense) income for income taxes</td><td>Amount after taxes</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>Gains (losses) from defined benefit plans</td><td>974</td><td>(145)</td><td>829</td></tr><tr><td>Cash flow hedges</td><td>(3,706)</td><td>1,001</td><td>(2,705)</td></tr><tr><td>Reserve for gains (losses) from financial assets measured at fair value through other comprehensive income</td><td>9,784</td><td>(2,642)</td><td>7,142</td></tr><tr><td>Total</td><td>7,052</td><td>(1,786)</td><td>5,266</td></tr></table>

## (i) Explanation of the relationship between (expense) benefit for tax purposes and accounting income.

Based on IAS 12, paragraph 81, letter “c”, the company has estimated that the method that discloses the most significant information for users of the financial statements is the numeric conciliation between the tax benefit (expense) and the result of multiplying the accounting profit by the current rate in Chile. The aforementioned choice is based on the fact that the Company and subsidiaries established in Chile generate a large part of the Company’s tax benefit (expense). The amounts provided by subsidiaries established outside Chile have no relative importance in the overall context.

Reconciliation between the tax benefit (expense) and the tax calculated by multiplying income before taxes by the Chilean corporate income tax rate.

<table><tr><td rowspan="3">Income Tax Expense (Benefit)</td><td colspan="2">(Expense) Benefit</td></tr><tr><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Consolidated income before taxes</td><td>841,221</td><td>238,538</td></tr><tr><td>Statutory Income tax rate in Chile</td><td>27%</td><td>27%</td></tr><tr><td>Tax expense using the statutory tax rate</td><td>(227,130)</td><td>(64,405)</td></tr><tr><td>Net effect of royalty tax payments</td><td>(13,350)</td><td>(4,659)</td></tr><tr><td>Effect of other additional taxes affected by article 21 and passive income</td><td>(2,617)</td><td>(1,804)</td></tr><tr><td>Tax effect of revenue from regular activities exempt from taxation</td><td>(260)</td><td>1,786</td></tr><tr><td>Tax rate effect of non-tax-deductible expenses for determining taxable profit (loss)</td><td>(2,226)</td><td>(2,987)</td></tr><tr><td>Tax effect of tax rates supported abroad</td><td>(3,016)</td><td>(2,077)</td></tr><tr><td>Effects of changes resulting from classifying a permanent item as a temporary one</td><td>-</td><td>4,826</td></tr><tr><td>Other tax effects</td><td>(417)</td><td>(859)</td></tr><tr><td>Tax expense using the effective tax rate</td><td>(249,016)</td><td>(70,179)</td></tr></table>



## (j) Tax periods potentially subject to verification:

The SQM Group’s Companies are potentially subject to income tax audits by tax authorities in each country. These audits are limited to a number of interim tax periods, which, in general, when they elapse, give rise to the expiration of these inspections.

Tax audits, due to their nature, are often complex and may require several years. Below, we provide a summary of tax periods that are potentially subject to verification, in accordance with the tax regulations in force in the country of origin:

## (i) Chile

According to article 200 of Decree Law No 830, the taxes will be reviewed for any deficiencies in terms of payment and to generate any taxes that might arise. There is a 3-year prescriptive period for such review, dating from the expiration of the legal deadline when payment should have been made. This prescriptive period can be extended to 6 years for the revision of taxes subject to declaration, when such declaration has not been filed or has been presented with maliciously false information.

## (ii) United States

In the United States, the tax authority may review tax returns for up to 3 years from the expiration date of the tax return. In the event that an omission or error is detected in the tax return of sales or cost of sales, the review can be extended for a period of up to 6 years.

## (iii) Mexico:

In Mexico, the tax authority can review tax returns up to 5 years from the expiration date of the tax return.

## (iv) Spain:

In Spain, the tax authority can review tax returns up to 4 years from the expiration date of the tax return.

A subsidiary of the Company, SQM Iberian S.A., is being reviewed by the Spanish Tax Authority. This audit could involve adjustments to tax returns filed in Spain.

## (v) Belgium:

In Belgium, the tax authority may review tax returns for up to 3 years from the expiration date of the tax return if no tax losses exist. In the event of detecting an omission or error in the tax return, the review can be extended for a period of up to 5 years.

## (vi) South Africa:

In South Africa, the tax authority may review tax returns for up to 3 years from the expiration date of the tax return. In the event that an omission or error in the tax return is detected, the review can be extended for a period of up to 5 years.

A subsidiary of the Company, SQM Africa Pty., is being reviewed by the South African Tax Authority. This audit could involve adjustments to tax returns filed in South Africa.



## Note 28 Events occurred after the reporting date

## 28.1 Authorization of the financial statements

The consolidated financial statements of the Company and its subsidiaries, prepared in accordance with IFRS for the year ended December 31, 2021, were approved and authorized for issuance by the Company’s Board of Directors on March 2, 2022.

## 28.2 Disclosures on events occurring after the reporting date

The total financial impact of COVID-19 cannot be reasonably estimated at this time, due to uncertainty as to its severity and duration. It was anticipated that average sales volumes and prices will depend on the duration of the coronavirus in different markets, the efficiency of the measures implemented to contain the spread of the virus in each country, and the fiscal and national incentives that can be implemented in different jurisdictions to promote economic recovery. The Company continues to monitor and evaluate the spread of the coronavirus and its impact on our operations, business, financial condition and results of operations.

On February 25, 2022 SQM NA submitted to the Central District Court of California an appeal bond for US$ 60.1 million to guarantee the final settlement, in connection with the case reported in Note 21.1 (c).

Management is not aware of any other significant events that occurred between December 31, 2021, and the date of issuance of these consolidated financial statements that may significantly affect them.



## Report of Accounting Inspectors

We have examined the Financial Statements of Sociedad Química y Minera de Chile S.A, corresponding to the business year ended December 31, 2021.

Our exam and revisión as Accounting Inspectors spanned the comparison of the outstanding balances of the General Ledger with the Balance Sheet and the corresponding Income Statements as of December 31, 2021. We found these accounts to be in accordance with their balances.

We confirm that in as part of work as account inspectors, we have had access to the Company's accounting information, inventory, balance sheet and financial statements.

At the same time, we confirm to be of legal age, with the ability to make and independent decision, and have not have been convicted of crimes that merit punishment.

Santiago, March 18 de 2022



Genoveva Cofré Gutiérrez
Inspectores de Cuenta V
Auditores Externos
Registro N° 45

Genoveva Cofré Gutiérrez
CMF Registered Account Inspector and External Auditor N° 45



Héctor Vera Jiménez
CMF Registered Account Inspector and External Auditor N° 70 Vera y Asociados SA

VERA Y-ASOCIADOS S.A.
AUDITORES CONSULTORES
RUT: 76.182.952-1
REG. CMF N° 70



REASONED ANALYSIS OF THE

CONSOLIDATED FINANCIAL STATEMENTS

Corresponding to the period ended December 31, 2021

In millions of U.S. Dollars

SOCIEDAD QUIMICA Y MINERA DE CHILE S.A.



## Reasoned Analysis of the Financial Situation

1 Analysis of the Consolidated Statements of Financial Position

<table><tr><td colspan="3">Consolidated Statements of Financial Position</td></tr><tr><td>(in millions of US$)</td><td>December 31, 2021</td><td>December 31, 2020</td></tr><tr><td></td><td></td><td></td></tr><tr><td>Total current assets</td><td>4,586.1</td><td>2,569.3</td></tr><tr><td>Cash and cash equivalents</td><td>1,515.1</td><td>509.1</td></tr><tr><td>Other current financial assets</td><td>919.0</td><td>348.1</td></tr><tr><td>Accounts receivable (1)</td><td>740.2</td><td>427.8</td></tr><tr><td>Current inventories</td><td>1,183.8</td><td>1,093.0</td></tr><tr><td>Other current assets</td><td>228.0</td><td>191.3</td></tr><tr><td></td><td></td><td></td></tr><tr><td>Total non-current assets</td><td>2,458.2</td><td>2,249.2</td></tr><tr><td>Other non-current financial assets</td><td>9.3</td><td>51.9</td></tr><tr><td>Investments in related companies</td><td>39.8</td><td>86.0</td></tr><tr><td>Property, plant and equipment</td><td>2,012.2</td><td>1,737.3</td></tr><tr><td>Right-of-use assets</td><td>52.6</td><td>30.1</td></tr><tr><td>Other non-current assets</td><td>344.3</td><td>343.9</td></tr><tr><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>7,044.3</td><td>4,818.5</td></tr><tr><td></td><td></td><td></td></tr><tr><td>Total current liabilities</td><td>991.7</td><td>475.9</td></tr><tr><td>Other current financial liabilities</td><td>51.3</td><td>69.0</td></tr><tr><td>Current lease liabilities</td><td>7.7</td><td>5.5</td></tr><tr><td>Other liabilities</td><td>932.7</td><td>401.4</td></tr><tr><td></td><td></td><td></td></tr><tr><td>Total non-current liabilities</td><td>2,836.6</td><td>2,180.0</td></tr><tr><td>Other non-current financial liabilities</td><td>2,587.7</td><td>1,899.5</td></tr><tr><td>Non-current lease liabilities</td><td>46.5</td><td>25.5</td></tr><tr><td>Other non-current liabilities</td><td>202.4</td><td>255.0</td></tr><tr><td></td><td></td><td></td></tr><tr><td>Total equity</td><td>3,216.0</td><td>2,162.6</td></tr><tr><td>Equity attributable to the owners of the parent company</td><td>3,181.5</td><td>2,123.1</td></tr><tr><td>Minority interests</td><td>34.5</td><td>39.5</td></tr><tr><td></td><td></td><td></td></tr><tr><td>Total liabilities and equity</td><td>7,044.3</td><td>4,818.5</td></tr><tr><td>Liquidity (2)</td><td>4.6</td><td>5.4</td></tr></table>

(1) Trade and other accounts receivable, current + Accounts receivable from related companies, current

(2) Current assets / Current liabilities



## 1.1 Analysis of Consolidated Statement of Financial Position

As of December 31, 2021, the total assets of the company amount to US$7,044.3 million, which represents an increase of approximately 46% compared to the US$4,818.5 million obtained as of December 31, 2020. This difference, between both periods, is mainly due to the variation in the following items:

Current assets increased by approximately 78%, from US$2,569.3 million recorded at the end of the previous year to US$4,586.1 million in the current period.

- Cash and cash equivalents increased by US$1,005.9 million (198%), closing at December 31 with US$1,515.1 million. The detail of the composition of the item is disclosed in Note No. 10.

- Other current financial assets increased by US$571.0 million (164%), closing at December 31 with US$919.0 million. The detail of the composition of the item is disclosed in Note No. 13.

• Accounts receivable increased by US$312.4 million (73%) closing at December 31 with US$740.2 million. The detail of the composition of the item is disclosed in Notes No. 12 and 13.

- Current inventory increased by US$90.7 million (8%), closing as of December 31 with US$1,183.8 million. The detail of the composition of the item is disclosed in Note No. 11.

Non-Current Assets increased by approximately 9%, from US$2,249.2 million registered at the end of the previous year to US$2,458.2 million in the current quarter.

- Other non-current financial assets decreased by US$42.7 million (82%), closing as of December 31 with US$9.3 million. The detail of the composition of the item is disclosed in Note No. 13.

- Property, plant and equipment increased by US$274.9 million (16%), closing as of December 31 with US$2,012.2 million. The detail of the composition of the item is disclosed in Note No. 16.

As of December 31, 2021, the total liabilities of the company amount to US$3,828.3 million, which represents an increase of approximately 44% compared to the US$2,655.9 million obtained on December 31, 2020. This difference, between periods, is mainly produced by the variation in the following items:

Current liabilities increased by approximately 108%, from the US$475.9 million registered at the end of December of the previous year to US$991.7 million in the current quarter.

- Other current financial liabilities decreased by US$17.7 million (26%), closing at December 31 with US$51.3 million. The detail of the composition of the item is disclosed in Note No. 13.

- Current lease liabilities increased by US$2.2 million (39%) closing as of December 31 with US$7.7 million. The detail of the composition of the item is disclosed in Note No. 14.

- Other current liabilities increased by US$531.3 million (132%), closing at December 31 with US$932.7 million. The detail of the composition of the item is disclosed in Notes No. 12, 13, 18, 19 and 27.

Non-Current Liabilities increased by approximately 30%, from US$2,180.0 million recorded at the end of the previous year to US$2,836.6 million in the current period.

- Other non-current financial liabilities increased by US$688.2 million (36%), closing as of December 31 with US$2,587.7 million. The detail of the composition of the item is disclosed in Note No. 13.

- Non-current lease liabilities increased by US$21.0 million (82%), closing as of December 31 with US$46.5 million. The detail of the composition of the item is disclosed in Note No. 14.

- Other non-current liabilities decreased by US$52.6 million (21%), closing at December 31 with US$202.4 million. The detail of the composition of the item is disclosed in Notes No. 13, 18, 19 and 27.

The consolidated financial statements of Sociedad Química y Minera de Chile S.A. and its subsidiaries have been prepared in accordance with the International Financial Reporting Standards (herein IFRS) and represent the comprehensive and explicit application without reserve of the cited international standards issued by the International Accounting Standards Board (IASB). Should any discrepancies arise between IFRS and CMF instructions, the latter will prevail.



These consolidated financial statements are a true reflection of the equity and financial situation of the company and the results of its operations, changes in the recognized income and expense statement and in the cash flow, which have arisen during the period ended on these dates.

The main assets and liabilities have been valued in accordance with the following:

Inventories: The Company measures inventories at the lower of the cost and net realizable value. The value of finished products and work in progress includes the direct cost of materials and, when applicable, labor costs, the indirect costs incurred in transforming raw materials into finished products, and general expenses incurred in carrying inventories to their current location and conditions. The method used to determine the cost of inventories is the weighted average cost.

Commercial discounts, rebates obtained, and other similar entries are deducted in the determination of the acquisition value.

The net realizable value represents the estimate of the sales price, less all the estimated costs involved in making the finished product and the costs that will be incurred in the commercialization, sales, and distribution processes.

The Company conducts an evaluation of the net realizable value of inventories at the end of each year, recording an estimate with a charge to profit or loss when these are overvalued. When the circumstances that previously caused a decrease have ceased to exist, or when there is clear evidence of an increase in net realizable value due to a change in the economic circumstances or prices of primary raw materials, the previous estimate undergoes a modification.

The valuation of obsolete, defective or slow-moving products has been reduced to its estimated realizable value.

The provisions on company inventories have been constituted based on a technical study that covers the different variables that affect the products in stock (density, humidity, etc.).

Raw materials, supplies and materials are recorded at the lower value between acquisition cost or market value. The acquisition cost is calculated according to the average annual price method.

Property, plant and equipment: Tangible assets are valued at acquisition cost, net of accumulated depreciation and any impairment losses it may have experienced.



