SQM 6-K 2022 - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of September, 2022.

Commission File Number 33-65728

CHEMICAL AND MINING COMPANY OF CHILE INC.

(Translation of registrant’s name into English)

El Trovador 4285, Santiago, Chile (562) 2425-2000

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F: x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Santiago, Chile. September 5, 2022.-Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reports the translation of its financial statements for the six months ended June 30, 2022, the Spanish version of which was filed with the Chilean Commission for the Financial Market (Comisión para el Mercado Financiero or “CMF”) on August 17, 2022.

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

As of and for the periods ended

June 30, 2022

Sociedad Química y Minerade Chile S.A. and Subsidiaries

In Thousands of United States Dollars

This document includes:

-	Report of Independent<br> Register Public Accounting Firm
-	Consolidated Interim<br> Statements of Financial Position
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-	Consolidated Interim Statements of Income
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-	Consolidated Interim Statements of Comprehensive<br> Income
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-	Consolidated Interim Statements of Cash<br> Flows
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-	Consolidated Interim Statements of Changes<br> in Equity
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-	Notes to the Consolidated Interim Financial<br> Statements
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Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022
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Table of Contents –Consolidated Financial Statements

Consolidated Interim Classified Statements of Financial Position		1
Consolidated Interim Classified Statements of Financial Position		2
Consolidated Interim Statements of Income (Unaudited)		3
Consolidated Interim Statements of Comprehensive Income (Unaudited)		4
Consolidated Interim Statements of Cash Flows (Unaudited)		5
Consolidated Interim Statements of Changes in Equity (Unaudited)		7
Note 1	Identification and Activities of the Company and Subsidiaries	10
1.1	Historical background	10
1.2	Main domicile where the Company<br> performs its production activities	10
1.3	Codes of main activities	10
1.4	Description of the nature of operations<br> and main activities	10
1.5	Other background	12
1.6	Capital stock increase	13
Note 2	Basis of presentation for the consolidated financial statements	14
2.1	Accounting period	14
2.2	Consolidated financial statements	14
2.3	Basis of measurement	15
2.4	Accounting pronouncements	16
2.5	Basis of consolidation	18
2.6	Investments in associates and joint<br> ventures	18
Note 3	Significant accounting policies	20
3.1	Classification of balances as current<br> and non-current	20
3.2	Functional and presentation currency	20
3.3	Accounting policy for foreign currency<br> translation	20
3.4	Consolidated statement of cash flows	22
3.5	Financial assets accounting policy	22
3.6	Financial assets impairment	23
3.7	Financial liabilities	23
3.8	Reclassification of financial instruments	23
3.9	Financial instruments derecognition	23
3.10	Derivative and hedging financial instruments	24
3.11	Derivative financial instruments not<br> considered as hedges	25
3.12	Deferred acquisition costs from insurance<br> contracts	25
3.13	Leases	25
3.14	Inventory measurement	26
3.15	Non-controlling interests	27
3.16	Related party transactions	27
3.17	Property, plant and equipment	27
3.18	Depreciation of property, plant and<br> equipment	28
Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022
---
3.19	Goodwill	28
---	---	---
3.20	Intangible assets other than goodwill	28
3.21	Research and development expenses	30
3.22	Exploration and evaluation expenses	30
3.23	Impairment of non-financial assets	31
3.24	Minimum dividend	31
3.25	Earnings per share	31
3.26	Other provisions	32
3.27	Obligations related to employee termination<br> benefits and pension commitments	32
3.28	Compensation plans	32
3.29	Revenue recognition	33
3.30	Finance income and finance costs	33
3.31	Current income tax and deferred	33
3.32	Operating segment reporting	35
3.33	Primary accounting criteria, estimates<br> and assumptions	35
3.34	Environment	36
Note 4	Financial risk management	37
4.1	Financial risk management policy	37
4.2	Risk Factors	37
4.3	Risk measurement	43
Note 5	Separate information on the main office, parent entity and joint action agreements	44
5.1	Parent’s stand-alone assets and liabilities	44
5.2	Parent entity	44
Note 6	Board of Directors, Senior Management and Key management personnel	45
6.1	Remuneration of the Board of Directors and Senior Management	45
6.2	Key management personnel compensation	47
Note 7	Background on companies included in consolidation and non-controlling interests	48
7.1	Background on companies included in consolidation	48
7.2	Assets, liabilities, results of consolidated subsidiaries<br> as of June 30, 2022.	50
7.3	Background on non-controlling interests	54
Note 8	Equity-accounted investees	55
8.1	Investments in associates recognized according to the<br> equity method of accounting	55
8.2	Assets, liabilities, revenue and expenses of associates	57
8.3	Disclosures regarding interests in associates	58
Note 9	Joint Ventures	59
9.1	Investment in joint ventures accounted for under the<br> equity method of accounting.	59
9.2	Assets, liabilities, revenue and expenses from joint<br> ventures	62
9.3	Other Joint Venture disclosures	63
9.4	Disclosure of interests in joint ventures	64
9.5	Joint Ventures	64
Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022
---
Note 10	Cash and cash equivalents	65
---	---	---
10.1	Types of cash and cash equivalents	65
10.2	Short-term investments, classified as cash equivalents	65
10.3	Amount restricted cash balances	65
10.4	Short-term deposits, classified as cash equivalents	66
Note 11	Inventories	67
Note 12	Related party disclosures	69
12.1	Related party disclosures	69
12.2	Relationships between the parent and the entity	69
12.3	Detailed identification of related parties and subsidiaries	70
12.4	Detail of related parties and related party transactions	74
12.5	Trade receivables due from related parties, current:	75
12.6	Other disclosures:	75
Note 13	Financial instruments	76
13.1	Types of other current and non-current financial assets	76
13.2	Trade and other receivables	77
13.3	Hedging assets and liabilities	80
13.4	Financial liabilities	81
13.5	Trade and other payables	91
13.6	Financial asset and liability categories	93
13.7	Fair value measurement of finance assets and liabilities	95
13.8	Estimated fair value of financial instruments	98
13.9	Reconciliation of net debt and lease liabilities.	99
Note 14	Right-of-use assets and Lease liabilities	100
14.1	Right-of-use assets	100
14.2	Lease liabilities	101
Note 15	Intangible assets and goodwill	110
15.1	Reconciliation of changes in intangible assets and<br> goodwill	110
Note 16	Property, plant and equipment	117
16.1	Types of property, plant and equipment	117
16.2	Conciliation of changes in property, plant and equipment<br> by type:	119
16.3	Detail of property, plant and equipment pledged as<br> guarantee	123
16.4	Cost of capitalized interest, property, plant and equipment	123
Note 17	Other current and non-current non-financial assets	124
Note 18	Employee benefits	127
18.1	Provisions for employee benefits	127
18.2	Policies on defined benefit plan	127
18.3	Other long-term benefits	128
18.4	Post-employment benefit obligations	128
18.5	Staff severance indemnities	129
18.6	Executive compensation plan	130
Note 19	Provisions and other non-financial liabilities	131
19.1	Types of provisions	131
19.2	Description of other provisions	132
Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022
---
19.3	Other non-financial liabilities,<br> Current	133
---	---	---
19.4	Changes in provisions	134
Note 20	Disclosures on equity	135
20.1	Capital management	135
20.2	Operational restrictions and financial limits	135
20.3	Disclosures on preferred share capital	136
20.4	Disclosures on reserves in Equity	138
20.5	Dividend policies	140
20.6	Interim and provisional dividends	141
20.7	Potential and provisional dividends	142
Note 21	Contingencies and restrictions	143
21.1	Lawsuits and other relevant events	143
21.2	Environmental contingencies	145
21.3	Tax Contingencies	145
21.4	Contingencies regarding to the Contracts with Corfo	146
21.5	Restricted or pledged cash	146
21.6	Securities obtained from third parties	147
21.7	Indirect guarantees	147
Note 22	Environment	148
22.1	Disclosures of disbursements related to the environment	148
22.2	Detailed information on disbursements related to the<br> environment	150
22.3	Description of each project, indicating whether these<br> are in process or have been finished	161
Note 23	Gains (losses) from operating activities in the statement of income of expenses, included according to their nature	168
23.1	Revenue from operating activities customer activities	168
23.2	Cost of sales	170
23.3	Other income	171
23.4	Administrative expenses	171
23.5	Other expenses	172
23.6	Other (losses) income	172
23.7	(Impairment) /reversal of value of financial assets<br> impairment losses	172
23.8	Summary of expenses by nature	173
23.9	Finance expenses	173
23.10	Finance income	174
Note 24	Reportable segments	175
24.1	Reportable segments	175
24.2	Reportable segment disclosures:	177
24.3	Statement of comprehensive income classified by reportable<br> segments based on groups of products	179
24.4	Disclosures on geographical areas	181
24.5	Disclosures on main customers	181
24.6	Segments by geographical areas	182
Note 25	Effect of fluctuations in foreign currency exchange rates	183
Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022
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Note 26	Disclosures on the effects of fluctuations in foreign currency exchange rates	185
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Note 27	Income tax and deferred taxes	191
27.1	Current and non-current tax assets	191
27.2	Current tax liabilities	192
27.3	Income tax and deferred taxes	193
Note 28	Events occurred after the reporting date	201
28.1	Authorization of the financial statements	201
28.2	Disclosures on events occurring after the reporting<br> date	201
Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022
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ConsolidatedInterim Classified Statements of Financial Position

		As<br> of June 30, 2022 (Unaudited)	As<br> of December 31,<br> 2021 (Audited)
ASSETS	Note N°	ThUS	ThUS
Current Assets
Cash and cash equivalents	10.1
Other current financial assets	13.1
Other current non-financial assets	17
Trade and other receivables, current	13.2
Trade receivables due from related parties, current	12.5
Current inventories	11
Current tax assets	27.1
Total current assets other than<br> those classified as held for sale or disposal
Non-current assets or groups of assets<br> classified as held for sale
Total non-current assets held for<br> sale
Total current assets
Non-current assets
Other non-current financial assets	13.1
Other non-current non-financial assets	17
Non-current trade receivables	13.2
Investments classified using the equity method of accounting	8.1-9.1
Intangible assets other than goodwill	15.1
Goodwill	15.1
Property, plant and equipment net	16.1
Right-of-use assets	14.1
Non-current tax assets	27.1
Deferred tax assets	27.3
Total non-current assets
Total assets

All values are in US Dollars.

The accompanying notes form an integral part of these consolidated interim financial statements.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Consolidated Interim ClassifiedStatements of Financial Position

		As<br> of June 30, 2022 (Unaudited)		As<br> of December 31,<br> 2021 (Audited)
Liabilities and Equity	Note N°	ThUS		ThUS
Current liabilities
Other current financial liabilities	13.4
Lease liabilities, current	14.2
Trade and other payables, current	13.5
Other current provisions	19.1
Current tax liabilities	27.2
Provisions for employee benefits, current	18.1
Other current non-financial liabilities	19.3
Total current liabilities
Non-current liabilities
Other non-current financial liabilities	13.4
Non-current lease liabilities	14.2
Non-current trade and other payables	13.5
Other non-current provisions	19.1
Deferred tax liabilities	27.3
Non-current provisions for employee benefits	18.1
Total non-current liabilities
Total liabilities
Equity
Equity attributable to owners of the Parent	20
Share capital
Retained earnings
Other reserves			)		)
Equity attributable to owners of the Parent
Non-controlling interests
Total equity
Total liabilities and equity

All values are in US Dollars.

The accompanying notes form an integral part of these consolidated interim financial statements.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Consolidated Interim Statementsof Income (Unaudited)

		For the<br> period from January to June of the year				For the<br> period from April to June of the year
		2022		2021		2022		2021
Consolidated Interim<br> Statements of Income	Note N°	ThUS		ThUS		ThUS		ThUS
Revenue	23.1
Cost of sales	23.2		)		)		)		)
Gross profit
Other income	23.3
Administrative expenses	23.4		)		)		)		)
Other expenses	23.5		)		)		)		)
Impairment of financial assets and reversal of impairment<br> losses	23.7		)		)		)		)
Other (losses) gains	23.6		)		)		)		)
Profit from operating activities
Finance income	23.10
Finance costs	16-23.9		)		)		)		)
Share of profit of associates and joint ventures accounted<br> for using the equity method	8.1-9.3
Foreign currency translation differences	25		)		)		)		)
Profit before taxes
Income tax expense	27.3		)		)		)		)
Net profit
Profit attributable to:
Profit attributable to Owners of the Parent
Profit attributable to Non-controlling<br> interests

All values are in US Dollars.

	For the<br> period from January to June of the year		For the<br> period from April to June of the year
	2022	2021	2022	2021
Earnings per share	ThUS	ThUS	ThUS	ThUS
Common shares
Basic earnings per share (US per share)
Diluted common shares
Earnings per share (US per share)

All values are in US Dollars.

The accompanying notes form an integral part of these consolidated interim financial statements.

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Consolidated Interim Statementsof Comprehensive Income (Unaudited)

	For the<br> period from January to June of the year				For the<br> period from April to June of the year
	2022		2021		2022		2021
Consolidated Interim<br> Statements of Comprehensive Income	ThUS		ThUS		ThUS		ThUS
Net profit
Items of other comprehensive income that will not be<br> reclassified to profit for the year, before taxes
Gains from measurements of defined benefit plans						)
Gains from financial assets measured<br> irrevocably at fair value through other comprehensive income				)		)		)
Total other comprehensive income<br> that will not be reclassified to profit for the year, before taxes				)		)		)
Items of other comprehensive income that will be reclassified<br> to profit for the year, before taxes
Foreign currency exchange gains		)				)
Gains from cash flow hedges				)				)
Total other comprehensive income<br> that will be reclassified to profit for the year				)				)
Other items of other comprehensive<br> income, before taxes				)				)
Income taxes related to items of other comprehensive<br> income that will not be reclassified to profit for the year
Income tax related to measurement of defined benefit pension<br> plans through other comprehensive income		)		)
Income tax related to gains on financial<br> assets measured irrevocably at fair value through other comprehensive income		)
Total income tax relating to components<br> of other comprehensive income that will be not reclassified to profit for the year		)
Income taxes relating to components of other comprehensive<br> income that will be reclassified to profit for the year
Income tax related to gains on cash flow<br> hedges		)				)
Total income tax relating to components<br> of other comprehensive income that will be reclassified to profit for the year		)				)
Total other comprehensive income				)				)
Total comprehensive income
Comprehensive income attributable to
Comprehensive income attributable to owners of the parent
Comprehensive income attributable to<br> non-controlling interest

All values are in US Dollars.

The accompanying notes form an integral part of these consolidated interim financial statements.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Consolidated Interim Statementsof Cash Flows (Unaudited)

		For the<br> period from January to June of the year
		2022		2021
Consolidated Interim<br> Statements of Cash Flows	Note N°	ThUS		ThUS
Cash flows from (used in) operating activities
Classes of cash receipts from operating activities
Cash receipts from sales of goods and rendering of services
Cash receipts from premiums and benefits, annuities and other<br> benefits from policies entered
Cash receipts derived from sub-leases
Classes of Payments
Cash payments to suppliers for the provision of goods and<br> services			)		)
Cash payments relating to variable leases			)		)
Other payments related to operating activities			)		)
Net cash generated from operating activities
Dividends received
Interest paid			)		)
Interest paid on lease liabilities			)		)
Interest received
Income taxes paid			)		)
Other cash (outflows) inflows (1)			)
Net cash generated from operating<br> activities
Cash flows from (used in) investing activities
Proceeds from the sale of equity instruments
Proceeds from the sale of property, plant and equipment
Acquisition of property, plant and equipment			)		)
Proceeds from sales of intangible assets
Proceeds related to futures, forward options and swap contracts					)
Loans to related parties
Cash flows proceeds from the sale of interests in joint ventures
Purchase of other long-term assets			)
Other cash (outflows) inflows (2)					)
Cash flow used in investing activities			)		)

All values are in US Dollars.

(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 interim financial statements.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

ConsolidatedInterim Statements of Cash Flows (Unaudited)

		For the<br> period from January to<br> June of the year
		2022		2021
Consolidated Interim<br> Statements of Cash Flows	Note N°	ThUS		ThUS
Cash flows generated from (used in) financing activities
Repayment of lease liabilities			)		)
Payment of borrowings			)		)
Payed dividends			)		)
Capital stock increase
Net cash generated from financing<br> activities			)
Net Increase in cash and cash equivalents<br> before the effect of changes in the exchange rate
Effects of exchange rate fluctuations<br> on cash and cash equivalents			)		)
Increase in cash and cash equivalents
Cash and cash equivalents at beginning<br> of period
Cash and cash equivalents at end<br> of period	10

All values are in US Dollars.

The accompanying notes form an integral part of these consolidated interim financial statements.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Consolidated Interim Statementsof Changes in Equity (Unaudited)

Consolidated<br> Interim Statements of	Share<br> capital	Foreign<br> currency translation reserves		Hedge<br> reserves		Gains<br> and losses from financial assets reserve		Actuarial<br> gains and losses from defined benefit plans reserve		Accumulated<br> other comprehensive income		Other<br> miscellaneous reserves		Total<br> reserves		Retained<br> earnings		Equity<br> attributable to owners of the Parent		Non-<br> controlling interests		Total<br> Equity
Changes<br> in Equity	ThUS	ThUS		ThUS		ThUS		ThUS		ThUS		ThUS		ThUS		ThUS		ThUS		ThUS		ThUS
Equity at January 1, 2022			)		)		)		)		)				)
Net profit
Other comprehensive income			)
Comprehensive income			)
Sale of equity instruments irrevocably recognized in OCI
Dividends (1)																	)		)		)		)
Capital stock increase
Other decrease in equity													)		)				)				)
Total changes in equity			)										)
Equity as of June 30, 2022			)		)		)		)		)				)

All values are in US Dollars.

Consolidated<br> Interim Statements of	Share<br> capital	Foreign<br> currency translation reserves		Hedge<br> reserves		Gains<br> and losses from financial assets reserve		Actuarial<br> gains and losses from defined benefit plans reserve		Accumulated<br> other comprehensive income		Other<br> miscellaneous reserves		Total<br> reserves		Retained<br> earnings		Equity<br> attributable to owners of the Parent		Non-<br> controlling interests		Total<br> Equity
Changes<br> in Equity	ThUS	ThUS		ThUS		ThUS		ThUS		ThUS		ThUS		ThUS		ThUS		ThUS		ThUS		ThUS
Equity at January 1, 2021			)						)		)
Net Profit
Other comprehensive income					)		)				)				)				)				)
Comprehensive income					)		)				)				)
Sale of equity instruments irrevocably recognized in OCI							)				)				)
Dividends (1)																	)		)		)		)
Capital stock increase
Other increases (decreases) in equity													)		)				)				)
Total changes in equity					)		)				)		)		)						)
Equity as of June 30, 2021			)		)		)		)		)				)

All values are in US Dollars.

(1)	See Note 20.7

The accompanying notes form an integral part of these consolidated interim financial statements.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

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;

“CINIIF’’ International Financial Reporting Interpretations Committee;

“CMF’’ Financial Market Commission;

“Directors’ Committee” The Company’s Directors’ Committee;

“CorporateGovernance Committee’’ The Company’s Corporate Governance Committee;

“Health,Safety and Environment Committee’’ The Company’s Health, Safety and Environment Committee;

“LeaseAgreement’’ 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;

“UnitedStates” United States of America;

“FNE’’ Chilean National Economic Prosecutor's Office;

“Management’’ the Company’s management;

"SQMGroup’’ The corporate group composed of the Company and its subsidiaries

“PampaGroup’’ 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;

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

“IFRIC’’ International Financial Reporting Interpretations Committee;

“IPC” Consumer Price Index;

“IRS” interest rate swap;

“Securities Market Law” Securities Market Law No. 18,045;

“CorporateLaw'' Ley 18,046 on corporations;

“ThUS$'' thousands of Dollars;

“MUS$'' millions of Dollars;

“IAS” International Accounting Standard;

“IFRS” International Financial Reporting Standard;

“ILO” International Labor 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.;

“SQMIndustrial” SQM Industrial S.A.;

“SQMNA” SQM North America Corporation;

“SQMNitratos” SQM Nitratos S.A.;

“SQMPotasio” SQM Potasio S.A.;

“SQMSalar” 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.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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<br> (Mining)
•	2200<br> (Chemical products)
---	---
•	1300<br> (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.

| 10 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

(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.

| 11 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 1.5 | Other background | | --- | --- | | (a) | Employees | | --- | --- |

As of June 30, 2022, and December 31, 2021, the workforce was as follows:

****	As of June 30, 2022						As of December 31, 2021
Employees	SQM S.A.		Other subsidiaries		Total		SQM S.A.		Other subsidiaries		Total
Executives		31		111		142		33		103		136
Professionals		121		1,818		1,939		117		1,639		1,756
Technicians and operators		304		4,077		4,381		275		3,914		4,189
Overall total		456		6,006		6,462		425		5,656		6,081
	As of<br> June 30, 2022						As of December 31, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---
Place of work	SQM S.A.		Other <br><br> subsidiaries		Total		SQM S.A.		Other <br><br> subsidiaries		Total
In Chile		456		5,587		6,043		425		5,246		5,671
Outside Chile		-		419		419		-		410		410
Overall total		456		6,006		6,462		425		5,656		6,081
(b)	Main shareholders
---	---

As of June 30, 2022, there were 1,148 shareholders.

Following table shows information about the main shareholders of the Company’s Series A or Series B shares in circulation as of June 30, 2022, and as of December 31, 2021, 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:

Shareholders<br> as of June 30, 2022
The Bank of New York Mellon,<br> ADRs	-	-		72,373,970	50.68	%	25.34	%
Inversiones TLC SpA (1)	62,556,568	43.80	%	-	-		21.90	%
Sociedad de Inversiones Pampa Calichera<br> S.A. (2)	44,989,231	31.50	%	-	-		15.75	%
Potasios de Chile S.A.	18,179,147	12.73	%	-	-		6.36	%
Banco de Chile via State Street	71,748	0.05	%	9,380,609	6.57	%	3.31	%
Banco Santander via foreign investor<br> accounts	540,690	0.38	%	8,270,187	5.79	%	3.08	%
Inv. Global Mining (Chile) Ltda.	8,798,539	6.16	%	-	-		3.08	%
AFP Habitat S.A.	-	-		8,228,048	5.76	%	2.88	%
Banco de Chile non-resident third party<br> accounts	101,953	0.07	%	7,409,131	5.19	%	2.63	%
AFP Cuprum S.A.	-	-		5,995,839	4.20	%	2.10	%
AFP Capital S.A.	-	-		5,616,358	3.93	%	1.97	%
AFP Provida S.A.	-	-		5,125,451	3.59	%	1.79	%

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Shareholders as of December 31, 2021 | No. of Series A | | % of Series A shares | | | No. of Series B | | % of Series B shares | | | % of total shares | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | The Bank of New York Mellon, ADRs | | - | | - | | | 67,603,420 | | 47.34 | % | | 23.67 | % | | Inversiones TLC SpA (1) | | 62,556,568 | | 43.80 | % | | - | | - | | | 21.90 | % | | Sociedad de Inversiones Pampa Calichera S.A. (2) | | 44,989,231 | | 31.50 | % | | - | | - | | | 15.75 | % | | Potasios de Chile S.A. | | 18,179,147 | | 12.73 | % | | - | | - | | | 6.36 | % | | Banco de Chile via State Street | | 23,428 | | 0.02 | % | | 9,178,379 | | 6.43 | % | | 3.22 | % | | Banco Santander via foreign investor accounts | | - | | - | | | 8,856,091 | | 6.20 | % | | 3.10 | % | | Inv. Global Mining (Chile) Ltda. | | 8,798,539 | | 6.16 | % | | - | | - | | | 3.08 | % | | Banco de Chile non-resident third party accounts | | 445 | | - | | | 7,939,865 | | 5.56 | % | | 2.78 | % | | Banco de Chile via Citi NA New York Clients | | 67,463 | | 0.05 | % | | 4,795,310 | | 3.36 | % | | 1.70 | % | | Inversiones la Esperanza de Chile Limitada | | 4,246,226 | | 2.97 | % | | - | | - | | | 1.49 | % | | Larraín Vial S.A. Corredora de Bolsa | | 125,726 | | 0.09 | % | | 3,653,614 | | 2.56 | % | | 1.32 | % | | AFP Habitat S.A. for Pension Fund C | | - | | - | | | 2,914,292 | | 2.04 | % | | 1.02 | % |

(1) As reported by DCV, which records the Company's shareholders' register as of June 30, 2022 and December 31, 2021, Inversiones TLC SpA, a subsidiary wholly owned Tianqi Lithium Corporation, is the direct owner of 62,556,568 Series A shares of The Company equivalent to 21.90% of SQM’s shares. Tianqi Lithium Corporation it owns 748,820 Series B SQM shares as reported by Inversiones TLC Spa. So as of June 30, 2022, Tianqi Lithium Corporation owns 22.16% of SQM's total Series A shares and ADS holders of Series B shares. As of December 31, 2021, Tianqi Lithium Corporation holds 23.75% of all SQM shares through Series A shares and ADS holders of Series 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.

1.6	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 right 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 April 28, 2021, contributed capital is US$ 1.1 billion net of expenses and others for ThUS 24,503.

| 13 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Note 2 | Basis of presentation for the consolidatedfinancial statements | | --- | --- | | 2.1 | Accounting period | | --- | --- |

These consolidated financial statements cover the following periods:

(a)	Consolidated Interim Statements of Financial Position as of June 30,<br> 2022 and December 31, 2021.
(b)	Consolidated<br> Interim Statements of Income for the six-month periods ended June 30, 2022 and 2021.
(c)	Consolidated<br> Interim Statements of Comprehensive Income for the six-month periods ended June 30,<br> 2022 and 2021.
(d)	Consolidated Interim Statements of Changes in Equity for the six-month periods ended June 30,<br> 2022 and 2021.
(e)	Consolidated Interim Statements of Cash Flows for the six-month periods ended June 30,<br> 2022 and 2021.
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 interim financial statements fairly reflect the Company’s financial position, as of June 30, 2022, and December 31, 2021, the comprehensive results of operations, changes in equity and cash flows occurring for the periods ended as of June 30, 2022 and 2021.

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.

| 14 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 2.3 | Basis of measurement | | --- | --- |

The consolidated financial statements have been prepared on the historical cost basis except for the following:

(a)	Inventories<br> are recorded at the lower of cost and net realizable value.
(b)	Financial<br> derivatives measured at fair value.
(c)	Certain<br> financial investments measured at fair value with an offsetting entry in other comprehensive<br> income.

| 15 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 2.4 | Accounting pronouncements | | --- | --- |

New accounting pronouncements

(a)	The following standards, interpretations and amendments are mandatory<br> for the first time for annual periods beginning on January 1, 2022:
Amendments and improvements	Description	Mandatory for annual periods beginning on or after
---	---	---
Reference the Conceptual<br> Framework, amendments to IFRS 3.	Minor changes were made<br> to the IFRS 3 “Business Combinations” to update the references to the conceptual framework for financial reporting without<br> changing the requirements for business combinations.	01-01-2022
Amendment to IAS 16, "Property,<br> Plant and Equipment."	Prohibits a company from<br> deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing<br> the asset for its intended use. Instead, a company will recognize such sales proceeds and related cost in profit or loss.	01-01-2022
Amendment to IAS 37, "Provisions,<br> Contingent Liabilities and Contingent Assets".	Clarifies for onerous contracts<br> what unavoidable costs a company must include to evaluate whether a contract generates losses.	01-01-2022
Annual Improvements to<br> IFRS Standards 2018-2020 The following improvements were finalized in May 2020:
IFRS 9 Financial Instruments.	Clarifies what fees must<br> be included in the "10 percent" test when evaluating whether to derecognize a financial liability	01-01-2022
IFRS 16 Leases	The amendment to illustrative<br> example 13 removes the illustration of the reimbursement of improvements to the leased asset made by the lessor to resolve any potential<br> confusion in the treatment of lease incentives.	01-01-2022

Management determined that the adoption of the aforementioned standards, amendments and interpretations did not significantly impact the company’s consolidated financial statements.

| 16 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (b) | Standards, interpretations and amendments issued that had not become effective for financial statements beginning on January 1, 2022 and which the Company has not adopted early are as follows: | | --- | --- | | Standards and Interpretations | Description | Mandatory for annual periods beginning on or after | | --- | --- | --- | | Amendment to IAS 1 “Presentation of financial statements” on classification of liabilities. | 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. Effective date of application January 1, 2022; however, such date was deferred to January 1, 2024. | 01-01-2024 | | Amendments to IAS 1: “Presentation of the Financial Statements” and IAS 8 “Accounting policies, changes in accounting estimates and errors”. | 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. | 01-01-2023 | | Amendment to IAS 12 - Deferred taxes related to assets and liabilities that arise from a single transaction. | 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. | 01-01-2023 | | Amendment to IFRS 10 “Consolidated Financial Statements” and IAS 28 “Investments in Associates and Joint Ventures”, Published in September 2014. | 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. Earlier application is permitted. | undetermined |

Management believes that the adoption of the above standards, amendments and interpretations will not have a significant impact on the Company’s financial statements.

| 17 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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 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 acquire.

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.

| 18 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

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''.

| 19 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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<br> and liabilities are converted at the closing exchange rate prevailing on the reporting date.
-	Revenues<br> and expenses of each profit or loss account are converted at monthly average exchange rates.
---	---
-	All<br> resulting foreign currency translation gains and losses are recognized as a separate component<br> 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.

| 20 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

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:

****	Closing<br> exchange rates		Average exchange rates
	As of<br> June 30,<br> 2022	As of<br> December 31,<br> 2021	As of <br> June 30,<br> 2022	As of<br> December 31,<br> 2021
Currencies	ThUS	ThUS	ThUS	ThUS
Brazilian real
New Peruvian sol
Japanese yen
Euro
Mexican peso
Australian dollar
Pound Sterling
South African rand
Chilean peso
Chinese yuan
Indian rupee
Thai Baht
Turkish lira
Korean Won
Indonesian Rupiah
United Arab Emirates dirham
Polish Zloty
UF (*)

All values are in US Dollars.

(*) 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 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.

| 21 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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<br> that meet the following conditions are included in this category (i) the business model that supports<br> it aims to maintain the financial assets to obtain the contractual cash flows and the contractual conditions<br> of the financial asset give place, on specified dates, to cash flows that are only payments of the<br> principal and interest on the outstanding principal amount. The Company’s financial assets that<br> meet these conditions are: (ii) cash equivalents; (iii) related party receivables; (iv) trade<br> debtors; (v) other receivables.
(b)	Financial instruments at fair value. A financial asset should be measured<br> at fair value through profit or loss or fair value through other comprehensive income, depending on<br> the following:
---	---
(i)	"Fair Value Through Other Comprehensive<br> Income": Assets held to collect contractual cash flows and to be sold, where the asset<br> cash flows are only capital and interest payments, are measured at fair value through other<br> comprehensive income. Changes in book values are through other comprehensive income, except<br> for the recognition of impairment losses, interest income and exchange gains and losses,<br> which are recognized in the income statement. When a financial asset is derecognized, the<br> cumulative gain or loss previously recognized in other comprehensive income is reclassified<br> from equity to the income statement. Interest income from these financial assets is included<br> in financial income using the effective interest method.
---	---
(ii)	"Fair Value Through Profit and<br> Loss": Assets that do not meet the amortized cost or "Fair Value Through Other<br> Comprehensive Income" criteria are valued at "Fair Value Through Profit and Loss".
---	---
(c)	Financial<br> equity assets at fair value through other comprehensive income. Equity instruments that are<br> not classified as held for trading and which the Group has irrevocably chosen to recognize<br> in this category. Amounts presented in other comprehensive income will not be subsequently<br> transferred to profit or loss.
---	---

| 22 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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<br> recognized (fair value hedges).
b)	Hedging of a single risk associated with<br> 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.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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 June 30, 2022, and December 31, 2021, 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
(a)	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.

(b)	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.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (c) | 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<br> 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:

(a)	Provision<br> associated with the lower value of stock: The provision is directly identified with<br> the product that generates it and involves three types: (i) provision of lower realizable<br> value, which corresponds to the difference between the inventory cost of intermediary or<br> finished products, and the sale price minus the necessary costs to bring them to the same<br> conditions and location as the product with which they are compared; (ii) provision<br> for future uncertain use that corresponds to the value of those products in process that<br> are likely not going to be used in sales based on the company’s long-term plans; (iii) reprocessing<br> costs of products that are unfeasible for sale due to current specifications.
(b)	Provision<br> associated with physical differences in inventory: A provision is made for differences<br> that exceed the tolerance considered in the respective inventory process (physical and annual<br> inventories are taken for the productive units in Chile and the port of Tocopilla; the business<br> subsidiaries depend on the last zero ground obtained, but in general it is at least once<br> a year), these differences are recognized immediately.
---	---
(c)	Potential<br> errors in the determination of stock: The company has an algorithm that is reviewed<br> at least once a year and corresponds to diverse percentages assigned to each inventory based<br> on the product, location, complexity involved in the associated measurement, rotation and<br> control mechanisms.
---	---
(d)	Provisions<br> undertaken by business subsidiaries: These are historical percentages that are adjusted<br> as zero ground is attained based on normal inventory management.
---	---

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

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<br> attributable to the acquisition, construction or production of qualifying assets, which are those that<br> require a substantial period prior to being ready for use. The interest rate used is that related to<br> the project’s specific financing or, should this not exist, the average financing rate of the<br> investor company.
(b)	The<br> future costs that the Company will have to experience, related to the closure of its facilities<br> at the end of their useful life, are included at the present value of disbursements expected<br> to be required to settle the obligation and are recorded as a liability and its subsequent<br> variation is recorded directly in results.
---	---
Having initially recognized provisions for closure and<br> refurbishment, the corresponding cost is capitalized as an asset in “Property, plant<br> and equipment” and amortized in line with the amortization criteria for the associated<br> 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.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

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:

Classes<br> of property, plant and equipment	Minimum<br> life or rate<br><br> (years)
Mining assets		3	10	7
Energy generating assets		3	16	9
Buildings		3	25	14
Supplies and accessories		3	10	7
Office equipment		5	10	9
Transport equipment		5	9	7
Network and communication equipment		4	10	5
IT equipment		4	11	7
Machinery, plant and equipment		2	25	13
Other fixed assets		4	20	10
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.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (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 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<br> 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.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | f) | Minimum and maximum amortization lives or rates of intangible assets: | | --- | --- | | Estimated useful life or amortization rate | Minimum Life or Rate | Maximum Life or Rate | | --- | --- | --- | | Water rights | 5 años | Indefinite | | Rights of way | Indefinite | Indefinite | | Corfo Mining properties (1) | 9 años | 9 años | | Mining rights | Unit-production method | | | Intellectual property | 9 años | 9 años | | IT programs | 2 años | 8 años |

(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. Costs related to metal exploration are charged to profit or loss in the period in which they are recognized if the project assessed doesn't qualify for consideration as advanced exploration otherwise, these are amortized during the development stage.

(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.

Mount Holland exploration and evaluation expenditure is included in Property, plant and equipment, specifically in Construction in Progress. See Note 1. 8.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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 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 June 30, 2022, the WACC rate was 9.44%.

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.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 3.26 | Other provisions | | --- | --- |

Provisions are recognized when:

•	The<br> Company has a present, legal or constructive obligation as the result of a past event.
•	It<br> is more likely than not that certain resources must be used, to settle the obligation.
•	A<br> 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).

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

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<br> 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<br> 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<br> 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<br> the foreseeable future; and
(ii)	there is taxable profit available against which temporary differences can be used.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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<br> useful lives are determined based on current facts and past experience and take into consideration<br> the expected physical life of the asset, the potential for technological obsolescence, and<br> regulations. (See Notes 3.20, 15 and 16).
•	Impairment<br> losses of certain assets - Goodwill and intangible assets that have an indefinite useful<br> life are not amortized and are assessed for impairment on an annual basis, or more frequently<br> if the events or changes in circumstances indicate that these may have deteriorated Other<br> assets, including property, plant and equipment, exploration assets, goodwill and intangible<br> assets are reviewed for impairment whenever events or changes in circumstances indicate that<br> their carrying amounts exceed their recoverable amounts. If an impairment assessment is required,<br> the assessment of fair value or value in use often requires estimates and assumptions such<br> as discount rates, exchange rates, commodity prices, future capital requirements and future<br> operating performance. Changes in such estimates could impact the recoverable values of these<br> assets. Estimates are reviewed regularly by management (See Notes 15 and 16).
---	---
•	Assumptions<br> used in calculating the actuarial amount of pension-related and severance indemnity payment<br> benefit commitments (See Note 18).
---	---
•	Contingencies<br> – The amount recognized as a provision, including legal, contractual, constructive<br> and other exposures or obligations, is the best estimate of the consideration required to<br> settle the related liability, including any related interest charges, considering the risks<br> and uncertainties surrounding the obligation. In addition, contingencies will only be resolved<br> when one or more future events occur or fail to occur. Therefore, the assessment of contingencies<br> inherently involves the exercise of significant judgment and estimates of the outcome of<br> future events. The Company assesses its liabilities and contingencies based upon the best<br> information available, relevant tax laws and other appropriate requirements (See Note 21).<br> If the Company is unable to rationally estimate the obligation or concluded no loss is probable<br> but it is reasonably possible that a loss may be incurred, no provision is recorded but disclosed<br> in the notes to the consolidated financial statements.
---	---

| 35 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | • | 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.

| 36 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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<br> 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.

Concentrations of credit risk with regard to trade receivables are reduced, owing to the Company’s large number of clients and their distribution around the globe.

No significant modifications have been made during the period to risk models or parameters used in comparison to December 31, 2021, 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.

| 37 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

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:

		Rating						As of June 30,<br> 2022
Financial institution	Financial assets	Moody´s		S&P		Fitch		ThUS
Banco Crédito e Inversiones	Time deposits		P-1		A-2		F2
Banco Itaú Corpbanca	Time deposits		P-2		A-2		-
Banco de Chile	Time deposits		P-1		A-1		-
Banco Santander – Santiago	Time deposits		P-1		A-2		-
Scotiabank Chile	Time deposits		-		A		F1+
Sumitomo Mitsui Banking	Time deposits		P-1		A-		F1
JP Morgan US dollar Liquidity Fund Institutional	Investment fund		Aaa-mf		AAAm		AAAmmf
Legg Mason - Western Asset Institutional<br> cash reserves	Investment fund		-		AAAm		AAAmmf
Total

All values are in US Dollars.

		Rating						As of June 30,<br> 2022
Financial institution	Financial assets	Moody´s		S&P		Fitch		ThUS
Banco Crédito e Inversiones	Time deposits		P-1		A-2		F2
Banco Itaú Corpbanca	Time deposits		P-2		A-2		-
Banco Santander – Santiago	Time deposits		P-1		A-2		-
Banco Estado	Time deposits		A-1		A		-
Scotiabank Chile	Time deposits		-		A		F1+
Sumitomo Mitsui Banking	Time deposits		P-1		A-		F1
Credit Suisse	Time deposits		P-1		A-1		F2
Total

All values are in US Dollars.

****	****	Rating						As of<br> December 31,<br> 2021
Financial institution	Financial assets	Moody´s		S&P		Fitch		ThUS
Banco Crédito e Inversiones	Time deposits		P-1		A-2		F2-
Banco Itaú Corpbanca	Time deposits		P-2		A-2		-
Banco Santander – Santiago	Time deposits		P-1		A-2		-
Scotiabank Sud Americano	Time deposits		P-1		A-1		F1+
Credit Suisse	Time deposits		-		-		F1+
JP Morgan US dollar Liquidity Fund Institutional	Investment fund		Aaa-mf		AAAm		AAAmmf
Legg Mason - Western Asset Institutional cash reserves	Investment fund		-		AAAm		AAAmmf
Total

All values are in US Dollars.

| 38 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | **** | **** | Rating | | | | | | As of December 31, 2021 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Financial institution | Financial assets | Moody´s | | S&P | | Fitch | | ThUS | | Banco Crédito e Inversiones | Time deposits | | P-1 | | A-2 | | - | | | Banco Itaú Corpbanca | Time deposits | | P-2 | | A-2 | | - | | | Banco Santander – Santiago | Time deposits | | P-1 | | A-2 | | - | | | Scotiabank Sud Americano | Time deposits | | P-1 | | A-1 | | F1+ | | | Sumitomo Mitsui Banking | Time deposits | | P-1 | | - | | F1 | | | Total | | | | | | | | |

All values are in US Dollars.

| 39 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | | | Rating | | | | | | As of June 30, 2022 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Financial institution | Financial assets | Moody´s | | S&P | | Fitch | | ThUS | | Agricultural Development of China | Bank notes | | P-1 | | A-1 | | A+u | | | Bank of Beijing | Bank notes | | - | | - | | BB+u | | | Bank of China | Bank notes | | P-1 | | A-1 | | A | | | Bank of Communications | Bank notes | | P-1 | | A-2 | | A | | | Bank of Ningbo | Bank notes | | P-2 | | - | | - | | | China CITIC Bank | Bank notes | | P-2 | | A-2 | | BBBu | | | China Construction Bank Corporation | Bank notes | | - | | A-1 | | A | | | China Everbright Bank | Bank notes | | (P)P-2 | | A-2 | | BBB | | | China Guangfa Bank | Bank notes | | P-3 | | A-3 | | BB+u | | | China Merchants | Bank notes | | - | | A-2 | | A-u | | | China Minsheng Bank | Bank notes | | - | | A-3 | | BB+u | | | China Zheshang Bank | Bank notes | | - | | A-3 | | - | | | Citibank | Bank notes | | P-1 | | A-1 | | A+ | | | Huaxia Bank | Bank notes | | - | | A-3 | | BB+u | | | Industrial & Commercial Bank of China Limited | Bank notes | | P-1 | | A-1 | | Au | | | Industrial Bank | Bank notes | | P-2 | | - | | BBB | | | Ping An Bank | Bank notes | | P-2 | | A-2 | | BB+u | | | Postal Savings Bank of China | Bank notes | | - | | A-1 | | A+ | | | Shanghai Pudong Development Bank | Bank notes | | P-2 | | A-2 | | BBB | | | Others | Bank notes | | - | | - | | - | | | Total | | | | | | | | |

All values are in US Dollars.

		Rating						As of <br> December 31, <br> 2021
Financial institution	Financial assets	Moody´s		S&P		Fitch		ThUS
Agricultural Bank of China	Bank notes		P-1		A-1		A
Bank of China Limited	Bank notes		P-1		A-1		A
Bank of Communications	Bank notes		P-1		A-2		A
China CITIC Bank Corp Ltd	Bank notes		P-2		A-2		BBBu
China Construction Bank Corporation	Bank notes		-		A-1		A
China Everbright Bank Co. Ltd	Bank notes		(P)P-2		A-2		BBB
China Merchants Bank	Bank notes		-		A-2		A-u
China Minsheng Bank Corporation	Bank notes		-		A-3		BB+u
Industrial & Commercial Bank of China Limited	Bank notes		P-1		A-1		Au
Industrial Bank	Bank notes		P-2		-		BBB
Ping An Bank	Bank notes		P-2		A-2		BB+u
Shanghai Pudong Development Bank Co. Ltd	Bank notes		P-2		A-2		BBB
China Development Bank	Bank notes		A1		A-1		F1+u
Postal Savings Bank of China	Bank notes		-		A-1		A+
KEB Hana Bank (China)	Bank notes		P-1		A-1		F1+
Total

All values are in US Dollars.

| 40 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (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 second quarter of 2022, approximately US$297 million accumulated in expenses are associated with the Peso.

As of June 30, 2022, the Company held derivative instruments classified as hedges of foreign exchange risks associated with 100% of all of the bond obligations denominated in UF, for a fair value of US$ 62.71 million of net liabilities, this significant variation is explained primarily by the USD/CLP exchange rate observed at the end of the period. As of December 31, 2021, this value amounted to US$ 81.60 million of net liabilities.

Furthermore, on of June 30, 2022, 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$36.57 million of net assets. As of December 31, 2021, this value amounted to US$ 12.61 million of net assets.

The Company had the following derivative contracts as of June 30, 2022 (at the absolute value of the sum of their notional values), to hedge the difference between its assets and liabilities: US$ 96.75 CLP/US dollar derivative contracts, US$ 60.17 Euro/US dollar derivative contracts, US$ 30.17 million in South African rand/US dollar derivative contracts, US$ 204.85 million in Chinese renminbi/US dollar derivative contracts, US$ 38.04 million in Australian dollar/US dollar derivative contracts and US$ 15.58 million in other currencies.

These derivative contracts are held with domestic and foreign banks, which have the following credit ratings.

		Rating
Financial institution	Financial assets	Moody´s	S&P	Fitch
Banco Estado	Derivative	A 1	A	-
Merrill Lynch International	Derivative	-	A+	AA
JP Morgan	Derivative	P-1	A-2	F1+
Morgan Stanley	Derivative	P-1	A-2	F1
The Bank of Nova Scotia	Derivative	P-1	A-1	F1+
Banco Itaú Corpbanca	Derivative	P-2	A-2	-
Goldman Sachs	Derivative	P-1	A-1	F1
(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.

| 41 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

As of June 30, 2022, the Company has 2.8% 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 June 30, 2022, this was 1.82 and 4.76 for December 31, 2021).

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 June 30, 2022, the Company had unused, available revolving credit facilities with banks, for a total of US$ 508 million.

The position in other cash and cash equivalents are invested in highly liquid mutual funds with an AAA risk rating.

	Nature<br> of undiscounted cash flows
As of June 30,<br> 2022<br> (Figures expressed in millions of US dollars)	Carrying<br><br> amount		Less than<br> 1<br> year		1 to 5<br> years		Over 5<br> years		Total
Bank borrowings		70.19		72.28		-		-		72.28
Unsecured obligations		2,499.64		406.53		607.78		2,921.96		3,936.27
Sub total		2,569.83		478.81		607.78		2,921.96		4,008.55
Hedging liabilities		64.37		18.20		26.08		45.05		89.33
Derivative financial instruments		8.04		8.04		-		-		8.04
Sub total		72.41		26.24		26.08		45.05		97.37
Current and non-current lease liabilities		60.00		11.26		36.61		26.29		74.16
Trade accounts payable and other accounts payable		382.99		382.99		-		-		382.99
Total		3,085.23		899.3		670.47		2,993.3		4,563.07
	Nature<br> of undiscounted cash flows
---	---	---	---	---	---	---	---	---	---	---
As of December 31,<br> 2021<br> (Figures expressed in millions of US dollars)	Carrying<br><br> amount		Less than<br> 1<br> year		1 to 5<br> years		Over 5<br> years		Total
Bank borrowings		70.08		1.05		70.64		-		71.69
Unsecured obligations		2,518.64		108.06		924.03		2,980.91		4,013.00
Sub total		2,588.72		109.11		994.67		2,980.91		4,084.69
Hedging liabilities		85.25		12.38		31.58		39.70		83.66
Derivative financial instruments		1.67		1.67		-		-		1.67
Sub total		86.92		14.05		31.58		39.70		85.33
Current and non-current lease liabilities		54.22		8.88		30.97		29.08		68.93
Trade accounts payable and other accounts<br> payable		279.65		279.65		-		-		279.65
Total		3,009.51		411.69		1,057.22		3,049.69		4,518.6

As of June 30, 2022, the nominal value of the agreed cash flows in US dollars of the CCS contracts were ThUS$ 533,543 (ThUS$ 549,239 as of December 31, 2021).

^1^ All current assets divided by all current liabilities.

| 42 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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.

| 43 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Note 5 | Separate information on the main office, parent entity and joint action agreements | | --- | --- | | 5.1 | Parent’s stand-alone assets and liabilities | | --- | --- | | | As of June 30, 2022 | | As of December 31, 2021 | | | --- | --- | --- | --- | --- | | Parent’s stand-alone assets and liabilities | ThUS | | ThUS | | | Assets | | | | | | Liabilities | | ) | | ) | | Equity | | | | |

All values are in US Dollars.

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.

| 44 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Note 6 | Board of Directors, Senior Management and Key management personnel | | --- | --- | | 6.1 | Remuneration of the Board of Directors and Senior Management | | --- | --- | | (a) | 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 26, 2022, which included the election of 2 independent directors. Subsequent to such election, the following is the integration of the Company's committees:

-	Directors’<br> Committee: This committee is comprised by Gina Ocqueteau Tacchini, Antonio Gil Nievas<br> y Ashley Ozols and fulfills the functions established in Article 50 bis of Chilean Law<br> on publicly-held corporations. This committee takes on the role of the audit committee in<br> accordance with the US-based Sarbanes Oxley law.
-	The<br> Company’s Health, Safety and Environment Committee: This committee is comprised of<br> Gonzalo Guerrero Yamamoto, Patricio Contesse Fica and Dang Qi.
---	---
-	Corporate<br> Governance Committee: This committee is comprised of Hernán Büchi Buc,<br> Patricio Contesse Fica and Antonio Schneider Chaigneau.
---	---

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.

(b)	Board of Directors’ Compensation

Board members’ compensation for 2021, that is from April 23, 2021 to April 26, 2022, was determined by the Annual General Shareholders Meeting held on April 23, 2021. It is as follows:

(i)	The payment of a fixed, gross and monthly<br> amount of UF 800 in favor of the Chairman of the Board of Directors, of UF 700 in favor of<br> the vice-president of the board of directors and of UF 600 in favor of the remaining six<br> directors and regardless of the number of Board of Directors’ Meetings held or not<br> held during the related month.
(ii)	A variable gross amount payable to the Chairman<br> and Vice President of the board of directors equivalent to 0.12% of the net liquid income<br> earned by the Company in the respective business year for each; and
---	---
(iii)	A variable gross amount payable to each<br> Company director, excluding the Chairman and Vice President of the board of directors, equivalent<br> to 0.06% of the net liquid income earned in the respective business year.
---	---

Compensation of the Board for 2022, that is from April 23, 2022 to April 26, 2023, was determined by the Annual General Shareholders Meeting held on April 26, 2022. It is as follows:

(i)	The payment of a fixed, gross and monthly<br> amount of UF 800 in favor of the Chairman of the Board of Directors, of UF 700 in favor of<br> the vice-president of the board of directors and of UF 600 in favor of the remaining six<br> directors and regardless of the number of Board of Directors’ Meetings held or not<br> held during the related month.
(ii)	A<br> variable gross amount payable to the Chairman and Vice President of the board of directors<br> equivalent to 0.12% of the net liquid income that the Company effectively obtains<br> during the respective business year for each; and
---	---
(iii)	A variable gross amount payable in local<br> currency to each Company director, excluding the Chairman and Vice President of the Company,<br> equivalent to 0.06% of the net liquid income that the Company effectively obtains during<br> the respective business year.
---	---

To calculate the variable compensation amount for 2022, net earnings from 2022 will be considered, up to a maximum of 110% of the 2021 net earnings.

| 45 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

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.

Accordingly, the compensation and profit sharing paid to members of the Directors' Committee and the directors as of June 30, 2022, amounted to ThUS$ 5,290 and as of June 30, 2021 to ThUS$ 1,682.

(c)	Directors’ Committee<br> compensation

Compensation for the Board of Directors is the same for both 2021 and 2022, as follows:

(i)	The payment of a fixed, gross and monthly<br> amount of UF 200 in favor of each of the 3 directors who were members of the Directors’<br> Committee, regardless of the number of meetings of the Directors’ Committee that have<br> or have not been held during the month concerned.
(ii)	The payment in domestic currency and in<br> favor of each of the 3 directors of a variable and gross amount equivalent to 0.02% of total<br> net profit from the respective business year.
---	---

To calculate the variable compensation amount for 2022, the net income from 2022 will be considered, up to a maximum of 110% of the 2021 net income.

(d)	Health, Safety and Environmental Matters Committee:

The remuneration of this committee for the 2021 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 2022 period, this remuneration remains unchanged.

(e)	Corporate Governance Committee

The remuneration for this committee for the 2021 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 2022 period, this remuneration remains unchanged.

(f)	Guarantees constituted in favor of the directors

No guarantees have been constituted in favor of the directors.

| 46 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (g) | Senior management compensation: | | --- | --- | | (i) | This includes monthly fixed salary and variable performance bonuses. (See Note 6.2) | | --- | --- | | (ii) | 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. | | --- | --- | | (iii) | In addition, there are retention bonuses for its executives (see Note 18.6) | | --- | --- | | (h) | Guarantees pledged in favor of the Company’s management | | --- | --- |

No guarantees have been pledged in favor of the Company’s management.

(i)	Pensions,<br> life insurance, paid leave, shares in earnings, incentives, disability loans, other than<br> those mentioned in the above points.

The Company’s Management and Directors do not receive or have not received any benefit during the ended June 30, 2022 and the year ended December 31, 2021 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 June 30, 2022 and 2021, the number of the key management personnel is 136 and 125, respectively.

	For the year ended<br> June 30, 2022	For the year ended<br> June 30, 2021
Key management personnel compensation	ThUS	ThUS
Key management personnel compensation

All values are in US Dollars.

Please also see the description of the compensation plan for executives in Note 18.6.

| 47 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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 June 30, 2022 on the companies in which the group exercises control and significant influence:

			Country<br> of	Functional	Ownership Interest
Subsidiaries	TAX<br> ID No.	Address	Incorporation	Currency	Direct	Indirect		Total
SQM<br> Nitratos S.A.	96.592.190-7	El<br> Trovador 4285, Las Condes	Chile	Dollar	99.9999		0.0001		100.0000
SQM<br> Potasio S.A.	96.651.060-9	El<br> Trovador 4285, Las Condes	Chile	Dollar	99.9999		0.0001		100.0000
Serv.<br> Integrales de Tránsito y Transf. S.A.	79.770.780-5	Arturo<br> Prat 1060, Tocopilla	Chile	Dollar	0.0003		99.9997		100.0000
Isapre<br> Norte Grande Ltda.	79.906.120-1	Aníbal<br> Pinto 3228, Antofagasta	Chile	Peso	1.0000		99.0000		100.0000
Ajay<br> SQM Chile S.A.	96.592.180-K	Av.<br> Pdte. Eduardo Frei 4900, Santiago	Chile	Dollar	51.0000		-		51.0000
Almacenes<br> y Depósitos Ltda.	79.876.080-7	El<br> Trovador 4285, Las Condes	Chile	Peso	1.0000		99.0000		100.0000
SQM<br> Salar S.A.	79.626.800-K	El<br> Trovador 4285, Las Condes	Chile	Dollar	18.1800		81.8200		100.0000
SQM<br> Industrial S.A.	79.947.100-0	El<br> Trovador 4285, Las Condes	Chile	Dollar	99.0470		0.9530		100.0000
Exploraciones<br> Mineras S.A.	76.425.380-9	El<br> Trovador 4285, Las Condes	Chile	Dollar	0.2691		99.7309		100.0000
Sociedad<br> Prestadora de Servicios de Salud Cruz del Norte S.A.	76.534.490-5	Aníbal<br> Pinto 3228, Antofagasta	Chile	Peso	-		100.0000		100.0000
Soquimich<br> Comercial S.A.	79.768.170-9	El<br> Trovador 4285, Las Condes	Chile	Dollar	-		60.6383		60.6383
Comercial<br> Agrorama Ltda. (1)	76.064.419-6	El<br> Trovador 4285, Las Condes	Chile	Peso	-		42.4468		42.4468
Comercial<br> Hydro S.A.	96.801.610-5	El<br> Trovador 4285, Las Condes	Chile	Dollar	-		100.0000		100.0000
Agrorama<br> S.A.	76.145.229-0	El<br> Trovador 4285, Las Condes	Chile	Peso	-		60.6383		60.6383
Orcoma<br> Estudios SPA	76.359.919-1	Apoquindo<br> 3721 OF 131, Las Condes	Chile	Dollar	100.0000		-		100.0000
Orcoma<br> SPA	76.360.575-2	Apoquindo<br> 3721 OF 131, Las Condes	Chile	Dollar	100.0000		-		100.0000
SQM<br> MaG SpA	76.686.311-9	Los<br> Militares 4290, Las Condes	Chile	Dollar	-		100.0000		100.0000
Sociedad<br> Contractual Minera Búfalo	77.114.779-8	Los<br> Militares 4290, Las Condes	Chile	Dollar	99.9000		0.1000		100.0000
SQM<br> North America Corp.	Foreign	2727<br> Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA	United<br> States of America	Dollar	40.0000		60.0000		100.0000
RS<br> Agro Chemical Trading Corporation A.V.V.	Foreign	Caya<br> Ernesto O. Petronia 17, Orangestad	Aruba	Dollar	98.3333		1.6667		100.0000
Nitratos<br> Naturais do Chile Ltda.	Foreign	Al.<br> Tocantis 75, 6° Andar, Conunto 608 Edif. West Gate, Alphaville Barureri, CEP 06455-020, Sao Paulo	Brazil	Dollar	-		100.0000		100.0000
SQM<br> Corporation N.V.	Foreign	Pietermaai<br> 123, P.O. Box 897, Willemstad, Curacao	Curacao	Dollar	0.0002		99.9998		100.0000
SQM<br> Perú S.A.	Foreign	Avenida<br> Camino Real N° 348 of. 702, San Isidro, Lima	Peru	Dollar	0.0091		99.9909		100.0000
SQM<br> Ecuador S.A.	Foreign	Av.<br> José Orrantia y Av. Juan Tanca Marengo Edificio Executive Center Piso 2 Oficina 211	Ecuador	Dollar	0.00401		99.9960		100.0000
SQM<br> Brasil Ltda.	Foreign	Al.<br> Tocantis 75, 6° Andar, Conunto 608 Edif. West Gate, Alphaville Barureri, CEP 06455-020, Sao Paulo	Brazil	Dollar	0.7100		99.2900		100.0000
SQMC<br> Holding Corporation.	Foreign	2727<br> Paces Ferry Road, Building Two, Suite 1425, Atlanta	United<br> States of America	Dollar	0.1000		99.9000		100.0000
SQM<br> Japan Co. Ltd.	Foreign	From<br> 1st Bldg 207, 5-3-10 Minami- Aoyama, Minato-ku, Tokio	Japan	Dollar	0.1597		99.8403		100.0000
(1)	SQM<br> controls Soquimich Comercial, which in turn controls Comercial Agrorama Ltda, SQM has management<br> control over Comercial Agrorama Ltda.
---	---

| 48 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | | | | Country of | Functional | Ownership Interest | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Subsidiaries | TAX ID No. | Address | Incorporation | Currency | Direct | Indirect | | Total | | | SQM Europe N.V. | Foreign | Houtdok-Noordkaai 25a B-2030 Amberes | Belgium | Dollar | 0.5800 | | 99.4200 | | 100.0000 | | SQM Indonesia S.A. | Foreign | Perumahan Bumi Dirgantara Permai, Jl Suryadarma Blok Aw No 15 Rt 01/09 17436 Jatisari Pondok Gede | Indonesia | Dollar | - | | 80.0000 | | 80.0000 | | North American Trading Company | Foreign | 2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA | United States of America | Dollar | - | | 100.0000 | | 100.0000 | | SQM Virginia LLC | Foreign | 2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA | United States of America | Dollar | - | | 100.0000 | | 100.0000 | | SQM Comercial de México S.A. de C.V. | Foreign | Av. Moctezuma 144-4 Ciudad del Sol CP 45050, Zapopan, Jalisco México | Mexico | Dollar | 0.0100 | | 99.9900 | | 100.0000 | | SQM Investment Corporation N.V. | Foreign | Pietermaai 123, P.O. Box 897, Willemstad, Curacao | Curacao | Dollar | 1.0000 | | 99.0000 | | 100.0000 | | Royal Seed Trading Corporation A.V.V. | Foreign | Caya Ernesto O. Petronia 17, Orangestad | Aruba | Dollar | 1.6700 | | 98.3300 | | 100.0000 | | SQM Lithium Specialties Limited Partnership | Foreign | 2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA | United States of America | Dollar | - | | 100.0000 | | 100.0000 | | Comercial Caimán Internacional S.A. | Foreign | Edificio Plaza Bancomer | Panama | Dollar | - | | 100.0000 | | 100.0000 | | SQM France S.A. | Foreign | ZAC des Pommiers 27930, FAUVILLE | France | Dollar | - | | 100.0000 | | 100.0000 | | Administración y Servicios Santiago S.A. de C.V. | Foreign | Av. Moctezuma 144-4 Ciudad del Sol CP 45050, Zapopan, Jalisco México | Mexico | Dollar | - | | 100.0000 | | 100.0000 | | SQM Nitratos México S.A. de C.V. | Foreign | Av. Moctezuma 144-4 Ciudad del Sol CP 45050, Zapopan, Jalisco México | Mexico | Dollar | - | | 100.0000 | | 100.0000 | | Soquimich European Holding B.V. | Foreign | Loacalellikade 1 Parnassustoren 1076 AZ Amsterdan | Holland | Dollar | - | | 100.0000 | | 100.0000 | | SQM Iberian S.A. | Foreign | Provenza 251 Principal 1a CP 08008, Barcelona | Spain | Dollar | - | | 100.0000 | | 100.0000 | | SQM Africa Pty Ltd. | Foreign | Tramore House, 3 Waterford Office Park, Waterford Drive, 2191 Fourways, Johannesburg | South Africa | Dollar | - | | 100.0000 | | 100.0000 | | SQM Oceanía Pty Ltd. | Foreign | Level 9, 50 Park Street, Sydney NSW 2000, Sydney | Australia | Dollar | - | | 100.0000 | | 100.0000 | | SQM Beijing Commercial Co. Ltd. | Foreign | Room 1001C, CBD International Mansion N 16 Yong An Dong Li, Jian Wai Ave Beijing 100022, P.R. | China | Dollar | - | | 100.0000 | | 100.0000 | | SQM Thailand Limited | Foreign | Unit 2962, Level 29, N° 388, Exchange Tower Sukhumvit Road, Klongtoey Bangkok | Thailand | Dollar | - | | 99.9960 | | 99.9960 | | SQM Colombia SAS | Foreign | Cra 7 No 32 – 33 piso 29 Pbx: (571) 3384904 Fax: (571) 3384905 Bogotá D.C. – Colombia. | Colombia | Dollar | - | | 100.0000 | | 100.0000 | | SQM Australia PTY | Foreign | Level 16, 201 Elizabeth Street Sydney | Australia | Dollar | - | | 100.0000 | | 100.0000 | | SQM International N.V. | Foreign | Houtdok-Noordkaai 25a B-2030 Amberes | Belgium | Dollar | 0.5800 | | 99.4200 | | 100.0000 | | SQM (Shanghai) Chemicals Co. Ltd. | Foreign | Room 4703-33, 47F, No.300 Middle Huaihai Road, Huangpu district, Shanghai | China | Dollar | - | | 100.0000 | | 100.0000 | | SQM Korea LLC | Foreign | Suite 22, Kyobo Building, 15th Floor, 1 Jongno Jongno-gu, Seoul, 03154 South Korea | Korea | Dollar | - | | 100.0000 | | 100.0000 | | SQM Holland B.V. | Foreign | Herikerbergweg 238, 1101 CM Amsterdam Zuidoost | Holland | Dollar | - | | 100.0000 | | 100.0000 |

| 49 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 7.2 | Assets, liabilities, results of consolidated subsidiaries as of June 30, 2022. | | --- | --- | | | Assets | | Liabilities | | | | | Comprehensive | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Currents | Non-currents | Currents | Non-currents | Revenue | Net profit (loss) | | income (loss) | | | Subsidiaries | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | | ThUS | | | SQM Nitratos S.A. | | | | | | | | | | | SQM Potasio S.A. | | | | | | | | | | | Serv. Integrales de Tránsito y Transf. S.A. | | | | | | | | | | | Isapre Norte Grande Ltda. | | | | | | | | | | | Ajay SQM Chile S.A. | | | | | | | | | | | Almacenes y Depósitos Ltda. | | | | | | | ) | | ) | | SQM Salar S.A. | | | | | | | | | | | SQM Industrial S.A. | | | | | | | | | | | Exploraciones Mineras S.A. | | | | | | | | | | | Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A. | | | | | | | | | | | Soquimich Comercial S.A. | | | | | | | | | | | Comercial Agrorama Ltda. | | | | | | | | | | | Comercial Hydro S.A. | | | | | | | | | | | Agrorama S.A. | | | | | | | | | | | Orcoma SpA | | | | | | | ) | | ) | | Orcoma Estudio SpA | | | | | | | | | | | SQM MaG SPA | | | | | | | | | | | Sociedad Contractual Minera Búfalo | | | | | | | | | | | SQM North America Corp. | | | | | | | | | | | RS Agro Chemical Trading Corporation A.V.V. | | | | | | | ) | | ) | | Nitratos Naturais do Chile Ltda. | | | | | | | ) | | ) | | SQM Corporation N.V. | | | | | | | | | | | SQM Perú S.A. | | | | | | | | | | | SQM Ecuador S.A. | | | | | | | | | | | SQM Brasil Ltda. | | | | | | | ) | | ) | | Subtotal | | | | | | | | | |

All values are in US Dollars.

| 50 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | | Assets | | Liabilities | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **** | Currents | Non-currents | Currents | Non-currents | Revenue | Net profit (loss) | **** | Comprehensive income (loss) | **** | | Subsidiaries | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | | ThUS | | | SQMC Holding Corporation L.L.P. | | | | | | | | | | | SQM Japan Co. Ltd. | | | | | | | ) | | ) | | SQM Europe N.V. | | | | | | | | | | | SQM Indonesia S.A. | | | | | | | | | | | North American Trading Company | | | | | | | | | | | SQM Virginia LLC | | | | | | | ) | | ) | | SQM Comercial de México S.A. de C.V. | | | | | | | | | | | SQM Investment Corporation N.V. | | | | | | | | | | | Royal Seed Trading Corporation A.V.V. | | | | | | | ) | | ) | | SQM Lithium Specialties LLP | | | | | | | | | | | Comercial Caimán Internacional S.A. | | | | | | | ) | | ) | | SQM France S.A. | | | | | | | | | | | Administración y Servicios Santiago S.A. de C.V. | | | | | | | ) | | ) | | SQM Nitratos México S.A. de C.V. | | | | | | | | | | | Soquimich European Holding B.V. | | | | | | | | | | | SQM Iberian S.A. | | | | | | | | | | | SQM Africa Pty Ltd. | | | | | | | | | | | SQM Oceania Pty Ltd. | | | | | | | | | | | SQM Beijing Commercial Co. Ltd. | | | | | | | ) | | ) | | SQM Thailand Limited | | | | | | | ) | | ) | | SQM Colombia SAS | | | | | | | | | | | SQM International NV | | | | | | | | | | | SQM Shanghai Chemicals Co. Ltd. | | | | | | | | | | | SQM Australia Pty Ltd. | | | | | | | ) | | ) | | SQM Korea LLC | | | | | | | | | | | SQM Holland B.V. | | | | | | | | | | | Subtotal | | | | | | | | | | | Total | | | | | | | | | |

All values are in US Dollars.

| 51 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Assets, liabilities, results of consolidated subsidiaries as ofDecember 31, 2021.

	Assets		Liabilities
****	Currents	Non-currents	Currents	Non-currents	Revenue	Net<br> profit<br> (loss)	****	Comprehensive<br> income (loss)	****
Subsidiaries	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS		ThUS
SQM Nitratos S.A.
SQM Potasio S.A.
Serv. Integrales de Tránsito y<br> Transf. S.A.
Isapre Norte Grande Ltda.
Ajay SQM Chile S.A.
Almacenes y Depósitos Ltda.							)		)
SQM Salar S.A.
SQM Industrial S.A.
Exploraciones Mineras S.A.
Sociedad Prestadora de Servicios de Salud<br> Cruz del Norte S.A.
Soquimich Comercial S.A.
Comercial Agrorama Ltda.
Comercial Hydro S.A.							)		)
Agrorama S.A.
Orcoma SpA							)		)
Orcoma Estudio SpA
SQM MaG SPA
Sociedad Contractual Minera Búfalo							)		)
SQM North America Corp.
RS Agro Chemical Trading Corporation<br> A.V.V.							)		)
Nitratos Naturais do Chile Ltda.
SQM Corporation N.V.
SQM Perú S.A.
SQM Ecuador S.A.
SQM Brasil Ltda.							)		)
Subtotal							****		****

All values are in US Dollars.

| 52 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | | Assets | | Liabilities | | | Net profit | | Comprehensive income (loss) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Currents | Non-currents | Currents | Non-currents | Revenue | (loss) | | Currents | | | Subsidiaries | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | | ThUS | | | SQMC Holding Corporation L.L.P. | | | | | | | | | | | SQM Japan Co. Ltd. | | | | | | | | | | | SQM Europe N.V. | | | | | | | | | | | SQM Indonesia S.A. | | | | | | | | | | | North American Trading Company | | | | | | | | | | | SQM Virginia LLC | | | | | | | ) | | ) | | SQM Comercial de México S.A. de C.V. | | | | | | | | | | | SQM Investment Corporation N.V. | | | | | | | | | | | Royal Seed Trading Corporation A.V.V. | | | | | | | ) | | ) | | SQM Lithium Specialties LLP | | | | | | | | | | | Comercial Caimán Internacional S.A. | | | | | | | ) | | ) | | SQM France S.A. | | | | | | | | | | | Administración y Servicios Santiago S.A. de C.V. | | | | | | | | | | | SQM Nitratos México S.A. de C.V. | | | | | | | | | | | Soquimich European Holding B.V. | | | | | | | | | | | SQM Iberian S.A. | | | | | | | | | | | SQM Africa Pty Ltd. | | | | | | | | | | | SQM Oceania Pty Ltd. | | | | | | | ) | | ) | | SQM Beijing Commercial Co. Ltd. | | | | | | | | | | | SQM Thailand Limited | | | | | | | ) | | ) | | SQM Colombia SAS | | | | | | | | | | | SQM International NV | | | | | | | | | | | SQM Shanghai Chemicals Co. Ltd. | | | | | | | | | | | SQM Australia Pty Ltd. | | | | | | | ) | | ) | | SQM Korea LLC | | | | | | | ) | | ) | | SQM Holland B.V. | | | | | | | | | | | Subtotal | | | | | | | | | | | Total | | | | | | | | | |

All values are in US Dollars.

| 53 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 7.3 | Background on non-controlling interests | | --- | --- | | | % of interests in | | Profit (loss) attributable to non-controlling interests for the year ended | | Equity, non-controlling interests for the year ended | | Dividends paid to non-controlling interests for the year ended | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **** | the ownership held by non- controlling | **** | As of June 30, 2022 | As of June 30, 2021 | As of June 30, 2022 | As of June 30, 2021 | As of June 30, 2022 | As of June 30, 2021 | | Subsidiary | interests | | ThUS$ | ThUS$ | ThUS | ThUS | ThUS$ | ThUS$ | | SQM Potasio S.A. | 0.0000001 | % | - | - | - | - | - | - | | Ajay SQM Chile S.A. | 49.00000 | % | 559 | 347 | 8,941 | 8,536 | - | - | | Soquimich Comercial S.A. | 39.36168 | % | 2,936 | 2,475 | 26,888 | 30,209 | 2,934 | 4,443 | | Comercial Agrorama Ltda. | 30.00000 | % | 42 | 30 | (495 | (726 | - | - | | SQM Indonesia S.A. | 20.00000 | % | - | - | 1 | 1 | - | - | | SQM Thailand Limited | 0.00400 | % | - | - | - | - | - | - | | Total | | **** | 3,537 | 2,852 | 35,335 | 38,020 | 2,934 | 4,443 |

All values are in US Dollars.

| 54 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Note8 Equity-accounted investees

8.1	Investments in associates recognized according to the equity method of accounting

As of June 30, 2022, and December 31, 2021, in accordance with criteria established in Note 2:

	Equity-accounted investees		Share in profit (loss) of associates accounted for using the equity method		Share<br> in other<br> comprehensive income of<br> associates accounted for<br> using the equity method		Share in total other comprehensive income of associates accounted for using the equity method
****	As of June 30, 2022	As of December 31, 2021	As of June 30, 2022	As of June 30, 2021	As<br> of<br> June 30,<br> 2022	As<br> of<br> June 30,<br> 2021	As of June 30, 2022	As of June 30, 2021
Associates	ThUS$	ThUS$	ThUS$	ThUS$	ThUS	ThUS	ThUS$	ThUS$
Ajay<br> North America	17,465	15,899	2,978	1,683	-	-	2,978	1,683
Ajay Europe<br> SARL	6,490	8,213	3,231	797	(1,180	(343	2,051	454
Total	23,955	24,112	6,209	2,480	(1,180	(343	5,029	2,137

All values are in US Dollars.

| 55 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | | | | | | | Dividends received for the year ending | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **** | Description of the | | Country of | Share of ownership in | **** | **** | As of June 30, 2022 | As of June 30, 2021 | | Associate | nature of the relationship | Address | incorporation | associates | **** | **** | ThUS$ | ThUS$ | | Abu Dhabi Fertilizer Industries WWL | Distribution and commercialization of specialty plant nutrients in the Middle East. | PO Box 71871, Abu Dhabi | Emiratos Árabes | 37 | % | | 3,000 | - | | Ajay North America | Production and distribution of iodine and iodine derivatives. | 1400 Industry RD Power Springs GA 30129 | Estados Unidos de Norteamérica | 49 | % | | 543 | 411 | | Ajay Europe SARL | Production and distribution of iodine and iodine derivatives. | Z.I. du Grand Verger BP 227 53602 Evron Cedex | Francia | 50 | % | | 1,254 | 992 | | Kore Potash PLC | Prospecting, exploration and mining development. | L 3 88 William ST Perth, was 6000 | Reino Unido | 14.65 | % | | - | - | | Doktor Tarsa Tarim Sanayi AS | Distribution and commercialization of specialty plant nutrients in the Turkey. | Organize Sanayi Bolgesi, Ikinci Kisim, 22 cadde TR07100 Antalya | Turquía | 50 | % | | - | - | | SQM Eastmed Turkey | Production and trading of specialty products. | Organize Sanayi Bolgesi, Ikinci Kisim, 22 cadde TR07100 Antalya | Turquía | 50 | % | | - | - | | Total | | | | | | | 4,797 | 1,403 |

| 56 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 8.2 | Assets, liabilities, revenue and expenses of associates | | --- | --- | | | As of June 30, 2022 | | | | For the year ended as of June 30, 2022 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Assets | | Liabilities | | | | Other comprehensive | Comprehensive | | | Current | Non-current | Current | Non-current | Revenue | Net gain (loss) | income | income | | Associate | ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS | ThUS$ | | Ajay North America | 28,154 | 15,625 | 8,136 | - | 34,644 | 6,078 | - | 6,078 | | Ajay Europe SARL | 28,057 | 1,067 | 16,145 | - | 35,091 | 6,462 | (29 | 6,433 | | Total | 56,211 | 16,692 | 24,281 | - | 69,735 | 12,540 | (29 | 12,511 |

All values are in US Dollars.

	As of December 31, 2021				For<br> the year ended as of June 30, 2021
	Assets		Liabilities				Other<br> <br> comprehensive	Comprehensive
	Current	Non-current	Current	Non-current	Revenue	Net gain (loss)	income	income
Associate	ThUS$	ThUS$	ThUS$	ThUS$	ThUS$	ThUS$	ThUS	ThUS$
Ajay<br> North America	21,771	15,096	4,421	-	26,396	3,435	-	3,435
Ajay Europe<br> SARL	25,927	1,241	10,742	-	28,187	1,595	(343	1,252
Total	47,698	16,337	15,163	-	54,583	5,030	(343	4,687

All values are in US Dollars.

| 57 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 8.3 | Disclosures regarding interests in associates | | --- | --- |

(a) Transactions for the year ended June 30, 2022:

·	As<br> of June 30, 2022, there are no transactions to disclose.

(b) Transactions for the year ended December 31, 2021

·	On<br> June 30, 2021, the Company made an assessment of the recovery of the investment in Abu<br> Dhabi Fertilizer Industries WWL and recognized an impairment of ThUS$ 2,800 in other gains<br> (losses). This impairment was reversed in the second half of the year because the recoverable<br> value of the investment later increased.
·	As<br> of December 31, 2021, the Company had received dividends from Abu Dhabi Fertilizer Industries<br> WWL in the amount of ThUS$ 9,438 and recognizes an account receivable for ThUS$ 2,099 in<br> dividends receivable.

| 58 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Note 9 | Joint Ventures | | --- | --- | | 9.1 | Investment in joint ventures accounted for under the equity method of accounting. | | --- | --- | | **** | Equity-accounted investees | | Share in profit (loss) of associates and joint ventures accounted for using the equity method | | Share on other comprehensive income of associates and joint ventures accounted for using the equity method, net of taxes | | | **** | Share on total other comprehensive income of associates and joint ventures accounted for using the equity method | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **** | As of June 30, 2022 | As of December 31, 2021 | As of June 30, 2022 | As of June 30, 2021 | As of June 30, 2022 | **** | As of June 30, 2021 | **** | As of June 30, 2022 | As of June 30, 2021 | | Joint Venture | ThUS | ThUS | ThUS | ThUS | ThUS | **** | ThUS | **** | ThUS | ThUS | | SQM Vitas Fzco. | | | | | | | | | | | | Pavoni & C. Spa | | | | | | ) | | ) | | | | Covalent Lithium Pty Ltd. | | | | | | | | | | | | Total | | | | | | **** | | **** | | |

All values are in US Dollars.

| 59 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

The amounts described in the following box represent numbers used in the consolidation of the company:

****	Equity-accounted<br> investees		Share<br> in profit (loss) of associates and<br> joint ventures accounted for using the<br> equity method		Share<br> on other comprehensive income<br> of associates and joint ventures<br> accounted for using the equity method,<br> for the period ended		Share<br> on total other comprehensive<br> income of associates and joint ventures<br> accounted for using the equity method<br> for the period ended
****	As<br> of June 30, 2022	As<br> of December<br> 31, <br> 2021	As<br> of June 30, 2022	As<br> of June 30, 2021	As<br> of June 30, 2022	As<br> of June 30, 2021	As<br> of June 30, 2022	As<br> of June 30, 2021
Joint Venture	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM Vitas Brasil Agroindustria<br> (1)
SQM Vitas Perú S.A.C. (1)
Total

All values are in US Dollars.

The companies are subsidiaries of:

(1) SQM Vitas Fzco.

							Dividends<br> received for the year<br> ending
****	****	****	Country of	Share of interest		****	As<br> of June 30, 2022	As<br> of June 30, 2021
Joint venture	Description<br> of the nature of the relationship	Domicile	incorporation	in ownership			ThUS	ThUS
Sichuan SQM Migao Chemical<br> Fertilizers Co Ltd.	Production and distribution<br> of soluble fertilizers.	Huangjing Road, Dawan Town, Qingbaijiang Dristrict,<br> Chengdu Municipality, Sichuan Province	China		50	%
SQM Vitas Fzco.	Production and<br> commercialization of specialty plant, animal nutrition and industrial hygiene.	Jebel ALI Free Zone P.O. Box 18222,<br> Dubai	United Arab Emirates		50	%
Pavoni &<br> C. Spa	Production of<br> specialty fertilizers and others for distribution in Italy and other countries.	Corso Italia 172, 95129 Catania (CT),<br> Sicilia	Italy		50	%
Covalent Lithium Pty Ltd.	Development and operation of the Mt<br> Holland Lithium project, which will include the construction of a lithium extraction and refining mine.	L18, 109 St Georges Tce Perth WA 6000	PO Box Z5200 St Georges<br> Tce Perth WA 6831	Australia		50	%
Total

All values are in US Dollars.

| 60 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

The companies described in the following table are related to the following joint ventures:

(1)	SQM Vitas Fzco.
							Dividends<br> received for the year ending
---	---	---	---	---	---	---	---	---
****	****	****	Country of	Share of interest		****	June 30,<br> 2022	June 30,<br> 2021
Joint venture	Description of the nature of the relationship	Domicile	incorporation	*in ownership ()**		****	ThUS	ThUS
SQM<br> Vitas Brasil Agroindustria (1)	Production<br> and trading of specialty vegetable and animal nutrition and industrial hygiene.	Via<br> Cndeias, Km. 01 Sem Numero, Lote 4, Bairro Cia Norte, Candeias, Bahia.	Brazil		49.99	%
SQM<br> Vitas Perú S.A.C. (1)	Production<br> and trading of specialty vegetable and animal nutrition and industrial hygiene	Av.<br> Juan de Arona 187, Torre B, Oficina 301-II, San Isidro, Lima	Peru		50	%
Total	****	****	****	****	****	****

All values are in US Dollars.

(*) The percentages presented correspond to the ownership used in the consolidation of the company.

| 61 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 9.2 | Assets, liabilities, revenue and expenses from joint ventures | | --- | --- | | | As of June 30, 2022 | | | | For the year ended June 30, 2022 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | Other | | | | | | Assets | | Liabilities | | | | | comprehensive | | Comprehensive | | | | Current | Non-current | Current | Non-current | Revenue | Net gain (loss) | | income | | income | | | Joint Venture | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | | ThUS | | ThUS | | | SQM Vitas Fzco. (*) | | | | | | | | | | | | | SQM Vitas Brasil Agroindustria (*) | | | | | | | | | | | | | SQM Vitas Perú S.A.C. (*) | | | | | | | | | | | | | Pavoni & C. Spa (*) | | | | | | | | | ) | | | | Covalent Lithium Pty Ltd. | | | | | | | ) | | | | ) | | Total | | | | | | | **** | | **** | | **** |

All values are in US Dollars.