## 1.1 Consolidated Income Statements

<table><tr><td>Consolidated Income Statements</td><td></td><td></td><td></td><td></td></tr><tr><td>(in millions of US$)</td><td colspan="2">Fourth quarter</td><td colspan="2">Accumulated as of December 31</td></tr><tr><td></td><td>2021</td><td>2020</td><td>2021</td><td>2020</td></tr><tr><td>Income</td><td>1,084.3</td><td>513.8</td><td>2,862.3</td><td>1,817.2</td></tr><tr><td>Lithium and Derivatives</td><td>452.7</td><td>136.9</td><td>936.1</td><td>383.4</td></tr><tr><td>Specialty Plant Nutrition (1)</td><td>268.4</td><td>179.1</td><td>908.8</td><td>701.7</td></tr><tr><td>Iodine and Derivatives</td><td>109.8</td><td>71.9</td><td>437.9</td><td>334.7</td></tr><tr><td>Potassium Chloride and Potassium Sulfate</td><td>208.6</td><td>66.3</td><td>416.6</td><td>209.3</td></tr><tr><td>Industrial Chemicals</td><td>37.6</td><td>53.1</td><td>132.0</td><td>160.6</td></tr><tr><td>Other Income</td><td>7.2</td><td>6.5</td><td>30.9</td><td>27.5</td></tr><tr><td>Cost of Sales</td><td>(489.8)</td><td>(335.3)</td><td>(1,558.0)</td><td>(1,130.4)</td></tr><tr><td>Depreciation and Amortization</td><td>(51.7)</td><td>(46.0)</td><td>(214.2)</td><td>(203.9)</td></tr><tr><td>Gross Profit</td><td>542.8</td><td>132.5</td><td>1,090.1</td><td>482.9</td></tr><tr><td>Administrative Expenses</td><td>(35.0)</td><td>(32.4)</td><td>(118.9)</td><td>(107.0)</td></tr><tr><td>Finance Costs</td><td>(26.0)</td><td>(17.1)</td><td>(84.6)</td><td>(82.2)</td></tr><tr><td>Finance Income</td><td>1.8</td><td>1.2</td><td>4.7</td><td>13.7</td></tr><tr><td>Exchange Differences</td><td>(4.4)</td><td>2.6</td><td>(17.2)</td><td>(4.4)</td></tr><tr><td>Others</td><td>(13.1)</td><td>(0.7)</td><td>(32.9)</td><td>(64.4)</td></tr><tr><td>Profit (loss) before tax</td><td>466.1</td><td>86.1</td><td>841.2</td><td>238.5</td></tr><tr><td>Income tax expense</td><td>(143.1)</td><td>(17.8)</td><td>(249.0)</td><td>(70.2)</td></tr><tr><td>Profit for the year</td><td>323.0</td><td>68.3</td><td>592.2</td><td>168.4</td></tr><tr><td>Profit attributable to non-controlling interest</td><td>1.4</td><td>1.3</td><td>6.8</td><td>3.8</td></tr><tr><td>Profit attributable to owners of the parent</td><td>321.6</td><td>67.0</td><td>585.5</td><td>164.5</td></tr><tr><td>Earnings per share (US$)</td><td>1.13</td><td>0.25</td><td>2.05</td><td>0.63</td></tr></table>

(1) Includes other specialty plant nutrients



## 1.2.1 Analysis based on business areas and market variations

## Lithium and its Derivatives

Revenues from lithium and derivatives totaled US$936.1 million during the twelve months ended December 31, 2021, an increase of 144.2% compared to the US$383.4 million for the twelve months ended December 31, 2020.

Lithium and derivatives revenues increased 230.7% during the fourth quarter of 2021 compared to the fourth quarter of 2020. Total revenues amounted to US$452.7 million during the fourth quarter of 2021, compared to US$136.9 million in the fourth quarter of 2020.

During 2021, we believe total lithium market demand surpassed 500,000 metric tons, an increase of approximately 55% when compared to 2020. The lithium market was mainly driven by growth in the electric vehicle market, which we believe grew over 100% when compared to 2020, led by China representing about 50% of global sales. This high growth trend should continue in 2022, when global demand growth could reach approximately 30%.

Our sales volumes in the lithium and derivatives business line surpassed 101,000 metric tons during 2021, an increase of approximately 57% when compared to the previous year. We sold approximately 31,100 metric tons during the fourth quarter, with an average price of US$14,600. We believe that sales volumes in 2022 could reach close to 140,000 metric tons. Approximately 20% of the sales volumes we expect to sell in 2022 are contracted at a fixed price or at a variable price with specific floors and ceilings, while approximately 50% of the sales volumes we have contracted are completely variable prices tied to specific benchmarks. The remaining 30% of our sales volumes for 2022 are still open. Based on this and the pricing dynamics that we have seen in the market, we believe that prices in the first and second quarter of 2022 should be significantly higher than prices reported during the fourth quarter 2021.

We remain on target to increase our lithium carbonate and lithium hydroxide production capacity to 180,000 and 30,000 metric tons per year, respectively, in the coming months. At the same time, we are seeing a very good progress on the mine and refinery construction work we have started at our Mt. Holland project in Western Australia. In addition to this, we will begin working on a new project at the Carmen Lithium facility in Chile to increase efficiencies and quality and further expand our lithium carbonate and lithium hydroxide capacity to 210,000 and 40,000 metric tons, respectively. We expect to bring this new capacity online next year, with an expected capex of approximately US$250 million.

Gross profit \( ^{(1)} \)  for the Lithium and Derivatives segment accounted for approximately 40% of SQM’s consolidated gross profit for the twelve months ended December 31, 2021.

## Specialty Plant Nutrition (SPN)

Revenues from the SPN business line for the twelve months ended December 31, 2021 totaled US$908.8 million, an increase of 29.5% compared to $701.7 million reported for the twelve months ended December 31, 2020.

Fourth quarter 2021 revenues reached US$268.4 million, 49.9% higher than the US$179.1 million reported in the fourth quarter of 2020.

The specialty plant nutrition business line remains an important segment within our diverse portfolio and we believe demand growth in the agricultural potassium nitrate market increased approximately 4% when compared to 2020.



Our sales volumes during 2021 increased over 11% when compared to 2020, and average prices in this business lines increased over 16%. During the fourth quarter of 2021, prices surpassed US$940 per ton, related mostly to higher prices in the potassium nitrate markets, which have followed the positive trend observed in global potassium chloride prices and been impacted by lower production by some competitors. We saw our average prices increase approximately 40% when compared to prices reported during the same period of 2020. We believe that prices could remain at this level or higher during the first half of 2022.

SPN gross profit accounted for approximately 24% of SQM’s consolidated gross profit for the twelve months ended December 31, 2021.

## Iodine and its derivatives

Revenues from sales of iodine and derivatives during the twelve months ended December 31, 2021 were US$437.9 million, an increase of 30.9% compared to US$334.7 million generated for the twelve months ended December 31, 2020.

Revenues from sales of iodine and derivatives for the fourth quarter of 2021 amounted to US$109.8 million, an increase of 52.6% compared to US$71.9 million achieved during the fourth quarter of 2020.

During 2021, global demand for iodine had a significant recovery compared to 2020, even exceeding the demand levels seen before the Covid-19 pandemic. Main drivers of this increase were seen in the X-ray contrast media market, which demand grew by 14-15% compared to 2020, mainly due to worldwide growth in the healthcare industry spending during the year and increased accessibility to these types of treatments in emerging economies. We believe that demand growth in 2022 could be around 1%.

Sales volumes of iodine reached 12,300 metric tons in 2021 and our average prices during the year increased each quarter. We believe that sales volumes during 2022 will be similar to sales volumes reported during 2021 while average prices could continue to increase.

We are working diligently on increasing our iodine capacity to meet demand expectations of our customers. As part of the previously announced capex plan, we expect to ramp up additional 1,000 metric tons of iodine capacity in the beginning of 2023. In addition, we will begin investments in the Pampa Oromca project in the Tarapacă Region to increase effective iodine capacity by approximately 2,500 metric tons and increase our nitrate salts production by 320,000 metric tons. This project includes the use of 200 liters/second of seawater for the leaching operation. Production operation is expected to start during 2024.

Gross profit for the Iodine and Derivatives segment accounted for approximately 18% of SQM’s consolidated gross profit for the twelve months ended December 31, 2021.

## Potassium Chloride and Potassium Sulfate (MOP & SOP)

Potassium chloride and potassium sulfate revenues for 2021 totaled US$416.6 million, a 99.0% increase compared to the US$209.3 million reported for the twelve months ended December 31, 2020.

Potassium chloride and potassium sulfate revenues increased 214.4% in the fourth quarter of 2021, totaling US$208.6 million compared to the US$66.3 million reported for the fourth quarter of 2020.



We estimate that demand in 2021 reached approximately 71 million metric tons. During the first months of 2022, we have seen strong demand growth, however due to current macroeconomic factors it is difficult to estimate the overall potassium market growth this year. Global prices in the potassium chloride market increased significantly and rapidly throughout 2021, especially in the fourth quarter 2021 when our average prices during the fourth quarter reached almost US$685 per metric ton. We believe that average prices during 2022 will be significantly higher than the average prices of US$466 per metric ton reported during 2021.

As mentioned in the past, starting in 2022, our sales volumes in this business line will be gradually decreasing year by year; we expect to sell approximately 750,000 metric tons of potassium chloride in 2022.

Gross profit for Potassium Chloride and Potassium Sulfate business line accounted for approximately 15% of SQM’s consolidated gross profit for the twelve months ended December 31, 2021.

## Industrial Chemicals

Industrial chemicals revenues for the twelve months ended December 31, 2021 reached US$132.0 million, a 17.8% decrease compared to US$160.6 million for the twelve months ended December 31, 2020.

Revenues for the fourth quarter of 2021 totaled US$37.6 million, a decrease of 29.2% compared to US$53.1 million for the fourth quarter of 2020.

Industrial chemicals revenues for the twelve months ended December 31, 2021 decreased compared to revenues reported during the same period last year as a result of lower solar salts sales volumes. During 2021, we sold approximately 100,000 metric tons of solar salts, compared to 160,000 metric tons sold in 2020.

Gross profit for the Industrial Chemicals segment accounted for approximately 2% of SQM’s consolidated gross profit for the twelve months ended December 31, 2021.

## Other Commodity Fertilizers and Other Revenue

Revenues from sales of other commodity fertilizers and other income reached US$30.8 million in the twelve months ended December 31, 2021, higher than the US$27.6 million for the twelve months ended December 31, 2020.

## Financial Reporting

## Cost of Goods Sold

Cost of goods sold, excluding total depreciation and amortization expenses, amounted to US$1,558.0 million for the twelve months ended December 31, 2021, an increase of 37.8% compared to US$1,130.4 million for the same period in 2020.

## Administrative expenses

Administrative expenses totaled US$118.9 million (4.2% of revenues) for the twelve months ended December 31, 2021, compared to US$107.0 million (5.9% of revenues) recorded during the twelve months ended December 31, 2020.



## Net Financial Expenses

Net financial expenses for the twelve months ended December 31, 2021 were US$80.0 million, compared to US$68.5 million recorded for the twelve months ended December 31, 2020.

## Income Tax Expenses

Income tax expense reached US$249.0 million for the twelve months ended December 31, 2021, representing an effective tax rate of 29.6%, compared to an income tax expense of US$70.2 million during the twelve months ended December 31, 2020. The Chilean corporate tax rate was 27.0% during 2021 and 2020.

## Adjusted EBITDA \( ^{(2)} \) 

Adjusted EBITDA was US$1,185.5 million (adjusted EBITDA margin of 41.4%) for the twelve months ended December 31, 2021, compared to US$579.8 million (adjusted EBITDA margin of 31.9%) during the same period in 2020.

Adjusted EBITDA for the fourth quarter of 2021 was US$559.5 million (adjusted EBITDA margin of 51.6%), compared to US$146.2 million (adjusted EBITDA margin of 32.3%) for the fourth quarter of 2020.

## Notes:

1. A significant portion of the cost of sales for SQM corresponds to costs associated with shared production processes (mining, leaching, etc.), which are distributed between different final products. To estimate the gross margin per business line for both periods covered by this report, the Company used similar criteria to assign the shared costs between the different business areas. This distribution of the gross margin must be used only as reference as a general approximation of the margins per business line.

2. Adjusted EBITDA = EBITDA - Other revenue - Other profit (loss) - Proportion of profit from associates and joint ventures accounted for using the equity method + Other expenses by function + Net profit due to impairment in the reversion (loss) of financial assets - Financial revenue - Currency differences. EBITDA = Net income + Depreciation and amortization expenses + Finance expenses + Income taxes. Adjusted EBITDA margin = Adjusted EBITDA/Revenue. We have included the adjusted EBITDA to provide investors with a complementary measure to our operating performance. We believe that the adjusted EBITDA is an important complementary measure to our operating performance because it eliminates elements that have less influence on our operating performance and therefore highlights the trends in our main business, which would otherwise not be evident if we solely relied on the IFRS financial measures. As an analytical tool, the adjusted EBITDA has significant limitations. For example, the adjusted EBITDA does not reflect (a) our cash expenses or future requirements for capital expenses or contractual commitments; (b) cash changes or requirements for our working capital needs; (c) significant interest expenses, or cash requirements needed to pay interest or capital payment of our debt; and (d) payment of taxes or distributions to our main office to make payments on tax that is attributable to us and represents a reduction in the cash available to us. Even if we consider that the elements excluded in the calculation of non-IFRS measures are less relevant to evaluating our performance, some of these elements may continue to appear and in consequence, may reduce our available cash.