	As<br> of December 31, 2021				For<br> the period ended June 30, 2021
							Other
	Assets		Liabilities				comprehensive		Comprehensive
	Current	Non-current	Current	Non-current	Revenue	Net<br> gain (loss)	income		income
Joint<br> Venture	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS		ThUS
SQM Vitas Fzco. (*)
SQM Vitas Brasil Agroindustria<br> (*)
SQM Vitas Perú S.A.C.<br> (*)
Pavoni & C. Spa (*)								)
Covalent Lithium Pty Ltd.
Total								****

All values are in US Dollars.

(*) The financial figures presented do not consider consolidation adjustment (unrealized result).

| 62 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 9.3 | Other Joint Venture disclosures | | --- | --- | | **** | Cash and cash equivalents | | Other current financial liabilities | | Other non-current financial liabilities | | | --- | --- | --- | --- | --- | --- | --- | | **** | As of June 30, 2022 | As of December 31, 2021 | As of June 30, 2022 | As of December 31, 2021 | As of June 30, 2022 | As of December 31, 2021 | | Joint Venture | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | | SQM Vitas Fzco. | | | | | | | | SQM Vitas Brasil Agroindustria | | | | | | | | SQM Vitas Perú S.A.C. | | | | | | | | Pavoni & C. Spa | | | | | | | | Covalent Lithium Pty Ltd. | | | | | | | | Total | | | | | | |

All values are in US Dollars.

	Depreciation<br> and amortization expense for the year ending				Interest<br> expense<br> for the year ending				Income<br> tax benefit (expense)<br> for the year ending
	As<br> of<br> June 30,<br> 2022		As<br> of<br> June 30,<br> 2021		As<br> of<br> June 30,<br> 2022		As<br> of<br> June 30,<br> 2021		As<br> of<br> June 30,<br> 2022		As<br> of<br> June 30,<br> 2021
Joint Venture	ThUS		ThUS		ThUS		ThUS		ThUS		ThUS
SQM Vitas Brasil Agroindustria		)		)		)		)		)
SQM Vitas Perú S.A.C.		)		)		)		)		)		)
Pavoni & C. Spa		)		)		)		)		)		)
Covalent Lithium Pty Ltd.		)		)		)		)
Total		)		)		)		)		)		)

All values are in US Dollars.

| 63 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 9.4 | Disclosure of interests in joint ventures | | --- | --- | | a) | Transactions in the year 2022 | | --- | --- | | · | As of June 30, 2022, there are no transactions to disclose. | | --- | --- | | b) | Transactions in the year 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. | | --- | --- | | 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 consist, to design, construct and operate a mine, concentrator and refinery to produce lithium hydroxide.

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.

| 64 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Note 10 | Cash and cash equivalents | | --- | --- | | 10.1 | Types of cash and cash equivalents | | --- | --- |

As of June 30, 2022, and December 31, 2021, cash and cash equivalents are detailed as follows:

	As<br> of June 30, 2022	As<br> of<br> December 31,<br> 2021
Cash	ThUS	ThUS
Cash on hand
Cash in banks
Other demand deposits
Total Cash

All values are in US Dollars.

	As<br> of June 30, 2022	As<br> of<br> December 31,<br> 2021
Cash equivalents	ThUS	ThUS
Short-term deposits, classified<br> as cash equivalents
Short-term investments, classified as<br> cash equivalents
Total cash equivalents
Total cash and cash equivalents

All values are in US Dollars.

10.2	Short-term investments, classified as cash equivalents

As of June 30, 2022, and December 31, 2021, the short-term investments classified as cash and cash equivalents relate to mutual funds (investment liquidity funds) for investments in:

	As<br> of June 30, 2022	As<br> of<br> December 31,<br> 2021
Institution	ThUS	ThUS
Legg Mason - Western Asset<br> Institutional Cash Reserves
JP Morgan US dollar Liquidity Fund Institutional
Total

All values are in US Dollars.

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	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 June 30, 2022, and December 31, 2021 pledged assets are as follows:

	As<br> of June 30, 2022	As<br> of<br> December 31,<br> 2021
Restricted cash balances	ThUS	ThUS
Isapre Norte Grande Ltda.
Total

All values are in US Dollars.

| 65 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 10.4 | Short-term deposits, classified as cash equivalents | | --- | --- |

The detail at the end of each balance date is as follows:

	Type<br> of	Original	Interest		Placement	Expiration	Principal	Interest<br><br> accrued to-<br><br> date	As of June 30, 2022
Receiver of the deposit	deposit	Currency	Rate	****	date	date	ThUS$	ThUS$	ThUS$
Banco<br> Crédito e Inversiones	Fixed<br> term	Dollar	2.30	%	06-30-2022	07-27-2022	60,000	4	60,004
Credit<br> Suisse	Fixed<br> term	Dollar	1.72	%	06-23-2022	07-27-2022	100,000	38	100,038
Santander	Fixed<br> term	Peso	0.79	%	06-14-2022	09-06-2022	46,670	209	46,879
Scotiabank<br> Sud Americano	Fixed<br> term	Dollar	2.35	%	06-22-2022	07-27-2022	20,000	12	20,012
Scotiabank<br> Sud Americano	Fixed<br> term	Peso	0.79	%	06-14-2022	09-06-2022	46,680	208	46,888
Banco<br> Crédito e Inversiones	Fixed<br> term	Dollar	2.30	%	06-30-2022	07-27-2022	20,000	1	20,001
Banco<br> de Chile	Fixed<br> term	Dollar	2.20	%	06-13-2022	07-27-2022	50,000	55	50,055
Banco<br> Itaú Chile	Fixed<br> term	Dollar	2.45	%	06-13-2022	09-06-2022	50,000	61	50,061
Banco<br> Itaú Chile	Fixed<br> term	Dollar	2.20	%	06-13-2022	07-27-2022	60,000	66	60,066
Banco<br> Itaú Chile	Fixed<br> term	Dollar	2.27	%	06-30-2022	07-27-2022	69,953	4	69,957
Santander	Fixed<br> term	Dollar	2.46	%	06-13-2022	09-06-2022	50,000	62	50,062
Scotiabank<br> Sud Americano	Fixed<br> term	Dollar	0.08	%	06-30-2022	07-13-2022	9,993	7	10,000
Corpbanca	Fixed<br> term	Dollar	0.06	%	06-30-2022	07-13-2022	1,999	1	2,000
Total							585,295	728	586,023
	Type of	Original	Interest	****	Placement	Expiration	Principal	Interest accrued to- date	As of December 31, 2021
---	---	---	---	---	---	---	---	---	---
Receiver of the deposit	deposit	Currency	Rate	****	date	date	ThUS$	ThUS$	ThUS$
Credit<br> Suisse	Fixed<br> term	Dollar	0.58	%	11-30-2021	02-28-2022	200,000	100	200,100
Banco BCI	Fixed term	Dollar	0.31	%	12-24-2021	02-28-2022	1,250	-	1,250
Banco BCI	Fixed term	Dollar	0.36	%	12-07-2021	01-14-2022	8,000	2	8,002
Banco BCI	Fixed term	Dollar	0.28	%	12-30-2021	01-14-2022	500	-	500
Banco Santander	Fixed term	Dollar	3.12	%	12-30-2021	01-06-2022	3,550	2	3,552
Banco Santander	Fixed term	Dollar	0.26	%	12-16-2021	01-31-2022	2,500	-	2,500
Banco Santander	Fixed term	Dollar	0.40	%	12-27-2021	03-04-2022	1,500	-	1,500
Banco Santander	Fixed term	Dollar	0.40	%	12-29-2021	01-27-2022	1,500	-	1,500
Banco Itaú<br> Corpbanca	Fixed term	Dollar	0.30	%	12-14-2021	01-07-2022	5,000	1	5,001
Banco Itaú<br> Corpbanca	Fixed term	Dollar	0.37	%	12-28-2021	01-24-2022	1,000	-	1,000
Banco Itaú<br> Corpbanca	Fixed term	Dollar	0.34	%	12-07-2021	01-28-2022	2,000	-	2,000
Scotiabank<br> Sud Americano	Fixed term	Dollar	0.27	%	12-24-2021	02-28-2022	2,750	-	2,750
Scotiabank<br> Sud Americano	Fixed term	Dollar	0.06	%	12-17-2021	02-28-2022	3,000	-	3,000
Scotiabank<br> Sud Americano	Fixed term	Dollar	0.07	%	12-03-2021	01-18-2022	5,000	-	5,000
Total							237,550	105	237,655

| 66 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Note 11 | Inventories | | --- | --- |

The composition of inventory at each period-end is as follows:

	As<br> of June 30, 2022	As<br> of December 31, 2021
Type of inventory	ThUS	ThUS
Raw material
Production supplies
Products-in-progress
Finished product
Total

All values are in US Dollars.

As of June 30, 2022, the Company held caliche stockpiles, solutions in solar ponds and intermediary salts amounting ThUS$ 492,217 and as of December 31, 2021 was ThUS$ 458,913 (including products in progress). As of June 30, 2022, bulk inventories recognized within work in progress were ThUS$ 118,086 while as of December 31, 2021 this value amounted to ThUS$ 111,316.

As of June 30, 2022, bulk inventories recognized within finished goods were ThUS$ 217,241 while as of December 31, 2021, this value amounted to ThUS$ 99,551.

As of June 30, 2022, and December 2021, inventory allowances recognized, amounted to ThUS$ 75,885 and ThUS$ 75,892, 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:

	As<br> of June<br> 30, 2022	As<br> of December 31, 2021
Type of inventory	ThUS	ThUS
Raw material and supplies for production
Products-in-progress
Finished product
Total

All values are in US Dollars.

The Company has not pledged inventory as collateral for the periods indicated above.

| 67 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

As of June 30, 2022, and December 31, 2021, movements in provisions are detailed as follows:

	As<br> of June 30, 2022		As<br> of December 31, 2021
Conciliation	ThUS		ThUS
Beginning balance
Increase in Lower Value (1)		)		)
Additional Provision Differences of Inventory (2)		)
Increase / Decrease eventual differences and others (3)
Provision Used		)		)
Total changes		)		)
Final balance

All values are in US Dollars.

(1)	There are three types of Lower Value Provisions:<br> (a) Economic Realizable Lower Value, (b) Potential Inventory with Uncertain Future<br> Use and (c) Reprocessing Costs of Off-Specification Products.
(2)	Provisions for Inventory Differences generated<br> when physical differences are detected when taking inventory, which exceed the tolerance<br> levels for this process.
---	---
(3)	This algorithm corresponds to the provision<br> of diverse percentages based on the complexity in the measurement and rotation of stock,<br> as well as standard differences based on previous results, as is the case with provisions<br> relating to Commercial Offices.
---	---

| 68 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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.

| 69 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 12.3 | Detailed identification of related parties and subsidiaries | | --- | --- |

As of June 30, 2022 and December 31, 2021, the detail of entities that are identified as subsidiaries or related parties of the SQM Group is as follows:

Tax ID<br> No	Name	Country<br> of origin	Functional<br> currency	Nature
Foreign	Nitratos Naturais Do Chile Ltda.	Brazil	Dollar	Subsidiary
Foreign	SQM North America Corp.	United States	Dollar	Subsidiary
Foreign	SQM Europe N.V.	Belgium	Dollar	Subsidiary
Foreign	Soquimich European Holding B.V.	Netherlands	Dollar	Subsidiary
Foreign	SQM Corporation N.V.	Curacao	Dollar	Subsidiary
Foreign	SQM Comercial De México S.A. de<br> C.V.	Mexico	Dollar	Subsidiary
Foreign	North American Trading Company	United States	Dollar	Subsidiary
Foreign	Administración y Servicios Santiago<br> S.A. de C.V.	Mexico	Dollar	Subsidiary
Foreign	SQM Perú S.A.	Peru	Dollar	Subsidiary
Foreign	SQM Ecuador S.A.	Ecuador	Dollar	Subsidiary
Foreign	SQM Nitratos Mexico S.A. de C.V.	Mexico	Dollar	Subsidiary
Foreign	SQMC Holding Corporation L.L.P.	United States	Dollar	Subsidiary
Foreign	SQM Investment Corporation N.V.	Curacao	Dollar	Subsidiary
Foreign	SQM Brasil Limitada	Brazil	Dollar	Subsidiary
Foreign	SQM France S.A.	France	Dollar	Subsidiary
Foreign	SQM Japan Co. Ltd.	Japan	Dollar	Subsidiary
Foreign	Royal Seed Trading Corporation A.V.V.	Aruba	Dollar	Subsidiary
Foreign	SQM Oceania Pty Limited	Australia	Dollar	Subsidiary
Foreign	Rs Agro-Chemical Trading Corporation<br> A.V.V.	Aruba	Dollar	Subsidiary
Foreign	SQM Indonesia S.A.	Indonesia	Dollar	Subsidiary
Foreign	SQM Virginia L.L.C.	United States	Dollar	Subsidiary
Foreign	Comercial Caimán Internacional<br> S.A.	Panama	Dollar	Subsidiary
Foreign	SQM África Pty. Ltd.	South Africa	Dollar	Subsidiary
Foreign	SQM Colombia SAS	Colombia	Dollar	Subsidiary
Foreign	SQM Internacional N.V.	Belgium	Dollar	Subsidiary
Foreign	SQM (Shanghai) Chemicals Co. Ltd.	China	Dollar	Subsidiary
Foreign	SQM Lithium Specialties LLC	United States	Dollar	Subsidiary
Foreign	SQM Iberian S.A.	Spain	Dollar	Subsidiary
Foreign	SQM Beijing Commercial Co. Ltd.	China	Dollar	Subsidiary
Foreign	SQM Thailand Limited	Thailand	Dollar	Subsidiary
Foreign	SQM Australia PTY	Australia	Dollar	Subsidiary
Foreign	SQM Holland B.V.	Netherlands	Dollar	Subsidiary
Foreign	SQM Korea LLC	Korea	Dollar	Subsidiary
96.801.610-5	Comercial Hydro S.A.	Chile	Dollar	Subsidiary
96.651.060-9	SQM Potasio S.A.	Chile	Dollar	Subsidiary
96.592.190-7	SQM Nitratos S.A.	Chile	Dollar	Subsidiary
96.592.180-K	Ajay SQM Chile S.A.	Chile	Dollar	Subsidiary
79.947.100-0	SQM Industrial S.A.	Chile	Dollar	Subsidiary
79.906.120-1	Isapre Norte Grande Ltda.	Chile	Peso	Subsidiary
79.876.080-7	Almacenes y Depósitos Ltda.	Chile	Peso	Subsidiary

| 70 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Tax ID No | Name | Country of origin | Functional currency | Nature | | --- | --- | --- | --- | --- | | 79.770.780-5 | Servicios Integrales de Tránsitos y Transferencias S.A. | Chile | Dollar | Subsidiary | | 79.768.170-9 | Soquimich Comercial S.A. | Chile | Dollar | Subsidiary | | 79.626.800-K | SQM Salar S.A. | Chile | Dollar | Subsidiary | | 76.534.490-5 | Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A. | Chile | Peso | Subsidiary | | 76.425.380-9 | Exploraciones Mineras S.A. | Chile | Dollar | Subsidiary | | 76.064.419-6 | Comercial Agrorama Ltda. | Chile | Peso | Subsidiary | | 76.145.229-0 | Agrorama S.A. | Chile | Peso | Subsidiary | | 76.359.919-1 | Orcoma Estudios SPA | Chile | Dollar | Subsidiary | | 76.360.575-2 | Orcoma SPA | Chile | Dollar | Subsidiary | | 76.686.311-9 | SQM MaG SpA | Chile | Dollar | Subsidiary | | 77.114.779-8 | Sociedad Contractual Minera Búfalo | Chile | Dollar | Subsidiary | | Foreign | Abu Dhabi Fertilizer Industries WWL | Arab Emirates | Arab Emirates dirham | Associate | | Foreign | Ajay North America | United States | Dollar | Associate | | Foreign | Ajay Europe SARL | France | Euro | Associate | | Foreign | Kore Potash PLC | United Kingdom | Dollar | Associate | | Foreign | SQM Vitas Fzco. | Arab Emirates | Arab Emirates dirham | Joint venture | | Foreign | Covalent Lithium Pty Ltd. | Australia | Dollar | Joint venture | | Foreign | Pavoni & C, SPA | Italy | Euro | Joint venture | | 96.511.530-7 | Sociedad de Inversiones Pampa Calichera | Chile | Dollar | Other related parties | | 96.529.340-K | Norte Grande S.A. | Chile | Peso | Other related parties | | 79.049.778-9 | Callegari Agrícola S.A. | Chile | Peso | Other related parties | | Foreign | SQM Vitas Brasil Agroindustria (1) | Brazil | Brazilian real | Other related parties | | Foreign | SQM Vitas Perú S.A.C. (1) | Peru | Dollar | Other related parties | | Foreign | Abu Dhabi Fertilizer Industries WWL (2) | Oman | United Arab Emirates dirham | Other related parties | | Foreign | International Technical and Trading Agencies CO WLL (2) | Jordan | United Arab Emirates dirham | Other related parties | | (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. | | --- | --- |

| 71 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

The following other related parties correspond to mining contractual corporations.

Tax<br> ID No.	Name	Country of origin	Functional<br> currency	Relationship
N/A	Ara Dos Primera del Salar de Pampa Blanca,<br> Sierra Gorda	Chile	Peso	Other related parties
N/A	Ara Tres Primera del Salar de Pampa Blanca,<br> Sierra Gorda	Chile	Peso	Other related parties
N/A	Ara Cuatro Primera del Salar de Pampa<br> Blanca, Sierra Gorda	Chile	Peso	Other related parties
N/A	Ara Cinco Primera del Salar de Pampa<br> Blanca, Sierra Gorda	Chile	Peso	Other related parties
N/A	Curicó Dos Primera del Salar de<br> Pampa Alta, Sierra Gorda	Chile	Peso	Other related parties
N/A	Curicó Tres Primera del Sector<br> de Pampa Alta, Sierra Gorda	Chile	Peso	Other related parties
N/A	Evelyn Veinticuatro Primera de Sierra<br> Gorda	Chile	Peso	Other related parties
N/A	Filomena Tres Primera de Oficina Filomena,<br> Sierra Gorda	Chile	Peso	Other related parties
N/A	Filomena Cuatro Primera de Oficina Filomena,<br> Sierra Gorda	Chile	Peso	Other related parties
N/A	Francis Cuatro Primera de Pampa Blanca,<br> Sierra Gorda	Chile	Peso	Other related parties
N/A	Francis Cuatro Segunda del Salar de Pampa<br> Blanca, Sierra Gorda	Chile	Peso	Other related parties
N/A	Francis Cuatro Tercera de Pampa Blanca,<br> Sierra Gorda	Chile	Peso	Other related parties
N/A	Francis Cuatro Cuarta de Pampa Blanca,<br> Sierra Gorda	Chile	Peso	Other related parties
N/A	Francis Cuatro Quinta de Pampa Blanca,<br> Sierra Gorda	Chile	Peso	Other related parties
N/A	Francis Primera del Salar de Pampa Blanca<br> de Sierra Gorda	Chile	Peso	Other related parties
N/A	Francis Segunda del Salar de Pampa Blanca<br> de Sierra Gorda	Chile	Peso	Other related parties
N/A	Francis Tercera del Salar de Pampa Blanca<br> de Sierra Gorda	Chile	Peso	Other related parties
N/A	Ivon Primera de Sierra Gorda	Chile	Peso	Other related parties
N/A	Ivon Décima Segunda de Sierra<br> Gorda	Chile	Peso	Other related parties
N/A	Ivon Sexta de Sierra Gorda	Chile	Peso	Other related parties
N/A	Julia Primera de Sierra Gorda	Chile	Peso	Other related parties
N/A	Lorena Trigésimo Quinta de Sierra<br> Gorda	Chile	Peso	Other related parties
N/A	Perseverancia Primera de Sierra Gorda	Chile	Peso	Other related parties
N/A	Tamara 40 Primera del Sector S.E. OF.<br> Concepción, Sierra Gorda	Chile	Peso	Other related parties
N/A	Tamara Tercera de Oficina Concepción,<br> Sierra Gorda	Chile	Peso	Other related parties
N/A	Tamara 40 Segunda del Sector S.E. OF<br> Concepción, Sierra Gorda	Chile	Peso	Other related parties

| 72 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Below is a list of transactions with clients and suppliers with whom a relationship with key Company personnel was identified:

Tax ID<br> No	Name	Country<br> of origin	Naure
76.389.727-3	Sociedad Periodística El Libero	Chile	Other related parties
90.193.000-7	El Mercurio S.A.P.	Chile	Other related parties
92.580.000-7	Empresa Nacional de Telecomunicaciones S.A.	Chile	Other related parties
96.806.980-2	Entel PCS Telecomunicaciones S.A.	Chile	Other related parties
97.004.000-5	Banco de Chile	Chile	Other related parties
99.012.000-5	Compañía de Seguros de Vida Consorcio Nacional	Chile	Other related parties
10.581.580-8	Gonzalo Guerrero Yamamoto	Chile	Other related parties
71.644.300-0	Universidad del Desarrollo	Chile	Other related parties
96.529.340-K	Norte Grande S.A.	Chile	Other related parties
65.204.189-2	Fundación para el desarrollo social	Chile	Other related parties
82.135.600-8	Instituto Chileno administración<br> empresas	Chile	Other related parties

| 73 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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.

As of June 30, 2022 and 2021, the detail of significant transactions with related parties is as follows:

					As<br> of June 30,<br> <br> 2022		As<br> of June<br> 30, 2021
Tax<br> ID No	Name	Nature	Country<br> of origin	Transaction	ThUS		ThUS
Foreign	Ajay<br> Europe S.A.R.L.	Associate	France	Sale<br> of products
Foreign	Ajay<br> Europe S.A.R.L.	Associate	France	Dividends
Foreign	Ajay<br> North America LL.C.	Associate	United<br> States of America	Sale<br> of products
Foreign	Ajay<br> North America LL.C.	Associate	United<br> States of America	Dividends
Foreign	Abu<br> Dhabi Fertilizer Industries WWL	Associate	United<br> Arab Emirates	Dividends
Foreign	SQM<br> Vitas Brasil Agroindustria	Other<br> related parties	Brazil	Sale<br> of products
Foreign	SQM<br> Vitas Perú S.A.C.	Other<br> related parties	Peru	Sale<br> of products
Foreign	Coromandel<br> SQM India	Joint<br> venture	India	Sale<br> of products
Foreign	Pavoni &<br> CPA	Joint<br> venture	Italy	Sale<br> of products
Chile	Banco<br> de Chile	Other<br> related parties	Chile	Service<br> Provider		)		)
Chile	Norte<br> Grande S.A.	Other<br> related parties	Chile	Client
Chile	El<br> Mercurio S.A.P.	Other<br> related parties	Chile	Service<br> Provider		)		)
Chile	Compañía<br> de Seguros de Vida Consorcio Nacional	Other<br> related parties	Chile	Service<br> Provider		)		)
Chile	Entel<br> PCS Telecomunicaciones S.A.	Other<br> related parties	Chile	Service<br> Provider		)		)
Chile	Gonzalo<br> Guerrero Yamamoto	Other<br> related parties	Chile	Service<br> Provider		)		)
Chile	Empresa<br> Nacional de Telecomunicaciones	Other<br> related parties	Chile	Service<br> Provider		)		)
Chile	Fundación<br> para el desarrollo social	Other<br> related parties	Chile	Service<br> Provider		)
Chile	Instituto<br> Chileno administración empresas	Other<br> related parties	Chile	Service<br> Provider		)

All values are in US Dollars.

| 74 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 12.5 | Trade receivables due from related parties, current: | | --- | --- | | | | | | | As of June 30, 2022 | As of December 31, 2021 | | --- | --- | --- | --- | --- | --- | --- | | Tax ID No | Name | Nature | Country of origin | Currency | ThUS$ | ThUS$ | | Foreign | Ajay Europe S.A. R.L. | Associate | France | Euro | 10,032 | 7,567 | | Foreign | Ajay North America LLC. | Associate | United States of America | Dollar | 6,339 | 3,350 | | Foreign | Abu Dhabi Fertilizer Industries WWL | Associate | United Arab Emirates | United Arab Emirates Dirham | - | 2,477 | | 96.511.530-7 | Soc. de Inversiones Pampa Calichera | Other related parties | Chile | Dollar | 4 | 5 | | Foreign | SQM Vitas Brasil Agroindustria | Other related parties | Brazil | Dollar | 71,788 | 55,119 | | Foreign | SQM Vitas Perú S.A.C. | Other related parties | Peru | Dollar | 17,878 | 14,684 | | Foreign | SQM Vitas Fzco. | Joint venture | United Arab Emirates | United Arab Emirates Dirham | 232 | 232 | | Foreign | Pavoni & C SpA | Joint venture | Italy | Euro | 1,679 | 804 | | Foreign | Covalent Lithium Pty Ltd. | Joint venture | Australia | Australian dollar | 739 | 1,914 | | Total | | | | | 108,691 | 86,152 |

As of June 30, 2022 and December 31, 2021, receivables are net of provision for ThUS$ 1,382 and ThUS$ 717, respectively.

12.6	Other disclosures:

Note 6 describes the remuneration of the board of directors, administration and key management personnel.

| 75 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Note 13 | Financial instruments | | --- | --- | | 13**.1** | Types of other current and non-current financial assets | | --- | --- | | | As of June 30, 2022 | As of December 31, 2021 | | --- | --- | --- | | Description of other financial assets | ThUS | ThUS | | Financial assets at amortized cost (1) | | | | Derivative financial instruments | | | | - For hedging | | | | - Non-hedging (2) | | | | Total other current financial assets | | | | Financial assets at fair value through other comprehensive income (4) (5) | | | | Derivative financial instruments | | | | - For hedging | | | | Other financial assets at amortized cost | | | | Total other non-current financial assets | | |

All values are in US Dollars.

	As<br> of June<br> 30, 2022	As<br> of December 31, 2021
Institution	ThUS	ThUS
Banco de Crédito e<br> Inversiones
Banco Santander (3)
Banco Itaú CorpBanca
Banco Estado
Scotiabank Sud Americano
Sumitomo Mitsui Banking
Credit Suisse
Total

All values are in US Dollars.

(1)	Corresponds<br> to term deposits whose maturity date is greater than 90 days and less than 360 days from<br> the investment date constituted in the aforementioned financial institutions.
(2)	Correspond<br> to forwards and options that were not classified as hedging instruments (See detail in Note<br> 13.3).
---	---
(3)	As<br> of June 30, 2022, no margin calls were recorded. As of December 31, 2021, margin<br> calls were recorded for US$ 31,430.
---	---
(4)	During<br> the first quarter of 2021, equity instruments classified at fair value irrevocably through<br> other comprehensive income were sold for US$ 16,413. The cumulative amount of the movements<br> in other comprehensive income from the date of acquisition to the date of sale was transferred<br> to retained earnings.
---	---
(5)	During<br> the second quarter of 2021, as a result of the loss of significant influence over the investment<br> of Kore Potash (for more details, see note 8.3 letter a), the investment, which was previous<br> recognized as an investment in associates, was reclassified as other non-current financial<br> assets as it was classified as financial equity instrument at fair value through other comprehensive<br> income irrevocably.
---	---

| 76 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 13.2 | Trade and other receivables | | --- | --- | | Trade and other receivables | As of June 30, 2022 | | | As of December 31, 2021 | | | | --- | --- | --- | --- | --- | --- | --- | | | Current | Non-current | Total | Current | Non-current | Total | | | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | | Trade receivables, current | | | | | | | | Prepayments, current | | | | | | | | Other receivables, current | | | | | | | | Total trade and other receivables | | | | | | |

All values are in US Dollars.

See discussion about credit risk in Note 4.2.

	As<br> of June 30, 2022			As<br> of December 31, 2021
	Gross<br> receivables	Impairment<br> provision for doubtful receivables	Trade<br> receivables,<br><br> net	Gross<br> receivables	Impairment<br> provision for<br> doubtful receivables	Trade<br> receivables,<br><br> net
Trade and other receivables	ThUS$	ThUS	ThUS$	ThUS$	ThUS	ThUS$
Receivables<br> related to credit operations, current	1,259,550	(18,125	1,241,425	600,664	(10,352	590,312
Prepayments,<br> current	70,508	(784	69,724	49,952	(784	49,168
Other<br> receivables, current	18,542	(2,769	15,773	17,456	(2,863	14,593
Other<br> receivables, non-current	6,099	-	6,099	6,172	-	6,172
Total<br> trade and other receivables	1,354,699	(21,678	1,333,021	674,244	(13,999	660,245

All values are in US Dollars.

| 77 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (a) | Renegotiated portfolio | | --- | --- |

As of June 30, 2022, and December 31, 2021 the detail of the renegotiated portfolio is as follows:

As of June 30, 2022
Portfolio analysis
Past<br> due segments	Number<br> of customers with<br><br> non-renegotiated portfolio	Gross<br> non-renegotiated<br><br> portfolio ThUS$	Number<br> of customers with<br><br> renegotiated portfolio	Gross<br> renegotiated<br><br> portfolio ThUS$
Current	1,085	1,230,439	8	62
1 - 30 days	123	16,456	7	152
31 - 60 days	21	1,771	6	261
61 - 90 days	6	4,111	2	9
91 - 120 days	19	2,003	3	69
121 - 150 days	14	272	2	16
151 - 180 days	-	-	-	-
181 - 210 days	6	76	-	-
211 - 250 days	10	23	-	-
>250 days	136	3,057	108	773
Total	1,420	1,258,208	136	1,342
As of December 31, 2021
---	---	---	---	---
Portfolio analysis
Past<br> due segments	Number of customers with non-renegotiated portfolio	Gross non-renegotiated portfolio ThUS$	Number of customers with renegotiated portfolio	Gross renegotiated portfolio ThUS$
Current	1,279	570,899	7	130
1 - 30 days	112	22,632	-	-
31 - 60 days	18	2,114	-	-
61 - 90 days	11	1,015	-	-
91 - 120 days	7	202	-	-
121 - 150 days	3	43	-	-
151 - 180 days	3	4	-	-
181 - 210 days	3	130	-	-
211 - 250 days	1	1	2	4
>250 days	80	2,597	117	893
Total	1,517	599,637	126	1,027

| 78 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (b) | Impairment provision for doubtful receivables | | --- | --- | | As of June 30, 2022 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Trade accounts receivable days past due | | | | | | | | | | | Trade receivables due from related | | | | | 1 to 30 | | 31 to 60 | | 61 to 90 | | Over 90 | | Trade | parties | | Trade and other receivables | Current | **** | days | **** | days | **** | days | **** | days | **** | ThUS$ | ThUS$ | | Expected Loss Rate on | 1 | % | 6 | % | 15 | % | 13 | % | 100 | % | - | - | | Total Gross Book Value | 1,230,500 | | 16,608 | | 2,032 | | 4,120 | | 6,290 | | 1,259,550 | 110,073 | | Impairment Estimate | 9,980 | | 1,028 | | 307 | | 522 | | 6,288 | | 18,125 | 1,382 | | As of December 31, 2021 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Trade accounts receivable days past due | | | | | | | | | | | Trade receivables due from related | | | | | 1 to 30 | | 31 to 60 | | 61 to 90 | | Over 90 | | Trade | parties | | Trade and other receivables | Current | **** | days | **** | days | **** | days | **** | days | **** | ThUS$ | ThUS$ | | Expected Loss Rate on | 1 | % | 8 | % | 32 | % | 34 | % | 71 | % | - | - | | Total Gross Book Value | 571,029 | | 22,633 | | 2,113 | | 1,015 | | 3,874 | | 600,664 | 86,869 | | Impairment Estimate | 4,724 | | 1,856 | | 673 | | 346 | | 2,753 | | 10,352 | 717 |

As of June 30, 2022, and December 31, 2021, movements in provisions are as follows:

	As<br> of June<br> 30, 2022		As<br> of December 31, 2021
Provisions	ThUS		ThUS
Impairment provision<br> of Accounts receivable at the beginning of the year
Increase (decrease) impairment of accounts<br> receivable
Write-off of accounts receivables				)
Difference in exchange rate		)		)
Impairment provision of Accounts<br> Receivable Provision at the end of the year
(1) Trade and other Receivables<br> Provision
(2) Current Other Receivables Provision
(3) Trade receivables with related<br> parties, current Provision
Recovery of Insurance
Impairment provision of Accounts<br> Receivable Provision
Renegotiated receivables
Non-renegotiated receivables

All values are in US Dollars.

| 79 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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).

As<br> of June 30, 2022	Assets		Liabilities		Total<br> Realized			Hedging<br> Reserve in<br><br> Gross Equity (1)
Type of Instrument: Cross currency<br> interest rate swaps UF/CLP
Cash flow hedge derivatives
Short term		38,230		18,687
Long term		-		45,679
Underlying Debt Hedge		38,230		64,366		(6,163	)		(19,973	)
Type of Instrument: Forwards/Options
Non-hedge derivatives with effect<br> on income
Short term		6,461		8,040
Underlying Investments Hedge		6,461		8,040		19,986			-
Total Instruments		44,691		72,406		13,823			(19,973	)
As of December 31,<br> 2021	Assets		Liabilities		Total Realized			Hedging<br> Reserve in<br><br> Gross Equity (1)
---	---	---	---	---	---	---	---	---	---	---
Type of Instrument: Cross currency<br> interest rate swaps UF/CLP
Cash flow hedge derivatives
Short term		12,625		8,954
Long term		245		72,900
Underlying Debt Hedge		12,870		81,854		(22,455	)		(46,529	)
Type of Instrument: Forwards/Options
Non-hedge derivatives with effect<br> on income
Short term		1,254		1,672
Underlying Investments Hedge		1,254		1,672		4,694			-
Total Instruments		14,124		83,526		(17,761	)		(46,529	)
(1)	See<br> underlying hedges in Note 4.2 letters b) and d) and movement of cash flow hedge reserve in<br> 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 June 30, 2022, and January 1 and December 31, 2021.

Reconciliation of asset<br> and liability hedging derivatives
Hedge-to-debt derivatives	(81,597	)	4,423		(16,367	)	30,836		(62,705	)
Hedging derivatives to investment	12,613		(407	)	28,644		(4,281	)	36,569
Non-hedging derivatives	(418	)	(21,147	)	19,986		-		(1,579	)
Total					32,263		26,555

| 80 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Derivative contract maturities are detailed as follows:

Series	Contract<br> amount	Currency	Maturity date
	ThUS
H		UF	01/04/2023
O		UF	02/01/2022
P		UF	01/15/2028
Q		UF	06/01/2030

All values are in US Dollars.

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 June 30, 2022 and December 31, 2021, the detail is as follows:

Other current and non-current financial	As<br> of June 30, 2022			As<br> of December 31, 2021
	Currents	Non-Current	Total	Currents	Non-Current	Total
liabilities	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Liabilities at amortized cost
Bank borrowings
Obligations with the public
Derivative financial instruments
For hedging
Non-Hedging
Total

All values are in US Dollars.

Current and non-current bank borrowings

As of June 30, 2022 and December 31, 2021, the detail is as follows:

	As<br> of June<br> 30, 2022	As<br> of December 31, 2021
Current and non-current bank borrowings	ThUS	ThUS
Current borrowings
Non-current borrowings
Current and non-current bank borrowings

All values are in US Dollars.

| 81 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | a) | Bank borrowings, current: | | --- | --- |

As of June 30, 2022, and December 31, 2021, the detail of this caption is as follows:

Debtor			Creditor			Currency or adjustment index	Payment of interest	Repayment		Effective rate
Tax ID No.	Company	Country	Tax ID No.	Financial institution	Country
93.007.000-9	SQM<br> S.A.	Chile	O-E	Scotiabank<br> Cayman	USA	USD	Upon<br> maturity		11/29/2022		1.10	%	3.19	%
		Nominal<br> amounts as of June 30, 2022			Current<br> amounts as of June 30, 2022
---	---	---	---	---	---	---	---	---	---	---
Debtor	Creditor	Up<br> to <br> 90 days	90<br> days to 1<br> year	Total	Up<br> to 90<br> days	90<br> days to 1<br> year	Subtotal	Borrowing<br> costs	****	Total
Company	Financial institution	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	****	ThUS
SQM<br> S.A.	Scotiabank<br> Cayman								)
Total									)

All values are in US Dollars.

Debtor			Creditor			Currency or adjustment index	Repayment	maturity	Effective rate
Tax ID No	Company	Country	Tax ID No	Financial institution	Country
93.007.000-9	SQM S.A.	Chile	O-E	Scotiabank Cayman	USA	USD	Upon maturity	05/31/2022		0.82	%	1.36	%
		Nominal<br> amounts as of December 31, 2021			Current<br> amounts as of December 31, 2021
---	---	---	---	---	---	---	---	---	---
Debtor	Creditor	Up<br> to <br> 90 days	90<br> days to 1<br> year	Total	Up<br> to 90<br> days	90<br> days to 1<br> year	Subtotal	Borrowing<br> costs	Total
Company	Financial institution	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM<br> S.A.	Scotiabank<br> Cayman
Total

All values are in US Dollars.

| 82 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | b) | Unsecured obligations, current: | | --- | --- |

As of June 30, 2022, and December 31, 2021, the detail of current unsecured interest-bearing obligations is composed of promissory notes and bonds, as follows:

Debtor			Number of registration or ID of the instrument	Series	Maturity date	Currency or adjustment index	Periodicity
Tax ID No.	Company	Country					Payment of interest	Repayment
93.007.000-9	SQM S.A.	Chile	-	MUS$250	07/28/2022	US$	Semiannual	Upon<br> maturity	1.37	%	4.38	%
93.007.000-9	SQM S.A.	Chile	-	MUS$300	10/03/2022	US$	Semiannual	Upon maturity	0.56	%	3.63	%
93.007.000-9	SQM S.A.	Chile	-	MUS$450	11/07/2022	US$	Semiannual	Upon maturity	3.01	%	4.25	%
93.007.000-9	SQM S.A.	Chile	-	MUS$400	07/22/2022	US$	Semiannual	Upon maturity	3.89	%	4.25	%
93.007.000-9	SQM S.A.	Chile	-	MUS$700	09/10/2022	US$	Semiannual	Upon maturity	3.54	%	3.50	%
93.007.000-9	SQM S.A.	Chile	564	H	07/05/2022	UF	Semiannual	Semiannual	1.70	%	4.90	%
93.007.000-9	SQM S.A.	Chile	699	O	08/01/2022	UF	Semiannual	Upon maturity	1.98	%	3.80	%
93.007.000-9	SQM S.A.	Chile	563	P	07/15/2022	UF	Semiannual	Upon maturity	1.88	%	3.25	%
93.007.000-9	SQM S.A.	Chile	700	Q	12/01/2022	UF	Semiannual	Upon<br> maturity	2.63	%	3.45	%

Effective rates of bonds in Pesos and UF are expressed and calculated in Dollars based on the flows agreed in Cross Currency Swap Agreements.

					Carrying<br> amounts of maturities as of June 30, 2022
			90<br> days to 1<br> year	Total	Up<br> to 90 days	90<br> days to 1<br> year	Subtotal	Borrowing<br> costs		Total
Company	Country	Series	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	****	ThUS
SQM S.A.	Chile	MUS250							)
SQM S.A.	Chile	MUS300							)
SQM S.A.	Chile	MUS450							)
SQM S.A.	Chile	MUS400							)
SQM S.A.	Chile	MUS700							)
SQM S.A.	Chile	H							)
SQM S.A.	Chile	O							)
SQM S.A.	Chile	P							)
SQM S.A.	Chile	Q							)
Total									)

All values are in US Dollars.

| 83 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Debtor | | | Number of registration or ID of the instrument | Series | Maturity date | Currency or adjustment index | Periodicity | | Effective rate | | | Nominal rate | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Tax ID No. | Company | Country | | | | | Payment of interest | Repayment | | | | | | 93.007.000-9 | SQM S.A. | Chile | - | MUS$250 | 01/28/2022 | US$ | Semiannual | Upon maturity | | 1.56 | % | | 4.38 | % | | 93.007.000-9 | SQM S.A. | Chile | - | MUS$300 | 04/03/2022 | US$ | Semiannual | Upon maturity | | 0.74 | % | | 3.63 | % | | 93.007.000-9 | SQM S.A. | Chile | - | MUS$450 | 05/07/2022 | US$ | Semiannual | Upon maturity | | 3.23 | % | | 4.25 | % | | 93.007.000-9 | SQM S.A. | Chile | - | MUS$400 | 01/22/2022 | US$ | Semiannual | Upon maturity | | 4.00 | % | | 4.25 | % | | 93.007.000-9 | SQM S.A. | Chile | - | MUS$700 | 03/10/2022 | US$ | Semiannual | Upon maturity | | 3.62 | % | | 3.50 | % | | 93.007.000-9 | SQM S.A. | Chile | 564 | H | 01/05/2022 | UF | Semiannual | Semiannual | | 1.75 | % | | 4.90 | % | | 93.007.000-9 | SQM S.A. | Chile | 699 | O | 02/01/2022 | UF | Semiannual | Upon maturity | | 2.06 | % | | 3.80 | % | | 93.007.000-9 | SQM S.A. | Chile | 563 | P | 01/15/2022 | UF | Semiannual | Upon maturity | | 2.04 | % | | 3.25 | % | | 93.007.000-9 | SQM S.A. | Chile | 700 | Q | 06/01/2022 | UF | Semiannual | Upon maturity | | 2.72 | % | | 3.45 | % |

Effective rates of bonds in Pesos and UF are expressed and calculated in Dollars based on the flows agreed in Cross Currency Swap Agreements.

					Carrying<br> amounts of maturities as of December 31, 2021
			90<br> days to 1<br> year	Total	Up<br> to 90 days	90<br> days to 1<br> year	Subtotal	Borrowing<br> costs		Total
Company	Country	Series	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	****	ThUS
SQM S.A.	Chile	MUS250							)
SQM S.A.	Chile	MUS300							)
SQM S.A.	Chile	MUS450							)
SQM S.A.	Chile	MUS400							)
SQM S.A.	Chile	MUS700							)
SQM S.A.	Chile	H							)
SQM S.A.	Chile	O							)
SQM S.A.	Chile	P							)
SQM S.A.	Chile	Q							)
Total									)

All values are in US Dollars.

| 84 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | c) | Classes of interest-bearing loans, non-current | | --- | --- |

The following table shows the details of bank loans as of June 30, 2022 and December 31,2021:

Debtor			Creditor			Currency or adjustment index	Type of amortization	Effective rate			Nominal rate
Tax ID No.	Company	Country	Tax ID No.	Financial institution	Country
93.007.000-9	SQM<br> S.A.	Chile	O-E	Scotiabank<br> Cayman	USA	USD	Maturity		2.46	%		3.19	%
Debtor	Creditor	Nominal<br> non-current maturities as of June 30, 2022				Carrying<br> amounts of maturities as of June 30, 2022
---	---	---	---	---	---	---	---	---	---	---	---
		Between<br> 1 and 2	Between<br> 2<br> and 3	Between<br> 3 <br> and 4	Total	Between<br> 1 and 2	Between<br> 2 and 3	Between<br> 3 and 4	Subtotal	Costs<br> of obtaining loans	Total
Company	Financial institution	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM<br> S.A.	Scotiabank<br> Cayman
Total

All values are in US Dollars.

Debtor			Creditor			Currency or adjustment index	Type of amortization	Effective rate			Nominal rate
Tax ID No.	Company	Country	Tax ID No.	Financial institution	Country
93.007.000-9	SQM<br> S.A.	Chile	O-E	Scotiabank<br> Cayman	USA	USD	Maturity		2.05	%		1.36	%
Debtor	Creditor	Nominal<br> non-current maturities as of December 31, 2021				Carrying<br> amounts of maturities as of December 31, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---
		Between<br> 1 and 2	Between<br> 2 <br> and 3	Between<br> 3 <br> and 4	Total	Between<br> 1<br> and 2	Between<br> 2<br> and 3	Between<br> 3<br> and 4	Subtotal	Costs<br> of obtaining loans		Total
Company	Financial institution	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	****	ThUS
SQM<br> S.A.	Scotiabank<br> Cayman										)
Total											)

All values are in US Dollars.

| 85 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | d) | Non-current unsecured interest-bearing bonds | | --- | --- |

The following table shows the details of “unsecured debentures that accrue non-current interest” as of June 30, 2022, and December 31, 2021:

Debtor				****	****		Periodicity		****	****	****	****
Tax ID No.	Company	Country	Number of registration or ID of the instrument	Series	Maturity date	Currency or adjustment index	Payment of interest	Repayment	Effective rate	****	Nominal rate	****
93.007.000-9	SQM S.A.	Chile	-	MUS$250	01/28/2025	US$	Semiannual	Upon<br> maturity	4.08	%	4.38	%
93.007.000-9	SQM S.A.	Chile	-	MUS$450	05/07/2029	US$	Semiannual	Upon maturity	4.10	%	4.25	%
93.007.000-9	SQM S.A.	Chile	-	MUS$400	01/22/2050	US$	Semiannual	Upon maturity	4.19	%	4.25	%
93.007.000-9	SQM S.A.	Chile	-	MUS$700	09/10/2051	US$	Semiannual	Upon maturity	3.42	%	3.50	%
93.007.000-9	SQM S.A.	Chile	564	H	01/05/2030	UF	Semiannual	Semiannual	4.76	%	4.90	%
93.007.000-9	SQM S.A.	Chile	699	O	02/01/2033	UF	Semiannual	Upon maturity	3.69	%	3.80	%
93.007.000-9	SQM S.A.	Chile	563	P	01/15/2028	UF	Semiannual	Upon maturity	3.24	%	3.25	%
93.007.000-9	SQM S.A.	Chile	700	Q	06/01/2038	UF	Semiannual	Upon maturity	3.43	%	3.45	%
						Carrying<br> amounts of maturities as of June 30, 2022
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Over<br> 2<br> years to 3	Over<br> 3<br> Years to 4	Over<br> 4<br> Years to 5	Over<br> 5<br> years	Total	Over<br> 1<br> year to 2	Over<br> 2<br> years to 3	Over<br> 3<br> Years to 4	Over<br> 4<br> Years to 5	Over<br> 5<br> years	Subtotal	Bond<br> issuance<br> costs		Total
Series	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS		ThUS
MUS250													)
MUS300
MUS450													)
MUS400													)
MUS700													)
H													)
O													)
P													)
Q													)
Total													)

All values are in US Dollars.

| 86 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Debtor | | | | **** | **** | | Periodicity | | **** | **** | **** | **** | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Tax ID No. | Company | Country | Number of registration or ID of the instrument | Series | Maturity date | Currency or adjustment index | Payment of interest | Repayment | Effective rate | **** | Nominal rate | **** | | 93.007.000-9 | SQM S.A. | Chile | - | MUS$250 | 01/28/2025 | US$ | Semiannual | Upon maturity | 4.08 | % | 4.38 | % | | 93.007.000-9 | SQM S.A. | Chile | - | MUS$300 | 04/03/2023 | US$ | Semiannual | Upon maturity | 3.42 | % | 3.63 | % | | 93.007.000-9 | SQM S.A. | Chile | - | MUS$450 | 05/07/2029 | US$ | Semiannual | Upon maturity | 4.10 | % | 4.25 | % | | 93.007.000-9 | SQM S.A. | Chile | - | MUS$400 | 01/22/2050 | US$ | Semiannual | Upon maturity | 4.19 | % | 4.25 | % | | 93.007.000-9 | SQM S.A. | Chile | - | MUS$700 | 09/10/2051 | US$ | Semiannual | Upon maturity | 3.43 | % | 3.50 | % | | 93.007.000-9 | SQM S.A. | Chile | 564 | H | 01/05/2030 | UF | Semiannual | Semiannual | 4.76 | % | 4.90 | % | | 93.007.000-9 | SQM S.A. | Chile | 699 | O | 02/01/2033 | UF | Semiannual | Upon maturity | 3.69 | % | 3.80 | % | | 93.007.000-9 | SQM S.A. | Chile | 563 | P | 01/15/2028 | UF | Semiannual | Upon maturity | 3.24 | % | 3.25 | % | | 93.007.000-9 | SQM S.A. | Chile | 700 | Q | 06/01/2038 | UF | Semiannual | Upon maturity | 3.43 | % | 3.45 | % | | | | | | | | Carrying amounts of maturities as of December 31, 2021 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Over 2 years to 3 | Over 3 Years to 4 | Over 4 Years to 5 | Over 5 years | Total | Over 1 year to 2 | Over 2 years to 3 | Over 3 Years to 4 | Over 4 Years to 5 | Over 5 years | Subtotal | Bond issuance costs | | Total | | Series | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | | ThUS | | MUS250 | | | | | | | | | | | | | ) | | | MUS300 | | | | | | | | | | | | | ) | | | MUS450 | | | | | | | | | | | | | ) | | | MUS400 | | | | | | | | | | | | | ) | | | MUS700 | | | | | | | | | | | | | ) | | | H | | | | | | | | | | | | | ) | | | O | | | | | | | | | | | | | ) | | | P | | | | | | | | | | | | | ) | | | Q | | | | | | | | | | | | | ) | | | Total | | | | | | | | | | | | | ) | |

All values are in US Dollars.

| 87 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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.

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.

2022

During 2022, amortization of principal amounted to UF 181,818.18, equivalent to ThUS$ 6,619 with an associated cross currency swap hedge loss of ThUS$ 436.

As of June 30, 2022, and 2021, the Company has made the following payments with a charge to the Series H bonds and their associated CCS hedging:

	As of June 30,<br> 2022	As of June 30,<br> 2021
Payments made	ThUS	ThUS
Payments of interest, Series H bonds
CCS Coverage

All values are in US Dollars.

(ii)	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.

As of June 30, 2022, and 2021, the Company has made the following payments with a charge to Series O bonds and their associated CCS hedging:

	As of June 30,<br> 2022	As of June 30,<br> 2021
Payments made	ThUS	ThUS
Payment of interest, Series O bonds
CCS Coverage

All values are in US Dollars.

| 88 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (iii) | 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%.

As of June 30, 2022, and 2021, the following payments have been made with a debit to the line of single-series bonds, third issue:

	As of June 30,<br> 2022	As of June 30,<br> 2021
Payments made	ThUS	ThUS
Payment of interest

All values are in US Dollars.

(iv)	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%.

As of June 30, 2022, and 2021, the following payments have been made.

	As of June 30,<br> 2022	As of June 30,<br> 2021
Payments made	ThUS	ThUS
Payment of interest

All values are in US Dollars.

(v)	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.

As of June 30, 2022, and 2021, the following payments and their associated CCS have been made:

	As of June 30,<br> 2022	As of June 30,<br> 2021
Payments made	ThUS	ThUS
Payment of interest series P
CCS Coverage

All values are in US Dollars.

| 89 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (vi) | 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

As of June 30, 2022, and 2021, the following payments have been made:

	As of June 30,<br> 2022	As of June 30,<br> 2021
Payments made	ThUS	ThUS
Payment of interest series Q
CCS Coverage

All values are in US Dollars.

(vii)	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.

As of June 30, 2022, and 2021, the following payments have been made:

	As of June 30,<br> 2022	As of June 30,<br> 2021
Payments made	ThUS	ThUS
Payment of interest

All values are in US Dollars.

(viii)	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.

As of June 30, 2022, and 2021, the following payments have been made:

	As of June 30,<br> 2022	As of June 30,<br> 2021
Payments made	ThUS	ThUS
Payment of interest

All values are in US Dollars.

| 90 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (ix) | 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.

As of June 30, 2022, and 2021, the following payments have been made:

	As of June 30,<br> 2022	As of June 30,<br> 2021
Payments made	ThUS	ThUS
Payment of interest

All values are in US Dollars.

13.5	Trade and other payables
a)	Details trade and other payables
---	---
	As of<br> June 30, 2022			As of<br> December 31, 2021
---	---	---	---	---	---	---
	Current	Non-current	Current	Current	Non-current	Total
Details trade and other payables	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Accounts payable
Other accounts payable
Prepayments from customers
Total

All values are in US Dollars.

As of June 30, 2022, and December 31, 2021, the balance of current and past due accounts payable is made up as follows:

Suppliers current on all payments

	Amounts<br> according to payment periods as of June 30, 2022
	Up<br> to 30		31<br> - 60		61<br> - 90		91<br> - 120		121<br> - 365		366<br> and more		Total
Type of Supplier	Days		days		Days		days		days		days		ThUS
Goods		261,727		1,626		437		261		66		2,988
Services		80,993		1,664		104		1		76		-
Others		22,577		-		-		-		-		-
Total		365,297		3,290		541		262		142		2,988

All values are in US Dollars.

	Amounts<br> according to payment periods as of December 31, 2021
	Up<br> to 30		31<br> - 60		61<br> - 90		91<br> - 120		121<br> - 365		366<br> and more		Total
Type of Supplier	Days		days		Days		days		days		days		ThUS
Goods		148,045		1,799		1,425		-		120		3,813
Services		80,089		335		109		2		78		-
Others		31,949		-		-		-		-		-
Total	****	260,083	****	2,134	****	1,534	****	2	****	198	****	3,813

All values are in US Dollars.

| 91 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Suppliers past due on payments

	Amounts<br> according to payment periods as of June 30, 2022
	Up<br> to 30		31<br> - 60		61<br> - 90		91<br> - 120		121<br> - 365		366<br> and more		Total
Type of Supplier	Days		days		Days		days		days		days		ThUS
Goods		2,388		3,159		921		699		48		-
Services		3,513		152		19		-		77		-
Others		1,694		62		-		-		-		-
Total		7,595		3,373		940		699		125		-

All values are in US Dollars.

	Amounts<br> according to payment periods as of December 31, 2021
	Up<br> to 30		31<br> - 60		61<br> - 90		91<br> - 120		121<br> - 365		366<br> and more		Total
Type of Supplier	Days		days		Days		days		days		days		ThUS
Goods		7,688		30		5		1		37		-
Services		4,055		108		533		34		181		-
Others		2,340		16		73		35		5		-
Total		14,083		154		611		70		223		-

All values are in US Dollars.

Purchase commitments held by the Company are recognized as liabilities when the goods and services are received by the Company. As of June 30, 2022, the Company has purchase orders amounting to ThUS$ 149,411 and ThUS$ 166,209 as of December 31, 2021.

| 92 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 13.6 | Financial asset and liability categories | | --- | --- |

a) Financial Assets

	As of June 30,<br> 2022			As of December 31,<br> 2021
	Current	Non-current	Total	Current	Non-current	Total
Description of financial<br> assets	ThUS$	ThUS$	ThUS$	ThUS$	ThUS$	ThUS$
Cash and cash equivalent	1,946,434	-	1,946,434	1,515,051	-	1,515,051
Trade receivables due from related parties<br> at amortized cost	108,691	-	108,691	86,152	-	86,152
Financial assets measured at amortized<br> cost	631,170	84	631,254	905,170	91	905,261
Trade and other receivables	1,326,922	6,099	1,333,021	654,073	6,172	660,245
Total financial assets measured at amortized<br> cost	4,013,217	6,183	4,019,400	3,160,446	6,263	3,166,709
Financial instruments for hedging purposes	38,230	-	38,230	12,625	245	12,870
Financial instruments held for trading	6,461	-	6,461	1,254	-	1,254
Financial assets classified as available<br> for sale at fair value through equity	-	13,137	13,137	-	8,932	8,932
Total financial assets at fair value	44,691	13,137	57,828	13,879	9,177	23,056
Total financial assets	4,057,908	19,320	4,077,228	3,174,325	15,440	3,189,765

| 93 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

b) Financial Liabilities

	As of June 30,<br> 2022			As of December 31,<br> 2021
	Current	Non-current	Total	Current	Non-current	Total
Description of financial<br> liabilities	ThUS$	ThUS$	ThUS$	ThUS$	ThUS$	ThUS$
For hedging purposes through<br> equity	18,687	45,679	64,366	8,954	72,900	81,854
Held for trading at fair value through<br> profit or loss	8,040	-	8,040	1,672	-	1,672
Financial liabilities at fair value	26,727	45,679	72,406	10,626	72,900	83,526
Bank loans	69,918	-	69,918	85	69,613	69,698
Obligations to the public	340,379	2,127,832	2,468,211	40,594	2,445,219	2,485,813
Lease Liabilities	9,991	50,011	60,002	7,704	46,519	54,223
Trade and other payables	382,987	2,988	385,975	279,650	3,813	283,463
Trade payables due to related parties	-	-	-	-	-	-
Total financial liabilities at amortized<br> cost	803,275	2,180,831	2,984,106	328,033	2,565,164	2,893,197
Total financial liabilities	830,002	2,226,510	3,056,512	338,659	2,638,064	2,976,723

| 94 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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<br> traded derivatives, and equity securities) is based on quoted market prices at the end of<br> the reporting period. The quoted market price used for financial assets held by the Company<br> 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<br> example, over-the-counter derivatives) is determined using valuation techniques which maximize<br> the use of observable market data and rely as little as possible on entity-specific estimates.<br> If all significant inputs required to fair value an instrument are observable, the instrument<br> is included in level 2.
---	---
(c)	Level 3: If one or more of the significant inputs is not based on observable market data, the<br> instrument is included in level 3. This is the case for unlisted equity securities.
---	---

| 95 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | | As of June 30, 2022 | | | Measurement Methodology | | | | --- | --- | --- | --- | --- | --- | --- | | | Carrying Amount at Amortized Cost | Fairvalue(informative) | FairAmountregistered | Level 1 | Level 2 | Level 3 | | Fair value measurement of assets and liabilities | ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS$ | | Financial Assets | | | | | | | | Cash and cash equivalents | 1,946,434 | 1,946,434 | - | 1,946,434 | - | - | | Other current financial assets | | | | | | | | - Time deposits | 631,170 | 631,170 | - | - | 631,170 | - | | - Derivative financial instruments | | | | | | | | - Forwards | - | - | 5,861 | - | 5,861 | - | | - Options | - | - | 600 | - | 600 | - | | - Hedging assets | - | - | 1,662 | - | 1,662 | - | | - Swaps | - | - | 36,568 | - | 36,568 | - | | Non-current accounts receivable | 6,099 | 6,099 | - | - | - | - | | Other non-current financial assets: | | | | | | | | - Other | 84 | 84 | - | - | 84 | - | | - Equity instruments | - | - | 13,137 | 13,137 | - | - | | - Hedging assets – Swaps | - | - | - | - | - | - | | Other current financial liabilities | | | | | | | | - Bank borrowings | 69,918 | 69,918 | - | - | 69,918 | - | | - Derivative instruments | - | - | - | - | - | - | | - Forwards | - | - | 7,685 | - | 7,685 | - | | - Options | - | - | 355 | - | 355 | - | | - Hedging liabilities – Swaps | - | - | 18,687 | - | 18,687 | - | | - Swaps hedges, investments | - | - | - | - | - | - | | - Unsecured obligations | 340,379 | 340,379 | - | - | 340,379 | - | | - Current lease liabilities | 9,991 | 9,991 | - | - | 9,991 | - | | Other non-current financial liabilities | | | | | | | | - Bank borrowings | - | - | - | - | - | - | | - Unsecured obligations | 2,127,832 | 2,378,976 | - | - | 2,378,976 | - | | - Non-current hedging liabilities | - | - | 45,679 | - | 45,679 | - | | - Non-current lease liabilities | 50,011 | 39,390 | - | - | 39,390 | - |

| 96 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | | As of December 31, 2021 | | | Measurement Methodology | | | | --- | --- | --- | --- | --- | --- | --- | | | Carrying Amount at Amortized Cost | Fair value (informative) | Fair Amount registered | Level 1 | Level 2 | Level 3 | | Fair value measurement of assets and liabilities | ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS$ | | Financial Assets | | | | | | | | Cash and cash equivalents | 1,515,051 | 1,515,051 | - | 1,515,051 | - | - | | Other current financial assets | | | | | | | | - Time deposits | 905,170 | 905,170 | - | - | 905,170 | - | | - Derivative financial instruments | | | | | | | | - Forwards | - | - | 1,031 | - | 1,031 | - | | - Options | - | - | 223 | - | 223 | - | | - Hedging assets | - | - | - | - | - | - | | - Swaps | - | - | 12,613 | - | 12,613 | - | | Non-current accounts receivable | 6,172 | 6,172 | - | - | - | - | | Other non-current financial assets: | | | | | | | | - Other | 91 | 91 | - | - | 91 | - | | - Equity instruments | - | - | 8,932 | 8,932 | - | - | | - Hedging assets – Swaps | - | - | - | - | - | - | | Other current financial liabilities | | | | | | | | - Bank borrowings | 85 | 85 | - | - | 85 | - | | - Derivative instruments | - | - | - | - | - | - | | - Forwards | - | - | 1,270 | - | 1,270 | - | | - Options | - | - | 402 | - | 402 | - | | -Hedging liabilities – Swaps | - | - | 8,954 | - | 8,954 | - | | -Swaps hedges, investments | - | - | - | - | - | - | | - Unsecured obligations | 40,594 | 40,594 | - | - | 40,594 | - | | - Current lease liabilities | 7,704 | 7,704 | - | - | 7,704 | - | | Other non-current financial liabilities | | | | | | | | - Bank borrowings | 69,613 | 70,497 | - | - | 70,497 | - | | - Unsecured obligations | 2,445,219 | 2,871,005 | - | - | 2,871,005 | - | | - Non-current hedging liabilities | - | - | 72,900 | - | 72,900 | - | | - Non-current lease liabilities | 46,519 | 34,521 | - | - | 34,521 | - |

| 97 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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:

Fairvalue 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<br> equivalent approximates fair value due to the short-term maturities of these instruments.
·	The<br> fair value of current trade receivables is considered to be equal to the carrying amount<br> due to the maturity of such accounts at short-term.
---	---
·	Payables,<br> current lease liabilities and other current financial liabilities are considered fair value<br> equal to book value due to the short-term maturity of these accounts.
---	---
·	The<br> fair value of the debt (long-term secured and unsecured debentures; bonds denominated in<br> local currency (Peso/UF) and foreign currency (Dollar), borrowings denominated in foreign<br> currency (Dollar) and lease liabilities of the Company are calculated at current value of<br> cash flows subtracted from market rates upon valuation, considering the terms of maturity<br> and exchange rates. The UF and Peso rate curves are used as inputs for the valuation model.<br> This information is obtained through from the renowned financial software company, Bloomberg,<br> and the Chilean Association of Banks and Financial Institutions.
---	---

| 98 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 13.9 | Reconciliation of net debt and lease liabilities. | | --- | --- |

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.

	As<br> of June 30, 2022		As<br> of December 31,<br> 2021
Net debt	ThUS	****	ThUS	****
Cash and cash equivalents
Other current financial assets
Other non-current financial hedge assets
Other current financial liabilities		)		)
Lease liabilities, current		)		)
Other non-current financial liabilities		)		)
Non-current Lease liabilities		)		)
Total		)		)

All values are in US Dollars.

	As<br>of		From<br>cash flow					Not<br>from cash flow				As<br>of
	December 31,<br>2021		Amounts<br>from loans	Amounts<br>from <br>interests		Other<br>cash <br>income/expenses		Result		Equity		June 30,<br>2022
Cashand cash equivalents	ThUS		ThUS	ThUS		ThUS		ThUS		ThUS		ThUS
Obligations<br>with the public and bank loans		)							)				)
Current and non-current<br>lease liabilities		)							)				)
Financial instruments<br>derived from hedging		)							)				)
Non-hedging derivative<br>financial instruments (net)							)						)
Current<br>and Non-Current Financial Liabilities		)					)		)				)
Cash and cash<br>equivalents									)
Deposits that<br>do not qualify as cash and cash equivalents					)		)		)
Derivatives for<br>investment hedges							)				)
Total		)							)				)

All values are in US Dollars.

| 99 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Note14 Right-of-use assets and Lease liabilities

14.1	Right-of-use assets
Reconciliation of changes in right-of-use assets as of June 30, 2022, net value	Land		Buildings		Other<br> property,<br> plant and<br> equipment	Transport<br> equipment		Supplies<br> <br> and<br> accessories	Office<br> equipment	Network<br> and<br> communication<br> equipment	Mining<br> assets	IT<br> equipment	Energy<br> generating<br> assets	Constructions<br> in progress	Machinery,<br> plant and<br> equipment		Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	ThUS		ThUS		ThUS	ThUS		ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS		ThUS
Opening Balance
Additions
Depreciation expenses		)		)			)									)		)
Other increases / decreases
Total changes				)			)
Closing balance

All values are in US Dollars.

Reconciliationof changes inright-of-use assets as ofDecember 31, 2021, net value	Land		Buildings		Other<br>property, plant and equipment	Transport<br>equipment		Supplies<br>and accessories	Office<br>equipment	Network<br>and communication equipment	Mining<br>assets	IT<br>equipment	Energy<br>generating assets	Constructions<br>in progress	Machinery,<br>plant and equipment		Total
	ThUS		ThUS		ThUS	ThUS		ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS		ThUS
Opening Balance
Additions
Depreciation expenses		)		)			)									)		)
Other increases / decreases																)		)
Total changes				)
Closing balance

All values are in US Dollars.

The Company’s lease activities included the following aspects:

(a)	The nature of the Company’s<br> lease activities is related to contracts focused primarily on business operations, mainly<br> rights-of-use to equipment and real estate,
(b)	The Company does not<br> estimate any significant future cash outflows that would potentially expose the Company,<br> and these are likewise not reflected in the measurement of lease liabilities, related to<br> concepts such as: (i) Variable lease payments, (ii) Expansion options and termination<br> options, (iii) Guaranteed residual value and (iv) Leases not yet undertaken but<br> committed by the Company.
---	---
(c)	These are not subject<br> to restrictions or agreements imposed by contracts.
---	---

There were no sales transactions with leases later in the period.

| 100 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 14.2 | Lease liabilities | | --- | --- | | | As of June 30, 2022 | | As of December 31, 2021 | | | --- | --- | --- | --- | --- | | | Current | Non-Current | Current | Non-Current | | Lease liabilities | ThUS | ThUS | ThUS | ThUS | | Lease liabilities | | | | | | Total | | | | |

All values are in US Dollars.

**i)**Current and non-current lease liabilities

Debtor			Creditor			Contract	Type of	Maturity
Tax ID No.	Company	Country	TAX ID No.	Supplier	Country	indexation unit	amortization	date	Effective rate
79.626.800-K	SQM Salar S.A.	Chile	83.776.000-3	Empresa Constructora Contex Ltda.	Chile	UF	Monthly	03-31-2025	5.39	%
79.626.800-K	SQM Salar S.A.	Chile	76.327.820-4	Maquinaria Astudillo y Hermanos Ltda.	Chile	UF	Monthly	01-08-2026	2.89	%
79.626.800-K	SQM Salar S.A.	Chile	76.065.017-K	SKM Industrial Ltda.	Chile	Peso	Monthly	06-01-2022	8.93	%
79.626.800-K	SQM Salar S.A.	Chile	76.327.820-4	Maquinaria Astudillo y Hermanos Ltda.	Chile	Peso	Monthly	11-24-2025	2.89	%
79.626.800-K	SQM Salar S.A.	Chile	76.158.471-5	Sociedad Inmobiliaria Amaru SpA	Chile	UF	Monthly	07-11-2023	2.00	%
79.626.800-K	SQM Salar S.A.	Chile	76.327.820-4	Maquinaria Astudillo y Hermanos Ltda.	Chile	UF	Monthly	06-01-2026	3.26	%
79.626.800-K	SQM Salar S.A.	Chile	76.951.498-8	Inversiones y Gestión New Energy SpA	Chile	UF	Monthly	04-01-2024	0.00	%
79.626.800-K	SQM Salar S.A.	Chile	76.536.499-K	Jungheinrich Rentalift SpA	Chile	UF	Monthly	05-01-2028	2.90	%
79.626.800-K	SQM Salar S.A.	Chile	83.472.500-2	Tattersall Maquinarias S.A.	Chile	UF	Monthly	05-01-2028	2.90	%
79.947.100-0	SQM Industrial S.A.	Chile	96.856.400-5	El Trovador S.A.	Chile	UF	Monthly	02-08-2030	3.10	%
79.947.100-0	SQM Industrial S.A.	Chile	76.976.580-8	Sociedad Comercial Grandleasing Chile Ltda	Chile	UF	Monthly	08-26-2024	2.72	%
79.947.100-0	SQM Industrial S.A.	Chile	76.536.499-K	Jungheinrich Rentalif SPA	Chile	UF	Monthly	10-07-2024	3.49	%
79.947.100-0	SQM Industrial S.A.	Chile	76.320.186-4	Tecno Fast S.A.	Chile	UF	Monthly	12-31-2022	1.44	%
96.592.190-7	SQM Nitratos S.A.	Chile	76.536.499-K	Jungheinrich Rentalif SPA	Chile	UF	Monthly	10-07-2024	3.49	%
93.007.000-9	SQM S.A.	Chile	76.536.499-K	Jungheinrich Rentalif SPA	Chile	UF	Monthly	10-07-2024	3.49	%
79.768.170-9	Soquimich Comercial S.A.	Chile	96.662.540-6	Containers Operators S.A.	Chile	UF	Monthly	12-31-2022	0.81	%
79.768.170-9	Soquimich Comercial S.A.	Chile	76.729.932-K	SAAM Logistics S.A.	Chile	UF	Monthly	08-01-2022	0.81	%

| 101 |

| --- | | Notes | --- | | Debtor | | | Creditor | | --- | --- | --- | --- | --- | Tax ID No. | 79.768.170-9 | Soquimich | 79.768.170-9 | Soquimich | 79.768.170-9 | Soquimich | 79.768.170-9 | Soquimich | 79.768.170-9 | Soquimich | 76.359.919-1 | Orcoma | 76.359.919-1 | Orcoma | 76.359.919-1 | Orcoma | Extranjero | SQM North | Extranjero | SQM North | Extranjero | SQM North | Extranjero | SQM North | Extranjero | SQM North | Extranjero | SQM North | Extranjero | SQM North | Extranjero | SQM North | Extranjero | SQM Comercial | Extranjero | SQM Comercial | Extranjero | SQM Comercial | Extranjero | SQM Europe | Extranjero | SQM Australia | Extranjero | SQM Australia | Extranjero | SQM Australia | Extranjero | SQM Australia | Extranjero | SQM Australia | Extranjero | SQM Colombia | Extranjero | SQM Colombia | Extranjero | SQM Colombia | Extranjero | SQM África to the Consolidated Interim Financial Statements June 30, 2022 | | | Contract | Type of | Maturity | | | | --- | --- | --- | --- | --- | --- | | Company | Country | TAX ID No. | Supplier | Country | indexation unit | amortization | date | Effective rate | **** | Comercial S.A. | Chile | 91.577.000-2 | Muelles de Penco S.A. | Chile | UF | Monthly | 07-06-2023 | 1.30 | % | Comercial S.A. | Chile | 91.577.000-2 | Muelles de Penco S.A. | Chile | UF | Monthly | 07-06-2023 | 1.30 | % | Comercial S.A. | Chile | 76.722.280-7 | Inmobiliaria Chincui SPA | Chile | UF | Monthly | 05-01-2028 | 3.38 | % | Comercial S.A. | Chile | 96.565.580-8 | Compañía de Leasing Tattersall S.A. | Chile | UF | Monthly | 07-05-2025 | 2.97 | % | Comercial S.A. | Chile | 91.577.000-2 | Muelles de Penco S.A. | Chile | UF | Monthly | 03-01-2029 | 4.11 | % | SpA | Chile | 70.017.320-8 | Obispado de Iquique | Chile | CLP | Monthly | 07-12-2036 | 6.16 | % | SpA | Chile | 73.190.800-1 | Comunidad Indígena Aymara Pueblo de Pisiga Choque | Chile | UF | Monthly | 07-12-2024 | 2.53 | % | SpA | Chile | 6.848.218-6 | Ruth del Carmen Cortez Maturana | Chile | CLP | Monthly | 07-12-2031 | 7.44 | % | America Corp. | USA | Foreign | Paces West LL. | USA | Dollar | Monthly | 12-31-2027 | 3.36 | % | America Corp. | USA | Foreign | Hawkins Nunmber One, LLC | USA | Dollar | Monthly | 08-31-2024 | 3.33 | % | America Corp. | USA | Foreign | Deep South Equipment Company | USA | Dollar | Monthly | 03-24-2024 | 1.33 | % | America Corp. | USA | Foreign | Tennant-South | USA | Dollar | Monthly | 07-02-2023 | 1.00 | % | America Corp. | USA | Foreign | Deacon Jones CDJR | USA | Dollar | Monthly | 03-30-2024 | 2.81 | % | America Corp. | USA | Foreign | Mt Mullahey Inc. Mullahey Chrysler Dodge | USA | Dollar | Monthly | 09-11-2022 | 2.81 | % | America Corp. | USA | Foreign | Berwyn Partners Inc. | USA | Dollar | Monthly | 12-24-2024 | 1.34 | % | America Corp. | USA | Foreign | Myers Ford Co Inc. | USA | Dollar | Monthly | 06-25-2024 | 1.51 | % | de México S.A. de C.V. | Mexico | Foreign | Onni Ensenada S.A. de C.V. | Mexico | Dollar | Monthly | 12-03-2026 | 3.45 | % | de México S.A. de C.V. | Mexico | Foreign | Madol Inmobiliaria S.A. de C.V. | Mexico | Mexican Peso | Monthly | 10-31-2023 | 7.84 | % | de México S.A. de C.V. | Mexico | Foreign | Madol Inmobiliaria S.A. de C.V. | Mexico | Mexican Peso | Monthly | 10-31-2023 | 7.84 | % | N.V. | Belgium | Foreign | Straatsburgdok N.V. | Belgium | Euro | Monthly | 03-31-2027 | 1.30 | % | PTY | Australia | Foreign | Eagle Petroleum (WA) Pty Ltd | Australia | Australian dollar | Monthly | 06-21-2022 | 5.00 | % | PTY | Australia | Foreign | The trust Company (Australia) Pty Ltd | Australia | Australian dollar | Monthly | 01-31-2021 | 3.60 | % | PTY | Australia | Foreign | Ausco Modular Pty Limited | Australia | Australian dollar | Monthly | 01-31-2023 | 5.00 | % | PTY | Australia | Foreign | Western Australian Land Authority | Australia | Australian dollar | Monthly | 08-31-2051 | 3.55 | % | PTY | Australia | Foreign | Mining Thiess Pty Ltd. | Australia | Australian dollar | Monthly | 08-31-2051 | 3.55 | % | S.A.S. | Colombia | Foreign | Mareauto Colombia S.A.S. | Colombia | COP | Monthly | 12-18-2023 | 2.01 | % | S.A.S. | Colombia | Foreign | Renting Colombia S.A. | Colombia | COP | Monthly | 10-16-2024 | 2.72 | % | S.A.S. | Colombia | Foreign | Renting Colombia S.A. | Colombia | COP | Monthly | 12-27-2024 | 2.17 | % | Pty | Sudáfrica | Foreign | Goscor Finance (Pty) Ltd | South Africa | ZAR | Monthly | 11-01-2026 | 8.51 | % |

| 102 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (a) | As of June 30, 2022, and December 31, 2021, current lease liabilities are analyzed as follows: | | --- | --- | | Debtor | Creditor | Nominal amounts as of June 30,2022 | | | Current values as of June 30, 2022 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | Up to 90 days | 90 days to 1 year | Total | Up to 90 days | 90 days to 1 year | Total | | Company | Supplier | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | | SQM Salar S.A. | Empresa Constructora Contex Ltda | | | | | | | | SQM Salar S.A. | Maquinarias Industriales Astudillo Hermanos Ltda. | | | | | | | | SQM Salar S.A. | SKM Industrial Ltda. | | | | | | | | SQM Salar S.A. | Maquinarias Industriales Astudillo Hermanos Ltda. | | | | | | | | SQM Salar S.A. | Sociedad Inmobiliaria Amaru SpA | | | | | | | | SQM Salar S.A. | Maquinarias Industriales Astudillo Hermanos Ltda. | | | | | | | | SQM Salar S.A. | Inversiones y Gestión New Energy SpA | | | | | | | | SQM Salar S.A. | Jungheinrich Rentalift SpA | | | | | | | | SQM Salar S.A. | Tattersall Maquinarias S.A. | | | | | | | | SQM Industrial S.A. | El Trovador S.A. | | | | | | | | SQM Industrial S.A. | Sociedad Comercial Grandleasing Chile Ltda | | | | | | | | SQM Industrial S.A. | Jungheinrich Rentalift SpA | | | | | | | | SQM Industrial S.A. | Tecnofast | | | | | | | | SQM Nitratos S.A. | Jungheinrich Rentalift SpA | | | | | | | | SQM S.A. | Jungheinrich Rentalift SpA | | | | | | | | Orcoma SpA | Obispado de Iquique | | | | | | | | Orcoma SpA | Comunidad Indígena Aymara Pueblo de Pisiga Choque | | | | | | | | Orcoma SpA | Ruth del Carmen Cortez Maturana | | | | | | | | Soquimich Comercial S.A. | Container Operators S.A. | | | | | | | | Soquimich Comercial S.A. | Muelles de Penco S.A. | | | | | | | | Soquimich Comercial S.A. | Muelles de Penco S.A. | | | | | | | | Soquimich Comercial S.A. | Inmobiliaria Chincui SPA | | | | | | | | Soquimich Comercial S.A. | Compañia de leasing Tattersall S.A. | | | | | | | | Soquimich Comercial S.A. | Muelles de Penco S.A. | | | | | | | | Soquimich Comercial S.A. | Muelles de Penco S.A. | | | | | | | | SQM North America Corp. | Paces West LL. | | | | | | | | SQM North America Corp. | Hawkins Nunmber One, LLC | | | | | | | | SQM North America Corp. | Deep South Equipment Company | | | | | | | | SQM North America Corp. | Tennant- South | | | | | | | | SQM North America Corp. | Deacon Jones CDJR | | | | | | | | SQM North America Corp. | Mt Mullahey Inc. Mullahey Chrysler Dodge | | | | | | | | SQM North America Corp. | Berwyn Partners Inc | | | | | | | | SQM North America Corp. | Myers Ford Co Inc | | | | | | | | SQM Comercial de México S.A. de C.V. | Onni Ensenada S.A. de C.V. | | | | | | | | SQM Comercial de México S.A. de C.V. | Madol Inmobiliaria S.A. de C.V. | | | | | | | | Subtotal | | | | | | | |

All values are in US Dollars.

| 103 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Entidad deudora | Creditor | Nominal amounts as of June 30,2022 | | | | | | Current values as of June 30, 2022 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Up to 90 days | | 90 days to 1 year | | Total | | Up to 90 days | | 90 days to 1 year | | Total | | | Company | Supplier | ThUS | | ThUS | | ThUS | | ThUS | | ThUS | | ThUS | | | SQM Comercial de México S.A. de C.V. | Madol Inmobiliaria S.A. de C.V. | | | | | | | | | | | | | | SQM Europe N.V. | Straatsburgdok N.V. | | | | | | | | | | | | | | SQM Australia PTY | Ausco Modular Pty Limited | | | | | | | | | | | | | | SQM Australia PTY | Western Australian Land Authority | | ) | | ) | | ) | | ) | | ) | | ) | | SQM Australia PTY | Eagle Petroleum (WA) Pty Ltd | | | | | | | | | | | | | | SQM Australia PTY | Knight Frank | | | | | | | | | | | | | | SQM Australia PTY | Mining Thiess Pty Ltd. | | | | | | | | | | | | | | SQM Colombia S.A.S. | Mareauto Colombia S.A.S. | | | | | | | | | | | | | | SQM Colombia S.A.S. | Renting Colombia S.A. | | | | | | | | | | | | | | SQM Colombia S.A.S. | Renting Colombia S.A. | | | | | | | | | | | | | | SQM África Pty | Goscor Finance (Pty) Ltd. | | | | | | | | | | | | | | Subtotal | | | | | | | | | | | | | | | Total | | | | | | | | | | | | | |

All values are in US Dollars.

| 104 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Debtor | Creditor | Nominal amounts as of December 31,2021 | | | | | | Current values as of December 31, 2021 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Up to 90 days | | 90 days to 1 year | | Total | | Up to 90 days | | 90 days to 1 year | | Total | | | Company | Supplier | ThUS | | ThUS | | ThUS | | ThUS | | ThUS | | ThUS | | | SQM Salar S.A. | Empresa Constructora Contex Ltda | | | | | | | | | | | | | | SQM Salar S.A. | Maquinarias Industriales Astudillo Hermanos Ltda. | | | | | | | | | | | | | | SQM Salar S.A. | SKM Industrial Ltda. | | | | | | | | | | | | | | SQM Salar S.A. | Maquinarias Industriales Astudillo Hermanos Ltda. | | | | | | | | | | | | | | SQM Salar S.A. | Sociedad Inmobiliaria Amaru SpA | | | | | | | | | | | | | | SQM Salar S.A. | Maquinarias Industriales Astudillo Hermanos Ltda. | | | | | | | | | | | | | | SQM Industrial S.A. | El Trovador S.A. | | | | | | | | | | | | | | SQM Industrial S.A. | Sociedad Comercial Grandleasing Chile Ltda | | | | | | | | | | | | | | SQM Industrial S.A. | Jungheinrich Rentalift SpA | | | | | | | | | | | | | | SQM Industrial S.A. | Tecnofast | | | | | | | | | | | | | | SQM Nitratos S.A. | Jungheinrich Rentalift SpA | | | | | | | | | | | | | | SQM S.A. | Jungheinrich Rentalift SpA | | | | | | | | | | | | | | Orcoma Estudios SpA | Obispado de Iquique | | | | | | | | | | | | | | Orcoma Estudios SpA | Comunidad Indígena Aymara Pueblo de Pisiga Choque | | | | | | | | | | | | | | Orcoma Estudios SpA | Ruth del Carmen Cortez Maturana | | | | | | | | | | | | | | Soquimich Comercial S.A. | Container Operators S.A. | | | | | | | | | | | | | | Soquimich Comercial S.A. | Muelles de Penco S.A. | | | | | | | | | | | | | | Soquimich Comercial S.A. | Muelles de Penco S.A. | | | | | | | | | | | | | | Soquimich Comercial S.A. | Inmobiliaria Chincui SPA | | | | | | | | | | | | | | Soquimich Comercial S.A. | Compañía de Leasing Tattersall S.A. | | | | | | | | | | | | | | SQM North America Corp. | Paces West LL. | | | | | | | | | | | | | | SQM North America Corp. | Hawkins Nunmber One, LLC | | | | | | | | | | | | | | SQM North America Corp. | Deep South Equipment Company | | | | | | | | | | | | | | SQM North America Corp. | Tennant- South | | | | | | | | | | | | | | SQM Comercial de México S.A. de C.V. | Onni Ensenada S.A. de C.V. | | | | | | | | | | | | | | SQM Comercial de México S.A. de C.V. | Madol Inmobiliaria S.A. de C.V. | | | | | | | | | | | | | | SQM Comercial de México S.A. de C.V. | Madol Inmobiliaria S.A. de C.V. | | | | | | | | | | | | | | SQM Europe N.V. | Straatsburgdok N.V. | | | | | | | | | | | | | | SQM Australia PTY | Ausco Modular Pty Limited | | | | | | | | | | | | | | SQM Australia PTY | Western Australian Land Authority | | ) | | ) | | ) | | ) | | ) | | ) | | SQM Australia PTY | Eagle Petroleum (WA) Pty Ltd | | | | | | | | | | | | | | SQM Australia PTY | Knight Frank | | | | | | | | | | | | | | SQM Colombia S.A.S. | Mareauto Colombia S.A.S. | | | | | | | | | | | | | | SQM Colombia S.A.S. | Renting Colombia S.A. | | | | | | | | | | | | | | SQM Colombia S.A.S. | Renting Colombia S.A. | | | | | | | | | | | | | | Total | | | | | | | | | | | | | |