<table><tr><td rowspan="2">(US$ millions)</td><td colspan="2">For the 4th quarter</td><td colspan="2">For the twelve months ended December 31,</td></tr><tr><td>2021</td><td>2020</td><td>2021</td><td>2020</td></tr><tr><td>Profit for the Period</td><td>323.0</td><td>68.3</td><td>592.2</td><td>168.4</td></tr><tr><td>(+) Depreciation and amortization expenses</td><td>51.7</td><td>46.0</td><td>214.2</td><td>203.9</td></tr><tr><td>(+) Finance costs</td><td>26.0</td><td>17.1</td><td>84.6</td><td>82.2</td></tr><tr><td>(+) Income tax expense</td><td>143.1</td><td>17.8</td><td>249.0</td><td>70.2</td></tr><tr><td>EBITDA</td><td>543.8</td><td>149.2</td><td>1,140.1</td><td>524.7</td></tr><tr><td>(-) Other income</td><td>3.5</td><td>4.1</td><td>19.5</td><td>26.9</td></tr><tr><td>(-) Other gains (losses)</td><td>1.2</td><td>6.7</td><td>(2.6)</td><td>(5.3)</td></tr><tr><td>(-) Share of Profit of associates and joint ventures accounted for using the equity method</td><td>3.8</td><td>1.0</td><td>11.1</td><td>8.9</td></tr><tr><td>(+) Other Expenses</td><td>(21.0)</td><td>(15.9)</td><td>(60.6)</td><td>(99.6)</td></tr><tr><td>(+) Impairment of financial assets and reversal of impairment losses</td><td>(0.5)</td><td>3.4</td><td>(0.2)</td><td>4.7</td></tr><tr><td>(-) Finance income</td><td>1.8</td><td>1.2</td><td>4.7</td><td>13.7</td></tr><tr><td>(-) Foreign currency translation differences</td><td>(4.4)</td><td>2.6</td><td>(17.2)</td><td>(4.4)</td></tr><tr><td>Adjusted EBITDA</td><td>559.5</td><td>146.1</td><td>1,185.5</td><td>579.8</td></tr></table>



Revenue as per geographical distribution






## 2. Financial Ratios

<table><tr><td>Liquidity</td><td></td><td>December 31, 2021</td><td>December 31, 2020</td><td colspan="2"></td></tr><tr><td rowspan="2">Current liquidity</td><td rowspan="2">Times</td><td rowspan="2">4.62</td><td rowspan="2">5.40</td><td colspan="2">Current assets</td></tr><tr><td colspan="2">Current liabilities</td></tr><tr><td rowspan="2">Acid Test Ratio</td><td rowspan="2">Times</td><td rowspan="2">5.40</td><td rowspan="2">3.10</td><td colspan="2">(Current Assets - Inventories)</td></tr><tr><td colspan="2">Current Liabilities</td></tr></table>

<table><tr><td>Leverage</td><td></td><td>December 31, 2021</td><td>December 31, 2020</td><td colspan="2"></td></tr><tr><td>Debt ratio</td><td>%</td><td>119.0%</td><td>122.8%</td><td>Current liabilities</td><td>Total equity</td></tr><tr><td>Short-term debt proportion</td><td>%</td><td>25.9</td><td>17.9</td><td>Current liabilities</td><td>Total Debt</td></tr><tr><td>Long-term debt proportion</td><td>%</td><td>74.1</td><td>82.1</td><td>Current Liabilities</td><td>Total debt</td></tr></table>

<table><tr><td>Activity</td><td></td><td>December 31, 2021</td><td>December 31, 2020</td><td></td></tr><tr><td>Total assets</td><td>MUS\(</td><td>7,044</td><td>4,806</td><td></td></tr><tr><td rowspan="2">Inventory turnover</td><td rowspan="2">%</td><td rowspan="2">1.50</td><td rowspan="2">1.18</td><td>LTM Cost of sales</td></tr><tr><td>Inventories</td></tr><tr><td rowspan="2">Inventory permanence</td><td rowspan="2">%</td><td rowspan="2">240</td><td rowspan="2">305</td><td>360 days</td></tr><tr><td>Inventory turnover</td></tr></table>

<table><tr><td>Profitability</td><td></td><td>December 31, 2021</td><td>December 31, 2020</td><td colspan="2"></td></tr><tr><td rowspan="2">Earnings (loss) per share</td><td rowspan="2">Times</td><td rowspan="2">2.07</td><td rowspan="2">0.64</td><td>LTM net profit (loss)</td><td></td></tr><tr><td>Subscribed shares</td><td></td></tr><tr><td rowspan="2">Results of equity</td><td rowspan="2">%</td><td rowspan="2">18.4</td><td rowspan="2">8.0</td><td>LTM net profit (loss)</td><td></td></tr><tr><td>Equity</td><td></td></tr><tr><td rowspan="2">Return on assets</td><td rowspan="2">%</td><td rowspan="2">21.3</td><td rowspan="2">10.4</td><td>(Gross Earnings - Admin. Expenses) LTM</td><td></td></tr><tr><td>Assets (1)</td><td></td></tr></table>

(1) Assets = Total Assets - (Cash and cash equivalents + Financial assets + Investments in related companies)



## 2.1 Analysis of Financial Ratios

## Liquidity:

- Current Liquidity: This decrease in the ratio can be explained due to the fact that there was an increase in Current Assets (CA) (US$2,016.8 million, 78%), and a greater proportion increase in Current Liabilities (CL) (US$515.8 million, 108%), resulting in a lower ratio value. The main variation in assets was seen in the increase of US$1,005.9 million in cash and cash equivalents and US$571.0 million in other current financial assets, due to the increase in time deposits greater than 90 days; both increases are explained by the capital increase carried out in April of this year, which reported income of US$1,100 million, and by the issuance of a 144A bond for US$700 million in September of this year. On the part of liabilities, the greatest change was seen in other current provisions, which increased by US$213.5 million, an amount mainly explained by the increase of US$175 million in rent under the lease agreement and US$144 million in current tax liabilities.

- Acid-Test Ratio: As mentioned in the previous ratio, there was an increase of US110 million in Current inventories. If we take this amount out of the equation, we can see that the CA decreased by US223 million (-13.1%), which is still lower in both the amount and proportion than the drop suffered by the CL, which leads this ratio to increase.

## Leverage:

- Leverage ratio: It can be seen that this ratio decreased, since, while CL increased in the manner mentioned above, non-current liabilities (NCL) increased by US$656.6 million (30.12%), therefore the Total liabilities increased by US$1,172.4 million (44.14%), and equity increased by US$1,053.4 million (48.71%), which means that the ratio decreased by the magnitude it did. The variation in the NCL is mainly explained by the issuance of the US$700 million bond mentioned above, while the increase in equity is mostly explained by the capital increase carried out in April of this year, which generated an increase of US$1,100 million in Issued Capital.

- Debt proportion: Given the movements of the aforementioned liability accounts, when CL increase in a greater proportion than NCL, it can be concluded that it is direct result of the increased proportion of short-term debt and a decrease in long-term debt.

## Activity:

- Inventory Turnover and Permanence: A decrease in inventory turnover can be seen, mainly due to the fact that inventory increased by US$90.8 million, close to 8.30%, while the cost of LTM sales increased by US$437.8 million, a proportion close to 32.8%, mainly due to an increase in sales when comparing both periods analyzed. By increasing the numerator in a greater proportion than the denominator, it can be concluded that the ratio increased. Due to this increase, a decrease in the inventory to 55 days can also be seen since both ratios are inversely proportional.

## Return:

- Earnings (loss) per share: Since there were 22.4 million shares more between one period and another, an increase of 8.5%, and an increase in profit of US$423.8 million (251.8%), compared to the profit obtained during 2020, this ratio tripled its value. For more detail, see financial statements.

- ROE: The increase in this ratio was due to the increase in the LTM net income in the amount and proportion mentioned above. While Equity increased by US$1,053.3 million (48.7%) due to the capital increase, it did so in a lower proportion compared to the LTM net income, and, therefore, the ratio increased.



- ROA: The increase in this ratio is explained by a significant earnings increase in 2021, as detailed above.

## 3. Cash Flow Statement Analysis

The constitution of the main components of the flow of cash and cash equivalents as of December 31, 2021 and 2020 is as follows:

<table><tr><td rowspan="2">Flow Statement of Cash and Cash Equivalents</td><td>December 31, 2021</td><td>December 31, 2020</td></tr><tr><td>MUS\(</td><td>MUS\)</td></tr><tr><td>Net cash flows provided by operating activities</td><td>822,520</td><td>182,234</td></tr><tr><td>Net cash flows used in investing activities</td><td>(1,006,943)</td><td>(167,091)</td></tr><tr><td>Net cash flows provided by (used in) financing activities</td><td>1,206,485</td><td>(94,132)</td></tr><tr><td>Effect of exchange rate changes on cash and cash equivalents</td><td>(16,113)</td><td>(439)</td></tr><tr><td>Cash and cash equivalent at beginning of period</td><td>509,102</td><td>588,530</td></tr><tr><td>Cash and cash equivalent at end of period</td><td>1,515,051</td><td>509,102</td></tr></table>

## 4. Market Risk Analysis

Interest rate: As of December 31, 2021, the Company’s current and non-current financial liabilities that accrue interest are US$2,552.3 million. These primarily include the following types of financing:

i. Unsecured debentures that accrue current and non-current interest (considering only capital): a US dollar bond of US$300 million with a fixed interest rate of 3.625%; a US dollar bond of US$250 million with a fixed interest rate of 4.375%; a US dollar bond of US$450 million with a fixed interest rate of 4.25%; a US dollar bond of US$400 million with a fixed interest rate of 4.25%; a US dollar bond of US$700 million with a fixed interest rate of 3.50%; a UF bond for the equivalent of US$120.0 million with a fixed dollar rate, through a Cross Currency Swap, of 6.24%; a UF bond for the equivalent of US$58.7 million with a fixed dollar rate, through a Cross Currency Swap, of 4.47%; a UF bond for the equivalent of US$134.2 million with a fixed dollar rate, through a Cross Currency Swap, of 5.11%; a UF bond for the equivalent of US$106.9 million with a fixed dollar rate, through a Cross Currency Swap, of 5.45%.

ii. A US dollar credit for US$ 70 million at a variable rate of LIBOR6M+1.1%.

As of December 31, 2021, the Company registers US$51.3 million as other current financial liabilities and US$2,587.7 million as other non-current financial liabilities.



Exchange rate: The primary economic environment of SQM is United States dollars. However, given the internationalization of the Company, it has operations in different countries that generate an exposure to exchange rate variations in different currencies to the US dollar. Therefore, SQM maintains hedge contracts to mitigate the exposure generated by its main mismatches (net assets of liabilities) in currencies other than the US dollar against the exchange rate variation, updating these contracts weekly depending on the amount of assets and liabilities necessary to be covered in currencies other than US dollar.

To ensure the difference between its assets and liabilities, as of December 31, 2021, the Company maintains the following derivative instruments (as absolute value of the sum of its notional values): US$85.25 million in Chilean peso/US dollar derivative instruments, US$60.98 million in Euro/US dollar derivative instruments, US$37.07 million in South African rand/US dollar derivative instruments, US$11.95 million in other currencies.

Commodities prices: The main commodities consumed by the Company are petroleum in all of its forms. The Company currently has no hedge contracts that cover international price variations, but it does have long-term contracts for energy supply.

As presented in the Company’s Annual Report, the markets where the Company operates are unpredictable, they are exposed to significant variations in supply and demand and their prices are highly volatile. In addition, the supply of certain fertilizers or chemical products, including certain products that the Company commercializes, varies primarily based on production from the most important producers and their respective business strategies. Due to this, the Company cannot predict with certainty the movements of demand, the competitor responses, or the fluctuations in final prices of products. The aforementioned can generate significant impacts on the sales volumes of its products, on the Company’s financial situation and on the price of its shares.

The report for the Consolidated Financial Statements as of December 31, 2021 provides a detailed analysis of the risks associated with the Company’s business.



## 10) B) SUMMARY FINANCIAL STATEMENTS

The summary consolidated or individual financial statements of all companies reported as required by the CMF General Rule No. 346, Section I, No. 2.1, Letter a. 4.2 are provided below, the complete financial statements of such companies are available to the public in our offices and at the offices of the CMF.



## SQM Potasio S.A. and Subsidiaries

## Summary Consolidated Classified Statements of Financial Position

<table><tr><td rowspan="2">Assets</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Currents assets</td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>399,452</td><td>154,643</td></tr><tr><td>Trade receivables due from related parties, current</td><td>583,613</td><td>191,623</td></tr><tr><td>Current inventories</td><td>650,000</td><td>636,963</td></tr><tr><td>Other current assets</td><td>444,485</td><td>375,613</td></tr><tr><td>Total current assets</td><td>2,077,550</td><td>1,358,842</td></tr><tr><td>Non-current assets</td><td></td><td></td></tr><tr><td>Property, plant and equipment</td><td>1,293,799</td><td>1,016,487</td></tr><tr><td>Other non-current assets</td><td>316,788</td><td>293,425</td></tr><tr><td>Total non-current assets</td><td>1,610,587</td><td>1,309,912</td></tr><tr><td>Total assets</td><td>3,688,137</td><td>2,668,754</td></tr></table>

<table><tr><td rowspan="2">Liabilities and Equity</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current liabilities</td><td></td><td></td></tr><tr><td>Other current financial liabilities</td><td>3,040</td><td>1,835</td></tr><tr><td>Trade payables due to related parties, current</td><td>1,480,918</td><td>1,086,514</td></tr><tr><td>Other current liabilities</td><td>580,077</td><td>205,366</td></tr><tr><td>Total current liabilities</td><td>2,064,035</td><td>1,293,715</td></tr><tr><td>Non-current liabilities</td><td></td><td></td></tr><tr><td>Deferred tax liabilities</td><td>200,876</td><td>191,736</td></tr><tr><td>Other non-current liabilities</td><td>65,296</td><td>33,708</td></tr><tr><td>Total non-current liabilities</td><td>266,172</td><td>225,444</td></tr><tr><td>Total liabilities</td><td>2,330,207</td><td>1,519,159</td></tr><tr><td>Equity</td><td></td><td></td></tr><tr><td>Equity attributable to owners of the Parent</td><td>1,131,553</td><td>946,557</td></tr><tr><td>Non-controlling interest</td><td>226,377</td><td>203,038</td></tr><tr><td>Total equity</td><td>1,357,930</td><td>1,149,595</td></tr><tr><td>Total liabilities and equity</td><td>3,688,137</td><td>2,668,754</td></tr></table>



## Summary Consolidated Statements of Income

<table><tr><td rowspan="3">Consolidated Statements of Income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Revenue</td><td>2,319,649</td><td>1,290,815</td></tr><tr><td>Cost of sales</td><td>(1,534,193)</td><td>(1,185,360)</td></tr><tr><td>Gross profit</td><td>785,456</td><td>105,455</td></tr><tr><td>Profit from operating activities</td><td>752,270</td><td>75,224</td></tr><tr><td>Profit before taxes</td><td>737,341</td><td>63,372</td></tr><tr><td>Income tax expense</td><td>(200,863)</td><td>(29,479)</td></tr><tr><td>Net Profit</td><td>536,478</td><td>33,893</td></tr><tr><td>Profit attributable to Owners of the Parent</td><td>431,920</td><td>29,791</td></tr><tr><td>Profit attributable to non-controlling interests</td><td>104,558</td><td>4,102</td></tr><tr><td>Net Profit</td><td>536,478</td><td>33,893</td></tr></table>

## Summary Consolidated Statements of Comprehensive Income

<table><tr><td rowspan="3">Summary Consolidated Statements of Comprehensive Income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Net profit</td><td>536,478</td><td>33,893</td></tr><tr><td>Changes in other comprehensive income</td><td>(9,084)</td><td>163,953</td></tr><tr><td>Total comprehensive income</td><td>527,394</td><td>197,846</td></tr><tr><td>Comprehensive income attributable to</td><td></td><td></td></tr><tr><td>Comprehensive income attributable to owners of the parent</td><td>433,965</td><td>142,193</td></tr><tr><td>Comprehensive income attributable to non-controlling interest</td><td>93,429</td><td>55,653</td></tr><tr><td></td><td>527,394</td><td>197,846</td></tr></table>

## Summary Consolidated Statements of Cash Flows

<table><tr><td rowspan="3">Consolidated Statements of Cash Flows</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Net cash generated from operating activities</td><td>880,942</td><td>349,989</td></tr><tr><td>Net cash generated used in investing activities</td><td>(347,207)</td><td>(213,920)</td></tr><tr><td>Net cash generated used in financing activities</td><td>(284,576)</td><td>(63,869)</td></tr><tr><td>Net increase in cash and cash equivalents before the effect of changes in the exchange rate</td><td>249,159</td><td>72,200</td></tr><tr><td>Effects of exchange rate fluctuations on cash held</td><td>(4,350)</td><td>(1,567)</td></tr><tr><td>Net increase in cash and cash equivalents</td><td>244,809</td><td>70,633</td></tr><tr><td>Cash and cash equivalents at beginning of period</td><td>154,643</td><td>84,010</td></tr><tr><td>Cash and cash equivalents at end of period</td><td>399,452</td><td>154,643</td></tr></table>