All values are in US Dollars.

| 105 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (b) | As of June 30, 2022 and December 31, 2021, the non-current lease liabilities are analyzed as follows: | | --- | --- | | Debtor | Creditor | Nominal amounts as of June 30,2022 | | | | Actual amounts as of June 30,2022 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 1-2 Years | 2-3 Years | 3-4 Years | Total | 1-2 Years | 2-3 Years | 3-4 Years | Total | | Company | Supplier | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | | SQM Salar S.A. | Empresa Constructora Contex Ltda | | | | | | | | | | SQM Salar S.A. | Maquinarias Industriales Astudillo Hermanos Ltda, | | | | | | | | | | SQM Salar S.A. | SKM Industrial Ltda, | | | | | | | | | | SQM Salar S.A. | Maquinarias Industriales Astudillo Hermanos Ltda, | | | | | | | | | | SQM Salar S.A. | Sociedad Inmobiliaria Amaru SpA | | | | | | | | | | SQM Salar S.A. | Maquinarias Industriales Astudillo Hermanos Ltda, | | | | | | | | | | SQM Salar S.A. | Inversiones y Gestión New Energy SpA | | | | | | | | | | SQM Salar S.A. | Jungheinrich Rentalift SpA | | | | | | | | | | SQM Salar S.A. | Tattersall Maquinarias S,A, | | | | | | | | | | SQM Industrial S.A. | El Trovador S,A, | | | | | | | | | | SQM Industrial S.A. | Sociedad Comercial Grandleasing Chile Ltda | | | | | | | | | | SQM Industrial S.A. | Jungheinrich Rentalift SpA | | | | | | | | | | SQM Industrial S.A. | Tecnofast | | | | | | | | | | SQM Nitratos S.A. | Jungheinrich Rentalift SpA | | | | | | | | | | SQM S.A. | Jungheinrich Rentalift SpA | | | | | | | | | | Orcoma Estudios SpA | Obispado de Iquique | | | | | | | | | | Orcoma Estudios SpA | Comunidad Indígena Aymara Pueblo de Pisiga Choque | | | | | | | | | | Orcoma Estudios SpA | Ruth del Carmen Cortez Maturana | | | | | | | | | | Soquimich Comercial S.A. | Container Operators S,A, | | | | | | | | | | Soquimich Comercial S.A. | Muelles de Penco S,A, | | | | | | | | | | Soquimich Comercial S.A. | Muelles de Penco S,A, | | | | | | | | | | Soquimich Comercial S.A. | Inmobiliaria Chincui SpA | | | | | | | | | | Soquimich Comercial S.A. | Compañia de leasing Tattersall S,A, | | | | | | | | | | Soquimich Comercial S.A. | Muelles de Penco S,A, | | | | | | | | | | Soquimich Comercial S.A. | Muelles de Penco S,A, | | | | | | | | | | SQM North America Corp. | Paces West LL, | | | | | | | | | | SQM North America Corp. | Hawkins Nunmber One, LLC | | | | | | | | | | SQM North America Corp. | Deep South Equipment Company | | | | | | | | | | SQM North America Corp. | Tennant- South | | | | | | | | | | SQM North America Corp. | Deacon Jones CDJR | | | | | | | | | | SQM North America Corp. | Berwyn Partners Inc | | | | | | | | | | SQM North America Corp. | Myers Ford Co Inc | | | | | | | | | | SQM Comercial de México S.A. de C.V. | Onni Ensenada S,A, de C,V, | | | | | | | | | | Subtotal | | | | | | | | | |

All values are in US Dollars.

| 106 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Debtor | Creditor | Nominal amounts as of June 30,2022 | | | | Actual amounts as of June 30,2022 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **** | **** | 1-2 Years | 2-3 Years | 3-4 Years | Total | 1-2 Years | 2-3 Years | 3-4 Years | Total | | Company | Supplier | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | | SQM Comercial de México S.A. de C.V. | Madol Inmobiliaria S.A. de C.V. | | | | | | | | | | SQM Comercial de México S.A. de C.V. | Madol Inmobiliaria S.A. de C.V. | | | | | | | | | | SQM Europe N.V. | Straatsburgdok N.V. | | | | | | | | | | SQM Australia PTY | Ausco Modular Pty Limited | | | | | | | | | | SQM Australia PTY | Western Australian Land Authority | | | | | | | | | | SQM Australia PTY | Mining Thiess Pty Ltd. | | | | | | | | | | SQM Colombia S.A.S. | Mareauto Colombia S.A.S. | | | | | | | | | | SQM Colombia S.A.S. | Renting Colombia S.A. | | | | | | | | | | SQM Colombia S.A.S. | Renting Colombia S.A. | | | | | | | | | | SQM África Pty | Goscor Finance (Pty) Ltd. | | | | | | | | | | Subtotal | | | | | | | | | | | Total | | | | | | | | | |

All values are in US Dollars.

| 107 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Debtor | Creditor | Nominal amounts as of December 31,2022 | | | | Actual amounts as of December 31,2022 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Más de 1 hasta 2 años | Más de 2 hasta 3 años | Más de 3 hasta 4 años | Total | Más de 1 hasta 2 años | | Más de 2 hasta 3 años | Más de 3 hasta 4 años | Total | | Empresa | Proveedor | MUS | MUS | MUS | MUS | MUS | **** | MUS | MUS | MUS | | SQM Salar S.A. | Empresa Constructora Contex Ltda | | | | | | | | | | | SQM Salar S.A. | Maquinarias Industriales Astudillo Hermanos Ltda, | | | | | | | | | | | SQM Salar S.A. | SKM Industrial Ltda, | | | | | | | | | | | SQM Salar S.A. | Maquinarias Industriales Astudillo Hermanos Ltda, | | | | | | | | | | | SQM Salar S.A. | Sociedad Inmobiliaria Amaru SpA | | | | | | | | | | | SQM Salar S.A. | Maquinarias Industriales Astudillo Hermanos Ltda, | | | | | | | | | | | SQM Industrial S.A. | El Trovador S,A, | | | | | | | | | | | SQM Industrial S.A. | Sociedad Comercial Grandleasing Chile Ltda | | | | | | | | | | | SQM Industrial S.A. | Jungheinrich Rentalift SpA | | | | | | | | | | | SQM Industrial S.A. | Tecnofast | | | | | | | | | | | SQM Nitratos S.A. | Jungheinrich Rentalift SpA | | | | | | | | | | | SQM S.A. | Jungheinrich Rentalift SpA | | | | | | | | | | | Orcoma Estudios SpA | Obispado de Iquique | | | | | | | | | | | Orcoma Estudios SpA | Comunidad Indígena Aymara Pueblo de Pisiga Choque | | | | | | | | | | | Orcoma Estudios SpA | Ruth del Carmen Cortez Maturana | | | | | | | | | | | Soquimich Comercial S.A. | Container Operators S,A, | | | | | | | | | | | Soquimich Comercial S.A. | Muelles de Penco S,A, | | | | | | | | | | | Soquimich Comercial S.A. | Muelles de Penco S,A, | | | | | | | | | | | Soquimich Comercial S.A. | Inmobiliaria Chincui SPA | | | | | | | | | | | Soquimich Comercial S.A. | Compañía de Leasing Tattersall S,A, | | | | | | | | | | | SQM North America Corp. | Paces West LL, | | | | | | | | | | | SQM North America Corp. | Hawkins Nunmber One, LLC | | | | | | | | | | | SQM North America Corp. | Deep South Equipment Company | | | | | | | | | | | SQM North America Corp. | Tennant- South | | | | | | | | | | | SQM Comercial de México S.A. de C.V. | Onni Ensenada S,A, de C,V, | | | | | | | | | | | SQM Comercial de México S.A. de C.V. | Madol Inmobiliaria S,A, de C,V, | | | | | | | | | | | SQM Comercial de México S.A. de C.V. | Madol Inmobiliaria S,A, de C,V, | | | | | | | | | | | SQM Europe N.V. | Straatsburgdok N,V, | | | | | | | | | | | SQM Australia PTY | Ausco Modular Pty Limited | | | | | | | | | | | SQM Australia PTY | Western Australian Land Authority | | | | | | ) | | | | | SQM Colombia S.A.S. | Mareauto Colombia S,A,S, | | | | | | | | | | | SQM Colombia S.A.S. | Renting Colombia S,A,S, | | | | | | | | | | | SQM Colombia S.A.S. | Renting Colombia S,A,S, | | | | | | | | | | | Total | | | | | | | | | | |

All values are in US Dollars.

| 108 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Other lease disclosures

Total lease expenses related to lease payments that did not qualify under the scope of IFRS 16 were ThUS$ 39,620 and ThUS$ 37,814 for the periods ended June 30, 2022 and 2021. See Note 23.8.

Expenses related to variable payments not included in lease liabilities were ThUS$ 1,375 and ThUS$ 380 for the periods ending June 30, 2022 and 2021.

Income from subleases on right-of-use assets were ThUS$ 72 and ThUS$ 76 as of June 30, 2022 and 2021, respectively.

Payments for contractual operating leases are disclosed in Note 4.2 Liquidity Risk.

| 109 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Note15 | Intangible assets and goodwill | | --- | --- | | 15.1 | Reconciliation of changes in intangible assets and goodwill | | --- | --- | | As of June 30, 2022 | | | | --- | --- | --- | | | | Net Value | | Intangible assets and goodwill | Useful life | ThUS | | IT programs | Finite | | | Mining rights | Finite | | | Water rights and rights of way | Indefinite | | | Water rights | Finite | | | Intellectual property | Finite | | | Other intangible assets | Finite | | | Intangible assets other than goodwill | | | | Goodwill | Indefinite | | | Total Intangible Asset | | |

All values are in US Dollars.

As of December 31, 2021
		Net<br> Value
Intangible<br> assets and goodwill	Useful<br> life	ThUS
IT<br> programs	Finite
Mining rights	Finite
Water rights<br> and rights of way	Indefinite
Water rights	Finite
Intellectual<br> property	Finite
Other intangible<br> assets	Finite
Intangible<br> assets other than goodwill
Goodwill	Indefinite
Total<br> Intangible Asset

All values are in US Dollars.

| 110 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | a) | Movements in identifiable intangible assets as of June 30, 2022: | | --- | --- | | Gross Value | IT programs | **** | Mining rights, Finite | **** | Water rights, and rights of way. Indefinite | **** | Water rights Finite | Customer- related intangible assets | Intellectual property | Other intangible assets | **** | Goodwill | **** | Identifiable intangible assets | **** | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Movements in identifiable intangible assets | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | ThUS | ThUS | ThUS | **** | ThUS | **** | ThUS | **** | | Opening Balance | | | | | | | | | | | | | | | | | Additions | | | | | | | | | | | | | | | | | Other increases / decreases for foreign currency exchange rates | | ) | | | | ) | | | | | ) | | | | ) | | Impairment losses recognized in profit or loss for the year | | | | | | | | | | | | | ) | | ) | | Decrease for classification as held for sale | | | | | | | | | | | | | | | | | Transferred from available for sale | | | | | | | | | | | | | | | | | Other increases (decreases) | | | | ) | | | | | | | | | | | ) | | Total increases (decreases) | | | | | | ) | | | | | | | ) | | ) | | Closing balance | | | | | | | | | | | | | | | |

All values are in US Dollars.

Accumulated amortization and impairment	IT<br> programs	****	Mining<br> rights, <br> Finite	****	Water<br> rights, and rights of <br> way, Indefinite	****	Water<br> rights <br> Finite	****	Customer-<br> related <br> intangible <br> assets	****	Intellectual<br> <br> property	****	Other<br> intangible <br> assets	****	Goodwill	****	Identifiable<br> <br> intangible <br> assets	****
Movements in identifiable intangible assets	ThUS	****	ThUS	****	ThUS	****	ThUS	****	ThUS	****	ThUS	****	ThUS	****	ThUS	****	ThUS	****
Opening<br> Balance		)		)		)		)		)		)		)		)		)
Other<br> increases / decreases for foreign currency exchange rates		)																)
Other<br> increases (decreases)
Impairment<br> losses recognized in profit or loss for the year (1)
Amortization		)		)				)				)		)				)
Total<br> increases (decreases)		)		)				)				)		)				)
Closing<br> balance		)		)		)		)		)		)		)		)		)

All values are in US Dollars.

(1)	See<br> Note 23.5

| 111 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Net value | IT programs | **** | Mining rights, Finite | **** | Water rights, and rights of way, Indefinite | **** | Water rights Finite | **** | Customer- related intangible assets | Intellectual property | **** | Other intangible assets | **** | Goodwill | **** | Identifiable intangible assets | **** | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Movements in Identifiable intangible assets | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | | Opening Balance | | | | | | | | | | | | | | | | | | | Additions | | | | | | | | | | | | | | | | | | | Amortization | | ) | | ) | | | | ) | | | ) | | ) | | | | ) | | Impairment losses recognized in profit or loss for the year | | | | | | | | | | | | | | | ) | | ) | | Other increases / decreases for foreign currency exchange rates | | ) | | | | ) | | | | | | | ) | | | | ) | | Decreases through sale | | | | | | | | | | | | | | | | | | | Transferred from available for sale | | | | | | | | | | | | | | | | | | | Other increases (decreases) | | | | ) | | | | | | | | | | | | | ) | | Total increases (decreases) | | ) | | ) | | ) | | ) | | | ) | | ) | | ) | | ) | | Closing balance | | | | | | | | | | | | | | | | | |

All values are in US Dollars.

Movements in identifiable intangible assets as of December 31, 2021:

Gross Value	IT<br> programs	****	Mining<br> rights, <br> Finite	****	Water<br> rights, <br> and rights of <br> way, Indefinite	****	Water<br> rights <br> Finite	Customer-<br> related <br> intangible <br> assets	Intellectual<br> <br> property	Other<br> intangible <br> assets	****	Goodwill	****	Identifiable<br> <br> intangible <br> assets	****
Movements in identifiable intangible assets	ThUS	****	ThUS	****	ThUS	****	ThUS	ThUS	ThUS	ThUS	****	ThUS	****	ThUS	****
Opening<br> Balance
Additions
Other<br> increases / decreases for foreign currency exchange rates		)				)					)
Impairment<br> losses recognized in profit or loss for the year
Decrease<br> for classification as held for sale
Transferred<br> from available for sale
Other<br> increases (decreases)				)									)		)
Total<br> increases (decreases)						)							)
Closing<br> balance

All values are in US Dollars.

| 112 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Accumulated amortization and impairment | IT programs | **** | Mining rights, Finite | **** | Water rights, and rights of way, Indefinite | **** | Water rights Finite | **** | Customer- related intangible assets | **** | Intellectual property | **** | Other intangible assets | **** | Goodwill | **** | Identifiable intangible assets | **** | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Movements in identifiable intangible assets | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | | Opening Balance | | ) | | ) | | ) | | | | ) | | | | ) | | ) | | ) | | Other increases / decreases for foreign currency exchange rates | | | | | | | | | | | | | | | | | | | | Other increases (decreases) | | | | | | | | | | | | | | | | | | | | Impairment losses recognized in profit or loss for the year (1) | | | | ) | | ) | | | | | | | | | | | | ) | | Amortization | | ) | | ) | | | | ) | | | | ) | | ) | | | | ) | | Total increases (decreases) | | ) | | ) | | ) | | ) | | | | ) | | ) | | | | ) | | Closing balance | | ) | | ) | | ) | | ) | | ) | | ) | | ) | | ) | | ) |

All values are in US Dollars.

Net value	IT<br> programs	****	Mining<br> rights, <br> Finite	****	Water<br> rights, <br> and rights of <br> way, Indefinite	****	Water<br> rights <br> Finite	****	Customer-<br> related <br> intangible <br> assets	Intellectual<br> <br> property	****	Other<br> intangible <br> assets	****	Goodwill	****	Identifiable<br> <br> intangible <br> assets	****
Movements in Identifiable intangible assets	ThUS	****	ThUS	****	ThUS	****	ThUS	****	ThUS	ThUS	****	ThUS	****	ThUS	****	ThUS	****
Opening<br> Balance
Additions
Amortization		)		)				)			)		)				)
Impairment<br> losses recognized in profit or loss for the year				)		)											)
Other<br> increases / decreases for foreign currency exchange rates		)				)							)
Decreases<br> through sale
Transferred<br> from available for sale
Other<br> increases (decreases)				)											)		)
Total<br> increases (decreases)		)		)		)		)					)		)		)
Closing<br> balance

All values are in US Dollars.

| 113 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

(b) Movements in identifiable goodwill as of June 30, 2022:

Gross Value	Goodwill<br> at the <br> beginning of period <br> January 1, 2022	Additional<br> <br> recognition	Impairment<br> losses recognized <br> in profit or loss for the year (-)	****	Total<br> increase <br> (decrease)	****	Goodwill<br> at <br> end of period
Movements in identifiable goodwill	ThUS	ThUS	ThUS	****	ThUS	****	ThUS
SQM Industrial S.A.
SQM S.A.				)		)
SQM Iberian S.A.
SQM Investment Corporation
Soquimich Comercial S.A.
Soquimich European Holding B.V.				)		)
SQM Potasio S.A.
Total increases (decreases)				)		)
Closing balance				)		)

All values are in US Dollars.

Accumulated impairment	Goodwill<br> at the <br> beginning of period <br> January 1, 2022	****	Additional<br> <br> recognition	Impairment<br> losses recognized <br> in profit or loss for the year (-)	Total<br> increase <br> (decrease)	Goodwill<br> at <br> end of period	****
Movements in identifiable goodwill	ThUS	****	ThUS	ThUS	ThUS	ThUS	****
SQM Industrial S.A.		)					)
SQM S.A.
SQM Iberian S.A.
SQM Investment Corporation
Soquimich Comercial S.A.		)					)
Soquimich European Holding B.V.
SQM Potasio S.A.
Total increases (decreases)		)					)
Closing balance		)					)

All values are in US Dollars.

| 114 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Net Value | Goodwill at the beginning of period January 1, 2022 | Additional recognition | Impairment losses recognized in profit or loss for the year (-) | **** | Total increase (decrease) | **** | Goodwill at end of period | | --- | --- | --- | --- | --- | --- | --- | --- | | Movements in identifiable goodwill | ThUS | ThUS | ThUS | **** | ThUS | **** | ThUS | | SQM Industrial S.A. | - | - | - | | - | | - | | SQM S.A. (*) | | | | ) | | ) | | | SQM Iberian S.A. | | | | | | | | | SQM Investment Corporation | | | | | | | | | Soquimich Comercial S.A. | | | | | | | | | Soquimich European Holding B.V. (*) | | | | ) | | ) | | | SQM Potasio S.A. | | | | | | | | | Total increases (decreases) | | | | ) | | ) | | | Closing balance | | | | ) | | ) | |

All values are in US Dollars.

(*) Based on a quantitative analysis conducted by management, this goodwill was adjusted for impairment based on the assessment that its partial or total book value is not recoverable.

Movements in identifiable goodwill as of December 31, 2021

Gross Value	Goodwill<br> at the <br> beginning of period <br> January 1, 2021	Additional<br> <br> recognition	Impairment<br> losses recognized <br> in profit or loss for the year (-)	Total<br> increase <br> (decrease)	****	Goodwill<br> at <br> end of period
Movements<br> in identifiable goodwill	ThUS	ThUS	ThUS	ThUS		ThUS
SQM Industrial S.A.
SQM S.A.
SQM Iberian S.A.
SQM Investment Corporation
Soquimich Comercial S.A.
Soquimich European Holding B.V.
SQM Holland B.V. (**)					)
SQM Potasio S.A.
Total increases (decreases)					)
Closing balance					)

All values are in US Dollars.

(**) The measurement of assets and liabilities related to the acquisition of WNSPK (see Note 7) was completed in 2021 and as a result ThUS$ 7,370 were identified as intellectual property and reclassified from goodwill as a consequence.

| 115 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Accumulated impairment | Goodwill at the beginning of period January 1, 2021 | **** | Additional recognition | Impairment losses recognized in profit or loss for the year (-) | Total increase (decrease) | Goodwill at end of period | **** | | --- | --- | --- | --- | --- | --- | --- | --- | | Movements in identifiable goodwill | ThUS | **** | ThUS | ThUS | ThUS | ThUS | **** | | SQM Industrial S.A. | | ) | | | | | ) | | SQM S.A. | | | | | | | | | SQM Iberian S.A. | | | | | | | | | SQM Investment Corporation | | | | | | | | | Soquimich Comercial S.A. | | ) | | | | | ) | | Soquimich European Holding B.V. | | | | | | | | | SQM Holland B.V. | | | | | | | | | SQM Potasio S.A. | | | | | | | | | Total increases (decreases) | | ) | | | | | ) | | Closing balance | | ) | | | | | ) |

All values are in US Dollars.

Net Value	Goodwill<br> at the <br> beginning of period <br> January 1, 2021	Additional<br> <br> recognition	Impairment<br> losses recognized <br> in profit or loss for the year (-)	Total<br> increase <br> (decrease)	****	Goodwill<br> at <br> end of period
Movements in identifiable goodwill	ThUS	ThUS	ThUS	ThUS	****	ThUS
SQM Industrial S.A.
SQM S.A.
SQM Iberian S.A.
SQM Investment Corporation
Soquimich Comercial S.A.
Soquimich European Holding B.V.
SQM Holland B.V. (*)					)
SQM Potasio S.A.
Total increases (decreases)					)
Closing balance					)

All values are in US Dollars.

(*) The measurement of assets and liabilities related to the acquisition of WNSPK (see Note 7) was completed in 2021 and as a result ThUS$ 7,370 were identified as intellectual property and reclassified from goodwill as a consequence.

| 116 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Note 16 Property, plant and equipment | | --- |

As of June 30, 2022, and December 31, 2021, the detail of property, plant and equipment is as follows:

16.1	Types of property, plant and equipment
	As<br> of June 30, <br> 2022	****	As<br> of December 31, <br> 2021	****
---	---	---	---	---
Description of types of property, plant and equipment	ThUS	****	ThUS	****
Property, plant and equipment, net
Land
Buildings
Other property, plant and equipment
Transport equipment
Supplies and accessories
Office equipment
Network and communication equipment
Mining assets
IT equipment
Energy generating assets
Constructions in progress
Machinery, plant and equipment
Total
Property, plant and equipment, gross
Land
Buildings
Other property, plant and equipment
Transport equipment
Supplies and accessories
Office equipment
Network and communication equipment
Mining assets
IT equipment
Energy generating assets
Constructions in progress
Machinery, plant and equipment
Total
Accumulated depreciation and value impairment of property,<br> plant and equipment, total
Accumulated depreciation and impairment of buildings		)		)
Accumulated depreciation and impairment of other property,<br> plant and equipment		)		)
Accumulated depreciation and impairment of transport equipment		)		)
Accumulated depreciation and impairment of supplies and accessories		)		)
Accumulated depreciation and impairment of office equipment		)		)
Accumulated depreciation and impairment of network and communication<br> equipment		)		)
Accumulated depreciation and impairment of mining assets		)		)
Accumulated depreciation and impairment of IT equipment		)		)
Accumulated depreciation and impairment of energy generating<br> assets		)		)
Accumulated depreciation and impairment of machinery, plant<br> and equipment		)		)
Total		)		)

All values are in US Dollars.

| 117 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | | As of June 30, 2022 | As of December 31, 2021 | | --- | --- | --- | | Description of classes of property, plant and equipment | ThUS | ThUS | | Property, plant and equipment, net | | | | Pumps | | | | Conveyor Belt | | | | Crystallizer | | | | Plant Equipment | | | | Tanks | | | | Filter | | | | Electrical equipment/facilities | | | | Other Property, Plant & Equipment | | | | Site Closure | | | | Piping | | | | Well | | | | Pond | | | | Spare Parts (1) | | | | Total | | |

All values are in US Dollars.

(1)	The<br> reconciliation of the spare parts provision as of June 30, 2022 and December 31,<br> 2021 is as follows:
	As of <br> June 30, <br> 2022	As of <br> December 31, <br> 2021
---	---	---
Conciliation	ThUS	ThUS
Opening balance
Increase in provision
Closing balance

All values are in US Dollars.

| 118 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 16.2 | Conciliation of changes in property, plant and equipment by type: | | --- | --- |

Reconciliation of changes in property, plant and equipment by class as of June 30, 2022 and December 31, 2021:

Reconciliation of changes in property, plant and equipment by class as of	Land	****	Buildings	****	Other<br> <br> property, <br> plant and <br> equipment	****	Transport<br> <br> equipment	****	Supplies<br> <br> and <br> accessories	****	Equipment<br> <br> office	****	Network<br> and <br> communication <br> equipment	Mining<br> <br> assets	IT<br> <br> equipment	****	Energy<br> <br> generating <br> assets	Assets<br> under <br> construction	****	Machinery,<br> <br> plant and <br> equipment	****	Total	****
June 30, 2022, gross amount	ThUS	****	ThUS	****	ThUS	****	ThUS	****	ThUS	****	ThUS	****	ThUS	ThUS	ThUS	****	ThUS	ThUS	****	ThUS	****	ThUS	****
Opening<br> balance
Additions
Disposals						)															)		)
Increase<br> (decrease) in foreign currency translation difference		)		)		)		)		)		)				)					)		)
Reclassifications																			)
Other<br> increases (decreases)												)				)
Decreases<br> for classification as held for sale
Total<br> changes		)								)		)
Closing<br> balance

All values are in US Dollars.

Reconciliation of changes in property, plant and equipment by class as of	Land	Buildings	****	Other<br> <br> property, <br> plant and <br> equipment	****	Transport<br> <br> equipment	****	Supplies<br> <br> and <br> accessories	****	Equipment<br> <br> office	****	Network<br> and <br> communication <br> equipment	****	Mining<br> <br> assets	****	IT<br> <br> equipment	****	Energy<br> <br> generating <br> assets	****	Assets<br> under <br> construction	Machinery,<br> <br> plant and <br> equipment	****	Total	****
June 30, 2022, accumulated depreciation	ThUS	ThUS	****	ThUS	****	ThUS	****	ThUS	****	ThUS	****	ThUS	****	ThUS	****	ThUS	****	ThUS	****	ThUS	ThUS	****	ThUS	****
Opening<br> balance			)		)		)		)		)		)		)		)		)			)		)
Changes
Disposals
Depreciation<br> expense			)		)		)		)		)		)		)		)		)			)		)
Impairment<br> (2)																						)		)
Increase<br> (decrease) in foreign currency translation difference
Reclassifications
Other<br> increases (decreases) (1)
Decreases<br> for classification as held for sale
Total<br> changes			)		)		)		)		)		)		)		)		)			)		)
Closing<br> balance			)		)		)		)		)		)		)		)		)			)		)

All values are in US Dollars.

| 119 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Reconciliation of changes in property, plant and equipment by class as of | Land | **** | Buildings | **** | Other property, plant and equipment | **** | Transport equipment | **** | Supplies and accessories | **** | Equipment office | **** | Network and communication equipment | **** | Mining assets | **** | IT equipment | **** | Energy generating assets | **** | Assets under construction | **** | Machinery, plant and equipment | **** | Total | **** | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | June 30, 2022, net amount | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | | Opening balance | | | | | | | | | | | | | | | | | | | | | | | | | | | | Additions | | | | | | | | | | | | | | | | | | | | | | | | | | | | Disposals | | | | | | | | | | | | | | | | | | | | | | | | ) | | ) | | Depreciation expense | | | | ) | | ) | | ) | | ) | | ) | | ) | | ) | | ) | | ) | | | | ) | | ) | | Impairment (2) | | | | | | | | | | | | | | | | | | | | | | | | ) | | ) | | Increase (decrease) in foreign currency translation difference | | ) | | ) | | | | | | | | | | | | | | | | | | | | ) | | ) | | Reclassifications | | | | | | | | | | | | | | | | | | | | | | ) | | | | | | Other increases (decreases) (1) | | | | | | | | | | | | ) | | | | | | | | | | | | | | | | Decreases for classification as held for sale | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total changes | | ) | | ) | | ) | | | | ) | | ) | | ) | | ) | | ) | | ) | | | | ) | | | | Closing balance | | | | | | | | | | | | | | | | | | | | | | | | | | |

All values are in US Dollars.

(1) The net balance of “Other Increases (Decreases)” corresponds to all those items that are reclassified to or from “Property, Plant and Equipment” and 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; (vi) Capitalization of IFRS 16 expenses.

(2) See note 23.5.

| 120 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Reconciliation of changes in property, plant and equipment by class as of | Land | **** | Buildings | **** | Other property, plant and equipment | **** | Transport equipment | **** | Supplies and accessories | **** | Equipment office | **** | Network and communication equipment | Mining assets | IT equipment | **** | Energy generating assets | Assets under construction | **** | Machinery, plant and equipment | **** | Total | **** | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | December 31, 2021, gross amount | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | **** | ThUS | ThUS | ThUS | **** | ThUS | ThUS | **** | ThUS | **** | ThUS | **** | | Opening balance | | | | | | | | | | | | | | | | | | | | | | | | | Additions | | | | | | | | | | | | | | | | | | | | | | | | | Disposals | | | | | | | | | | | | | | | | | | | | | | | | | Increase (decrease) in foreign currency translation difference | | ) | | ) | | ) | | ) | | ) | | ) | | | | ) | | | | | ) | | ) | | Reclassifications | | | | | | | | | | | | | | | | | | | ) | | | | | | Other increases (decreases) | | | | ) | | ) | | ) | | | | | | | | | | | | | | | | | Decreases for classification as held for sale | | | | | | | | | | | | | | | | | | | | | | | | | Total changes | | ) | | | | | | | | | | | | | | | | | | | | | | | Closing balance | | | | | | | | | | | | | | | | | | | | | | | |

All values are in US Dollars.

Reconciliation of changes in property, plant and equipment by class as of December 31, 2021, accumulated	Land	Buildings	****	Other<br> <br> property, <br> plant and <br> equipment	****	Transport<br> <br> equipment	****	Supplies<br> <br> and <br> accessories	****	Equipment<br> <br> office	****	Network<br> and <br> communication <br> equipment	****	Mining<br> <br> assets	****	IT<br> <br> equipment	****	Energy<br> <br> generating <br> assets	****	Assets<br> <br> under <br> construction	Machinery,<br> <br> plant and <br> equipment	****	Total	****
depreciation	ThUS	ThUS		ThUS		ThUS		ThUS		ThUS		ThUS		ThUS		ThUS		ThUS		ThUS	ThUS		ThUS
Opening<br> balance			)		)		)		)		)		)		)		)		)			)		)
Changes
Disposals
Depreciation<br> expense			)		)		)		)		)		)		)		)		)			)		)
Impairment<br> (2)			)		)				)		)						)					)		)
Increase<br> (decrease) in foreign currency translation difference
Reclassifications					)						)											)		)
Other<br> increases (decreases) (1)																	)
Decreases<br> for classification as held for sale
Total<br> changes			)		)		)		)		)		)		)		)		)			)		)
Closing<br> balance			)		)		)		)		)		)		)		)		)			)		)

All values are in US Dollars.

| 121 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Reconciliation of changes in property, plant and equipment by class as of | Land | | Buildings | | Other property, plant and equipment | | Transport equipment | | Supplies and accessories | | Equipment office | | Network and communication equipment | | Mining assets | | IT equipment | | Energy generating assets | | Assets under construction | | Machinery, plant and equipment | | Total | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | December 31, 2022, net amount | ThUS | | ThUS | | ThUS | | ThUS | | ThUS | | ThUS | | ThUS | | ThUS | | ThUS | | ThUS | | ThUS | | ThUS | | ThUS | | | Opening balance | | | | | | | | | | | | | | | | | | | | | | | | | | | | Additions | | | | | | | | | | | | | | | | | | | | | | | | | | | | Disposals | | | | | | | | | | | | | | | | | | | | | | | | | | | | Depreciation expense | | | | ) | | ) | | ) | | ) | | ) | | ) | | ) | | ) | | ) | | | | ) | | ) | | Impairment (2) | | | | ) | | ) | | | | ) | | ) | | | | | | ) | | | | | | ) | | ) | | Increase (decrease) in foreign currency translation difference | | ) | | ) | | ) | | | | | | ) | | | | | | | | | | | | ) | | ) | | Reclassifications | | | | | | | | | | | | | | | | | | | | | | ) | | | | | | Other increases (decreases) (1) | | | | | | ) | | ) | | | | | | | | | | | | | | | | | | | | Decreases for classification as held for sale (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total changes | | ) | | | | ) | | ) | | | | | | | | ) | | ) | | ) | | | | | | | | Closing balance | | | | | | | | | | | | | | | | | | | | | | | | | | |

All values are in US Dollars.

(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; (vi) Capitalization of IFRS 16 expenses.

(2) See note 23.5.

| 122 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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:

		As of <br> June 30, <br> 2021
Costs of capitalized interest	****	ThUS	****
Weighted average capitalization rate of capitalized<br> interest costs	%		%
Amount of capitalized interest costs in ThUS

All values are in US Dollars.

| 123 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Note17 Other current and non-current non-financial assets

As of June 30, 2022, and December 31, 2021, the detail of “Other Current and Non-current Assets” is as follows:

	As<br> of June 30, 2022	As<br> of December 31, 2021
Other non-financial assets, current	ThUS	ThUS
Domestic Value Added Tax
Foreign Value Added Tax
Prepaid mining licenses
Prepaid insurance
Other prepayments
Refund of Value Added Tax to exporters
Other taxes
Other assets
Total

All values are in US Dollars.

	As<br> of June 30, 2022	As<br> of December 31, 2021
Other non-financial assets, non-current	ThUS	ThUS
Exploration and evaluation expenses (1)
Guarantee deposits
Other assets
Total

All values are in US Dollars.

(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 June 30, 2022, and December 31, 2021:

	As<br> of June 30, 2022		As<br> of December 31, 2021
Conciliation	ThUS		ThUS
Opening balance
Change in assets for exploration and evaluation of mineral<br> resources
Additions
Short term reclassifications
Increase (decrease) due to transfers and other charges		)
Total changes
Total

All values are in US Dollars.

As of the presentation date, no reevaluations of assets for exploration and assessment of mineral resources have been conducted.

| 124 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

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 June 30, 2022, and December 31, 2021 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.

	As<br> of June 30, 2022	As<br> of December 31, 2021
Explorations in execution	ThUS	ThUS
Chile
Total

All values are in US Dollars.

	As<br> of June 30, 2022	As<br> of December 31, 2021
Conciliation of explorations in execution	ThUS	ThUS
Opening balance
Disbursements
Reclassifications			)
Total changes			)
Total

All values are in US Dollars.

(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.”

		As of<br> <br>June 30,<br> <br>2022	As<br> of December 31, 2021
Prospecting	Type of Exploration	ThUS$	ThUS
Chile<br> (1)	Metallic/Non-Metallic	20,632
Total		20,632

All values are in US Dollars.

(1) The value presented for Chile is composed as of June 2022 for ThUS 3,757, corresponding to non-metallic explorations and evaluations and ThUS$ 16,875 associated with metallic explorations. In December 2021, the amounts of non-metallic explorations were ThUS$ 5,622 and metallic were ThUS$ 12,367. Economically feasible metallic explorations are classified as advanced exploration.

| 125 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | | As of June 30, 2022 | | As of December 31, 2021 | | | --- | --- | --- | --- | --- | | Prospecting conciliation | ThUS | | ThUS | | | Opening balance | | | | | | Additions | | | | | | Reclassifications from Exploration in execution – Chile | | | | | | Reclassifications to Exploration in Exploitation-Chile | | ) | | ) | | 2,393 | | | | | | Total | | | | |

All values are in US Dollars.

(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”.

	As<br> of June 30, 2022		As<br> of December 31, 2021
Short-Term Exploitation Conciliation	ThUS		ThUS
Opening balance
Amortization		)		)
Reclassifications
Total changes				)
Total

All values are in US Dollars.

	As<br> of June 30, 2022	As<br> of December 31, 2021
Long-Term Exploitation Conciliation	ThUS	ThUS
Opening balance
Amortization
Reclassifications
Total changes
Total

All values are in US Dollars.

| 126 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Note 18 Employee benefits | | --- | | 18.1 | Provisions for employee benefits | | --- | --- | | | As of June 30, 2022 | As of December 31, 2021 | | --- | --- | --- | | Classes of benefits and expenses by employee | ThUS | ThUS | | Current | | | | Profit sharing and bonuses | | | | Performance bonds and operational targets | | | | Total | | | | Non-current | | | | Profit sharing and bonuses | | | | Severance indemnity payments | | | | Total | | |

All values are in US Dollars.

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<br> benefits for active employees are represented by salaries, social welfare benefits, paid<br> time off, sickness and other types of leave, profit sharing and incentives and non-monetary<br> benefits; e.g., healthcare service, housing, subsidized or free goods or services. These<br> will be paid in a term which does not exceed twelve months. The Company maintains incentive<br> programs for its employees, which are calculated based on the net result at the close of<br> each period by applying a factor obtained from an evaluation based on their personal performance,<br> the Company’s performance and other short-term and long-term indicators.
b)	Staff severance indemnities are agreed<br> and payable based on the final salary, calculated in accordance with each year of service<br> to the Company, with certain maximum limits in respect of either the number of years or in<br> monetary terms. In general, this benefit is payable when the employee or worker ceases to<br> provide his/her services to the Company and there are a number of different circumstances<br> through which a person can be eligible for it, as indicated in the respective agreements;<br> e.g. retirement, dismissal, voluntary retirement, incapacity or disability, death, etc.<br> See Note 18.3.
---	---
c)	Obligations after employee retirement,<br> described in Note 18.4.
---	---
d)	Retention bonuses for a group of Company<br> executives, described in Note 18.6.
---	---

| 127 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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.

| 128 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 18.5 | Staff severance indemnities | | --- | --- |

As of June 30, 2022, and December 31, 2021, severance indemnities calculated at the actuarial value are as follows:

	As<br> of June 30, 2022		As<br> of December 31, 2021
Staff severance indemnities	ThUS		ThUS
Opening balance		)		)
Current cost of service		)		)
Interest cost		)		)
Actuarial gain loss
Exchange rate difference
Benefits paid during the year
Total		)		)

All values are in US Dollars.

(a)	Actuarial assumptions

The liability recorded for staff severance indemnity is valued at the actuarial value method, using the following actuarial assumptions:

Actuarial assumptions	As of<br> <br>June 30,<br> <br>2022			As of<br> <br>December 31,<br> <br>2021
Mortality rate	RV - 2014			RV - 2014
Actual annual interest rate		6.54	%		5.67	%
Voluntary retirement rate:
Men		6.49	%		6.49	%	Annual
Women		6.49	%		6.49	%	Annual
Salary increase		3.00	%		3.00	%	Annual
Retirement age:
Men		65			65		Years
Women		60			60		Years
(b)	Sensitivity analysis of assumptions
---	---

As of June 30, 2022, and December 31, 2021, the Company has conducted a sensitivity analysis of the main assumptions of the actuarial calculation, determining the following:

	Effect<br> + 100 basis<br> points		Effect<br> - 100 basis<br> points
Sensitivity analysis as of June 30, 2022	ThUS		ThUS
Discount rate		)
Employee turnover rate		)

All values are in US Dollars.