## SQM Potasio S.A. and Subsidiaries

## Summary Consolidated Statements of Changes in Equity

<table><tr><td rowspan="2">Statements of Changes in Equity</td><td>Share capital</td><td>Foreign currency translation reserves</td><td>Reserve for (losses) gains from of defined benefit plans</td><td>Other miscellaneous reserves</td><td>Total Other reserves</td><td>Retained earnings</td><td>Equity attributable to owners of the Parent</td><td>Non-controlling interests</td><td>Total equity</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td></td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Equity as of January 1, 2021</td><td>257,010</td><td>108,776</td><td>(1,214)</td><td>11,061</td><td>118,623</td><td>570,924</td><td>946,557</td><td>203,038</td><td>1,149,595</td></tr><tr><td>Net profit</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>431,920</td><td>431,920</td><td>104,558</td><td>536,478</td></tr><tr><td>Other comprehensive income</td><td>-</td><td>1,645</td><td>394</td><td>6</td><td>2,045</td><td>-</td><td>2,045</td><td>(11,129)</td><td>(9,084)</td></tr><tr><td>Comprehensive income</td><td>-</td><td>1,645</td><td>394</td><td>6</td><td>2,045</td><td>431,920</td><td>433,965</td><td>93,429</td><td>527,394</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(248,969)</td><td>(248,969)</td><td>(70,090)</td><td>(319,059)</td></tr><tr><td>Increase (decrease) in equity</td><td>-</td><td>1,645</td><td>394</td><td>6</td><td>2,045</td><td>182,951</td><td>184,996</td><td>23,339</td><td>208,335</td></tr><tr><td>Equity as of December 31, 2021</td><td>257,010</td><td>110,421</td><td>(820)</td><td>11,067</td><td>120,668</td><td>753,875</td><td>1,131,553</td><td>226,377</td><td>1,357,930</td></tr></table>

<table><tr><td rowspan="2">Statements of Changes in Equity</td><td>Share capital</td><td>Foreign currency translation reserves</td><td>Reserve for (losses) gains from of defined benefit plans</td><td>Other miscellaneous reserves</td><td>Total Other reserves</td><td>Retained earnings</td><td>Equity attributable to owners of the Parent</td><td>Non-controlling interests</td><td>Total equity</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td></td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Equity as of January 1, 2020</td><td>257,010</td><td>(3,923)</td><td>(1,145)</td><td>11,289</td><td>6,221</td><td>590,225</td><td>853,456</td><td>158,344</td><td>1,011,800</td></tr><tr><td>Net profit</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29,791</td><td>29,791</td><td>4,102</td><td>33,893</td></tr><tr><td>Other comprehensive income</td><td>-</td><td>112,699</td><td>(69)</td><td>(228)</td><td>112,402</td><td>-</td><td>112,402</td><td>51,551</td><td>163,953</td></tr><tr><td>Comprehensive income</td><td>-</td><td>112,699</td><td>(69)</td><td>(228)</td><td>112,402</td><td>29,791</td><td>142,193</td><td>55,653</td><td>197,846</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(49,092)</td><td>(49,092)</td><td>(10,959)</td><td>(60,051)</td></tr><tr><td>Increase (decrease) in equity</td><td>-</td><td>112,699</td><td>(69)</td><td>(228)</td><td>112,402</td><td>(19,301)</td><td>93,101</td><td>44,694</td><td>137,795</td></tr><tr><td>Equity as of December 31, 2020</td><td>257,010</td><td>108,776</td><td>(1,214)</td><td>11,061</td><td>118,623</td><td>570,924</td><td>946,557</td><td>203,038</td><td>1,149,595</td></tr></table>



## Detail of related parties and related party transactions

As of December 31, 2021, and 2020, the detail of transactions with related parties is as follows:

<table><tr><td rowspan="2">Tax ID No</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Transaction</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>96.592.180-K</td><td>Ajay SQM Chile</td><td>Common parent</td><td>Chile</td><td>Sale of products</td><td>1</td><td>142</td></tr><tr><td>96.592.180-K</td><td>Ajay SQM Chile</td><td>Common parent</td><td>Chile</td><td>Sale of services</td><td>1</td><td>1</td></tr><tr><td>79.770.780-5</td><td>SIT S.A.</td><td>Common parent</td><td>Chile</td><td>Current account interest</td><td>(864)</td><td>(453)</td></tr><tr><td>79.768.170-9</td><td>Soquimich Comercial S.A.</td><td>Common parent</td><td>Chile</td><td>Sale of products</td><td>-</td><td>15</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Common parent</td><td>Chile</td><td>Sale of products</td><td>118,346</td><td>73,387</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Common parent</td><td>Chile</td><td>Dividends</td><td>-</td><td>1,429</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Common parent</td><td>Chile</td><td>Sale of services</td><td>815</td><td>702</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Common parent</td><td>Chile</td><td>Current account interest</td><td>68</td><td>133</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Common parent</td><td>Chile</td><td>Current account interest</td><td>(1,722)</td><td>(71)</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Common parent</td><td>Chile</td><td>Purchase of fixed assets</td><td>(17)</td><td>(9)</td></tr></table>



<table><tr><td rowspan="2">Tax ID No</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Transaction</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUSS</td><td>ThUSS</td></tr><tr><td>96.592.190-7</td><td>SQM Nitratos S.A.</td><td>Common parent</td><td>Chile</td><td>Sale of services</td><td>3,966</td><td>14,392</td></tr><tr><td>96.592.190-7</td><td>SQM Nitratos S.A.</td><td>Common parent</td><td>Chile</td><td>Current account interest</td><td>30</td><td>40</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Current account interest</td><td>(36,588)</td><td>(24,826)</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Sale of products</td><td>-</td><td>34</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Sale of services</td><td>843</td><td>883</td></tr><tr><td>Foreign</td><td>Ajay Europe SARL</td><td>Associate</td><td>France</td><td>Sale of products</td><td>36,536</td><td>23,163</td></tr><tr><td>Foreign</td><td>Ajay Europe SARL</td><td>Associate</td><td>France</td><td>Dividends</td><td>992</td><td>1,197</td></tr><tr><td>Foreign</td><td>Ajay North América</td><td>Associate</td><td>United States of America</td><td>Dividends</td><td>1,233</td><td>1,967</td></tr><tr><td>Foreign</td><td>SQM (Shanghai) Chemicals Co.</td><td>Common parent</td><td>China</td><td>Sale of products</td><td>586,733</td><td>101,629</td></tr><tr><td>Foreign</td><td>SQM Africa Pty. Ltd.</td><td>Common parent</td><td>South Africa</td><td>Sale of products</td><td>38,954</td><td>21,323</td></tr><tr><td>Foreign</td><td>SQM Colombia S.A.S.</td><td>Common parent</td><td>Colombia</td><td>Sale of products</td><td>8,761</td><td>7,21</td></tr><tr><td>Foreign</td><td>SQM Comercial de México S.A. de C.V.</td><td>Common parent</td><td>Mexico</td><td>Sale of products</td><td>30,082</td><td>23,459</td></tr><tr><td>Foreign</td><td>SQM Ecuador S.A.</td><td>Common parent</td><td>Ecuador</td><td>Sale of products</td><td>16,963</td><td>10,958</td></tr><tr><td>Foreign</td><td>SQM Europe N.V.</td><td>Common parent</td><td>Belgium</td><td>Sale of products</td><td>371,343</td><td>253,446</td></tr><tr><td>Foreign</td><td>SQM Iberian S.A.</td><td>Common parent</td><td>Spain</td><td>Sale of products</td><td>16,532</td><td>9,284</td></tr><tr><td>Foreign</td><td>SQM Internacional S.A.</td><td>Common parent</td><td>Belgium</td><td>Sale of products</td><td>11,54</td><td>10,838</td></tr><tr><td>Foreign</td><td>SQM Japan Co. Ltd.</td><td>Common parent</td><td>Japan</td><td>Sale of products</td><td>81,969</td><td>57,423</td></tr><tr><td>Foreign</td><td>SQM North América Corp.</td><td>Common parent</td><td>United States of America</td><td>Sale of products</td><td>56,519</td><td>20,56</td></tr><tr><td>Foreign</td><td>SQM North América Corp.</td><td>Common parent</td><td>United States of America</td><td>Current account interest</td><td>391</td><td>485</td></tr><tr><td>Foreign</td><td>SQM Pavoni &amp; C., SpA</td><td>Joint venture</td><td>Italy</td><td>Sale of products</td><td>961</td><td>1,125</td></tr><tr><td>Foreign</td><td>SQM Vitas Brasil Agroindustria</td><td>Other related parties</td><td>Brazil</td><td>Sale of products</td><td>51,141</td><td>19,981</td></tr><tr><td>Foreign</td><td>SQM Vitas Perú S.A.C.</td><td>Other related parties</td><td>Peru</td><td>Sale of products</td><td>1,852</td><td>1,689</td></tr><tr><td>Foreign</td><td>Coromandel</td><td>Joint venture</td><td>India</td><td>Sale of products</td><td>2,059</td><td>1,51</td></tr><tr><td>Foreign</td><td>SQM Holland B.V.</td><td>Common parent</td><td>Netherlands</td><td>Sale of products</td><td>-</td><td>1,032</td></tr><tr><td>Foreign</td><td>SQM Holland B.V. (US$)</td><td>Common parent</td><td>Netherlands</td><td>Sale of products</td><td>14,312</td><td>-</td></tr><tr><td>Foreign</td><td>SQM Korea LLC</td><td>Common parent</td><td>Korea</td><td>Sale of products</td><td>23,999</td><td>-</td></tr><tr><td>76.686.311-9</td><td>SQM Mag SPA</td><td>Common parent</td><td>Chile</td><td>Sale of products</td><td>1,024</td><td>797</td></tr><tr><td>79.626.800-K</td><td>SQM Salar S.A.</td><td>Common parent</td><td>Chile</td><td>Sale of services</td><td>185</td><td>-</td></tr><tr><td>Foreign</td><td>SQM Thailand Limited</td><td>Common parent</td><td>Thailand</td><td>Sale of products</td><td>-</td><td>324</td></tr><tr><td>Foreign</td><td>Terra Tarsa Ukraine LLC</td><td>Other related parties</td><td>Turkey</td><td>Sale of products</td><td>3</td><td>737</td></tr><tr><td>Foreign</td><td>SQM Oceania PTY Ltd - US</td><td>Common parent</td><td>Australia</td><td>Sale of products</td><td>-</td><td>90</td></tr><tr><td>Foreign</td><td>Doktor Tarsa Tarim</td><td>Associate</td><td>Turkey</td><td>Sale of products</td><td>-</td><td>1,053</td></tr></table>



## Trade receivables due from related parties, current

<table><tr><td rowspan="2">Tax ID No</td><td rowspan="2">Name</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Foreign</td><td>Nitratos Naturais Do Chile Ltda.</td><td>Common parent</td><td>Brazil</td><td>Dollar</td><td>2,358</td><td>2,358</td></tr><tr><td>Foreign</td><td>SQM Colombia SAS</td><td>Common parent</td><td>Colombia</td><td>Dollar</td><td>7,046</td><td>7,037</td></tr><tr><td>Foreign</td><td>SQM Corporation N.V.</td><td>Common parent</td><td>Curacao</td><td>Dollar</td><td>3,621</td><td>3,607</td></tr><tr><td>Foreign</td><td>SQM Ecuador S.A.</td><td>Common parent</td><td>Ecuador</td><td>Dollar</td><td>12,972</td><td>11,123</td></tr><tr><td>96.592.190-7</td><td>SQM Nitratos S.A.</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>17,136</td><td>14,154</td></tr><tr><td>Foreign</td><td>SQM North America Corp.</td><td>Common parent</td><td>United States of America</td><td>Dollar</td><td>59,797</td><td>32,911</td></tr><tr><td>79.768.170-9</td><td>Soquimich Comercial S.A.</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>4,190</td><td>3,229</td></tr><tr><td>Foreign</td><td>SQM Comercial de México S.A. de C.V.</td><td>Common parent</td><td>Mexico</td><td>Dollar</td><td>13,301</td><td>12,355</td></tr><tr><td>Foreign</td><td>Ajay North America</td><td>Associate</td><td>United States of America</td><td>Dollar</td><td>-</td><td>25</td></tr><tr><td>Foreign</td><td>Ajay Europe SARL</td><td>Associate</td><td>France</td><td>Dollar</td><td>6,794</td><td>4,420</td></tr><tr><td>Foreign</td><td>SQM Vitas Brasil Agroindustria</td><td>Joint venture</td><td>Brazil</td><td>Dollar</td><td>40,479</td><td>12,668</td></tr><tr><td>Foreign</td><td>SQM Vitas Fzco</td><td>Joint venture</td><td>United Arab Emirates</td><td>Dollar</td><td>65</td><td>70</td></tr><tr><td>Foreign</td><td>SQM Vitas Perú S.A.C</td><td>Joint venture</td><td>Peru</td><td>Dollar</td><td>334</td><td>4,027</td></tr><tr><td>Foreign</td><td>SQM Korea LLC</td><td>Common parent</td><td>Korea</td><td>Dollar</td><td>24,067</td><td>41</td></tr><tr><td>Foreign</td><td>SQM (Shanghai) Chemicals Co.</td><td>Common parent</td><td>China</td><td>Dollar</td><td>388,273</td><td>77,391</td></tr><tr><td>Foreign</td><td>SQM Beijing Commercial Co. Ltd.</td><td>Common parent</td><td>China</td><td>Dollar</td><td>-</td><td>37</td></tr><tr><td>Foreign</td><td>SQM Pavoni &amp; C., SpA</td><td>Joint venture</td><td>Italy</td><td>Dollar</td><td>1,266</td><td>1,491</td></tr><tr><td>Foreign</td><td>SQM Miga (Sichuan) Fertil. (JV)</td><td>Joint venture</td><td>China</td><td>Dollar</td><td>-</td><td>4,463</td></tr><tr><td>Foreign</td><td>Abu Dhabi Fertilizer Industrie</td><td>Associate</td><td>Omán</td><td>Dollar</td><td>-</td><td>216</td></tr><tr><td>Foreign</td><td>Covalent USD Pty Ltd.</td><td>Joint venture</td><td>Australia</td><td>Dollar</td><td>1,914</td><td>-</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>583,613</td><td>191,623</td></tr></table>

As December 31, 2020 receivables are net of provision for ThUS$ 5,453. The most significant balance corresponds to Sichuan SQM Migao Fertilizer Co Ltd. presented net of provision of doubtful receivables.

## Trade payables due to related parties, current

<table><tr><td rowspan="2">Tax ID No</td><td rowspan="2">Name</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Foreign</td><td>RS Agro Chemical Trading Corporation A.V.V.</td><td>Common parent</td><td>Aruba</td><td>Dollar</td><td>5,140</td><td>5,140</td></tr><tr><td>79.770.780-5</td><td>Serv. Integrales de Tránsito y Transf. S.A.</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>3,562</td><td>17,609</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>148,709</td><td>120,092</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Dollar</td><td>1,323,506</td><td>943,431</td></tr><tr><td>Foreign</td><td>Covalent Lithium Pty Ltd.</td><td>Joint venture</td><td>Australia</td><td>Dollar</td><td>-</td><td>241</td></tr><tr><td>77.114.779-8</td><td>SCM Búfalo</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>1</td><td>1</td></tr></table>



## Summary Consolidated Classified Statements of Financial Position

<table><tr><td rowspan="2">Assets</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current assets</td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>193,004</td><td>205,344</td></tr><tr><td>Trade receivables due from related parties, current</td><td>139,841</td><td>128,970</td></tr><tr><td>Current inventories</td><td>926,910</td><td>707,290</td></tr><tr><td>Other current assets</td><td>376,922</td><td>189,414</td></tr><tr><td>Total current assets</td><td>1,636,677</td><td>1,231,018</td></tr><tr><td>Non-current assets</td><td></td><td></td></tr><tr><td>Property, plant and equipment</td><td>534,225</td><td>529,291</td></tr><tr><td>Other non-current assets</td><td>111,561</td><td>111,204</td></tr><tr><td>Total non-current assets</td><td>645,786</td><td>640,495</td></tr><tr><td>Total assets</td><td>2,282,463</td><td>1,871,513</td></tr></table>

<table><tr><td rowspan="2">Liabilities and Equity</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current liabilities</td><td></td><td></td></tr><tr><td>Other current financial liabilities</td><td>-</td><td>2,965</td></tr><tr><td>Trade payables due to related parties, current</td><td>841,758</td><td>662,029</td></tr><tr><td>Other current liabilities</td><td>212,149</td><td>153,765</td></tr><tr><td>Total current liabilities</td><td>1,053,907</td><td>818,759</td></tr><tr><td>Non-current liabilities</td><td></td><td></td></tr><tr><td>Deferred tax liabilities</td><td>33,032</td><td>41,040</td></tr><tr><td>Other non-current liabilities</td><td>65,479</td><td>81,357</td></tr><tr><td>Total non-current liabilities</td><td>98,511</td><td>122,397</td></tr><tr><td>Total liabilities</td><td>1,152,418</td><td>941,156</td></tr><tr><td>Equity</td><td></td><td></td></tr><tr><td>Equity attributable to owners of the Parent</td><td>1,084,695</td><td>882,067</td></tr><tr><td>Non-controlling interests</td><td>45,350</td><td>48,290</td></tr><tr><td>Total equity</td><td>1,130,045</td><td>930,357</td></tr><tr><td>Total liabilities and equity</td><td>2,282,463</td><td>1,871,513</td></tr></table>



## Summary Consolidated Statements of Income

<table><tr><td rowspan="3">Consolidated Statements of Income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Revenue</td><td>1,960,809</td><td>1,354,559</td></tr><tr><td>Cost of sales</td><td>(1,604,207)</td><td>(1,095,890)</td></tr><tr><td>Gross profit</td><td>356,602</td><td>258,669</td></tr><tr><td>Profit from operating activities</td><td>302,312</td><td>204,549</td></tr><tr><td>Profit before taxes</td><td>296,897</td><td>195,674</td></tr><tr><td>Income tax expense</td><td>(89,623)</td><td>(42,535)</td></tr><tr><td>Net profit</td><td>207,274</td><td>153,139</td></tr><tr><td>Profit attributable to Owners of the Parent</td><td>200,127</td><td>150,594</td></tr><tr><td>Profit attributable to Non-controlling interests</td><td>7,147</td><td>2,545</td></tr><tr><td>Net profit</td><td>207,274</td><td>153,139</td></tr></table>

## Summary Consolidated Statements of Comprehensive Income

<table><tr><td rowspan="3">Summary Consolidated Statements of Comprehensive Income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Net profit</td><td>207,274</td><td>153,139</td></tr><tr><td>Changes in other comprehensive income</td><td>4,183</td><td>(97,310)</td></tr><tr><td>Total comprehensive income</td><td>211,457</td><td>55,829</td></tr><tr><td>Comprehensive income attributable to</td><td></td><td></td></tr><tr><td>Comprehensive income attributable to owners of the parent</td><td>202,567</td><td>50,819</td></tr><tr><td>Comprehensive income attributable to non-controlling interest</td><td>8,890</td><td>5,010</td></tr><tr><td>Total comprehensive income</td><td>211,457</td><td>55,829</td></tr></table>

## Summary Consolidated Statements of Cash Flows

<table><tr><td rowspan="3">Consolidated Statements of Cash Flows</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Net cash flows generated from operating activities</td><td>107,902</td><td>149,479</td></tr><tr><td>Net cash flows used in investing activities</td><td>(103,892)</td><td>(68,646)</td></tr><tr><td>Net cash flows used in financing activities</td><td>(13,096)</td><td>(12,951)</td></tr><tr><td>Net increase in cash and cash equivalents before the effect of changes in the exchange rate</td><td>(9,086)</td><td>67,882</td></tr><tr><td>Effects of exchange rate fluctuations on cash held</td><td>(3,254)</td><td>489</td></tr><tr><td>Increase in cash and cash equivalents</td><td>(12,340)</td><td>68,371</td></tr><tr><td>Cash and cash equivalents at beginning of period</td><td>205,344</td><td>136,973</td></tr><tr><td>Cash and cash equivalents at end of period</td><td>193,004</td><td>205,344</td></tr></table>



## SQM Industrial S.A. and Subsidiaries

## Summary Consolidated Statements of Changes in Equity

<table><tr><td rowspan="2">Statements of Changes in Equity</td><td>Share capital</td><td>Foreign currency translation reserves</td><td>Reserve for (losses) gains from of defined benefit plans</td><td>Other miscellaneous reserves</td><td>Total Other reserves</td><td>Retained earnings</td><td>Equity attributable to owners of the Parent</td><td>Non-controlling interests</td><td>Total equity</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td></td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Equity as of January 1, 2021, issued originally</td><td>715,066</td><td>(112,645)</td><td>(3,657)</td><td>6,377</td><td>(109,925)</td><td>276,926</td><td>882,067</td><td>48,290</td><td>930,357</td></tr><tr><td>Adjustment to opening balance</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(144)</td><td>(144)</td><td>-</td><td>(144)</td></tr><tr><td>Re-expressed balances</td><td>715,066</td><td>(112,645)</td><td>(3,657)</td><td>6,377</td><td>(109,925)</td><td>276,782</td><td>881,923</td><td>48,290</td><td>930,213</td></tr><tr><td>Net profit</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>200,127</td><td>200,127</td><td>7,147</td><td>207,274</td></tr><tr><td>Other comprehensive income</td><td>-</td><td>(93)</td><td>2,533</td><td>-</td><td>2,440</td><td>-</td><td>2,440</td><td>1,743</td><td>4,183</td></tr><tr><td>Comprehensive income</td><td>(93)</td><td>2,533</td><td>-</td><td>-</td><td>2,440</td><td>240,127</td><td>202,567</td><td>8,890</td><td>211,457</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(11,830)</td><td>(11,830)</td></tr><tr><td>Other decrease in Equity</td><td>-</td><td>-</td><td>-</td><td>205</td><td>205</td><td>-</td><td>205</td><td>-</td><td>205</td></tr><tr><td>Increase (decrease) in equity</td><td>(93)</td><td>2,533</td><td>205</td><td>2,645</td><td>240,127</td><td>202,772</td><td>(2,940)</td><td>199,832</td><td></td></tr><tr><td>Equity as of December 31, 2021</td><td>715,066</td><td>(112,738)</td><td>(1,124)</td><td>6,582</td><td>(107,280)</td><td>476,909</td><td>1,084,695</td><td>45,350</td><td>1,130,045</td></tr></table>

<table><tr><td rowspan="2">Statements of Changes in Equity</td><td>Share capital</td><td>Foreign currency translation reserves</td><td>Reserve for (losses) gains from of defined benefit plans</td><td>Other miscellaneous reserves</td><td>Total Other reserves</td><td>Retained earnings</td><td>Equity attributable to owners of the Parent</td><td>Non-controlling interests</td><td>Total equity</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td><td></td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Equity as of January 1, 2020</td><td>715,066</td><td>(12,022)</td><td>(4,505)</td><td>6,390</td><td>(10,137)</td><td>276,332</td><td>981,261</td><td>52,160</td><td>1,033,421</td></tr><tr><td>Net profit</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>150,594</td><td>150,594</td><td>2,545</td><td>153,139</td></tr><tr><td>Other comprehensive income</td><td>-</td><td>(100,623)</td><td>848</td><td>-</td><td>(99,775)</td><td>-</td><td>(99,775)</td><td>2,465</td><td>(97,310)</td></tr><tr><td>Comprehensive income</td><td>-</td><td>(100,623)</td><td>848</td><td>-</td><td>(99,775)</td><td>150,594</td><td>50,819</td><td>5,010</td><td>55,829</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(150,000)</td><td>(150,000)</td><td>(8,880)</td><td>(158,880)</td></tr><tr><td>Increase (decrease) due to transfers and other changes</td><td>-</td><td>-</td><td>-</td><td>(13)</td><td>(13)</td><td>-</td><td>(13)</td><td>-</td><td>(13)</td></tr><tr><td>Increase (decrease) in equity</td><td>-</td><td>(100,623)</td><td>848</td><td>(13)</td><td>(99,788)</td><td>594</td><td>(99,194)</td><td>(3,870)</td><td>(103,064)</td></tr><tr><td>Equity as of December 31, 2020</td><td>715,066</td><td>(112,645)</td><td>(3,657)</td><td>6,377</td><td>(109,925)</td><td>276,926</td><td>882,067</td><td>48,290</td><td>930,357</td></tr></table>



## Balances and transactions with related parties

## Detailed identification of the link between the Parent and subsidiary

As of December 31, 2021, and 2020, the detail of transactions with related parties is as follows:

<table><tr><td rowspan="2">Tax ID No.</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Transaction</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>96.592.190-7</td><td>SQM Nitratos S.A.</td><td>Common parent</td><td>Chile</td><td>Sale of fixed assets</td><td>140</td><td>8</td></tr><tr><td>96.592.190-7</td><td>SQM Nitratos S.A.</td><td>Common parent</td><td>Chile</td><td>Current account interest</td><td>(21,250)</td><td>(17,720)</td></tr><tr><td>96.592.190-7</td><td>SQM Nitratos S.A.</td><td>Common parent</td><td>Chile</td><td>Sale of services</td><td>-</td><td>1</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Sale of product</td><td>241,701</td><td>289,923</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Current account interest</td><td>(3,273)</td><td>(2,436)</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Current account interest</td><td>3,984</td><td>3,386</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Sale of services</td><td>591</td><td>542</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Sale of fixed assets</td><td>973</td><td>1,165</td></tr><tr><td>76.686.311-9</td><td>SQM MaG SpA</td><td>Common parent</td><td>Chile</td><td>Sale of services</td><td>4</td><td>-</td></tr><tr><td>79.626.800-K</td><td>SQM Salar S.A.</td><td>Common parent</td><td>Chile</td><td>Sale of product</td><td>245</td><td>209</td></tr><tr><td>79.626.800-K</td><td>SQM Salar S.A.</td><td>Common parent</td><td>Chile</td><td>Sale of services</td><td>14,331</td><td>13,619</td></tr><tr><td>79.626.800-K</td><td>SQM Salar S.A.</td><td>Common parent</td><td>Chile</td><td>Current account interest</td><td>-</td><td>(92)</td></tr><tr><td>79.626.800-K</td><td>SQM Salar S.A.</td><td>Common parent</td><td>Chile</td><td>Current account interest</td><td>864</td><td>-</td></tr><tr><td>79.626.800-K</td><td>SQM Salar S.A.</td><td>Common parent</td><td>Chile</td><td>Current account interest</td><td>1,720</td><td>522</td></tr><tr><td>76.425.380-9</td><td>Exploraciones Mineras</td><td>Common parent</td><td>Chile</td><td>Current account interest</td><td>2</td><td>2</td></tr><tr><td>96.651.060-9</td><td>SQM Potasio S.A.</td><td>Common parent</td><td>Chile</td><td>Current account interest</td><td>(68)</td><td>(41)</td></tr><tr><td>79.768.170-9</td><td>Soquimich Comercial S.A.</td><td>Common parent</td><td>Chile</td><td>Sale of product</td><td>686</td><td>461</td></tr><tr><td>79.768.170-9</td><td>Soquimich Comercial S.A.</td><td>Common parent</td><td>Chile</td><td>Sale of services</td><td>-</td><td>2</td></tr><tr><td>79.768.170-9</td><td>Soquimich Comercial S.A.</td><td>Common parent</td><td>Chile</td><td>Current account interest</td><td>(7)</td><td>(44)</td></tr><tr><td>Foreign</td><td>Coromandel SQM (*)</td><td>Joint venture</td><td>India</td><td>Sale of product</td><td>-</td><td>149</td></tr><tr><td>Foreign</td><td>SQM Vitas Brasil Agroindustria (1)</td><td>Other related parties</td><td>Brazil</td><td>Sale of product</td><td>27,646</td><td>21,936</td></tr><tr><td>Foreign</td><td>SQM Vitas Perú S.A.C. (1)</td><td>Other related parties</td><td>Perú</td><td>Sale of product</td><td>16,526</td><td>16,072</td></tr><tr><td>Foreign</td><td>SQM Europe N.V.</td><td>Common parent</td><td>Belgium</td><td>Sale of product</td><td>144,240</td><td>112,785</td></tr><tr><td>Foreign</td><td>SQM International N.V.</td><td>Common parent</td><td>Belgium</td><td>Sale of product</td><td>64,732</td><td>106,210</td></tr><tr><td>Foreign</td><td>SQM Iberian S.A.</td><td>Common parent</td><td>Spain</td><td>Sale of product</td><td>89,873</td><td>44,739</td></tr><tr><td>Foreign</td><td>SQM Thailand Limited</td><td>Common parent</td><td>Thailand</td><td>Sale of product</td><td>-</td><td>511</td></tr><tr><td>Foreign</td><td>Ajay North America LLC</td><td>Associate</td><td>United States of America</td><td>Sale of product</td><td>27,763</td><td>20,259</td></tr><tr><td>Foreign</td><td>SQM África Pty. Ltd.</td><td>Common parent</td><td>South Africa</td><td>Sale of product</td><td>24,346</td><td>17,071</td></tr><tr><td>Foreign</td><td>SQM Japan Co. Ltd.</td><td>Common parent</td><td>Japan</td><td>Sale of product</td><td>1,120</td><td>1,263</td></tr><tr><td>Foreign</td><td>SQMC Holding Corporation L.L.P.</td><td>Common parent</td><td>United States of America</td><td>Current account interest</td><td>(391)</td><td>(485)</td></tr><tr><td>Foreign</td><td>Abu Dhabi Fertilizer Industries WWL</td><td>Associate</td><td>United Arab Emirates</td><td>Sale of product</td><td>3</td><td>(3)</td></tr><tr><td>Foreign</td><td>Doktor Tarsa Tarim Sanayi AS (*)</td><td>Associate</td><td>Turkey</td><td>Sale of product</td><td>-</td><td>1,002</td></tr><tr><td>79.906.120-1</td><td>Isapre Norte Grande Limitada</td><td>Common parent</td><td>Chile</td><td>Sale of services</td><td>378</td><td>356</td></tr><tr><td>79.770.780-5</td><td>Servicios Innegrables de Tránsitos y Transferencias S.A.</td><td>Common parent</td><td>Chile</td><td>Sale of services</td><td>589</td><td>432</td></tr><tr><td>Foreign</td><td>SQM North America Corp.</td><td>Common parent</td><td>United States of America</td><td>Sale of product</td><td>133,211</td><td>80,315</td></tr><tr><td>Foreign</td><td>SQM (Shanghai) Chemicals Co.,</td><td>Common parent</td><td>China</td><td>Sale of product</td><td>(708)</td><td>-</td></tr><tr><td>Foreign</td><td>SQM Beijing Commercial Co.Ltd</td><td>Common parent</td><td>China</td><td>Sale of product</td><td>293</td><td>(65)</td></tr><tr><td>Foreign</td><td>SQM Colombia S.A.S.</td><td>Common parent</td><td>Colombia</td><td>Sale of product</td><td>5,484</td><td>3,807</td></tr><tr><td>Foreign</td><td>SQM Comercial de México S.A. d</td><td>Common parent</td><td>Mexico</td><td>Sale of services</td><td>2,294</td><td>3,850</td></tr><tr><td>Foreign</td><td>SQM Comercial de México S.A. d</td><td>Common parent</td><td>Mexico</td><td>Sale of product</td><td>92,265</td><td>85,388</td></tr><tr><td>Foreign</td><td>SQM Ecuador S.A.</td><td>Common parent</td><td>Ecuador</td><td>Sale of product</td><td>19,023</td><td>8,834</td></tr><tr><td>76.064.419-6</td><td>Comercial Agrorama Ltda.</td><td>Common parent</td><td>Chile</td><td>Sale of product</td><td>928</td><td>856</td></tr><tr><td>76.145.229-0</td><td>Agrorama S.A.</td><td>Common parent</td><td>Chile</td><td>Sale of product</td><td>-</td><td>1</td></tr></table>

(1) These Companies are subsidiaries of the joint venture SQM Vitas Fzco.