	Effect<br> + 100 basis<br> points		Effect<br> - 100 basis<br> points
Sensitivity analysis as of December 31, 2021	ThUS		ThUS
Discount rate		)
Employee turnover rate		)

All values are in US Dollars.

Sensitivity relates to an increase/decrease of 100 basis points.

| 129 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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. There are two compensation plans in effect as of June 30, 2022:

I)	Share-based compensation plan

Plan established for the 2017-2022 period for granting payments based on the change in the price of company shares. The benefit program includes a partial payment in shares where a contract is terminated for causes different from resignation and the application of Article 160 of the Labor Code.

(a)	Plan<br> characteristics

This compensation plan is related to the Company’s performance through the SQM Series B share price (Santiago Stock Exchange).

(b)	Plan<br> participants and payment dates

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: i) a 2021 bonus, which will be made effective by paying 146,708 shares distributed between the four quarters of 2021, and ii) a 2022 bonus for 42,032 shares, which will be made effective the first quarter of 2023.

(c)	Compensation

The compensation payable to each executive is calculated by multiplying:

i)	the<br> average price of the series B shares on the Santiago Stock Exchange during the fourth quarter<br> of 2020, in its US dollar equivalent (with a value of US$ 41.93 per share).
ii)	the<br> average price of SQM’s series B shares during the final quarter of 2022, subject to<br> a limit of US$ 54 per share.
---	---
iii)	by a number equal to the quantity of<br> shares that have been individually assigned to each executive included in the plan.
---	---

The current compensation plan was approved by the Board and includes 177,905 and 188,740 shares for 2021. The effects on the statement of results correspond to a charge of ThUS$ 1,116 and ThUS$ 3,231 on the result for the periods ending on June 30, 2022 and 2021. 146,708 shares were paid out up to June 30, 2022.

II)	Financial target compensation plan
(a)	Plan characteristics
---	---

This compensation plan is linked to the Company’s attainment of specific financial targets. The benefit program includes a partial payment in shares where a contract is terminated for causes different from resignation and the application of Article 160 of the Labor Code.

(b)	Plan participants and payment dates

A total of 42 Company executives are entitled to this benefit, provided they remain with the Company until year end of 2025. The payment dates, where relevant, will be during the first quarter of 2026.

This compensation plan was approved by the Board and was first applied on January 1, 2022. Expenditure for the period corresponds to ThUS$3,741 as of June 30, 2022.

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| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Note 19 Provisions and other non-financial liabilities | | --- | | 19.1 | Types of provisions | | --- | --- | | | As of June 30, 2022 | | | As of December 31, 2021 | | | | --- | --- | --- | --- | --- | --- | --- | | | Current | Non-current | Total | Current | Non-current | Total | | Types of provisions | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | | Provision for legal complaints (1) | | | | | | | | Provision for dismantling, restoration and rehabilitation cost (2) | | | | | | | | Other provisions (3) | | | | | | | | Total | | | | | | |

All values are in US Dollars.

(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.

| 131 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 19.2 | Description of other provisions | | --- | --- | | | As of June 30, 2022 | As of December 31, 2021 | | --- | --- | --- | | Current provisions, other short-term provisions | ThUS | ThUS | | Rent under Lease contract (1) | | | | Provision for additional tax related to foreign loans | | | | End of agreement bonus | | | | Directors’ per diem allowance | | | | Miscellaneous provisions | | | | Total | | |

All values are in US Dollars.

(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.

| 132 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 19.3 | Other non-financial liabilities, Current | | --- | --- | | | Asof June 30, 2022 | Asof December 31,2021 | | --- | --- | --- | | Description of otherliabilities | ThUS$ | ThUS$ | | Tax withholdings | 42,207 | 21,546 | | VAT payable | 8,285 | 26,111 | | Guarantees received | 743 | 746 | | Accrual for dividend | 531,440 | 34,184 | | Monthly tax provisional payments | 153,579 | 23,319 | | Deferred income | 27,144 | 5,605 | | Withholdings from employees and salaries payable | 4,949 | 5,587 | | Accrued vacations (1) | 22,973 | 23,467 | | Other current liabilities | 837 | 1,109 | | Total | 792,157 | 141,674 |

(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.

| 133 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 19.4 | Changes in provisions | | --- | --- | | Description of items that gave rise to variations | Legal complaints | Provision for dismantling, restoration and rehabilitation cost | Other provisions | Total | | --- | --- | --- | --- | --- | | as of June 30, 2022 | ThUS | ThUS | ThUS | ThUS | | Total provisions, initial balance | 49,741 | 58,592 | 270,371 | 378,704 | | Changes | | | | | | Additional provisions | 25 | 5,504 | 1,140,206 | 1,145,735 | | Provision used | (8 | - | (166,209 | (166,217 | | Increase(decrease) in foreign currency exchange | - | (112 | 4 | (108 | | Others | - | (2,287 | (132 | (2,419 | | Total Increase (decreases) | 17 | 3,105 | 973,869 | 976,991 | | Total | 49,758 | 61,697 | 1,244,240 | 1,355,695 |

All values are in US Dollars.

Description<br> of items that gave rise to variations	Legal<br> complaints	Provision<br> for<br> dismantling,<br> restoration and<br> rehabilitation cost	Other<br> provisions	Total
as<br> of December 31, 2021	ThUS	ThUS	ThUS	ThUS
Total<br> provisions, initial balance	10,165	61,265	95,353	166,783
Changes
Additional<br> provisions	48,012	7,302	232,254	287,568
Provision<br> used	(8,399	-	(56,959	(65,358
Increase(decrease)<br> in foreign currency exchange	(37	-	(35	(72
Others	-	(9,975	(242	(10,217
Total<br> Increase (decreases)	39,576	(2,673	175,018	211,921
Total	49,741	58,592	270,371	378,704

All values are in US Dollars.

| 134 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Note20      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:

Capital<br>Management	AsofJune 30, 2022		As<br>of <br><br>December 31,<br><br>2021		Description<br>(1)	Calculation<br>(1)
Net<br>Financial Debt (ThUS$)	(11,759	)	204,692		Financial<br>Debt – Financial Resources	Other<br>current Financial Liabilities + Other Non-Current Financial Liabilities – Cash and Cash Equivalents – Other Current Financial<br>Assets – Hedging Assets, non-current
Liquidity	1.82		4.62		Current Assets<br>divided by Current Liabilities	Total Current<br>Assets / Total Current Liabilities
ROE	58.55	%	18.41	%	Profit for<br>the year divided by Total Equity	Profit for<br>the year / Equity
Adjusted<br>EBITDA (ThUS$)	2,510,925		1,185,453		Adjusted EBITDA	Profit (loss)<br>+ Depreciation and Amortization Expenses adjustments + Finance Costs + Income Tax – Other income and Share of profit of associates<br>and joint ventures + Other expenses by function – Finance Income – Currency differences
EBITDA<br>(ThUS$)	2,491,591		1,140,086		EBITDA	Profit (loss)<br>+ Depreciation and Amortization Expense adjustments + Finance Costs + Income Tax
ROA	46.90	%	21.29	%	Adjusted EBITDA<br>– Depreciation divided by Total Assets net of financial resources less related parties’ investments	(Gross Profit<br>– Administrative Expenses) / (Total Assets – Cash and Cash Equivalents – Other Current Financial Assets – Other<br>Non-Current Financial Assets – Equity accounted Investments) (LTM)
Indebtedness	(0.003	)	0.06		Net Financial<br>Debt on Equity	Net Financial<br>Debt / Total Equity

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 bases 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 June 30, 2022 this ratio was (0.003).

| 135 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

The financial restrictions with respect to the bonds issued by the Company for the periods ended June 30, 2022 and December 31, 2021 are as follows.

	Financial<br> restrictions (member)
As of June 30, 2022	Financial<br><br> restrictions<br><br> (member)	Financial<br><br> restrictions<br><br> (member)	Financial<br><br> restrictions<br><br> (member)	Financial<br><br> restrictions<br><br> (member)
Instrument with restriction	Bonds	Bonds	Bonds	Bank<br> loans
Reporting party or subsidiary<br> restriction
Creditor	Bondholders	Bondholders	Bondholders	Scotiabank
Registration number	H	Q	O	PB 70M
Name of financial indicator<br> or ratio (See definition in Note 20.1)	NFD/Equity	NFD/Equity	NFD/Equity	NFD/Equity
Measurement frequency	Quarterly	Quarterly	Quarterly	Quarterly
Restriction (Range, value and<br> unit of measure)	Must<br> be less than 1.00	Must<br> be less than 1.00	Must<br> be less than 1.00	Must<br> be less than 1.00
Indicator or ratio<br> determined by the company	(0.003)	(0.003)	(0.003)	(0.003)
Fulfilled YES/NO	yes	yes	yes	yes
	Financial<br> restrictions (member)
As of December 31, 2021	Financial<br><br> restrictions<br><br> (member)	Financial<br><br> restrictions<br><br> (member)	Financial<br><br> restrictions<br><br> (member)	Financial<br><br> restrictions<br><br> (member)
Instrument with restriction	Bonds	Bonds	Bonds	Bank<br> loans
Reporting party or subsidiary<br> restriction
Creditor	Bondholders	Bondholders	Bondholders	Scotiabank
Registration number	H	Q	O	PB 70M
Name of financial indicator<br> or ratio (See definition in Note 20.1)	NFD/Equity	NFD/Equity	NFD/Equity	NFD/Equity
Measurement frequency	Quarterly	Quarterly	Quarterly	Quarterly
Restriction (Range, value and<br> unit of measure)	Must<br> be less than 1.00	Must<br> be less than 1.00	Must<br> be less than 1.00	Must<br> be less than 1.00
Indicator or ratio<br> determined by the company	0.06	0.06	0.06	0.06
Fulfilled YES/NO	yes	yes	yes	yes

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<br> the calling of an Ordinary or Extraordinary Shareholders' Meeting when so requested by Series B<br> shareholders representing at least 5% of the issued shares thereof; and

| 136 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (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.

At June 30, 2022, the Group hold 648 Series A shares treasury shares.

Detail of capital classes in shares:

As of June 30, 2022, the Company has placed share issues in the market as described in note 1.7:

				As of December 31, 2021
Type<br> of capital in preferred shares		Series B		Series A		Series B
Description of type of capital in shares
Number of authorized shares	142,819,552		142,818,904		142,819,552		142,818,904
Number of fully subscribed and<br> paid shares	142,819,552		142,818,904		142,819,552		142,818,904
Number of subscribed, partially<br> paid shares	-		-		-		-
Increase (decrease) in the number<br> of current shares	-		-		-		-
Number of outstanding shares	142,818,904		142,818,904		142,818,904		142,818,904
Number of shares owned by the<br> Company or its subsidiaries or associates	648		-		648		-
Number of shares whose issuance<br> is reserved due to the existence of options or agreements to dispose shares	-		-		-		-
Capital<br> amount in shares ThUS	134,750		1,442,893		134,750		1,442,893
Total number of subscribed<br> shares	142,819,552		142,818,904		142,819,552		142,818,904

All values are in US Dollars.

| 137 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 20.4 | Disclosures on reserves in Equity | | --- | --- |

As of June 30, 2022, and December 31, 2021, this caption comprises the following:

	As<br>of <br>June 30, <br>2022	As<br>of <br>December 31,<br>2021
Disclosures<br>on reserves in equity	ThUS	ThUS
Reserve<br>for currency exchange conversion (1)	(8,219	(7,913
Reserve for<br>cash flow hedges (2)	(14,581	(34,025
Reserve for<br>gains and losses from financial assets measured at fair value through other comprehensive income (3)	(8,076	(11,146
Reserve for<br>actuarial gains or losses in defined benefit plans (4)	(4,129	(4,174
Other reserves	13,102	13,103
Total	(21,903	(44,155

All values are in US Dollars.

(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.

| 138 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Movements in other reserves and changes in interest were as follows:

	Foreign<br>currency<br>translation<br>difference<br>(1)	Reserve<br>for cash flow<br>hedges		Reserve<br>for actuarial gains<br>and losses from defined <br>benefit plans		Reserve<br>for gains (losses)<br>from financial assets <br>measured at fair value<br>through other<br>comprehensive income		Other<br>reserves	Total<br>reserves
	Before<br>taxes	Before<br>taxes	Tax	Before<br>taxes	Deferred<br>taxes	Before<br>Taxes	Deferred<br>taxes	Before<br>taxes	Reserves	Deferred<br>taxes	Total<br>reserves
Movements	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Balances as of<br>January 1, 2021	(11,569	6,173	(1,682	(10,527	1,847	10,176	(3,304	16,318	10,571	(3,139	7,432
Movement of reserves	4,046	(52,762	14,246	4,648	(142	(12,072	3,818	134	(56,006	17,922	(38,084
Effect on profit<br>and loss	(390	-	-	-	-	-	-	(3,349	(3,739	-	(3,739
Reclassification<br>to retained earnings	-	-	-	-	-	(13,375	3,611	-	(13,375	3,611	(9,764
As of December 31, 2021	(7,913	(46,589	12,564	(5,879	1,705	(15,271	4,125	13,103	(62,549	18,394	(44,155
Movement of reserves	(306	26,614	(7,170	64	(19	4,205	(1,135	(1	30,576	(8,324	22,252
Effect on profit<br>and loss	-	-	-	-	-	-	-	-	-	-	-
Reclassification<br>to retained earnings	-	-	-	-	-	-	-	-	-	-	-
Balances as of June 30,<br>2022	(8,219	(19,975	5,394	(5,815	1,686	(11,066	2,990	13,102	(31,973	10,070	(21,903

All values are in US Dollars.

(1) See details on reserves for foreign currency translation differences on conversion in Note 25, letter b).

| 139 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

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.

	As<br>of <br>June 30, <br>2022	As<br>of <br>December 31,<br>2021
Subsidiary<br>– Associate	ThUS	ThUS
SQM<br>Iberian S.A.	9,464	9,464
SQM Europe<br>NV	1,957	1,957
Soquimich European<br>holding B.V.	828	828
Abu Dhabi Fertilizer<br>Industries WWL	455	455
Vitas Fzco.	(39	(38
Pavoni & C. Spa	7	7
Others	(14	(14
SQM Iberian S.A.	(1,677	(1,677
Orcoma Estudios<br>SPA	2,121	2,121
Total<br>Other reserves	13,102	13,103

All values are in US Dollars.

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 year2022

Company’s dividend policy for the 2022 business year was agreed upon by the Board of Directors on April 26, 2022. On that occasion, the following was decided:

(a)	Distribute<br> and pay to the corresponding shareholders, a percentage of the net income that shall be determined<br> per the following financial parameters as a final dividend:
(i)	100%<br> of the profit for 2022 if all the following financial parameters are met: (a) “all<br> current assets” divided by “all current liabilities” is equal to or greater<br> than 2.5 times, and (b) the sum of “all current liabilities” and “all<br> non-current liabilities”, less “cash equivalents”, less “other current<br> financial assets”, all of the above divided by “total equity” in equal<br> or less than 0.8 times.
---	---
(ii)	80%<br> of the profit for 2022 if all the following financial parameters are met: (a) “all<br> current assets” divided by “all current liabilities” is equal to or greater<br> than 2.0 times, and (b) the sum of “all current liabilities” and “all<br> non-current liabilities”, less “cash equivalents”, less “other current<br> financial assets”, all of the above divided by “total equity” in equal<br> or less than 0.9 times.
---	---
(iii)	60%<br> of the profit for 2022 if all the following financial parameters are met: (a) “all<br> current assets” divided by “all current liabilities” is equal to or greater<br> than 1.5 times, and (b) the sum of “all current liabilities” and “all<br> non-current liabilities”, less “cash equivalents”, less “other current<br> financial assets”, all of the above divided by “total equity” in equal<br> or less than 1.0 times.
---	---
(iv)	If<br> none of the foregoing financial parameters are met, the Company shall distribute and pay,<br> as a final dividend, and in favor of the respective shareholders, 50% of the 2022 net income.
---	---

| 140 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (b) | Distribute and pay in 2022 interim dividends, which will be charged against the aforementioned final dividend. | | --- | --- | | (c) | The amount of the provisional dividends may be higher or lower, provided that, based on the information available to the Board of Directors on the date when their distribution is agreed to, this will not have a negative or material effect on the Company's ability to carry out its investments, meet its obligations, and in general to comply with the investment and financing policy approved by the Ordinary Shareholders’ Meeting. | | --- | --- | | (d) | At the ordinary meeting to be held in 2023, 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 previously distributed in 2022. | | --- | --- | | (e) | Any remaining amount from the net profits from 2022 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 April 26, 2022, the Board of Directors agreed to pay a final dividend equivalent to US$ 0.09691 per share which the Company must pay to reach the amount of US$2.04964 for the final dividend as per the Policy. This final dividend already considers the first interim dividend of US$ 0.23797 per share, the second interim dividend of US$ 0.31439 per share, and the eventual dividend of US$ 1.40037 per share that were paid in 2021.

On May 18, 2022, the Board agreed to pay an interim dividend equal to US$ 2.78716 per share against the company’s 2022 profits. This quantity will be paid in its Chilean peso equivalent at the Observed US Dollar rate published in the Official Gazette on June 6, 2022.

| 141 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 20.7 | Potential and provisional dividends | | --- | --- |

Dividends discounted from equity from January to June 2022 and January to December 2021 were the following:

	As<br> of June 30, 2022	As<br> of December 31, 2021
Dividends	ThUS	ThUS
Ajay SQM Chile S.A. Dividends
Ajay SQM Chile S.A Payable<br> Dividend
Soquimich Comercial S.A. Special Dividend
Soquimich Comercial S.A. Payable Dividend
Non-controlling interests
Interim dividend
Special dividend
Dividends payable
Owners of the Parent
Dividends discounted from equity<br> for the period

All values are in US Dollars.

| 142 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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<br> Chile Ltda. was fined by Fazenda do Estado de Sao Paulo for concluding activities without<br> attaching the necessary documentation for submission to the competent authorities. The treasury<br> of the State of Sao Paulo initiated legal actions to collect close to ThUS$ 492. Nitratos<br> Naturais do Chile has presented a case to the federal court of Brazil to request a reduction<br> in the fine, which is currently pending.
---	---
(b)	In August 2004, Nitratos Naturais do<br> Chile Ltda. was fined by Fazenda do Estado de Sao Paulo for failing to report trade activities.<br> The treasury of the State of Sao Paulo initiated legal actions to collect close to ThUS$<br> 265. In 2018, the Court of Appeals agreed to a reduction in the fine and the Fazenda do Estado<br> de Sao Paulo appealed to the Court of Brazil, and this appeal is still pending.
---	---
(c)	In<br> December 2010, the city of Pomona in the state of California, United States, filed a<br> claim against SQM NA, which was heard before the US District Court for the Central District<br> of California. The plaintiff requested the payment of expenses and other values related to<br> treatment of groundwater to make it apt for consumption, which involved the extraction of<br> perchlorate in this water, which allegedly came from Chilean fertilizers. On January 27,<br> 2022, a judgment was issued against SQM NA for MUS$ 48.1, which has been appealed. The Company<br> has recorded a charge of MUS$ 48.1 before taxes to the income statement for the year ended<br> December 30, 2021.
---	---
(d)	In December 2010, the city of Lindsay<br> in California, United States, filed a claim against SQM NA, which was heard before the US<br> District Court for the Central District of California. The plaintiff requested the payment<br> of expenses and other values related to treatment of groundwater to make it apt for consumption,<br> which involved the extraction of perchlorate in this water, which allegedly came from Chilean<br> fertilizers, the trial is currently suspended.
---	---
(e)	In May 2014, a claim of compensation<br> for damages was filed against SQM Nitratos for its alleged extracontractual liability derived<br> from an explosion occurring in 2010 in the vicinity of the town of Baquedano, which caused<br> the death of six workers. The portion of the claim that has not been settled in court is<br> approximately MUS$ 1.2. On May 7, 2019, the 18th Civil Court of Santiago dismissed the<br> claim. The case currently is in the Santiago Court of Appeals, which will make a determination<br> on the motion for appeal and cassation brought about on behalf of the plaintiff.
---	---
(f)	In January 2018, the company Transportes<br> Buen Destino S.A. filed an arbitration claim under CAM rules against SQM Salar for controversies<br> resulting from the execution of transport contracts for lithium brine and transport of salts.<br> The amount of the claim is close to MUS$ 3. The arbitration is currently in the evidence<br> stage.
---	---
(g)	In September 2018, representatives<br> Claudia Nathalie Mix Jiménez, Gael Fernanda Yeomans Araya, Camila Ruzlay Rojas Valderrama<br> filed a public right annulment suit against Corfo regarding the Salar de Atacama Project<br> Contract signed between Corfo and SQM Salar. The Company has intervened as an independent<br> third party. This discussion stage has concluded. For more information, see Note 21.4.
---	---

| 143 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (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 MUS$ 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 with its probationary period completed. The amount of the claim is close to MUS$ 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 awaiting sentencing. The counterclaims filed against the Company amount to MUS$ 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. The discussion stage for both suits is finished. | | --- | --- | | (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 discussion stage of this suit is completed. | | --- | --- | | (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 million. | | --- | --- | | (p) | In March 2022, the Sociedad de Servicios Ibarra Rojas y Cía. filed a claim for compensation for damages against the Company before the 11th Civil Court of Santiago for the latter’s supposed responsibility for breach of a construction contract. The amount of the claim is approximately ThUS 979. On July 4, 2022, the Court accepted the dilatory plea of lost jurisdiction, and the respective ruling was executed. | | --- | --- |

| 144 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (q) | In June 2022, Mrs. Lorena Saa Nuñez and others filed a lawsuit against the Company with the Labor Court of Pozo Almonte seeking compensation for damages moral damages and lost profits resulting from the death of worker Oscar Muñoz Meza. The lawsuit is for approximately ThUS 493. | | --- | --- |

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 Comercial 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 MUS$ 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 MUS$ 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 June 30, 2022 and December 31, 2021.

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.

| 145 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

The details of the claims can be found below:

(a)	On<br> August 26, 2016, a tax claim was filed with the Third Tax and Customs Court of the Metropolitan<br> Region against tax assessments No. 169, 170, 171 and 172 for tax years 2012 to 2014.<br> The amount in dispute is US$ 17.8 million, of which (i) US$ 11.5 million correspond<br> to the contested tax (minus effect on first category income tax), and (ii) US$ 6.3 million<br> correspond to interest and associated fines. On June 28, 2022, the Santiago Court of<br> Appeal ruled invalid the first instance ruling handed down by the Tax and Customs Court,<br> ordering the case reopened with the competent judge hearing evidence in the case.
(b)	On<br> March 24, 2017, a tax claim was filed with the Third Tax and Customs Court of the Metropolitan<br> Region against tax assessment No. 207 and resolution No. 156, both issued by the<br> SII, for tax years 2015 to 2016. The amount in dispute is US$ 8.6 million, of which (i) US$<br> 1.3 million correspond to amounts assessed in excess, (ii) US$ 6.9 million correspond<br> to the contested tax (minus effect on first category income tax), and (ii) US$ 0.5 million<br> correspond to interest and fines. On June 28, 2022, the Santiago Court of Appeal ruled<br> invalid the first instance ruling of the Tax and Customs Court, ordering the case reopened<br> with the competent judge hearing evidence in the case.
---	---
(c)	On<br> July 15, 2021, SQM Salar filed a public right annulment suit and tax claim with the<br> First Tax and Customs Court of the Metropolitan Region against tax assessments No. 65<br> and 66 for the 2017 and 2018 tax years. The amount in dispute is US$ 63.9 million, of which<br> (i) US$ 17.7 million correspond to overcharged amounts, (ii) US$ 30.2 million correspond<br> to the contested tax (minus effect on first category income tax), and (iii) US$ 16.1<br> million correspond to interest and fines. This case is currently awaiting summons to the<br> sentencing hearing.
---	---

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$ 468.3 million (first category tax deducted) 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 annulment 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	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 June 30, 2022, the guarantee amounts to ThUS$ 625.

| 146 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 21.6 | Securities obtained from third parties | | --- | --- |

The main security received (exceeding ThUS$ 100) from third parties to guarantee Soquimich Comercial S.A. their compliance with obligations in contracts of commercial mandates for the distribution and sale of fertilizers amounted to ThUS$ 8,265 and ThUS$ 8,866 on June 30, 2022 and December 31, 2021 respectively; which is detailed as follows:

		As<br> of June 30, 2022	As<br> of December 31, 2021
Grantor	Relationship	ThUS	ThUS
Ferosor Agrícola S.A.	Unrelated Third party
Tattersall Agroinsumos S.A.	Unrelated Third party
Covepa SPA	Unrelated Third party
Johannes Epple Davanzo	Unrelated Third party
Hortofrutícola La Serena	Unrelated Third party
Com. Serv Johannes Epple Davanz	Unrelated Third party
Juan Luis Gaete Chesta	Unrelated Third party
Arena Fertilizantes y Semillas	Unrelated Third party
Vicente Oyarce Castro	Unrelated Third party
Bernardo Guzmán Schmidt	Unrelated Third party
Total

All values are in US Dollars.

21.7	Indirect guarantees

As of June 30, 2022, there are no indirect guarantees.

| 147 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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<br> 65% reduction in the use of fresh water by the year 2040 and 40% by 2030, with respect<br> to BAU (Business as usual).
ii)	A<br> 50% reduction in brine extraction from the Salar de Atacama by 2030, starting with 20% by<br> November 2020, compared to the environmental permit.
---	---
iii)	Ensure that all our products are carbon<br> neutral by 2040 and in the case of lithium, iodine and potassium chloride, this goal is for<br> 2030.
---	---
iv)	Stimulate more and better instances for<br> dialog with the communities near the operations.
---	---

During the year 2022 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.

| 148 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

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.

| 149 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 22.2 | Detailed information on disbursements related to the environment | | --- | --- |

The cumulative disbursements which the Company had incurred as of June 30, 2022 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$ 20,027 and are detailed as follows:

Accumulated expenses as of June 30, 2022

Parent Company or	Project Name Associated with		Asset /	Disbursement	Exact or Estimated
Subsidiary	Disbursement	Reason for Disbursement	Expense	ThUS	Date of Disbursement
Miscellaneous	Environment - Operating Area	Not classified	Expense		06-30-2022
SQM S.A.	01-I017200 - CEDAM at Puquíos at<br> Llamara	Sustainability: Environment and Risk Prevention	Expense		06-06-2022
SQM S.A.	01-I019400 - EIA Expansion of TEA and<br> Seawater Impulsion	Environmental processing	Assets		06-30-2022
SQM S.A.	01-I028200 - EIA Llamara	Environmental processing	Expense		06-30-2022
SQM S.A.	01-I028300 - Implementation PDC 2019 -<br> Llamara sanction process	Sustainability: Environment and Risk Prevention	Expense		06-29-2022
SQM S.A.	01-S015900 - SQM Sustainability	Environmental processing	Expense		01-25-2022
SQM S.A.	01-I039600 - New Warehouse Iodine Stock<br> NV	Environmental processing	Assets		06-10-2022
SQM S.A.	01-I039700 - Adapting tanks for hazardous<br> substances NV	Environmental processing	Assets		06-02-2022
SQM S.A.	01-P010300 - Adapting tanks for hazardous<br> substances PV	Environmental processing	Assets		01-26-2022
SQM S.A.	01-P010400 - Adaptation of dispatch warehouse<br> PV	Environmental processing	Assets		06-22-2022
SQM S.A.	01-I041400 - EIA New ponds and stockpiles<br> at Sur Viejo	Environmental processing	Expense		04-21-2022
SQM S.A.	01-I044400 - Improvement of NV heritage<br> storage facility and offices	Sustainability: Environment and Risk Prevention	Expense		05-24-2022
SQM S.A.	01-F000100 - EIA Pampa Blanca Maritime<br> Project	Environmental processing	Expense		06-29-2022
SQM S.A.	01-F000300 - Reopening of the Pampa Blanca<br> Project - Iodide Plant	Sustainability: Environment and Risk Prevention	Assets		06-30-2022
SQM S.A.	01-I054700 - Implementation of Sustainability<br> Project (Storm petrel protection)	Sustainability: Environment and Risk Prevention	Assets		06-20-2022
SQM S.A.	01-I054800 - Implementation of Tente en<br> el Aire Project’s environmental commitments	Sustainability: Environment and Risk Prevention	Expense		06-30-2022
SQM Industrial S.A.	04-J015700 - Update of Closure Plans	Sustainability: Environment and Risk Prevention	Expense		03-31-2022
SQM Industrial S.A.	04-J022700 - DIA integration of Coya Sur<br> site	Environmental processing	Expense		05-27-2022
SQM Industrial S.A.	04-J022800 - Adaptation light pollution	Sustainability: Environment and Risk Prevention	Assets		04-07-2022
SQM Industrial S.A.	04-M004300 - Reduction of Industrial Waste	Sustainability: Environment and Risk Prevention	Expense		04-30-2022
SQM Industrial S.A.	04-I038600 - Monitoring extractions NV	Sustainability: Environment and Risk Prevention	Assets		06-16-2022
SQM Industrial S.A.	04-J023700 - Regularization Hazardous<br> Substances Decree SQM Industrial	Environmental processing	Assets		04-05-2022
SQM Industrial S.A.	04-I046900 - Pilot Floating Photovoltaic<br> Solar Plant (FPV-SV) - Conceptual Engineering	Sustainability: Environment and Risk Prevention	Expense		02-04-2022
SQM Industrial S.A.	04-M005400 - Rio Loa preventive monitoring<br> (water and aquatic biota quality)	Sustainability: Environment and Risk Prevention	Expense		02-15-2022
SQM Industrial S.A.	04-J013500 - Handling of equipment associated<br> with PCBs	Sustainability: Environment and Risk Prevention	Expense		03-30-2022
SQM Industrial S.A.	04-J015800 - Other 2019 industry regularizations	Sustainability: Environment and Risk Prevention	Expense		05-19-2022
SQM Industrial S.A.	04-M005600 - Improve N&Y warehouse	Sustainability: Environment and Risk Prevention	Assets		06-30-2022
SQM Industrial S.A.	04-I050100 - Engineering for Orcoma seawater<br> impulsion system	Sustainability: Environment and Risk Prevention	Assets		06-28-2022
SQM Industrial S.A.	04-F000200 - Reopening of Pampa Blanca<br> Project - Mine Operations Center / Conveyors	Sustainability: Environment and Risk Prevention	Assets		06-30-2022
SQM Industrial S.A.	04-J029000 - Assembly of pilot solar thermal<br> power plant	Sustainability: Environment and Risk Prevention	Assets		04-20-2022
SQM Industrial S.A.	04-I052600 - Construction of Waste Salt<br> Yards	Sustainability: Environment and Risk Prevention	Assets		06-30-2022
SQM Industrial S.A.	04-J029100 - Sustainability program support	Sustainability: Environment and Risk Prevention	Assets		06-30-2022
SQM Industrial S.A.	04-J029200 - Electric ground transportation	Sustainability: Environment and Risk Prevention	Assets		06-30-2022
SQM Industrial S.A.	04-G000700 - Pampa Orcoma Seawater Impulsion	Sustainability: Environment and Risk Prevention	Assets		06-09-2022
SQM Industrial S.A.	04-J031700 - Standardization of the prilling<br> and drying plant as per DS-43 and RCA	Sustainability: Environment and Risk Prevention	Assets		06-30-2022
SQM Industrial S.A.	04-J015200 - Implementation of Economizers	Sustainability: Environment and Risk Prevention	Assets		05-19-2022
Subtotal

All values are in US Dollars.

| 150 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Accumulated expenses as of June 30, 2022

Parent Company or	Project Name Associated with		Asset /	Disbursement	Exact or Estimated
Subsidiary	Disbursement	Reason for Disbursement	Expense	ThUS	Date of Disbursement
SQM<br> Industrial S.A.	04-J028800<br> - Implementation of Economizers and structural improvements, NPT2	Sustainability:<br> Environment and Risk Prevention	Assets		05-03-2022
SIT<br> S.A.	03-T009900<br> - Air quality monitoring system for Tocopilla	Sustainability:<br> Environment and Risk Prevention	Assets		04-21-2022
SIT<br> S.A.	03-T011800<br> - Mechanized Plant Automation	Sustainability:<br> Environment and Risk Prevention	Assets		05-17-2022
SQM<br> Salar S.A.	19-L018900 - Evaporation 2018-2019	Sustainability:<br> Environment and Risk Prevention	Assets		06-17-2022
SQM<br> Salar S.A.	19-L021400<br> - Seguimiento ambiental 2019 PSA	Environmental<br> processing	Expense		06-12-2022
SQM<br> Salar S.A.	19-S013400-<br> Online Monitoring	Sustainability:<br> Environment and Risk Prevention	Expense		05-12-2022
SQM<br> Salar S.A.	19-L025800<br> - Normalization of Energy Administration System	Sustainability:<br> Environment and Risk Prevention	Assets		06-30-2022
SQM<br> Salar S.A.	19-L024200<br> - Environmental and Operational Risk Analysis Study of Salar de Atacama	Sustainability:<br> Environment and Risk Prevention	Expense		02-14-2022
SQM<br> Salar S.A.	19-L025300<br> - Compliance with health department water permit	Sustainability:<br> Environment and Risk Prevention	Assets		01-31-2022
SQM<br> Salar S.A.	19-L030200<br> - Removal and disposal of non- hazardous waste at Salar de Atacama landfill site	Sustainability:<br> Environment and Risk Prevention	Assets		02-28-2022
SQM<br> Salar S.A.	19-L028200<br> - Environmental Monitoring 2020	Sustainability:<br> Environment and Risk Prevention	Expense		06-30-2022
SQM<br> Salar S.A.	19-L029800 - DS43 Adjustment	Environmental<br> processing	Assets		06-30-2022
SQM<br> Salar S.A.	19-L031300<br> - Global FM Compliance for Maintenance Area	Environmental<br> processing	Expense		06-30-2022
SQM<br> Salar S.A.	19-L031700<br> - Regulation of Emissions Sources of Light DS N°43	Environmental<br> processing	Assets		06-30-2022
SQM<br> Salar S.A.	19-L032300<br> - Hydrogeology EIA 2021	Sustainability:<br> Environment and Risk Prevention	Assets		06-30-2022
SQM<br> Salar S.A.	19-L019800<br> - Salar de Atacama paleoclimatic study	Sustainability:<br> Environment and Risk Prevention	Expense		05-31-2022
SQM<br> Salar S.A.	19-C012400<br> - New Disposal Salt Deposits	Sustainability:<br> Environment and Risk Prevention	Assets		06-30-2022
SQM<br> Salar S.A.	19-S021500<br> - Improvements to SK-1300 2021	Environmental<br> processing	Expense		05-27-2022
SQM<br> Salar S.A.	19-C012800 - Capture of CO2	Sustainability:<br> Environment and Risk Prevention	Assets		06-30-2022
SQM<br> Salar S.A.	19-L034000<br> - Environmental Projects EIA + EIS 2021, 2022	Sustainability:<br> Environment and Risk Prevention	Assets		06-30-2022
SQM<br> Salar S.A.	19-L034700<br> - Electrification of Ponds- Stage III (15 ponds)	Sustainability:<br> Environment and Risk Prevention	Assets		06-30-2022
SQM<br> Salar S.A.	19-L035100<br> - Overhaul critical equipment as per MOP G III	Sustainability:<br> Environment and Risk Prevention	Expense		05-31-2022
SQM<br> Salar S.A.	19-C014600<br> - Support and Improvements to Plant Electrical Circuits and Lighting	Sustainability:<br> Environment and Risk Prevention	Assets		06-16-2022
SQM<br> Nitratos S.A.	12-I039000<br> - Adaptation of Mina Oeste hazardous substances warehouse	Environmental<br> processing	Assets		06-30-2022
SQM<br> Nitratos S.A.	12-F000400<br> - Reopening of the Pampa Blanca Project - Mine site workshop	Sustainability:<br> Environment and Risk Prevention	Assets		06-30-2022
Minera<br> Búfalo	20-A010300<br> - Búfalo Project Monitoring and Follow up Commitments	Sustainability:<br> Environment and Risk Prevention	Expense		06-03-2022
SQM<br> Potasio S.A.	14-I039800<br> - Adequacy of the IRIS hazardous substances warehouse	Environmental<br> processing	Assets		05-23-2022
Orcoma<br> Spa	15-I039100<br> - Sectorial permits and compliance with environmental commitments EIA Orcoma <br>Project	Environmental<br> processing	Expense		03-29-2022
Subtotal
Total

All values are in US Dollars.

| 151 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Committed expenses for future periods as of June 30, 2022

Parent<br> Company or	Project Name Associated<br> with		Asset /	Disbursement	Exact or Estimated
Subsidiary	Disbursement	Reason for Disbursement	Expense	ThUS	Date of Disbursement
Miscellaneous	Environment<br> - Operating Area	Not<br> classified	Expense		12-31-2022
SQM<br> S.A.	01-I017200<br> - CEDAM at Puquíos at Llamara	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> S.A.	01-I017400<br> - Development of Pintados and Deposit Humberstone	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> S.A.	01-I019400<br> - EIA Expansion of TEA and Seawater Impulsion	Environmental<br> processing	Assets		12-31-2022
SQM<br> S.A.	01-I028300<br> - Implementation PDC 2019 - Llamara sanction process	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> S.A.	01-I038400<br> - Update APT conceptual and numerical hydrogeological model	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> S.A.	01-I039600<br> - New Warehouse Iodine Stock NV	Environmental<br> processing	Assets		12-31-2022
SQM<br> S.A.	01-I039700<br> - Adapting Pond Substances NV	Environmental<br> processing	Assets		12-31-2022
SQM<br> S.A.	01-P010300<br> - Adapting pond substances PV	Environmental<br> processing	Assets		12-31-2022
SQM<br> S.A.	01-P010400<br> - Adapting dispatch warehouse PV	Environmental<br> processing	Assets		12-31-2022
SQM<br> S.A.	01-I041400<br> - DIA New pits and stockpiles in Sur Viejo	Environmental<br> processing	Expense		12-31-2022
SQM<br> S.A.	01-I044400<br> - Improve NV proprietary warehouse and offices	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> S.A.	01-I050900<br> – Responsible Conduct	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> S.A.	01-S022000<br> - Sustainability projects SQM-Sustainable luminaires iris-NV	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> S.A.	01-F000100<br> - Pampa Blanca EIA - Sea water Project	Environmental<br> processing	Expense		12-31-2022
SQM<br> S.A.	01-F000300<br> - Pampa Blanca Project Reopening - Iodide Plant	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> S.A.	01-I054700<br> - Implementation of sustainability project (Wilson’s petrel protection)	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> S.A.	01-I054800<br> - Implementation of environmental commitments for the Tente en el Aire project	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> S.A.	01-P012000<br> - Installation of hazardous waste infrastructure, maintenance shop	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> S.A.	01-I060400<br> - Standardization of Core Sample/Finished Product Room	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> S.A.	01-I060500<br> - Improvements to input unloading area	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> S.A.	01-I060900<br> - Regularization of Hazardous Waste Storage Yard and General Storage Areas	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-J013500<br> - Handling equipment associated with PCBs	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Industrial S.A.	04-J015200<br> - Implementation Economizers	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-J015700<br> - Update of Closure Plans	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Industrial S.A.	04-J015800<br> - Other Sector Regulatory Measures	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Industrial S.A.	04-M003900<br> - Revocation PDME	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Industrial S.A.	04-J022700<br> - DIA Integración Faena Coya Sur	Environmental<br> processing	Expense		12-31-2022
SQM<br> Industrial S.A.	04-I038600<br> - Extraction monitoring N.V.	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-J023700<br> - Regularization Hazardous Substances Decree SQM Industrial	Environmental<br> processing	Assets		12-31-2022
SQM<br> Industrial S.A.	04-I046900<br> - Pilot Floating Photovoltaic Solar Plant (FPV-SV) - Conceptual Engineering	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Industrial S.A.	04-M005400<br> - Rio Loa Preventive Monitoring (Water and Aquatic Biota Quality)	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Industrial S.A.	04-I050100<br> - Engineering Seawater impulsion system	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-S022100<br> - Recovery of prilled heat in CS/Electric Buses	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-F000200<br> - Pampa Blanca Project Reopening – Mining/Conveyors Operations Center	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-I051800<br> - Reopening of the Pampa Blanca Project - Mine / Portage operations center	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
Subtotal

All values are in US Dollars.

| 152 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Committed expenses for future periods as of June 30, 2022