## SQM Industrial S.A. and Subsidiaries

## Trade receivables due from related parties, current

<table><tr><td rowspan="2">Tax ID No.</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Foreign</td><td>Comercial Caiman Int. S.A.</td><td>Common parent</td><td>Panama</td><td>Dollar</td><td>805</td><td>805</td></tr><tr><td>76.686.311-9</td><td>SQM Mag SPA</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>-</td><td>6</td></tr><tr><td>76.359.919-1</td><td>Oromca Estudio SpA</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>201</td><td>-</td></tr><tr><td>76.425.380-9</td><td>Exploraciones Mineras S.A.</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>44</td><td>42</td></tr><tr><td>96.511.530-7</td><td>Soc. Inv P. Calichera S.A.</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>5</td><td>6</td></tr><tr><td>Foreign</td><td>Abu Dhabi Fertilizer Ind</td><td>Associate</td><td>United Arab Emirates</td><td>Dollar</td><td>2,478</td><td>379</td></tr><tr><td>Foreign</td><td>Ajay North América IIc</td><td>Associate</td><td>United States of America</td><td>Dollar</td><td>3,359</td><td>2,930</td></tr><tr><td>Foreign</td><td>SQM Vitas Brasil Agroindustria</td><td>Other related parties</td><td>Brazil</td><td>Dollar</td><td>14,639</td><td>11,667</td></tr><tr><td>Foreign</td><td>SQM Vitas Fzco.</td><td>Joint venture</td><td>United Arab Emirates</td><td>Dollar</td><td>167</td><td>167</td></tr><tr><td>Foreign</td><td>SQM Vitas Perú S.A.C</td><td>Other related parties</td><td>Perú</td><td>Dollar</td><td>14,350</td><td>20,179</td></tr><tr><td>Foreign</td><td>Royal Seed Trading Corporation V.V.V.</td><td>Common parent</td><td>Aruba</td><td>Dollar</td><td>11,275</td><td>11,275</td></tr><tr><td>Foreign</td><td>SQM Europe N.V.</td><td>Common parent</td><td>Belgium</td><td>Dollar</td><td>39,310</td><td>47,098</td></tr><tr><td>Foreign</td><td>SQM Iberian S.A.</td><td>Common parent</td><td>Spain</td><td>Dollar</td><td>38,270</td><td>15,331</td></tr><tr><td>Foreign</td><td>SQM Africa Ltd.</td><td>Common parent</td><td>South Africa</td><td>Dollar</td><td>15,235</td><td>19,373</td></tr><tr><td>Foreign</td><td>SQM Japan</td><td>Common parent</td><td>Japan</td><td>Dollar</td><td>165</td><td>153</td></tr><tr><td>Foreign</td><td>Provision (*)</td><td></td><td></td><td>Dollar</td><td>(462)</td><td>(441)</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>139,841</td><td>128,970</td></tr></table>

(*) As December 31, 2021 and 2020, receivables are net of provision for ThUS$ 717 y ThUS$ 2,092. As December 31, 2020, the most significant balance corresponds to Sichuan SQM Migac Fertilizer Co Ltd. presented net of provision of doubtful receivables for ThUS$ 1,048.

## Trade payables due to related parties, current

<table><tr><td rowspan="2">Tax ID No.</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Foreign</td><td>SQM Investment Co.</td><td>Common parent</td><td>Dutch Antilles</td><td>Dollar</td><td>5,576</td><td>5,563</td></tr><tr><td>76.686.311-9</td><td>SQM Mag SPA</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>51</td><td>-</td></tr><tr><td>96.592.190-7</td><td>SQM Nitratos S.A.</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>297,824</td><td>465,908</td></tr><tr><td>79.626.800-k</td><td>SQM Salar S.A.</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>415,481</td><td>52,699</td></tr><tr><td>96.651.060-9</td><td>SQM Potasio S.A.</td><td>Common parent</td><td>Chile</td><td>Peso</td><td>171</td><td>1,370</td></tr><tr><td>Foreign</td><td>SQMC Holding Corporation L.L.P.</td><td>Common parent</td><td>United States of America</td><td>Dollar</td><td>29,568</td><td>28,525</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Dollar</td><td>75,415</td><td>89,617</td></tr><tr><td>96.592.180-K</td><td>Ajay SQM Chile S.A.</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>12</td><td>9</td></tr><tr><td>Foreign</td><td>SQM Europe N.V.</td><td>Common parent</td><td>Belgium</td><td>Dollar</td><td>-</td><td>38</td></tr><tr><td>Foreign</td><td>SQM International N.V.</td><td>Common parent</td><td>Belgium</td><td>Dollar</td><td>17,545</td><td>18,185</td></tr><tr><td>Foreign</td><td>SQM (Thailand) Limited</td><td>Common parent</td><td>Thailand</td><td>Dollar</td><td>65</td><td>65</td></tr><tr><td>Foreign</td><td>Ajay Europe SARL</td><td>Associate</td><td>France</td><td>Dollar</td><td>50</td><td>50</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>841,758</td><td>662,029</td></tr></table>



## Summary Classified Statements of Financial Position

<table><tr><td rowspan="2">Assets</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current assets</td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>12,743</td><td>96</td></tr><tr><td>Trade receivables due from related parties, current</td><td>297,824</td><td>465,908</td></tr><tr><td>Current inventories</td><td>13,419</td><td>5,981</td></tr><tr><td>Other current assets</td><td>7,767</td><td>3,147</td></tr><tr><td>Total current assets</td><td>331,753</td><td>475,132</td></tr><tr><td>Non-current assets</td><td></td><td></td></tr><tr><td>Property, plant and equipment</td><td>45,192</td><td>57,191</td></tr><tr><td>Other non-current assets</td><td>11,515</td><td>6,658</td></tr><tr><td>Total non-current assets</td><td>56,707</td><td>63,849</td></tr><tr><td>Total assets</td><td>388,460</td><td>538,981</td></tr></table>

<table><tr><td rowspan="2">Liabilities and Equity</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current liabilities</td><td></td><td></td></tr><tr><td>Trade payables due to related parties, current</td><td>270,406</td><td>386,422</td></tr><tr><td>Other current liabilities</td><td>16,120</td><td>9,492</td></tr><tr><td>Total current liabilities</td><td>286,526</td><td>395,914</td></tr><tr><td>Non-current liabilities</td><td></td><td></td></tr><tr><td>Non-current lease liabilities</td><td>130</td><td>-</td></tr><tr><td>Deferred tax liabilities</td><td>7,882</td><td>4,118</td></tr><tr><td>Provisions for employee benefits, non-current</td><td>868</td><td>929</td></tr><tr><td>Total non-current liabilities</td><td>8,880</td><td>5,047</td></tr><tr><td>Total liabilities</td><td>295,406</td><td>400,961</td></tr><tr><td>Equity</td><td></td><td></td></tr><tr><td>Equity attributable to owners of the Parent</td><td>93,054</td><td>138,020</td></tr><tr><td>Total equity</td><td>93,054</td><td>138,020</td></tr><tr><td>Total liabilities and equity</td><td>388,460</td><td>538,981</td></tr></table>



## Summary Statements of Income

<table><tr><td rowspan="3">Statements of Income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Revenue</td><td>167,681</td><td>188,973</td></tr><tr><td>Cost of sales</td><td>(121,257)</td><td>(135,849)</td></tr><tr><td>Gross profit</td><td>46,424</td><td>53,124</td></tr><tr><td>Profit from operating activities</td><td>45,364</td><td>54,525</td></tr><tr><td>Profit before taxes</td><td>52,542</td><td>59,746</td></tr><tr><td>Income (loss) tax expense</td><td>(16,851)</td><td>(19,177)</td></tr><tr><td>Net profit</td><td>35,691</td><td>40,569</td></tr></table>

## Summary Statements of Comprehensive Income

<table><tr><td rowspan="3">Statements of Comprehensive Income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Net profit</td><td>35,691</td><td>40,569</td></tr><tr><td>Other comprehensive income (loss) gain (loss) from defined benefit plan measurements</td><td>124</td><td>(81)</td></tr><tr><td>Total comprehensive income</td><td>35,815</td><td>40,488</td></tr></table>

## Summary Statements of Cash Flows

<table><tr><td rowspan="3">Statements of Cash Flows</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Net cash generated from operating activities</td><td>138,071</td><td>34,824</td></tr><tr><td>Net cash generated used in investing activities</td><td>(5,357)</td><td>(35,011)</td></tr><tr><td>Net cash generated from financing activities</td><td>(120,065)</td><td>-</td></tr><tr><td>Net increase in cash and cash equivalents before the effect of changes in the exchange rate</td><td>12,649</td><td>(187)</td></tr><tr><td>Effects of exchange rate fluctuations on cash held</td><td>(2)</td><td>(2)</td></tr><tr><td>Net increase in cash and cash equivalents</td><td>12,647</td><td>(189)</td></tr><tr><td>Cash and cash equivalents at beginning of period</td><td>96</td><td>285</td></tr><tr><td>Cash and cash equivalents at end of period</td><td>12,743</td><td>96</td></tr></table>

Note: All cash flows related to the operation of SQM Nitrates are realized by SQM SA.



## Summary Statements of Changes in Equity

<table><tr><td rowspan="2">Statements of Changes in Equity</td><td>Share capital</td><td>Reserve for (losses) gains from of defined benefit plans</td><td>Retained earnings</td><td>Total equity</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Equity as of January 1, 2021</td><td>30,350</td><td>(157)</td><td>107,827</td><td>138,020</td></tr><tr><td>Net profit</td><td>-</td><td>-</td><td>35,691</td><td>35,691</td></tr><tr><td>Other comprehensive income</td><td>-</td><td>124</td><td>-</td><td>124</td></tr><tr><td>Comprehensive income</td><td>-</td><td>124</td><td>35,691</td><td>35,815</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>(80,781)</td><td>(80,781)</td></tr><tr><td>Increase (decrease) in equity</td><td>-</td><td>124</td><td>(45,090)</td><td>(44,966)</td></tr><tr><td>Equity as of December 31, 2021</td><td>30,350</td><td>(33)</td><td>62,737</td><td>93,054</td></tr></table>

<table><tr><td rowspan="2">Statements of Changes in Equity</td><td>Share capital</td><td>Reserve for (losses) gains from of defined benefit plans</td><td>Retained earnings</td><td>Total equity</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Equity as of January 1, 2020</td><td>30,350</td><td>(76)</td><td>83,832</td><td>114,106</td></tr><tr><td>Net profit</td><td>-</td><td>-</td><td>40,569</td><td>40,569</td></tr><tr><td>Other comprehensive income</td><td>-</td><td>(81)</td><td>-</td><td>(81)</td></tr><tr><td>Comprehensive income</td><td>-</td><td>(81)</td><td>40,569</td><td>40,488</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>(16,574)</td><td>(16,574)</td></tr><tr><td>Increase (decrease) in equity</td><td>-</td><td>(81)</td><td>23,995</td><td>23,914</td></tr><tr><td>Equity as of December 31, 2020</td><td>30,350</td><td>(157)</td><td>107,827</td><td>138,020</td></tr></table>



## Related party disclosures

As of December 31, 2021, and December 31, 2020, the detail of transactions with related parties is as follows:

<table><tr><td rowspan="2">Tax ID No.</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Transaction</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Common parent</td><td>Chile</td><td>Sale of products</td><td>167,681</td><td>188,973</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Common parent</td><td>Chile</td><td>Current account interest</td><td>21,250</td><td>17,720</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Common parent</td><td>Chile</td><td>Purchase of materials and supplies</td><td>(12,326)</td><td>(13,677)</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Common parent</td><td>Chile</td><td>Purchase fixed asset</td><td>(140)</td><td>(8)</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Common parent</td><td>Chile</td><td>Miscellaneous services</td><td>(6,464)</td><td>(5,513)</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Current account interest</td><td>(14,947)</td><td>(12,589)</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Mining concession rental service</td><td>23,687</td><td>16,087</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Payment of value added tax</td><td>(19,236)</td><td>(18,308)</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Miscellaneous services</td><td>(955)</td><td>(1,290)</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Provisional monthly payment</td><td>(15,140)</td><td>(20,432)</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Dividends</td><td>(80,781)</td><td>(17,190)</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Energy service received</td><td>(7)</td><td>(7)</td></tr><tr><td>96.651.060-9</td><td>SQM Potasio S.A.</td><td>Common parent</td><td>Chile</td><td>Current account interest</td><td>(30)</td><td>(40)</td></tr><tr><td>96.651.060-9</td><td>SQM Potasio S.A.</td><td>Common parent</td><td>Chile</td><td>Camp Service</td><td>899</td><td>879</td></tr><tr><td>96.651.060-9</td><td>SQM Potasio S.A.</td><td>Common parent</td><td>Chile</td><td>Miscellaneous services</td><td>(2,693)</td><td>-</td></tr><tr><td>76.425.380-9</td><td>Exploraciones Mineras S.A.</td><td>Other related parties</td><td>Chile</td><td>Mining concession</td><td>374</td><td>13,513</td></tr></table>



## SQM Nitratos S.A.

## Trade receivables due from related parties, current

<table><tr><td rowspan="2">Tax ID No.</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>297,824</td><td>465,908</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>297,824</td><td>465,908</td></tr></table>

## Trade payables due to related parties, current

<table><tr><td rowspan="2">Tax ID No.</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Dollar</td><td>253,270</td><td>372,268</td></tr><tr><td>96.651.060-9</td><td>SQM Potasio S.A.</td><td>Other related parties</td><td>Chile</td><td>Dollar</td><td>2,884</td><td>277</td></tr><tr><td>76.425.380-9</td><td>Exploraciones Mineras S.A.</td><td>Other related parties</td><td>Chile</td><td>Dollar</td><td>14,252</td><td>13,877</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>270,406</td><td>386,422</td></tr></table>



## Summary Classified Statements of Financial Position

<table><tr><td rowspan="2">Assets</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current assets</td><td></td><td></td></tr><tr><td>Other current non-financial assets</td><td>4</td><td>3</td></tr><tr><td>Total current assets</td><td>4</td><td>3</td></tr><tr><td>Non-current assets</td><td></td><td></td></tr><tr><td>Other non-financial non-current assets</td><td>1,377</td><td>-</td></tr><tr><td>Intangible assets other than goodwill</td><td>2,357</td><td>2,357</td></tr><tr><td>Property, plant and equipment</td><td>5,071</td><td>-</td></tr><tr><td>Deferred tax assets</td><td>9</td><td>9</td></tr><tr><td>Total non-current assets</td><td>8,814</td><td>2,366</td></tr><tr><td>Total assets</td><td>8,818</td><td>2,369</td></tr></table>

<table><tr><td rowspan="2">Liabilities and Equity</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current liabilities</td><td></td><td></td></tr><tr><td>Trade payables due to related parties, current</td><td>6,507</td><td>35</td></tr><tr><td>Total current liabilities</td><td>6,507</td><td>35</td></tr><tr><td>Total liabilities</td><td>6,507</td><td>35</td></tr><tr><td>Equity</td><td></td><td></td></tr><tr><td>Share capital</td><td>2,358</td><td>2,358</td></tr><tr><td>Retained earnings</td><td>(47)</td><td>(24)</td></tr><tr><td>Total equity</td><td>2,311</td><td>2,334</td></tr><tr><td>Total liabilities and equity</td><td>8,818</td><td>2,369</td></tr></table>

## Summary Statements of Income

<table><tr><td rowspan="2">Statements of Income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Administrative expenses</td><td>(24)</td><td>(17)</td></tr><tr><td>Profit from operating activities</td><td>(24)</td><td>(17)</td></tr><tr><td>Profit before taxes</td><td>(24)</td><td>(17)</td></tr><tr><td>Income tax benefit</td><td>1</td><td>4</td></tr><tr><td>Net profit</td><td>(23)</td><td>(13)</td></tr></table>



## Summary Statements of Comprehensive Income

<table><tr><td rowspan="3">Statements of Comprehensive Income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Net loss</td><td>(23)</td><td>(13)</td></tr><tr><td>Total comprehensive income</td><td>(23)</td><td>(13)</td></tr></table>

## Summary Statements of Changes in Equity

<table><tr><td rowspan="2">Statements of Changes in Equity</td><td>Share capital</td><td>Retained earnings</td><td>Total equity</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>Equity as of January 1, 2021</td><td>2,358</td><td>(24)</td><td>2,334</td></tr><tr><td>Net loss</td><td>-</td><td>(23)</td><td>(23)</td></tr><tr><td>Comprehensive income</td><td>-</td><td>(23)</td><td>(23)</td></tr><tr><td>Equity as of December 31, 2021</td><td>2,358</td><td>(47)</td><td>2,311</td></tr></table>

<table><tr><td rowspan="2">Statements of Changes in Equity</td><td>Share capital</td><td>Retained earnings</td><td>Total equity</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>Equity as of January 1, 2020</td><td>2,358</td><td>(11)</td><td>2,347</td></tr><tr><td>Net loss</td><td>-</td><td>(13)</td><td>(13)</td></tr><tr><td>Comprehensive income</td><td>-</td><td>(13)</td><td>(13)</td></tr><tr><td>Equity as of December 31, 2020</td><td>2,358</td><td>(24)</td><td>2,334</td></tr></table>



## Related party disclosures

## Detail of related parties and related party transactions

As of December 31, 2021, and 2020, the detail of transactions with related parties is as follows:

<table><tr><td rowspan="2">Tax ID No</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Transaction</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>76.359.919-1</td><td>Orcoma Estudios SPA</td><td>Common parent</td><td>Chile</td><td>Purchase of fixed assets</td><td>(5,071)</td><td>-</td></tr><tr><td>93.007.000-9</td><td>SOM S.A.</td><td>Parent</td><td>Chile</td><td>Other expenses</td><td>-</td><td>(17)</td></tr></table>

## Trade payables due to related parties, current

<table><tr><td rowspan="2">Tax ID No</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Dollar</td><td>59</td><td>35</td></tr><tr><td>76.359.919-1</td><td>Orcoma Estudios SPA</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>6,448</td><td>-</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>6,507</td><td>35</td></tr></table>



## Rs Agro Chemical Trading Corporation A.V.V.

## Summary Classified Statements of Financial Position

<table><tr><td rowspan="2">Assets</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Currents assets</td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>6</td><td>6</td></tr><tr><td>Trade receivables due from related parties, current</td><td>5,149</td><td>5,149</td></tr><tr><td>Total current assets</td><td>5,155</td><td>5,155</td></tr><tr><td>Total assets</td><td>5,155</td><td>5,155</td></tr></table>

<table><tr><td rowspan="2">Liabilities and Equity</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current liabilities</td><td></td><td></td></tr><tr><td>Trade and other payables, current</td><td>2</td><td>-</td></tr><tr><td>Trade payables due to related parties, current</td><td>114</td><td>88</td></tr><tr><td>Total current liabilities</td><td>116</td><td>88</td></tr><tr><td>Total liabilities</td><td>116</td><td>88</td></tr><tr><td>Equity</td><td></td><td></td></tr><tr><td>Share capital</td><td>6</td><td>6</td></tr><tr><td>Retained earnings</td><td>5,033</td><td>5,061</td></tr><tr><td>Total equity</td><td>5,039</td><td>5,067</td></tr><tr><td>Total liabilities and equity</td><td>5,155</td><td>5,155</td></tr></table>

## Summary Statements of Income

<table><tr><td rowspan="3">Statements of comprehensive income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Other expenses</td><td>(28)</td><td>(24)</td></tr><tr><td>Loss from operating activities</td><td>(28)</td><td>(24)</td></tr><tr><td>Finance Costs</td><td>-</td><td>-</td></tr><tr><td>Loss before taxes</td><td>(28)</td><td>(24)</td></tr><tr><td>Net loss</td><td>(28)</td><td>(24)</td></tr></table>

## Summary Statements of Comprehensive Income

<table><tr><td rowspan="3">Statements of Comprehensive Income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Net loss</td><td>(28)</td><td>(24)</td></tr><tr><td>Total comprehensive income</td><td>(28)</td><td>(24)</td></tr></table>



## Summary Statements of Cash Flows

<table><tr><td rowspan="3">Statements of Cash Flows</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Net cash generated from operating activities</td><td></td><td></td></tr><tr><td>Net cash generated from operating activities</td><td>(28)</td><td>(24)</td></tr><tr><td>Net cash generated from financing activities</td><td>28</td><td>24</td></tr><tr><td>Net increase in cash and cash equivalents before the effect of changes in the exchange rate</td><td>-</td><td>-</td></tr><tr><td>Cash and cash equivalents at beginning of period</td><td>6</td><td>6</td></tr><tr><td>Cash and cash equivalents at end of period</td><td>6</td><td>6</td></tr></table>

## Summary Statements of Changes in Equity

<table><tr><td rowspan="2">Statements of Changes in Equity</td><td>Share capital</td><td>Retained earnings</td><td>Total equity</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>Equity as of January 1, 2021</td><td>6</td><td>5,061</td><td>5,067</td></tr><tr><td>Net loss</td><td>-</td><td>(28)</td><td>(28)</td></tr><tr><td>Comprehensive income</td><td>-</td><td>(28)</td><td>(28)</td></tr><tr><td>Increase (decrease) in equity</td><td>-</td><td>(28)</td><td>(28)</td></tr><tr><td>Equity as of December 31, 2021</td><td>6</td><td>5,033</td><td>5,039</td></tr></table>

<table><tr><td rowspan="2">Statements of Changes in Equity</td><td>Share capital</td><td>Retained earnings</td><td>Total equity</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>Equity as of January 1, 2020</td><td>6</td><td>5,085</td><td>5,091</td></tr><tr><td>Net loss</td><td>-</td><td>(24)</td><td>(24)</td></tr><tr><td>Comprehensive income</td><td>-</td><td>(24)</td><td>(24)</td></tr><tr><td>Increase (decrease) in equity</td><td>-</td><td>(24)</td><td>(24)</td></tr><tr><td>Equity as of December 31, 2020</td><td>6</td><td>5,061</td><td>5,067</td></tr></table>



## Related party disclosures

## Detail of related parties and related party transactions

As of December 31, 2021, and 2020, there are no transactions between RS Agro Chemical trading Corporation A.V.V. and its related entities.

Trade receivables due from related parties, current

<table><tr><td rowspan="2">Tax ID N°</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS$</td><td>ThUS$</td></tr><tr><td>Foreign</td><td>SQM Investment Corporation</td><td>Common parent</td><td>Aruba</td><td>Dollar</td><td>5,149</td><td>5,149</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>5,149</td><td>5,149</td></tr></table>

Trade payables due to related parties, current

<table><tr><td rowspan="2">Tax ID N°</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS$</td><td>ThUS$</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Dollar</td><td>105</td><td>79</td></tr><tr><td>Foreign</td><td>Royal Seed Trading Co.</td><td>Common parent</td><td>Aruba</td><td>Dollar</td><td>9</td><td>9</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>114</td><td>88</td></tr></table>



## Summary Classified Statements of Financial Position

<table><tr><td rowspan="2">Assets</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Currents assets</td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>1</td><td>1</td></tr><tr><td>Other non-financial assets, current</td><td>31</td><td>2</td></tr><tr><td>Trade receivables due from related parties, current</td><td>6,448</td><td>-</td></tr><tr><td>Total current assets</td><td>6,480</td><td>3</td></tr><tr><td>Non-current assets</td><td></td><td></td></tr><tr><td>Other non-current financial assets</td><td>-</td><td>1,240</td></tr><tr><td>Property, plant and equipment</td><td>64</td><td>3,136</td></tr><tr><td>Right-of-use assets</td><td>86</td><td>-</td></tr><tr><td>Deferred tax assets</td><td>16</td><td>183</td></tr><tr><td>Total non-current assets</td><td>166</td><td>4,559</td></tr><tr><td>Total assets</td><td>6,646</td><td>4,562</td></tr></table>

<table><tr><td rowspan="2">Liabilities and Equity</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current liabilities</td><td></td><td></td></tr><tr><td>Lease liabilities, current</td><td>9</td><td>-</td></tr><tr><td>Trade and other payables, current</td><td>107</td><td>156</td></tr><tr><td>Trade payables due to related parties, current</td><td>1,848</td><td>253</td></tr><tr><td>Total current liabilities</td><td>1,964</td><td>409</td></tr><tr><td>Non-current liabilities</td><td></td><td></td></tr><tr><td>Non-current lease liabilities</td><td>78</td><td>-</td></tr><tr><td>Total liabilities</td><td>2,042</td><td>409</td></tr><tr><td>Equity</td><td></td><td></td></tr><tr><td>Share capital</td><td>4,632</td><td>4,632</td></tr><tr><td>Retained earnings</td><td>(28)</td><td>(479)</td></tr><tr><td>Total equity</td><td>4,604</td><td>4,153</td></tr><tr><td>Total liabilities and equity</td><td>6,646</td><td>4,562</td></tr></table>



## Summary Statements of Income

<table><tr><td rowspan="3">Statements of Income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Revenue</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>2</td><td>-</td></tr><tr><td>Gross profit</td><td>2</td><td>-</td></tr><tr><td>Other income</td><td>6,450</td><td>1</td></tr><tr><td>Other expenses</td><td>(5,833)</td><td>(678)</td></tr><tr><td>Profit from operating activities</td><td>619</td><td>(677)</td></tr><tr><td>Finance costs</td><td>(3)</td><td>-</td></tr><tr><td>Foreign currency translation differences</td><td>2</td><td>(2)</td></tr><tr><td>Profit before taxes</td><td>618</td><td>(679)</td></tr><tr><td>Income tax expense</td><td>(167)</td><td>183</td></tr><tr><td>Net profit (loss)</td><td>451</td><td>(496)</td></tr><tr><td>Net profit (loss)</td><td>451</td><td>(496)</td></tr></table>

## Summary Statements of Comprehensive Income

<table><tr><td rowspan="3">Statements of Comprehensive Income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Net profit (loss)</td><td>451</td><td>(496)</td></tr><tr><td>Total comprehensive income</td><td>451</td><td>(496)</td></tr></table>

## Summary Statements of Cash Flows

<table><tr><td rowspan="3">Statements of Cash Flows</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Net cash generated from operating activities</td><td>28</td><td>-</td></tr><tr><td>Net cash generated from investing activities</td><td>-</td><td>(145)</td></tr><tr><td>Net cash generated from financing activities</td><td>(28)</td><td>(8)</td></tr><tr><td>Net increase (decrease) in cash and cash equivalents before the effect of changes in the exchange rate</td><td>-</td><td>(153)</td></tr><tr><td>Cash and cash equivalents at beginning of period</td><td>1</td><td>154</td></tr><tr><td>Cash and cash equivalents at end of period</td><td>1</td><td>1</td></tr></table>



## Summary Statements of Changes in Equity

<table><tr><td rowspan="2">Statements of Changes in Equity</td><td>Share capital</td><td>Retained earnings</td><td>Total equity</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>Equity as of January 1, 2021</td><td>4,632</td><td>(479)</td><td>4,153</td></tr><tr><td>Net profit</td><td>-</td><td>451</td><td>451</td></tr><tr><td>Comprehensive income</td><td>-</td><td>451</td><td>451</td></tr><tr><td>Increase (decrease) in equity</td><td>-</td><td>451</td><td>451</td></tr><tr><td>Equity as of December 31, 2021</td><td>4,632</td><td>(28)</td><td>4,604</td></tr></table>

<table><tr><td rowspan="2">Statements of Changes in Equity</td><td>Share capital</td><td>Retained earnings</td><td>Total equity</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>Equity as of January 1, 2020</td><td>4,632</td><td>17</td><td>4,649</td></tr><tr><td>Net loss</td><td>-</td><td>(496)</td><td>(496)</td></tr><tr><td>Comprehensive income</td><td>-</td><td>(496)</td><td>(496)</td></tr><tr><td>Increase (decrease) in equity</td><td>-</td><td>(496)</td><td>(496)</td></tr><tr><td>Equity as of December 31, 2020</td><td>4,632</td><td>(479)</td><td>4,153</td></tr></table>



## Related party disclosures

Orcoma Estudios SPA, is controlled by Sociedad Química y Minera de Chile S.A., with ownership percentages 100%.

Sociedad Química y Minera de Chile S.A., is registered with the Securities Registry of the Chilean Commission for Financial Markets (CMF) ex Superintendence of Securities and Insurance under No, 0184 of March 18, 1983 and accordingly, is subject to the oversight of such regulating authority.