Parent<br> Company or	Project Name Associated<br> with		Asset /	Disbursement	Exact or Estimated
Subsidiary	Disbursement	Reason for Disbursement	Expense	ThUS	Date of Disbursement
SQM<br> Industrial S.A.	04-J028700<br> - Electromobility pilot for passenger transportation	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-J028800<br> - NPT2 economizers and structural improvements	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-J029000<br> - Assembly of pilot solar thermal power plant	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-I052600<br> - Construction Of Waste Salt Yards	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-I055800<br> - Elena 13 Energy Modificaton	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-J029100<br> - Sustainability program support	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-J029200<br> - Electromobility ground transportation	Sustainability:<br> Environment and Risk Prevention	Assets		12-01-2026
SQM<br> Industrial S.A.	04-G000700<br> - Pampa Orcoma Seawater Impulsion	Sustainability:<br> Environment and Risk Prevention	Assets		06-30-2024
SQM<br> Industrial S.A.	04-J031700<br> - Standardization of Prilling and Drying Plant as per DS-43 and RCA	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-I061300<br> - Reduction of water loss due to solar evaporation	Sustainability:<br> Environment and Risk Prevention	Assets		11-30-2022
SQM<br> Industrial S.A.	04-J032700<br> - Purchase of Maxus electric truck	Sustainability:<br> Environment and Risk Prevention	Assets		07-31-2022
SIT<br> S.A.	03-T009900<br> - Air quality monitoring system Tocopilla	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SIT<br> S.A.	03-T010500<br> - Hydrocarbon Detection System Tocopilla Port	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SIT<br> S.A.	03-T011800<br> - Mechanized Plant Automation	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L018900 - Evaporation 2018-2019	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L019800<br> - Paleoclimate Study Salar de Atacama	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Salar S.A.	19-L020000<br> - Improvement of Operational Monitoring Network	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L021400<br> - Environmental monitoring 2019 PSA	Environmental<br> processing	Expense		12-31-2022
SQM<br> Salar S.A.	19-L021700<br> - Update RH y MA 2019	Environmental<br> processing	Expense		12-31-2022
SQM<br> Salar S.A	19-S013400<br> - Online monitoring	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Salar S.A.	19-C006800<br> - Renovation lighting towers - Salar del Carmen plant	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L024200<br> - Environmental Risk Analysis Study Salar de Atacama	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Salar S.A.	19-S016200<br> - Acquisition of Hardware- Software	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-S016300 - Consulting 2020	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-S016400<br> - Implementation Acquire BD Amb	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-S016500<br> - Incorporation of IA prediction test models	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-S016700<br> - Improvements to recharge understanding in SdA	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-S016900<br> - Monitoring water-vegetation dynamics in the Aguas de Quelana sector	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L025300<br> - Compliance with Sanitary Resolution	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L029800<br> - Adapting to DS43	Environmental<br> processing	Assets		12-31-2022
SQM<br> Salar S.A.	19-L030100<br> - Compliance with Sectoral Environmental Permit 136 at Salar de Atacama site	Environmental<br> processing	Expense		12-31-2022
SQM<br> Salar S.A.	19-L030200<br> - Removal and final disposal of non-hazardous waste at Salar de Atacama landfill site	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L031300<br> - Global FM Compliance Maintenance Area	Environmental<br> processing	Expense		12-31-2022
SQM<br> Salar S.A.	19-L031700<br> - Regulation of Emissions Sources of Light DS N°43	Environmental<br> processing	Assets		12-31-2022
SQM<br> Salar S.A.	19-L032000<br> - Salar Sustainability Project	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-C012400<br> - New Disposal Salt Deposits	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
Subtotal

All values are in US Dollars.

| 153 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Committed expenses for future periods as of June 30, 2022

Parent<br> Company or	Project Name Associated<br> with		Asset /	Disbursement	Exact or Estimated
Subsidiary	Disbursement	Reason for Disbursement	Expense	ThUS	Date of Disbursement
SQM<br> Salar S.A.	19-S021500<br> - SK Improvements -1300 2021	Environmental<br> processing	Expense		12-31-2022
SQM<br> Salar S.A.	19-C012800 - CO2 Capture	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2023
SQM<br> Salar S.A.	19-L034000<br> - EIA + EIS Environmental Projects 2021, 2022	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-C013700<br> - Thermosolar plant study	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Salar S.A.	19-L034700<br> - Well electrification - Phase III (15 wells)	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L035100<br> - MOP G III Critical equipment overhaul	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Salar S.A.	19-L035200<br> - Environmental and personal risk prevention	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L035600<br> - Electrification of P reservoir well system, with ½ tension system	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L014700<br> - Industrial Waste Management	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Salar S.A.	19-C014600<br> - Support and Improvements to Plant Electrical Circuits and Lighting	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-C016500<br> - Pond flowmeters and levels	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2023
SQM<br> Salar S.A.	19-C017400<br> - Support for tanks and reactors	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2023
SQM<br> Salar S.A.	19-L040300<br> - Lithium Mitigation Project	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Nitratos S.A.	12-I039000<br> - Adaptation of hazardous waste warehouse	Environmental<br> processing	Assets		12-31-2022
SQM<br> Nitratos S.A.	12-F000400<br> - Pampa Blanca Project Reopening – Mining Workshop	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Nitratos S.A.	12-I052000<br> - Pampa Blanca Project Reopening – Mining Workshop	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Nitratos S.A.	12-G000700<br> - Installation of fuel catalysts in 16 mining machines	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2023
Minera<br> Búfalo	20-A010300<br> - Búfalo Project Monitoring and Follow up Commitments	Sustainability:<br> Environment and Risk Prevention	Expense		02-28-2023
SQM<br> Potasio S.A.	14-I039400<br> - Adapting Pond Iris	Environmental<br> processing	Assets		12-31-2022
SQM Potasio<br> S.A.	14-I039800 - Adapting hazardous<br> substances warehouse IRIS	Environmental processing	Assets		12-31-2022
Orcoma<br> Spa	15-I039100<br> - Sectoral Permits and compliance EIA Orcoma Project	Environmental<br> processing	Expense		12-31-2022
Subtotal
Total

All values are in US Dollars.

| 154 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Accumulated expenses as of December 31, 2021

Parent<br> Company or	Project Name Associated<br> with		Asset /	Disbursement	Exact or Estimated
Subsidiary	Disbursement	Reason for Disbursement	Expense	ThUS	Date of Disbursement
Miscellaneous	Environment<br> - Operating Area	Not<br> classified	Expense		12-31-2021
SQM<br> S.A.	01-I017200<br> - CEDAM at Puquíos at Llamara	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2021
SQM<br> S.A.	01-I019400<br> - EIA Expansion of TEA and Seawater Impulsion	Environmental<br> processing	Assets		12-31-2021
SQM<br> S.A.	01-I017600<br> - Regularization of Hazardous Substances Decree	Environmental<br> processing	Expense		01-06-2021
SQM<br> S.A.	01-I028200<br> - EIA Llamara	Environmental<br> processing	Expense		12-30-2021
SQM<br> S.A.	01-I028300<br> - Implementation PDC 2019 - Llamara sanction process	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2021
SQM<br> S.A.	01-I030700<br> - Sectorial Permits EIA Project TEA	Environmental<br> processing	Expense		12-06-2021
SQM<br> S.A.	01-I035800<br> - Sustainability DS43 Phase 2	Sustainability:<br> Environment and Risk Prevention	Assets		07-31-2021
SQM<br> S.A.	01-S015900<br> - SQM Sustainability	Environmental<br> processing	Expense		12-31-2021
SQM<br> S.A.	01-S014200 - Projections	Environmental<br> processing	Expense		05-19-2021
SQM<br> S.A.	01-I039600<br> - New Warehouse Iodine Stock NV	Environmental<br> processing	Assets		10-27-2021
SQM<br> S.A.	01-I039700<br> - Adapting tanks for hazardous substances NV	Environmental<br> processing	Assets		12-31-2021
SQM<br> S.A.	01-P010300<br> - Adapting tanks for hazardous substances PV	Environmental<br> processing	Assets		03-16-2021
SQM<br> S.A.	01-P010400<br> - Adaptation of dispatch warehouse PV	Environmental<br> processing	Assets		12-31-2021
SQM<br> S.A.	01-I038400<br> - Update APT conceptual and numerical hydrogeological model	Sustainability:<br> Environment and Risk Prevention	Expense		12-28-2021
SQM<br> S.A.	01-I041400<br> - EIA New ponds and stockpiles at Sur Viejo	Environmental<br> processing	Expense		11-19-2021
SQM<br> S.A.	01-I044400<br> - Improve NV proprietary warehouse and offices	Sustainability:<br> Environment and Risk Prevention	Expense		08-31-2021
SQM<br> S.A.	01-F000100<br> - EIA Pampa Blanca Maritime Project	Environmental<br> processing	Expense		11-29-2021
SQM<br> S.A.	01-I050900<br> – Responsible Conduct	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2021
SQM<br> S.A.	01-S022000<br> - Sustainability projects SQM-Sustainable luminaires iris-NV	Sustainability:<br> Environment and Risk Prevention	Assets		10-31-2021
SQM<br> Industrial S.A.	04-J015700<br> - Update of Closure Plans	Sustainability:<br> Environment and Risk Prevention	Expense		12-24-2021
SQM<br> Industrial S.A.	04-J017200<br> - Guarantee availability Pampas Industrial Water System	Sustainability:<br> Environment and Risk Prevention	Assets		07-07-2021
SQM<br> Industrial S.A.	04-I032600<br> - Well Water Efficiency - Water Rec. Nueva Victoria. Stage I (1)	Sustainability:<br> Environment and Risk Prevention	Assets		07-09-2021
SQM<br> Industrial S.A.	04-J022700<br> - DIA integration of Coya Sur site	Environmental<br> processing	Expense		12-29-2021
SQM<br> Industrial S.A.	04-J022800<br> - Adaptation light pollution	Sustainability:<br> Environment and Risk Prevention	Assets		05-13-2021
SQM<br> Industrial S.A.	04-M004300<br> - Reduction of Industrial Waste	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2021
SQM<br> Industrial S.A.	04-I038200<br> - Well water efficiency - Water Rec. Nueva Victoria. Stage II	Sustainability:<br> Environment and Risk Prevention	Assets		09-30-2021
SQM<br> Industrial S.A.	04-I038600<br> - Monitoring extractions NV	Sustainability:<br> Environment and Risk Prevention	Assets		12-07-2021
SQM<br> Industrial S.A.	04-J023700<br> - Regularization Hazardous Substances Decree SQM Industrial	Environmental<br> processing	Assets		10-04-2021
SQM<br> Industrial S.A.	04-I046900<br> - Pilot Floating Photovoltaic Solar Plant (FPV-SV) - Conceptual Engineering	Sustainability:<br> Environment and Risk Prevention	Expense		09-27-2021
SQM<br> Industrial S.A.	04-M005400<br> - Rio Loa preventive monitoring (water and aquatic biota quality)	Sustainability:<br> Environment and Risk Prevention	Expense		12-30-2021
SQM<br> Industrial S.A.	04-M004600<br> - Degreasing chamber TAS ME Plant	Sustainability:<br> Environment and Risk Prevention	Expense		12-27-2021
SQM<br> Industrial S.A.	04-J013500<br> Handling Equipment Associated with PCBs	Sustainability:<br> Environment and Risk Prevention	Expense		11-29-2021
SQM<br> Industrial S.A.	04-J015800<br> - Other Sector Regulatory 2019	Sustainability:<br> Environment and Risk Prevention	Expense		08-27-2021
SQM<br> Industrial S.A.	04-M005600<br> - Improve N&Y warehouse	Sustainability:<br> Environment and Risk Prevention	Assets		12-24-2021
SQM<br> Industrial S.A.	04-I050100<br> - Engineering for Orcoma seawater impulsion system	Sustainability:<br> Environment and Risk Prevention	Assets		12-29-2021
Subtotal

All values are in US Dollars.

| 155 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Accumulated expenses as of December 31, 2021

Parent<br> Company or	Project Name Associated<br> with		Asset /	Disbursement	Exact or Estimated
Subsidiary	Disbursement	Reason for Disbursement	Expense	ThUS	Date of Disbursement
SQM<br> Industrial S.A.	04-F000200<br> - Reopening of Pampa Blanca Project - Mine Operations Center / Conveyors	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2021
SQM<br> Industrial S.A.	04-J029000<br> - Assembly of pilot solar thermal power plant	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2021
SIT<br> S.A.	03-T009900<br> - Air quality monitoring system at Tocopilla	Sustainability:<br> Environment and Risk Prevention	Assets		11-18-2021
SIT<br> S.A.	03-T010500<br> - Hydrocarbon detection system at Tocopilla port	Sustainability:<br> Environment and Risk Prevention	Assets		02-15-2021
SIT<br> S.A.	03-T011800<br> - Mechanized Plant Automation	Sustainability:<br> Environment and Risk Prevention	Assets		12-30-2021
SIT<br> S.A.	03-T011400<br> - Purchase of spill control materials	Sustainability:<br> Environment and Risk Prevention	Assets		12-09-2021
SQM<br> Salar S.A.	19-L014700<br> - Industrial Waste Management	Sustainability:<br> Environment and Risk Prevention	Expense		10-29-2021
SQM<br> Salar S.A.	19-L018800<br> - UPC Consulting for NW and Others	Sustainability:<br> Environment and Risk Prevention	Expense		02-12-2021
SQM<br> Salar S.A.	19-L018900 - Evaporation 2018-2019	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2021
SQM<br> Salar S.A.	19-L021700<br> - Upgrade RH y MA 2019	Environmental<br> processing	Expense		08-27-2021
SQM<br> Salar S.A.	19-S013400-<br> Online Monitoring	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2021
SQM<br> Salar S.A.	19-S016200<br> - Acquisition of Hardware – Software 2020	Sustainability:<br> Environment and Risk Prevention	Assets		11-26-2021
SQM<br> Salar S.A.	19-S016300 - Consulting 2020	Sustainability:<br> Environment and Risk Prevention	Assets		02-25-2021
SQM<br> Salar S.A.	19-S016400<br> - Implementation Acquire Environmental DB	Sustainability:<br> Environment and Risk Prevention	Assets		03-11-2021
SQM<br> Salar S.A.	19-S016700<br> - Improvements understanding reload	Sustainability:<br> Environment and Risk Prevention	Assets		03-25-2021
SQM<br> Salar S.A.	19-L025600<br> - Purchase of Generators, Variators, trafos. 2020	Sustainability:<br> Environment and Risk Prevention	Assets		08-01-2021
SQM<br> Salar S.A.	19-L025800<br> - Normalization of Administration System	Sustainability:<br> Environment and Risk Prevention	Assets		04-09-2021
SQM<br> Salar S.A.	19-C008600<br> - Asphalting plants Salar del Carmen	Sustainability:<br> Environment and Risk Prevention	Assets		12-20-2021
SQM<br> Salar S.A.	19-L026900<br> - Cameras and lighting at finished product plants	Environmental<br> processing	Assets		03-31-2021
SQM<br> Salar S.A.	19-L024200<br> - Environmental and Operational Risk Analysis Study of Salar de Atacama	Sustainability:<br> Environment and Risk Prevention	Expense		12-21-2021
SQM<br> Salar S.A.	19-S016500<br> - Incorporation of test models for artificial intelligence	Sustainability:<br> Environment and Risk Prevention	Assets		10-31-2021
SQM<br> Salar S.A.	19-L025300<br> - Compliance with sanitary water resolution	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2021
SQM<br> Salar S.A.	19-L026800<br> - Removal of old dryers MOP G III plant	Environmental<br> processing	Assets		10-21-2021
SQM<br> Salar S.A.	19-L030200<br> - Removal and disposal of non- hazardous waste at Salar de Atacama landfill site	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2021
SQM<br> Salar S.A.	19-L030700<br> - Electrification of wells, second stage	Sustainability:<br> Environment and Risk Prevention	Assets		07-31-2021
SQM<br> Salar S.A.	19-L028200<br> - Environmental Monitoring 2020	Sustainability:<br> Environment and Risk Prevention	Expense		09-30-2021
SQM<br> Salar S.A.	19-L029800 - Adaptation DS43	Environmental<br> processing	Assets		12-12-2021
SQM<br> Salar S.A.	19-L030100<br> - Standardization of Sectorial Environmental Permit 136 for Salar de Atacama Works	Environmental<br> processing	Expense		06-30-2021
SQM<br> Salar S.A.	19-L031300<br> - Global FM Compliance for Maintenance Area	Environmental<br> processing	Expense		12-14-2021
SQM<br> Salar S.A.	19-L031700<br> - Regulation of Emissions Sources of Light DS N°43	Environmental<br> processing	Assets		12-31-2021
SQM<br> Salar S.A.	19-L032300<br> - Hydrogeology EIA 2021	Sustainability:<br> Environment and Risk Prevention	Assets		12-30-2021
SQM<br> Salar S.A.	19-L019800<br> - Salar de Atacama paleoclimatic study	Sustainability:<br> Environment and Risk Prevention	Expense		11-22-2021
SQM<br> Salar S.A.	19-L032000<br> - Salar Sustainability Project	Sustainability:<br> Environment and Risk Prevention	Assets		08-11-2021
SQM<br> Salar S.A.	19-C012400<br> - New Disposal Salt Deposits	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2021
SQM<br> Salar S.A.	19-L020000<br> - PSAH Continuous Network Improvement and PC Rhyma	Sustainability:<br> Environment and Risk Prevention	Assets		10-26-2021
SQM<br> Salar S.A.	19-L034000<br> - Environmental Projects EIA + EIS 2021, 2022	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2021
Subtotal

All values are in US Dollars.

| 156 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Accumulated expenses as of December 31, 2021

Parent<br> Company or	Project Name Associated<br> with		Asset /	Disbursement	Exact or Estimated
Subsidiary	Disbursement	Reason for Disbursement	Expense	ThUS	Date of Disbursement
SQM<br> Nitratos S.A.	12-I039000<br> - Adapting warehouse for hazardous substances at Mina Oeste	Environmental<br> processing	Assets		12-29-2021
Minera<br> Búfalo	20-A008200<br> - Búfalo project stage 1	Environmental<br> processing	Expense		09-07-2021
Orcoma<br> Estudios Spa	15-I039100<br> - Sectorial permits and compliance with environmental commitments EIA Orcoma Project	Environmental<br> processing	Expense		09-30-2021
SQM<br> Potasio S.A.	14-I039400<br> - Adapting tank at Iris	Environmental<br> processing	Assets		12-31-2021
SQM<br> Potasio S.A.	14-I039800<br> - Adequacy of the IRIS hazardous substances warehouse	Environmental<br> processing	Assets		12-16-2021
Subtotal
Total

All values are in US Dollars.

| 157 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Committed expenses for future periods as of December 31, 2021

Parent<br> Company or	Project Name Associated<br> with		Asset /	Disbursement	Exact or Estimated
Subsidiary	Disbursement	Reason for Disbursement	Expense	ThUS	Date of Disbursement
Miscellaneous	Environment<br> - Operating Area	Not<br> classified	Expense		12-31-2022
SQM<br> S.A.	01-I017200<br> - CEDAM at Puquíos at Llamara	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> S.A.	01-I017400<br> - Development of Pintados and Deposit Humberstone	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> S.A.	01-I028200<br> - EIA Llamara	Environmental<br> processing	Expense		12-31-2022
SQM<br> S.A.	01-I028300<br> - Implementation PDC 2019 - Llamara sanction process	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> S.A.	01-I039600<br> - New Warehouse Iodine Stock NV	Environmental<br> processing	Assets		12-31-2022
SQM<br> S.A.	01-I039700<br> - Adapting Pond Substances NV	Environmental<br> processing	Assets		12-31-2022
SQM<br> S.A.	01-P010300<br> - Adapting pond substances PV	Environmental<br> processing	Assets		12-31-2022
SQM<br> S.A.	01-P010400<br> - Adapting dispatch warehouse PV	Environmental<br> processing	Assets		12-31-2022
SQM<br> S.A.	01-I041400<br> - DIA New pits and stockpiles in Sur Viejo	Environmental<br> processing	Expense		12-31-2022
SQM<br> S.A.	01-I044400<br> - Improve NV proprietary warehouse and offices	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> S.A.	01-I050900<br> – Responsible Conduct	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> S.A.	01-S022000<br> - Sustainability projects SQM-Sustainable luminaires iris-NV	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> S.A.	01-F000100<br> - Pampa Blanca EIA - Sea water Project	Environmental<br> processing	Expense		12-31-2022
SQM<br> S.A.	01-F000300<br> - Pampa Blanca Project Reopening - Iodide Plant	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-I017700<br> - Basic Engineering and EIA for TEA industrial area and seawater impulsion N.V	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-J013500<br> - Handling equipment associated with PCBs	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Industrial S.A.	04-J015200<br> - Implementation Economizers	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-J015700<br> - Update of Closure Plans	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Industrial S.A.	04-J015800<br> - Other Sector Regulatory Measures	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Industrial S.A.	04-J017200<br> - Assurance Availability Sistema Agua Industrial Pampas	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-M003900<br> - Revocation PDME	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Industrial S.A.	04-J022700<br> - DIA Integración Faena Coya Sur	Environmental<br> processing	Expense		12-31-2022
SQM<br> Industrial S.A.	04-J022800<br> - Adaptation light pollution	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-M004300<br> - Reduction of Industrial Waste	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Industrial S.A.	04-I038200<br> - Well Water Efficiency N.V. II	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-I038600<br> - Extraction monitoring N.V.	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-J023700<br> - Regularization Hazardous Substances Decree SQM Industrial	Environmental<br> processing	Assets		12-31-2022
SQM<br> Industrial S.A.	04-I046900<br> - Pilot Floating Photovoltaic Solar Plant (FPV-SV) - Conceptual Engineering	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Industrial S.A.	04-J025000<br> - Boiler Scrubber NPT3	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-M005400<br> - Rio Loa Preventive Monitoring (Water and Aquatic Biota Quality)	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Industrial S.A.	04-I050100<br> - Engineering Seawater impulsion system	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-M005600<br> - Improve N&Y warehouse	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
Subtotal

All values are in US Dollars.

| 158 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Committed expenses for future periods as of December 31, 2021

Parent<br> Company or	Project Name Associated<br> with		Asset /	Disbursement	Exact or Estimated
Subsidiary	Disbursement	Reason for Disbursement	Expense	ThUS	Date of Disbursement
SQM<br> Industrial S.A.	04-S022100<br> - Recovery of prilled heat in CS/Electric Buses	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-F000200<br> - Pampa Blanca Project Reopening – Mining/Conveyors Operations Center	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-J028700<br> - Electromobility pilot for passenger transportation	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-J028800<br> - NPT2 economizers and structural improvements	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Industrial S.A.	04-J029000<br> - Assembly of pilot solar thermal power plant	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SIT<br> S.A.	03-T009900<br> - Air quality monitoring system Tocopilla	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SIT<br> S.A.	03-T010500<br> - Hydrocarbon Detection System Tocopilla Port	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SIT<br> S.A.	03-T011400<br> - Purchase of spill control materials	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SIT<br> S.A.	03-T011800<br> - Mechanized Plant Automation	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L014700<br> - Industrial Waste Management	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Salar S.A.	19-L018800<br> - UPC Consulting for NW and Others	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Salar S.A.	19-L018900 - Evaporation 2018-2019	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L019800<br> - Paleoclimate Study Salar de Atacama	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Salar S.A.	19-L020000<br> - Improvement of Operational Monitoring Network	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L021400<br> - Environmental monitoring 2019 PSA	Environmental<br> processing	Expense		12-31-2022
SQM<br> Salar S.A.	19-L021700<br> - Update RH y MA 2019	Environmental<br> processing	Expense		12-31-2022
SQM<br> Salar S.A	19-S013400<br> - Online monitoring	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Salar S.A.	19-C006800<br> - Renovation lighting towers - Salar del Carmen plant	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L024200<br> - Environmental Risk Analysis Study Salar de Atacama	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Salar S.A.	19-S016200<br> - Acquisition of Hardware- Software	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-S016300 - Consulting 2020	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-S016400<br> - Implementation Acquire BD Amb	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-S016500<br> - Incorporation of IA prediction test models	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-S016700<br> – Improvements to recharge understanding in SdA	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-S016900<br> - Monitoring water-vegetation dynamics in the Aguas de Quelana sector	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L025300<br> - Compliance with Sanitary Resolution	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L025800<br> - Normalization of Admin. System	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L028200<br> - Environmental Monitoring 2020	Sustainability:<br> Environment and Risk Prevention	Expense		12-31-2022
SQM<br> Salar S.A.	19-L029800<br> - Adapting to DS43	Environmental<br> processing	Assets		12-31-2022
SQM<br> Salar S.A.	19-L030100<br> - Compliance with Sectoral Environmental Permit 136 at Salar de Atacama site	Environmental<br> processing	Expense		12-31-2022
SQM<br> Salar S.A.	19-L030200<br> - Removal and final disposal of non-hazardous waste at Salar de Atacama landfill site	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-L031300<br> - Global FM Compliance Maintenance Area	Environmental<br> processing	Expense		12-31-2022
SQM<br> Salar S.A.	19-L031700<br> - Regulation of Emissions Sources of Light DS N°43	Environmental<br> processing	Assets		12-31-2022
SQM<br> Salar S.A.	19-L032300<br> - Hydrogeology EIA 2021	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-C012400<br> - New Disposal Salt Deposits	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
SQM<br> Salar S.A.	19-S021500<br> - SK Improvements -1300 2021	Environmental<br> processing	Expense		12-31-2022
Subtotal

All values are in US Dollars.

| 159 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Committed expenses for future periods as of December 31, 2021

Parent<br> Company or	Project Name Associated<br> with		Asset /	Disbursement	Exact or Estimated
Subsidiary	Disbursement	Reason for Disbursement	Expense	ThUS	Date of Disbursement
SQM<br> Nitratos S.A.	12-I039000<br> - Adaptation of hazardous waste warehouse	Environmental<br> processing	Assets		12-31-2022
SQM<br> Nitratos S.A.	12-F000400<br> - Pampa Blanca Project Reopening – Mining Workshop	Sustainability:<br> Environment and Risk Prevention	Assets		12-31-2022
Minera<br> Búfalo	20-A008200<br> - Metallic Project Buffalo Stage 1	Environmental<br> processing	Expense		12-31-2022
Orcoma<br> Estudios Spa	15-I039100<br> - Sectoral Permits and compliance EIA Orcoma Project	Environmental<br> processing	Expense		12-31-2022
SQM<br> Potasio S.A.	14-I039400<br> - Adapting Pond Iris	Environmental<br> processing	Assets		12-31-2022
SQM<br> Potasio S.A.	14-I039800<br> - Adapting hazardous substances warehouse IRIS	Environmental<br> processing	Assets		12-31-2022
Subtotal
Total

All values are in US Dollars.

| 160 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 22.3 | Description of each project, indicating whether these are in process or have been finished | | --- | --- |

SociedadQuimica 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.

**I0384:**The project contemplates updating the Conceptual and Numerical Hydrogeological Model for the Pampa del Tamarugal Aquifer.

**P0120:**The project consists of the manufacture and installation of structures for waste separation.

**I0547:**The project consists of taking an inventory of the lights installed at the Nueva Victoria e Iris site with experts and design a program to replace the current lights with those recommended to prevent petrel fatalities.

**0604:**The project consists of the construction of a room for storing core samples at the Nueva Victoria Iodine plant, to meet client requirements and to comply with the DS 43 Regulation on Hazardous Substances.

**I0605:**The project consists of a 100% improvement to receiving and unloading facilities at the Nueva Victoria Iodine plant, to meet the requirements of suppliers and the comply with DS 43, the Regulation on Hazardous Substances.

**I0609:**The project consists of the regularization of the hazardous waste storage yard and general storage areas in the Nueva Victoria iodine plant, to comply with DS 43, the Regulation on Hazardous Substances.

Environmental Improvement Initiatives andProjects

**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.

F0003: The project consists of the reopening of the Pampa Blanca iodide plant.

**I0174:**The project consists of the enhancement of the former Pintados station and preparation of a storage space at Humberstone for storing the archaeological materials that are recovered as part of the archaeological compensation measures involved in these projects.

| 161 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

**I0548:**The environmental commitments set out in the project correspond to the application of bischofite on access roads to the locality of Colonia Pintados, improvements to livestock corrals and water troughs in Bellavista, support for cultural activities, Bellavista and Colonia Pintados livestock, and other actions.

**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.

**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.

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 andProjects

I0386The 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.

**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.

**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.

| 162 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

**I0501:**The project involves constructing a 400 l/s seawater collection and impulsion system for watering the leach heap, iodide plant and evaporation pond.

J0290The 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.

**I0526:**The project consists of the construction of yards for waste salts.

**J0291:**The project includes the acquisition of equipment and machines for the separation and reuse of waste in Nueva Victoria.

**I0558:**The project consists of removing power lines and posts.

**J0152:**The project consists of the installation of heat recovery equipment for boiler exhaust gas and the implementation of associated structural improvements.

**J0287:**The project consists of testing technology for the 100% reduction of emissions of greenhouse gases such as CO2, through the introduction of quick-charging electric pickups in CS operations.

**J0288:**The projects consists of the mounting and implementation of economizers for NPT2 plant steam boilers.

**J0292:**The project consists of an e-mobility pilot with an electric truck.

**S0221:**The project objective is to finance initiatives aligned with the goals of the Company’s Sustainable Development Plan. We have concrete targets we must meet through projects.

**I0518:**The project objective is to rebuild and repair the mine operations centers for the treatment of leaching solutions.

**J0317:**Switching of lights in the prilling and drying plants to comply with DS43 requirements.

**G0007:**Develop a 400 l/s seawater impulsion system for Pampa Orcoma.

**J0327:**A Maxus H6 truck will be purchased to study how it handles SQM roads and to assess the technical and economic feasibility of switching the entire ground fleet (350 trucks) in future.

**I0613:**The project consists of installing floating protective covers of recycled polypropylene (Hexa-cover) on three water storage ponds at SV to reduce water loss.

Projects for the Studies and Presentationsto 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.

**M0039:**The project consists of undertaking the legal technical analyses as per the request lodged with the Environment Ministry.

| 163 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

SIT S.A.

Environmental Improvement Initiatives andProjects

**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.

**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.

**L0214:**The project consists of implementing a 2019 environmental follow up plan, monitoring optimal compliance with current environmental provisions.

**L0147:**The project is focused on handling industrial waste at Salar de Atacama, eliminating storage of industrial waste not authorized under the RCA and current regulations.

**C0165:**The project consists of the installation of flowmeters and levels in ponds to carry out water balances for each discard pond so they can be reported to the environmental authorities.

| 164 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Environmental Improvement Initiatives andProjects

**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.

**L0258:**This considers the normalization of the Electricity System for maintaining and operating the transformer substations.

**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.

**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.

**S0215:**The project includes improvements to practices and reportability under the SK-1300 international standard to maintain the standard for audits and to fulfill annual SEC requirements

**L0340:**Preparation of the “Salar de Atacama Sustainable Development Plan” EIA and “Increase in Capacity and Optimization of the Carmen Lithium Production Plant” EIS.

**C0068:**This initiative consists of the purchase and renewal of 11 Maxi light towers.

**C0128:**This project consists of taking advantage of CO2 emissions for the production and/or purification of Lithium Carbonate.

| 165 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

**C0137:**This project consists of evaluating thermal solar energy use in VPOPL operations as a replacement to fossil fuels.

**L0347:**The project seeks to electrify the 15 wells medium-tension line, decreasing the use of generators that cause a greater impact in terms of CO2 emissions, diesel fuel consumption and maintenance costs.

**L0351:**This project consists of the overhaul of collectors 4 and 5 and includes both equipment and associated ductwork.

**L0352:**This project consists of generating a dust capture system on the stacker, to eliminate pollution and the loss of material.

**L0356:**This project consists of migrating the current electricity supply method (generator use) to a medium-tension supply that provides a continuous supply to the wells.

**S0169:**The project seeks to improve understanding of the dynamic between vegetation and water bodies in the Aguas de Quelana sector by applying spectral indicators with high resolution satellite images.

**C0146:**The project consists of improving lighting in the Lithium Carbonate plant, improving electrical circuits, updating them and improving the lights.

**C0174:**The project consists of repairing the tanks at the Lithium Crbonate plant, because they have been leaking and cracking due to operations.

**L0403:**The project consists of planting 5,000 native trees to compensate for/mitigate transportation emissions on the road between the Salar de Atacama and the El Carmen chemical plant, on the order of 10,000 tons of CO2.

Orcoma Estudios Spa

Environmental Commitments Implementation Projects

**I0391:**The project consists of obtaining sectoral and environmental sectoral permits for the Orcoma Project.

SQM Nitratos S.A.

Environmental Improvement Initiatives andProjects

**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.

I0520:The project consists in strengthening the supply of iodine and nitrate by reactivating mining extraction operations and constructing leach heaps for the Pampa Blanca Project in Region II (Antofagasta).

I0614:El proyecto consiste la instalación de catalizadores en 16 equipos de la flota de operaciones mineras para una potencial de reducción de 300 a 450 toneladas anuales de CO2eq.

Environmental Commitments Implementation Projects

**F0004:**Reopening the mine facilities of the mining project.

Sociedad Contractual Minera Búfalo

Projects for the Studies and Presentationsto the Environmental Assessment System

**A0103:**The project consists of the implementation and execution of commitments acquired in the Búfalo Project environmental assessment.

| 166 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

SQM Potasio S.A.

Environmental Improvement Initiatives andProjects

**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.

| 167 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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 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:
For the<br> year ended June 30, 2022
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Geographic areas	Specialty<br><br> plant <br><br> nutrition		Iodine<br> and derivatives		Lithium<br> and derivatives		Potassium		Industrial<br> chemicals		Other		Total<br> ThUS
Chile		49,177		661		387		44,750		172		9,232
Latin America and<br> the Caribbean		66,052		6,266		1,550		160,720		5,680		482
Europe		112,565		134,557		161,275		9,522		15,506		586
North America		257,332		67,261		73,130		42,252		33,540		395
Asia and Others		120,491		117,913		3,056,635		39,240		31,126		175
Total		605,617		326,658		3,292,977		296,484		86,024		10,870

All values are in US Dollars.

For the year ended as of June 30, 2021
Geographic areas	Specialty<br><br> plant <br><br> nutrition		Iodine<br> and derivatives		Lithium<br> and derivatives		Potassium		Industrial<br> chemicals		Other		Total<br> ThUS
Chile		48,645		5,188		301		19,558		1,923		11,773
Latin America and<br> the Caribbean		43,663		7,259		2,907		25,877		2,935		264
Europa		95,824		81,574		27,562		23,269		8,502		706
North America		145,445		53,010		21,849		29,989		14,878		1,194
Asia and Others		77,655		72,485		245,654		20,560		25,708		315
Total		411,232		219,516		298,273		119,253		53,946		14,252

All values are in US Dollars.

| 168 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (b) | Main product and service lines: | | --- | --- | | **** | For the period from January to June of the year | | For the period from April to June of the year | | | --- | --- | --- | --- | --- | | **** | 2022 | 2021 | 2022 | 2021 | | Products and Services | ThUS | ThUS | ThUS | ThUS | | Specialty plant nutrition | | | | | | - Sodium Nitrates | | | | | | - Potassium nitrate and sodium potassium nitrate | | | | | | - Specialty Blends | | | | | | - Other specialty fertilizers | | | | | | Iodine and derivatives | | | | | | Lithium and derivatives | | | | | | Potassium | | | | | | Industrial chemicals | | | | | | Other | | | | | | - Services | | | | | | - Income from property leases | | | | | | - Income from subleases on right-of-use assets | | | | | | - Commodities | | | | | | - Other ordinary income of Commercial Offices | | | | | | Total | | | | |

All values are in US Dollars.

| 169 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 23.2 | Cost of sales | | --- | --- |

Cost of sales broken down by nature of expense:

****	For<br> the period from January to<br> June of the year			****	For the period<br> from April to <br> June of the year			****
****	2022	****	2021	****	2022	****	2021	****
Nature of expense	ThUS	****	ThUS	****	ThUS	****	ThUS	****
Raw materials and consumables<br> used		)		)		)		)
Classes of employee benefit expenses		)		)		)		)
Depreciation expense		)		)		)		)
Depreciation of Right-of-use Assets (contracts<br> under IFRS 16)		)		)		)		)
Amortization expense		)		)		)		)
Investment plan expenses		)		)		)		)
Provision for materials, spare parts<br> and supplies		)		)		)
Contractors		)		)		)		)
Operating leases		)		)		)		)
Mining patents		)		)		)		)
Operational transportation		)		)		)		)
Freight / product transportation costs		)		)		)		)
Purchase of products from third parties		)		)		)		)
Insurance		)		)		)		)
Corfo rights and other agreements		)		)		)		)
Export costs		)		)		)		)
Expenses related to variable lease payments<br> (contracts under IFRS 16)		)		)		)		)
Variation in gross inventory				)
Variation in inventory provision
Other		)		)		)		)
Total		)		)		)		)

All values are in US Dollars.

| 170 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 23.3 | Other income | | --- | --- | | **** | For the period from January to June of the year | | For the period from April to June of the year | | | --- | --- | --- | --- | --- | | | 2022 | 2021 | 2022 | 2021 | | Other income | ThUS$ | ThUS$ | ThUS$ | ThUS$ | | Discounts obtained from suppliers | 588 | 427 | 320 | 227 | | Fines charged to suppliers | 24 | 26 | 12 | 25 | | Amounts recovered from insurance | 80 | 400 | - | 400 | | Overestimate of provisions for third-party obligations | 283 | 75 | 123 | 44 | | Sale of assets classified as properties, plant and equipment | 142 | 216 | - | - | | Sales of materials, parts and supplies | 126 | 237 | 29 | 161 | | Options on mining claims | - | 8,219 | - | 8,219 | | Easements, pipelines and roads | 1,894 | 2,952 | 1,000 | 1,900 | | Refunds for mining patents and notarial expenses | 20 | 68 | 20 | 68 | | Recovery of legal fees | 1,029 | 917 | 743 | 263 | | Others | 730 | 1,202 | 47 | 664 | | Total | 4,916 | 14,739 | 2,294 | 11,971 | | 23.4 | Administrative expenses | | --- | --- | | **** | For the period from January to June of the year | | For the period from April to June of the year | | | --- | --- | --- | --- | --- | | **** | 2022 | 2021 | 2022 | 2021 | | Administrative expenses | ThUS | ThUS | ThUS | ThUS | | Employee benefit expenses | (33,455 | (27,979 | (15,165 | (14,826 | | Marketing costs | (2,497 | (1,645 | (1,698 | (1,069 | | Amortization expenses | (65 | (58 | (39 | (31 | | Entertainment expenses | (2,030 | (2,007 | (1,440 | (1,679 | | Advisory services | (10,009 | (7,262 | (6,429 | (4,403 | | Lease of buildings and facilities | (1,758 | (1,519 | (1,559 | (1,364 | | Insurance | (1,802 | (2,059 | (385 | (1,138 | | Office expenses | (3,782 | (3,045 | (1,730 | (1,122 | | Contractors | (3,575 | (2,405 | (1,583 | (1,429 | | Depreciation of Right-of-use Assets (contracts under IFRS 16) | (1,366 | (1,283 | (542 | (627 | | Other expenses | (6,605 | (4,621 | (2,995 | (1,560 | | Total | (66,944 | (53,883 | (33,565 | (29,248 |

All values are in US Dollars.

| 171 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 23.5 | Other expenses | | --- | --- | | | For the period from January to June of the year | | For the period from April to June of the year | | | --- | --- | --- | --- | --- | | | 2022 | 2021 | 2022 | 2021 | | Other expenses | ThUS | ThUS | ThUS | ThUS | | Depreciation and amortization expense | | | | | | Depreciation of assets not in use | - | (19 | - | (9 | | Subtotal | - | (19 | - | (9 | | Impairment losses / reversals of impairment losses recognized in profit for the year | | | | | | Properties, plant and equipment | (291 | (5,798 | - | (8,706 | | Intangible assets other than goodwill | - | (48 | - | (48 | | Goodwill | (16,938 | - | (16,938 | - | | Amortization of intangible assets | - | - | 3 | - | | Non-current assets and disposal groups held for sale | - | - | - | - | | Subtotal | (17,229 | (5,846 | (16,935 | (8,754 | | Other expenses, by nature | | | | | | Legal expenses | (675 | (783 | (326 | (551 | | VAT and other unrecoverable taxes | (310 | (410 | 72 | (214 | | Fines paid | (272 | (760 | (238 | (356 | | Investment plan expenses | (727 | - | (540 | 369 | | Exploration expenses | - | (3,373 | - | (2,266 | | Contributions and donations | (4,041 | (2,191 | (1,496 | (1,306 | | Other operating expenses | (1,247 | (1,178 | (487 | (375 | | Subtotal | (7,272 | (8,695 | (3,015 | (4,699 | | Total | (24,501 | (14,560 | (19,950 | (13,462 |

All values are in US Dollars.

23.6	Other (losses) income
	For<br> the period from January to<br> June of the year		For the period<br> from April to <br> June of the year
---	---	---	---	---
	2022	2021	2022	2021
Other (losses) income	ThUS	ThUS	ThUS	ThUS
Adjustment to prior periods due to applying the<br> equity method	(93	(63	(54	(5
Impairment of interests in associates	522	(4,839	-	(4,839
Others	(756	37	(756	(26
Total	(327	(4,865	(810	(4,870

All values are in US Dollars.