## Detail of related parties and related party transactions

As of December 31, 2021, and 2020, the detail of transactions with related parties is as follows:

<table><tr><td>Tax ID No</td><td>Company</td><td>Nature</td><td>Country of origin</td><td>Transaction</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Common parent</td><td>Chile</td><td>Purchase of fixed assets</td><td>(53)</td><td>-</td></tr><tr><td>76.360.575-2</td><td>Orcoma SPA</td><td>Common parent</td><td>Chile</td><td>Sale of Prospecting (*)</td><td>640</td><td>-</td></tr></table>

(*) Corresponds to the sale of mining Prospecting from Orcoma Estudios SpA to Orcoma SpA carried out during the year.

Trade receivables due from related parties, current

<table><tr><td rowspan="2">Tax ID N°</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>76.360.575-2</td><td>Orcoma SPA</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>6,448</td><td>-</td></tr><tr><td colspan="4">Total</td><td></td><td>6,448</td><td>-</td></tr></table>

Trade payables due to related parties, current

<table><tr><td rowspan="2">Tax ID N°</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Dollar</td><td>1,647</td><td>253</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>201</td><td>-</td></tr><tr><td colspan="4">Total</td><td></td><td>1,348</td><td>253</td></tr></table>



## Summary Classified Statements of Financial Position

<table><tr><td rowspan="2">Assets</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current assets</td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>6,006</td><td>5,360</td></tr><tr><td>Trade receivables due from related parties, current</td><td>834</td><td>257</td></tr><tr><td>Current inventories</td><td>8,852</td><td>12,680</td></tr><tr><td>Other current assets</td><td>7,086</td><td>7,144</td></tr><tr><td>Total current assets</td><td>22,778</td><td>25,441</td></tr><tr><td>Non-current assets</td><td></td><td></td></tr><tr><td>Property, plant and equipment</td><td>1,542</td><td>1,204</td></tr><tr><td>Other non-current assets</td><td>479</td><td>345</td></tr><tr><td>Total non-current assets</td><td>2,021</td><td>1,549</td></tr><tr><td>Total assets</td><td>24,799</td><td>26,990</td></tr></table>

<table><tr><td rowspan="2">Liabilities and Equity</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current liabilities</td><td></td><td></td></tr><tr><td>Trade payables due to related parties, current</td><td>5,622</td><td>7,304</td></tr><tr><td>Other current liabilities</td><td>1,407</td><td>2,260</td></tr><tr><td>Total current liabilities</td><td>7,029</td><td>9,564</td></tr><tr><td>Non-current liabilities</td><td></td><td></td></tr><tr><td>Provisions for employee benefits, non-current</td><td>665</td><td>713</td></tr><tr><td>Total non-current liabilities</td><td>665</td><td>713</td></tr><tr><td>Total liabilities</td><td>7,694</td><td>10,277</td></tr><tr><td>Equity</td><td></td><td></td></tr><tr><td>Equity attributable to owners of the Parent</td><td>17,105</td><td>16,713</td></tr><tr><td>Total equity</td><td>17,105</td><td>16,713</td></tr><tr><td>Total liabilities and equity</td><td>24,799</td><td>26,990</td></tr></table>



## Summary Statements of Income

<table><tr><td rowspan="3">Statement of Income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Revenue</td><td>47,269</td><td>38,193</td></tr><tr><td>Cost of sales</td><td>(43,197)</td><td>(34,618)</td></tr><tr><td>Gross profit</td><td>4,072</td><td>3,575</td></tr><tr><td>Profit from operating activities</td><td>2,492</td><td>2,069</td></tr><tr><td>Profit before taxes</td><td>2,027</td><td>2,460</td></tr><tr><td>Income tax expense</td><td>(458)</td><td>(603)</td></tr><tr><td>Profit attributable to Owners of the Parent</td><td>1,569</td><td>1,857</td></tr><tr><td>Net profit</td><td>1,569</td><td>1,857</td></tr></table>

## Summary Statements of Comprehensive Income

<table><tr><td rowspan="3">Statements of Comprehensive Income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Net profit</td><td>1,569</td><td>1,857</td></tr><tr><td>Total comprehensive income</td><td>1,569</td><td>1,857</td></tr></table>

## Summary Statements of Cash Flows

<table><tr><td rowspan="3">Statements of Cash Flows</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Net cash generated from operating activities</td><td>2,525</td><td>6,431</td></tr><tr><td>Net cash generated from investing activities</td><td>(276)</td><td>(200)</td></tr><tr><td>Net cash generated from financing activities</td><td>(1,318)</td><td>(1,133)</td></tr><tr><td>Net increase in cash and cash equivalents before the effect of changes in the exchange rate</td><td>931</td><td>5,098</td></tr><tr><td>Effects of exchange rate fluctuations on cash held</td><td>(285)</td><td>185</td></tr><tr><td>Net increase in cash and cash equivalents</td><td>646</td><td>5,283</td></tr><tr><td>Cash and cash equivalents at beginning of period</td><td>5,360</td><td>77</td></tr><tr><td>Cash and cash equivalents at end of period</td><td>6,006</td><td>5,360</td></tr></table>



## Summary Statements of Changes in Equity

<table><tr><td rowspan="2">Statements of Changes in Equity</td><td>Share capital</td><td>Retained earnings</td><td>Total equity</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>Equity as of January 1, 2021</td><td>5,314</td><td>11,399</td><td>16,713</td></tr><tr><td>Net profit</td><td>-</td><td>1,569</td><td>1,569</td></tr><tr><td>Comprehensive income</td><td>-</td><td>1,569</td><td>1,569</td></tr><tr><td>Dividends</td><td>-</td><td>(1,177)</td><td>(1,177)</td></tr><tr><td>Increase (decrease) in equity</td><td>-</td><td>392</td><td>392</td></tr><tr><td>Equity as of December 31, 2021</td><td>5,314</td><td>11,791</td><td>17,105</td></tr></table>

<table><tr><td rowspan="2">Statements of Changes in Equity</td><td>Share capital</td><td>Retained earnings</td><td>Total equity</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>Equity as of January 1, 2020</td><td>5,314</td><td>12,068</td><td>17,382</td></tr><tr><td>Net profit</td><td>-</td><td>1,857</td><td>1,857</td></tr><tr><td>Comprehensive income</td><td>-</td><td>1,857</td><td>1,857</td></tr><tr><td>Dividends</td><td>-</td><td>(2,526)</td><td>(2,526)</td></tr><tr><td>Increase (decrease) in equity</td><td>-</td><td>(669)</td><td>(669)</td></tr><tr><td>Equity as of December 31, 2020</td><td>5,314</td><td>11,399</td><td>16,713</td></tr></table>



## Related party disclosures

## Detailed identification of the link between Ajay-SQM Chile S.A. and subsidiary

As of December 31, 2021 and December 31, 2020, the detail of entities that are a related party is as follows:

<table><tr><td rowspan="2">Tax ID No.</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Transaction</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>MUS\(</td><td>MUS\)</td></tr><tr><td>79.947.100-0</td><td>SQM Industrial S.A.</td><td>Common parent</td><td>Chile</td><td>Sale of products</td><td>269</td><td>66</td></tr><tr><td>79.768.170-9</td><td>Soquimich Comercial S.A.</td><td>Common parent</td><td>Chile</td><td>Sale of products</td><td>25</td><td>-</td></tr><tr><td>Foreign</td><td>SQM Europe N.V.</td><td>Common parent</td><td>Belgium</td><td>Sale of products</td><td>19,300</td><td>13,936</td></tr><tr><td>Foreign</td><td>Ajay Europe SARL</td><td>Associate</td><td>France</td><td>Sale of products</td><td>3,224</td><td>-</td></tr><tr><td>Foreign</td><td>SQM (Shanghai) Chemicals Co.</td><td>Common parent</td><td>China</td><td>Other administrative expense</td><td>(107)</td><td>(88)</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Dividends</td><td>(600)</td><td>(1,288)</td></tr></table>

## Trade receivables due from related parties, current

<table><tr><td rowspan="2">Tax ID No.</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>79.768.170-9</td><td>Soquimich Comercial S.A.</td><td>Other related parties</td><td>Chile</td><td>Dollar</td><td>11</td><td>9</td></tr><tr><td>Foreign</td><td>Ajay Europe SARL</td><td>Other related parties</td><td>France</td><td>Euro</td><td>823</td><td>248</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>834</td><td>257</td></tr></table>

## Trade payables due to related parties, current

<table><tr><td rowspan="2">Tax ID No.</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Peso</td><td>5,613</td><td>7,072</td></tr><tr><td>Foreign</td><td>Ajay North America</td><td>Other related parties</td><td>United States of America</td><td>Dollar</td><td>9</td><td>232</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>5,622</td><td>7,304</td></tr></table>



## Summary Classified Statements of Financial Position

<table><tr><td rowspan="2">Assets</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Currents assets</td><td></td><td></td></tr><tr><td>Other current non-financial assets</td><td>104</td><td>49</td></tr><tr><td>Trade and other receivables, current</td><td>9</td><td>-</td></tr><tr><td>Trade receivables due from related parties, current</td><td>1</td><td>1</td></tr><tr><td>Total current assets</td><td>114</td><td>50</td></tr><tr><td>Non-current assets</td><td></td><td></td></tr><tr><td>Other non-current non-financial assets</td><td>756</td><td>301</td></tr><tr><td>Intangible assets other than goodwill</td><td>22</td><td>22</td></tr><tr><td>Property, plant and equipment net</td><td>260</td><td>-</td></tr><tr><td>Non-current tax assets</td><td>2</td><td>-</td></tr><tr><td>Total non-current assets</td><td>1,040</td><td>323</td></tr><tr><td>Total assets</td><td>1,154</td><td>373</td></tr><tr><td rowspan="2">Liabilities and Equity</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Current liabilities</td><td></td><td></td></tr><tr><td>Trade and other payables, current</td><td>191</td><td>33</td></tr><tr><td>Trade payables due to related parties, current</td><td>946</td><td>316</td></tr><tr><td>Current tax liabilities</td><td>-</td><td>1</td></tr><tr><td>Total current liabilities</td><td>1,137</td><td>350</td></tr><tr><td>Non-current liabilities</td><td></td><td></td></tr><tr><td>Total non-current liabilities</td><td>-</td><td>-</td></tr><tr><td>Total liabilities</td><td>1,137</td><td>350</td></tr><tr><td>Equity</td><td></td><td></td></tr><tr><td>Share capital</td><td>23</td><td>23</td></tr><tr><td>Retained earnings</td><td>(6)</td><td>-</td></tr><tr><td>Total equity</td><td>17</td><td>23</td></tr><tr><td>Total liabilities and equity</td><td>1,154</td><td>373</td></tr></table>



## Summary Statements of Income

<table><tr><td rowspan="2">Statements of Income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Other income</td><td>-</td><td>4</td></tr><tr><td>Profit from operating activities</td><td>-</td><td>4</td></tr><tr><td>Foreign currency translation differences</td><td>(8)</td><td>(3)</td></tr><tr><td>Loss before taxes</td><td>(8)</td><td>1</td></tr><tr><td>Income tax expense</td><td>2</td><td>(1)</td></tr><tr><td>Net loss</td><td>(6)</td><td>-</td></tr></table>

## Summary Statements of Comprehensive Income

<table><tr><td rowspan="2">Statements of Comprehensive Income</td><td colspan="2">For the period from January to December of the year</td></tr><tr><td>2021</td><td>2020</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td></tr><tr><td>Net (loss)</td><td>(6)</td><td>-</td></tr><tr><td>Total comprehensive income</td><td>(6)</td><td>-</td></tr></table>



## Summary Statements of Changes in Equity

<table><tr><td>Statements of Changes in Equity</td><td>Share capital</td><td>Retained earnings</td><td>Total equity</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>Equity as of January 1, 2021</td><td>23</td><td>-</td><td>23</td></tr><tr><td>Issuance of shares</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net loss</td><td>-</td><td>(6)</td><td>(6)</td></tr><tr><td>Comprehensive income</td><td>23</td><td>(6)</td><td>17</td></tr><tr><td>Increase (decrease) in equity</td><td>23</td><td>(6)</td><td>17</td></tr><tr><td>Equity as of December 31, 2021</td><td>23</td><td>(6)</td><td>17</td></tr></table>

<table><tr><td>Statements of Changes in Equity</td><td>Share capital</td><td>Retained earnings</td><td>Total equity</td></tr><tr><td></td><td>ThUS\(</td><td>ThUS\)</td><td>ThUS$</td></tr><tr><td>Equity as of January 1, 2020</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Issuance of shares</td><td>23</td><td>-</td><td>23</td></tr><tr><td>Net profit</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Comprehensive income</td><td>23</td><td>-</td><td>23</td></tr><tr><td>Increase (decrease) in equity</td><td>23</td><td>-</td><td>23</td></tr><tr><td>Equity as of December 31, 2020</td><td>23</td><td>-</td><td>23</td></tr></table>



## Related party disclosures

## Trade receivables due from related parties, current

<table><tr><td rowspan="2">Tax ID No.</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>MUS\(</td><td>MUS\)</td></tr><tr><td>96.651.060-9</td><td>SQM Potasio S.A.</td><td>Common parent</td><td>Chile</td><td>Dollar</td><td>1</td><td>1</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>1</td><td>1</td></tr></table>

## Trade payables due to related parties, current

<table><tr><td rowspan="2">Tax ID No.</td><td rowspan="2">Company</td><td rowspan="2">Nature</td><td rowspan="2">Country of origin</td><td rowspan="2">Currency</td><td>As of December 31, 2021</td><td>As of December 31, 2020</td></tr><tr><td>MUS\(</td><td>MUS\)</td></tr><tr><td>93.007.000-9</td><td>SQM S.A.</td><td>Parent</td><td>Chile</td><td>Dollar</td><td>946</td><td>316</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>946</td><td>316</td></tr></table>



## 11) RESPONSIBILITY STATEMENT

The Directors and Chief Executive Officer of SQM S.A. declare that we have exercised our respective functions as administrators and chief executive of the Company in conformity with the practices that are customarily used for such purposes in Chile and, in accordance with these practices, we swear under oath that the information in this 2021 Annual Report is true and that we accept any liability that may arise from this statement.

ALBERTO

SALAS

MUÑOZ

Chairman

Firmado digitalmente por ALBERTO SALAS MUÑOZ
Fecha: 2022.03.28
16:18:24 - 03'00'
Alberto Salas M.

Chilean Taxpayer ID: 6.616.233-0

Georges de Badruggnan A.
Chilean Taxpayer ID: 7269.1474

Thirietor
Laurence Roborne R.
Chilean Taxpayer ID: 8.170.562-3

Director
Ashley Ozols
Chilean Taxpayer ID: 48.218.888-5

Chief Executive Officer
Ricardo Ramos R.
Chilean Taxpayer ID: 8.037.690-1

Vice Chairman
Patricio Contesse F.
Chilean Taxpayer ID: 15.315.085-0

Director
Hernán Büchi B.
Chilean Taxpayer ID: 5.718.666-6

Director
Gonzalo Guerrero Y.
Chilean Taxpayer ID: 10.581.580-8

Director
Francisco Ugarte L.
Chilean Taxpayer ID: 10.325.736-0