23.7	(Impairment) /reversal of value of financial assets impairment losses
	For<br> the period from January to<br> June of the year		For the period<br> from April to <br> June of the year
---	---	---	---	---
	2022	2021	2022	2021
Description	ThUS	ThUS	ThUS	ThUS
(Impairment) /reversal of value of financial assets<br> impairment losses (See Note 13.2)	(8,457	(644	(3,492	(1,884
Totals	(8,457	(644	(3,492	(1,884

All values are in US Dollars.

| 172 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 23.8 | Summary of expenses by nature | | --- | --- |

The following summary considers notes 23.2, 23.4 and 23.5

	For<br> the period from January to<br> June of the year		For the period<br> from April to <br> June of the year
	2022	2021	2022	2021
Expenses by nature	ThUS	ThUS	ThUS	ThUS
Raw materials and consumables	(247,425	(149,273	(132,732	(76,891
Employee Benefit Expenses	(177,406	(131,240	(91,612	(67,429
Depreciation expense	(102,582	(99,524	(53,935	(49,588
Depreciation of right-of-use Assets	(4,489	(4,216	(2,171	(2,153
Impairment of properties, plant and equipment, intangible<br> and Goodwill	(17,229	(5,846	(16,935	(8,754
Amortization expense	(8,710	(2,713	(4,514	(1,631
Legal expenses	(675	(783	(326	(551
Investment plan expenses	(5,949	(5,999	(2,850	(1,883
Exploration expenses	-	(3,373	-	(2,266
Provision for materials, spare parts and supplies	(6,494	(576	(2,783	26
Contractors	(90,015	(74,053	(44,202	(36,701
Operational leases	(38,245	(37,434	(20,116	(20,375
Mining patents	(3,607	(3,525	(1,783	(1,992
Operational transportation	(39,326	(32,204	(20,704	(19,404
Freight and product transportation costs	(50,077	(29,436	(29,572	(13,272
Purchase of products from third parties	(245,701	(130,617	(135,165	(74,420
Corfo rights y other agreements	(1,529,974	(40,172	(1,105,434	(23,286
Export costs	(88,548	(68,888	(56,709	(44,738
Expenses related to variable lease payments (contracts under<br> IFRS 16)	(1,375	(380	(905	(234
Insurance	(16,142	(11,492	(7,750	(5,810
Consultant and advisor services	(10,009	(7,262	(6,429	(4,403
Variation in gross inventory	489,721	(925	401,564	25,403
Variation in inventory provision	7	3,523	1,193	329
Other expenses	(53,735	(25,960	(21,024	(14,778
Total expenses by nature	(2,247,985	(862,368	(1,354,894	(444,801

All values are in US Dollars.

23.9	Finance expenses
	For<br> the period from January to<br> June of the year		For the period<br> from April to <br> June of the year
---	---	---	---	---
	2022	2021	2022	2021
Finance expenses	ThUS	ThUS	ThUS	ThUS
Interest expense from bank borrowings and overdrafts	(1,518	(1,242	(759	(621
Interest expense from bonds	(53,971	(41,697	(26,897	(20,793
Interest expense from loans	(675	(557	(427	(310
Reversal of capitalized interest expenses	10,209	6,401	5,668	3,496
Financial expenses for restoration and rehabilitation provisions	(1,321	(869	(405	(503
Interest on lease agreement	(619	(720	(159	(367
Other finance costs	(913	(649	(381	(316
Total	(48,808	(39,333	(23,360	(19,414

All values are in US Dollars.

| 173 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 23.10 | Finance income | | --- | --- | | | For the period from January to June of the year | | For the period from April to June of the year | | | --- | --- | --- | --- | --- | | | 2022 | 2021 | 2022 | 2021 | | Finance income | ThUS | ThUS | ThUS | ThUS | | Interest from term deposits | | | | | | Interest from marketable securities | | | | | | Interest from maintenance of minimum bank balance in current account | | | | | | Other finance income | | | | | | Other finance interests | | | | | | Total | | | | |

All values are in US Dollars.

| 174 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- |

Note24 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:

(i)	Specialty<br> plant nutrients
(ii)	Iodine<br> and its derivatives
(iii)	Lithium<br> and its derivatives
(iv)	Industrial<br> chemicals
(v)	Potassium
(vi)	Other<br> 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.

| 175 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (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.

| 176 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 24.2 | Reportable segment disclosures: | | --- | --- | | | Specialty plant nutrients | Iodine and its derivatives | Lithium and its derivatives | Industrial chemicals | Potassium | Other products and services | Reportable segments | Operating segments | Unallocated amounts | Total as of June 30, 2022 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Operating segment items as of June 30, 2022 | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | | Revenue | 605,617 | 326,658 | 3,292,977 | 86,024 | 296,484 | 10,870 | 4,618,630 | 4,618,630 | - | 4,618,630 | | Revenues from transactions with other operating segments of the same entity | - | - | - | - | - | - | - | - | - | - | | Revenues from external customers and transactions with other operating segments of the same entity | 605,617 | 326,658 | 3,292,977 | 86,024 | 296,484 | 10,870 | 4,618,630 | 4,618,630 | - | 4,618,630 | | Costs of sales | (340,755 | (133,066 | (1,488,178 | (51,842 | (132,089 | (10,610 | (2,156,540 | (2,156,540 | - | (2,156,540 | | Administrative expenses | - | - | - | - | - | - | - | - | (66,944 | (66,944 | | Finance expense | - | - | - | - | - | - | - | - | (48,808 | (48,808 | | Depreciation and amortization expense | (28,220 | (24,626 | (43,574 | (6,671 | (12,617 | (73 | (115,781 | (115,781 | - | (115,781 | | The entity’s interest in the profit or loss of associates and joint ventures accounted for by the equity method | - | - | - | - | - | - | - | - | 14,177 | 14,177 | | Income before taxes | 264,862 | 193,592 | 1,804,799 | 34,182 | 164,395 | 260 | 2,462,090 | 2,462,090 | (135,087 | 2,327,003 | | Income tax expense | - | - | - | - | - | - | - | - | (668,086 | (668,086 | | Net income (loss) | 264,862 | 193,592 | 1,804,799 | 34,182 | 164,395 | 260 | 2,462,090 | 2,462,090 | (803,173 | 1,658,917 | | Assets | - | - | - | - | - | - | - | - | 9,279,197 | 9,279,197 | | Equity-accounted investees | - | - | - | - | - | - | - | - | 38,117 | 38,117 | | Incorporation of non-current assets other than financial instruments, deferred tax assets, net defined benefit assets and rights arising from insurance contracts | - | - | - | - | - | - | - | - | 1,206,350 | 1,206,350 | | Liabilities | - | - | - | - | - | - | - | - | 5,709,014 | 5,709,014 | | Impairment loss of financial assets recognized in profit or loss | - | - | - | - | - | - | - | - | (8,457 | (8,457 | | Impairment loss of non-financial assets recognized in profit or loss | - | - | - | - | - | - | - | - | (17,229 | (17,229 | | Cash flows from operating activities | - | - | - | - | - | - | - | - | 1,458,378 | 1,458,378 | | Cash flows used in investing activities | - | - | - | - | - | - | - | - | (122,113 | (122,113 | | Cash flows from financing activities | - | - | - | - | - | - | - | - | (842,049 | (842,049 |

All values are in US Dollars.

| 177 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | | Specialty plant nutrients | Iodine and its derivatives | Lithium and its derivatives | Industrial chemicals | Potassium | Other products and services | Reportable segments | Operating segments | Unallocated amounts | Total as of June 30, 2021 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Operating segment items as of June 30, 2021 | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | | Revenue | 411,232 | 219,516 | 298,273 | 53,946 | 119,253 | 14,252 | 1,116,472 | 1,116,472 | - | 1,116,472 | | Revenues from transactions with other operating segments of the same entity | - | - | - | - | - | - | - | - | - | - | | Revenues from external customers and transactions with other operating segments of the same entity | 411,232 | 219,516 | 298,273 | 53,946 | 119,253 | 14,252 | 1,116,472 | 1,116,472 | - | 1,116,472 | | Costs of sales | (309,356 | (122,480 | (205,397 | (44,401 | (99,671 | (12,620 | (793,925 | (793,925 | - | (793,925 | | Administrative expenses | - | - | - | - | - | - | - | - | (53,883 | (53,883 | | Finance expense | - | - | - | - | - | - | - | - | (39,333 | (39,333 | | Depreciation and amortization expense | (27,675 | (19,729 | (33,707 | (7,121 | (16,827 | (1,394 | (106,453 | (106,453 | - | (106,453 | | The entity’s interest in the profit or loss of associates and joint ventures accounted for by the equity method | - | - | - | - | - | - | - | - | 5,561 | 5,561 | | Income (loss) before taxes | 101,876 | 97,036 | 92,876 | 9,545 | 19,582 | 1,632 | 322,547 | 322,547 | (99,842 | 222,705 | | Income tax expense | - | - | - | - | - | - | - | - | (62,080 | (62,080 | | Net income (loss) | 101,876 | 97,036 | 92,876 | 9,545 | 19,582 | 1,632 | 322,547 | 322,547 | (161,922 | 160,625 | | Assets | - | - | - | - | - | - | - | - | 6,017,237 | 6,017,237 | | Equity-accounted investees | - | - | - | - | - | - | - | - | 53,880 | 53,880 | | Incorporation of non-current assets other than financial instruments, deferred tax assets, net defined benefit assets and rights arising from insurance contracts | - | - | - | - | - | - | - | - | (17,423 | (17,423 | | Liabilities | - | - | - | - | - | - | - | - | 2,777,275 | 2,777,275 | | Impairment loss recognized in profit or loss | - | - | - | - | - | - | - | - | (644 | (644 | | Reversal of impairment losses recognized in profit or loss for the period | - | - | - | - | - | - | - | - | (5,846 | (5,846 | | Cash flows from (used in) operating activities | - | - | - | - | - | - | - | - | 231,902 | 231,902 | | Cash flows from (used in) investing activities | - | - | - | - | - | - | - | - | (502,459 | (502,459 | | Cash flows from (used in) financing activities | - | - | - | - | - | - | - | - | 1,012,332 | 1,012,332 |

All values are in US Dollars.

| 178 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 24.3 | Statement of comprehensive income classified by reportable segments based on groups of products | | --- | --- | | Items in the statement of comprehensive income | Specialty plant nutrients | Iodine and its derivatives | Lithium and its derivatives | Industrial chemicals | Potassium | Other products and services | Corporate Unit | Total segments and corporate unit | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | as of June 30, 2022 | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | | Revenue | 605,617 | 326,658 | 3,292,977 | 86,024 | 296,484 | 10,870 | - | 4,618,630 | | Costs of sales | (340,755 | (133,066 | (1,488,178 | (51,842 | (132,089 | (10,610 | - | (2,156,540 | | Gross profit | 264,862 | 193,592 | 1,804,799 | 34,182 | 164,395 | 260 | - | 2,462,090 | | Other incomes by function | - | - | - | - | - | - | 4,916 | 4,916 | | Administrative expenses | - | - | - | - | - | - | (66,944 | (66,944 | | Other expenses by function | - | - | - | - | - | - | (24,501 | (24,501 | | Impairment of gains and review of impairment losses (impairment losses) determined in accordance with IFRS 9 | - | - | - | - | - | - | (8,457 | (8,457 | | Other losses | - | - | - | - | - | - | (327 | (327 | | Financial income | - | - | - | - | - | - | 9,674 | 9,674 | | Financial costs | - | - | - | - | - | - | (48,808 | (48,808 | | Interest in the profit (loss) of associates and joint ventures accounted for by the equity method | - | - | - | - | - | - | 14,177 | 14,177 | | Exchange differences | - | - | - | - | - | - | (14,817 | (14,817 | | Profit (loss) before taxes | 264,862 | 193,592 | 1,804,799 | 34,182 | 164,395 | 260 | (135,087 | 2,327,003 | | Income tax expense | - | - | - | - | - | - | (668,086 | (668,086 | | Profit (loss) net | 264,862 | 193,592 | 1,804,799 | 34,182 | 164,395 | 260 | (803,173 | 1,658,917 |

All values are in US Dollars.

| 179 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Items in the statement of comprehensive income | Specialty plant nutrients | Iodine and its derivatives | Lithium and its derivatives | Industrial chemicals | Potassium | Other products and services | Corporate Unit | Total segments and Corporate unit | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | as of June 30, 2021 | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | ThUS | | Revenue | 411,232 | 219,516 | 298,273 | 53,946 | 119,253 | 14,252 | - | 1,116,472 | | Costs of sales | (309,356 | (122,480 | (205,397 | (44,401 | (99,671 | (12,620 | - | (793,925 | | Gross profit | 101,876 | 97,036 | 92,876 | 9,545 | 19,582 | 1,632 | - | 322,547 | | Other incomes by function | - | - | - | - | - | - | 14,739 | 14,739 | | Administrative expenses | - | - | - | - | - | - | (53,883 | (53,883 | | Other expenses by function | - | - | - | - | - | - | (14,560 | (14,560 | | Impairment of gains and review of impairment losses (impairment losses) determined in accordance with IFRS 9 | - | - | - | - | - | - | (644 | (644 | | Other gains (losses) | - | - | - | - | - | - | (4,865 | (4,865 | | Financial income | - | - | - | - | - | - | 1,886 | 1,886 | | Financial costs | - | - | - | - | - | - | (39,333 | (39,333 | | interest in the profit or loss of associates and joint ventures accounted for by the equity method | - | - | - | - | - | - | 5,561 | 5,561 | | Exchange differences | - | - | - | - | - | - | (8,743 | (8,743 | | Profit (loss) before taxes | 101,876 | 97,036 | 92,876 | 9,545 | 19,582 | 1,632 | (99,842 | 222,705 | | Income tax expense | - | - | - | - | - | - | (62,080 | (62,080 | | Profit (loss) net | 101,876 | 97,036 | 92,876 | 9,545 | 19,582 | 1,632 | (161,922 | 160,625 |

All values are in US Dollars.

| 180 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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.

| 181 |

| --- |

Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022
24.6	Segments by geographical areas
---	---
	Chile	Latin<br> America and the Caribbean	Europe	North<br> America	Asia<br> and others	Total
---	---	---	---	---	---	---
Items as of June 30, 2022	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Revenue
Investment accounted for under the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment, net
Right-of-use assets
Other non-current assets
Non-current assets

All values are in US Dollars.

	Chile	Latin<br> America and the Caribbean	Europe	North America	Asia and<br> others	Total
Items as of June 30,<br> 2021	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Revenue
Investment accounted for under the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment, net
Right-of-use assets
Other non-current assets
Non-current assets

All values are in US Dollars.

| 182 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | Note 25 | Effect of fluctuations in foreign currency exchange rates | | --- | --- | | (a) | Foreign currency exchange differences recognized in profit or loss and other comprehensive income: | | --- | --- | | | As of June 30, 2022 | | As of June 30, 2021 | | | --- | --- | --- | --- | --- | | Foreign currency exchange differences recognized in profit or loss and other comprehensive income | ThUS | | ThUS | | | Conversion foreign exchange gains (losses) recognized in the result of the year | | ) | | ) | | Conversion foreign exchange reserves | | | | | | Conversion foreign exchange reserves attributable to the owners of the controlling entity | | ) | | | | Conversion foreign exchange reserves attributable to the non-controlling entity | | | | | | Total | | ) | | |

All values are in US Dollars.

(b)	Reserves for foreign currency exchange differences:

As of June 30, 2022, and December 2021, are detailed as follows:

	As<br> of June 30, 2022		As<br> of December 31, 2021
Details	ThUS		ThUS
Changes in equity generated by the<br> equity method value through conversion:
Comercial Hydro S.A.
SQMC Internacional Ltda.		)		)
Proinsa Ltda.		)		)
Comercial Agrorama Ltda.
Isapre Norte Grande Ltda.		)		)
Almacenes y Depósitos Ltda.
Sacal S.A.		)		)
Sociedad Prestadora de Servicios de Salud<br> Cruz del Norte S.A.		)		)
Agrorama S.A.
SQM Vitas Fzco		)		)
Ajay Europe		)		)
SQM Oceanía Pty Ltd.		)		)
SQM Indonesia S.A.		)		)
Abu Dhabi Fertilizers Industries WWL.
SQM Holland B.V.
SQM Thailand Limited		)		)
SQM Europe		)		)
SQM Australia Pty Ltd.		)		)
Pavoni & C. Spa		)		)
SQM Colombia SAS		)		)
Total		)		)

All values are in US Dollars.

| 183 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | (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<br> relevant portion of the revenues of these subsidiaries are associated with the local currency.
---	---
-	The<br> cost structure of these companies is affected by the local currency.
---	---

| 184 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | 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: | | --- | --- | | | | | As of December 31, 2021 | | --- | --- | --- | --- | | Class of assets | Currency | | ThUS | | Cash and cash equivalents | | | | | Cash and cash equivalents | | CLP | | | Cash and cash equivalents | | CNY | | | Cash and cash equivalents | | | | | Cash and cash equivalents | | | | | Cash and cash equivalents | | AUD | | | Cash and cash equivalents | | | | | Cash and cash equivalents | | MXN | | | Cash and cash equivalents | | PEN | | | Cash and cash equivalents | | AED | | | Cash and cash equivalents | | | | | Cash and cash equivalents | | ZAR | | | Cash and cash equivalents | | KRW | | | Cash and cash equivalents | | IDR | | | Cash and cash equivalents | | PLN | | | Subtotal cash and cash equivalents | | | | | Other current financial assets | | | | | Other current financial assets | | BRL | | | Other current financial assets | | CLP | | | Subtotal other current financial assets | | | | | Other current non-financial assets | | | | | Other current non-financial assets | | AUD | | | Other current non-financial assets | | CLF | | | Other current non-financial assets | | CLP | | | Other current non-financial assets | | CNY | | | Other current non-financial assets | | | | | Other current non-financial assets | | COP | | | Other current non-financial assets | | MXN | | | Other current non-financial assets | | THB | | | Other current non-financial assets | | | | | Other current non-financial assets | | ZAR | | | Other current non-financial assets | | SEK | | | Subtotal other non-financial current assets | | | | | Trade and other receivables | | | | | Trade and other receivables | | PEN | | | Trade and other receivables | | BRL | | | Trade and other receivables | | CLF | | | Trade and other receivables | | CLP | | | Trade and other receivables | | CNY | | | Trade and other receivables | | | | | Trade and other receivables | | | | | Trade and other receivables | | MXN | | | Trade and other receivables | | AED | | | Trade and other receivables | | | | | Trade and other receivables | | AUD | | | Trade and other receivables | | ZAR | | | Trade and other receivables | | COP | | | Trade and other receivables | | SEK | | | Subtotal trade and other receivables | | | | | Receivables from related parties | | | | | Receivables from related parties | | | | | Receivables from related parties | | AUD | | | Subtotal receivables from related parties | | | |

All values are in US Dollars.

| 185 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | | | | As of December 31, 2021 | | --- | --- | --- | --- | | Class of assets | Currency | | ThUS | | Current inventories | | | | | Subtotal Current Inventories | | | | | Current tax assets | | | | | Current tax assets | | BRL | | | Current tax assets | | CLP | | | Current tax assets | | CNY | | | Current tax assets | | | | | Current tax assets | | MXN | | | Current tax assets | | PEN | | | Current tax assets | | ZAR | | | Current tax assets | | COP | | | Subtotal current tax assets | | | | | Non-current assets or groups of assets classified as held for sale | | | | | Subtotal Non-current assets or groups of assets classified as held for sale | | | | | Total current assets | | | | | Other non-current financial assets | | | | | Other non-current financial assets | | CLP | | | Other non-current financial assets | | | | | Subtotal Other non-current financial assets | | | | | Other non-current non-financial assets | | | | | Subtotal Other non-current non-financial assets | | | | | Other receivables, non-current | | | | | Other receivables, non-current | | CLF | | | Other receivables, non-current | | MXN | | | Other receivables, non-current | | CLP | | | Subtotal Other receivables, non-current | | | | | Investments classified using the equity method of accounting | | | | | Investments classified using the equity method of accounting | | AED | | | Investments classified using the equity method of accounting | | | | | Subtotal Investments classified using the equity method of accounting | | | | | Intangible assets other than goodwill | | | | | Subtotal intangible assets other than goodwill | | | | | Purchases goodwill, gross | | | | | Subtotal Purchases goodwill, gross | | | | | Property, plant and equipment | | | | | Subtotal property, plant and equipment | | | | | Right-of-use assets | | | | | Subtotal Right-of-use assets | | | | | Non-current tax assets | | | | | Subtotal non-current tax assets | | | | | Deferred Tax Assets | | | | | Subtotal Deferred Tax Assets | | | | | Total non-current assets | | | | | Total assets | | | |

All values are in US Dollars.

| 186 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | | | | | | As of December 31, 2021 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | More than 90 days to 1 year | Total | Up to 90 days | More than 90 days to 1 year | Total | | Class of liability | Currency | | ThUS | ThUS | ThUS | ThUS | ThUS | | Current liabilities | | | | | | | | | Other current financial liabilities | | | | | | | | | Other current financial liabilities | | CLF | | | | | | | Subtotal other current financial liabilities | | | | | | | | | Lease liabilities, current | | | | | | | | | Lease liabilities, current | | CLF | | | | | | | Lease liabilities, current | | MXN | | | | | | | Lease liabilities, current | | | | | | | | | Lease liabilities, current | | AUD | | | | | | | Subtotal Lease liabilities, current | | | | | | | | | Trade and other payables | | | | | | | | | Trade and other payables | | CLF | | | | | | | Trade and other payables | | BRL | | | | | | | Trade and other payables | | THB | | | | | | | Trade and other payables | | CLP | | | | | | | Trade and other payables | | CNY | | | | | | | Trade and other payables | | | | | | | | | Trade and other payables | | | | | | | | | Trade and other payables | | | | | | | | | Trade and other payables | | MXN | | | | | | | Trade and other payables | | PEN | | | | | | | Trade and other payables | | AUD | | | | | | | Trade and other payables | | ZAR | | | | | | | Trade and other payables | | | | | | | | | Trade and other payables | | CHF | | | | | | | Trade and other payables | | COP | | | | | | | Trade and other payables | | KRW | | | | | | | Subtotal trade and other payables | | | | | | | | | Other current provisions | | | | | | | | | Other current provisions | | CLP | | | | | | | Subtotal other current provisions | | | | | | | |

All values are in US Dollars.

| 187 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | | | | As of June 30, 2022 | | | As of December 31, 2021 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Up to 90 days | 91 days to 1 year | Total | Up to 90 days | 91 days to 1 year | Total | | Class of liability | Currency | | ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS$ | | Current tax liabilities | | USD | - | 441,372 | 441,372 | - | 149,997 | 149,997 | | Current tax liabilities | | CLP | - | 24 | 24 | - | 12 | 12 | | Current tax liabilities | | EUR | - | 3,448 | 3,448 | - | 5,547 | 5,547 | | Current tax liabilities | | MXN | - | 4,664 | 4,664 | - | 1,841 | 1,841 | | Current tax liabilities | | CNY | - | 1,039 | 1,039 | - | 9,538 | 9,538 | | Current tax liabilities | | KRW | - | 4,217 | 4,217 | - | - | - | | Subtotal current tax liabilities | | | - | 454,764 | 454,764 | - | 166,935 | 166,935 | | Provisions for employee benefits, current | | USD | 7,169 | 12,722 | 19,891 | 14,341 | 11,776 | 26,117 | | Provisions for employee benefits, current | | AUD | 183 | - | 183 | - | 272 | 272 | | Provisions for employee benefits, current | | EUR | - | - | - | 214 | - | 214 | | Provisions for employee benefits, current | | MXN | - | - | - | 172 | - | 172 | | Subtotal Provisions for employee benefits, current | | | 7,352 | 12,722 | 20,074 | 14,727 | 12,048 | 26,775 | | Other current non-financial liabilities | | USD | 768,922 | 8,354 | 777,276 | 99,643 | 8,593 | 108,236 | | Other current non-financial liabilities | | BRL | 1 | - | 1 | 1 | - | 1 | | Other current non-financial liabilities | | CLP | 5,383 | 2,996 | 8,379 | 6,342 | 2,941 | 9,283 | | Other current non-financial liabilities | | CNY | 19 | 11 | 30 | 20,736 | - | 20,736 | | Other current non-financial liabilities | | EUR | 3,223 | - | 3,223 | 1,281 | 423 | 1,704 | | Other current non-financial liabilities | | MXN | 524 | - | 524 | 562 | - | 562 | | Other current non-financial liabilities | | JPY | 45 | 16 | 61 | 32 | - | 32 | | Other current non-financial liabilities | | PEN | 70 | - | 70 | 70 | - | 70 | | Other current non-financial liabilities | | COP | 11 | 114 | 125 | - | 157 | 157 | | Other current non-financial liabilities | | ARS | 14 | - | 14 | 47 | - | 47 | | Other current non-financial liabilities | | ZAR | - | - | - | 846 | - | 846 | | Other current non-financial liabilities | | KRW | 2,454 | - | 2,454 | - | - | - | | Subtotal other current non-financial liabilities | | | 780,666 | 11,491 | 792,157 | 129,560 | 12,114 | 141,674 | | Total current liabilities | | | 2,575,616 | 812,222 | 3,387,838 | 523,989 | 467,720 | 991,709 |

| 188 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Over 2 years to 3 years | Over 3 years to 4 years | Over 4 years to 5 years | Over 5 years | Total | | Class of liability | Currency | | ThUS | ThUS | ThUS | ThUS | ThUS | | Non-current liabilities | | | | | | | | | Other non-current financial liabilities | | | | | | | | | Other non-current financial liabilities | | CLF | | | | | | | Subtotal Other non-current financial liabilities | | | | | | | | | Non-current lease liabilities | | | | | | | | | Non-current lease liabilities | | CLP | | | | | | | Non-current lease liabilities | | UF | | | | | | | Non-current lease liabilities | | MXN | | | | | | | Non-current lease liabilities | | | | | | | | | Non-current lease liabilities | | | | | | | | | Subtotal non-current lease liabilities | | | | | | | | | Non-current Trade and other payables | | | | | | | | | Subtotal Non-current Trade and other payables | | | | | | | | | Other non-current provisions | | | | | | | | | Subtotal Other non-current provisions | | | | | | | | | Deferred tax liabilities | | | | | | | | | Subtotal Deferred tax liabilities | | | | | | | | | Provisions for employee benefits, non-current | | | | | | | | | Provisions for employee benefits, non-current | | CLP | | | | | | | Subtotal Provisions for employee benefits, non-current | | | | | | | | | Total non-current liabilities | | | | | | | | | Total liabilities | | | | | | | |

All values are in US Dollars.

| 189 |

| --- | | Notes to the Consolidated Interim Financial Statements June 30, 2022 | | --- | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Over 2 years to 3 years | Over 3 years to 4 years | Over 4 years to 5 years | Over 5 years | Total | | Class of liability | Currency | | ThUS | ThUS | ThUS | ThUS | ThUS | | Non-current liabilities | | | | | | | | | Other non-current financial liabilities | | | | | | | | | Other non-current financial liabilities | | CLF | | | | | | | Subtotal Other non-current financial liabilities | | | | | | | | | Non-current lease liabilities | | | | | | | | | Non-current lease liabilities | | UF | | | | | | | Non-current lease liabilities | | MXN | | | | | | | Non-current lease liabilities | | | | | | | | | Subtotal non-current lease liabilities | | | | | | | | | Non-current Trade and other payables | | | | | | | | | Subtotal Non-current Trade and other payables | | | | | | | | | Other non-current provisions | | | | | | | | | Subtotal Other non-current provisions | | | | | | | | | Deferred tax liabilities | | | | | | | | | Subtotal Deferred tax liabilities | | | | | | | | | Provisions for employee benefits, non-current | | | | | | | | | Provisions for employee benefits, non-current | | CLP | | | | | | | Subtotal Provisions for employee benefits, non-current | | | | | | | | | Total non-current liabilities | | | | | | | | | Total liabilities | | | | | | | |

All values are in US Dollars.

b)	Effects of changes in foreign currency exchange rates on the statement<br> of net income and other comprehensive income.
	For<br> the period from January to June of the year
---	---	---
	2022	2021
Foreign currency exchange<br> rate changes	ThUS	ThUS
Profit (loss) in foreign<br> currency	(14,817	(8,743
Foreign currency translation reserve	(28	2,130
Total	(14,845	(6,613

All values are in US Dollars.

The average and closing exchange rate for foreign currency is disclosed in Note 3.3

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Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022

Note27 Income tax and deferred taxes

Tax receivables as of June 30, 2022 and December 31, 2021, are as follows:

27.1	Current and non-current tax assets

(a) Current

	As<br> of June<br> 30, 2022	As<br> of December<br> 31, 2021
Current tax assets	ThUS	ThUS
Monthly provisional income tax payments, Chilean<br> companies
Monthly provisional income tax payments, foreign companies
Corporate tax credits (1)
1st category tax absorbed by tax losses (2)
Taxes in recovery process
Total

All values are in US Dollars.

(b) Non-current

	As<br> of June<br> 30, 2022	As<br> of December<br> 31, 2021
Non-current tax assets	ThUS	ThUS
Monthly provisional income tax payments, Chilean<br> companies compensated by the specific tax on mining activity (Lithium)
Specific tax on mining activities (IEAM)<br> paid by Lithium (on consignment)
Total

All values are in US Dollars.

(1)	These credits are available<br> for companies and are related to corporate tax payments in April of the following year. These credits include, among others, credits<br> for training expenses (SENCE), credits for acquisition of fixed assets, donations and credits in Chile for taxes paid abroad.
(2)	This concept corresponds<br> to the tax loss absorption determined by the company at the end of the year, which must be attributed to the dividends received during<br> the year.
---	---

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Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022
27.2	Current tax liabilities
---	---
	As<br> of June<br> 30, 2022	As<br> of December<br> 31, 2021
---	---	---
Current tax liabilities	ThUS	ThUS
1st Category income tax
Foreign company income tax
Article 21 single tax
Total

All values are in US Dollars.

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 10.16% for mining royalties that involve operations in the Salar de Atacama and 8.6% for caliche extraction operations.

The income tax rate for the main countries where the Company operates is presented below:

	Income<br> tax			Income<br> tax
Country	2022			2021
Spain		25	%		25	%
Belgium		25	%		25	%
Mexico		30	%		30	%
United<br> States		21%<br> + 3.51	%		21%<br> + 3.51	%
South<br> Africa		28	%		28	%
Korea		25	%		25	%
China		25%+12	%<br> (1)		25%+12	%<br> (1)
(1)	Additional<br> tax of 12% on VAT payable.
---	---

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Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022
27.3	Income tax and deferred taxes
---	---
(a)	Deferred<br> tax assets and liabilities as of June 30, 2022
---	---
	Net liability<br> position
---	---	---	---
	Assets	Liabilities
Description of deferred<br> tax assets and liabilities as of June 30, 2022	ThUS	ThUS
Unrealized loss
Property, plant and equipment and capitalized interest			)
Restoration and rehabilitation provision
Manufacturing expenses			)
Employee benefits and unemployment insurance			)
Vacation accrual
Inventory provision
Materials provision
Others employee benefits
Research and development expenses			)
Bad debt provision
Provision for legal complaints and expenses
Loan acquisition expenses			)
Financial instruments recorded at market value
Specific tax on mining activity			)
Tax loss benefit
Other
Foreign items (other)
Balances to date			)
Net balance

All values are in US Dollars.

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Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022
(b)	Deferred<br> tax assets and liabilities as of December 31, 2021
---	---
	Net liability<br> position
---	---	---
	Assets	Liabilities
Description of deferred<br> tax assets and liabilities as of December 31, 2021	ThUS$	ThUS
Unrealized loss	144,181	-
Property, plant and equipment and capitalized interest	-	(189,073
Restoration and rehabilitation provision	6,567	-
Manufacturing expenses	-	(108,181
Employee benefits and unemployment insurance	-	(7,485
Vacation accrual	6,039	-
Inventory provision	20,557	-
Materials provision	10,554	-
Others employee benefits	929	-
Research and development expenses	-	(5,387
Bad debt provision	2,708	-
Provision for legal complaints and expenses	334	-
Loan acquisition expenses	-	(8,967
Financial instruments recorded at market value	5,242	-
Specific tax on mining activity	-	(4,545
Tax loss benefit	8,557	-
Other	-	(4,274
Foreign items (other)	11,828	-
Balances to date	217,496	(327,912
Net balance		(110,416

All values are in US Dollars.

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Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022
(c)	Reconciliation<br> of changes in deferred tax liabilities (assets) as of June 30, 2022
---	---
	Deferred<br> tax<br> liability (asset)<br> at beginning <br> of period		Deferred<br> tax<br> (expense)<br> benefit<br> recognized in<br> profit (loss) <br> for the year		Deferred<br> taxes<br> related to<br> items credited<br> (charged)<br> directly to<br> equity	Total increases<br> (decreases) in<br> deferred tax<br> liabilities<br> (assets)		Deferred<br> tax<br> liability <br> (asset) at <br> end of period
---	---	---	---	---	---	---	---	---	---
Reconciliation<br> of changes in deferred tax liabilities (assets)	ThUS		ThUS		ThUS	ThUS		ThUS
Unrealized loss		)		)			)		)
Property, plant and equipment and capitalized<br> interest				)			)
Restoration and rehabilitation provision		)		)			)		)
Manufacturing expenses				)			)
Employee benefits and unemployment insurance
Vacation accrual		)							)
Inventory provision		)							)
Materials provision		)		)			)		)
Derivative financial instruments				)
Others employee benefits		)							)
Research and development expenses
Bad debt provision		)		)			)		)
Provision for legal complaints and expenses		)							)
Loan approval expenses				)			)
Financial instruments recorded at market<br> value		)		)					)
Specific tax on mining activity
Tax loss benefit		)							)
Others				)			)		)
Foreign items (other)		)							)
Total temporary<br> differences, unused losses and unused tax credits				)			)		)

All values are in US Dollars.

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Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022
(d)	Reconciliation<br> of changes in deferred tax liabilities (assets) as of December 31, 2021
---	---
	Deferred<br> tax<br> liability (asset)<br> at beginning<br> of period		Deferred<br> tax<br> (expense)<br> benefit<br> recognized in<br> profit (loss) <br> for the year		Deferred<br> taxes<br> related to<br> items credited<br> (charged)<br> directly to<br> equity		Total increases<br> (decreases) in<br> deferred tax<br> liabilities<br> (assets)		Deferred<br> tax<br> liability <br> (asset) at <br> end of period
---	---	---	---	---	---	---	---	---	---	---
Reconciliation<br> of changes in deferred tax liabilities (assets)	ThUS		ThUS		ThUS		ThUS		ThUS
Unrealized loss		)		)				)		)
Property, plant and equipment and capitalized<br> interest
Restoration and rehabilitation provision		)								)
Manufacturing expenses
Employee benefits and unemployment insurance
Vacation accrual		)								)
Inventory provision		)								)
Materials provision		)		)				)		)
Derivative financial instruments						)
Others employee benefits				)				)		)
Research and development expenses
Bad debt provision		)								)
Provision for legal complaints and expenses		)								)
Loan approval expenses
Financial instruments recorded at market<br> value				)		)		)		)
Specific tax on mining activity
Tax loss benefit		)		)				)		)
Others		)
Foreign items (other)				)				)		)
Total temporary<br> differences, unused losses and unused tax credits				)		)		)

All values are in US Dollars.

(e)	Deferred<br> 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 June 30, 2022, and December 31, 2021, tax loss carryforwards are detailed as follows:

	As<br> of June<br> 30, 2022	As<br> of December<br> 31, 2021
Deferred taxes related<br> to benefits for tax losses	ThUS	ThUS
Chile
Foreign
Total

All values are in US Dollars.

The tax losses as of June 30, 2022, which are the basis for these deferred taxes correspond mainly to SQM Potasio S.A., Comercial Hydro, Orcoma SpA., Orcoma Estudio SpA, SCM Búfalo and SQM Australia Pty.

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Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022
(f)	Movements<br> in deferred tax assets and liabilities
---	---

Movements in deferred tax assets and liabilities as of June 30, 2022 and December 31, 2021 are detailed as follows:

	Assets<br> (liabilities)
	As<br> of June<br> 30, 2022		As<br> of December<br> 31, 2021
Movements in deferred<br> tax assets and liabilities	ThUS		ThUS
Deferred tax assets and liabilities, net opening<br> balance		)		)
Increase (decrease) in deferred taxes in profit or loss
Increase (decrease) deferred taxes in<br> equity		)
Total				)

All values are in US Dollars.

(g)	Disclosures<br> on income tax (expenses) benefit

Current and deferred tax (expenses) benefit are detailed as follows:

	(Expense)<br> Income
	As<br> of June<br> 30, 2022		As<br> of June<br> 30, 2021
Disclosures on income<br> tax (expense) benefit	ThUS		ThUS
Current income tax (expense) benefit
Current tax (expense)		)		)
Adjustments to prior year current income<br> tax (expense) benefit		)
Current income tax expense, net,<br> total		)		)
Deferred tax (expense) benefit
Deferred tax benefits relating to the creation and reversal<br> of temporary differences				)
Tax adjustments related to the creation<br> and reversal of temporary differences from the previous year				)
Total deferred tax benefits, net				)
Income tax expense		)		)

All values are in US Dollars.

Tax (expenses) benefits for foreign and domestic parties are detailed as follows:

	(Expense)<br> Income
	As<br> of June<br> 30, 2022		As<br> of June<br> 30, 2021
Income tax (expense)<br> benefit	ThUS		ThUS
Current income tax benefit (expense) by foreign and domestic<br> parties, net
Current income tax (expenses), foreign parties,<br> net		)		)
Current income tax (expenses), domestic,<br> net		)		)
Current income tax expense, net,<br> total		)		)
Deferred tax benefit (expense) by foreign and domestic<br> parties, net
Current income tax benefit (expense) benefit, foreign parties,<br> net				)
Current income tax benefits, domestic,<br> net				)
Deferred tax expense, net, total				)
Income tax expense		)		)

All values are in US Dollars.

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Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022
(h)	Disclosures<br> on the tax effects of other comprehensive income components:
---	---
	As of<br> June 30, 2022
---	---	---	---	---
Income tax related to other income and expense components with a charge or	Amount<br> before taxes (expense) gain	(Expense)<br> income for income taxes		Amount<br> after taxes
credit to net equity	ThUS	ThUS		ThUS
Gain (losses) from defined benefit plans			)
Cash flow hedge			)
Reserve for gains (losses) gains from<br> financial assets measured at fair value through other comprehensive income			)
Total			)

All values are in US Dollars.

	As of<br> June 30, 2021
Income tax related to other income and expense components with a charge or	Amount<br> before taxes (expense) gain		(Expense)<br> income for income taxes		Amount<br> after taxes
credit to net equity	ThUS		ThUS		ThUS
Gains (losses) from defined benefit plans				)
Cash flow hedges		)				)
Reserve for gains (losses) from financial<br> assets measured at fair value through other comprehensive income		)				)
Total		)				)

All values are in US Dollars.

(i)	Explanation<br> 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.

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Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022

Reconciliation between the tax benefit (expense) and the tax calculated by multiplying income before taxes by the Chilean corporate income tax rate.

	(Expense)<br> Benefit
	As<br> of June<br> 30, 2022		As<br> of June<br> 30, 2021
Income Tax Expense<br> (Benefit)	ThUS		ThUS
Consolidated income before taxes
Statutory Income tax rate in Chile		%		%
Tax expense using the statutory<br> tax rate		)		)
Net effect of royalty tax payments		)		)
Tax effect of revenue from regular activities exempt from<br> taxation
Tax rate effect of non-tax-deductible expenses for determining<br> taxable profit (loss)		)		)
Tax effect of tax rates supported abroad		)		)
Other tax effects of reconciliation of<br> accounting income to tax expense		)
Tax expense using the effective<br> tax rate		)		)

All values are in US Dollars.

| 199 |

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Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022
(j)	Tax periods potentially subject to verification:
---	---

The 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.

(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.

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Notes to the Consolidated<br> Interim Financial Statements <br> June 30, 2022

Note28 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 June 30, 2022, were approved and authorized for issuance by the Company´s Board of Directors on August 17, 2022.

28.2	Disclosures on events occurring after the reporting date

On August 17, 2022, the Board agreed to pay an interim divided equal to US$ 1.84914 per share, charged against the Company’s profits from 2022. That amount will be paid in its Chilean peso equivalent at the Observed US Dollar rate published in the Official Gazette on October 3, 2022.

Management is not aware of any other significant events that occurred between June 30, 2022, and the date of issuance of these consolidated financial statements that may significantly affect them.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CHEMICAL AND MINING COMPANY OF CHILE INC.

(Registrant)

Date:<br> September 5, 2022	/s/<br> Gerardo Illanes
	By:<br> Gerardo Illanes
	CFO

Persons who are to respond to the collectionof information contained SEC 1815 (04-09) in this form are not required to respond unless the form displays currently valid OMB controlnumber.

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